China's banking regulator has asked lenders to stop selling investment products linked to commodities futures to mom-and-pop buyers to curb investment losses amid volatile commodity prices, Reuters reported. It has also asked lenders to completely unwind their existing books for these products, which they manufacture and sell to individual investors. The China Banking and Insurance Regulatory Commission's (CBIRC's) order to exit these products has not been reported before. It issued the order this year.
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Resources Per Country
- Afghanistan
- Armenia
- Australia
- Azerbaijan
- Bangladesh
- Bhutan
- Brunei
- Cambodia
- China
- Cook Islands
- Cyprus
- Fiji
- Georgia
- Hong Kong
- India
- Indonesia
- Japan
- Kazakhstan
- Kyrgyzstan
- Laos
- Macau
- Malaysia
- Maldives
- Micronesia
- Mongolia
- Myanmar
- Nepal
- New Zealand
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Taiwan
- Tajikistan
- Thailand
- Turkey
- Turkmenistan
- Uzbekistan
- Vanuatu
- Vietnam
On June 26, 2019, the Directive (EU) 2019/1023 of the European Parliament and of the Council of June 20, 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and of measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (the “EU Restructuring Directive”), were formally published in the Official Journal of the European Union, the Cyprus Mail reported.
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Thailand’s King Maha Vajiralongkorn endorsed a $16 billion borrowing plan to shield Southeast Asia’s second-largest economy from the impact of a raging coronavirus outbreak that’s threatening a nascent recovery and plans to reopen borders to tourists, Bloomberg News reported. The government can borrow 500 billion baht ($16 billion) in the local or overseas markets to finance Covid relief measures for the public and businesses, according to a Royal Gazette announcement published Tuesday.
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Indian real estate developers on Tuesday demanded protection from insolvency proceedings for at least a year as the sector had been severely hit financially due to the pandemic, the Hindustan Times reported. They also wrote to the Centre and the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) seeking more time to repay loans. “Section 7 of Indian Bankruptcy Code (IBC) allows a financial creditor to file for initiating the corporate insolvency resolution process against a corporate debtor.
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The National Company Law Tribunal (NCLT), Hyderabad has dismissed a petition filed by a liquidator who was urging the tribunal to rope in the banks that lent huge monies to BS Limited company under liquidation as respondents to the case, the Times of India reported. The tribunal bench comprising Justices Madan B Gosavi and Binod Kumar Sinha passed this order after hearing the petition filed by the liquidator pertaining to BS Ltd.
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Japan stands to lose 1.8 trillion yen ($16 billion) if the Olympics were cancelled, but that would pale in comparison to the economic hit from emergency curbs if the Summer Games turned into a super-spreader event, a top economist estimated, Reuters reported. Takahide Kiuchi, executive economist at Nomura Research Institute and a former Bank of Japan board member, said that the first nationwide state of emergency last spring had caused an estimated 6.4 trillion yen loss. Further losses have resulted from the second and presently third running state of emergency.
China's market regulator has begun an investigation into suspected anti-competitive practices by KE Holdings, the country's biggest housing broker whose top backer is Tencent Holdings, Reuters reported. The investigation is the latest into China's big so-called "platform" companies that match sellers and buyers, several of which have been accused by regulators of exploiting consumers.
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A Singapore court has approved a freeze on up to $3.5 billion of assets of the family behind collapsed Hin Leong Trading Pte Ltd, boosting the prospect of debt recovery from the former oil trading empire that counts some of the world’s biggest banks among its creditors, Reuters reported. Hin Leong was wound up in March after failing in a year-long effort to restructure more than $3 billion in debts after the COVID-19-led oil crash laid bare huge losses.
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Pakistan is closing in on a deal with bilateral creditors that would tie debt relief to the achievement of biodiversity goals, government officials said, Bloomberg News reported. The South Asian nation is working with lender countries on a debt-for-nature swap program, which would see debt relief in return for binding commitments to achieve conservation targets. An official letter of intent could be announced as soon as World Environment Day on June 5, which Pakistan is hosting this year.
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China’s efforts to restrain cryptocurrency trading and mining are adding to the wild moves in bitcoin and other markets, the Wall Street Journal reported. Already down hard from records set this year, bitcoin and other digital currencies sold off sharply last week after Chinese authorities renewed pressure on the country’s banks and payment companies to curb cryptocurrency-related transactions. Markets stumbled again after a powerful superregulator chaired by Vice Premier Liu He pledged to crack down on bitcoin mining and trading.