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Chinese Builder in Debt Jam Says It Will Make Bond Payment

A Chinese real estate developer that is struggling to avoid defaulting on billions of dollars of debt reassured jittery global markets at least briefly Wednesday by announcing it will make an interest payment due this week.

The Chinese government, meanwhile, kept investors guessing about whether it might intervene.

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Chinese Builder's Debt Struggle Rattles Investors

Global investors are watching nervously as one of China's biggest real estate developers struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the financial system.

Chinese regulators have yet to say what they might do about Evergrande Group. Economists expect Beijing to intervene if Evergrande and lenders can't agree on how to handle its debts. But any official resolution is expected to involve losses for banks and bondholders.

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France Rallies EU as Trust in U.S., UK and Australia Wanes

France on Tuesday urged its European Union partners to consider whether to delay negotiations on the bloc's future trade agreement with Australia over what Paris says is a lack of trust sparked by a major defense deal between the U.S., Australia and Britain.

French European Affairs Minister Clement Beaune said he would raise the trade pact and the security implications of the deal, known as AUKUS, at a meeting with his counterparts in Brussels, and that France would ensure that it is discussed at EU summits and ministerial meetings next month.

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UK Energy Crisis: Government Races to Avert Food Shortages

The British government is racing to avert shortages of meat, poultry and packaged foods amid a crisis in the food processing industry triggered by soaring energy costs.

Business Secretary Kwasi Kwarteng said Tuesday that he hopes to reach a deal with the U.K.'s primary supplier of food-grade carbon dioxide to restore supplies of the gas that is used to stun animals before slaughter, preserve fruits and vegetables before packaging and put the fizz into carbonated beverages. Kwarteng is in talks with CF Industries, which halted operations at its U.K. plants last week due to high natural gas prices.

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UAE Welcomes Regional Rivals at Major Natural Gas Conference

Energy officials from Qatar and Turkey, long-standing foes of the United Arab Emirates, descended on Dubai along with hundreds of other executives on Tuesday, flocking to the world's largest gas expo and the industry's first in-person conference since the pandemic began.

In a scene that would have been unthinkable just a year ago, the Emirati oil minister held forth from a crowded conference room beside the Qatari minister of state for energy, the first such visit since the UAE and three other Arab states imposed an embargo on Qatar in 2017.

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China Keeps Virus at Bay at High Cost ahead of Olympics

The Beizhong International Travel Agency in the eastern city of Tianjin has had only one customer since coronavirus outbreaks that began in July prompted Chinese leaders to renew city lockdowns and travel controls.

Most of China is virus-free, but the abrupt, severe response to outbreaks has left would-be tourists jittery about traveling to places they might be barred from leaving. That has hit consumer spending, hindering efforts to keep the economic recovery on track.

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France and Australia Agree Submarines Won't Stop Trade Deal

French and Australian officials said Monday that France's anger over a canceled submarine contract will not derail negotiations on an Australia-European Union free trade deal.

France withdrew its ambassadors to the United States and Australia after President Joe Biden revealed last week a new alliance including Australia and Britain that would deliver an Australian fleet of at least eight nuclear-powered submarines.

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Iran Says Ready to Sell Lebanon Fuel if Its Govt. Asks

Iran said Sunday it is willing to sell fuel to Lebanon's government to help ease shortages, days after a first delivery of Iranian fuel arranged by Hizbullah entered the country.

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Rising Rents Spark Berlin Housing Seizure Referendum

In her apartment in suburban Berlin, Regina Lehmann despairs at the letter from her landlord, a big real estate group: the rent is going up.

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UK Retailers Face Supply Crunch as Christmas Looms

UK retailers are facing a double whammy of sliding sales and global supply crunch, making it tough for stores to obtain goods ahead of the Christmas shopping season, data showed Friday.

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