China’s corporate debt addiction: bond defaults spell trouble
Unprecedented bond defaults have economists worried about the levels of Chinese debt. If the borrowing binge ends, it could hobble economic growth in the region for years. But it is not just China that is at risk. James Kynge, emerging markets editor, tells us why China’s addiction to cheap credit could shake the global economy.
Over the past 12 months Covid-19 has curtailed countless business activities, but not money laundering. The UN estimates some $1.6tn is laundered every year, and authorities say lockdown measures have presented criminals with even greater opportunities...
A number of governments, central banks and even some economists now advocate a switch to all-digital currencies. With the rapid rise of mobile payments, the long-term survival of cash seems precarious.
More and more governments are aiming to phase out cash, ostensibly to curb tax avoidance and criminal activity, while some countries are making leaps and bounds towards a cashless future without a backwards glance.
22 fintech companies around the world are now worth more than $1bn and bankers are becoming worried about these upstarts, especially since new legislation in Europe may force them to share precious customer data with their fintech rivals.
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