The latest crackdown in China is still making headlines, with Macau now in the regulatory crosshairs of the CCP. The largest gambling market in the world has historically operated as a special administrative region, meaning it was at least an arm's length away from Beijing. But the area known for casino gambling is also plagued with money laundering, triggering a fresh look from the Chinese government. Casino stocks like Wynn Resorts, Las Vegas Sands, and MGM Resorts suffered big losses on Wednesday and Thursday on word of increased government supervision.
The last Sears department store located in the retailer’s home state of Illinois is getting ready to close its doors for good. The shop, located in Simon Property Group’s Woodfield Mall, is scheduled to shutter on Nov. 14, the company has confirmed. Sears =, which also owned Kmart, filed for Chapter 11 bankruptcy protection in October 2018. Transformco later acquired Sears out of bankruptcy and has since closed dozens of the remaining Sears and Kmart locations across the United States.
New figures from the IIF calculate that total global debt hit a record $296tn at the end of the second quarter of 2021, up from $270tn a year earlier. The good news for anyone worried about excess debt was that a post-lockdown rebound in global growth earlier this year caused the ratio of global debt to gross domestic product to dip slightly from a record 362 per cent in March to 353 per cent in June.