China’s Property Crisis Is Rippling Through Its Biggest Banks
China’s protracted property downturn is eroding the balance sheets of the nation’s largest state banks as their bad loans creep up.
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China’s protracted property downturn is eroding the balance sheets of the nation’s largest state banks as their bad loans creep up.
Two years ago, Dubai became a hot favorite with Russians looking to park money or build new lives after President Vladimir Putin’s invasion of Ukraine. That allure is now dimming as the cost of living in the glitzy emirate surges and its banks get stricter in enforcing US sanctions.
The Bank of Korea warned Thursday that a further slump in the real estate sector would undermine broader economic activity, as it pointed to worsening delinquencies among developers in the latest signal of continuing woes in the credit market.
Australian retail sales moderated in February despite Taylor Swift-driven demand, as households remained cautious about their finances with inflation still elevated and interest rates at a 12-year high.
UK home sellers are offering smaller discounts as rising expectations of interest-rate cuts this year boost demand.
Jan 24, 2020
Bloomberg News
,(Bloomberg) -- Elizabeth Warren Friday brushed off concerns expressed in a viral clip of a so-called “angry dad” who argued that her student loan forgiveness plan rewards irresponsible behavior.
In a clip shared on an anonymous pro-Trump Twitter account Tuesday and amplified by conservative media, an unnamed man tells Warren that he gave up vacations and saved money for his daughter’s education so that she wouldn’t have debt. “We did the right thing and we get screwed,” he said of her plan.
Asked about the clip in an interview on “CBS This Morning,” Warren responded that younger Americans are getting “crushed” by student loan debt, which is roughly $1.5 trillion.
”Look, we build a future going forward by making it better,” she said. “By that same logic what would we have done? Not started Social Security because we didn’t start it last week for you or last month for you?”
COMING UP:
Some of the Democratic candidates will debate again in New Hampshire on Feb. 7.
The first-in-the-nation Iowa caucuses will be held Feb. 3. The New Hampshire primary is Feb. 11. Nevada holds its caucuses on Feb. 22 and South Carolina has a primary on Feb. 29.
(Disclaimer: Michael Bloomberg is also seeking the Democratic presidential nomination. He is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.)
To contact the reporter on this story: Ryan Teague Beckwith in Washington at rbeckwith3@bloomberg.net
To contact the editors responsible for this story: Wendy Benjaminson at wbenjaminson@bloomberg.net, Magan Crane
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