Four financial institutions, including two Chinese banks, have written to finance minister Nirmala Sitharaman and the Insolvency and Bankruptcy Board of India (IBBI) seeking their intervention to speed up the resolution process of Reliance Infratel (RITL), the tower arm of Reliance Communications, the Financial Express reported. China Development Bank, Export Import Bank of China, Shubh Holdings Pte and SC Lowy Asset Management are the signatories to the letter.
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While debt has been a problem for millennia, contemporary international institutions have focused on alternative dispute resolutions for commercial disputes for only decades, according to an analysis in mediate.com. according to an analysis in mediate.com. In the late ’90s many developing countries experienced financial distress. In 1999, the World Bank began to analyze the problem and in 2001developed the “Insolvency and Creditor Rights Standards” (ICR Standards). The focus was on judicial proceedings. The possibility of resorting to mediation was regarded as entirely residual.
After overcoming financial challenges last year due to the COVID-19 pandemic, flag carrier Philippine Airlines (PAL) expressed optimism on Tuesday that it would emerge stronger in 2022 as it unveiled plans for network expansion, digital innovation, and a more cargo-driven strategy, gmanetwork.com reported. “We look forward to a comeback year for Philippine Airlines and for our country,” said PAL chairman and CEO Lucio Tan. PAL is celebrating its 81st anniversary this year. “Our 81st birthday marks a day of rebirth for PAL.
It seemed a facetious question, one intended to provoke the star witness: “Do you think you are good at lying?” But it is the crucial issue at the center of what is likely to be the only trial on U.S. soil in one of the largest international kleptocracy cases in history, the looting of billions of dollars from the people of Malaysia, the New York Times reported.
China's securities regulator on Friday published draft rules on how fines for securities fraud offenses will be prioritised to compensate investors in civil cases, part of a broader push towards a U.S.-style system for initial public offerings, Reuters reported. "A sound securities civil compensation system is an important guarantee for the full implementation of the registration-based IPO system," the China Securities Regulatory Commission (CSRC) said in a statement on its website.
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Some dollar bonds of higher-rated Chinese developers were poised for their biggest-ever weekly drops, amid declines for many risk assets around the world, as ongoing worries about the property sector spread to stronger builders, Bloomberg News reported. Notes issued by CIFI Holdings Group Co. and Country Garden Holdings Co. fell at least 16 cents on the dollar this week to hit record lows, according to Bloomberg-compiled prices, plunging toward 50 cents. For China’s junk-rated dollar bonds overall, the average yield topped 25% for the first time Thursday in a Bloomberg index.
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New Zealand banks are calling on the Reserve Bank to delay implementation of new mortgage lending restrictions such as debt-to-income ratios as the housing market cools. Existing restrictions and rising interest rates are already slowing home-lending growth, and banks are concerned the introduction of further limits could have “unintended consequences,” the New Zealand Bankers Association said in a submission to the RBNZ posted on its website. It urged the central bank to assess the impact of market changes before using additional tools.
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Singapore’s Makara Capital, and asset reconstruction companies including JM Financial Asset Reconstruction Company and Asset Reconstruction Company (India) Ltd (ARCIL) are among some of the few entities that have submitted their Expressions of Interest (EoIs) to acquire Srei group companies under the consolidated corporate insolvency resolution process (CIRP), The Hindu reported. The deadline for submitting EoI ended late Saturday evening.
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Capital-hungry smaller Chinese startups are vying for speedy offshore listings by merging with blank-check firms at a time when Beijing's tighter scrutiny has slowed capital raising via overseas IPOs, company executives and bankers said, Reuters reported. As a string of special purpose acquisition companies (SPACs) hunt for targets to merge with, the startups see an opportunity to raise funds and get listed by cutting the time and regulatory rigour needed for traditional market debuts, they said.
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Gina Raimondo, the secretary of commerce, issued a stern warning on Tuesday to Chinese companies that might defy U.S. restrictions against exporting to Russia, saying the United States would cut them off from American equipment and software they need to make their products, the New York Times reported. The Biden administration could “essentially shut” down Semiconductor Manufacturing International Corporation or any Chinese companies that defy U.S. sanctions by continuing to supply chips and other advanced technology to Russia, Raimondo said.
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