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Message to bond underwriters: Some big customers are sizing up your ESG credentials.
Industrial & Commercial Bank of China Ltd., the nation’s largest lender, reported its first decline in quarterly profit in more than a year as margins continue to contract.
The recent surge in immigration to the US has led many economists to boost their forecasts. Now they’re looking for more signs of its impact in the data.
Distressed developer CIFI Holdings Group Co. said it has reached an agreement with a key creditor group on some terms of a restructuring plan that could cut the principal on its debt by as much as 85%, a reversal from the company’s expectations of “no haircut” a year ago.
Sweden’s economy posted a fourth consecutive quarter of contraction as interest-rate cuts that could spur activity in the largest Nordic nation are yet to materialize.
Aug 9, 2016
Toronto Mayor John Tory wants to free up unused public land for housing developments in a bid to get more supply into the tight market. In an interview on BNN, Tory said the municipal government could expedite the approval process for such projects, but only if other levels of government are willing to sell land to developers.
“If the other governments wanted to do something that would be really helpful at this stage of the game, it would be to answer the call we have made for them to do what we’re doing, which is to put up public land that otherwise isn’t needed for any other purpose and put it into the affordable housing pool,” he said.
Tory said making the housing market more affordable isn’t as simple as pulling one lever, like following Vancouver’s lead and slapping additional taxes on foreign nationals.
“I think sometime in politics and elsewhere, people try to simplify things and say, well it’s all about putting a tax on so speculators from some other country won’t buy, when in fact it’s a much more complicated issue because it’s a marketplace,” he said.
Tory also said there’s no immediate solution for the rising cost of homes in the city, due to the dynamics of supply and demand.
“There are people still coming, our population is growing. There is a constraint on the supply of land for new housing, and so that’s an issue,” he said. “You don’t want to identify [addressing] any one of these as a silver bullet, because I’m not sure there is one. ”