Activity in Australia’s manufacturing sectors could be entering a recovery phase, with firms reporting ongoing demand for labor, with cost pressures reaching their highest level for years, the Wall Street Journal reported. The headline seasonally adjusted Judo Bank Australia manufacturing purchasing managers index rose to 49.7 in May, up from 49.6 in April. A reading above 50 indicates an expansion in manufacturing activity, while a reading below that indicates a contraction.
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In a bid to check unnecessary pressure on GST payers against early recovery of dues, the Central Board of Indirect Taxes and Customs (CBIC) has put in place guidelines mandating senior officers to initiate recovery action quickly only in rare cases and that too after clearly stating the reasons, the Times of India reported. The law allows central GST authorities to initiate recovery after three months in case the dues remain unpaid after an order is passed.Only in exceptional circumstances can recovery be initiated earlier.
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New home prices in China rose slightly for a ninth month in May, a private survey showed, driven higher by a slew of supportive steps to prop up the nation's crisis-hit property sector, Reuters reported. The average new home price across 100 cities rose 0.25% on month in May, following a 0.27% gain in April, the data from real estate researcher China Index Academy showed on Saturday. China's property sector, a pillar of the economy, has lurched from one crisis to another since 2021 after a regulatory crackdown on high leverage among developers triggered a liquidity crisis.
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Asset reconstruction companies (ARCs) are being misused by "tainted" promoters to enter the bankruptcy process after leading their firms to loan defaults, a deputy governor at the Reserve Bank of India said, Reuters reported. Promoters in an Indian market are large shareholders who can influence company policy and, according to regulatory definitions, are prospective owners or directors of the company. There is a section under the Insolvency and Bankruptcy Code "specifically meant to keep out such promoters, said M.
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Japanese companies trimmed capital investment in the first quarter, a result that likely indicates revised data due next week will continue to show the economy contracted in the period, Bloomberg News reported. Capital expenditures on goods excluding software fell 0.5% in the three months through March from the previous quarter following a surge in spending at the end of last year, the finance ministry reported Monday. Manufacturers led the decline, cutting spending by 3% from the prior quarter, while service-sector firms boosted spending a tad.
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South Korea's factory activity expanded in May at the fastest pace in two years on stronger growth in output and orders thanks to broadening global demand, a private-sector survey showed on Monday, Reuters reported. The purchasing managers index (PMI) for manufacturers in Asia's fourth-largest economy, compiled by S&P Global, rose to 51.6 in May, from 49.4 in April, on a seasonally adjusted basis. It was the highest reading since May 2022, and comes after two consecutive months below the 50-mark separating expansion from contraction.
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Creditors have been able to recover nearly half their claims under the Insolvency and Bankruptcy Code (IBC) when the resolution has been completed within the 330-day deadline, but delays lowered the proportion of money they got back, The Economic Times reported. Creditors recovered as much as 49% of claims when the IBC process was finished on time, but this dropped to 26% when it took 600 days or more, according to Insolvency and Bankruptcy Board of India (IBBI) data. The IBC was introduced eight years ago, in May 2016.
China’s property slump has weighed heavily on land sales, drying up a key source of revenue for local governments. Now, authorities are looking at an unconventional way to fill up their coffers: data monetization, The Wall Street Journal reported. The protracted property downturn has hit local governments hard, with many struggling under huge piles of debt. What they also have a lot of is data, such as traffic figures showing how many cars are on the roads and in parking lots.
The Vanuatu government is currently working with liquidators to work out a plan in which the remote South Pacific nation would not be left without an airline after its flagship carrier Air Vanuatu amassed large debts and had to suddenly declare bankruptcy, The Street reported. Travelers looking to get home were left stranded after the airline suddenly canceled all international flights off the island.
Taiwan expects to triple its economic growth rate this year as strong demand for new technology such as artificial intelligence boosts the island’s exports, The Wall Street Journal reported. The economy expanded at a rapid 6.56% in the first three months of the year, outpacing most of its peers, according to official data. That was up from the 6.51% growth estimated in April. Thursday’s release confirmed that Taiwan’s economy is off to a strong start this year, as economists had widely expected.