janet yellen, the secretary of state antony blinken and us climate envoyjohn kerry, all in the last three months. but despite all of these meetings, relations between the world s two largest economies are at the most tense in years. last august, the us passed the chips act, specifically aimed at growing the domestic chip making business and blocking china s industry. beijing has responded in turn, including restricting exports of two materials, gallium and germanium, to the us, these are key ingredients in making chips, and it all comes in the same week as export controls kick in in the netherlands, preventing one of the world s biggest makers of chip making equipment from exporting without a licence, something china has complained about and analysts have said would only make us china relations worse. and this all comes as president biden prepares to visit vietnam. along with the us trying to increase production at home, vietnam has been seen as an alternative destination f
largest economies are at their most tense in years. last august, the us passed the chips act, specifically aimed at growing the domestic chip, making business and blocking china s industry. beijing has responded in turn, including restricting exports of two materials, gallium and germanium to the us. these are key ingredients in making chips and it all comes in the same week as export controls kick in in the netherlands, preventing one of the world s biggest makers of chip making equipment, that is asml, from exporting without a licence, something china has complained about and analysts have said would only make us china relations worse. a little earlier i spoke to james early, chief investment officer at bbae, a digital investment company and asked him what he hoped would be achieved from these talks. john kerry went to china, got almost nothing. janet yellen went to china and got almost nothing. antony blinken went to china, got basically nothing too. maybe fourth time s
and restructuring this debt amongst the major property developers in china as they work this out to pull through the us legal system and, of course in china as well. i think what it means also is that amongst all of the various imbalances in the economy and china right now, the property sector might be the weight on the economy that lasts the longest, simply because it is going to be such a slow slog in terms of restructuring this debt. we have seen pictures of unfinished buildings families even sometimes having to squat in those buildings because they can t afford to pay the rent and pay their mortgage on these properties. so what can china do to try to boost this up? well, you know, the key to this issue right now is to complete unfinished projects, because this will at least keep some of the finance flowing. as you mentioned, many, many projects are presold, and the households that buy those properties, they make mortgage payments, even if they are not able to take deliver
head of the us emergency management agency says the agency is a redeployed an assistant team. a correspondent is in los angeles and does the latest. ~ . , . ., latest. we are expecting to make landfall latest. we are expecting to make landfall in latest. we are expecting to make landfall in the - latest. we are expecting to make landfall in the next i latest. we are expecting to l make landfall in the next few hours in a very remotely populated part of california and mexico. tijuana, the border city, the tourist city in mexico is certainly in the path there the hurricane to their grave concerns that can cause some serious damage there before moving north into california has a tropical storm and that is the unusual part of this hurricane and tropical storm can get to california and is expected to continue moving north as opposed to moving west which is what hurricane would generally do and then dissipate over the ocean. the likely consequences are going to be extremely hea
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 china s 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