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Evergrande Makes Overdue Interest Payments

The Chinese government worries that Evergrande's debt crisis could pose systemic risks. Reuters
The Chinese government worries that Evergrande's debt crisis could pose systemic risks. Reuters
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Evergrande Makes Overdue Interest Payments

The Chinese government worries that Evergrande's debt crisis could pose systemic risks. Reuters
The Chinese government worries that Evergrande's debt crisis could pose systemic risks. Reuters

Chinese developer Evergrande met a deadline to pay overdue interest on three US-dollar bonds before their grace periods ended, a report said Thursday, signalling it had averted another potential default and triggering a rally in the troubled firm's shares.

Evergrande shares bounced up in Hong Kong morning trade and were around seven percent up by mid-afternoon, according to AFP.

All eyes had been on the heavily indebted company as it faced a Wednesday deadline for $148 million in coupon payments -- after missing the initial due dates last month.

The liquidity crunch at one of China's biggest property developers has battered investor sentiment and rattled the country's key real estate market, adding to fears of wider contagion.

The 30-day grace periods for the latest interest payments were to end on Wednesday, but customers of international clearing firm Clearstream reportedly received their payments, Bloomberg News reported.

Two investors holding two of the bonds confirmed that they received the payments, Bloomberg added.

Clearstream did not immediately respond to AFP's request for comment.

In October, the company swerved past more looming defaults by making overdue interest payments to offshore bond-holders.

Bogged down in liabilities worth more than $300 billion, the Shenzhen-headquartered developer has been trying to dispose of its assets to raise cash.

It earlier managed to raise around $144 million by slashing its stake in an internet company, with stock exchange filings showing it sold a 5.7 percent stake in HengTen Networks Group in three separate transactions.

Evergrande is among a number of Chinese developers caught in a crackdown on speculation and leverage in the country's colossal property sector, working to rein in excessive debt.

But authorities appear now to be rolling back some of these regulations.

A series of articles published in state media this week suggested more support measures to help developers tap debt markets, with the Securities Times reporting Wednesday that bank lending has been relaxed to make it easier for property companies to raise cash.

The China Securities Journal, Shanghai Securities News and Securities Times all carried similar reports Thursday on their front pages, detailing October credit data from the central bank and saying lending to developers rose in October.

Analysts told state media that the new data showed some loosening of housing financial policies alongside an increase in personal housing loans.

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Business

US Won't Renew Trade Deal with Mexico and Canada

US Trade Representative Jamieson Greer talks with Mexico's Economy Minister Marcelo Ebrard, amid talks to review the US-Mexico-Canada trade pact, in Mexico City, Mexico, on April 20, 2026. RAQUEL CUNHA / REUTERS 
US Trade Representative Jamieson Greer talks with Mexico's Economy Minister Marcelo Ebrard, amid talks to review the US-Mexico-Canada trade pact, in Mexico City, Mexico, on April 20, 2026. RAQUEL CUNHA / REUTERS 
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US Won't Renew Trade Deal with Mexico and Canada

US Trade Representative Jamieson Greer talks with Mexico's Economy Minister Marcelo Ebrard, amid talks to review the US-Mexico-Canada trade pact, in Mexico City, Mexico, on April 20, 2026. RAQUEL CUNHA / REUTERS 
US Trade Representative Jamieson Greer talks with Mexico's Economy Minister Marcelo Ebrard, amid talks to review the US-Mexico-Canada trade pact, in Mexico City, Mexico, on April 20, 2026. RAQUEL CUNHA / REUTERS 

The US administration on Wednesday said it will not renew the expired trilateral trade pact with Canada and Mexico known as USMCA, reiterating its commitment to continue negotiations with its partners to reach a better deal.

The agreement, signed during President Donald Trump’s first term, should be renewed not later than July 1 for another 16-year period.

Although it wasn't extended by the Wednesday deadline, the deal remains in force for another 10 years and will instead be subject to annual reviews, unless a country decides to withdraw entirely, according to AFP.

Canada and Mexico had both called for a 16-year renewal of the USMCA.

Washington’s announcement came on Wednesday after a virtual meeting between representatives of the three concerned parties failed to reach its goals.

“The United States did not agree to renew the USMCA in its current form. As a result, the USMCA is not renewed,” US Trade Representative Jamieson Greer said in a statement.

He said the White House “will continue to engage with Mexico and Canada to address the agreement's shortcomings and our trade deficits with these countries.”

However, Greer added, “the agreement remains in force pending resolution of these issues or until the agreement's termination.”

Trump said in June that he was not “looking to renew” the agreement in its current form while the US held a series of bilateral trade negotiations with Mexico and Ottawa to get a better deal.

US officials are scheduled to meet with Mexico representatives the week of July 20 for another round of bilateral negotiations.

Greer did not unveil a schedule for formal talks with Canada.

Mexico and Canada are the United States' top two global trading partner. But the two countries were among the first to be hit by Trump’s tariffs imposed after the US President returned to the White House in January 2025.

Trump accused Mexico and Ottawa of not doing enough to contain the flow of the illegal drug fentanyl and immigrants into the United States.

In return, both nations confirm that over 80% of exports from Mexico and Canada enter the United States under the USMCA provisions, shielding them from universal tariffs.

 

 

 

Business

Shell to Sell Gulf of America Assets to Two Companies for $1.7 billion

3D-printed oil pump jacks and the Shell plc logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration 
3D-printed oil pump jacks and the Shell plc logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration 
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Shell to Sell Gulf of America Assets to Two Companies for $1.7 billion

3D-printed oil pump jacks and the Shell plc logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration 
3D-printed oil pump jacks and the Shell plc logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration 

Shell said on Tuesday it had agreed to sell its interest in the Na Kika platform and associated fields in the Gulf of America, along ‌with the Coulomb tieback, to subsidiaries of Talos Energy and Ridgewood Energy for $1.7 billion.

The assets produced about 37,000 barrels of oil equivalent per day net to Shell in 2025.

The transaction has an effective date of July 1, 2025, and is expected to close by the end of 2026.

Talos said its share of the consideration is $850 million, with final net cash consideration expected at $450 million to $500 million after interim cash flow from the effective date.

It added that it will acquire a 50% working interest and operatorship in Coulomb and a 25% non-operated stake in the BP-operated Na Kika platform and ‌four ⁠associated fields -- Kepler, Ariel, Fourier and Herschel.

The assets produced about 16,000 barrels of oil equivalent per day in the first quarter of 2026, about 77% oil, and add roughly 23 million barrels of oil equivalent of proved reserves.

Na ⁠Kika, Shell's only non-operated Gulf of America platform, began producing in 2003, while Coulomb started production in 2005.

Shell will retain certain upside-linked payments, royalty interests on new ⁠Na Kika tiebacks, and offtake rights.

BP, operator of Na Kika, retains the other 50% stake and has a 30-day preferential purchase right.

Shell's proved ⁠reserves at the end of 2025 were 4.3 million boe for Na Kika and 7.2 million boe for Coulomb.

 

 

 

 

Business

Saudi Arabia Retains ACAO Executive Council Seat for 2026-2028

President of the General Authority of Civil Aviation (GACA) Abdulaziz Al-Duailej. (SPA)
President of the General Authority of Civil Aviation (GACA) Abdulaziz Al-Duailej. (SPA)
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Saudi Arabia Retains ACAO Executive Council Seat for 2026-2028

President of the General Authority of Civil Aviation (GACA) Abdulaziz Al-Duailej. (SPA)
President of the General Authority of Civil Aviation (GACA) Abdulaziz Al-Duailej. (SPA)

The General Assembly of the Arab Civil Aviation Organization (ACAO) has renewed Saudi Arabia's membership on the ACAO Executive Council for the 2026–2028 term, reaffirming the Kingdom's prominent position in the civil aviation sector at both the Arab and international levels, the Saudi Press Agency reported on Thursday.

The newly elected Executive Council convened its inaugural meeting, during which President of the General Authority of Civil Aviation (GACA) Abdulaziz Al-Duailej was unanimously re-elected as president for a second consecutive term.

During its 29th General Assembly, the Arab Civil Aviation Organization (ACAO) also renewed Saudi Arabia's membership on six technical committees for the 2026–2028 term: the Air Transport Committee, Air Safety Committee, Aviation Security Committee, Air Navigation Commission, Environment Committee, and Media and Institutional Communication Committee. The decision was accompanied by broad recognition from Arab member states of the Kingdom's leadership and its significant contributions to advancing and developing the civil aviation sector at both the regional and international levels.

Al-Duailej said Saudi Arabia's renewed membership on the Executive Council reflects the Kingdom's leadership and sustained contributions to advancing the Arab civil aviation sector. He added that the council's next phase will focus on strengthening Arab cooperation, enhancing regional integration, and developing unified strategies to address the future challenges facing the air transport industry.