The clock is ticking for the world’s most indebted developer, whose liquidity woes sparked a broader debt crisis in China’s property industry that’s gone on to engulf more home builders, threaten banks and pose growing challenges for President Xi Jinping, Bloomberg News reported. China Evergrande Group, once the country’s largest real estate firm, previously said it was on track to deliver a preliminary restructuring plan by the end of July. That leaves mere days for the builder with about $300 billion of liabilities, just as a shakeup stirs fresh uncertainties.
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Just one month after being declared free from bankruptcy, Indonesian flag carrier Garuda Indonesia announced Friday that it had added three Boeing 737-800 NG aircraft to its operation and would increase its flight frequency by 32 percent in August, xinhuanet.com reported. "This strategy aims to optimize the company's performance. We need to continue boosting operational capacity and restructure the company," Garuda Indonesia President Director Irfan Setiaputra said in a statement.
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Daewoo Shipbuilding & Marine Engineering may face a court-ordered rehabilitation process unless action is taken on a month-long strike there, the company’s main creditor Korea Development Bank said Friday, the Korea Herald reported. “It would be more difficult for DSME to repay its debts as the strike drags on … we’re not going to help the builder unless it gets back to work,” an executive at the state-run bank said, suggesting that the country’s third-largest shipbuilder would have no choice but to ask the court for help if the strike results in a poorer liquidity.
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Taiwan’s financial exposure to Sri Lanka, which declared bankruptcy earlier this month, was NT$3 billion (US$100.28 million) as of the end of last month, with most of it in the banking and the asset-management sectors, the Financial Supervisory Commission (FSC) said in a meeting on Thursday, the Taipei Times reported. Ten local banks had loans totaling NT$350 million — NT$290 million to Sri Lankan companies and NT$60 million to the nation’s financial institutions — as of the end of last month, down 44.6 percent from a year earlier, a commission tally showed.
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Indonesia has launched a crackdown on peer-to-peer (P2P) lenders through a new regulation and capital requirements, in a move that industry sources say should help clean up a booming online lending sector beset by consumer complaints, Reuters reported. The rules, announced this month by Indonesia’s financial services authorities (OJK), set a minimum capital requirement for lenders at a 25 billion rupiah ($1.67 million), up from 1 billion rupiah previously, with an additional demand to maintain at least 12.5 billion rupiah of equity at all times. The regulation took effect on July 4.
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Sri Lankan lawmakers on Wednesday elected an unpopular prime minister as their new president, a choice that risked reigniting turmoil in the South Asian nation reeling from economic collapse and months of round-the-clock protests, the Associated Press reported. The crisis has already forced out one leader, and a few hundred protesters quickly gathered after the vote to express their outrage that Ranil Wickremesinghe — a six-time prime minister whom they see as part of the problematic political establishment — would stay in power.
A group of angry suppliers to China Evergrande Group are threatening to stop paying their bank loans to protest the struggling developer's unpaid bills, hitting a property sector already reeling from a mortgage-payment boycott, Nikkei Asia reported. China has seen a wave of debt defaults among real-estate developers including Evergrande, which is saddled with about $300 billion in liabilities.
An Indian court agreed to send Future Retail Ltd. into bankruptcy, allowing the creditors to find a new owner for the beleaguered retailer that once operated the largest chain of department stores across the country and was the prized trophy for two retail sector giants, Bloomberg reported. The National Company Law Tribunal on Wednesday gave its verdict on a petition by Bank of India to start the bankruptcy-resolution process for the cash-strapped retailer. It dismissed allegations from the local unit of Amazon.com Inc.
New restrictions on U.S. dollars introduced last week by the Central Bank of Myanmar (CBM) have come as a crippling blow to businesses already struggling in an economic recession resulting from post-coup political turmoil and the COVID-19 pandemic, The Irrawaddy reported. The new restrictions saw the bank revoking the exemption from mandatory currency conversion given to companies with a minimum 10 percent foreign ownership.
Singapore law firms Advocatus Law, Solitaire LLP, WongPartnership, Latham & Watkins and offshore firm Ogier are advising on the downfall of cryptocurrency-focused hedge fund Three Arrows Capital Ltd (3AC), law.com reported. Until April this year, 3AC, which was established in 2012, had roughly $3 billion in assets under management. Its downfall was triggered in part by the collapse of algorithmic stablecoin, TerraUSD, and its sister token Luna in May.