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News About The Global Economy
April 29, 2016
China's biggest bank ICBC reports rise in bad loans
Shanghai (AFP) April 28, 2016
China's biggest bank ICBC on Thursday announced mounting problem loans, after International Monetary Fund staff argued that the world's second-biggest economy needs a more "comprehensive" plan to tackle bad debts. The Industrial and Commercial Bank of China (ICBC), believed to be the world's largest bank by assets, said its non-performing loan ratio rose to 1.66 percent at the end of March, up from 1.50 percent at the end of last year. Its first-quarter net profits rose just 0.59 percent year-on ... read more

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Panama Papers reveal Hong Kong's murky financial underbelly
Jasmine Li was still a student when she opened her first offshore bank account through Mossack Fonseca Hong Kong, but the shady world she entered that day had been part of the city's underbelly for decades. ... more
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Dark economic cloud over IMF-World Bank meeting
Worries that the global economy is nearing a stall made worse by the specter of '"Brexit" cloud the air as the world's finance chiefs gather in Washington beginning Thursday for the IMF-World Bank Spring meetings. ... more
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China GDP growth slows to 6.7% in first quarter: govt
China's economy grew 6.7 percent in the three months of 2016, its slowest quarterly expansion in seven years, the government said Friday, but indicators for March improved. ... more
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China Q1 growth slows but green shoots appearing
China's economy expanded at its slowest rate in seven years during the first quarter, the government said Friday, but forecast-beating readings for March raised hopes a growth slowdown in the Asian giant may be bottoming out. ... more
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Emerging markets show 'signs of distress': IMF
Emerging market economies, once the stars of world growth, now show "signs of distress" due to a darkening global outlook and tumbling commodity prices, the International Monetary Fund said Tuesday. ... more
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World Bank and China-backed infrastructure bank join hands
The World Bank and the new China-backed Asian Infrastructure Investment Bank, originally seen as possible rivals, joined hands Wednesday with an agreement to co-finance projects. ... more
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IMF sees $1.3 trillion in 'at-risk' Chinese company debt
The International Monetary Fund said Wednesday that corporate China's balance sheets have deteriorated to the point that some $1.3 trillion in borrowings is at risk of default. ... more
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Worried IMF cuts world growth forecast, warns over Brexit
The International Monetary Fund said Tuesday that the global economy faces wide-ranging threats from weak growth and rising protectionism, warning of possible "severe" damage should Britain quit the European Union. ... more
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Money and power: China government's link to Panama Papers firm
Long before the Panama Papers leaks put law firm Mossack Fonseca on front pages around the world, the company was already well known among a certain class of Chinese investor - and to the government. ... more
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China to drag down growth in developing Asia: World Bank
China's economic slowdown will hit growth in developing East Asia and the Pacific from this year until at least 2018, the World Bank said Monday, warning of volatile global markets and urging caution. ... more
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China largest market for Panama Papers law firm: ICIJ
Nearly a third of the business of the law firm at the centre of the Panama Papers scandal came from its offices in Hong Kong and China, reports said Thursday, with the Asian giant assailed by corruption and capital flight. ... more
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Steeling for a struggle: China workers face turmoil
Hundreds of laid-off steelworkers gathered outside their former employer's office this week to protest at losing their jobs, victims of a global glut. ... more
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Follow the money: how Hong Kong helps outflow of Chinese cash
The Panama Papers leak has put the spotlight on Hong Kong as a hub for setting up offshore firms, with much of the money flowing through the city coming from mainland China. ... more
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China considers debt-equity-swaps for banks: reports
China is considering a plan that would allow banks to swap bad debts for equity in the borrowing firm, according to reports, as the banking sector faces mounting bad loans and slowing growth in the world's second-largest economy. ... more
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Panama Papers: huge tax leak exposes Putin aides, world leaders
One of the biggest document leaks in history snared world leaders, celebrities and sports stars in a snowballing worldwide scandal Monday over their secretive offshore financial dealings. ... more
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Japan big manufacturers' confidence drops to three-year low
Confidence among Japan's biggest manufacturers dropped last quarter to its lowest level since Prime Minister Shinzo Abe kicked off his much-vaunted programme to boost growth three years ago, a survey showed Friday. ... more
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China manufacturing expands for first time in 9 months
Chinese factories ramped up activity in March for the first time in nine months, official data showed Friday, offering a positive signal for the health of the world's second-largest economy. ... more
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China Construction Bank 2015 net profits flat
China Construction Bank (CCB), the country's second-largest lender, reported flat growth in net profit last year, as bad loans jumped with economic growth slowing. ... more
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One-pronged strategy: China's Fosun vows to become 'giant unicorn'
One of China's biggest private-sector conglomerates is seeking a magical solution to the horns of a dilemma about its future, pledging to "become a giant 'Unicorn' with enormous power". ... more
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ADB: While growing, Myanmar should embrace opportunity
Myanmar's new government will need to increase efforts to draw in investments toward the energy sector to foster development, the Asian Development Bank said. ... more
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Chinese banks see slight profit rises as economy slows
Two of China's biggest banks on Wednesday announced slight increases in 2015 net profits, but warned of growing risks from bad loans as the world's second largest economy slows. ... more
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China overcapacity darkens Asia's 2016 growth prospects: ADB
Huge industrial overcapacity in China will drag on both the country's and the region's growth this year, the Asian Development Bank said Wednesday, cutting its forecast for the world's second-largest economy. ... more
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China commercial hub Shanghai seeks to cool home prices
Shanghai on Friday unveiled rules to cool its housing market, as China seeks to rein-in property speculation in select top-tier cities where prices have raced out of control in recent months. ... more
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Painting by numbers: what value in China's art market?
The serenity of Cui Ruzhuo's ink landscapes is a far cry from the turmoil of China's contemporary art market. But he can bank on his own status as the country's best-selling living artist. ... more
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