Zhongrong Trust — another major Chinese investment firm — has missed payments to corporate investors, sparking a rare protest in Beijing, CNN reported.
However, the issue is considerably more widespread than just one business, and the timing is quite poor. According to the New York Times, Country Garden's default would be the most recent in a spate of failures in a housing market that has been struggling for years.
Ahead of the economic meltdown in Pakistan, International Monetary Fund's Mission Chief to Pakistan, Nathan Porter has said that discussions with Pakistani authorities are underway "with the aim of quickly reaching an agreement on financial support from the IMF", reported Geo TV.
New Delhi [India], June 14: The stability of economies across the world saw wide-ranging volatility throughout the previous decade of the 2010s. Branching off from the above turbulent times, the banking sector in India had found itself in precarious times since the mid-2010s which sparked an
Ongoing projects in Khyber Pakhtunkhwa have been stopped due to a lack of funds. Peshawar University is not having money for paying salaries to employees.
Amid the financial crisis, government hospitals in Balochistan have run out of medicines, Pakistan vernacular media reported citing Young Doctors Association Balochistan.
The Balochistan government has once again expressed annoyance over the financial crisis and blamed Shehbaz Sharif-led coalition government for the same, saying that the province is yet to receive the share of the National Finance Commission (NFC) Award, according to Dawn.
The cabinet meeting, chaired by Balochistan Chief Minister Mir Abdul Qudoos Bizenjo on Tuesday criticised the "negative attitude of the federal finance and planning ministries."
China's imports contracted sharply in April by 7.9 per cent, while exports grew slower at 8.5 per cent compared to 14.8 per cent in March. Consumer prices rose at the slowest pace in more than two years in April, while factory gate deflation, prices offered by China's industrial wholesalers,