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FirstFT: Evergrande maturity chills the spine in Asia’s $ 400 billion debt market



California News Times

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Growing Concerns Over Sale of Evergrande Ignition How the Chinese real estate developer crisis spilled over to other assets as traders and investors brace for a key payment deadline Thursday in the $ 428 billion corner of the Asian bond market is stressed.

Yields on US dollar-denominated bonds issued by high-risk Asian borrowers have jumped nearly 12% this week, according to the Ice Data Services Index. This is the highest level since the start of the coronavirus pandemic outbreak.

The 7% impact at the start of the year is as follows Traders are worried beyond the potential fallout if Evergrande begins to miss the billions of dollars in debt payments outstanding in the international market.

If interest is not paid on one of the offshore dollar bonds Thursday, China’s biggest debt restructuring ever.

It also presents the most severe shock yet in markets where international asset managers have been mesmerized by favorable returns as global bond yields approach historically low levels.

Read more

  • Chinese leadership Weigh the risks of collapse of Evergrande given that it can have a significant impact on fiscal stability and economic growth.

  • Great read: The Evergrande crisis reveals a serious flaw in Beijing’s growth plan. Is a symptom of a much bigger problem.

  • The real estate sector is “Lehman’s momentWhat about China? FT Lex Team Assess the evidence.

  • due diligence ask if China can control the Evergrande explosion.

5 other articles in the news

1. Foreign investment in London focuses on the ‘top tier’ program Foreign investment in the UK Over-focused parliamentarians report weakening government efforts to “raise its level” by reducing regional inequalities in London and the south-east of England. Foreign direct investment is “unevenly distributed” and “helps to reflect and perpetuate regional differences,” they said.

2. The physical reality of the Furlough claimant in conflict with the virtual billing A group of British companies founded by ambiguous entrepreneurs has received £ 40million. There is little evidence that the company has staff, but this year it was laid off within a month. According to official data, the four companies registered with London’s virtual mailbox service received £ 20-40million from the coronavirus retention program in May.

3. Varadkar says Ireland wants to be “under the tent” in OECD tax transactions The Irish Deputy Prime Minister did not want his country to be seen as a tax haven, saying: “In the tent, Paris negotiators are seeking an agreement to set the world’s lowest corporate tax rate at 15%.

4. Salaries of Deloitte partners reach £ 1million as Big Four profits recover Deloitte UK partners receive average payout of around £ 1million After the accounting firm’s profits recovered from last year’s pandemic crisis, it was helped by the sale of the restructuring division.

5. John Lewis faces backlash from staff over senior bonuses John Lewis Partnership Manager was severely criticized by section of their employees after paying a bonus to senior executives while retailers made layoffs.

Coronavirus digest

  • The case of Covid-19 schoolchildren England Soaring to an all time high, raises concerns about continuing educational unrest.

  • America Food and drug administration 3rd BioNTech / Pfizer Covid-19 approved vaccine for vulnerable Americans only.

  • Employer England I have been warned by a legal advisor Ask staff for vaccination Against Covid-19.

  • NOT. Serum Institute of India, The world’s largest vaccine maker Investing over £ 50million It is located at Oxford BioMedica, one of AstraZeneca’s Covid-19 vaccine makers.

Thanks to readers for voting on the latest polls. Eighty-two percent of you agreed with Joe Biden’s decision to ease the rules for international travelers to the United States from early November.

A graph showing the number of cases of school-aged children in the UK has reached an all-time high, showing signs that it is permeating the age group of parents.

The day before

The BoE meets The Bank of England’s monetary policy committee is deciding whether to step up stimulus measures in the era of the pandemic.

Joe Biden greets the quad boss The President of the United States will invite leaders from “quad” countries such as Australia, India and Japan to discuss issues in the Indo-Pacific region. Indian Ministry of Health as Prime Minister Narendra Modi prepares to visit Washington said Exports of the Covid vaccine will resume next month.

Evergrande’s debt maturity is approaching The world’s most indebted real estate developers face interest repayment delays on offshore bonds.

What else are you reading

What can we learn from Afghanistan’s first crypto economy Wealthy Afghans are said to use crypto to save wealth and transfer money overseas. With this development, we must reflect on the slippery subject of trust and “credit” in finance. Whether we live far from Afghanistan or love or hate Bitcoin, writes Gillian Tett.

Top 10 Riverside Pubs in London The Thames is not bordered by white sand or turquoise water, but it offers an impressive panorama of one of the largest cities in the world. Riverside Pub. Jim Pickard and Robert O explore the top ten.

It’s not hard to imagine Charles Dickens and Samuel Pepys drinking in London’s centuries-old riverside pubs © AFP / Getty Images

Economic impact of restricting access to abortion The American debate on abortion generally focuses on politics, ethics and religion, but rarely on economics. This week, more than 150 economists and researchers participated. .

Decarbonization takes thousands of small steps Stunts and pious promises don’t save the planet, I write to the Brook Masters. Manufacturers and retailers need to rethink the entire process of designing, manufacturing and selling. Those who realize that change is expensive or unattractive, but necessary to reduce carbon emissions.

Managing confusion, which is a hybrid task Returning to work after the holidays revealed some flaws in the new hybrid work life. Write to Emma Jacobs .. “First I left my cell phone charger at home. Then I loosely scheduled a meeting, which meant I came to the office every day.


Spain’s Costa del Sol is not known for its subdued sophistication. But as the flow of investment, including the € 180million complex, elevates the coastline beyond traditional relationships with fugitive criminal bosses and middle-aged bronzers, changes can occur. I have. Written by Simon Usborne.

Two tourists stroll along the promenade of the Costa del Sol in Spain

The Costa del Sol may go beyond traditional associations, wrote Simon Usborn © David Ramos / Getty Images

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FirstFT: Evergrande Maturity Thrills $ 400 Billion Asian Debt Market Source Link FirstFT: Evergrande Maturity Thrills $ 400 Billion Asian Debt Market

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Pros and cons of playing casino slots



California News Times

The online gambling market currently offers hundreds of online casinos where you can find countless slot machine games. This means that you will have the opportunity to choose from some of the best suppliers in the world. Therefore, playing slots online should have many advantages. But are there also downsides? We’re going to go over the pros and cons of playing slots online, so read on for more details.

Regulated market

If you know where to look, you’ll have no problem finding a perfectly regulated market to play some of the best casino slots. Once you start researching the best online gaming platforms, you will find that top search results present the best options. This is because these sites have undergone all the necessary checks, thus ranking high and creating a regulated and secure online gambling environment.

To make sure you’re on the right track, you can check the site’s seal of approval yourself. Just search for the name of the regulatory jurisdiction, like United Kingdom Gambling Commission, Malta Gaming Authority, Gibraltar, Curaçao, etc.

Easy to learn

Even if you’ve never had the chance to play casino games before, slots shouldn’t be a problem. These games are incredibly easy to learn, which means you don’t need any prior knowledge to start playing.

Plus, they’re purely luck-based, so you won’t have to rely on strategy to win. All you have to do is spin the reels and hope for the best.

So, once you get familiar with ICE36 Slots, you will notice how easy these games are to master. But remember to be smart with your options and not to put all of your eggs in one basket.


Slot machines are a group of casino games that do not require high investments, making them suitable for all budgets. Players can make deposits as low as a few dollars or up to a few thousand – it all depends on their budget.

With this in mind, slot machines also offer a wide range of stakes. High players can make high bets, while newcomers can even place 10 cents. This is a great advantage for both regular and occasional casino players. For example, starting with smaller bets allows players to get into the game before investing a lot of money. The range of the game leaves enough room for the player to place further bets or try out new casino games, which creates an entertaining gaming environment.

Bonuses and rewards

It’s no surprise that most online casinos regularly offer bonuses and rewards to new and existing users. It’s an effective way to attract players and retain regulars, which you won’t find in land-based casinos. You can read more about it here.

Welcome bonuses are the most common form of casino bonus, especially for unregistered users. By signing up, most players receive a strong incentive to keep playing. The majority of these bonuses are related to slot machine games as they are the most popular category in online casinos. So, if you are determined to take advantage of any promotion, slots are a great place to start.

Pro tip: Always read the terms and conditions before accepting a bonus. Most wagering requirements state that slots count 100% to meet rolling requirements, but it won’t hurt to see for yourself.

Quick to play

While playing slots doesn’t have many drawbacks, we have to stress how quickly slot machine spins usually end. As a result, most players won’t spend hours spinning the reels on their favorite slot machine – these games are usually over within minutes. Therefore, if playing for hours is more your thing, slot machines are not the right choice for you.

Lack of personal interaction

While some players can make friends by playing slots online, it will not be the same as playing poker online. It might not be a big factor for everyone, but it’s worth mentioning as some gamers might seek out this social factor with online gaming. Keep this in mind once you start your online gambling adventure.

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Strong profits outweigh a slower economy



California News Times

This article is an on-site version of the Unhedged newsletter. subscribe here Send the newsletter directly to your inbox on weekdays

Welcome to the house. The Bitcoin ETF review on Wednesday made me terribly disappointed with the relatively low level of online abuse. Are crypto fans sweeter in old age? Or are they just rich and over the top now? In any case, Unhedged is now working on more important subjects: the economy and stocks. Please send me the email:

Earnings call songs, actions dance

There are things happening now:

  • Inflation expectations are really starting to shift. If you’re willing to believe what the bond market is telling us, inflation is in place. The expected 10-year breakeven inflation rate (i.e. the nominal yield on 10-year bonds minus the yield of inflation-protected peers) is 2.6%, the highest in eight years . The five-year breakeven point is 2.8%, the highest in 16 years.

  • Oil is above $ 80 and is putting more pressure on it. Traditionally, when oil went bankrupt, the stock market didn’t like it (see 1970, 2000, 2008, 2018).

  • Growth in the United States continues to slow. This is my measure to a favorite chart and the Atlanta Federation’s GDP estimate for the quarter. Look at the changes in estimates (data-driven, non-discretionary) since September. In short: disease.

  • Federal Reserve Beige Book Wednesday’s comment reads this (a boring word that I italicized):

Economic activity increased in Medium to medium Rate based on majority of Federal Reserve Bank districts. But some neighborhoods Growth slows down This period is limited by supply chain disruptions, labor shortages and uncertainty surrounding the delta variant of Covid-19. .. ..

Growth in non-manufacturing activities Mild to moderate In most districts. The loan request was typically reported as: Flat to moderate this period. .. ..

Most districts reported Significant price increase, Supported by the growing demand for raw materials and raw materials. The increase in input costs was widespread Industry-wide due to product shortages due to supply chain bottlenecks. Price pressure Increased transport and labor constraints Not just the shortage of products.

  • Meanwhile, in China, another great world power, gross domestic product rose 0.2% between the second and third quarters (data via Bloomberg).

Well, none of this is the end time. Many of these could be delta / supply bottleneck variant phenomena that will pass next year. Of course, that’s what most people think, and they have a good reason to think about it. But the simple fact is that inflation has recently increased in the United States and around the world, slowing growth. This is what is happening now, and whatever we think or expect is what will happen next.

But what does the American stock market say? He says none of this matters. The dip has been purchased. The S&P 500 has returned to record levels and the Nasdaq is approaching that record.

Plus, it might make sense. When you buy stocks, you are not buying the global economy. You buy the income from the business. Plus, judging by the small number of sample third quarter earnings reports we’ve seen so far, corporate profitability has been strong.

The largest reporting US business is a bank. Their results were a little too dependent on investment banks for my liking, but I wonder what would happen to the credit card industry if everyone kept paying their balances wisely, but they talk about spending. I was encouraging.

Credit and debit card spending rose 21% at Bank of America, JP Morgan’s by 26%, and Citigroup’s by 20%. Whatever else is going on in the global economy, do American consumers feel as though they are blushing (why do so many other consumers think they can?) Quit their jobs)?

Nestlé is the perfect example of a more profitable business. It’s a bit odd to mention in this context as it’s not an American company, but the results are still very informative. It is essentially sold everywhere, we have employees everywhere, and we source our raw materials from everywhere. And the third quarter results were surprisingly good. In the first nine months of this year, we refined our sales forecast for the full year, reporting a 6% increase in global sales (and roughly the same in North America ). With a 2% price increase in the third quarter, the operating profit outlook remains the same as in recent years, despite higher input and transport costs.

Nestlé is arguably the most managed consumer products company in the world. We are ruthless about changing our product portfolio, so we are only focused on growth, earning good returns and protecting prices. This is a graph of operating income and the ratio of free cash to sales since 1994. It surprises me:

Therefore, not all companies can manage like Nestlé during this period. But it shows what a globally competitive business can do. And Nestlé was not alone. For example, Procter & Gamble reported that organic sales growth was a bit modest, but it was also able to increase prices.

Of course, there are still many profit seasons, and we can hear opinions from more than the big banks and consumer goods companies around the world. However, worrying cuts to pre-earnings forecasts are particularly rare. Among large companies, Nike Struggle The decline in sales prospects due to the Asian supply chain has so far looked outrageous.

SMEs that do not have the strength of Nestlé may find it even more difficult to deal with supply bottlenecks, especially some retailers (I think). One of the most interesting trends to note is that there is a divergence in results between large and small companies. And because of its great reputation, declining businesses can expect the market to hit them hard.

But large companies that can avoid supply chain disruptions and have pricing power can get through these tough economic times if they don’t last long. And given that there are no attractive options for investors, this in turn may be enough to support US stock prices at the current sky-high levels.

A good read

There is a lot of speculation about how the end of a central bank’s bond purchase may be a nuisance, but the central bank is subtly trying to deal with it. Well, the first major developed country to try it seems to be the UK. This summary My colleague Tommy Stubbington’s rather nervous situation is worth reading if you haven’t heard of it.

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Strong profits outweigh a slower economy Source link Strong incomes outweigh a slower economy

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FirstFT: ECB pushes banks to boost their post-Brexit operations



California News Times

Hello. This article is our on-site version of the FirstFT newsletter. Sign up for us Asia, Europe / Africa Also the Americas editions that send direct to your inbox on weekday mornings

European Central Bank Pushing the bank Add hundreds of additional employees and billions of additional capital to post-Brexit operations in continental Europe.

Despite the prediction that tens of thousands of city officials will have to relocate after Brexit, a Financial Times study has shown that London’s banking activity has declined only slightly in recent years.

But bank executives, lawyers and regulators have all told the FT that the ECB is becoming increasingly powerful to demand that lenders move more resources to the continent to run their European operations.

This promotion is partly linked to the ECB’s decision to end the pandemic period through which banks can transfer staff and capital to the EU.

Thanks for reading FirstFT Europe / Africa. This is the rest of today’s news – Jennifer

5 other articles in the news

1. Evergrande’s plan to sell the real estate sector collapses The Chinese real estate developer has said it could sell its real estate services business. Collapses. Increases the pressure on the group, which only takes a few days to avoid a formal default.

2. Investors shy away from money for cryptocurrencies As an investor, more than $ 10 billion was taken out of this year’s largest gold exchange-traded fund, according to Bloomberg data. Garbage Historically, the metal has been touted as a store worth buying digital assets over a decade ago.

PayPal in talks with Pinterest for $ 345 billion acquisition An online payment company is in talks to acquire a social media group. Largest acquisition transaction Two people with direct knowledge of the matter said this year.

4. The end of the era of the resignation of the President of the Deutsche Bundesbank Jens Weidmann takes the helm of the German central bank a few weeks after the national parliamentary elections, shortly before decisions on the future of monetary policy in the euro area. What does he do successor What does coalition negotiation mean?

5. Jack Ma will travel abroad for the first time since the crackdown Alibaba founders are on vacation in Spain and tagging the internet mogul, according to two people familiar with his travel plans. First trip confirmed out of China Because it fouled the country’s financial regulators last year.

Jack Ma pictured in Santa Ponsa, Mallorca on October 20

Jack Ma taken on October 20 in Santa Ponsa, Mallorca © AFP via Getty Images

Leslie Hook, FT’s environmental correspondent, will be in Glasgow next month for COP26. If you have any questions you would like Leslie to answer, please email us. I will publish his response.

Coronavirus digest

  • UK Health Minister Sajid Javid warned: England Faced the return of the limit He urged people to take booster shots and be careful.

  • President Vladimir Putin keeps workers at home for at least a week Russian The number of cases and deaths is skyrocketing.

  • North KoreaChina Trade hits all-time high In a year, Pyongyang’s economy has been rocked by pandemics and sanctions.

  • NOT. American drug regulator Have Approved booster jab It uses Moderna and Johnson & Johnson vaccines to support a “mix and match” strategy.

  • global Supply Chain The problems can continue during the “months” spent at the head of the World Trade Organization (WTO) of which FT speaks.

The day before

European Council summit The agenda for the two-day summit is the relationship between the European energy crisis and the bloc with China. For the latest information on the summit apply ours Europe Express Bulletin.

Turkey has been “gray listed” by Global Finance Watchdog Working group on financial activities Endorse the recommendations Turkey will be the subject of special monitoring for breaches of the fight against money laundering and the financing of terrorism.

WeWork will be published The coworking space company launched a transaction on the Nasdaq stock exchange after a two-year dispute.

Returned It’s a big day for corporate profits. In the UK, Barclays will publish its third quarter results and Unilever will publish its statement of accounts. Other reporting companies include Blackstone, AT&T, American Airlines, Hermes and the Southwest.

Who do you think will be the most influential women in 2021? Ahead of the annual Women of the Year series, we’re collecting recommendations from everyone. Share your suggestions in the comments below This story..

What else are you reading

Europe after Angela Merkel The German Chancellor will play the role of mediator as EU leaders prepare for a confrontation with Poland over the domination of EU law. This time, there is a difference: Merkel is on the way. The New German Coalition Hard Approach About Foreign Policy?

How Netflix became “Hateflix” I have Cultural war Furious in the biggest streaming company in the world. Activists accuse Netflix of running the programming they believe can be promoted.

Revenge of the old economy The temporary turmoil caused by the pandemic makes us want to blame today’s shortages. However, the roots of these bottlenecks can be traced back to the aftermath of the financial crisis. I’m writing to Jeff Curry, Global Head of Product Research at Goldman Sachs.

A line graph of the Global Equity Return index, Q1 2002 = 100, shows that the fall in stock prices in the

In the nightmare of John Lewis If you don’t know what you need at home or where it is, you can always try John Lewis. But it is in danger of disappearing. Millennials don’t feel it and Middle England goes shopping. Can retailers swing?

Bitcoin ETFs Shouldn’t Exist The First U.S. Bitcoin Exchange Traded Fund First day of trading this week. But, as my colleague Robert Armstrong wrote, “It’s hard to imagine an unattractive financial product. He explains why today’s uncovered newsletter. Register now here..

Thanks to the readers who took our survey yesterday. 70% of you have said that lawmakers in Washington, not Wall Street, are taking the right approach to Sino-US relations.

Meet the Journalists: Robin Harding

Robin Harding is Asian Editor-in-Chief and Associate Editor of FT

Robin Harding is Asian Editor-in-Chief and Associate Editor of FT

Robin Harding took on the role of FT’s Asian Editor-in-Chief in mid-August. An economist by training, he has held various positions from London to Washington and Tokyo, and has been a director since 2015.

What is your current story that interests you in particular?

The potential flaws of Chinese real estate company Evergrande are less than those that themselves describe China’s growth model. One of the big questions of this century is whether China can continue to grow until it is as prosperous as Japan and even the United States. The way China is approaching Evergrande provides clues to the answer.

You have lived in Japan for almost 12 years. Does the country continue to fascinate you?

Japan is different. I think one of the reasons before Japan’s tourism boom, Covid-19, is that it’s a wealthy industrialized country that still feels alien to Europeans and Americans. I’m still learning from the way Japan does things, and the comparison enlightens the rest of the world, whether or not it is about monetary policy. Urbanism Also Railway.

What’s the best book you’ve read last year?

I went back to my Kindle and reread it pride and prejudice This year, that’s the real answer. The best new non-fiction The strangest people in the worldHe basically claims that the Catholic Church created the modern world by banning marriage between cousins ​​in Europe. I will omit the sci-fi and fantasy recommendations here, but feel free to email !!

Remember that you can add FirstFT to myFT. You can also choose to receive FirstFT push notifications every morning in the app. Send recommendations and feedback to

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FirstFT: ECB pushes banks to boost their post-Brexit operations Source link FirstFT: ECB pushes banks to boost their post-Brexit operations

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