Thai police go after loan sharks preying on vulnerable people amid pandemic — Radio Free Asia

Police brief reporters on the largest syndicate running illegal money-lending services in Bangkok, July 12, 2022. Credit: Handout photo/ Economic Crime Suppression Division

Napawan Rimwaan used a phone app to borrow 2,000 baht (U.S. $55), believing it was an interest-free loan that she could pay back in 90 days.   A week later, an agent from the lending agency started calling and threatening the Thai mother of two to repay the loan – along with a 31 percent interest

China Evergrande falls short of promised restructuring plan

The China Evergrande Group. Royal Peak residential development under construction in Beijing on Friday. | BLOOMBERG

China Evergrande Group, the world’s most indebted developer, failed to deliver a “preliminary restructuring plan” it had promised by the end of July, fueling risks investors will grow more impatient just as a broader debt crisis in the nation’s property industry spreads. The beleaguered real estate giant presented instead what it called “preliminary restructuring principles”

Sri Lanka’s Debt Crisis Tests China’s Role as Financier to Poor Countries

Sri Lanka’s Debt Crisis Tests China’s Role as Financier to Poor Countries

COLOMBO, Sri Lanka—As Sri Lanka’s foreign-exchange reserves began to dwindle under a mountain of debt early in the Covid-19 pandemic, some officials argued it was time to ask for a bailout from the International Monetary Fund, a politically fraught move that traditionally comes with painful austerity measures. But China, Sri Lanka’s largest single creditor, offered

China’s green Belt and Road push leaves plenty of gray areas

Piles of coal sit near port facilities as gantry cranes stand in the background at Qinhuangdao Port in 2016. China's efforts to quell surging coal prices showed signs they’re working, with benchmark prices dropping for the first time in a year as the country's production rose to the highest in seven months. | BLOOMBERG

Since China launched the Belt and Road initiative in 2013, the project has come under a lot of criticism for funding polluting activities overseas. That’s started to change with Chinese President Xi Jinping’s recent pledge to stop supporting foreign coal projects. In the past ten months, top government departments have released three documents laying out

Stop saying student debt relief is for the rich

According to a 2016 study, four years after earning a bachelor’s degree, the average Black graduate had about $53,000 in debt, nearly twice the level of their white counterparts. | REUTERS

When individuals dispute whether to forgive some or all of the $1.75 trillion in trainee debt weighing on millions of American households, challengers often argue that it would be wasteful and unreasonable: Too numerous fairly affluent, well-read people would benefit at the expenditure of all taxpayers, a lot of whom never had the desire or

Time to overhaul the global financial system

Activists dressed as debt collectors protest outside the IMF-World Bank headquarters in Washington on Oct. 13. | REUTERS

PICTURE GALLERY (CLICK TO ENLARGE). NEW YORK CITY– At last months COP26 climate top, numerous banks declared that they would put trillions of dollars to work to finance services to environment change.Yet a major barrier stands in the way: The worlds financial system actually restrains the flow of financing to establishing nations, creating a monetary

Kaisa share suspension furthers China property sector fears

Kaisa is China's 27th-largest real estate firm in terms of sales but one of its most indebted. | REUTERS

Source link. PHOTO GALLERY (CLICK TO ENLARGE). Chinese property company Kaisa suspended share trading in Hong Kong on Wednesday, with questions swirling over its ability to make payments and contagion dispersing within the countrys debt-ridden genuine estate sector.The Chinese federal government triggered a crisis within the residential or commercial property industry when it launched a

Evergrande’s debt deadline passes as Kaisa adds to China’s property crisis

China Evergrande Group Chairman Hui Ka Yan attends a news conference on the property developer's annual results in Hong Kong, China in March 2017. On Tuesday the company failed to make a key coupon payments that would stave off restructuring. | REUTERS

HONG KONG/SHANGHAI– Some overseas shareholders of China Evergrande Group did not get voucher payments by the end of a 30-day grace duration, five people with understanding of the matter said, pressing the cash-strapped home developer closer to official default.Adding to a liquidity crisis in Chinas when bubbling property market, smaller peer Kaisa Group Holdings was

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