China's realty magnate Hui Ka Yan loses 93% wealth amid slowdown in sector

13 days ago Business Standard

Hui, once one of China's richest and most influential titans, bridging business and high-level politics lost 93 per cent of his fortune, according to the Bloomberg Billionaires Index. CPPCC is an elite group comprising government officials and the biggest names in the business. The move reflects China's shifting attitude toward developers, many of whom have fallen from grace amid a years-long real estate crisis that threatens the broader economy. For the real estate sector, the imposition of a strict "three red lines" policy to curb debt has exacerbated a crisis that's affecting banks, trust firms and millions of homeowners. According to Bloomberg's wealth index, China's five richest property tycoons lost about USD 65 billion combined in the past two years.
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Poor nations face peril over elusive G-20 debt relief push: An analysis

A failure to secure meaningful progress on a relief for the world's poorest nations at the Monetary Fund and World Bank annual meeting in Washington has left policymakers, campaigners and investors frustrated. The world's poorest countries face $35 billion in debt-service payments to official and private-sector creditors in 2022, more than 40% of that is due to China, the World Bank found. The Common Framework is a good start, but you need some fixes." China's role as a lender to poorer nations and Beijing's foot-dragging on debt relief drew much ire at the Washington meeting. JPMorgan's Joyce Chang, whose bank held an investor seminar alongside the IMF World Bank gathering, said asset managers had more discussions on repayment challenges and restructurings for emerging markets than at any time since the 1990s.

3 months ago Business Standard

Cricket festival like never before: India-Pakistan fans light up MCG

It was even humbling for Indian team skipper Rohit Sharma, who looked a touch emotional as he looked heavenwards, trying hard to keep his emotions under check. At the famous Federation square, India and Pakistan fans danced together and yelled their guts out, easily crossing the permissible decibel limit. One Sardarji took it upon himself and shouted 'Ganpati Bappa Maurya' and, in unison, the entire Indian lot joined. One enthusiastic Indian reporter (don't know whether from a channel or an YouTuber) asked the elderly gentleman "Baba ji, kya aap Indian team ko Ashirwad denge". The supporters from the two nations, who share a common border, also share their common love for the game.

3 months ago Business Standard

Not just Virat's but India's best-ever knock in T20 history: Rohit Sharma

India captain didn't bat an eyelid before declaring Virat Kohli's 82 here on Sunday as not only his best but the most accomplished knock played in the country's T20 history. As a part of the team management, Rohit never felt the need to put pressure on Kohli. All about using experience================Kohli had pulled off a similarly incredible chase six years ago in Mohali, during a knock-out T20 World Cup game against Australia. Flicked six off Rauf made us believe we can do it==============================What had floored Rohit was how the duo (Kohli-Pandya) planned their 113-run stand. Rohit said he knew that once Mohammed Nawaz was hit for two sixes in his first over, he won't be given a ball.

3 months ago Business Standard

Cyclone Sitrang likely to intensify into severe cyclonic storm today: IMD

The cyclone, named Sitrang by Thailand, is very likely to intensify into a severe cyclonic on Monday with wind speed reaching 90 to 100 kmph gusting to 110 kmph, the India Meteorological Department (IMD) said. It is likely to cause heavy to very heavy rain in the coastal districts of West Bengal and isolated heavy rain in north coastal Odisha, it said. The system is very likely to bring heavy to very heavy rain in the coastal districts of South 24 Parganas and North 24 Parganas and heavy rain in East and West Midnapore on Monday, he said. Heavy rain will occur in North and South 24 Parganas and Nadia districts on Tuesday, he said. "The main affected area will be the Sunderbans in the coastal areas of North and South 24 Parganas districts of West Bengal and in Bangladesh," he said.

3 months ago Business Standard

Jan 6 riots committee subpoenas Trump, demanding historic testimony

The letter also outlined a sweeping request for documents, including personal communications between Trump and members of Congress as well as extremist groups. We recognise that a subpoena to a former president is a significant and historic action," Chairman Bennie Thompson and Vice Chair Liz Cheney wrote in the letter to Trump. He could comply or negotiate with the committee, announce he will defy the subpoena or ignore it altogether. The panel comprised of seven Democrats and two Republicans approved the subpoena for Trump in a surprise vote last week. These Fifth Amendment assertions made by persons with whom you interacted related directly to you and your conduct," the subpoena letter reads.

3 months ago Business Standard

Taiwan's Prez Tsai says no backing down to aggressive threats from China

won't back down in the face of aggressive threats from China, the president of the self-governing island democracy Tsai Ing-wen said Tuesday, comparing growing pressure from Beijing to Russia's invasion of Ukraine. In recent years, has been confronted by increasingly aggressive threats from China," she said, listing military intimidation, cyber attacks and economic coercion among them. On Monday, Tsai met with a German parliamentary delegation focusing on human rights, who expressed concern about how Taiwan would handle threats from . Taiwan is really facing military threats, delegation head Peter Heidt said. Taiwan has strongly condemned the Russian invasion and at least one Taiwanese citizen is reportedly fighting with Ukrainian forces.

3 months ago Business Standard

Sterling rises as Rishi Sunak becomes UK PM while US dollar slumps

"Beyond a brief honeymoon phase rally, I think the daunting road ahead for the UK economy is likely to cap gains," said Joe Manimbo, senior market analyst at Convera. The U.S. dollar was broadly weaker amid signs that Federal Reserve rate hikes are slowing the world's biggest economy. The dollar index, which measures the greenback against six major peers, was down 0.831% at 110.93 at 10:55 a.m. EDT (1455 GMT). YEN AND YUANThe yen firmed against the dollar after suspected Bank of Japan (BOJ) intervention on Friday and Monday. At 147.665 yen, the dollar was down from a 32-year high of 151.94 on Friday, which appeared to trigger successive bouts of BOJ intervention.

3 months ago Business Standard

Here's why Indians might have a good reason to celebrate Rishi Sunak

This Diwali was triply blessed for people of Indian origin across the world: India beat Pakistan at cricket, and a British Indian became prime minister of the United Kingdom. He is the first British prime minister of color; the first who is openly and proudly not a Christian; the first child of two immigrants. One Labour MP tweeted that this “wasn’t a win for Asian representation,” because Sunak is also absurdly wealthy. Sunak does not transcend or defy the common clichés about Indian immigrants. For his part, Sunak has reappointed Suella Braverman — another British Indian — as Home secretary, just weeks after she caused a stir by singling out Indian immigrants for criticism.

3 months ago Business Standard

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