Bloomberg China’s local governments may have accumulated 40 trillion yuan ($5.8 trillion) of off-balance sheet debt, or even more, suggesting further defaults are in store, according to S&P Global Ratings. “The potential amount of debt is an iceberg with titanic credit risks,” S&P credit analysts led by Gloria Lu wrote in a report on Tuesday. Much of the build-up relates ...

Bloomberg The number of foreign tourists to Japan dropped for the first time in more than five years during September, as an earthquake and typhoon brought a temporary halt to travel in some of the country’s top destinations. Tourist numbers fell 5.3 percent last month from a year earlier, according to the Japan National Tourism Organisation. That’s the first year-on-year ...

Bloomberg Hong Kong’s metro trains suffered delays due to a rare, simultaneous signaling glitch on four of its lines, causing chaos at stations and inconveniencing thousands of commuters during the morning peak-hour rush. The Asian financial hub’s rail operator, MTR Corp., said three major lines and a fourth one had to be operated manually early on Tuesday, slowing down trains ...