An Indian-origin soft drinks businessman from central England has been banned from holding a company directorship for nine years after admitting inflating figures to acquire a loan under a Covid-19 pandemic support scheme, the Hindustan Times reported. Inderjit Singh Dadial, whose ban comes into effect from this week, was the sole director of Cali Juices Limited, a wholesaler of specialised soft drinks incorporated in 2019 with a registered address in Wolverhampton.
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An economic crisis is disrupting life across Sri Lanka, an island nation off India’s southern coast that only recently had been outperforming its neighbors, the New York Times reported. In less than a decade, Sri Lanka recovered from the ravages of a civil war that ended in 2009, soaring to the status of an upper-middle-income nation. It built a tourism-based economy that brought billions of dollars, many jobs and middle class comforts: high-end eateries and cafes, imported Jeeps and Audis, and upscale malls. Now, Sri Lankans just want the lights to stay on.
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Chinese stocks fell as a lockdown in Shanghai to combat a virus flareup raised worries over disruptions to business operations and the toll on economic growth, Bloomberg News reported. The CSI 300 Index declined by as much as 2% early Monday before trimming losses, as the city said it will lock down in two phases to conduct a mass testing blitz. Consumer stocks led losses across China and Hong Kong markets, with baijiu maker Kweichow Moutai Co and sportswear makers Li Ning Co. and Anta Sports Products Ltd. weighing heavily on benchmark gauges.
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CIFI Holdings Group Co. shares plunged 8.8% as 2021 profit dropped and the builder’s gross margin missed analysts’ estimates, Bloomberg News reported. Other developers including China Evergrande Group have already warned they will probably miss deadlines this month for reporting audited results. S&P Global Ratings withdrew its long-term issuer credit score on Sunac China Holdings Ltd. at the company’s request, while Fitch also downgraded the builder.
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After losing two years to the COVID-19 pandemic, shopkeepers in the heart of the Turkish Riviera had hoped for a strong tourism season this year to help keep their businesses afloat. But Russia’s war in Ukraine is fast dampening their spirits, the Associated Press reported. “We’re trying to earn our bread through tourism, but it looks like the war has finished off this (tourism) season, too,” Devrim Akcay said outside his clothing shop in the resort town of Belek, along the Mediterranean coast’s Antalya province.
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Thailand has issued rules to ban digital assets from being used to pay for goods and services from April 1, the market regulator said on Wednesday, Reuters reported. The move was in line with earlier discussions between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) on a need to regulate such activity by digital asset business operators as it could impact the country's financial stability and overall economy, the SEC said in a statement.
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China Evergrande Group said on Tuesday that it was working to raise fresh funds after it disclosed that banks had taken control of more than $2 billion held by one of its key subsidiaries, the Wall Street Journal reported. The surprise announcement comes two months after Evergrande first kicked off restructuring talks with creditors, who had previously threatened to sue the company for failing to disclose adequate information to them after the company defaulted on its offshore debts in December.
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The lenders of Future group companies are likely to take the bankruptcy route as Reliance Retail attaches the stores of the beleaguered retail chain, Fortune India reported. Reliance Retail’s move to terminate the sub-lease of 950 Future group stores has shocked, lenders as it will throw a spanner in their plans to recover around ₹30,000 crore debt from Future group companies. According to sources, some of the banks want to initiate debt recovery proceedings immediately to safeguard their interests.
Japan’s troubled Toshiba Corp. is going into Thursday’s critical shareholder vote on its plan to spin-off its devices business with very long odds, Reuters reported. Its top three shareholders, Effissimo Capital Management, 3D Investment Partners and Farallon Capital Management — all activist shareholders with which Toshiba management has had a contentious history — oppose the plan, as do proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis.