AFP Chinese household debt has risen at an “alarming” pace as property values have soared, analysts say, raising the risk that a real estate downturn could send shockwaves through the world’s second largest economy. Loose credit and changing habits have rapidly transformed the country’s famously loan-averse consumers into enthusiastic borrowers. Skyrocketing real estate prices in major Chinese cities in …

  AFP An International Olympic Committee (IOC) official said on Sunday that detailed options for moving some Tokyo 2020 venues will be presented this week at a key four-party meeting. Tokyo is eyeing ways to save money after warnings that skyrocketing costs could hit an eye-watering $30 billion — four times the initial estimate and almost triple that of the …

  AFP Prime Minister Narendra Modi’s shock decision to scrap most of India’s curr- ency was hailed by some as a masterstroke against endemic corruption, but signs are emerging that it may hit the economy hard. The sweeping overnight abolition of all high-value notes was supposed to bring billions in so-called “black”, or undeclared, money back into the formal system. …

  Bloomberg Indian Prime Minister Narendra Modi used a radio address on Sunday to assure the country that the cash crisis caused by his plan to remove large-denomination bills from circulation will ease within his proposed 50-day period. Modi said in the monthly radio address that the difficulties India has encountered since he announced a ban on the use of …

  Bloomberg Leaders of the campaign for Britain to quit the European Union rejected a plan reportedly being devised by Bank of England Governor Mark Carney to negotiate a “buffer” to allow companies to adjust to the UK leaving the bloc. Former Justice Secretary Michael Gove, who failed in a bid to lead the Conservative Party after David Cameron quit …

  Bloomberg Germany agreed to provide Iran with a 1.2 billion euro ($1.27 billion) credit line to help finance a rail project , according to an official at the Central Bank of Iran. The facility — through state-run lender KfW IPEX — will help fund the development of the Tehran to Mashhad railway, the official said, asking not to be …

  BERLIN / AP Swiss voters rejected a plan to force their government to accelerate the country’s exit from nuclear energy in a referendum Sunday, turning down an initiative that would have seen the last plant shut in 2029. A majority of cantons (states) voted against the plan. Under Switzerland’s direct democracy system, proposals need a majority of both cantons …

  AP Holiday shoppers eager to snag big discounts turned to the internet in record fashion this week, one tracking company said, driving online sales on Black Friday to a new high. Consumers spent $3.34 billion shopping online on Friday, a 21.6 percent increase from the same day last year, according to Adobe, which tracks online retail transactions. More than …

  LONDON / AP Dakota Access oil pipeline protesters will not follow a government directive to leave the federal land where hundreds have camped for months, organizers said Saturday, despite state officials encouraging them to do so. Standing Rock Sioux tribal leader Dave Archambault and other protest organizers confidently explained that they’ll stay at Oceti Sakowin camp and continue with …

  Bloomberg Most Gulf stocks rose as investors weighed the prospect of a deal between oil producers to cut supply, potentially shoring up prices of the region’s biggest export. Saudi Arabia’s Tadawul All Share Index was among the biggest gainers, climbing a fourth day. Dubai’s DFM General Index, Kuwait’s SE Price Index and Abu Dhabi’s ADX General Index also advanced. …