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Tens of thousands of Chinese households who bought high-yield investments risk being sucked into the spectacular unraveling of China Evergrande Group after the embattled developer missed payments on funds sold through shadow banks, which have funneled billions into its construction projects. Watch this report for more details.

Evergrande Pain Spreads to Wealthy Investors as More Interest Payments Missed

Citi launched on Monday a global technology hub at its Bahrain offices, the first of its kind in the region and with the aim of employing 1,000 coders over the next decade.

The hub, based at Citi`s Bahrain premises, was set up in partnership with Tamkeen, a government-funded labour fund, and Bahrain`s Economic Development Board (EDB), which are also investing, a Citi executive said.

Under the plan, Citi will hire at least 100 people in coding-related roles each year over the next 10 years.

The new hires will initially work on two of the bank`s main platforms, Citi Velocity and Citi FX Policy, said Ala`a Saeed, Citi FX`s global head of electronic platforms and distribution.

"Selecting our two flagship systems to develop out of here in Bahrain is a huge endorsement of the talent and the calibre of people that we`ve found here," he said.

Tamkeen will subsidise a portion of the salaries and cover training costs locally and abroad, said Tamkeen Chief Executive Hussain Mohammed Rajab, without disclosing figures.

Bahrain, where Citi has operated for 50 years, has sought to market itself as a financial technology hub for the Middle East and North Africa in a bid to revive its reputation as a regional banking and business centre.

The heavily indebted state, which does not have the oil or gas resources of its Gulf neighbours, received a $10 billion bailout in 2018 from some of its Gulf allies to avoid a credit crunch.

Citi launched on Monday a global technology hub at its Bahrain offices, the first of its kind in the region and with the aim of employing 1,000 coders over the next decade.

Citi launched on Monday a global technology hub at its Bahrain offices, the first of its kind in the region and with the aim of employing 1,000 coders over the next decade. The hub, based at Citi`s Bahrain premises, was set up in partnership with Tamkeen, a government-funded labour fund, and Bahrain`s Economic Development Board (EDB), which are also investing, a Citi executive said. Under the plan, Citi will hire at least 100 people in coding-related roles each year over the next 10 years. The new hires will initially work on two of the bank`s main platforms, Citi Velocity and Citi FX Policy, said Ala`a Saeed, Citi FX`s global head of electronic platforms and distribution. "Selecting our two flagship systems to develop out of here in Bahrain is a huge endorsement of the talent and the calibre of people that we`ve found here," he said. Tamkeen will subsidise a portion of the salaries and cover training costs locally and abroad, said Tamkeen Chief Executive Hussain Mohammed Rajab, without disclosing figures. Bahrain, where Citi has operated for 50 years, has sought to market itself as a financial technology hub for the Middle East and North Africa in a bid to revive its reputation as a regional banking and business centre. The heavily indebted state, which does not have the oil or gas resources of its Gulf neighbours, received a $10 billion bailout in 2018 from some of its Gulf allies to avoid a credit crunch.

Citi launches tech hub in Bahrain to develop its digital platforms

Gold prices firmed on Monday, propped up by a subdued dollar and slight retreat in the U.S. Treasury yields, with investors gearing up for speeches from U.S. Federal Reserve policymakers this week for cues on the central bank`s rate hike timeline.

Spot gold was up 0.4% at $1,757.00 per ounce, as of 0656 GMT, while US&nbsp;gold futures were up 0.4% at $1,758.50.

The dollar index softened, making bullion cheaper for holders of other currencies. Meanwhile the benchmark 10-year Treasury yields eased after hitting their highest since early-July.

"Gold is still looking slightly precarious where it is right now, and it`s probably bouncing off key technical level around $1,750," IG Market analyst Kyle Rodda said.

A slew of Fed officials are due to speak this week including Chairman Jerome Powell, who will testify this week before Congress on the central bank`s policy response to the pandemic.

"There`ll be a lot of questions being put to Fed speakers about what the dot plots implied last week and whether there is higher risk of heightened inflation going forward and that rate hikes could be coming in the first half of 2022," Rodda added.

Gold is often considered a hedge against higher inflation, but a Fed rate hike would increase the opportunity cost of holding gold, which pays no interest.

Investors also kept a close watch on developments in debt-laden property giant China Evergrande saga as the firm missed a payment on offshore bonds last week, with further payment due this week.

The People`s Bank of China continues to inject liquidity into markets indicating some systemic risks in the market and supported the bullion, Stephen Innes, managing partner at SPI Asset Management, said.

Holdings of SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, increased 0.1% to 993.52 tonnes on Friday.

Gold prices firmed on Monday, propped up by a subdued dollar and slight retreat in the U.S. Treasury yields, with investors gearing up for speeches from U.S. Federal Reserve policymakers this week for cues on the central bank`s rate hike timeline.

Gold prices firmed on Monday, propped up by a subdued dollar and slight retreat in the U.S. Treasury yields, with investors gearing up for speeches from U.S. Federal Reserve policymakers this week for cues on the central bank`s rate hike timeline. Spot gold was up 0.4% at $1,757.00 per ounce, as of 0656 GMT, while US gold futures were up 0.4% at $1,758.50. The dollar index softened, making bullion cheaper for holders of other currencies. Meanwhile the benchmark 10-year Treasury yields eased after hitting their highest since early-July. "Gold is still looking slightly precarious where it is right now, and it`s probably bouncing off key technical level around $1,750," IG Market analyst Kyle Rodda said. A slew of Fed officials are due to speak this week including Chairman Jerome Powell, who will testify this week before Congress on the central bank`s policy response to the pandemic. "There`ll be a lot of questions being put to Fed speakers about what the dot plots implied last week and whether there is higher risk of heightened inflation going forward and that rate hikes could be coming in the first half of 2022," Rodda added. Gold is often considered a hedge against higher inflation, but a Fed rate hike would increase the opportunity cost of holding gold, which pays no interest. Investors also kept a close watch on developments in debt-laden property giant China Evergrande saga as the firm missed a payment on offshore bonds last week, with further payment due this week. The People`s Bank of China continues to inject liquidity into markets indicating some systemic risks in the market and supported the bullion, Stephen Innes, managing partner at SPI Asset Management, said. Holdings of SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, increased 0.1% to 993.52 tonnes on Friday.

Gold gains as soft dollar lifts bullion appeal; Fed in focus

U.S. Commerce Secretary Gina Raimondo said on Thursday the Biden administration will take further action against Chinese telecoms firm Huawei (HWT.UL) if necessary, after some Republican lawmakers have pressed for more steps.

US Commerce chief: more action to be taken on Huawei if needed

British Airways said it was scrapping most short-haul operations at London's no.2 airport Gatwick, blaming pilots for rejecting a plan to set up a new low-cost unit to better compete against easyJet (EZJ.L) as flying returns after the pandemic.

British Airways to scrap Gatwick short-haul flights after low-cost plan fails

China Evergrande Group (3333. HK) dollar bondholders were still waiting for information about a key interest payment due Thursday that has kept global investors on tenterhooks, but the property developer was instead expected to provide more clarity in the coming month, a source familiar with the situation said. Watch this report for more details.

Evergrande bondholders seek clarity on payments | World Business Watch

India's BSE Sensex crossed the 60,000 mark for the first time ever in early morning trade on Friday.

Nifty touched 17,900 points led by L&amp;T, Tata Motors and ONGC stocks.&nbsp;

The Sensex had closed marginally below the 60k mark on Thursday at 59,885.36 after gaining 958 points registering 1.63 per cent growth.

The 30-share BSE Sensex had scaled 59,957.25 during the day on Thursday even as NSE Nifty also soared 276.30 points to close at 17,822.95.

The surge in the market on Thursday was led by Bajaj Finserv, Reliance Industries (RIL), IndusInd Bank, &nbsp;L&amp;T, HDFC, SBI and Axis Bank.

RIL and HDFC were the biggest gainers on Thursday.

(With inputs from Agencies)

India's BSE Sensex crossed the 60,000 mark for the first time ever in early morning trade on Friday. Nifty touched 17,900 points led by L&T, Tata Motors and ONGC stocks.

India's BSE Sensex crossed the 60,000 mark for the first time ever in early morning trade on Friday. Nifty touched 17,900 points led by L&T, Tata Motors and ONGC stocks. The Sensex had closed marginally below the 60k mark on Thursday at 59,885.36 after gaining 958 points registering 1.63 per cent growth. The 30-share BSE Sensex had scaled 59,957.25 during the day on Thursday even as NSE Nifty also soared 276.30 points to close at 17,822.95. The surge in the market on Thursday was led by Bajaj Finserv, Reliance Industries (RIL), IndusInd Bank, L&T, HDFC, SBI and Axis Bank. RIL and HDFC were the biggest gainers on Thursday. (With inputs from Agencies)

India's Sensex crosses 60,000 mark for the first time; Nifty at record high

Global investors are in guessing mode as a crucial date for a key interest payment passed without a comment from indebted property company Evergrande. There are fears that China will let bondholders abroad swallow large losses. The liquidity crisis at the world's most indebted company is deepening.

Evergrande owes $305 billion, has run short of cash and investors are worried a collapse could pose systemic risks to China's financial system and reverberate around the world.

Deadline for payment of interest of USD 305 billion was Thursday (September 24). Bondholders have not been paid or heard from the company, reported Reuters quoting two people familiar with the situation.

Also Read | <a href="https://www.wionews.com/business-economy/evergrande-chairman-reassures-investors-shares-surge-415070">Evergrande chairman reassures investors, shares surge</a>

The firm has a 30-day grace period and will default if that passes without payment.

Evergrande's silence on the dollar bond interest payment and another $47.5 million payment due next week contrasts with its treatment of its domestic investors. The company this week resolved one coupon payment on a domestic bond.

"This is part of the tactics of any sovereign driven restructuring process - keeping people in the dark or guessing," said Karl Clowry, a partner at Addleshaw Goddard in London.

Also Read | <a href="https://www.wionews.com/world/chinas-crisis-hit-evergrande-says-deal-has-been-reached-to-avoid-default-414778">China's crisis-hit Evergrande says deal has been reached to avoid default</a>

"The view from Beijing is offshore bondholders are largely Western institutions and so can justifiably be given different treatment. I think people think it's still a falling knife."

China's central bank again injected cash into the banking system on Friday, seen as a signal of support for markets. But authorities have been silent on Evergrande's predicament and China's state media has offered no clues on a rescue package.

Also Read | <a href="https://www.wionews.com/opinions-blogs/chinas-evergrande-crisis-a-global-financial-crisis-in-the-making-414669">China's Evergrande crisis: A global financial crisis in the making</a>

"These are periods of eerie silence as no-one wants to take massive risks at this stage," said Howe Chung Wan, head of Asia fixed income at Principal Global Investors in Singapore.

"There's no precedent to this at the size of Evergrande ... we have to see in the next ten days or so, before China goes into holiday, how this is going to play out."

Evergrande appointed financial advisers and warned of default last week and world markets fell heavily on Monday amid fears of contagion, though they have since stabilised.

(With inputs from agencies)

Global investors are in guessing mode as a crucial date for a key interest payment passed without a comment from indebted property company Evergrande. There are fears that China will let bondholders abroad swallow large losses.

Global investors are in guessing mode as a crucial date for a key interest payment passed without a comment from indebted property company Evergrande. There are fears that China will let bondholders abroad swallow large losses. The liquidity crisis at the world's most indebted company is deepening. Evergrande owes $305 billion, has run short of cash and investors are worried a collapse could pose systemic risks to China's financial system and reverberate around the world. Deadline for payment of interest of USD 305 billion was Thursday (September 24). Bondholders have not been paid or heard from the company, reported Reuters quoting two people familiar with the situation. Also Read | Evergrande chairman reassures investors, shares surge The firm has a 30-day grace period and will default if that passes without payment. Evergrande's silence on the dollar bond interest payment and another $47.5 million payment due next week contrasts with its treatment of its domestic investors. The company this week resolved one coupon payment on a domestic bond. "This is part of the tactics of any sovereign driven restructuring process - keeping people in the dark or guessing," said Karl Clowry, a partner at Addleshaw Goddard in London. Also Read | China's crisis-hit Evergrande says deal has been reached to avoid default "The view from Beijing is offshore bondholders are largely Western institutions and so can justifiably be given different treatment. I think people think it's still a falling knife." China's central bank again injected cash into the banking system on Friday, seen as a signal of support for markets. But authorities have been silent on Evergrande's predicament and China's state media has offered no clues on a rescue package. Also Read | China's Evergrande crisis: A global financial crisis in the making "These are periods of eerie silence as no-one wants to take massive risks at this stage," said Howe Chung Wan, head of Asia fixed income at Principal Global Investors in Singapore. "There's no precedent to this at the size of Evergrande ... we have to see in the next ten days or so, before China goes into holiday, how this is going to play out." Evergrande appointed financial advisers and warned of default last week and world markets fell heavily on Monday amid fears of contagion, though they have since stabilised. (With inputs from agencies)

Evergrande investors in dark as no news on interest payment emerges

A luxury cruise MV Empress, which is owned by Cordelia Cruises, reached the shores of Kochi on Wednesday (September 22) after embarking on its journey from Mumbai, marking a promising start to the revival of domestic pandemic-hit tourism in the southern Indian state of Kerala.&nbsp;

The liner became the first luxury cruise to anchor at the state-of-the-art terminal, after the devastating COVID-19 pandemic swept across the world, said a press release.&nbsp;

The department of Kerala tourism said, "The luxury liner M V Empress, with 1200 travellers on board, anchored at Cochin Port, Willingdon Island this morning."&nbsp;

An on-shore tour of Kochi was scheduled for the guests and the tour itinerary included Mattancherry, Fort Kochi and a backwater.&nbsp;

The Kerala Tourism Department accorded a warm welcome to the guests with martial Velakali dancers and women in traditional off-white dress greeting them.&nbsp;

IN PICS |&nbsp;<a href="https://www.wionews.com/photos/pm-modi-in-usa-quad-unga-joe-biden-415080">UNGA: PM Modi arrives in US, busy days ahead</a>

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
Cordelia cruises, the first cruise vessel to call at Cochin Port since the onset of pandemic, was given a traditional welcome by <a href="https://twitter.com/KeralaTourism?ref_src=twsrc%5Etfw">@KeralaTourism</a> at Sagarika, the new International Cruise Terminal at Cochin Port. <a href="https://twitter.com/shipmin_india?ref_src=twsrc%5Etfw">@shipmin_india</a> <a href="https://twitter.com/PIB_ShipMin?ref_src=twsrc%5Etfw">@PIB_ShipMin</a> <a href="https://twitter.com/tourismgoi?ref_src=twsrc%5Etfw">@tourismgoi</a> <a href="https://twitter.com/CordeliaCruises?ref_src=twsrc%5Etfw">@CordeliaCruises</a> <a href="https://t.co/m9T9QOXd00">pic.twitter.com/m9T9QOXd00</a>
— Cochin Port Trust (@cochin_port) <a href="https://twitter.com/cochin_port/status/1440565875359182860?ref_src=twsrc%5Etfw">September 22, 2021</a></blockquote>
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The luxury liner M V Empress, with 1200 travellers on board, anchored at Cochin Port, Willingdon Island this morning. An on-shore tour of Kochi was scheduled for the guests. The tour itinerary included Mattancherry, Fort Kochi and a backwater <a href="https://twitter.com/hashtag/cruise?src=hash&amp;ref_src=twsrc%5Etfw">#cruise</a>. <a href="https://twitter.com/hashtag/Tourism?src=hash&amp;ref_src=twsrc%5Etfw">#Tourism</a> <a href="https://twitter.com/hashtag/KeralaTourism?src=hash&amp;ref_src=twsrc%5Etfw">#KeralaTourism</a> <a href="https://t.co/rR2U69mGZq">pic.twitter.com/rR2U69mGZq</a>
— Kerala Tourism (@KeralaTourism) <a href="https://twitter.com/KeralaTourism/status/1440655900021190663?ref_src=twsrc%5Etfw">September 22, 2021</a></blockquote>
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Kerala Tourism Minister PA Mohamed Riyas said the arrival of domestic tourists marks a promising start to the full-scale resumption of Kerala Tourism, overcoming the pandemic-induced crisis.

<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;"This trend is set to gain pace in the coming days. Kerala is a safe and secure place for the lock-down weary vacationers to come as we have put in place an efficient and meticulous bio-bubble model to create protective layers of inoculated service providers to receive and host tourists," Minister said.

“Cordelia Cruises is grateful for the kind and warm reception extended to us by Kerala Tourism. Together, we hope to bring new dawn on the travel and hospitality industry in India and do hope the world takes notice and travels to our Subcontinent to experience our offerings which are, both, international quality and have a local soul," the company said in a release.&nbsp;

"With promising collaborations such as these, we will bring a new way of touring breathtaking locales along with enjoying fresh flavours of entertainment for our guests. We are tirelessly curating a plethora of experiences for the same," the release further said.

A luxury cruise MV Empress, which is owned by Cordelia Cruises, reached the shores of Kochi on Wednesday (September 22) after embarking on its journey from Mumbai, marking a promising start to the revival of domestic pandemic-hit tourism in the southern Indian state of Kerala.

A luxury cruise MV Empress, which is owned by Cordelia Cruises, reached the shores of Kochi on Wednesday (September 22) after embarking on its journey from Mumbai, marking a promising start to the revival of domestic pandemic-hit tourism in the southern Indian state of Kerala. The liner became the first luxury cruise to anchor at the state-of-the-art terminal, after the devastating COVID-19 pandemic swept across the world, said a press release. The department of Kerala tourism said, "The luxury liner M V Empress, with 1200 travellers on board, anchored at Cochin Port, Willingdon Island this morning." An on-shore tour of Kochi was scheduled for the guests and the tour itinerary included Mattancherry, Fort Kochi and a backwater. The Kerala Tourism Department accorded a warm welcome to the guests with martial Velakali dancers and women in traditional off-white dress greeting them. IN PICS | UNGA: PM Modi arrives in US, busy days ahead Cordelia cruises, the first cruise vessel to call at Cochin Port since the onset of pandemic, was given a traditional welcome by @KeralaTourism at Sagarika, the new International Cruise Terminal at Cochin Port. @shipmin_india @PIB_ShipMin @tourismgoi @CordeliaCruises pic.twitter.com/m9T9QOXd00 — Cochin Port Trust (@cochin_port) September 22, 2021 × The luxury liner M V Empress, with 1200 travellers on board, anchored at Cochin Port, Willingdon Island this morning. An on-shore tour of Kochi was scheduled for the guests. The tour itinerary included Mattancherry, Fort Kochi and a backwater #cruise. #Tourism #KeralaTourism pic.twitter.com/rR2U69mGZq — Kerala Tourism (@KeralaTourism) September 22, 2021 × Kerala Tourism Minister PA Mohamed Riyas said the arrival of domestic tourists marks a promising start to the full-scale resumption of Kerala Tourism, overcoming the pandemic-induced crisis. "This trend is set to gain pace in the coming days. Kerala is a safe and secure place for the lock-down weary vacationers to come as we have put in place an efficient and meticulous bio-bubble model to create protective layers of inoculated service providers to receive and host tourists," Minister said. “Cordelia Cruises is grateful for the kind and warm reception extended to us by Kerala Tourism. Together, we hope to bring new dawn on the travel and hospitality industry in India and do hope the world takes notice and travels to our Subcontinent to experience our offerings which are, both, international quality and have a local soul," the company said in a release. "With promising collaborations such as these, we will bring a new way of touring breathtaking locales along with enjoying fresh flavours of entertainment for our guests. We are tirelessly curating a plethora of experiences for the same," the release further said.

Luxury cruise liner MV Empress arrives in Kochi, gives a boost to pandemic-hit tourism in Kerala

On the first day of the US visits Prime Minister of India Narendra Modi will meet top global CEOs, and highlight economic opportunities in India. Watch this report for more details.

PM Modi to highlight economic opportunities in India

The price of gas has soared in recent weeks, putting several energy suppliers out of business and forcing some factories to stop production. Several facts including supply chain disruption lead to a hike in prices. Watch this report for more details.

United Kingdom witnesses gas supply chain disruption leads to hike in prices

The Federal Reserve on Wednesday cleared the way to reduce its monthly bond purchases “soon” and signaled interest rate increases may follow more quickly than expected, with nine of 18 US central bank policymakers projecting borrowing costs will need to rise in 2022. Watch this report for more details.

US Federal Reserve signals Bond-Buying taper may start soon

Just as Thursday deadline for a dollar-bond coupon loomed large for indebted Chinese property giant Evergrande, its chairman Hui Ka Yan sought to assure investors that the firm would make it a top priority for them to be able to redeem their products.

Hui Ka Yan, the chairman, said that the company was striving to ensure quality delivery of properties and stressed the importance to resume construction on developments where building had been halted

The assurance had a positive impact and Evergrande's shares jumped as much as 32 per cent. This year, when the threat of Evergrande defaulting on its interest payments loomed large, the company's shares have plunged around 85 per cent.

The bounce in the shares was also a reaction to Wednesday's news that an Evergrande unit had <a href="https://www.wionews.com/world/chinas-crisis-hit-evergrande-says-deal-has-been-reached-to-avoid-default-414778">resolved a coupon payment with creditors</a>, although this was just one of the hurdles the company faces as it labours under a $305 billion mountain of debt.

Also Read | <a href="https://www.wionews.com/opinions-blogs/chinas-evergrande-crisis-a-global-financial-crisis-in-the-making-414669">China's Evergrande crisis: A global financial crisis in the making</a>

The group's electric vehicle and property services units climbed around 3% and 9%, respectively.

Reuters quoted a source who said that Evergrande chairman's latest comments were "clearly aimed at stabilising markets but there seems to be not much information for bond holders," said a source familiar with the situation. "There's no clear plan as yet but we expect the debt to be restructured at some point," said the source, who declined to be identified as he was not authorised to speak to the media.&nbsp;

Global investors have been on tenterhooks as the deadline looms, worried that the company's malaise could spread beyond the country’s property sector and pose systemic risks to China's financial system.

Also Read | <a href="https://www.wionews.com/world/chinas-crisis-hit-evergrande-says-deal-has-been-reached-to-avoid-default-414778">China's crisis-hit Evergrande says deal has been reached to avoid default</a>

Chinese Estates Holdings, the second-biggest shareholder of Evergrande, said on Thursday it had sold $32 million worth of its Evergrande stake and planned to exit the holding completely.

On Wednesday, global markets reacted with relief when the People's Bank of China's injected 90 billion yuan ($13.9 billion) into the banking system and an Evergrande unit said it had "resolved" a coupon payment on an onshore bond.

Also Read | <a href="https://www.wionews.com/business-economy/us-stocks-slide-over-fears-of-china-property-giant-evergrandes-collapse-414580">US stocks slide over fears of China property giant Evergrande's collapse</a>

But it faces $83.5 million in dollar-bond interest payments due on Thursday on a $2 billion offshore bond. And more payments are coming due next week, with a $47.5 million dollar-bond interest payment due.

($1 = 6.4583 Chinese yuan renminbi)

(With inputs from agencies)

Just as Thursday deadline for a dollar-bond coupon loomed large for indebted Chinese property giant Evergrande, its chairman Hui Ka Yan sought to assure investors that the firm would make it a top priority for them to be able to redeem their products.

Just as Thursday deadline for a dollar-bond coupon loomed large for indebted Chinese property giant Evergrande, its chairman Hui Ka Yan sought to assure investors that the firm would make it a top priority for them to be able to redeem their products. Hui Ka Yan, the chairman, said that the company was striving to ensure quality delivery of properties and stressed the importance to resume construction on developments where building had been halted The assurance had a positive impact and Evergrande's shares jumped as much as 32 per cent. This year, when the threat of Evergrande defaulting on its interest payments loomed large, the company's shares have plunged around 85 per cent. The bounce in the shares was also a reaction to Wednesday's news that an Evergrande unit had resolved a coupon payment with creditors, although this was just one of the hurdles the company faces as it labours under a $305 billion mountain of debt. Also Read | China's Evergrande crisis: A global financial crisis in the making The group's electric vehicle and property services units climbed around 3% and 9%, respectively. Reuters quoted a source who said that Evergrande chairman's latest comments were "clearly aimed at stabilising markets but there seems to be not much information for bond holders," said a source familiar with the situation. "There's no clear plan as yet but we expect the debt to be restructured at some point," said the source, who declined to be identified as he was not authorised to speak to the media. Global investors have been on tenterhooks as the deadline looms, worried that the company's malaise could spread beyond the country’s property sector and pose systemic risks to China's financial system. Also Read | China's crisis-hit Evergrande says deal has been reached to avoid default Chinese Estates Holdings, the second-biggest shareholder of Evergrande, said on Thursday it had sold $32 million worth of its Evergrande stake and planned to exit the holding completely. On Wednesday, global markets reacted with relief when the People's Bank of China's injected 90 billion yuan ($13.9 billion) into the banking system and an Evergrande unit said it had "resolved" a coupon payment on an onshore bond. Also Read | US stocks slide over fears of China property giant Evergrande's collapse But it faces $83.5 million in dollar-bond interest payments due on Thursday on a $2 billion offshore bond. And more payments are coming due next week, with a $47.5 million dollar-bond interest payment due. ($1 = 6.4583 Chinese yuan renminbi) (With inputs from agencies)

Evergrande chairman reassures investors, shares surge

China Evergrande Group's main unit said it would make a coupon payment on its domestic bonds on Sept. 23, offering some relief to jittery markets that had been on edge over fears that a default of China's No. 2 developer could ripple through the global financial system.

China: Evergrande to make domestic bond coupon payment

The EU executive and EU lawmakers have been pushing for a common charger for over a decade, saying it would be better for the environment and more convenient for users.

iPhone maker Apple to be more than rivals

Punit&nbsp;Goenka will remain the&nbsp;Managing&nbsp;Director and Chief Executive&nbsp;Officer&nbsp;of&nbsp;the new entity created by the mega merger of&nbsp;Zee Entertainment Enterprises Ltd (ZEEL) and&nbsp;Sony Pictures Networks India (SPNI), it has been announced.

 
In fact, SPNI insisted on appointing Goenka as the CEO and MD of the merged entity. “It&nbsp;&nbsp;is &nbsp;an &nbsp;integral &nbsp;part&nbsp;of &nbsp;the &nbsp;proposed merger that Mr Punit&nbsp;Goenka continues to be the Managing Director and CEO of the merged&nbsp;entity,” the companies said in a press release.&nbsp;

&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/zeel-board-gives-go-ahead-for-merger-with-sony-pictures-networks-india-414797">ZEEL board gives go-ahead for merger with Sony Pictures Networks India</a>

 
According to the term sheet, the promoter family is free&nbsp;&nbsp;to increase its shareholding from the current ~4% to up to 20%, in the &nbsp;normal course&nbsp;of business, the release said.&nbsp;

"The management of ZEEL, ably led by Mr Punit Goenka, continues to steadily work towards achieving higher profitability in line with its set goals for the future. With this corporate development, the merged entity will result into an accelerated growth and a significant opportunity to create tremendous value for all its stakeholders," it said.&nbsp;

Sony Pictures Entertainment, the parent company of SPNI, will infuse $1.575 billion in&nbsp;&nbsp; &nbsp;the merged entity.

&nbsp;

Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar, but our company is owned by Zee Media Corporation, which is a different group

Punit Goenka will remain the Managing Director and Chief Executive Officer of the new entity created by the mega merger of Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India (SPNI), it has been announced.

Punit Goenka will remain the Managing Director and Chief Executive Officer of the new entity created by the mega merger of Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India (SPNI), it has been announced. In fact, SPNI insisted on appointing Goenka as the CEO and MD of the merged entity. “It is an integral part of the proposed merger that Mr Punit Goenka continues to be the Managing Director and CEO of the merged entity,” the companies said in a press release. Also read: ZEEL board gives go-ahead for merger with Sony Pictures Networks India According to the term sheet, the promoter family is free to increase its shareholding from the current ~4% to up to 20%, in the normal course of business, the release said. "The management of ZEEL, ably led by Mr Punit Goenka, continues to steadily work towards achieving higher profitability in line with its set goals for the future. With this corporate development, the merged entity will result into an accelerated growth and a significant opportunity to create tremendous value for all its stakeholders," it said. Sony Pictures Entertainment, the parent company of SPNI, will infuse $1.575 billion in the merged entity. Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar, but our company is owned by Zee Media Corporation, which is a different group

Mega Merger: Punit Goenka to remain CEO and MD of ZEEL-Sony Pictures Networks India merged entity

The mega merger of Zee Entertainment Enterprises Ltd (ZEEL) and&nbsp;Sony Pictures Networks India (SPNI), will not only create the largest entity in Indian entertainment industry, but also be a boon for shareholders.&nbsp;

The combined entity will operate a network of 75 channels, which will account for around 26% viewership share. The parent company of SPNI is also infusing $1.57 billion into the merged group.

After evaluating financial parameters and strategic value that&nbsp;the partner bring to the table, the board of ZEEL concluded that the merger will be "in the best interest 
of all the shareholders and stakeholders," ZEEL said in a release.

&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/zeel-board-gives-go-ahead-for-merger-with-sony-pictures-networks-india-414797">ZEEL board gives go-ahead for merger with Sony Pictures Networks India</a>

"The merger is in line with ZEEL's strategy of achieving&nbsp;higher growth and profitability as a leading media &amp; entertainment company across South Asia," it said.

The indicative merger ratio would&nbsp;have been 61.25% in favour of ZEEL. However, with the proposed infusion of growth capital into&nbsp;SPNI, the resultant merger ratio is expected to result in 47.07% of the merged entity to be held&nbsp;by ZEEL shareholders and the balance 52.93% of the merged entity to be held by SPNI&nbsp;shareholders.&nbsp;

The merged entity will be a publicly listed company in India. ZEEL's Punit Goenka will remain the CEO and MD of the combined group.

&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/mega-merger-punit-goenka-to-remain-ceo-and-md-of-zeel-sony-pictures-networks-india-merged-entity-414803">Punit Goenka to remain CEO and MD of ZEEL-Sony Pictures Networks India merged entity</a>

ZEEL's strong expertise in content creation and its deep consumer connect established over the&nbsp;last 3 decades, coupled with SPNI's success across entertainment genres (including gaming and&nbsp;sports) will add significant value to the merged entity and its management team, thereby&nbsp;increasing shareholder value multifold, the companies said.&nbsp;

"The value of the merged entity and the immense synergies drawn 
between both the conglomerates will not only boost business growth but will also enable 
shareholders to benefit from its future successes."&nbsp; 
&nbsp;

Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar but our company is owned by Zee Media Corporation which is a different group

The mega merger of Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India (SPNI), will not only create the largest entity in Indian entertainment industry, but also be a boon for shareholders.

The mega merger of Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India (SPNI), will not only create the largest entity in Indian entertainment industry, but also be a boon for shareholders. The combined entity will operate a network of 75 channels, which will account for around 26% viewership share. The parent company of SPNI is also infusing $1.57 billion into the merged group. After evaluating financial parameters and strategic value that the partner bring to the table, the board of ZEEL concluded that the merger will be "in the best interest of all the shareholders and stakeholders," ZEEL said in a release. ALSO READ: ZEEL board gives go-ahead for merger with Sony Pictures Networks India "The merger is in line with ZEEL's strategy of achieving higher growth and profitability as a leading media & entertainment company across South Asia," it said. The indicative merger ratio would have been 61.25% in favour of ZEEL. However, with the proposed infusion of growth capital into SPNI, the resultant merger ratio is expected to result in 47.07% of the merged entity to be held by ZEEL shareholders and the balance 52.93% of the merged entity to be held by SPNI shareholders. The merged entity will be a publicly listed company in India. ZEEL's Punit Goenka will remain the CEO and MD of the combined group. ALSO READ: Punit Goenka to remain CEO and MD of ZEEL-Sony Pictures Networks India merged entity ZEEL's strong expertise in content creation and its deep consumer connect established over the last 3 decades, coupled with SPNI's success across entertainment genres (including gaming and sports) will add significant value to the merged entity and its management team, thereby increasing shareholder value multifold, the companies said. "The value of the merged entity and the immense synergies drawn between both the conglomerates will not only boost business growth but will also enable shareholders to benefit from its future successes." Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar but our company is owned by Zee Media Corporation which is a different group

ZEEL-Sony Pictures: Mega merger to create India's biggest entertainment entity is a win-win for shareholders

Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL) on Tuesday (September 21) unanimously gave in-principle approval for merger of ZEEL and Sony Pictures Networks India (SPNI).&nbsp;

"The Board of Directors at ZEEL have conducted a strategic review of the merger proposal between SPNI and ZEEL. As a Board that encompasses a blend of highly accomplished professionals having rich expertise across varied sectors, we always keep in mind the best interests of all the shareholders and ZEEL. We have unanimously provided an in-principle approval to the proposal and have advised the management to initiate the due diligence process...," said R Gopalan, Chairman, ZEE Entertainment Enterprises Ltd

Shareholders of SPNI will hold a majority stake in the merged entity. The merged entity will be a publicly listed company in India.

Based on the existing estimated equity values of ZEEL and SPNI, the indicative merger ratio would have been 61.25% in favour of ZEEL. However, with the proposed infusion of growth capital into SPNI, the resultant merger ratio is expected to result in 47.07% of the merged entity to be held by ZEEL shareholders and the balance 52.93% of the merged entity to be held by SPNI shareholders

ZEEL &amp; SPNI have entered into a non-binding term sheet to combine both companies' linear networks, digital assets, production operations and program libraries. The term sheet provides an exclusive period of 90 days during which ZEEL and SPNI will conduct mutual diligence and finalize definitive agreements.

Punit Goenka will continue to be the Managing Director and CEO of the merged entity. Sony Group will nominate majority of the Board of Directors.

Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar but our company is owned by Zee Media Corporation which is a different group

Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL) on Tuesday (September 21) unanimously gave in-principle approval for merger of ZEEL and Sony Pictures Networks India (SPNI).

Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL) on Tuesday (September 21) unanimously gave in-principle approval for merger of ZEEL and Sony Pictures Networks India (SPNI). "The Board of Directors at ZEEL have conducted a strategic review of the merger proposal between SPNI and ZEEL. As a Board that encompasses a blend of highly accomplished professionals having rich expertise across varied sectors, we always keep in mind the best interests of all the shareholders and ZEEL. We have unanimously provided an in-principle approval to the proposal and have advised the management to initiate the due diligence process...," said R Gopalan, Chairman, ZEE Entertainment Enterprises Ltd Shareholders of SPNI will hold a majority stake in the merged entity. The merged entity will be a publicly listed company in India. Based on the existing estimated equity values of ZEEL and SPNI, the indicative merger ratio would have been 61.25% in favour of ZEEL. However, with the proposed infusion of growth capital into SPNI, the resultant merger ratio is expected to result in 47.07% of the merged entity to be held by ZEEL shareholders and the balance 52.93% of the merged entity to be held by SPNI shareholders ZEEL & SPNI have entered into a non-binding term sheet to combine both companies' linear networks, digital assets, production operations and program libraries. The term sheet provides an exclusive period of 90 days during which ZEEL and SPNI will conduct mutual diligence and finalize definitive agreements. Punit Goenka will continue to be the Managing Director and CEO of the merged entity. Sony Group will nominate majority of the Board of Directors. Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar but our company is owned by Zee Media Corporation which is a different group

ZEEL board gives go-ahead for merger with Sony Pictures Networks India

The ZEE Entertainment Enterprises Limited (ZEEL) Board of Directors, present and voting at its board meeting on September 21, 2021, unanimously approved the merger between Sony Pictures Networks India (SPNI) and ZEEL.&nbsp;

The Board considered not just the financial aspects of the partnership, but also the strategic value it brings to the table.

The Board came to the conclusion that the merger would benefit all shareholders and stakeholders.&nbsp;

Punit Goenka will continue as the Managing Director (MD) and Chief Executive Officer (CEO) after the merger of Zee Entertainment and Sony Pictures India. &nbsp; 
 
Also read:&nbsp;<a href="https://www.wionews.com/business-economy/zeel-board-gives-go-ahead-for-merger-with-sony-pictures-networks-india-414797">ZEEL board gives go-ahead for merger with Sony Pictures Networks India</a>

Talking about the mega-merger deal, Goenka said: “The mega-merger between ZEE Entertainment Enterprises Limited and Sony Pictures Networks India will create the largest media and entertainment company in India. The merger will create close to $2 billion in revenue.” &nbsp;

He also stated that the combined business will be valued at $1.6 billion in cash. In the mega-merger, ZEEL will own 47 percent of the company. There will also be a non-binding term sheet with a 90-day mutual diligence period.”

Sony will have the opportunity to designate new promoters to the board, according to Goenka. The new board of the amalgamated firm will decide on fund infusion avenues.”&nbsp;

He also asserted that the overlaps are largely in the Hindi GEC space. However, the objective is to maximise viewership. The MD also mentioned that no open offer is required in a merger. &nbsp;

Goenka further added that the channel rationalisation call will be taken by the board of the merged entity. Similarly, the capital allocation strategy will also be taken by the board. &nbsp;&nbsp;

He mentioned that “We will first optimise revenue from the merged entity and then cost.” 
 
(Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar, but our company is owned by Zee Media Corporation, which is a different group)

The ZEE Entertainment Enterprises Limited (ZEEL) Board of Directors, present and voting at its board meeting on September 21, 2021, unanimously approved the merger between Sony Pictures Networks India (SPNI) and ZEEL.

The ZEE Entertainment Enterprises Limited (ZEEL) Board of Directors, present and voting at its board meeting on September 21, 2021, unanimously approved the merger between Sony Pictures Networks India (SPNI) and ZEEL. The Board considered not just the financial aspects of the partnership, but also the strategic value it brings to the table. The Board came to the conclusion that the merger would benefit all shareholders and stakeholders. Punit Goenka will continue as the Managing Director (MD) and Chief Executive Officer (CEO) after the merger of Zee Entertainment and Sony Pictures India. Also read: ZEEL board gives go-ahead for merger with Sony Pictures Networks India Talking about the mega-merger deal, Goenka said: “The mega-merger between ZEE Entertainment Enterprises Limited and Sony Pictures Networks India will create the largest media and entertainment company in India. The merger will create close to $2 billion in revenue.” He also stated that the combined business will be valued at $1.6 billion in cash. In the mega-merger, ZEEL will own 47 percent of the company. There will also be a non-binding term sheet with a 90-day mutual diligence period.” Sony will have the opportunity to designate new promoters to the board, according to Goenka. The new board of the amalgamated firm will decide on fund infusion avenues.” He also asserted that the overlaps are largely in the Hindi GEC space. However, the objective is to maximise viewership. The MD also mentioned that no open offer is required in a merger. Goenka further added that the channel rationalisation call will be taken by the board of the merged entity. Similarly, the capital allocation strategy will also be taken by the board. He mentioned that “We will first optimise revenue from the merged entity and then cost.” (Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar, but our company is owned by Zee Media Corporation, which is a different group)

ZEEL-Sony Pictures: Mega-merger deal will create close to $2 billion in revenue, says MD & CEO Punit Goenka

Ford Motor Co is nearing a deal with Mahindra &amp; Mahindra to form a new joint-venture company in India, a move that will likely see the US automaker cease independent operations in the country, two sources with direct knowledge of the talks told Reuters.

The deal would make Ford the latest automaker to pare back its interests in India. At the end of 2017, General Motors Co downsized its Indian operations and stopped selling cars locally, dealing a blow to Prime Minister Narendra Modi's strategy to encourage domestic manufacturing.

Over two decades, Dearborn, Michigan-based Ford invested more than $2 billion in India but has consistently struggled - it currently has a market share of just three per cent in India, one of the world's fastest-growing car markets.

Under the terms of the deal being negotiated, Ford will form a new unit in India in which it will hold a 49 per cent stake, while Mahindra will own 51 per cent, the two sources said.

The US carmaker's Indian unit will transfer most of its current automotive business to the new entity, including its assets and employees, according to one of the sources.

"It's like a partial exit (for Ford from India)," the source said.

The deal is expected to close within 90 days, the sources said, adding the value of the transaction was not yet clear.

They spoke on condition of anonymity because of the sensitivity of the matter.

Ford said it does not comment on speculation, but added both companies continue to work together "to develop avenues of strategic cooperation that help us achieve commercial, manufacturing and business efficiencies".

Mahindra too said it does not comment on speculation. It said in a statement it was "working together in identified areas" with Ford after a 2017 partnership arrangement, and "will announce further definitive agreements as we progress on some of the other areas."

Currently, Ford manufactures and sells its cars in India through its wholly-owned subsidiary. In 2017, it formed a strategic alliance with Mahindra under which, among other things, they will build new cars together, including sport-utility vehicles and electric variants.

Ford has been globally restructuring its businesses with an aim to save $11 billion over the next few years. Last month, its Russian joint venture said it would close two assembly plants and an engine factory in Russia, exiting the country's passenger vehicle market.

TOUGH MARKET

India has been a major growth area for global car manufacturers but growth has slowed of late - car sales grew by three per cent to just over 3.3 million units in the last fiscal year to March 31, compared with eight per cent the previous year.

Even so, India is set to become the world's third-largest car market by 2023 with sales of over five million cars annually, according to forecasting firm IHS Markit.

Ford's decision is a stark reminder of how most foreign automakers have struggled to make major inroads in India, a market dominated by players such as Maruti Suzuki and Hyundai Motor Co.

Ford sold close to 93,000 vehicles in India last fiscal year, a far cry from market leader Maruti Suzuki which commands a 51 per cent market share and sold more than 1.7 million cars.

Automakers such as Maruti benefit in India from their vast dealership network and an autonomous local team that can quickly react to market changes.

One of the sources said the Ford-Mahindra deal would lead to more affordable Ford cars in the country, as the company would not need to pay any royalty to its global parent, as the Indian unit has to now.

The funds that accrue to Ford's India unit because of the deal will also be used to clear some of its accumulated losses, the two sources said.

Puneet Gupta, associate director at IHS Markit, said the deal would help Ford and Mahindra launch new models at a faster pace and lower development cost, which is critical to success in a price sensitive market like India.

"It's a win-win situation for both," Gupta said.

Ford Motor Co is nearing a deal with Mahindra & Mahindra to form a new joint-venture company in India, a move that will likely see the US automaker cease independent operations in the country, two sources with direct knowledge of the talks told Reuters.

Ford Motor Co is nearing a deal with Mahindra & Mahindra to form a new joint-venture company in India, a move that will likely see the US automaker cease independent operations in the country, two sources with direct knowledge of the talks told Reuters. The deal would make Ford the latest automaker to pare back its interests in India. At the end of 2017, General Motors Co downsized its Indian operations and stopped selling cars locally, dealing a blow to Prime Minister Narendra Modi's strategy to encourage domestic manufacturing. Over two decades, Dearborn, Michigan-based Ford invested more than $2 billion in India but has consistently struggled - it currently has a market share of just three per cent in India, one of the world's fastest-growing car markets. Under the terms of the deal being negotiated, Ford will form a new unit in India in which it will hold a 49 per cent stake, while Mahindra will own 51 per cent, the two sources said. The US carmaker's Indian unit will transfer most of its current automotive business to the new entity, including its assets and employees, according to one of the sources. "It's like a partial exit (for Ford from India)," the source said. The deal is expected to close within 90 days, the sources said, adding the value of the transaction was not yet clear. They spoke on condition of anonymity because of the sensitivity of the matter. Ford said it does not comment on speculation, but added both companies continue to work together "to develop avenues of strategic cooperation that help us achieve commercial, manufacturing and business efficiencies". Mahindra too said it does not comment on speculation. It said in a statement it was "working together in identified areas" with Ford after a 2017 partnership arrangement, and "will announce further definitive agreements as we progress on some of the other areas." Currently, Ford manufactures and sells its cars in India through its wholly-owned subsidiary. In 2017, it formed a strategic alliance with Mahindra under which, among other things, they will build new cars together, including sport-utility vehicles and electric variants. Ford has been globally restructuring its businesses with an aim to save $11 billion over the next few years. Last month, its Russian joint venture said it would close two assembly plants and an engine factory in Russia, exiting the country's passenger vehicle market. TOUGH MARKET India has been a major growth area for global car manufacturers but growth has slowed of late - car sales grew by three per cent to just over 3.3 million units in the last fiscal year to March 31, compared with eight per cent the previous year. Even so, India is set to become the world's third-largest car market by 2023 with sales of over five million cars annually, according to forecasting firm IHS Markit. Ford's decision is a stark reminder of how most foreign automakers have struggled to make major inroads in India, a market dominated by players such as Maruti Suzuki and Hyundai Motor Co. Ford sold close to 93,000 vehicles in India last fiscal year, a far cry from market leader Maruti Suzuki which commands a 51 per cent market share and sold more than 1.7 million cars. Automakers such as Maruti benefit in India from their vast dealership network and an autonomous local team that can quickly react to market changes. One of the sources said the Ford-Mahindra deal would lead to more affordable Ford cars in the country, as the company would not need to pay any royalty to its global parent, as the Indian unit has to now. The funds that accrue to Ford's India unit because of the deal will also be used to clear some of its accumulated losses, the two sources said. Puneet Gupta, associate director at IHS Markit, said the deal would help Ford and Mahindra launch new models at a faster pace and lower development cost, which is critical to success in a price sensitive market like India. "It's a win-win situation for both," Gupta said.

Ford likely to end independent India business with new Mahindra deal: Sources

Ford Motor has said that several of its North American factories will be shut for a few weeks in July and August due to a global shortage of semiconductors. The supply crunch would cost it $2.5 billion this year and halve vehicle production in the second quarter, Michigan-based company had said in April.

World Business Watch: Ford to shut some North American plants for few weeks on chip shortage

US car giant Ford is to stop making cars in India and shut down both of its plants in the country, according to a company statement.

World Business Watch: US car giant Ford to cease making cars in India

Honda Motor has said its car factories in Japan have been operating at 40 percent of capacity in August and September. It is because of shortages of semiconductors and other components which was caused by COVID-19 Pandemic. Japanese auto major also said production in early October should rebound to 70 of capacity though it also added that company is doing whatever it can to minimize impact on production.

World Business Watch: Japan's Honda Motor Company hit hard by chip crisis

There was a meltdown in metal stocks on Monday as a debt crisis at one of China’s biggest property developers, Evergrande, led to a global decline in industrial metals and ore prices.Watch this report for more details.

China's biggest property developers, Evergrande

Weeks before World Bank scrapped its flagship doing business ranking following a damning independent investigation, a group of external advisors have recommended an overhaul of ranking to limit countries efforts to manipulate their scores.

External review finds deeper rot in World Bank 'Doing Business' rankings

US stocks sank on Monday over fears of collapse of &nbsp;Chinese property giant Evergrande.

The Dow lost &nbsp;1.8 per cent and the S&amp;P 500 index&nbsp;fell 1.7 per cent. The grim performance at the stock exchange was&nbsp;further fuelled by US inflation including surging COVID-19 infection and weakness in global recovery.

China's&nbsp;Evergrande Group is the country's second-biggest property developer. It is battling a liquidity crisis as it looks for funds.

There have been growing fears that it is set for a meltdown. However, the cash-strapped developer had told authorities earlier that it had begun repaying investors.

The group reportedly has over $300 billion in liabilities. Reports had claimed earlier that Evergrande had overdue debts even as it vowed to repay all of its matured wealth management products as soon as possible.

Meanwhile, stocks in Asia opened amid the turmoil caused by &nbsp;Evergrande. Hong Kong's Hang Seng Index saw a marginal gain of &nbsp;0.2 per cent after it had plunged three per cent on Monday.

The stock market in Tokyo lost two per cent in early trade as markets in the Philippines and Indonesia also fell on Tuesday morning.

(With inputs from Agencies)

US stocks sank on Monday over fears of collapse of Chinese property giant Evergrande. The Dow lost 1.8 per cent and the S&P 500 index fell 1.7 per cent. The grim performance at the stock exchange was further fuelled by US inflation including surging COVID-19 infection and weakness in global recovery.

US stocks sank on Monday over fears of collapse of Chinese property giant Evergrande. The Dow lost 1.8 per cent and the S&P 500 index fell 1.7 per cent. The grim performance at the stock exchange was further fuelled by US inflation including surging COVID-19 infection and weakness in global recovery. China's Evergrande Group is the country's second-biggest property developer. It is battling a liquidity crisis as it looks for funds. There have been growing fears that it is set for a meltdown. However, the cash-strapped developer had told authorities earlier that it had begun repaying investors. The group reportedly has over $300 billion in liabilities. Reports had claimed earlier that Evergrande had overdue debts even as it vowed to repay all of its matured wealth management products as soon as possible. Meanwhile, stocks in Asia opened amid the turmoil caused by Evergrande. Hong Kong's Hang Seng Index saw a marginal gain of 0.2 per cent after it had plunged three per cent on Monday. The stock market in Tokyo lost two per cent in early trade as markets in the Philippines and Indonesia also fell on Tuesday morning. (With inputs from Agencies)

US stocks slide over fears of China property giant Evergrande's collapse