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Asia Pacific
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Lenders continue to take deeper haircuts/losses from the insolvency and bankruptcy process which has from day-one been plagued by ordinate delays due to frequent adjournments of hearings which is largely blamed on the collusion between ex-promoters and resolution professionals. As a result, the average haircut that lenders are forced to take hovers around 70% as of the December quarter when overall recovery stood at 31.4%, the New Indian Express reported.
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Five years after Thai Airways International Pcl filed for bankruptcy protection, the state-controlled carrier’s court-appointed debt administrator Piyasvasti Amranand is planning an aggressive international expansion, Bloomberg News reported. Called out of semi-retirement in 2020 by Thailand’s then-Prime Minister Prayuth Chan-Ocha, Piyasvasti was asked to take the controls of the airline and devise a rescue after the carrier had posted losses every year from 2013.
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Hawkish comments from the Bank of Japan and sticky inflation are lifting bond yields to multi-year highs and pushing forward rate hike expectations, shaking long-held views that rates would not rise much in the historically deflation-prone economy, Reuters reported. Mitsubishi UFJ Morgan Stanley Securities said on Monday that it now expects the BOJ to raise interest rates to 0.75% in July from 0.5% currently, instead of in October-December.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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New bank loans in China surged more than expected to a record high in January as the central bank moved to shore up a patchy economic recovery, reinforcing expectations for more stimulus in coming months as U.S. tariffs threaten to pile more pressure on the economy, Reuters reported. Chinese banks extended 5.13 trillion yuan ($706.40 billion) in new yuan loans in January, more than quadrupling the December figure, data from the People's Bank of China showed on Friday.
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China's outstanding property loans were down 0.2% at the end of the fourth quarter, less than the prior year's 1% decline, central bank data showed on Friday, indicating government efforts to bolster the market were beginning to take effect, Reuters reported. Outstanding property loans at the end of 2024 stood at 52.8 trillion yuan ($7.27 trillion). Of the total, outstanding loans allocated for real estate project development rose 3.2% from the prior year to 13.56 trillion yuan.
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China saw record outflows of foreign direct investment last year, an exodus that threatens to persist after the resumption of a trade war with the U.S., Bloomberg News reported. Net FDI dropped by $168 billion in 2024, according to the State Administration of Foreign Exchange, the biggest capital flight in data going back to 1990. Foreign investment into China has slumped in recent years after hitting a historical high of $344 billion in 2021. International companies have been pulling back just as domestic firms also rapidly moved money abroad.
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