Japan's factory activity contracted in June after expanding for the first time in 7 months in May, a private survey showed on Monday, dragged down by weak orders for cyclical goods amid a global economic slowdown, Reuters reported. The final au Jibun Bank Japan manufacturing purchasing managers' index was at 49.8, returning below the 50.0 threshold that separates growth from shrinkage, after May's 50.6 reading. Output and new orders, the subindexes that constitute the majority of the headline index, fell back to contraction, ending a brief rebound buoyed by improved business confidence.
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Chinese President Xi Jinping’s elevation of a long-serving technocrat as the central bank’s top Communist Party official signals policy makers will avoid any drastic shifts for now as the world’s second-biggest economy struggles to regain momentum, Bloomberg News reported. Pan Gongsheng’s appointment Saturday as party chief of the People’s Bank of China indicates the bank will stay the course, consistent with its recent approach of only modestly cutting interest rates and encouraging banks to lend more to targeted areas.
China's factory activity growth slowed in June, a private sector survey showed on Monday, with sentiment waning and recruitment cooling as firms grew increasingly concerned about sluggish market conditions, Reuters reported. The Caixin/S&P Global manufacturing purchasing managers' index (PMI) eased to 50.5 in June from 50.9 in May, indicating a marginal expansion in activity. The 50-point index mark separates growth from contraction. The figure, combined with Friday's official survey that showed factory activity extending declines, adds to evidence the world's No.
IDFC First Bank said on Monday its board had given the green light for a merger with IDFC Ltd, just days after the landmark $40 billion merger between Housing Development Finance Corp and HDFC Bank came into effect, Reuters reported. IDFC Ltd shareholders will receive 155 shares of IDFC First Bank for each set of 100 shares they currently own in IDFC Ltd, according to an exchange filing. The boards of Housing Development Finance Corp and HDFC Bank on Friday approved July 1 as the effective date of the two financial behemoths' merger, the largest in India's corporate history.
Sri Lanka’s President Ranil Wickremesinghe has expressed hope that the country will be able to shed its bankruptcy status by September and boost its economy, the Economic Times of India reported. Wickremesinghe’s remark came in the backdrop of Lanka's parliament approving a domestic debt restructuring plan on Saturday that is crucial to continue a $2.9 billion bailout from the International Monetary Fund (IMF). The plan was passed with a majority of 122 votes in the 225-member parliament.
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Byju’s and some of its lenders have restarted negotiations in a bid to restructure its $1.2 billion term loan after the Indian education-technology firm breached certain terms of its debt agreement, Bloomberg News reported. The renewed talks come as the company and lenders aim to avoid escalation of a legal brawl, said the people, who asked not to identified because the talks are private. The parties are seeking a swift resolution and execution of an amendment, they said.
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China’s central bank vowed to step up efforts to stabilize the nation’s currency after it dropped toward the lowest level in 15 years amid concern about the strength of the Chinese economic rebound, Bloomberg News reported. The People’s Bank of China said late Friday Beijing time that it will adopt “comprehensive measures and stabilize expectations” about the currency. The PBOC will also “resolutely prevent risks of big fluctuations,” it said in its quarterly monetary policy report.
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The National Company Law Tribunal (NCLT) has approved withdrawal of the liquidation proceedings against Prag Distillery, an arm of liquor maker Tilaknagar Industries, following a settlement by the company with its financial creditors Standard Chartered Bank and DCB Bank, the Economic Times of India reported. With the development, the board of directors of Prag Distillery, situated in Andhra Pradesh, has been reinstated.
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China’s long-running battle to stabilize its shaky real-estate market appears to be entering a troubling new phase, with data showing waning demand as a wave of home listings hits the market, the Wall Street Journal reported. Shoring up the market is crucial for Beijing: Real estate accounts for as much as a quarter of economic activity in China. It is also the primary source of wealth for everyday Chinese.
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The value of Chinese debt relief decreased by over 50% between 2021 and 2022, a report from Rhodium Group showed, with Angola alone receiving two thirds of deferrals despite China backing multilateral efforts to standardise support for poor countries, Reuters reported. As the world's largest bilateral creditor, China is central to talks on making tangible progress in providing debt relief to emerging and frontier markets through the Group of 20-led "Common Framework" as well as the World Bank and International Monetary Fund (IMF).
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