October 31st 2026 The Americans changing politics for the better Lenders are feeling the hangover from years of Wild East capitalism O N OCTOBER 31 ST Bank of Shanghai gave investors a nasty shock. It said its net profit had collapsed by 93% in the third quarter, year on year, to 350m yuan ($53m); its non-performing loans shot up by 75% in the first nine months of 2026; and the capital set aside to cover unexpected losses hit the lowest in a decade. Its share price plunged by over 10%.The main source of the lender’s troubles seems to be its relationship with one man, Yao Zhenhua.
William Nordhaus, favourite economist of the right and the left The Nobel-prizewinner was fascinated by what happens when markets fail To enhance your experience and ensure our website runs smoothly, we use cookies and similar technologies. Registered in England and Wales. No. 236383 | Registered office: The Adelphi, 1-11 John Adam Street, London, WC2N 6HT | VAT Reg No: GB 340 436 876
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