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Bloomberg China’s local governments had 14.8 trillion yuan ($2.3 trillion) of hidden debt last year, and the figure could climb even further this year, according to a government-linked think tank. Local governments were under pressure to increase infrastructure investment and shore up growth through pandemic, leading to a 6% rise in off-budget borrowing from a recent low of 13.9 billion ...

Bloomberg India’s government is considering resuming fresh bankruptcy filings after the current suspension expires on March 25, people with knowledge of the matter said. The lifting of the halt would come even as a resurgence in virus cases threatens the nascent economic recovery. It could spark a wave of new insolvencies, pent up from last year when businesses were hurt ...

Bloomberg Singapore will relax workplace measures to allow more people to return to offices and permit larger gatherings for various activities, as the city-state gets its virus situation under control. At offices, the government’s stance will shift from working-from-home as a default to a more “flexible and hybrid way of working”, where up to 75% of staff can be at ...

Bloomberg Japan’s government and businesses are racing to bring a fire-damaged automotive chip plant back online, underscoring how important the component has become in a supply chain already under strain because of booming demand for semiconductors. The Ministry of Economy, Trade and Industry is mobilising to help Renesas Electronics Corp., one of the top providers of chips used in car ...

Bloomberg France still sees gross domestic product growth of 6% this year, even after new lockdown measures came into force in Paris and other regions to contain the coronavirus. “I confirm our ambitions to reach 6% growth in 2021,” Finance Minister Bruno Le Maire said in a radio interview on France Inter. “The moment when we lift the restrictions, our ...

Bloomberg The European Union (EU) took advantage of high demand for its social bonds to accelerate funding for a regional jobs program. The bloc pulled in above 96.5 billion euros of orders for a 13-billion-euro offering of five-year and 25-year notes. This syndication is the second in March and will mean the EU is three-quarters of the way through funding ...

Bloomberg BT Group Plc announced a bonus for 59,000 workers, weeks ahead of a potential strike over Chief Executive Officer (CEO) Philip Jansen’s restructuring plans. Staff such as engineers and call center workers who were on the front line during the pandemic will receive 1,000 pounds ($1,371) in cash immediately, the British phone company said in a statement. It said that’s ...

Bloomberg German Chancellor Angela Merkel’s cabinet approved the government’s budget plans for this year and next, including an extra 60 billion euros ($71 billion) in net debt for 2021 to help offset the impact of the coronavirus. The additional borrowing this year takes the total to more than 240 billion euros, as Germany spends freely to support businesses affected by ...

ABU DHABI / WAM In implementation of the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the UAE has announced that it will invest $10 billion with the Indonesia’s sovereign wealth fund – Indonesia Investment Authority. Investments will focus on strategic sectors in Indonesia, ...

ABU DHABI / WAM The Federal Competitiveness and Statistics Centre’s figures revealed that the UAE’s industrial exports in the first 10 months of 2020 were valued at AED84.2 billion. These figures highlight the key role of the industrial sector in driving national economic development and its ability to maintain its activity despite the negative economic repercussions of the coronavirus (Covid-19) ...