The Bank of Japan on Friday highlighted the need to enhance its research and analytical capabilities in the first medium-term strategic plan compiled under academic-turned governor Kazuo Ueda, who took office in April last year, Reuters reported. “The Bank will enhance its capabilities in policy-making, research and analysis in fulfilling its mission of achieving price and financial stability,” the BOJ said, outlining key principles of its business operations from fiscal 2024 through 2028.
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Danish company Scandinavia Farms Invest has gone bankrupt after only a few years and at least half a billion danish crowns invested, ScandAsia reported. Scandinavian Farm Invest has been running a big pig farm between Beijing and Shanghai. It had been one of the most effective farms in the country before everything started to go wrong. It wasn’t just one drop that made the cup overflow, but many things that started to go wrong for pig production in China. Tricky market conditions included an increase in the price of the feed, while the price of pig meat has decreased.
Australia’s highly indebted households appear well-placed to continue riding out the pain of high interest rates and soaring living costs, with even the most vulnerable in a position to continue servicing mortgages, the Reserve Bank of Australia said Friday, the Wall Street Journal reported. In its latest report card on financial stability, the RBA said that while high inflation and interest rates have put pressure on household budgets over the past two years, nearly all borrowers continue to service their debts on schedule.
The National Company Law Appellate Tribunal (NCLAT) has permitted John Energy, a debt-ridden firm facing insolvency proceedings before the NCLT, to deposit Rs 254 crore along with 12 per cent interest as per the One Time Settlement (OTS) with its lenders ICICI Bank and Axis Bank, the Economic Times of India reported. The tribunal also said that the bank's plea to initiate insolvency proceedings is still pending before NCLT, it would be for the lower court to take a call on the submissions and offer made by John Energy.
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South Korea’s financial watchdog urged lenders to expand financial support for troubled builders as concerns grow over risks from distressed real estate projects, Bloomberg News reported. The number of project finance sites seeing “significantly worsening profitability” is rising due to high interest rates and construction costs, Lee Bokhyun, governor of the Financial Supervisory Service, said in a Thursday meeting with financial and construction firms.
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China relaxed rules governing cross-border data flows, addressing a key concern of foreign businesses that had complained previous regulations were disrupting their operations, Bloomberg News reported. Data collected in international trade, cross-border travel, manufacturing, academic research, and marketing that don’t contain either personal information or “important” information will be exempt from security evaluations when transfered out of the country, China’s top internet regulator said in a statement on Friday.
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New Zealand’s farm-rich economy was in recession in the final three months of 2023 despite a jump in population growth, with economists now expecting the central bank to fall in line with many of its global peers and deliver interest-rate cuts in the second half of the year, the Wall Street Journal reported. Gross domestic product growth contracted 0.1% in the fourth quarter, following a 0.3% contraction in the third quarter, Stats NZ said Thursday. GDP has contracted sequentially for four out of the past five quarters.
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Japan’s consumer inflation picked up in February, adding to speculation that the Bank of Japan may raise interest rates again later this year, the Wall Street Journal reported. Overall consumer prices rose 2.8% from a year earlier in February, compared with the 2.2% increase in January, government data showed Friday. Food prices continued to rise, while the effects of the government’s support for energy bills tapered off.
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Sri Lanka secured initial approval for the next loan tranche from a $3 billion International Monetary Fund bailout program, as the nation seeks to complete its debt restructuring, Bloomberg News reported. The staff-level agreement for the second review of the program gives the nation access to a payout of about $337 million — subject to approval from the IMF’s executive board, the Washington-based lender said in a statement. Funding is also contingent on implementation of prior actions, completion of financing assurances and adequate progress on debt restructuring, according to the statement.
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Aircraft lessor Wilmington Trust SP Services has moved NCLAT, filing an appeal against an earlier order of NCLT, which had dismissed its insolvency plea against low-cost carrier SpiceJet. Wilmington Trust's petition has been listed for hearing on Thursday before a bench headed by the Chairperson Justice Ashok Bhushan of the National Company Law Appellate Tribunal (NCLAT), the Economic Times of India reported.
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