Tag Archives: M:1WN

Ukraine says Russia wants to drag Belarus into war, warns of invasion plan

Russian President Vladimir Putin listens to Belarusian President Alexander Lukashenko during a meeting at the Kremlin in Moscow, Russia March 11, 2022. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS

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LVIV, Ukraine, March 11 (Reuters) – Ukraine said Belarus could be planning to invade its territory on Friday and accused Russia of trying to drag its ally into the war by staging air attacks on Belarus from Ukrainian air space.

Belarus has served as a staging post for Russian troops, missiles and aircraft, both before and after Russia launched its invasion of Ukraine on Feb. 24, but it has not deployed its own forces in active battle.

Ukraine’s military accused Russian aircraft of firing at Belarusian border villages from Ukrainian air space on Friday to provide an excuse for an offensive.

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“This is a PROVOCATION! The goal is to involve the Armed Forces of the Republic of Belarus in the war with Ukraine!” Ukraine’s Air Force Command said in an online statement.

The Kremlin did not immediately respond to a request for comment on the Air Force Command’s statement.

The alleged attacks took place as Belarusian leader Alexander Lukashenko was meeting Russian President Vladimir Putin in Moscow, according to Ukraine’s State Centre for Strategic Communications.

The result of this meeting could be an attack by Belarus across Ukraine’s northern border, the centre said in statement.

“According to preliminary data, Belarusian troops may be drawn into an invasion on March 11 at 21:00 (1900 GMT),” it said.

Last week, Lukashenko, a close Kremlin ally, said Belarusian armed forces were not taking part and would not take part in what Russia calls its “special military operation” in Ukraine. read more

Ukrainian senior officials said Russia was doing everything possible to draw Belarus into the conflict, after failing in what Western countries say was an initial plan for a lightning assault on the capital. read more

“We also understand that the Belarusian government has been doing everything possible to avoid joining this war,” Ukrainian deputy interior minister Yevheniy Yenin said on national television on Friday.

There was no immediate comment on the allegations from Belarus.

Ukraine’s top security official Oleksiy Danilov said Ukraine had so far shown restraint towards Belarus, despite Russia using it as a launchpad for attacks on Ukraine. But he warned on Friday if “one fighter crosses our border, we will fight back.”

Meanwhile Ukrainian President Volodymyr Zelenskiy struck a more conciliatory note in a speech to the government of neighbouring Poland, which also shares a border with Belarus.

“I really want these words to be heard by our common neighbors – Belarusians. Peace between relatives, peace between neighbors, peace between brothers, we must achieve this with them too. And we definitely will,” Zelenskiy said.

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Reporting by Natalia Zinets, Pavel Polityuk and Max Hunder; Writing by Alessandra Prentice; Editing by Timothy Heritage and Daniel Wallis

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Russia opens criminal investigation of Meta over death calls on Facebook

  • Facebook temporarily allows ‘Death to Russian invaders’ posts
  • Move linked to Ukraine war prompts outrage in Russia
  • Prosecutor asks court to list Meta as ‘extremist organisation’

LONDON, March 11 (Reuters) – Russia opened a criminal case against Facebook’s parent Meta Platforms (FB.O) on Friday and moved to designate it as an “extremist organisation” after the social network changed its hate speech rules to allow users to call for violence against Russians in the context of the war with Ukraine.

“A criminal case has been initiated … in connection with illegal calls for murder and violence against citizens of the Russian Federation by employees of the American company Meta, which owns the social networks Facebook and Instagram,” Russia’s Investigative Committee said.

The committee reports directly to President Vladimir Putin. It was not immediately clear what the consequences of the criminal case might be.

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No comment was immediately available from Meta in response to a Reuters request.

Two weeks into Russia’s war in Ukraine, a Meta spokesperson said on Thursday the company had temporarily eased its rules for political speech, allowing posts such as “death to the Russian invaders,” although it would not allow calls for violence against Russian civilians.

Meta said the temporary change aimed to allow for forms of political expression that would normally violate its rules. Its oversight board said on Friday that it was closely following the war in Ukraine, and how Meta is responding.

INFORMATION WARS

Russia has for more than a year been striving to curb the influence of U.S. tech giants including Alphabet Inc’s (GOOGL.O) Google and Twitter (TWTR.N), repeatedly fining them for allowing what it deems to be illegal content.

But the invasion of Ukraine – met by a storm of international condemnation and unprecedented sanctions – has sharply raised the stakes in the information war.

Social media provide an opportunity for dissent against Putin’s line – loyally followed by the tightly controlled state media – that Moscow was forced to launch its “special military operation” to defend Russian-speakers in Ukraine against genocide and to demilitarise and “denazify” the country.

The Investigative Committee said the Facebook move could violate articles of the Russian criminal law against public calls for extremist activities.

“Such actions of the (Meta) company’s management not only form an idea that terrorist activity is permissible, but are aimed at inciting hatred and enmity towards the citizens of the Russian Federation,” the state prosecutor’s office said.

It said it had applied to a court to recognise Meta as an extremist organisation and prohibit its activities in Russia.

Internal Meta emails seen by Reuters showed the U.S. company had temporarily allowed posts that call for the death of Putin or Belarusian President Alexander Lukashenko.

“We hope it is not true because if it is true then it will mean that there will have to be the most decisive measures to end the activities of this company,” Kremlin spokesman Dmitry Peskov said.

The United Nations human rights office said the potential change in Facebook policy was “concerning.” read more

Meta owns Facebook, Instagram and WhatsApp, all of which are popular in Russia.

Last week, Russia said it was banning Facebook in the country in response to what it said were restrictions of access to Russian media on the platform. The statement from the prosecutor’s office said the state communications regulator would now also restrict access to Instagram.

Instagram is a favoured tool of jailed Putin opponent Alexei Navalny, who used it in a message posted via his lawyers and supporters on Friday to call for Russians to join protests against the Ukraine war and “mad maniac Putin” this weekend. . read more

WhatsApp will not be affected by the legal moves, Russia’s RIA news agency cited a source as saying, as the messaging app is considered a means of communication not a way to post information.

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Editing by Susan Fenton and Mark Potter

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Amsterdam police end hostage taking at Apple flagship store

AMSTERDAM, Feb 22 (Reuters) – Dutch police ended a hostage taking in an Apple flagship store in Amsterdam after a man armed with two guns held at least one person hostage for hours, police said on Wednesday.

Police arrested the suspected hostage taker, a 27-year old man from Amsterdam, after he ran out of the building at the central Leidseplein square, shortly after 10:30 p.m. (2130 GMT) on Tuesday.

“We managed to end the situation by hitting the hostage taker with a car when he ran outside,” police said on Twitter, adding that the man was being treated for serious injuries.

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The man had carried a pistol and an automatic rifle, with which he fired at least four shots when police arrived at the square around 6 p.m., Amsterdam police chief Frank Pauw told a news conference early on Wednesday.

The man, who had a criminal record, had contacted the police himself during the hostage taking, demanding a ransom of 200 million euros ($226 million) in crypto currencies and a safe passage out of the building, Pauw said.

“He threatened a hostage with a gun and threatened to blow himself up, so we took it very seriously”, Amsterdam newspaper Parool quoted the police chief as saying.

The situation ended when the hostage, reportedly a 44-year old British man, fled from the building when a police robot delivered water at the door of the store at the request of the hostage taker.

The hostage taker ran after the man and was quickly hit by the car.

“The hostage played a heroic role by forcing a breakthrough,” Pauw said. “Otherwise, this could have been a long night.”

During the evening, about 70 people were able to leave the store while the hostage-taking was going on. There were no reports of any other injuries.

The hostage taker was seriously injured, but able to speak when he was arrested, police said.

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Reporting by Toby Sterling, Bart Meijer and Stephanie van den Berg; Editing by Franklin Paul, Mark Heinrich and Robert Birsel

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Man with gun takes at least one hostage at Amsterdam Apple store, police say

AMSTERDAM, Feb 22 (Reuters) – Dutch police said on Tuesday they had sent special units to a central square in Amsterdam because a man with a gun had taken one or more people hostage at an Apple store there.

Several video clips on broadcaster AT5’s website appeared to show a person being held in the store at gunpoint.

“There is a person with a firearm in the store … police forces are there with many units and specialist units at the scene to get the situation under control,” Amsterdam police tweeted.

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“We are restricting information about the situation in the Apple Store … in order not to upset our investigation and efforts there,” they said. They later confirmed the situation is a hostage-taking, without specifying how many hostages there were.

Police cleared the square and asked neighbors to remain inside and not come outside to watch.

The Apple store is located at one end of the upscale Leidseplein, a square at the south side of Amsterdam’s centre.

The Netherlands’ biggest city saw a spate of four armed robberies of mobile phone stores in 2021, prompting some stores to remove most of their phone supplies, which were being targeted. None of the robberies had been in the city centre however.

Gun violence is not uncommon in the Netherlands, but hostage takings are extremely rare.

In 2015 a man with a gun broke into a TV studio demanding screen time. No one was injured and the man was later convicted of hostage taking.

And in 2002 a gunman took hostages at an office building he mistakenly thought belonged to Philips Electronics. He killed himself and did not harm any hostages.

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Reporting by Toby Sterling; Editing by Howard Goller and Jonathan Oatis

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SoftBank says no stake sale plans linked to Alibaba U.S. filing

People walks past a logo of SoftBank Corp on a street in Tokyo, Japan, August 6, 2015. REUTERS/Yuya Shino

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  • Son said he was surprised by registration -source
  • SoftBank stake in Alibaba worth about $82 billion
  • Shares in Alibaba and SoftBank jumped on Wednesday
  • Focus on potential asset sales after Arm deal collapse
  • Group’s LTV ratio is rising as value of assets fall

TOKYO, Feb 9 (Reuters) – Japan’s SoftBank Group Corp (9984.T) said on Wednesday there was no link between Alibaba registering a U.S. share facility and any specific plans to sell down its stake in the Chinese e-commerce giant.

SoftBank’s shares jumped almost 6% in Tokyo, while Alibaba’s Hong Kong-listed shares were up almost 7%.

“The registration of the ADR conversion facility, including its size, is not tied to any specific future transaction by SBG,” SoftBank said in a statement to Reuters.

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SoftBank has previously used its Alibaba shares as collateral for loans and trimmed its stake using derivatives to capture upside from any rise in the company’s stock price.

After Alibaba (9988.HK), last week filed to register an additional 1 billion American Depository Shares (ADS), Citigroup analysts had said this might “suggest potential selling intention by SoftBank”.

In a fresh research note on Wednesday, Citi said Alibaba might have registered in advance a large number of ADS to support future plans of shareholders to convert the company’s Hong Kong stocks to those listed in New York.

SoftBank Chief Executive Masayoshi Son told analysts he was “surprised” and had not requested the Alibaba filing, a person familiar with the matter said on condition of anonymity.

Despite its 25% stake in Alibaba being worth about $82 billion, SoftBank is valued at just $84 billion and there has been speculation that the Japanese firm may monetize more of the holding, which began with a $20 million investment in 2000.

Alibaba’s shares have fallen about 60% from highs in October 2020, amid a regulatory crackdown against tech firms in China.

SoftBank’s fund raising plans were dealt a major setbackthis week after it abandoned plans to sell chip designer Arm to Nvidia (NVDA.O). The group is still investing through its Vision Fund unit and buying back shares.

SoftBank’s shares are down by about half from highs in March last year. The group squeezed out a profit in the October-December quarter after an upswing in valuations in Vision Fund’s private assets offset falling shares in its listed portfolio.

The group’s loan-to-value ratio is being closely watched after it rose to 22% from 19% three months earlier as the net value of SoftBank’s assets fell and debt rose. Son has pledged to keep the ratio below 25% in normal times.

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Reporting by Sam Nussey; Editing by Gerry Doyle and Alexander Smith

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China cuts key rates, stepping up monetary stimulus effort to underpin economy

A man checks phone at Lujiazui financial district in Pudong, Shanghai, China March 14, 2019. REUTERS/Aly Song

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SHANGHAI, Jan 20 (Reuters) – China stepped up its monetary easing efforts to prop up a slowing economy this week by lowering a set of key policy rates and lending benchmarks, and markets believe Beijing could ease further before growth bottoms out.

With the property downturn seen persisting into 2022 and fast-spreading Omicron variant dampening consumer activity, many analysts expect more easing measures will be necessary, despite other major economies, including the United States, appearing set to tighten their monetary policies this year.

The one-year loan prime rate (LPR) was lowered by 10 basis points to 3.70% from 3.80%. And the five-year LPR was reduced by 5 basis points to 4.60% from 4.65%, the first reduction since April 2020.

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The LPR cuts were expected after official comments called for more monetary easing to prop up the broad economy.

All 43 participants in a snap Reuters poll predicted a cut to the one-year LPR for a second straight month. Among them, 40 respondents also forecast a reduction to the five-year LPR rate. read more

The cut to the 5-year LPR suggested that “the Chinese authorities are keen to lower the cost of credit lending, so the total credit growth is expected to rebound after the Spring Festival to ease the pressure on macro economy,” said Marco Sun, chief financial analyst at MUFG.

“China’s monetary policy still has some room for easing in the first half of this year, depending on the policy transmission effect and the growth target set by annual parliamentary meeting in March.”

China’s central bank “should hurry up, make our operations forward-looking, move ahead of the market curve, and respond to the general concerns of the market in a timely manner,” People’s Bank of China Vice Governor Liu Guoqiang said on Tuesday, heightening market expectations for more stimulus to help economic stability. read more

Sheana Yue, China economist at Capital Economics, expects a further 20 basis point cut to the one-year LPR during the first half of this year.

Liu’s comments followed unexpected cuts to borrowing costs for short- and medium-term loans this week, after December economic data showed further weakening in consumption and the troubled property sector, both major growth drivers. read more

Interest rates on medium-term lending facilities (MLF) now serve as a guide to the LPR. Market participants believe moves to the LPR should mimic adjustments to MLF rates.

Most new and outstanding loans in China are based on the one-year LPR. The five-year rate influences the pricing of mortgages.

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Reporting by Winni Zhou and Andrew Galbraith; Editing by Muralikumar Anantharaman, Christopher Cushing and Gerry Doyle

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China regulator says govt policies not necessarily linked to overseas IPOs

BEIJING, Dec 5 (Reuters) – China’s securities regulator said on Sunday that Beijing’s recent policy moves were not aimed at specific industries or private firms, and were not necessarily linked to companies seeking to list in overseas markets.

China has implemented a sweeping regulatory crackdown in recent months on internet companies, for-profit education, and real estate developers, among others.

“The main purpose of (those moves) is to regulate monopoly, to protect the interests and data security of small- and medium-sized firms, as well as personal information security,” the China Securities Regulatory Commission (CSRC) said in a statement.

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The cyberspace regulator had proposed companies with more than one million users in China undergo a security review before sending user-related data abroad or listing shares overseas. read more

Chinese ride-hailing giant Didi Global (DIDI.N) said on Friday it planned to delist from the New York Stock Exchange, just five months after its debut, and pursue a Hong Kong listing. read more

The securities regulatory commission said it had taken note of new rules rolled out by the U.S. Securities and Exchange Commission (SEC) asking Chinese companies to detail their ownership structure and audits. read more

Some media reports stating that China will likely ban companies with a VIE (Variable Interest Entity) structure from U.S. listing is a case of “total misunderstanding and (is) misreading”, the CSRC said.

The VIE structure, used widely by tech firms, was created two decades ago to circumvent rules restricting foreign investment in sensitive industries such as media and telecoms.

The CSRC policies are not meant to crack down on specific industry or private firms and “have no necessary connections with companies’ overseas listings,” the commission said.

It said the commission had learnt some Chinese companies are actively communicating with domestic and foreign regulators to go public in the United States. The CSRC will respect firms’ choice of listing venues on the basis of compliance, it said.

The securities commission said it has held candid, constructive communications with SEC and the Public Company Accounting Oversight Board, and has achieved positive progress in promoting cooperations on some key issues.

It noted, however, that some forces in the U.S. have “politicized” capital market supervision and threatened Chinese companies to delist from the country in recent years, which goes against principles of a market economy and hurts global investors, according to the statement.

The CSRC said it will continue to communicate with its U.S. counterpart to resolve remaining issues in audit and regulatory areas as soon as possible.

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Reporting by Min Zhang, Samuel Shen and Norihiko Shirouzu. Editing by Gerry Doyle and David Evans

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SoftBank shares jump 11% on $9 bln buyback

SoftBank Corp’s logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-Hoon

  • Buyback is SoftBank’s second largest ever
  • SoftBank crashed to quarterly loss
  • Shares have lost 40% since end of Y2.5 trln programme in May
  • Stock lacks catalyst amid China crackdown, Arm sale delay

TOKYO, Nov 9 (Reuters) – SoftBank Group Corp (9984.T) shares jumped 10.5% on Tuesday, the first trading session after the Japanese conglomerate said it would spend up to 1 trillion yen ($8.8 billion) buying back almost 15% of its shares.

The company announced the buyback, long speculated about by the market, after it revealed its quarterly earnings crashed to a loss amid a decline in the share prices of its portfolio companies and a regulatory crackdown in China.

SoftBank’s shares closed at 6,808 yen in its biggest daily rise in 11 months, lifting the group’s market capitalization above $100 billion. Tuesday’s trading volume was more than twice the 30-day average.

The buyback is SoftBank’s second largest after a record 2.5 trillion yen buyback launched during the depths of the COVID-19 pandemic last year. Shares of the tech group quadrupled during that buyback, but have since fallen 40% from a peak in May.

“Our analysis of buyback history indicates that SBG stock performs (and outperforms indices or BABA) during buybacks,” wrote Jefferies analyst Atul Goyal in a note, referring to Alibaba (9988.HK), the group’s largest asset. SoftBank owns about a quarter of Alibaba’s shares.

The slide in the Chinese e-commerce giant’s shares and the broader regulatory backlash in China contributed to a $57 billion fall in SoftBank’s net assets to $187 billion, a metric that Chief Executive Masayoshi Son has said is the primary measure of SoftBank’s success.

Reuters Graphics

The repurchase period for the latest buyback runs to Nov. 8 next year, with the group signalling the programme could take longer than the fast-paced purchases last year.

The buyback “is nice support, but it isn’t rocket fuel,” wrote LightStream Research analyst Mio Kato on the Smartkarma platform, adding “there are material downside risks if broader tech, especially unprofitable tech, falters.”

Speculation that SoftBank could launch a buyback has been raging for months as the discount – the gap between the value of its assets and its share price – has lingered to the frustration of executives and as investors push for repurchases.

Ongoing uncertainties include the prospect of gaining regulatory approval for the $40 billion sale of chip designer Arm to Nvidia (NVDA.O).

Delays to the sale “may have given Softbank the flexibility to announce a buyback now with expectations of ramping up share purchases later,” Redex Research analyst Kirk Boodry wrote in a note.

SoftBank is ramping up investing via Vision Fund 2, which has $40 billion in committed capital from the group and Son himself, even as it winds down activity at trading arm SB Northstar.

“Even if the company manages its finances with a certain amount of discipline, share buybacks would likely erode the financial buffer if executed,” S&P Global Ratings analysts wrote in a note.

The conglomerate held more than 5 trillion yen in cash and cash equivalents at the end of September, an increase of 9% compared to six months earlier.

($1 = 113.3500 yen)

Reporting by Sam Nussey; Editing by Sam Holmes, Stephen Coates, Jane Wardell and Raju Gopalakrishnan

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Some investors have not got Evergrande unit’s bond interest due Nov 6: sources

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song

HONG KONG/SHANGHAI, Nov 8 (Reuters) – Some holders of offshore bonds issued by a unit of developer China Evergrande Group (3333.HK) had not received interest payments due on Nov. 6 by Monday morning in Asia, two people familiar with the matter said.

Scenery Journey Ltd was due to make semi-annual coupon payments on Saturday worth a combined $82.49 million on its 13% November 2022 and 13.75% November 2023 U.S. dollar bonds. ,

Non-payment of interest by Nov. 6 would have kicked off a 30-day grace period for payment.

Twice in October, Evergrande narrowly averted catastrophic defaults on its $19 billion worth of bonds in international capital markets by paying coupons just before the expiration of their grace periods.

One such period expires on Wednesday, Nov. 10, for more than $148 million in coupon payments that had been due on Oct. 11. Evergrande is also due to make coupon payments totalling more than $255 million on its June 2023 and 2025 bonds on Dec. 28.

A spokesperson for Evergrande did not immediately respond to a request for comment. The sources could not be named as they were not authorised to speak to the media.

Reuters was unable to determine whether Evergrande has told bondholders what it planned to do regarding the coupon payment due on Saturday.

BONDS, SHARES FALL

Evergrande’s shares edged lower on Monday, finishing the morning down 0.9%. They have fallen nearly 85% this year. Duration Finance data showed the company’s dollar bonds continuing to trade at discounts of about 75% from their face value on Monday.

Once China’s top-selling developer, Evergrande has been reeling under more than $300 billion in liabilities, and its liquidity woes have reverberated across the country’s $5 trillion property sector, prompting a string of offshore debt defaults, credit rating downgrades and sell-offs in the developers’ shares and bonds in recent weeks.

Spreads on Chinese corporate high-yield dollar debt (.MERACYC) widened to record highs on Friday, and on Monday Shanghai Stock Exchange data showed developers’ bonds once again dominating the list of the day’s biggest losers. One yuan bond issued by an onshore unit of Shimao Group (0813.HK) was suspended from trade after falling more than 34%.

Falls even extended to investment-grade names. Tradeweb data showed a 4.75% January 2030 bond issued by a unit of Sino-Ocean Group Holding (3377.HK) fell nearly 15% on Monday to just above 75 cents. Sino-Ocean is rated “BBB-” by Fitch Ratings and has a “Baa3” rating from Moody’s Investors Service.

Nomura economists Ting Lu and Jing Wang said in a note that they expected “much higher” repayment pressures on developers in the coming quarters, almost doubling from $10.2 billion in the fourth quarter of 2021 to $19.8 billion and $18.5 billion in the first and second quarters of 2022, respectively.

“With the worsening property sector, we might see a rebound of defaults onshore by developers, and bond prices in onshore and offshore markets may increasingly impact one another as investors are on alert,” they said.

“We believe regulators are likely to step up efforts to avoid rising defaults in China’s (offshore commercial dollar bond) market.”

Regulators in October told developers to proactively prepare for repayment of both principal and interest on their foreign bonds and to “jointly maintain their own reputations and the overall order of the market.” read more

Reporting by Clare Jim and Andrew Galbraith; Editing by Muralikumar Anantharaman

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China Evergrande supplies funds for interest payment, set to avert default

HONG KONG/SHANGHAI, Oct 22 (Reuters) – China Evergrande Group (3333.HK) has supplied funds to pay interest on a dollar bond, a source told Reuters on Friday, days before a deadline that would have plunged the embattled developer into formal default.

The source corroborated a story in the state-backed Securities Times on Friday that the company had remitted $83.5 million in coupon payments to a trustee account at Citibank on Thursday, allowing it to pay out to all bond holders before the grace period expires on Oct. 23.

News of the payment will bring some relief to investors and regulators worried about the wider fallout from a messy default and contagion hitting global financial markets elsewhere, although the company will still need to make payments on a string of other debts due.

“They seem to be avoiding short-term default and it’s a bit of a relief that they have managed to find liquidity,” said a Hong Kong-based restructuring lawyer representing some bondholders.

“But still, Evergrande does need to restructure its debt. This payment might be a way for them to get some sort of buy-in with stakeholders before the heavy work needed on the restructuring.”

Evergrande did not immediately respond to Reuters’ request for comment. Citi declined to comment.

The wired payment comes a day after financial information provider REDD reported on Thursday that the company had secured more time to pay a defaulted bond issued by Jumbo Fortune Enterprises and guaranteed by Evergrande.

A string of Chinese officials in recent days have sought to reassure investors, saying that creditors’ interests would be protected. Market participants nevertheless expressed shock at news of the payment.

“This is a positive surprise,” said James Wong, portfolio manager at GaoTeng Global Asset Management Ltd, adding many had expected a default.

The news would boost bondholders’ confidence, he said, as “there are many coupon payments due ahead. If Evergrande pays this time, I don’t see why it won’t pay the next time.”

Evergrande missed coupon payments totalling nearly $280 million on its dollar bonds on Sept. 23, Sept. 29 and Oct. 11, starting the clock on 30-day grace periods for payment.

Non-payment of interest for 30 days would result in a formal default by the company, and trigger cross-default provisions for other Evergrande dollar bonds.

Evergrande’s next payment deadline falls on Oct. 29 with the expiration of the 30-day grace period on its Sept. 29 coupon.

RELIEF

Evergrande’s dollar bond prices surged on Friday morning, with its April 2022 and 2023 notes jumping more than 10%, according to data provider Duration Finance, although they still traded at deeply distressed levels of around a quarter of their face value.

Evergrande’s shares rose as much as 7.8%, a day after the resumption of trade following a more than two-week suspension pending the announcement of a scrapped stake sale in its property management unit.

The Hang Seng mainland properties index (.HSMPI) surged more than 4%, against a 0.25% rise in the broader Hang Seng index. (.HSI)

In mainland markets, the CSI300 Real Estate index jumped as much as 6.5%, and an index tracking the broader property sector (.CSI000006) was on track for its biggest gain in nearly two months.

Reporting by Clare Jim and Anshuman Daga in Hong Kong, Samuel Shen and Andrew Galbraith in Shanghai; Writing by Sam Holmes; Editing by Christopher Cushing

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