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On August 12th, China Resources Land (01109.HK) announced that for the month ended July 31, 2026, the Company and its subsidiaries achieved total contracted sales of approximately RMB14.1 billion and total contracted sales area of approximately 410,000 square meters, representing year-on-year growth of 6.0% and a decrease of 11.0%, respectively. For the first seven months of 2026, cumulative contracted sales amounted to approximately RMB130.6 billion, with a total contracted sales area of approximately 3.573 million square meters, representing year-on-year growth of 5.7% and a decrease of 22.0%, respectively. In July 2026, the Groups recurring revenue was approximately RMB4.41 billion, representing year-on-year growth of 5.6%, of which rental income from operating real estate rental business was approximately RMB2.86 billion, representing year-on-year growth of 6.6%. The company’s cumulative recurring revenue for the first seven months of 2026 was approximately RMB 30.88 billion, representing a year-on-year increase of 7.3%. Of this, rental income from operating real estate rental business was approximately RMB 20.73 billion, representing a year-on-year increase of 11.7%.On August 12th, the Peoples Bank of China (PBOC) released its 2026 Q2 China Monetary Policy Implementation Report. Since the beginning of this year, influenced by factors such as the tense situation in the Middle East, international crude oil and commodity prices have risen, and inflation levels in major economies have generally increased due to external supply shocks. Recently, the monetary policies of major overseas central banks, such as the Federal Reserve and the European Central Bank, have shown adjustments or tendencies towards adjustments, which may have spillover effects on the global economy and financial markets. The monetary policy stances of major overseas central banks are trending towards a shift. As of the end of July, among the central banks of major developed economies, the European Central Bank and the Bank of Japan had raised interest rates, while the Federal Reserve maintained its interest rate but released hawkish signals. It is expected that this round of monetary policy adjustments by major central banks will be relatively mild. Over the past decade or so, monetary policy adjustments by major central banks have often had significant spillover effects on the global economy and financial markets. However, based on the current situation, it is expected that the magnitude of this round of monetary policy adjustments will be relatively mild, and the impact may be smaller than in the past.A senior Iranian source said the United States violated the interim agreement just 48 hours after it was reached and withdrew from it a few days later.A senior Iranian source stated that there have been no discussions between Iran and the United States regarding extending the ceasefire. From Irans perspective, the ceasefire agreement has no effective date, therefore there is no need to extend it.Market sources indicate that a senior Iraqi security delegation will visit Saudi Arabia tomorrow to discuss a range of security issues.

Citigroup Is Attempting to Collect A $500 Million Loan Repayment From Revlon

Charlie Brooks

Dec 02, 2022 14:05

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Citigroup Inc is negotiating the reimbursement of around $500 million it unintentionally paid to a consortium of hedge funds and investment firms on a debt due by insolvent cosmetics giant Revlon Inc, led by billionaire Ronald Perelman.


In a letter filed Thursday in federal court in Manhattan, representatives for the bank and the lenders indicated that they were seeking a "consensual solution" to prevent Citigroup (NYSE:CAugust) from filing a lawsuit in 2020 to collect the wrong payment.


The attorneys have claimed that "essential components" of a settlement would include the return of Citigroup's cash, with the bank repaying the interest and amortization payments it has received since early 2021.


It was announced on November 10 that settlement discussions had commenced. The attorneys asked permission from U.S. District Judge Jesse Furman to submit an update by December 5.


Citigroup, which was Revlon's loan agent, repaid the company's $894 million loan three years early with its own cash in August 2020, rather than pay $7.8 million in interest.


Human error was mentioned by the bank as the reason why some recipients returned money.


However, 10 asset managers, including Brigade Capital Management, HPS Investment Partners, and Symphony Asset Management, rejected, asserting that the bank had met its commitments.


Citigroup reduced previously announced earnings by $390 million to account for higher legal expenses when Furman sided with the defendants in February 2021.


In September, the federal appeals court in Manhattan reversed that ruling, finding that it would result in a "huge windfall" for the group at the expense of Citigroup.


Revlon filed for Chapter 11 bankruptcy protection on June 15.


In re Citibank August 11, 2020 Wire Transfers, Southern District of New York United States District Court, Case No. 20-06539.