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
Reuters – Growing worries about defaults at Chinese property developers triggered a rout in their shares and bonds on Tuesday with fresh credit rating downgrades and uncertainty about the fate of cash-strapped China Evergrande Group sapping investor sentiment. Once China’s top-selling developer, Evergrande (3333.HK) is facing one of the country’s largest-ever debt restructurings as it wrestles with.