News Wrap

IN THIS morning’s News Wrap: Qld govt hoping advisers can save Palmer's nickel refinery; George Soros sees echoes of 2008 crisis; and China halts share trading after 7% rout triggers circuit breaker.

Lou Caruana

Qld govt hoping advisers can save Palmer's nickel refinery

Queensland's government hopes insolvency advisers can help keep Clive Palmer's troubled nickel refinery open and workers in their jobs, according to the Sydney Morning Herald.

Queensland Nickel's Yabulu refinery at Townsville was last year knocked back for a government guarantee on a $35 million loan, but Employment Minister Grace Grace is pinning her hopes on insolvency experts currently holding talks with refinery directors.

George Soros sees echoes of 2008 crisis

Global markets are facing a crisis and investors need to be very cautious, billionaire George Soros told an economic forum in Sri Lanka on Thursday, according to the Sydney Morning Herald.

China is struggling to find a new growth model and its currency devaluation is transferring problems to the rest of the world, Soros said in Colombo. A return to positive interest rates is a challenge for the developing world, he said, adding that the current environment has similarities to 2008.

China halts share trading after 7% rout triggers circuit breaker

Chinese stock exchanges closed early for the second time this week after the CSI 300 Index plunged more than 7%, according to the Sydney Morning Herald.

Trading of shares and index futures was halted by automatic circuit breakers from about 9:59 a.m. local time. Stocks fell after China's central bank weakened the currency's daily reference rate by the most since August.

“The yuan's depreciation has exceeded investors' expectations,” said Wang Zheng, Shanghai-based chief investment officer at Jingxi Investment Management Co.

“Investors are getting spooked by the declines, which will spur capital outflows.”

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