Chinese coffee chain Luckin Coffee said yesterday that its board had found no evidence of misconduct by Chief Executive Jinyi Guo during a month-long investigation into allegations made by some employees, Reuters reported. Guo, who took over after the competitor to Starbucks ousted co-founder and chairman Charles Zhengyao amid an internal fraud investigation, had denied the allegations. The coffee chain’s explosive growth was halted last year by an investigation into its accounts for overstating 2019 revenue and understating net loss.
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
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The COVID pandemic has added $24 trillion to the global debt mountain over the last year a new study has shown, leaving it at a record $281 trillion and the worldwide debt-to-GDP ratio at over 355%, Reuters reported. The Institute of International Finance’s global debt monitor estimated government support programmes had accounted for half of the rise, while global firms, banks and households added $5.4 trillion, 3.9 trillion and $2.6 trillion respectively.
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A 70-year-old New Zealand planemaker has had its Civil Aviation Authority (CAA) certificates suspended after declaring it’s now insolvent, Australian Aviation reported. Pacific Aerospace, which employs 100 people in Hamilton on the North Island, manufactures aircraft popular for skydiving and the aerial application of fertiliser.
The New South Wales (NSW) state gambling watchdog considers Crown Resorts unfit to hold a gaming license for its flagship Sydney casino, Crown said on Tuesday, a week after an inquiry found widespread money laundering and governance issues, Reuters reported. The casino operator said the state gambling watchdog gave it a notice in a letter after its Sydney casino breached a clause of the VIP Gaming Management Agreement. The watchdog has now begun a consultation process and invited Crown to address the authority, it said.
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When China’s leader Xi Jinping late last year quashed Ant Group’s initial public offering, his motives appeared clear: He was worried that Ant was adding risk to the financial system, and furious at its founder, Jack Ma, for criticizing his signature campaign to strengthen financial oversight, the Wall Street Journal reported. There was another key reason, according to more than a dozen Chinese officials and government advisers: growing unease in Beijing over Ant’s complex ownership structure—and the people who stood to gain most from what would have been the world’s largest IPO.
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India is considering setting up a body comprising of independent experts that will take over the role of privatizing state-run companies once the government decides to divest, Bloomberg News reported. The panel will replace bureaucrats, who currently manage privatization, as well as minority stake sales, the people said asking not to be identified because the discussions are private. The proposal is at an early stage and a final decision hasn’t been taken, they said. An external panel will help accelerate the asset sale process and bypass red tape, according to the people.
McNally Sayaji Engineering Ltd is going to face bankruptcy, the first casualty of the financial turmoil at Williamson Magor Group, TelegraphIndia.com reported. The company is an unlisted subsidiary of McNally Bharat Engineering Ltd, which is at the heart of the woes in the group. The Calcutta bench of the National Company Law Tribunal admitted McNally Sayaji for the corporate insolvency resolution process (CIRP) at the behest of ICICI Bank. McNally Bharat managing director Srinivas Singh said the company was examining the order.
Airline maintenance provider Lufthansa Technik Philippines (LTP) will lay off 300 employees in April due to the impact of the COVID-19 pandemic on the airline industry that forced some of its clients into bankruptcy, The Star reported. "This decision comes after careful study and consideration of the business situation as a result of the pandemic, its effects on the aviation industry," LTP president and CEO Elmar Lutter said in a letter to employees dated Feb. 11.
Soar Aviation’s directors have denied claims by KPMG that the firm could have been insolvent for up to a year before it entered administration, Australian Aviation can reveal. A new note to creditors authored by the professional services firm also said the flight school’s directors maintained they “sought and obtained funding” required to run the company in January 2020. Australian Aviation reported last week that KPMG believed the firm was insolvent “from as early as” January 2020, despite only entering voluntary administration in December 2020.
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A Japanese real estate developer that pulled off a $1.9 billion employee buyout with U.S. private equity firm Lone Star is under pressure from a leading creditor to consider filing for bankruptcy protection, the Financial Times reported. Unizo, which owned a portfolio including hotels and central Tokyo office space, was at the centre of a 2019 bidding war between SoftBank-backed Fortress and other potential buyers including Blackstone and local property companies, having attracted high-profile interest in a market where real estate assets are only occasionally sold as a bloc.