Bankruptcy protection in the us under chapter 15 which governs Foreign Companies in the us, protecting them from creditors that might want to sue them. You have probably heard of chapter 11. That typically governs American Companies but it is chapter 15. According to Court Filings these negotiations are ongoing in hong kong, canaanite and British Virgin islands. We have reached out to evergrande that have not had conversation. To those who have wondered if they have ever thought of evergrande before it is chinas huge property giant. They have about 1300 projects across 280 different cities in china and they invest in everything, not just property. They have an electric vehicle maker and a football club, but as i mentioned, 2021 was when we saw the Company Default on its debts, sending shockwaves across the Global Financial system and triggering a string of defaults from builders who owed money to evergrande or expected them to complete some contracts. We have seen 40 or the companies t
Housing ladder but it is difficult to do that unless you are absolutely confident that Property Prices are back on the up because otherwise you are encouraging people to get onto the Housing Ladder with the prospect of house prices falling and therefore falling into Negative Equity so i did notjudge that it was the right time for those kinds of measures but is that something i would like to return to . A future fiscal events . Absolutely. Fiscal events . Absolutely. Thank ou. You fiscal events . Absolutely. Thank yom you said fiscal events . Absolutely. Thank you. You said this fiscal events . Absolutely. Thank you. You said this was fiscal events . Absolutely. Thank you. You said this was a fiscal events . Absolutely. Thank i you. You said this was a taxcutting bud. Et you. You said this was a taxcutting budget and you. You said this was a taxcutting budget and it you. You said this was a taxcutting budget and it would you. You said this was a taxcutting budget and it would lead you.
Increase wont come. Lets not forget that yesterday we heard that average uk wages were rising at their fastest pace in 20 years. Joining me now is Neil Shearing group Chief Economist at capital economics. Thanks very much for being with us today. Clearly it is pretty good news, but is it happening fast enough, oras news, but is it happening fast enough, or as fast as we had hoped . The fall in the Headline Rate of inflation, as you say, thats going to be welcomed by the Bank Of England. It takes a bit of pressure off them. But when you start to dig into the details of this report, i think perhaps there is still some uncomfortable reading there for the policymakers of the bank. As you mentioned, a lot of the fall in the Headline Rate, that is driven by what has happened to food and Energy Prices and that is out of the banks control. Interest rates dont tend to affect the price of our energy or food. Those are set in global markets. What they do affect his conditions in the real economy,
More of their essentials at walmart, according to the companys results for the three months to the end ofjuly. The worlds biggest retailer is using its reputation for lower prices to attract consumers looking to buy anything from food to school shoes. Walmart s net income for the quarter jumped by about 33 to nearly 8 billion. Lets get more now with Michelle Fleury in new york. Great results then for walmart others rivals havent fared so well. Whats the secret . Imean, i mean, they are known as a low cost grocer, the worlds biggest retailer proving once again their ability to attract shoppers at a time when they are facing a great deal of pressure financially in terms of higher prices, but in terms of higher Interest Rates which have made Lending Conditions tougher. I think that really has helped walmart through this. They are not onlyjust appealing to their traditional customer base, but they are also appealing to those more affluent customers who are being more cautious and turning t
10 15pm on the 13th Of August on sunday, those two men were standing outside the nightclub, in south london, they were approached police say by a man who attacked them with a knife before running away. Both men are in their 20s or 30s, they were taken to hospital for treatment and have since been discharged, there has been no officers, officers are following up leads, they are crucial in the Ongoing Investigation what they described as a homophobic attack of the two men. We will of course have more on that story as we get it but now lets go to tie and write for the business news. Lets start with china. Weve had some worrying data this week fuelling fears about the health today, Property Prices fell for the first time this year due to flagging demand house prices fell by 0. 1 injuly, compared with the same month last year. Going into reverse again for the First Time Since china began to emerge from its covid lockdown. 0n wednesday, on wednesday, Retail Sales Growth slowed to 2. 5 , a si