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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 A low inflation spell in an election year should be good news for any government, right? Wrong. For Prime Minister Narendra Modi, the subdued inflation numbers, due largely to low food prices, may present a budget problem. His government may have to shell out more to compensate farmers for low market prices of some crops under a plan announced ...

Bloomberg Volkswagen AG’s Audi unit agreed to pay an 800 million-euro ($926 million) fine for its role in the diesel-cheating scandal that has disrupted the car industry for more than three years and landed Audi’s longtime leader in jail. The penalty consists of the maximum fine of 5 million euros and the seizure of 795 million euros in profits the ...

Bloomberg German investor confidence soured on the back of this month’s stock-market selloff and rising concern that global trade tensions will harm economic growth. ZEW’s measure of investor expectations for the region’s powerhouse plunged to levels recorded at the height of the debt crisis in 2012, highlighting the magnitude of current uncertainty. A gauge for the euro area also declined. ...

Bloomberg Canadian business sentiment remains at elevated levels, with companies expecting to ramp up investment to build new capacity and accommodate demand, according to a survey by the central bank. The Ottawa-based central bank’s third-quarter survey of executives — which took place in August and September before Canada reached a deal with the US to replace the North American Free ...

Bloomberg Escalating tensions between the US and China over trade, the South China Sea and recent arms sales are pushing Taiwan back into the American foreign policy spotlight, attracting Beijing’s ire. After a precedent-shattering phone call with Trump when he was president-elect, Taiwanese President Tsai Ing-wen has found a more receptive audience in the US during the recent disputes. She’s ...

MUMBAI / WAM The sixth meeting of the UAE – India High Level Joint Task Force on Investments was held on Monday in Mumbai to review the progress on agreed actions from the previous meeting held in Abu Dhabi in January 2018 and to elaborate a number of new key issues of mutual importance. The meeting was co-chaired by His ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said that infrastructure projects in Dubai and the UAE are a key part of the country’s comprehensive development plans and play a vital role in enhancing the economic environment. His Highness further said that the happiness and welfare ...

DUBAI / WAM Dubai Electricity and Water Authority (Dewa), will hold two exhibitions at the Dubai International Convention and Exhibition Centre from October 23-25. The announcement came during a press conference, where Saeed Mohammed Al Tayer, Dewa Managing Director and CEO, provided details on the 20th Water, Energy, Technology, and Environment Exhibition (Wetex 2018), and the 3rd Dubai Solar Show. ...

Dubai / WAM The opening of the 38th Gitex Technology Week has boosted local and international conviction that the UAE’s ambition to be the world’s number one smart service hub by 2021, is an ambition with a centralised mindset and a defined executive programme, said, Mohammed Jalal Alrayssi, Executive Director of the Emirates News Agency (WAM). The exhibition, which is ...