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U.S. lawmakers push Biden to lift Canadian travel restrictions – CTV News

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WASHINGTON —
Four U.S. senators on Friday asked U.S. President Joe Biden to lift restrictions that have barred travel by Canadians across the northern U.S. border since March 2020.

Democratic Senators Jeanne Shaheen and Maggie Hassan of New Hampshire, Jon Tester of Montana and independent Angus King of Maine asked Biden to allow Canadians vaccinated against COVID-19 to travel to the United States before October. The border state senators said in a letter the restrictions have led to “economic and emotional strain in our communities.”

The senators added: “A plan with some indication of when your administration would feel comfortable lifting border restrictions based on public health data would provide clarity to businesses and families along the northern border.”

They also noted that Canadians can fly to the United States. “We struggle to understand the public health rationale for the disparate treatment in modes of travel,” the senators wrote.

The White House did not immediately comment on Friday, but White House coronavirus response coordinator Jeff Zients said on Wednesday that given the Delta variant of the coronavirus, “we will maintain the existing travel restrictions at this point.”

U.S. officials and travel industry executives say the White House is set to renew the restrictions before the latest extension expires on Sept. 21.

In August, the United States again extended restrictions closing its land borders with Canada and Mexico to nonessential travel such as tourism despite Ottawa’s decision to open its border to vaccinated Americans.

Canada on Aug. 9 began allowing fully vaccinated U.S. visitors for nonessential travel.

The United States has continued to extend the extraordinary restrictions on Canada and Mexico on a monthly basis since March 2020, when they were imposed to address the spread of COVID-19.

The U.S. land border restrictions do not bar U.S. citizens from returning home.

The United States separately bars most non-U.S. citizens who within the last 14 days have been in the United Kingdom, the 26 Schengen countries in Europe without border controls, Ireland, China, India, South Africa, Iran and Brazil.

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Bitcoin hovers near 6-month high on ETF hopes, inflation worries

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Bitcoin hovered near a six-month high early on Monday on hopes that U.S. regulators would soon allow cryptocurrency exchange-traded funds (ETF) to trade, while global inflation worries also provided some support.

Bitcoin last stood at $62,359, near Friday’s six-month high of $62,944 and not far from its all-time high of $64,895 hit in April.

The U.S. Securities and Exchange Commission (SEC) is set to allow the first American bitcoin futures ETF to begin trading this week, Bloomberg News reported on Thursday, a move likely to lead to wider investment in digital assets.

Cryptocurrency players expect the approval of the first U.S. bitcoin ETF to trigger an influx of money from institutional players who cannot invest in digital coins at the moment.

Rising inflation worries also increased appetite for bitcoin, which is in limited supply, in contrast to the ample amount of currencies issued by central banks in recent years as monetary authorities printed money to stimulate their economies.

But some analysts noted that, after the recent rally, investors may sell bitcoin on the ETF news.

“The news of a suite of futures-tracking ETFs is not new to those following the space closely, and to many this is a step forward but not the game-changer that some are sensing,” said Chris Weston, head of research at Pepperstone in Melbourne, Australia.

“We’ve been excited by a spot ETF before, and this may need more work on the regulation front.”

 

(Reporting by Hideyuki Sano in Tokyo and Tom Westbrook in Singapore; Editing by Ana Nicolaci da Costa)

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China’s plunging construction starts reminiscent of 2015 downturn

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China’s September new  construction starts slumped for a sixth straight month, the longest spate of monthly declines since 2015, as cash-strapped developers put a pause on projects in the wake of tighter regulations on borrowing.

New construction starts in September fell 13.54% from a year earlier, the third month of double-digit declines, according to Reuters calculations based on January-September data released by the National Bureau of Statistics on Monday.

That marks the longest downtrend since declines in March-August 2015, the last property malaise.

When the sector recovered in 2016 after authorities loosened their grip on purchases and development, tens of thousands of real estate firms borrowed heavily to build homes.

But as regulations tightened again this year, many of them have started to face a liquidity crunch, which was then worsened by sharply weaker demand due to tighter restrictions on speculative purchases.

Property sales by floor area dropped 15.8% in September, down for a third month, according to Reuters calculations based on the statistics bureau’s data.

The slowdown in the sector was also underscored by a 3.5% drop in property investments by developers in September, the first monthly decline since January-February last year at the height of the COVID-19 pandemic in China.

“All the data are poor,” said Zhang Dawei, chief analyst with property agency Centaline.

“Financing is hard, sales are tough, so of course, there has been no enthusiasm to build. For the first time in history, developers are encountering two blockages – blockages in sales and blockages in financing.”

The potential collapse of highly indebted real estate firms such as China Evergrande Group have raised concerns about systemic risks to the broader economy. The real estate sector accounts for a quarter of China’s gross domestic product.

Authorities will try to prevent problems at Evergrande from spreading to other real estate companies to avoid broader systemic risk, Yi Gang, governor of China’s central bank, said on Sunday.

On Friday, a central bank official said the spillover effect of Evergrande’s debt problems on the banking system was “controllable.”

“There is a likelihood that housing policies may loosen in the fourth quarter, and that would ease the pessimism in the property transaction data,” said Yan Yuejin, director of Shanghai-based E-house China Research and Development Institution.

On Friday, representatives from 10 Chinese Property Companies met government regulators to ask for an “appropriate loosening” on policy restrictions, financial news outlet Yicai reported.

China’s real estate shares have fallen 22% so far this year. On Monday, they were down 2.6% as of 0300 GMT.

In the first nine months, property investment rose 8.8% from a year earlier, slowing from 10.9% growth seen in January-August.

Funds raised by China’s property developers grew 11.1%, slower than the 14.8% rise seen in the first eight months.

(Editing by Jacqueline Wong)

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Saks Fifth Avenue ecommerce unit aims for IPO at $6 billion valuation – WSJ

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The ecommerce business of luxury department store  Saks OFF 5TH is preparing for an initial public offering and targeting a $6 billion valuation, the Wall Street Journal reported Sunday, citing sources.

The company is interviewing potential underwriters this week for an  IPO that could take place in the first half of next year, according to the report.

 

(Reporting by Sheila Dang; Editing by Daniel Wallis)

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