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The Week In Numbers: Dance The Night Away

When is default not a default? It is when it is classified as “arrears”. According to the International Monetary Fund (IMF), Greece is in arrears, after it failed to pay an outstanding loan of US$1.7b on 30 June.

The embattled Mediterranean country has reportedly also put forward fresh proposals to its Eurozone partners. But its creditors have ruled out further talks, until after a crucial referendum on Sunday.

It is time to dance the night away after Zouk announced plans to move to Clarke Quay. Its new landlord CapitaLand (SGX: C31) has provided the night club with 31,000 sq. ft. of space. Around $10m will be spent on refurbishing the new venue, which should open its doors by June next year.

Chinese shares are not just in a bear market but they are in grouchy grizzly territory. From a peak of 5,166 points, the Shanghai Composite has fallen by around 25% to 4,053 points. But that has not stopped Chinese authorities from desperately trying to re-inflate a punctured bubble.

China has relaxed margin rules; it has cut the cost of borrowing and it has reduced transactions costs. There are even plans to allow pension funds to invest in the stock market to stem the slide.

The days of cheap oil might be coming to an end. Brazil and Iraq had been expected to add 2 million barrels per day to global supply by the end of the decade. But the South American country has cut back production, as a result of low oil prices. Meanwhile, Iraq is looking at more realistic output targets. But for now, a barrel of the black stuff still costs around US$57 a barrel.

The bonus number this is week is US$32b. That is how much money Prince Alwaleed bin Talal plans to donate to charity. The Saudi price said he had been inspired by the Gates Foundation, which was set up Bill and Melinda Gates in 1997. The money should go a long way to promote the Prince’s aims that include empowering women, and provide vital disaster relief.

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