China Halts Stock Trading After 7% Rout Triggers Circuit
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China Halts Stock Trading After 7% Rout Triggers Circuit Breaker The worst-ever start to a year for Chinese shares triggered a trading halt in more than $7 trillion of equities, futures and options, putting the nation’s new market circuit breakers to the test on their first day. Trading was halted at about 1:34 p.m. local time on Monday after the CSI 300 Index dropped 7 percent, according to data compiled by Bloomberg. An earlier 15-minute suspension at the 5 percent level failed to stop the retreat, with shares extending losses as soon as the market re-opened. Traders said the halts took effect as anticipated without any major technical problems. China Halts Stock Trading After 7% Rout Triggers Circuit Breaker The worst-ever start to a year for Chinese shares triggered a trading halt in more than $7 trillion of equities, futures and options, putting the nation’s new market circuit breakers to the test on their first day. Trading was halted at about 1:34 p.m. local time on Monday after the CSI 300 Index dropped 7 percent, according to data compiled by Bloomberg. An earlier 15-minute suspension at the 5 percent level failed to stop the retreat, with shares extending losses as soon as the market re-opened. Traders said the halts took effect as anticipated without any major technical problems. China Halts Stock Trading After 7% Rout Triggers Circuit Breaker The worst-ever start to a year for Chinese shares triggered a trading halt in more than $7 trillion of equities, futures and options, putting the nation’s new market circuit breakers to the test on their first day. Trading was halted at about 1:34 p.m. local time on Monday after the CSI 300 Index dropped 7 percent, according to data compiled by Bloomberg. An earlier 15-minute suspension at the 5 percent level failed to stop the retreat, with shares extending losses as soon as the market re-opened. Traders said the halts took effect as anticipated without any major technical problems. Saudi Arabia Severs Ties With Iran in Biggest Crisis in Decades Saudi Arabia severed ties with Iran in the biggest meltdown in relations between the two Middle Eastern power brokers in almost three decades, sending oil prices higher and stock markets into decline. The Saudi government gave Iran’s ambassador 48 hours to leave after protesters set its embassy in Tehran on fire following the execution of Saudi cleric Nimr al-Nimr, a critic of the kingdom’s treatment of its Shiite minority. He was one of 47 men given capital punishment in the Sunni nation for offenses that included terrorism and political activism. Schengen Tensions Grow as Sweden's Border Checks Anger Danes Sweden’s decision to start imposing official border checks is leading to a rapid deterioration in relations with its neighbor to the south as Denmark warns the measures may have a ripple effect that bleeds deeper into Europe. Danish Prime Minister Lars Loekke Rasmussen used his New Year’s speech to warn that his government may now be forced to impose controls at the German border as Swedish efforts to stem the flow of Middle Eastern refugees exacerbate an already tense immigration situation. As of Monday, Sweden is checking the IDs of people crossing their border by bus, train or ferry. “For the first time since the 1950s, one will now need an ID-card to cross” over to Sweden, Rasmussen said in the Jan. 1 speech. “This shows what’s at stake. And this can create a situation in which we will need to introduce border controls toward Germany, if we decide that’s what’s best for Denmark.” In a Facebook post on Monday, Rasmussen said the decision will create “difficulty and problems for the many people who every day commute” between the two countries, describing it as a “major step backwards.” Schengen Tensions Grow as Sweden's Border Checks Anger Danes Sweden’s decision to start imposing official border checks is leading to a rapid deterioration in relations with its neighbor to the south as Denmark warns the measures may have a ripple effect that bleeds deeper into Europe. Danish Prime Minister Lars Loekke Rasmussen used his New Year’s speech to warn that his government may now be forced to impose controls at the German border as Swedish efforts to stem the flow of Middle Eastern refugees exacerbate an already tense immigration situation. As of Monday, Sweden is checking the IDs of people crossing their border by bus, train or ferry. “For the first time since the 1950s, one will now need an ID-card to cross” over to Sweden, Rasmussen said in the Jan. 1 speech. “This shows what’s at stake. And this can create a situation in which we will need to introduce border controls toward Germany, if we decide that’s what’s best for Denmark.” In a Facebook post on Monday, Rasmussen said the decision will create “difficulty and problems for the many people who every day commute” between the two countries, describing it as a “major step backwards.” Ghana minister resigns over handling of power crisis Ghana's power minister has resigned after failing to resolve a three-year-old electricity crisis that President John Mahama, who seeks re-election this year, had promised to fix, government sources said on Friday. By Kwasi Kpodo for Reuters. ACCRA, Jan 1 (Reuters) - Power Minister Kwabena Donkor told voters in February he would would resign if the crisis was not resolved by Dec. 31. "The president was unhappy with his performance, particularly in handling the crisis. He has accepted the resignation and thanked him for his service," one of the sources said. President Mahama will contest what is expected to be a close-run vote in November against opposition leader Nana Akufo-Addo. The power crisis began in the 2012 election year and the opposition New Patriotic Party says it is a sign of government mismanagement. Ghana was one of Africa's top economies but growth based on exports of gold, cocoa and oil has slowed sharply due to lower global commodities prices. Ghana minister resigns over handling of power crisis Ghana's power minister has resigned after failing to resolve a three-year-old electricity crisis that President John Mahama, who seeks re-election this year, had promised to fix, government sources said on Friday. By Kwasi Kpodo for Reuters. ACCRA, Jan 1 (Reuters) - Power Minister Kwabena Donkor told voters in February he would would resign if the crisis was not resolved by Dec. 31. "The president was unhappy with his performance, particularly in handling the crisis. He has accepted the resignation and thanked him for his service," one of the sources said. President Mahama will contest what is expected to be a close-run vote in November against opposition leader Nana Akufo-Addo. The power crisis began in the 2012 election year and the opposition New Patriotic Party says it is a sign of government mismanagement. Ghana was one of Africa's top economies but growth based on exports of gold, cocoa and oil has slowed sharply due to lower global commodities prices. Sydney Home Prices Have Biggest Quarterly Drop in Four Years Sydney home prices fell for the second-consecutive month and recorded the worst quarter in four years as a regulatory crackdown pushed up mortgage rates and dented affordability amid record prices. Home values in Australia’s largest city dropped 1.2 percent in December from a month earlier following a 1.4 percent decline in the previous month, data from property researcher CoreLogic Inc. showed Monday. This is the first time since May 2013 that Sydney dwelling values have dropped for two straight months. Tanzania Plans to List 49 Percent of Power Utility This Year Tanzania’s government plans to sell shares in the state-owned power utility to the public this year and split it into separate generation, transmission and distribution units, Energy and Mining Minister Sospeter Muhongo said. The state will offer as much as 49 percent of Tanzania Electric Supply Co., or Tanesco, while the government will retain a controlling stake, Muhungo said in an interview published in the Nairobi-based East African newspaper. The government will also invest $1.2 billion in the company over 10 years, boosting efforts to increase electricity production to 10,000 megawatts by 2025 from 1,400 megawatts, Muhongo said. Tanzania Plans to List 49 Percent of Power Utility This Year Tanzania’s government plans to sell shares in the state-owned power utility to the public this year and split it into separate generation, transmission and distribution units, Energy and Mining Minister Sospeter Muhongo said. The state will offer as much as 49 percent of Tanzania Electric Supply Co., or Tanesco, while the government will retain a controlling stake, Muhungo said in an interview published in the Nairobi-based East African newspaper. The government will also invest $1.2 billion in the company over 10 years, boosting efforts to increase electricity production to 10,000 megawatts by 2025 from 1,400 megawatts, Muhongo said. U.K. Mortgage Lending Rises Most Since Before Lehman Collapsed U.K. mortgage lending grew the most since April 2008, months before the collapse of Lehman Brothers Holdings Inc. sparked the global financial crisis. Lending increased 3.9 billion pounds in November from the previous month, the Bank of England said on Monday. Gross lending of 20.3 billion pounds was the highest since June 2008. Malaysia's Biggest Electricity Firm Plans $3 Billion Global Sukuk for Expansion Abroad Malaysia’s biggest electricity company plans to tap the dollar debt market for the first time in two decades with its debut offering of global Islamic bonds.