The move paves the way for parallel debt restructurings by two of the mainland real estate sector’s largest offshore borrowers, Shenzhen-based Kaisa and China Evergrande Group. Kaisa said on Monday that he has $ 11.8 billion in dollar bonds outstanding, while the tally for Evergrande is nearly $ 20 billion.

   
 
 

Disney and YouTube strike deal, ending blackout

YouTube TV and Walt Disney Co. reached a deal on Sunday to restore access to Disney-owned channels, including ESPN and FX, for YouTube TV subscribers.

The deal ended a brief blackout that began around midnight on Saturday after the contract of carriage between the two companies expired. YouTube TV has more than four million subscribers, according to a person familiar with the operation.

   
 
 

Nike buys NFTs, eyeing real money on virtual sneakers

Thomas Arias is the proud owner of over 100 pairs of new and vintage Nike Inc. sneakers. Now he is thinking of building a new collection of the brand’s shoes, but in the virtual world.

“I see an asset that maybe in the future could be worth a lot more than what I paid for,” said Arias, who is 37 and helps his father run a small import business in Miami.

   
 
 

Is the Fed deflating the outlook for speculative stocks?

Speculation seems to be going out of fashion. Since the beginning of November, the most speculative stocks have been crushed, even as the broad market has reached new highs. Many blame the Federal Reserve, but the link between monetary policy and speculation is less clear than it appears.

Among those losing 20% ​​or more: GameStop and AMC Entertainment ‘meme’ stocks, electric car maker Tesla, hydrogen darling Plug Power, bitcoin, and a host of tiny unprofitable stocks. Companies don’t have much in common, but they all rely on high valuations of buyers willing to bet on a story and have benefited from the increase in the number of individuals trading in stocks. (An astonishing rally of some of the speculative names on Friday failed to mitigate the losses; AMC led with a daily gain of 19%, but is still down a third from early November and is worth a bit. more than half of its peak in June.)

   
 
 

Central Bank of China cuts lending prime rate for first time in 20 months

China’s central bank cut the prime rate on one-year loans amid a slowing economy that was driven by a recession in the real estate sector.

The one-year LPR was lowered to 3.80% from 3.85% and the five-year LPR remained at 4.65%, the People’s Bank of China said on Monday.

   
 
 

Bitcoin’s ‘One Percent’ Controls the Lion’s Share of Cryptocurrency Wealth

It’s good to be 1% bitcoin. Major bitcoin holders control more of the cryptocurrency than US dollar-rich households, according to a study by the National Bureau of Economic Research.

The study showed that the top 10,000 bitcoin accounts hold 5 million bitcoins, which is the equivalent of about $ 232 billion.

   
 
 

China and Biden’s climate goals clash over solar panels

The Biden administration faces a looming decision on solar power tariffs that pits its focus on tackling climate change against its ambition to tackle high-tech manufacturing supply chains from China.

Early next year, US taxes on imported solar panels will expire after a period of four years. Many climate activists and solar energy users want the administration to remove tariffs, saying they make solar panels unnecessarily expensive.

   
 
 

Upcoming Economy Week: Housing, Consumers, Inflation

Data on consumer spending and inflation in the United States highlights this week’s economic calendar.

   
 
 

Central banks fear Omicron will keep inflation down

The Omicron variant goes around the world, closing borders and causing further restrictions on economic activity. Yet central banks, instead of easing monetary policy to support their economies as they did at the start of the pandemic, are preparing to ease stimulus and raise interest rates.

These measures reflect new thinking among policymakers on the economic effects of the pandemic: Central bank officials fear that instead of simply threatening to dampen economic growth, an increase in Covid-19 cases could also prolong inflation. high.

   
 
 

How inflation has changed the prices and menu of a small business

Judy Henry’s restaurant is known for their homemade rosemary focaccia, served hot with extra virgin olive oil at every table. In November, after nearly 20 years of free bread, she started charging customers $ 1.50 per bread.

Using bread to balance the pounds is one way the chef-owner is dealing with the rising costs of everything from workers to crabmeat at his restaurant, Judy’s on Cherry, in Reading, Pa. The beef and pork trimmings previously used in the soup are now crushed. and used in a meatball appetizer, creating a new source of income. Last month, Ms Henry increased the price of non-alcoholic drinks by 30 cents and stopped offering free top-ups.

   
 
 

Senator Joe Manchin Says He Won’t Vote For ‘Build Back Better’ Bill Over President Biden

WASHINGTON-Sen. Joe Manchin (D., W.Va.) has said he will oppose his party’s roughly $ 2 trillion education, health and climate package, likely condemning the centerpiece of the program. President Biden’s Economic Report as currently drafted.

“It’s a ‘no’ to this legislation,” Manchin told Fox News on Sunday. ” I have tried everything.

   
 
 

Himalayan glaciers are melting at breakneck pace, new study finds

Glaciers in the Himalayas are melting at an extraordinary rate, with new research showing that the vast ice caps there have shrunk 10 times faster in the past 40 years than in the previous seven centuries.

Avalanches, floods and other effects of accelerated ice loss put people in India, Nepal and Bhutan at risk and threaten to disrupt agriculture for hundreds of millions of people across Asia of the South, according to the researchers. And as water from melting glaciers contributes to sea level rise, the loss of ice in the Himalayas also adds to the threat of flooding and related issues facing coastal communities around the world. whole.

   
 
 

Hospitals are put to the test before Omicron even strikes

Many hospitals have few beds available to handle an influx of cases caused by Omicron, as their intensive care units are inundated with patients requiring urgent care for serious illnesses like heart disease and cancer as well as the Delta variant.

The risk of hospitals being overrun is heightened by widespread staff shortages, hospital officials said. Dr Anthony Fauci, the nation’s foremost infectious disease expert, warned on Sunday that the rapidly evolving Omicron variant would likely put a strain on US hospitals.

   
 
 

Omicron calls for new Covid-19 restrictions

New restrictions have been put in place in Europe in a bid to stem the spread of the Omicron variant of the coronavirus as a senior US health official has warned the variant is likely to put a strain on US hospitals in the coming weeks.

The fast-spreading variant is already the dominant strain in the UK, according to estimates derived from UK health data, and will only be in a few days in Denmark. Omicron has been detected in 89 countries, and the variant’s Covid-19 cases are doubling every 1.5 to three days in places with community transmission, the World Health Organization said on Saturday.

   
 
 

For day laborers, wages are booming and jobs abound

POMONA, Calif .– Dozens of men lined up every morning at a day-job center in this city east of Los Angeles and stayed there most of the day in hopes that they would be the one of the lucky few to be hired. Now between 10 a.m. and 3 p.m. show up and most have a job at 9 a.m.

“There is a lot of work and not a lot of workers,” said Javier Garcia, placement coordinator for the Pomona Economic Opportunity Center, which pairs potential employers with day laborers.

   
 
 

Gabriel Boric wins Chilean presidential election at 35

SANTIAGO, Chile-Gabriel Boric, congressman and former leader of the student protest, was elected president on Sunday, heralding a shift to the far left in a nation that has long been a mainstay of centrist and market-friendly policies in Latin America.

Mr Boric secured 56% of the vote, beating his conservative rival José Antonio Kast, who conceded and congratulated the president-elect on Twitter.

   
 
 

Iran’s top diplomat in Yemen leaves the country

Iran’s top diplomat in Yemen left the country on Saturday as part of a deal between Houthi militants controlling the capital and Saudi Arabia, regional officials said.

Hassan Irloo, who was smuggled into Yemen last year and appointed Iranian ambassador to Houthi-controlled areas of the country, left in an Iraqi military plane sent to retrieve him, Saudi, Iranian and Houthi officials say .

   
 
 

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TODAY IN CANADA

Earnings:

– Nothing major planned

Economic indicators (ET):

– Nothing major planned

Actions to watch out for:

Lundin Mining to acquire Josemaria Resources for CA $ 625 million

Lundin Mining Corp. will acquire Josemaria Resources Inc. for C $ 625 million (US $ 484.7 million) to increase its growth profile of copper and gold production.

Lundin announced Monday that it will acquire a 100% stake in the Josemaria copper-gold project in Argentina’s San Juan province.

The Josemaria project is expected to produce an average of 166,000 tonnes of copper, 331,000 ounces of gold and 1.2 million ounces of silver each year in the first three years, the company said. Over its 19-year life, the average annual production is expected to be 131,000 tonnes of copper, 224,000 ounces of gold and 1.0 million ounces of silver.

Josemaria Resources shareholders can choose to receive 0.1487 Lundin common share or C $ 1.60 in cash, or a combination of both, in exchange for each Josemaria Resources common share.

Other news:

Rio Tinto appoints Dominic Barton, Canadian Ambassador to China, as President

(MORE FOLLOWING) Dow Jones Newswires

December 20, 2021 06:15 ET (11:15 GMT)

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