Financial News

Monday, October 24th
October 22, 2021
AP-NC Newswatch
October 22, 2021
Financial News

 

Financial News:

 

European shares up…Report: Evergrande makes bond payment

 

UNDATED (AP) – Shares are mostly higher in Europe after a mixed session in Asia. In early trading in Europe, Germany’s DAX gained 0.4%. In Paris, the CAC 40 jumped 1.1%, while Britain’s FTSE 100 added 0.4%. In Asian trading, the Hang Seng in Hong Kong closed 0.4% higher and the Shanghai Composite index lost 0.3%. Tokyo’s Nikkei 225 added 0.3%, while the Kospi in Seoul lost less than 0.1%. On Wall Street, Dow futures are up less than 0.1%, while S&P 500 futures are unchanged.

 

BEIJING (AP) – An official Chinese newspaper says a troubled developer whose struggle to avoid a multibillion-dollar debt default is rattling global financial markets has wired $83.5 million to make an overdue payment to foreign bondholders. Evergrande Group’s struggle to reduce its 2 trillion yuan ($310 billion) of debt to comply with tighter official curbs on borrowing has prompted fears a default might trigger a financial crisis. Chinese officials have tried to allay investor fears by saying the debt problems can be controlled and there should be no impact on the financial industry.

 

BEIJING (AP) – China says there is “no room” for compromise or concessions over the issue of Taiwan, following a comment by President Joe Biden that the U.S. is committed to defending the island if it is attacked. A Foreign Ministry spokesperson has reasserted China’s longstanding claim that the island is its territory. China has recently upped its threat to bring Taiwan under its control by force if necessary by flying warplanes near the island and rehearsing beach landings. The spokesperson says China’s strong determination to defend its national sovereignty and territorial integrity should not be underestimated.

 

TOKYO (AP) – Japan has adopted a new energy policy that promotes nuclear and renewables as sources of clean energy to achieve the country’s pledge of reaching carbon neutrality by 2050. The new basic energy plan adopted by the Cabinet in time for the climate summit in November calls for drastically bolstering renewable energy use and reducing fossil fuel consumption over the next decade. It is unknown if the nuclear energy targets can be achieved. Japan announced in April it will reduce its emissions by 46% from 2013 levels, up from an earlier target of 26%, to achieve carbon neutrality by 2050.

 

SACRAMENTO, Calif. (AP) – California Gov. Gavin Newsom’s plan to ban new oil and gas wells within 3,200 feet of neighborhood sites is drawing cautious optimism from environmental groups but strong pushback from the oil industry and its labor allies. The ambitious proposal would be the nation’s largest required distance between oil wells and sites like schools, homes and hospitals. It has a long way to go before it becomes official state policy and it could change. It wouldn’t shut down existing wells but would make them follow new pollution controls. California is the seventh-largest oil and gas producing site.