Real estate crisis in China

Evergrande begins repaying wealth product investors with property

Beijing - Cash-strapped developer China Evergrande Group has begun repaying investors in its wealth management products with real estate, a unit of its main Hengda Real Estate Group Co Ltd unit said. Evergrande, with over $300 billion in liabilities, is in the throes of a liquidity crisis that has left it racing to raise funds to pay its many lenders and suppliers

europe

Hungary government offers to buy Budapest airport

The Hungarian government would like to acquire a majority stake in Budapest Airport again through negotiations with theowners, the Innovation and Technology Ministry told Reuters in a statement, adding it was "strategically important to have the airport in Hungarian hands again"

But political feud rumbles on

Kuwait assembly backs budget

Kuwait's parliament approved the 2021-22 state budget on Tuesday but failed to quell a bad-tempered standoff between government and opposition that has blocked economic reforms and hampered decision-making at the Gulf state's sovereign wealth fund. Rowdy scenes broke out after the vote, supported by 32 out of 63 lawmakers in attendance including 50 elected members and government ministers

In sharp recovery

Dutch economy to grow 3.2% in 2021

Amsterdam - The Dutch economy is expected to recover much faster from its coronavirus slump than expected, as the rollout of vaccinations lets businesses reopen, government policy adviser CPB said on Tuesday

And proposes new path

Spain welcomes bank efforts on job cuts

Madrid - Spain on Monday welcomed efforts by banks to reduce the number of initially planned layoffs after talks with unions, while calling on lenders to explore new paths to profitability. Comisiones Obreras, Spain's largest financial sector union, has called for a one-day-strike on Tuesday in protest at plans by Caixabank to cut to cut more than 7,500 jobs

Congolese Finance Minister Andely says

China agrees to reschedule Congo Republic's $2.4 bln debt

Brazzaville - Chinese President Xi Jinping has agreed in principle to reschedule Congo Republic's debt, Congolese Finance Minister Rigobert Roger Andely said on Monday, adding that the move would help unlock stalled International Monetary Fund lending

Trade restrictions linked to COVID-19 have ticked up

WTO head says pandemic-related trade barriers are rising

Geneva - The head of the World Trade Organization said on Monday that trade barriers related to medical supplies used against COVID-19 had risen and urged member states to drop them, as it intensified efforts to reach a deal on vaccine-sharing: "The trend is going in the wrong direction, - WTO Director General Ngozi Okonjo-Iweala told a virtual U.N. forum

Average cost of a litre of gasoline in Mumbai has risen above 100 rupees

India's low- income frontline workers burned by rising fuel prices

Chennai - Rizwanudeen, a 37-year old worker who delivers food in the southern Indian city of Chennai, struggles to pay his rent and loan instalments at the end of every month as he has been hit by the double whammy of higher fuel prices and fewer food orders. Millions of weekly wage earners like Rizwanudeen who make their living ferrying goods or people throughout India have been hit hard by record high fuel prices which are among the highest in Asia

And that's a worry

China's banks are bursting with dollars / ANALYSIS

Shanghai - A mountain of dollars on deposit in China has grown so large that banks are struggling to loan the currency and traders say it poses a risk to official efforts to control a fast-rising yuan. Boosted by surging export receipts and investment flows, the value of foreign cash deposits in China's banks leapt above $1 trillion for the first time in April

Despite pandemic

Russian Davos to go ahead in person with Putin

Moscow - Thousands of officials and executives will gather in person in St Petersburg this week - and President Vladimir Putin will give a speech - as the annual economic forum Moscow pitches as "the Russian Davos" returns despite the COVID-19 pandemic

The announcement

France to set up 3 bln euro company support fund

Paris - France will set up a new three billion euro ($3.67 billion) fund to support mid-sized and large companies as they emerge from the coronavirus crisis, French Finance Minister Bruno Le Maire said on Tuesday. The fund aims to help firms on a case-by-case basis with loans or equity injections so that businesses that were viable before the pandemic but now have strained balance sheets

But signs of recovery emerge

Philippine economic slump extends into Q1

Manila - The Philippine economy shrank more than expected in the first quarter, though sequential momentum showed a recovery was underway and suggested the central bank will keep rates at a record low at this week's policy review to support the revival. Gross domestic product fell 4.2% in the March quarter from a year earlier

Blinken says

"West must be very careful about Chinese investment"

London - U.S. Secretary of State Antony Blinken said the West had to be very careful about the exact nature of Chinese investment in Western economies and think very carefully about investments in strategic assets. China's spectacular economic and military rise over the past 40 years is among the most significant geopolitical events of recent history, alongside the 1991 fall of the Soviet Union that ended the Cold War

In $4.5 bln deal

France to sell Egypt 30 fighter jets

Paris - Egypt has signed a contract with France to buy 30 Rafale fighter jets, its defence ministry said in a statement early on Tuesday, in a deal that was worth 3.75 billion euro ($4.5 billion). President Emmanuel Macron said in December he would not make the sale of weapons to Egypt conditional on human rights because he did not want to weaken Cairo's ability to counter terrorism in the region

IMF says

Saudi Arabia could ease fiscal adjustment to help recovery

Dubai - Saudi Arabia's plans to balance its finances are making good progress but a slower pace of adjustment could be considered this year to support the recovery from the coronavirus crisis, the International Monetary Fund said on Monday

In France

Lebanon's central bank governor faces new corruption allegations

Paris - An anti-corruption group has submitted a legal complaint in France against Lebanon's central bank governor over foreign investments including property he owns worth millions of euros, two people involved in the filing said on Monday. Sherpa, a non-governmental organisation that defends victims of economic crimes

And other economic changes

Tanzania's new president plans income tax cut

Nairobi - Tanzania's new President Samia Suluhu Hassan said on Saturday the government would reduce the income tax rate by 1 percentage point to 8%, in the 2021/22 financial year beginning in July, and also planned to remove "unfriendly taxes and charges to Tanzanians"