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The World in Brief from The Economist

Evergrande’s shares slump; money supply contracts in the euro zone, and more

The World in Brief from The Economist

The Economist

Daily News, Global News, News, News & Politics

4.11.2K Ratings

🗓️ 29 August 2023

⏱️ 5 minutes

🧾️ Download transcript

Summary

Shares in Evergrande, a heavily indebted Chinese property developer, plunged by nearly 90% after they again began trading in Hong Kong, following a 17-month ban.

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Transcript

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0:00.0

Hello, you're listening to the free edition of the World in Brief from the Economist.

0:05.0

As a reminder, if you subscribe to the Economist, you'll get access to a deeper look at the day ahead, updated three times a day.

0:14.0

If you're already an Economist subscriber, visit economist.com slash espresso or visit our espresso app to start listening.

0:22.0

Here's today's free edition.

0:26.0

This is the World in Brief from the Economist.

0:37.0

Our top stories.

0:40.0

Shares in Evergrande, a heavily indebted Chinese property developer, plunged by nearly 90% after they again began trading in Hong Kong, following a 17-month ban.

0:52.0

Earlier the firm reported a loss of $33 billion yuan or $4.5 billion in the first six months of 2023, roughly half as much as in the same period last year.

1:04.0

Evergrande, which defaulted in 2021, has been badly hit by the crisis in China's property sector.

1:13.0

The overall amount of money in the Eurozone has shrunk for the first time since 2010, according to data released by the European Central Bank.

1:22.0

The contraction in money supply, which includes cash deposits and loans, is the result of interest rate rises, put in place to tackle inflation.

1:32.0

The hikes have discouraged lending in the private sector and seen short-term deposits decline.

1:40.0

A judge set Donald Trump's federal election interference trial to begin on March 4, 2024.

1:47.0

The former president's legal team had requested it started April 2026.

1:53.0

Mr. Trump's calendar is filling up. His hash money payments trial in New York is set for March 25, though that could be changed, and his classified documents trial is due to start in May.

2:05.0

Mr. Trump denies all charges.

2:08.0

In a defiant address, Emmanuel Macron, France's president, said that the French ambassador remained in Niger, despite the military gendered their demanding on Friday that he leave within 48 hours.

2:22.0

Niger's president was ousted in a coup on July 26.

2:27.0

France, the country's former colonial power, says it supports efforts by neighboring governments, including possible military action to reinstate him.

2:37.0

The UN argued that climate change poses a direct threat to children's rights.

2:42.0

On Monday, the UN's committee on the rights of the child, published new guidance, saying that countries are legally obligated to protect children from the harmful consequences of environmental degradation.

2:56.0

That obligation extends to, quote, regulating business enterprises and allowing children to take their governments to court, it said.

...

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