Indian Prime Minister Narendra Modi and Chinese President Xi JInping at a summit in Goa, India. Photo: Manish Swarup / AP

Asia's biggest economies are sinking into debt as India gives out an increasing number of bad loans and credit in China's banks accumulates similarly to how it did in the U.S. before the Great Recession, the Telegraph reports.

Why it matters: Global banks, some of which are still recovering, are more vulnerable to crisis than they were in 2006, before the U.S. housing bubble burst, per a World Economic Forum report. "There is still too much debt in parts of the private sector, and top global banks are still 'too big to fail,'" per the report.

  • The world's largest 30 banks hold $43 trillion in assets, compared to the $30 trillion they controlled in 2006.
  • Chinese and Indian banks haven't tightened their lending practices as the European and American banks that were at the epicenter of the last global financial crisis have.
  • President Trump's intention to kill certain Dodd-Frank regulations to stimulate growth could make the banking system more risky, per the WEF.

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 18,187,396 — Total deaths: 691,352 — Total recoveries — 10,841,436Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 4,711,323 — Total deaths: 155,379 — Total recoveries: 1,513,446 — Total tests: 57,543,852Map.
  3. Politics: White House will require staff to undergo randomized coronavirus testing — Pelosi says Birx "enabled" Trump on misinformation.
  4. Sports: 13 members of St. Louis Cardinals test positive, prompting MLB to cancel Tigers series — Former FDA chief says MLB outbreaks should be warning sign for schools.
  5. 1 🎥 thing: "Tenet" may be the first major film to get a global pandemic release.

In photos: Thousands evacuated as Southern California fire grows

A plane makes a retardant drop on a ridge at the Apple Fire north of Banning in Riverside County, which "doubled in size" Saturday, per KTLA. Robert Gauthier / Los Angeles Times via Getty Images

A massive wildfire that prompted mandatory evacuations in Southern California over the weekend burned 26,450 acres and was 5% contained by Monday afternoon, the California Department of Forestry and Fire Protection said.

The big picture: As California remains an epicenter of the coronavirus pandemic in the U.S., some 15 separate fires are raging across the state. About 7,800 people were under evacuation orders from the Apple Fire, about 75 miles east of Los Angeles, as hundreds of firefighters battled the blaze. CalFire said Monday that a malfunction involving a "diesel-fueled vehicle emitting burning carbon from the exhaust system" started the Apple Fire.

Twitter faces FTC fine of up to $250 million over alleged privacy violations

Photo: Rafael Henrique/SOPA Images/LightRocket

The Federal Trade Commission has accused Twitter of using phone numbers and emails from its users to make targeted ads between 2013 and 2019, Twitter said in an SEC filing published Monday.

Why it matters: Twitter estimates that the FTC's draft complaint, which was sent a few days after its Q2 earnings report, could cost the company between $150 million and $250 million. The complaint is unrelated to the recent Twitter hack involving a bitcoin scam.