Shares of Zee Entertainment tumbled over 14% to Rs 176.6 in Thursday's trade on BSE after a dedicated bankruptcy court admitted two of Essel Group’s listed companies, Zee Entertainment Enterprises (ZEEL) and Siti Network, for insolvency proceedings, likely creating hurdles in ZEEL’s merger with Culver Max Entertainment (Sony), the Economic Times of India reported. On a year-to-date basis, ZEEL stock has fallen over 23%. Meanwhile, it has declined by 28% in the last six months.
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Authum Investment and Infrastructure has filed a petition in the Kolkata National Company Law Tribunal (NCLT) seeking revaluation of the appraisal matrix that gave the winning bidder National Asset Reconstruction Co (NARCL) a higher score in the bid for the twin Srei companies, the Economic Times of India reported. The Mumbai-based non-banking finance company (NBFC) has also offered an additional upfront payment of ₹250 crore over and above its original amount of ₹3,240 crore in a petition filed before the court. The next date for the hearing is set for February 28.
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The Bank of Japan intends to maintain easy monetary policy and the government's energy assistance programme will hold down inflation, the central bank's governor Haruhiko Kuroda told a news conference at a G20 event on Thursday, Reuters reported. The governor expects inflation to be below 2% for fiscal 2023 and fiscal 2024, adding that Japan is no longer in a deflationary environment. Given that import prices have fallen, the Japanese government's energy assistance will aid in holding down inflation, Kuroda said.
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Turkey’s central bank surprised with a smaller interest-rate cut than forecast after the country’s worst earthquake disaster in decades, signaling further monetary easing is now less likely, Bloomberg News reported. After a two-month pause, the Monetary Policy Committee led by Governor Sahap Kavcioglu lowered its one-week repo rate to 8.5% — the lowest in three years — from 9%. Most economists surveyed by Bloomberg expected a full percentage-point reduction. The Turkish lira weakened slightly after the decision.
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In the realm of global economic policy, Friday Nov. 13, 2020, was meant to be about hope — not the trigger for another pandemic-era fright. That’s when Group of 20 finance ministers announced final agreement on a blueprint for the US, China and other relatively new creditor countries like India to cooperate on debt relief for more than 70 low-income nations facing a collective $326 billion burden, and deliver it in a “timely and orderly” way, Bloomberg News reported.
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President Biden and his top officials vowed this week to introduce additional sanctions aimed at impeding Russia’s war efforts against Ukraine. But the administration’s focus is increasingly shifting to the role that China has played in supplying Russia with goods that have both civilian and military uses, the New York Times reported. As one of the world’s biggest manufacturers of products like electronics, drones and vehicle parts, China has proved to be a particularly crucial economic partner for Russia. Beijing has remained officially unaligned in the war.
Pakistan pledged to pay its sovereign debt obligations this year as it treads close to a possible default with foreign-exchange reserves covering less than a month of imports, Bloomberg News reported. “Come what may, we will be paying off all of our anticipated payments this year,” Commerce Minister Syed Naveed Qamar said in an interview in Washington Tuesday. The government will fulfill its international financial obligations, Finance Minister Ishaq Dar said in a statement the same day.
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The Reserve Bank of India (RBI) is likely intervening in both the offshore and onshore markets to shield the rupee from the fallout of investors lifting their expectations on the U.S. Federal Reserve's terminal rate, traders said on Wednesday, Reuters reported. The rupee has fared much better against the dollar than other emerging market currencies since the blowout U.S. jobs report on Feb. 3 raised bets of a higher-for-longer rate regime. Since then, the rupee has fallen 1.2%.
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New Zealand’s battle with inflation had shown signs of easing before Cyclone Gabrielle wrecked homes, downed power lines and washed away roads after making landfall earlier this month, the Wall Street Journal reported. Now, officials at the South Pacific country’s central bank are assessing how the rebuilding effort could complicate their campaign to bring price pressures under control.
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When China’s private real-estate developers started sliding into distress more than a year ago, the government encouraged state-owned property companies to step in and take over their ailing peers’ projects and assets, the Wall Street Journal reported. That call has gone largely unheeded—a big reason why the country’s housing market remains in the doldrums. State-backed property companies have considered and ultimately decided against acquiring a great number of projects started by private developers.
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