New Zealand Prime Minister Jacinda Ardern put the nation into a three-day lockdown after the discovery of the first community case of Covid-19 since February, Bloomberg News reported. The snap lockdown will begin at midnight tonight as authorities rush to identify the source of a single infection in largest city Auckland, Ardern said at a news conference Tuesday in Wellington. While genome sequencing has yet to be completed, the case is assumed to be the highly infectious delta variant, she said.
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The Indian Supreme Court declined to interfere with the stay on the insolvency resolution process of Videocon Industries Ltd, Bloomberg Quint reported. The top court was not inclined to express any opinion on the merits of the case, a bench presided by Justice L Nageswara Rao said while hearing a petition filed by the successful bidder, Twin Star Technologies Ltd.—owned by billionaire Anil Agarwal's Volcan Investments Ltd., the parent of Vedanta Group. The bench, also comprising Justice Aniruddha Bose, asked the National Company Law Appellate Tribunal to expeditiously decide on the issue.
Japan stepped back into economic growth in the second three months of 2021, but prospects for a more robust recovery looked dim as the country grappled with its worst coronavirus outbreak since the pandemic began, the New York Times reported. The country’s economy, the third-largest after the U.S. and China, grew at an annualized rate of 1.3 percent during the April-to-June period, recording a quarterly increase of 0.3 percent. The expansion followed a quarter-to-quarter drop of 0.9 percent in the previous three-month period.
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China's factory output and retail sales growth slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted business operations, adding to signs the economic recovery is losing momentum, Reuters reported. Industrial production in the world's second largest economy increased 6.4% year-on-year in July, data from the National Bureau of Statistics (NBS) showed on Monday. Analysts had expected output to rise 7.8% after growing 8.3% in June. Retail sales increased 8.5% in July from a year ago, far lower than the forecast 11.5% rise and June's 12.1% uptick.
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The management of troubled private oil refiner Liaoning Bora Enterprise Group has been taken over by government officials from China’s Panjin city amid a tax probe that could lead to heavy fines and possible insolvency, Bloomberg News reported. A team led by officials from the north-eastern city, where the conglomerate is based, has been appointed to run the company from this month. Bora is seeking to restructure and avoid collapse due to mounting financial woes brought on by large amounts of unpaid taxes.
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China's months-long regulatory crackdown has included big names in e-commerce, the gig economy, exam cramming and most recently online insurance. Close to $1 trillion in market value has been wiped out since February, Reuters reported. For big firms that also list on markets like Wall Street because it brings in international investment, 2021 is already the worst year since the global financial crisis. Many analysts are convinced things will settle, but only the Beijing ruling elite know if and when that might be.
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Sydney Airport Holdings Pty Ltd on Monday rejected an improved A$22.80 billion ($16.81 billion) bid from a group of infrastructure investors, saying that it undervalued the airport operator, but that it was open to a higher offer, Reuters reported. The new offer valued Sydney Airport at A$8.45 per share, 2.4% higher than the previous offer of A$8.25 a share, and a more than 9% premium to the stock's Friday close.
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A Covid outbreak that has partially shut one of the world’s busiest container ports is heightening concerns that the rapid spread of the delta variant will lead to a repeat of last year’s shipping nightmares, Bloomberg News reported. The Port of Los Angeles, which saw its volumes dip because of a June Covid outbreak at the Yantian port in China, is bracing for another potential decline because of the latest shutdown at the Ningbo-Zhoushan port in China, a spokesman said.
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Indonesia's trade surplus is expected to show an expansion in July after the government imposed mobility restrictions to control a spike in COVID-19 cases, squeezing exports and imports, a Reuters poll showed on Friday. Southeast Asia's biggest economy has been enjoying an export boom on the back of high commodity prices, allowing for a trade surplus every month since May of 2020. The median forecast of 10 analysts in the poll was for a July trade surplus of $2.27 billion, up from the previous month's $1.32 billion.
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China is halting private equity funds from raising money to invest in residential property developments, turning off the spigot on one of the last stable funding resorts for the struggling sector, Bloomberg News reported. The government-endorsed Asset Management Association of China, or AMAC, has verbally informed private equity firms it would no longer be accepting the required registrations to set up funds to invest in projects. Applications that have already been made would also be denied, while existing funds wouldn’t be affected.
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