Business

Evergrande Risks Are ‘Controllable,’ China’s Central Bank Says Amid Growing Fears

The debt crisis plaguing China Evergrande Group is “controllable” and unlikely to spill over, the country’s central bank said on Oct. 15 amid growing fears that its potential collapse could trigger a global domino effect. With over $300 billion worth of liabilities, Evergrande is the world’s most indebted real estate developer. The company has missed

Central Banks Likely to Make Policy Errors: Deutsche Bank Survey

The Federal Reserve and the European Central Bank are likely to keep policy settings too loose while the Bank of England will probably err on the hawkish side, most respondents told an October market sentiment survey conducted by Deutsche Bank. The Fed has been moving closer to rolling back its $120 billion in monthly asset purchases but the pace

China Controls the World’s Critical Minerals Supply Chains

News Analysis Global supply chain interruptions are exacerbated by China’s lock on chemical processing. In 1987, former Chinese leader Deng Xiaoping said, “The Middle East has oil, China has rare earths.” It seems that decades ago, the Chinese Communist Party (CCP) had already recognized the importance of controlling raw materials. Beyond mining and extraction, China’s efforts to hold

China’s GDP Is Impressive but It’s Also a Lie

Commentary Although China appears to have had an impressive first half of 2021, appearances, as we all know, are incredibly deceptive. After all, if the country’s economy is as impressive as we have been led to believe, then why is it failing hundreds of millions of its citizens? If I were to ask you the best way to

What You Need to Know About Evergrande

News Analysis The financial woes of Evergrande have rippled through global financial markets, while investors are bracing for more volatility as Evergrande’s situation unfolds. So, what is Evergrande, why is it in the news, what went wrong, and what might happen next? What is Evergrande? Evergrande is a behemoth of a property developer in China.

Trade War: Taiwan and China Aim for CPTPP Acceptance

We look at the biggest trade showdown in Asia. Both China and Taiwan want to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). China applied to join the partnership to be alongside free-market economies like Japan and Canada. But Taiwan applied days later to compete with China. I ask economist and author Clyde Prestowitz

Does Collusion Between Wall Street and the CCP Fuel Chinese Trading in US?

News Analysis While the Securities and Exchange Commission (SEC) continues to signal tighter audit standards for Chinese companies listed in the United States, the Chinese Communist Party (CCP) has been meeting privately with Wall Street firms to launch wholly-owned mutual funds in the Chinese capital market. Experts believe Wall Street will remain as a middleman between China and the

Workers Who Maintain Supply Chains Warn of Worldwide ‘System Collapse’

Several industry groups have warned world leaders of a worldwide supply-chain “system collapse” due to pandemic restrictions, coming as Federal Reserve Chairman Jerome Powell suggested that the current period of higher inflation will last until 2022. The International Chamber of Shipping, a coalition of truck drivers, seafarers, and airline workers, has warned in a letter to

China’s Problems Are Larger Than Evergrande

Commentary The potential bankruptcy of the Chinese real estate company Evergrande is much more than a “Chinese Lehman.” Lehman Brothers was much more diversified than Evergrande and better capitalized. In fact, the total assets of Evergrande outnumber the entire subprime bubble of the United States. The problem with Evergrande is that it’s not an anecdote, but a symptom

Facebook Chief Technology Officer Makes ‘Difficult Decision’ to Step Down in 2022

Facebook Chief Technology Officer Mike Schroepfer has made the “difficult decision” to step down from his role, he announced Wednesday. Schroepfer, who has worked for the social network for 13 years and oversees its work in artificial intelligence (AI), virtual reality, and the blockchain, said he will transition to a new part time role as Facebook’s first senior

GM Chief Sees Chip Supplies Stabilizing but Below ‘Volume That We Really Need’

General Motors President Mark Reuss said Tuesday that he expects the global supply of semiconductors to stabilize but at lower levels than automakers need to rebuild their inventories. Reuss made the remarks at a conference hosted by the Detroit Regional Chamber in Michigan on Sept. 21, where he discussed GM’s plans for battery-powered car and

Evergrande: China’s Ticking Bomb Explained by Economist Milton Ezrati

Evergrande—the second-largest real estate developer in China—is causing so much trouble for the Chinese regime, and its presence in the economy could also affect U.S. investors. Will it cause a global ripple through the interconnected financial system? The Chinese communist regime must decide if they want to bear the heavy weight of $300 billion in

Chinese Version of TikTok Limits App Use for Children Under 14

The Chinese version of TikTok, called Douyin, on Sept. 18 announced that it had placed limits on youth usage of the app of up to 40 minutes a day. Douyin said in a statement that all authorized users under 14 years old will now access the app in a “youth mode.” The move is part of a

Toshiba Closes Factory in Dalian, Denying Full Withdrawal From China

Japanese electronics giant Toshiba is closing its factory in Dalian City after entering the Chinese market 30 years ago. There are also online rumors that Toshiba will completely withdraw from China by closing 33 factories and R&D facilities in 24 Chinese cities by the end of this year. Takagi, head of Toshiba’s media division in Japan, told

Heavily Indebted Chinese Developer Sees Investors Crowd Headquarters in Protest

Thousands of disgruntled investors besieged the headquarters of the world’s most indebted property developer in China to demand repayment of loans and financial products on Sept. 13. Evergrande first warned in August of liquidity and default risks if it fails to raise cash and resume construction. On Sept. 8, investors found the company had suspended payments to

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