INTERNATIONAL

China Extends Deadline for Loan Recall: China’s government has extended to year’s end the deadline for the recall of illegal inter-bank loans after acknowledging that two-thirds of the loans were still outstanding by the original Aug. 15 limit. Many of the loans financed stock and real estate speculation that contributed to economic overheating and high inflation. Banks recalled $12.75 billion by Aug. 15, the China Daily Business Weekly reported. The state-run publication said the central bank recently ordered banks to make detailed plans for recalling the remaining illegal loans, which include money that went to non-banking financial institutions. The move is part of a 2-month-old austerity program to cool the Chinese economy, which grew at an annual rate of about 14% in the first half of the year.