Global wave of consumer default underway, beginning in China
Like millions of people around the world, Zhang Chunzi borrowed money she thought she would be able to repay. Then the new coronavirus changed everything. Now laid off from her job at an apparel exporter in Hangzhou — one of China's most prosperous cities — ...
Crisis-hit Lebanon to default on $1.2 billion loan payment, Prime Minister Hassan Diab says
Lebanon's prime minister said Saturday the government will suspend repayment of $1.2 billion in loans, marking the crisis-hit country's first-ever default on its sovereign debt, amid ongoing popular unrest. Hassan Diab made the announcement in a televised address to the Lebanese people, saying the country ...
'No reason' rising U.S. wages and job gains can't continue, says Fed chief Powell
Federal Reserve Chair Jerome Powell on Wednesday reiterated his confidence in the sustainability of the record-long U.S. economic expansion, now in its 11th year. "There's no reason why the current situation of low unemployment, rising wages, high job creation — there's no reason why it ...
Japan shrinks budget surplus forecast as it grapples with debt mountain
Japan kept unchanged its timing for balancing the primary budget on Friday, but expects to see a much smaller excess than previously thought when it hits a budget surplus, underlining the government's struggle to rein in massive public debt. Prime Minister Shinzo Abe's government stuck ...
China vows increased measures to 'win' battle against growing bank risks
China pledged to step up measures to shore up its troubled banks and small businesses while continuing a crackdown on shadow banking and property speculation, in a difficult balancing act that risks exacerbating a buildup in bad debt at its traditional lenders. As concerns mount ...
Japan's local governments struggling with debt due to public investment and disasters
Debts incurred from past public investment and reconstruction work after disasters are placing heavy financial burdens on local governments.
Deepening negative rates would do more harm than good, says Bank of Japan ex-deputy
The Bank of Japan has nearly exhausted its policy ammunition for boosting the economy, as deepening negative interest rates — seen as the most likely step if it were to expand stimulus — will do more harm than good, former BOJ Deputy Gov. Toshiro ...
Cabinet approves Japan's record ¥102 trillion draft budget for fiscal 2020
The fiscal 2020 draft budget shows that spending will jump for defense, free education and ballooning medical, pension and other social security costs.
Japan to earmark record ¥102 trillion for 2020 budget as social security and defense costs rise
The central government will distribute ¥16.6 trillion to local governments, up ¥400 billion from the previous year.
Struggling regional banks in Japan buying riskier debt to survive
Struggling to revive profits as low yields persist, a handful of troubled regional banks are wading deeper into riskier credit such as near-junk rated overseas bonds, according to a Bloomberg survey. Weaker regional lenders are fighting for survival as the government presses for consolidation in ...
Japan's ruling bloc calls for ¥10 trillion to boost typhoon recovery and slowing growth
Analysts have doubts about the ability to spend such a large amount given the government debt.
South African Airways cancels flights as union ranks ready strike over wages and job cuts
South African Airways (SAA) has canceled flights scheduled for Friday and Saturday because of a pending strike by a majority of employees over a wage dispute and the state-run carrier's plans to cut jobs. The airline had hoped to avert the walkout with a revised ...
