The value of the Chinese developer China Evergrande has fallen
Chinese company is in crisis. Her cash situation is deteriorating rapidly and he is trying to make up for it by selling real estate. He claims, however, that real estate sales continue to decline, and warns that there could be a failure. The company said it expects another significant decline in sales during September. Efforts to improve liquidity by selling assets have not yet yielded positive results. The deterioration of the financial situation is partly due to the setting of the financial ceiling of loans by the Chinese government. Since last year, rating agencies have repeatedly downgraded the Chinese developer.
The British government has canceled an agreement with a French vaccine supplier
The order for about 100 million benefits was canceled and Valneva lost almost 1.4 billion euros and the price of their shares fell. The UK cites a breach of the agreement as a ground for annulment, which the other party strongly denied. The vaccine has not yet been approved by the British regulatory agency MHRA. Valneva also said it plans to contact other potential customers to show that the vaccines can still be used to fight the pandemic.
Google received a fine from South Korea
Specifically, the amount of 207 billion won for the company Alphabet awarded to the Korean antitrust authority. The reason is blocking the Android operating system. Google is allegedly hampering competition by forcing device manufacturers to comply with the fragmentation agreement when signing key license agreements in the application store. According to the Korea Fair Trade Commission, Google is abusing its dominant position in the online market and is also restricting fair competition in the mobile operating systems market.
Alphabet’s performance over 5 years. (Source: Investing.com)*
New mining pact in Australia
Fortescue Metals Group has agreed with Wintawari Guruma Aboriginal Corporation to re-engage in overseeing the development of new mines at Solomon Hub Iron Ore in Western Australia. This cooperation will lead to a deeper consultation on the protection of culturally important sites. The reason for the pact is also the destruction of important rock shelters in Rio Tinto last year, which caused a great stir and a parliamentary inquiry. The cooperation will also ensure greater involvement of local people in the development of mines in the country.
Watch this week:
On Thursday, Christine Lagarde, President of the European Central Bank (ECB), will deliver a speech on Thursday (November 2019 – October 2027). As the head of the ECB, which sets short-term interest rates, it has a major impact on the value of the euro.
On Friday, U.K. Retail Sales MoM will be released. It measures the change in the total value of inflation-adjusted sales at the retail level.
* Past performance is no guarantee of future results