BRUSSELS—So often the source of rows between its members, the European Union starts reviewing its rules for national budgets on Tuesday to fit a post-pandemic reality of higher public debt and the huge costs of transitioning to a zero-emissions economy. During the landmark review—likely to take until the end of 2022 at least—governments, economists, and…
Poor Countries’ Debt Rose 12 Percent to Record $860 Billion in 2020: World Bank
WASHINGTON—The debt burden of the world’s low-income countries rose 12 percent to a record $860 billion in 2020 as countries responded to the COVID-19 crisis with massive fiscal, monetary, and financial stimulus packages, the World Bank said in a report released Monday. World Bank President David Malpass said the report showed a dramatic increase in…
Companies at Risk From COVID-19 Lifeline Loans, Bank of England Warns
Many companies that took out emergency loans during the COVID-19 pandemic are now at risk of collapse because of those same loans, the Bank of England has warned. Companies across the UK that before COVID-19 would have been turned down for loans were able to tap into government-backed schemes during pandemic times. Now, many of…
Wall Street Ends With Solid Gains; Investors Hail US Debt-Ceiling Truce
October 8, 2021
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Wall Street ended sharply higher on Thursday in a broad-based rally led by Big Tech, as a truce in the debt-ceiling standoff in the U.S. Congress relieved concerns of a possible government debt default this month. Mega-cap stocks jumped with Apple Inc. up 0.9 percent and Amazon.com Inc. rising 1.2 percent, the biggest boosts to…
Futures Bounce on Easing Debt-Ceiling, Inflation Worries
October 7, 2021
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U.S. stock index futures bounced on Thursday after a temporary truce in the debt-ceiling standoff in Congress relieved concerns of a possible government debt default, while a dip in oil prices eased worries of higher inflation. Top U.S. Senate Republican Mitch McConnell on Wednesday floated a plan to support an extension of the federal debt…
Wall Street Ends Higher on Optimism About US Debt-Ceiling Deal
October 7, 2021
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Wall Street ended higher on Wednesday as investors grew more optimistic that congressional Democrats and Republicans could reach a deal to avert a government debt default. Top U.S. Senate Republican Mitch McConnell said his party would support an extension of the federal debt ceiling into December. This would head off a historic default that would…
US Debt Limit Crisis Must Be Resolved ‘Immediately’ Treasury’s Yellen Says
WASHINGTON—U.S. Treasury Secretary Janet Yellen said the country’s debt limit needs to be raised by Congress “immediately” to avoid a financial crisis. Speaking with bank CEOs and President Joe Biden at the White House, Yellen warned the Treasury would have “very limited cash” that would be quickly depleted after Oct. 18. Congress needs to pay…
China’s Belt and Road Faces Growing Opposition from Participating Countries as Debts Mount
October 5, 2021
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China’s Belt and Road Initiative (BRI) is facing growing opposition from participating countries as their debts associated with Chinese projects mount, according to a recent study. Launched in 2013 by Chinese leader Xi Jinping, the BRI might be losing its impetus due to a debt-based backlash, according to a study from AidData, a research lab…
The Story of Evergrande’s Founder and What It Means for the Company’s Future
Commentary What would appear to be an American-dream, rags-to-riches story may not have a happy ending for the founder of Evergrande, China’s largest real-estate developer. After rating agency Fitch lowered the company’s rating to near default, the founder’s history of high-leverage business investments may have finally run the company dry. As the company appears to…
Poor Country Debt Could Worsen Due to Commodity Prices, Interest Rates: Malpass
September 30, 2021
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CAIRO—The debt situation for poor countries could worsen due to volatile commodity prices and higher interest rates, World Bank President David Malpass said on Thursday, urging countries to begin a gradual fiscal consolidation to maintain investor confidence. As of mid-2021, over half of the world’s poorest countries “are in external debt distress, or at risk…
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