The rows of towering buildings crowding the banks of the Gan River are a testament to the real estate boom that transformed Nanchang in eastern China from a gritty manufacturing hub to a modern urban center, the New York Times reported. Now those skyscrapers are evidence of something very different: China’s real estate market in crisis, reeling after years of overbuilding.
Pratt & Whitney has no engines currently available for India's Go First airline, which also has no rights over them, the counsel for the U.S. firm told a Delaware court on Thursday as the two companies engaged in a raging dispute over the supplies, Reuters reported. The Indian airline has approached the Delaware court to enforce an arbitration order it won in Singapore against Pratt & Whitney, which it blames for its financial troubles and argues the U.S. firm failed to supply engines on time. Pratt says those claims are without merit.
Turkey’s central bank asked some local lenders this week to step in and buy the country’s dollar bonds, which have fallen since the first round of the presidential elections, Bloomberg reported. Some of the country’s banks reportedly were called by officials on Monday and asked to buy the nation’s dollar bonds across multiple maturities in secondary markets. The move was aimed at keeping borrowing costs stable and also preventing a spike in credit-default swaps — a measure of protection against potential credit events, such as default. The lenders were not given purchase targets.
World stocks dropped on Wednesday as U.S. debt ceiling talks dragged on without resolution, stoking a general malaise in markets that saw safe-haven assets such as the dollar hold around recent highs, Reuters reported. But crude oil prices bucked the downtrend and kept rising, after a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ output cuts. Negotiators for Democratic President Joe Biden and top congressional Republican Kevin McCarthy met again on Wednesday to end an impasse in talks.
Lawmakers in Japan have decided to enforce stricter Anti-Money Laundering (AML) measures to trace cryptocurrency transactions from June 1, CoinTelegraph reported. On May 23, the Japanese parliament made the decision to roll out tougher AML procedures from next month, according to a report the same day from local media outlet Kyodo News. The move aims to bring Japan’s legal framework in line with global crypto regulations. Lawmakers revised the AML legislation in December after it was deemed insufficient by the international financial watchdog, the Financial Action Task Force (FATF).
Business sentiment at big Japanese manufacturers turned positive for the first time this year and service-sector morale hit a five-month high, the Reuters Tankan poll showed, as the economy continued to improve from a COVID-led recession, Reuters reported. Wednesday's monthly poll, which tracks the Bank of Japan's closely watched quarterly tankan survey, found that manufacturers are also upbeat about the coming three months, while service-sector morale was seen down a tad.
In the seven years that it has been around, Indian Prime Minister Narendra Modi’s signature bankruptcy reform has failed to live up to its billing, according to an analysis in the Washington Post. The 2016 insolvency law was crafted when the country was just starting to tackle what would eventually rank among the worst piles of bad loans anywhere in the world: a $200 billion-plus menace. With banks garnering bumper profits in the post-pandemic high interest-rate environment, that baggage is now much lighter, and the urgency to deal with it is lower. It shouldn’t be.
Bain Capital's Virgin Australia airline is aiming for a A$1 billion listing on the Australian Securities Exchange (ASX) in November, according to a source with direct knowledge of the matter, Reuters reported. At that size, the deal would be the largest new share sale in almost two years since GQG Partners raised A$1.18 billion in its listing in October 2021.
The amendment to the Insolvency Act 1967 will allow two more categories of bankrupt individuals to qualify for discharge through the director-general of insolvency's certificate of discharge without going through debtors' objections, Minister in Prime Minister's Department Azalina Othman said, Malaysia Now reported.
An Indian appeals tribunal upheld insolvency proceedings against Go First on Monday, throwing a spanner in the works for the airline's lessors, who are attempting to take back their planes, Reuters reported. At least three leasing companies, including SMBC Aviation Capital, had challenged a tribunal ruling granting Go Airlines (India), widely known as Go First, bankruptcy protection earlier this month.
