Go First, an Indian low-cost airline, collapsed in May under the weight of four years of losses, citations for safety lapses and operating confusion that, in January, resulted in a flight from Bangalore to Delhi carrying baggage but forgetting a third of its passengers. At least the carrier held valuable assets in the form of 45 or so aircraft stranded at Indian airports. And, as a high-priority case, it was supposedly subject to expedited bankruptcy hearings, according to The Economist.
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Resources Per Country
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- Cook Islands
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- Papua New Guinea
- Philippines
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- Vanuatu
- Vietnam
Hong Kong kicked off a new crypto regulatory regime in a bid to nurture a digital-asset hub, a pivot that’s stirred interest but has yet to win big investment pledges from an industry chastened by a market rout last year, Bloomberg News reported. The rules apply from Thursday and let crypto exchanges offer trading services to individuals and institutions if they secure and comply with licenses designed to shield investors from the risky practices exposed in the 2022 crash.
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China's factory activity shrank faster than expected in May on weakening demand, heaping pressure on policymakers to shore up a patchy economic recovery and knocking Asian financial markets lower, Reuters reported. The official manufacturing purchasing managers' index (PMI) fell to a five-month low of 48.8, the National Bureau of Statistics (NBS) said on Wednesday, down from 49.2 in April and below the 50-point mark that separates expansion from contraction. The PMI also dashed forecasts for an increase to 49.4.
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Crisis-hit Go First Airlines on Tuesday (May 30) informed that its scheduled flight operations will remain cancelled till June 4, adding that a full refund will be issued to the passengers, The Hindu reported. Earlier flight operations were cancelled till May 30. The airline operator had recently filed for voluntary insolvency. The Directorate General of Civil Aviation (DGCA) last week advised Go First Airlines to submit a comprehensive restructuring plan for a sustainable revival of operations.
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Jaypee Infratech, which is facing insolvency proceedings, on Monday said the company has deferred the approval of financial statements for the quarter and fiscal ended March 2023, as it has not been finalised in view of pending cases in the appellate tribunal. On March 7, the National Company Law Tribunal (NCLT) approved the resolution plan of Mumbai-based realty firm Suraksha Group to take over Jaypee Infratech.
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China’s era of rapid growth is over. Its recovery from zero-Covid is stalling. And now the country is facing deep, structural problems in its economy, the Wall Street Journal reported. The outlook was better just a few months ago, after Beijing lifted its draconian Covid-19 controls, setting off a flurry of spending as people ate out and splurged on travel. But as the sugar high of the reopening wears off, underlying problems in China’s economy that have been building for years are reasserting themselves.
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The National Company Law Appellate Tribunal has dismissed a petition filed by the suspended promoter and director of real estate and construction company Renaissance Indus Infra against the bankruptcy court’s ruling to admit the company under the corporate insolvency resolution process (CIRP) following a plea by its financial creditor Catalyst Trusteeship, the Economic Times of India reported. The lender had moved the bankruptcy court after the company defaulted on its dues worth nearly Rs 444 crore.
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Japan’s unemployment rate fell for the first time in three months, potentially feeding into higher wages and providing support for the Bank of Japan’s sustainable inflation goal down the line, Bloomberg News reported. The jobless rate dropped to 2.6% in April, as the number of those without jobs declined by 150,000 from the previous month, the ministry of internal affairs reported Tuesday. Economists had expected the unemployment rate to decline to 2.7%.
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The rows of towering buildings crowding the banks of the Gan River are a testament to the real estate boom that transformed Nanchang in eastern China from a gritty manufacturing hub to a modern urban center, the New York Times reported. Now those skyscrapers are evidence of something very different: China’s real estate market in crisis, reeling after years of overbuilding.
Pratt & Whitney has no engines currently available for India's Go First airline, which also has no rights over them, the counsel for the U.S. firm told a Delaware court on Thursday as the two companies engaged in a raging dispute over the supplies, Reuters reported. The Indian airline has approached the Delaware court to enforce an arbitration order it won in Singapore against Pratt & Whitney, which it blames for its financial troubles and argues the U.S. firm failed to supply engines on time. Pratt says those claims are without merit.