Foreigners pulled money out of their emerging market portfolios in April on concerns of a tighter monetary policy path in the U.S., with outflows from stocks in India and Indonesia leading the way, data from a banking trade group showed, Reuters reported. The Institute of International Finance data showed net non-resident portfolio flows for April came in at -$0.7 billion, the first monthly outflow since October. The figure compares with net inflows of $30.2 billion in March and a $16.3 billion inflow in April 2023, the IIF data show.
Resources Per Country
- Afghanistan
- Armenia
- Australia
- Azerbaijan
- Bangladesh
- Brunei
- Cambodia
- China
- Cook Islands
- Cyprus
- Fiji
- Georgia
- Hong Kong
- India
- Indonesia
- Japan
- Kazakhstan
- Kyrgyzstan
- Laos
- Macau
- Malaysia
- Maldives
- Mongolia
- Myanmar
- Nepal
- New Zealand
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Taiwan
- Tajikistan
- Thailand
- Turkey
- Uzbekistan
- Vanuatu
- Vietnam
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Engine Lease Finance BV, an aircraft engine lessor of SpiceJet, has moved an insolvency plea before the NCLT against the debt-ridden air carrier over non-payment of over USD 12 million (around Rs 100 crore), the Economic Times of India reported. Engine Lease Finance (ELF) has leased eight engines to SpiceJet. Along with interest and rental, ELF has claimed an amount of around USD 16 million. The matter was listed before a Delhi-based bench of the National Company Law Tribunal (NCLT) on Wednesday, which heard it briefly.
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Insolvency Appellate Tribunal NCLAT has upheld orders approving Adani Goodhomes' resolution plan for realty firm Radius Estate with a 93 percent haircut for creditors, the Economic Times of India reported. A two-member bench comprising the NCLAT Chairman rejected the petitions by two dissenting financial creditors, saying it was "commercial wisdom" of the Committee of Creditors (CoC), which approved the payout to different creditors.
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Property firm China Evergrande Group said on Tuesday its liquidators have made only "modest realisations" of the company's assets and were now seeking investors for restructuring, Reuters reported. The embattled developer's "liquidity and other internal resources remain limited," a filing by the company showed.
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China’s biggest cities including Shanghai, Shenzhen and Guangzhou eased requirements for home downpayments and mortgages, following through on the central government’s aid for the embattled property sector, Bloomberg News reported. Shanghai and Shenzhen reduced downpayment requirements by 10 percentage points to a minimum of 20% for first-time buyers and 30% for second-home purchasers, according to two separate statements on Monday and Tuesday. The floor for mortgage rates was also lowered.
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China's economy is set to grow 5% this year, after a "strong" first quarter, the International Monetary Fund said on Wednesday, upgrading its earlier forecast of 4.6% expansion though it expects slower growth in the years ahead, Reuters reported. The global lender's new projections come as Beijing steps up efforts to shore up an uneven recovery in the world's second-biggest economy, which has stumbled in the face of a protracted property crisis and its ripple effects across investors, consumers and businesses.
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The Bank of Japan will need to proceed carefully with any further policy changes, policy board member Seiji Adachi said, stressing that the central bank’s decision to end easing measures wasn’t a shift toward monetary tightening, the Wall Street Journal reported. “We need to absolutely avoid premature rate increases, which could throw cold water on a chance for the Japanese economy to recover,” Adachi said in a speech on Wednesday.
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The Kolkata bench of the bankruptcy court halted the corporate insolvency resolution process (CIRP) of thermal power company Hiranmaye Energy on the promoter's plea that lenders should consider its ₹1,101.5 crore settlement offer, which is about one-fifth of the lenders' debt, showed a tribunal order, the Economic Times of India reported. Meanwhile, over a dozen power-generating companies had submitted expressions of interest for the company.
China's latest steps to revive its struggling property market could pose risks to banks operating in lower-tier cities, S&P Global said on Monday, Reuters reported. The measures announced earlier this month such as cutting down payment requirements and removing the floor for mortgage rates are expected to temporarily increase property demand, but the increased leverage could also cause an uptick in mortgage defaults, according to a S&P Global report. Property prices in smaller tier-three cities are expected to decline about 14% through the 2024-2025 period, the report said.
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The Reserve Bank of New Zealand has confirmed it will apply new restrictions on mortgage lending in a bid to reduce potential financial instability risks stemming from high household debt and rising home prices, the Wall Street Journal reported. The debt-to-income settings, which will apply from July 1, will allow banks to lend up to 20% of residential loans to owner occupiers with DTI ratios of over six and to investors with a DTI ratio of over seven, the central bank said on Tuesday.
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