{"id":557970,"date":"2021-09-15T13:18:48","date_gmt":"2021-09-15T13:18:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/dogecoin-copycats-everywhere-worries-that-the-worlds-most-indebted-company-threatens-chinas-banking-sector\/"},"modified":"2021-09-15T13:18:48","modified_gmt":"2021-09-15T13:18:48","slug":"dogecoin-copycats-everywhere-worries-that-the-worlds-most-indebted-company-threatens-chinas-banking-sector","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/dogecoin-copycats-everywhere-worries-that-the-worlds-most-indebted-company-threatens-chinas-banking-sector\/","title":{"rendered":"Dogecoin copycats everywhere + worries that the world\u2019s most indebted company threatens China\u2019s banking sector"},"content":{"rendered":"

<\/a> SOUND SMART- Could the world\u2019s most indebted company spark a (kinda-sorta) <\/strong>2008-style systemic banking crisis in China? <\/strong>That\u2019s the question smart observers are asking amid news that Evergrande, China\u2019s second-largest property developer, could be on the verge of defaulting on its massive debt obligations. Formally known as China Evergrande, the developer does upper- and middle-class housing in nearly 300 Chinese cities and is sitting on more than USD 300 bn in debt \u2014 with USD 7.4 bn in bonds due next year, making it quite possibly the world\u2019s most indebted company. It seems on track to give bondholders a 75% haircut, has about 1.5 mn unfinished properties, and it\u2019s share price in Hong Kong is down about 85% in the past year. In what analysts say is a naked grab for cash, it\u2019s offering new homes for 25% off.<\/p>\n

What happened? <\/strong>It took on tons of debt to turbocharge its growth \u2014 and the off-plan developer has since run afoul of new measures Beijing introduced to curb the total debt levels of property developers. That has forced it to offer units for sale at cut rates to clear out inventory and try to keep up with debt payments. Homebuyers and investors are now besieging the company\u2019s headquarters.<\/p>\n

What should you look for? <\/strong>Bloomberg says Evergrande won\u2019t be able to meet interest payments past next week, and China\u2019s Ministry of Housing and Urban-Rural Development seems to be brokering some kind of bid to restructure the company\u2019s pile of debt.<\/p>\n

Don\u2019t expect Beijing to let it to bankrupt: <\/strong>The real estate sector in China accounts for nearly a third of GDP, and Xi Jinping\u2019s ruling party is worried that if Evergrande goes down, it could set off a contagion that infects the vast banking sector that is bankrolling real estate developers. You can read more in Reuters<\/a>, CNN<\/a>, the Financial Times<\/a> and the Guardian<\/a> as well as the Sydney Morning Herald<\/a>.<\/p>\n

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MORE CHINA- The latest in the world\u2019s most intense love-hate relationship: <\/strong>US President Joe Biden has denied media reports that China\u2019s Xi Jinping last week rejected Biden\u2019s offer of a face-to-face meeting. Biden was said to have made the offer during a phone call on 10 September, their first since February, Reuters<\/a> reports. Outlets such as the Financial Times<\/a> and Bloomberg<\/a> picked up the news, saying Xi asked the US leader to adopt a less strident tone toward Beijing. The official readout of the call issued by the White House last week<\/a> made no mention of the alleged invitation.<\/p>\n

<\/a> SPEAKING OF SINO-AMERICAN RELATIONS- DC is agog at the latest in a string of <\/strong>reports that a top US general reassured the Chinese last fall that Washington wasn\u2019t going to nuke them<\/strong>, regardless of Agent Orange\u2019s rhetoric. Mark Milley, the four-star chairman of the Joint Chiefs of Staff, reportedly reached out to his Chinese counterpart to assure him that \u201cthat Trump would not attack China and that if Trump did decide to attack then Milley would give his Chinese counterpart a secret heads up.\u201d Look for this story to have legs: Milley will appear before Congress at the end of this month to answer questions. Axios<\/a> has the rundown.<\/p>\n

Milley\u2019s outreach to the ChiComs will be one of the centerpieces in Bob Woodward\u2019s <\/strong>latest<\/strong>, Peril<\/a>, co-authored with Robert Costa. The story is getting plenty of ink from CNN<\/a> and the Washington Post<\/a>.<\/p>\n

\n

Electric pickup trucks are now a thing: <\/strong>EV start-up Rivian released the first electric powered pickup truck to the consumer market, according to a tweet<\/a> by the company founder. The launch puts Rivian ahead of competitors like Tesla and General Motors, with Tesla in 2019 giving a live demonstration<\/a> of its Cybertruck and promising that it would go into production later this year \u2014 a date that has since been postponed to late 2022.<\/p>\n

<\/a> Developing countries may not be fairly represented at November\u2019s COP26 climate <\/strong>conference: <\/strong>The conference seems like it will go on as planned despite fierce protest from global green groups, who say developing countries may struggle to attend, leaving a handful of rich countries to draw up climate plans for the rest of the world, the Financial Times<\/a> reports. Last week, Greenpeace and over 1.5k other climate nonprofits called for COP26 to be postponed as many developing countries could struggle to attend due to covid-19 travel restrictions. The conference is due to take place in Glasgow from 1-12 November<\/strong> and has already been postponed for a year due to the pandemic.<\/p>\n

This comes as nearly all nations fall far behind on goals set out by the Paris Climate <\/strong>Agreement, <\/strong>according to a report by the Climate Action Tracker<\/a>, with the only country to achieve its goals being Gambia. Seven other countries, including the UK, were ranked as \u2018almost sufficient\u2019 in their promises to cut carbon pollution and policy changes. The US, the EU, Germany, and Japan\u2019s efforts have been deemed \u2018insufficient\u2019, while Iran, Russia, Saudi Arabia are among the countries that are \u2018critically insufficient\u2019. The Associated Press<\/a> picked up the story.<\/p>\n

Companies are not doing their part either: <\/strong>A review of 107 major global companies found that more than 70% omitted whether they had considered climate risks when preparing their 2020 financial statements, according to research conducted by the Carbon Tracker Initiative and the Climate Accounting Project that was picked up by the FT<\/a>. Meanwhile, the report also found inconsistencies in the majority of disclosures from companies that did mention climate, with auditors failing to note or question the discrepancies. From firms like Shell, BMW, Airbus, to auditors such as EY and PwC, corporations are shying away from addressing climate change and being transparent in their role in impacting the environment.<\/p>\n

\n

Everyone wants to be Dogecoin: <\/strong>The last thing the creators of Dogecoin expected was that their meme-inspired cryptocurrency \u2014 developed as a joke in 2013 \u2014 would vault into stardom and get recognition from the likes of Elon Musk. Maybe that\u2019s why they didn\u2019t immediately file for the dogecoin brand name until late August of this year. The filing now sits at the US Patent and Trademark Office next to a dozen similar claims to the name, from cryptos to firms selling baby blankets and men\u2019s suits, writes the Wall Street Journal<\/a>. Today there are almost 100 cryptocurrency tokens that use the ticker \u201cdoge,\u201d and if Dogecoin is provided with a trademark, they can prevent and stop these other firms from creating products that could confuse users as to what brand is backing it.<\/p>\n

This strikes many as ironic \u2014 and a bit hypocritical: <\/strong>Dogecoin itself was a spinoff created by tweaking several existing cryptocurrencies, including BTC, Luckycoin, and Litecoin. But now that they\u2019ve propelled to the top, they seem to have forgotten how they initially started and are coming after like-minded, but late copycats.<\/p>\n","protected":false},"excerpt":{"rendered":"

SOUND SMART- Could the world\u2019s most indebted company spark a (kinda-sorta) 2008-style systemic banking crisis in China? That\u2019s the question smart observers are asking amid news that Evergrande, China\u2019s second-largest property developer, could be on the verge of defaulting on its massive debt obligations. Formally known as China Evergrande, the developer does upper- and middle-class […]<\/p>\n","protected":false},"author":1,"featured_media":557971,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7215],"tags":[653,7286,147,393,107,633,638,701,3191,826,2231,1231],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-your-commute","tag-chip-shortage","tag-climate","tag-climate-change","tag-cop26","tag-covid-19","tag-enterprisepm","tag-for-your-commute","tag-kitopi","tag-paris-agreement","tag-pwc","tag-softbank","tag-toyota","wpautop","entry"],"acf":{"mongo_id":"fdb867b2-feec-4aa1-9176-6b593046cf44","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/515.jpg","photo_position":"above","related_issue":[557966],"teaser":"","voice_url":""},"yoast_head":"\nDogecoin copycats everywhere + worries that the world\u2019s most indebted company threatens China\u2019s banking sector - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/dogecoin-copycats-everywhere-worries-that-the-worlds-most-indebted-company-threatens-chinas-banking-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dogecoin copycats everywhere + worries that the world\u2019s most indebted company threatens China\u2019s banking sector\" \/>\n<meta property=\"og:description\" content=\"SOUND SMART- Could the world\u2019s most indebted company spark a (kinda-sorta) 2008-style systemic banking crisis in China? 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Fears of China\u2019s Evergrande contagion have continued to ripple across China\u2019s real estate sector,\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/534.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548042,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/bri-blowback\/","url_meta":{"origin":557970,"position":1},"title":"BRI blowback","author":"enterpriseam admin","date":"24 July 2022","format":false,"excerpt":"China\u2019s Belt and Road Initiative could be in trouble as debt crises loom in emerging markets: The ambitious overseas lending scheme that sees China pouring investments into countries across Africa, Asia, and the Middle East, to further trade and foreign policy is struggling under a mountain of non-performing debt and\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557509,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/21\/evergrande-crisis-triggers-global-stock-sell-off-ahead-of-fed-meeting\/","url_meta":{"origin":557970,"position":2},"title":"Evergrande crisis triggers global stock sell-off ahead of Fed meeting","author":"enterpriseam admin","date":"21 September 2021","format":false,"excerpt":"China\u2019s brewing Evergrande crisis is being blamed for a global equity sell-off: Stocks fell in Asia, Europe and the US yesterday amid fears that Chinese property giant Evergrande could default on the more than USD 300 bn it owes to creditors and other firms.US stocks suffered their worst day in\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/296.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":614277,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/30\/hong-kong-court-calls-for-the-liquidation-of-evergrande\/","url_meta":{"origin":557970,"position":3},"title":"Hong Kong court calls for the liquidation of Evergrande","author":"enterpriseam admin","date":"30 January 2024","format":false,"excerpt":"Evergrande failed to restructure following offshore debt results and more than two years in court","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2480.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557686,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/em-bonds-see-heavy-outflows-over-evergrande-fed-taper\/","url_meta":{"origin":557970,"position":4},"title":"EM bonds see heavy outflows over Evergrande, Fed taper","author":"enterpriseam admin","date":"28 September 2021","format":false,"excerpt":"EM bonds see heavy outflows over Evergrande, Fed taper: Investors made a hasty exit from exchange-traded emerging-market bond funds last week, as China\u2019s wobble over the Evergrande crisis and expectations for a Fed taper later this year led investors to withdraw from riskier debt. 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