Some investors in a troubled trust fund in China are facing financial ruin under a government plan to return a fraction of their money, casualties of a slump in the property industry and a broader economic slowdown. Sichuan Trust, headquartered in the southwest city of Chengdu, announced it was insolvent in 2020, stricken by sketchy accounting and failed investments in shopping malls and other projects. A deadline earlier this month to accept a 20%-60% “haircut” or loss on their investments has left some investors in deep financial trouble, according to public announcements and AP interviews with five people affected.
(Bloomberg) -- Oil advanced after four days of losses as an industry report pointed to shrinking US crude stockpiles, offsetting wavering OPEC cuts.Most Read from BloombergStock Traders Bracing for Worst Shrug Off Hot CPI: Markets WrapEx-Wall Street Banker Takes On AOC in New York Democratic PrimaryChina Has Never Canceled This Many Shipments of US WheatUnited Tells Boeing to Stop Making Its Long Delayed Max 10sOne of the Most Infamous Trades on Wall Street Is Roaring BackWest Texas Intermediate
Asian shares notched seven month highs on Wednesday, on the back of record peaks on Wall Street, as investors mostly shrugged off slightly hotter-than-expected U.S. inflation, betting it won't derail interest rate cuts expected by the middle of the year. A Reuters report earlier in the week that China had asked banks to enhance financial support for developer China Vanke has also put support beneath Hong Kong stocks. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2% to its highest level since early August.
