Evergrande Centre building in Shanghai, China. The heavily indebted Chinese property developer made a key offshore interest payment a day ahead of a weekend deadline, averting a default for now. EPA
Evergrande Centre building in Shanghai, China. The heavily indebted Chinese property developer made a key offshore interest payment a day ahead of a weekend deadline, averting a default for now. EPA
Evergrande Centre building in Shanghai, China. The heavily indebted Chinese property developer made a key offshore interest payment a day ahead of a weekend deadline, averting a default for now. EPA
Evergrande Centre building in Shanghai, China. The heavily indebted Chinese property developer made a key offshore interest payment a day ahead of a weekend deadline, averting a default for now. EPA

European and Asian stocks rebound as Evergrande avoids payment default


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European and Asian stock markets mostly rebounded on Friday as risks of contagion from heavily indebted Chinese property giant Evergrande eased, while a record-breaking overnight lead from Wall Street provided support.

“Equity markets are back on the rise as investors shrug off their recent concerns,” said Geir Lode at investment manager Federated Hermes.

Evergrande made a key offshore interest payment a day ahead of a weekend deadline, Chinese state media said on Friday, averting a default for now.

Equity markets are back on the rise as investors shrug off their recent concerns
Geir Lode,
Federated Hermes

The crisis at one of China's biggest property developers, which is drowning in $300 billion of debt, has hammered investor sentiment and fuelled fears of a spillover into the wider economy.

Evergrande's share price jumped more than 4 per cent in Hong Kong, though that came a day after a drop of more than 12 per cent sparked by its announcement that the planned sale of its property services unit had fallen through.

In foreign exchange on Friday, the British pound briefly hit a 20-month high versus the euro, on increased expectations that the Bank of England will lift its main interest rate next month to combat high inflation.

The single currency took a knock also from a survey showing the eurozone economic recovery losing steam.

“The ongoing pandemic means supply chain delays remain a major concern,” said Chris Williamson, chief business economist at IHS Markit, which carries out the purchasing managers' index measuring corporate confidence.

Elsewhere, Bitcoin fell as profit-takers moved in after the digital currency hit a record $66,976 this week.

The world's leading cryptocurrency has taken another step towards mainstream status as Bitcoin forayed on to Wall Street.

A Bitcoin futures exchange-traded fund, a type of financial instrument, launched this week on the New York Stock Exchange. The new fund is a more accessible vehicle that puts Bitcoin within the grasp of even more investors.

The Greatest Royal Rumble card

50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias

Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match

WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura

Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe

United States Championship Jeff Hardy (champion) v Jinder Mahal

SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos

Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt

Casket match The Undertaker v Rusev

Singles match John Cena v Triple H

Cruiserweight Championship Cedric Alexander v Kalisto

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Director: Majid Al Ansari

Rating: 4/5

UAE currency: the story behind the money in your pockets
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Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

What can victims do?

Always use only regulated platforms

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Courtesy: Crystal Intelligence

if you go

The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow. 
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes). 

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

Rating: 3/5

Sam Smith

Where: du Arena, Abu Dhabi

When: Saturday November 24

Rating: 4/5

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

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The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

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Updated: October 22, 2021, 12:18 PM