chinese developer sinic holdings has defaulted on $246 million of bonds. it comes just days before a critical deadline for evergrande to pay some of its offshore bondholders. there's fear of the potential spillover effect on the chinese economy caused by a collapse of the property giant. the uk's financial conduct authority has fined credit suisse over £147 million for serious financial crime due diligence failings related to loans worth over us$1.3 billion, which the bank arranged for the republic of mozambique. these loans and a bond exchange were tainted by corruption. credit suisse has also agreed with the fca to forgive us$200 million of debt owed by the republic of mozambique as a result of these tainted loans. a new initiative to force the global shipping industry has been announced. spearheaded by the aspen