Struggling Chinese developer makes bond payment: report

A troubled Chinese developer whose struggle to avoid a multibillion-dollar debt default has rattled global financial markets wired US$83.5 million on Friday to make an overdue payment to foreign bondholders, a government newspaper reported.

Evergrande Group s struggle to reduce its 2 trillion yuan ($310 billion) of debt to comply with tighter official curbs on borrowing has prompted fears a default might trigger a financial crisis. Chinese officials have tried to ally investor fears by saying the debt problems can be controlled and there should be no impact on the financial industry.

Evergrande wired money on Friday to a Citigroup account for a bond payment that was due Sept. 23, the Securities Times reported, citing unidentified sources.

Evergrande missed payments in late September and early October to investors in U.S. dollar-denominated bonds issued abroad. The company said Wednesday a 30-day grace period to make those payments before it would be declared in default had yet to expire.

The ruling Communist Party is pressing companies to reduce debt levels it considers dangerously high.

Economists say Beijing can prevent a credit crunch if Evergrande defaults on debts to Chinese banks and bondholders but wants to avoid appearing to arrange a bailout while it tries to force other companies to reduce reliance on debt.

The slowdown in construction helped to depress China s economic growth an unexpectedly low 4.9% over a year earlier in the three months ending in September. Forecasters expect growth to decelerate further if the financing curbs stay in place.

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A search prompted by ground-penetrating radar is resuming again on land in Edmonton that houses a former hospital where Indigenous patients suffered abuse.

Edward Rogers is out as board chair of Rogers Communications Inc., a move that comes as the latest development in a boardroom drama that has prompted the departure of a senior executive and the launch of an executive oversight committee.

Queen Elizabeth II spent a night in a hospital for checks this week after cancelling an official trip to Northern Ireland on medical advice, Buckingham Palace said Thursday. The palace said the 95-year-old monarch went to the private King Edward VII s Hospital in London on Wednesday for preliminary investigations.

Canadian propane prices are skyrocketing alongside natural gas due, in large part, to growing demand from overseas markets, a price surge analysts say will have a big impact on rural Canadians this winter.

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The federal government has announced a suite of changes to the popular income and business support programs put in place during the pandemic and set to expire on Saturday. Deputy Prime Minister and Finance Minister Chrystia Freeland reminded Canadians on Thursday that the measures were always intended to be temporary.

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