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.

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”.

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UAE currency: the story behind the money in your pockets
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Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi

Yadoo’s House Restaurant & Cafe

For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.

Golden Dallah

For the cappuccino, luqaimat and aseeda.

Al Mrzab Restaurant

For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.

Al Derwaza

For the fish hubul, regag bread, biryani and special seafood soup. 

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GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

Super heroes

Iron Man
Reduced risk of dementia
Alcohol consumption could be an issue

Hulk
Cardiac disease, stroke and dementia from high heart rate

Spider-Man
Agility reduces risk of falls
Increased risk of obesity and mental health issues

Black Panther
Vegetarian diet reduces obesity
Unknown risks of potion drinking

Black Widow
Childhood traumas increase risk of mental illnesses

Thor
He's a god

The specs

Engine: 3.5-litre twin-turbo V6

Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now

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Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

What sanctions would be reimposed?

Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:

  • An arms embargo
  • A ban on uranium enrichment and reprocessing
  • A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
  • A targeted global asset freeze and travel ban on Iranian individuals and entities
  • Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
If you go

The flights 

Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.

The trip

The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore  offers an eight-day levada trails tour from Dh3,050, not including flights.

The hotel

There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.

 

 

MATCH INFO

What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany

Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)

The specs

Engine: 5.2-litre V10

Power: 640hp at 8,000rpm

Torque: 565Nm at 6,500rpm

Transmission: 7-speed dual-clutch auto

Price: From Dh1 million

On sale: Q3 or Q4 2022 

Mobile phone packages comparison
Updated: October 22, 2021, 12:18 PM