Standard Chartered Plc expects lending for projects in the Middle East and Africa to decline 15 percent this year after a Saudi Arabian petrochemicals plant boosted loans to a record $87.6 billion in 2013.
The cost of insuring China’s bonds against non-payment fell the most since September and debt linked to municipalities gained after the bailout of a troubled trust product averted a default that may have spooked markets.
Back in the spring of 2012, while walking in the deep woods of northern Ontario, Sonny Gagnon stumbled across a collection of surveying equipment among the towering spruce trees. Gagnon is chief of the Aroland aboriginal tribe, a band of 450 people living in a village of ramshackle houses surrounded by swampy muskeg. He tracks everything that goes on in his community. And the surveying tools weren’t supposed to be there.
Borrowing costs for China’s financiers of roads, subways and sewage plants dropped after a troubled trust product was bailed out, averting a threatened default that added to concern about record local debt.
UBS AG’s China securities unit, the leading foreign underwriter of debt sales in the country, says the market wants policy makers to allow the first onshore bond default to reduce long-term hazards to the financial system.
Some rural credit unions set up in eastern China as part of trials designed to improve financial services in the countryside have been unable to pay depositors since the start of 2013, China National Radio reported.
Saudi Arabia’s proxy war against Bashar al-Assad is popular among a mostly Sunni Muslim public enraged by the killings of their co-religionists in Syria. Among the kingdom’s Shiite minority, many worry that the anger will eventually be directed toward them.