PARIS – The International Monetary Fund’s ethics committee and board need to look into a report alleging its chief Kristalina Georgieva pressured staff to boost China’s ranking in a flagship report while at the World Bank, a French finance ministry source said on Friday. Georgieva has headed the IMF since 2019, during which it has seen its role ramped up, distributing around $650 billion in new Special Drawing Rights, its quasi-currency, as part of a…"IMF chief in spotlight after China rigging report"
LONDON – Economists at investment funds expressed dismay on Friday at revelations that World Bank leaders put “undue pressure” on staff to boost China’s ranking in its influential “Doing Business 2018” report, and the series’ subsequent cancellation. They said the World Bank’s discontinuation of the “Doing Business” reports, which rate countries according to how easy it is to do business in them, could make it harder for investors to assess where to put their money.…"Bad for business: World Bank China rigging scandal rattles investors"
MOSCOW – Russia, China, Pakistan and other regional states called on the United States on Friday to engage with the Taliban and fund aid to Afghanistan, though they also urged the former insurgents to yield power to a more inclusive government. The fate of Afghanistan dominated a summit of the Shanghai Cooperation Organisation, formed 20 years ago as a talking shop for Russia, China and ex-Soviet central Asian states, but which has lately expanded into…"Regional powers at summit demand U.S. fund Afghan aid"
BEIJING/HONG KONG – One of China Evergrande Group’s main lenders has made provisions for losses on a portion of its loans to the embattled property developer, while some creditors are planning to give it more time to repay, four bank executives told . The Chinese banks’ measures, reported for the first time, show how financial institutions in the world’s second-largest economy are bracing for a possible collapse of Evergrande. The developer epitomised China’s freewheeling era…"Exclusive: China Evergrande’s lenders weigh up loan losses, rolling over credit – sources"
– Iran joined a rapidly expanding central Asian security body led by Russia and China on Friday, calling on the countries in the Shanghai Cooperation Organisation to help it form a mechanism to avert sanctions imposed by the West. The body, formed in the 2001 as a talking shop for Russia, China and ex-Soviet states in Central Asia, expanded four years ago to include India and Pakistan, with a view to playing a bigger role…"Iran joins expanding Asian security body led by Moscow, Beijing"
NEW DELHI – When Ford Motor Co built its first factory in India in the mid-1990s, U.S. carmakers believed they were buying into a boom – the next China. The economy had been liberalised in 1991, the government was welcoming investors, and the middle class was expected to fuel a consumption frenzy. Rising disposable income would help foreign carmakers to a market share of as much as 10%, forecasters said. It never happened. Last week,…"Ford wakes up badly burnt from its India dream"
HONG KONG – For his last class in Hong Kong in July, liberal studies teacher Fong showed his students calligraphy by the territory’s late democratic activist Szeto Wah: “Choose the right path and stick to it.” He emigrated to Britain days later. Fong is one of many teachers that left Hong Kong before the school year began in September, some saying they felt disillusioned and threatened by the authoritarian turn the city has taken since…"Hong Kong teachers exit under shadow of security law, schools scramble to fill gaps"
WASHINGTON -World Bank leaders, including then-Chief Executive Kristalina Georgieva, applied “undue pressure” on staff to boost China’s ranking in the bank’s “Doing Business 2018” report, according to an independent investigation released Thursday. The report, prepared by law firm WilmerHale at the request of the bank’s ethics committee, raises concerns about China’s influence at the World Bank, and the judgment of Georgieva – now managing director of the International Monetary Fund – and then-World Bank President…"Georgieva pressured World Bank employees to favor China in report -ethics probe"
WASHINGTON – Australia and the United States have reached new force posture agreements that will see greater air cooperation through rotational deployments of all types of U.S. military aircraft to Australia, Australian Defense Minister Peter Dutton said on Thursday. Speaking at a joint news conference after meetings between the U.S. and Australian foreign and defense ministers in Washington, Dutton said the two sides would be “significantly enhancing our force posture cooperation, increasing interoperability and deepening…"Australia agrees on increased U.S. air deployments in Australia"
LONDON – International investors that have been piling into China in recent years are now bracing for one of its great falls as the troubles of over-indebted property giant China Evergrande come to a head. The developer’s woes have been snowballing since May. Dwindling resources set against 2 trillion yuan ($305 billion) of liabilities have wiped nearly 80% off its stock and bond prices and an $80 million bond coupon payment now looms next week.…"Analysis: Investors brace for a great fall in China"