PPCC - Pisitófilos Creditófagos - HoT SuMMeR 2021

[Derby]

Y vamos para bingo...

https://www.reuters.com/business/china-evergrande-bonds-suspended-prices-slump-2021-09-06/

China Evergrande bonds suspended as prices plunge

SHANGHAI, Sept 6 (Reuters) - Bonds issued by indebted developer China Evergrande Group (3333.HK) slumped on Monday after a ratings downgrade led to restrictions on their use as collateral, prompting China's stock exchanges to halt trade.

The Shanghai Stock Exchange said in a statement that it had temporarily suspended trading in China Evergrande Group's 6.98% July 2022 corporate bond following "abnormal fluctuations." The exchange had also suspended trading in the bond on Friday.

Shanghai exchange data showed the bonds sliding more than 25% to a low of 40.18 yuan after the resumption of trade on Monday afternoon. The company's 5.9% May 2023 Shenzhen-traded bond , which was also suspended, fell more than 35% after trading resumed.
(...)

[Derby]

Los titulares de hoy dan una idea de cómo están los ánimos.

https://which-50.com/debt-problems-for-chinas-biggest-real-estate-developer/

Debt Problems For China’s Biggest Real Estate Developer

How big do you have to be to get a bail-out?



Evergrande has been attempting to sell non-core assets, including a bottled water company. Recently they sold a stake in a subscription streaming service, HengTen Networks Group, for $420m.

Elsewhere other assets likely to be sold include all or part of 15 theme parks the company is building in Chinese cities under the brand Evergrande Fairyland, which it says is “the only large-scale fairyland that is completely indoor”.

The question now is what effect the company’s collapse might have on the Chinese markets, and does the government step in to stop broader contagion.

https://asia.nikkei.com/Business/Markets/China-debt-crunch/China-s-souring-developer-loans-raise-fear-of-financial-contagion

China's souring developer loans raise fear of financial contagion

[Derby]

https://www.elconfidencial.com/mundo/europa/2021-09-05/fiscalia-europea-anticorrupcion-fondos-europeos_3269470/

Los intocables de Von der Leyen: 'superfiscales' contra el fraude en los fondos europeos

La UE pierde millones de euros cada año por la dificultad para atajar la corrupción. La nueva Fiscalía europea pretende cortar las redes clientelares de los iliberales y controlar los fondos

Los hombres y mujeres que supervisan el flujo de dinero europeo ya no van vestidos de negro. Ahora su trabajo es más silencioso, pero no por ello menos trascendental para el devenir comunitario. Hasta la fecha, la Comisión Europea tenía las manos atadas a la hora de perseguir el fraude del presupuesto europeo. Desde hace años existe la Oficina Europea de Lucha contra el Fraude (OLAF), pero sus competencias eran muy reducidas a la hora de castigar el desvío de fondos. Sus investigaciones eran muy valiosas, pero su ejecución se limitaba a recomendaciones.

Como resultado, se estima que miles de millones de euros podrían haber sido malversados. Los Estados miembros nunca han tenido demasiado apetito e interés en ceder más competencias en este campo. Pero el aterrizaje de la Fiscalía Europea (EPPO, por sus siglas en inglés), que echó a rodar el 1 de junio, allana el camino para un cambio de paradigma.

Con sede en Luxemburgo, la Fiscalía Europea podrá dar caza a delitos transnacionales e iniciar casos judiciales nacionales. Blanqueo de capitales, sobornos, apropiación indebida o fraude del IVA son algunas de las misiones que contempla su porfolio. Se conforma por un fiscal asignado por cada Estado miembro. A los mandos se encuentra la rumana Laura Kovesi, que durante años ha liderado la lucha contra la corrupción en su país natal imputando a miles de personas. “Nuestro objetivo es poner fin a la criminalidad económica y financiera. Que nadie se confunda: esta es la amenaza más frecuente para cualquier sociedad democrática”, señaló con motivo de la presentación de este nuevo armazón.

El fraude cuesta a las arcas europeas millones de euros. Según el Parlamento Europeo, junto a la evasión fiscal podría tener un coste aproximado de 2.000 euros anuales para cada ciudadano europeo. En paralelo, en 2019 el conjunto de la UE perdió la friolera cifra de 140.000 millones de euros por el fraude en el IVA. Los favores, las redes clientelares y la estructura de oligarcas han sido un goteo en las capitales gobernadas por líderes populistas e iliberales. Entre el 0,5% y el 1,5% de los presupuestos comunitarios habría acabado malversado.(...)

[Urederra]

El PSOE suelta lastre inmobiliario: pone a la venta tres inmuebles en Madrid


El balance del partido refleja unos activos inmobiliarios por valor de 56,75 millones de euros


https://www.idealista.com/news/inmobiliario/oficinas/2021/09/06/792180-el-psoe-suelta-lastre-inmobiliario-pone-a-la-venta-tres-inmuebles-en-madrid

........ el precio de salida de dos de estos inmuebles suma 8,1 millones, según publicita en su página web el grupo inmobiliario Íscar, que los está comercializando.

Se trata de un edificio en la calle Miguel Fleta, en el distrito de San Blas de Madrid por el que pide 3,1 millones de euros y el de Gobelas, en la Urbanización La Florida, cuyo precio está fijado en 5,2 millones. El primero de ellos, el de Miguel Fleta, fue la sede del Partido Socialista Madrileño hasta que el que fuera secretario general del PSM, Tomás Gómez, decidió trasladar la sede al Palacio de la Prensa en la Gran Vía madrileña, en 2009...........

https://www.idealista.com/news/inmobiliario/oficinas/2021/09/06/792180-el-psoe-suelta-lastre-inmobiliario-pone-a-la-venta-tres-inmuebles-en-madrid

[Derby]

Everywhere...

https://www.ft.com/content/c700cfea-79c7-4eff-a676-df7c194048d3

Evergrande: risks being made an example in property sector crackdown

The Chinese local housing developer’s troubles have come at the worst possible time

China’s most indebted group has admitted — for the first time — that it may default on some of its borrowings. Local developer Evergrande once seemed to have no lack of fallback options in the event of a liquidity crisis. Recent events have undermined those assumptions.

Evergrande is struggling to service its $89bn debt pile. Shares are down 73 per cent this year and its dollar bond maturing in 2025 is down to about 25 cents on the dollar.

During normal times a cash crunch would not have been so serious. Local banks and other non-bank financial institutions, such as trust companies, could be counted on for a quick fix. It could sell off property and subsidiaries. Its debt pile may have been seen as too big to fail, making a government bailout likely.

Yet its troubles have come at the worst possible time. New property sector regulations restrict banks from giving out new loans to indebted developers. Trust companies, which have accounted for about 40 per cent of borrowings, are getting jittery. Evergrande has $1.7bn worth of trust loans coming due in the current quarter.

A slowing housing market has made it harder to dispose of property. Evergrande’s contracted sales fell by more than a quarter in August. Discounts have failed to boost demand.

Of its listed assets, its Hong Kong-listed electric vehicle unit, with a market value of $10bn, may once have been a fallback. Yet lossmaking Evergrande New Energy Vehicle Group has yet to sell its first car. Finding a buyer could prove more challenging than selling property.

Government support is also looking increasingly unlikely. Some may point to the bailout of Huarong, the distressed debt investor, as grounds for hope. But Huarong was state-owned and a key part of China’s financial system. Evergrande is neither.

Beijing’s crackdown on the property sector is just getting started. Historically, regulators have made an example of selected companies to signal their intent. That may turn out to be Evergrande’s fate.

[Derby]

https://www.reuters.com/article/us-britain-eu-ireland-varadkar/uk-to-extend-northern-irelands-brexit-grace-periods-idUSKBN2G215T

UK to extend Northern Ireland's Brexit grace periods

LONDON/DUBLIN (Reuters) - Britain plans to further extend post-Brexit grace periods on some goods imports to Northern Ireland, Brexit minister David Frost said on Monday, in a move designed to give London and Brussels more time for talks about trade with the province.

[Derby]

https://www.reuters.com/article/china-markets-csrc/refile-update-1-china-to-push-on-with-opening-capital-markets-to-foreign-investors-idUSL1N2Q80R4

China to push on with opening capital markets to foreign investors

BEIJING (Reuters) - China will further open its capital markets to foreign investors, the country’s top securities regulator said on Monday, adding that it will pursue pragmatic cross-border cooperation to regulate overseas-listed Chinese companies.

Global investors have been spooked in recent months by a flurry of Chinese regulations targeting sectors ranging from technology to private tutoring. U.S. plans to kick non-compliant Chinese firms off American exchanges has fuelled concern.

“Opening-up and cooperation is the inevitable trend in the integrated development of global capital markets,” China Securities Regulatory Commission (CSRC) Chairman Yi Huiman told a conference organised by the World Federation of Exchanges.

China is studying further measures, including expanding the scope of the stock connect scheme linking China and Hong Kong and improving the Shanghai-London Stock Connect program, Yi said in a speech posted on CSRC’s website.

Meanwhile, CSRC will conduct “pragmatic” cooperation in areas such as supervision of overseas-listed Chinese companies, cross-border auditing and law enforcement, he added.

Yi said that given interwoven global markets, governments should abandon the mentality of a “zero-sum game”, as companies and investors share both the boom and the doom.

Global financial centres should facilitate cross-border financing, “rather than become the platforms and tools governments use to sanction other countries”, Yi said, without mentioning the United States.

Yi’s speech came a day after CSRC vice chairman Fang Xinghai made similar pledges to further deregulate China’s markets.

China will expand the channels for foreign capital to invest in Chinese securities and futures markets, and will further facilitate the issuance of yuan-denominated “Panda bonds” by foreign institutions, Fang told a separate conference on Sunday.

China will also improve domestic listing rules for overseas entities, as well as regulations on overseas listings of Chinese companies, Fang said in a speech also posted on CSRC’s website.

Fang also vowed to safeguard Hong Kong’s status as a global financial centre, saying that Beijing supports domestic companies listing in Hong Kong.

[Derby]

Así es, Londres ha sido un "hub" de resolución de conflictos durante décadas y el Convenio de Lugano ha sido un instrumento muy útil para los tribunales británicos.

https://yorkshirebylines.co.uk/uk-prove-ineligible-for-lugano-membership/

UK prove ineligible for Lugano membership

The negative consequences of the UK’s decision to leave the European Union vis-à-vis international trade, are profound. More recently, the government has found itself, according to CNN, “at the mercy of EU leaders” while requesting to re-join the Lugano Convention (2007).

UK refused entry to the Lugano Convention

The convention is an international treaty tying together EU states and other European states from the European Free Trade Association, such as Switzerland, Iceland and Norway. It clarifies which national courts have jurisdiction in commercial and cross-border disputes, thereby ensuring that courts’ judgments are enforced across borders.

For years, London has been regarded as the ‘global capital’ for resolving such international disputes, due to Britain’s highly esteemed criminal justice system. Dominic Grieve, the former attorney general for England and Wales, reiterates this:

“There’s no doubt that the UK, when it was in the EU, was seen as the place of dispute resolution of choice for EU litigation of every conceivable kind”.

(...) The UK also enjoyed extensive political and economic advantages through its membership. The legal services sector in Britain employs a staggering 350,000 people, two-thirds of whom live outside London. In 2018, legal services contributed just under £60bn to the UK economy, according to the Law Society , and in 2017 the exporting of legal services abroad added £5bn.

(...)The UK must surrender its position as litigation hub

Now, the UK will have to surrender its position as a ‘litigation hub’ for EU disputes. Many disputes will no longer be taken to London courts. Worse, the UK government insists on non-alignment with the EU and as a result, shuts itself out of mutually beneficial arrangements. So now, the UK will have to revert to the regime we had prior to joining the EU. This means disputes will be subject to the national laws of each Lugano signatory. This will result in lengthy court processes, and enforcing judgments will be more a great deal more complicated and difficult.

Joseph Galez, a former Spanish judge who worked in both Del Canto Chambers in London and Galvez Pascual in Spain, said: “This Lugano limbo the UK finds itself in is the worst situation possible as lawyers on both sides have no clarity on what will happen in the long term. I think the EU wants to make the UK suffer and give EU jurisdictions the opportunity to take business from England.”

But let’s remember, the British government is solely responsible for refusing any alignment with the EU that could have avoided this situation.

Catherine McGuinness, policy chair at the City of London Corporation, worries that “ordinary people” and “smaller businesses” will suffer. They undoubtedly will.

As court proceedings become more complex and time-consuming, SMEs are set to bear the brunt of this avoidable situation. Businesses without legal departments, or those that cannot readily afford or access legal advice, face higher risks when trading with the EU and will have to cover the costs involved in any disputes.

Trade with the EU has already dropped significantly owing to Brexit.

[Derby]

https://www.reuters.com/world/europe/final-piece-nord-stream-2-place-operator-says-2021-09-06/

Final piece of Nord Stream 2 in place, operator says

MOSCOW, Sept 6 (Reuters) - The last section of the Nord Stream 2 gas pipeline has been welded into place, its operator said on Monday, meaning the two long stretches of the pipe can now be joined to complete the Baltic subsea link.

The $11 billion pipeline, which will double Russian gas exporter Gazprom's (GAZP.MM) capacity via the Baltic Sea, has drawn opposition from the United States, Ukraine and others opposed to Europe increasing its reliance on Russian energy imports.

The project is also seen allowing Russia to forego piping gas to Europe via Ukraine, thereby denying Kyiv of transit fees.

The Russian pipelaying vessel Fortuna welded the last of the double pipeline on to a stretch of the pipeline in German waters, the project's operator said, adding this would now need to be welded to a long section in Danish waters to complete the project.

"As the next step, the section of the pipe coming from the German shore will be connected to the section coming from the Danish waters in a so-called above water tie-in," it said.

"Pipe-laying work on the Nord Stream 2 pipeline has been completed," Gazprom announced on messaging app Telegram.

The operator said it aimed to have Nord Stream 2 in operation by the end of the year.

The pipeline still needs to be certified and approved for use. Certification is expected to take up to four months but will only start once all paperwork is complete, which entails checks by the German economics ministry and Gazprom.

The new pipeline will be able to transport 55 billion cubic metres of gas per year, enough to supply 26 million households, operator Nord Stream 2 said.

[sudden and sharp]

https://www.reuters.com/article/us-britain-eu-ireland-varadkar/uk-to-extend-northern-irelands-brexit-grace-periods-idUSKBN2G215T

UK to extend Northern Ireland's Brexit grace periods

LONDON/DUBLIN (Reuters) - Britain plans to further extend post-Brexit grace periods on some goods imports to Northern Ireland, Brexit minister David Frost said on Monday, in a move designed to give London and Brussels more time for talks about trade with the province.

Por pedir ... que no quede.

[senslev]

https://wtfhappenedin1971.com/

[senslev]

Covid, Climate, And The New Denialism
Denying facts: bad. Denying hope: worse.

https://edwardsnowden.substack.com/p/the-new-denialism

[Mad Men]

Entonces

Los tipos de interés afectan a la valorización de la Bolsa&Pisos ?

Si los tipos suben se hunde la bolsa y los pisitos?


Un mar de dudas, y me da la sensación que dedico más tiempo a entender que a aprender.


Saludos.

[sudden and sharp]

 

[Derby]

https://www.elconfidencial.com/economia/2021-09-07/embargos-vivienda-maximos_3275626/

Los embargos de vivienda se disparan en el segundo trimestre a su máximo en cuatro años

Se trata de un 253,2% más que en el mismo periodo del año anterior, según los datos publicados este martes por el Instituto Nacional de Estadística

En el segundo trimestre del año se registraron 3.243 ejecuciones hipotecarias o embargos de una vivienda para su venta, la cifra más alta desde el primer trimestre de 2017 o un 253,2% más que en el mismo periodo del año anterior, según los datos publicados este martes por el Instituto Nacional de Estadística (INE).

Se trata de la cifra más alta para un segundo trimestre desde 2016. El INE recuerda, no obstante, que entre abril y junio de 2020 no se produjeron embargos debido a las provisiones del estado alarma. El número total de inscripciones de certificaciones por ejecuciones hipotecarias iniciadas en los registros de la propiedad en el segundo trimestre de 2021 fue de 9.753, lo que supone un 18,1% más que el trimestre anterior y un 79,3% superior al mismo trimestre de 2020.(...)