Qinghai Provincial Investment Group failed to pay an $11 million interest payment on a offshore $300 million bond on Friday, the first time a state-owned Chinese company has done so for 20 years.Despite attempts to loosen lending conditions in recent months, China's slowing economy is negatively impacting default rates — now worryingly extending to state-owned companies.
That was until Friday, when, for the first time in two decades, a China-owned company failed to make a payment on its debt burden. QIPG then missed a separate principal and interest payment on a 20 million yuan onshore renminbi bond that matured on Monday, according to Caixin. Qinghai Provincial is the largest aluminum producer in Qinghai and majority-owned by the provincial government, according to S&P.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
not as worrying as US Government debt to China
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GE CEO says company needs to reduce debt 'thoughtfully and soon'General Electric Co has too much debt and needs to reduce it 'thoughtfully ... Of course! 🙄 Touch the pension plan and watch what happens.
Source: Reuters - 🏆 2. / 97 Read more »
Kraft Heinz plunges; Berkshire Hathaway earnings; Economy worriesToday’s top business headlines with ChristineRomans: - High level trade talks continue in Washington - Kraft-Heinz reveals SEC investigation - US existing home sales hit three-year low - Tesla Model 3 loses Consumer Reports recommendation ChristineRomans Shame on you CNN! Endless coverage of the empire actor and hardly any coverage of the USCG skinhead. Get your f’ng priorities right! ChristineRomans CNN is no longer my choice for news. Word is that your network is jumping on the trump train. Sad. ChristineRomans Because most of the houses for sale are defective of fraudulent transfer corrupt by county recorder, notaries,realtors, escrow, court and illegal agent to steal property of innocent people, HELLO!!!! Justice ! Wake up or get lost, this is disgraceful system.
Source: CNN - 🏆 4. / 95 Read more »
Why the CEO of this company with $100 million in sales flies economy, shares hotel roomsThis is why Boxed’s CEO skips business class and flies economy for international flights. via CNBCMakeIt MakeIt Astrochieh I think traveling worldwide to be in meetings and presentations requires a proper mindset. To achieve that one should be comfortable when traveling and have some kind of privacy for space...Frugality is awesome, but when it could possibly hinder productivity...eh. MakeIt Size matters!
Source: CNBC - 🏆 12. / 72 Read more »