A year ago, Hertz Global Holdings Inc. entered bankruptcy, its car rental business having fallen victim to COVID-related lockdowns, Bloomberg Opinion reported. Now, in a dramatic resurrection, not only has it emerged from protection, but institutional investors have bid up the stock to take control of the venerable company — so much so that Hertz was able to cover its debt in full and supply a handsome payout to shareholders who stuck with it through the bad times. Indeed, it was one of the first meme stocks, with loyalists buying it even as its fortunes tanked.

China's No. 2 mobile chip developer Unisoc is searching for new anchor investors at a high valuation as it tries to distance itself from its troubled parent Tsinghua Unigroup and pave the way for a long-awaited initial public offering, Asia Nikkei reported. Unisoc is hoping to find buyers willing to pay 20 billion yuan ($3.1 billion) for Tsinghua's 35.2% stake, according to people familiar with the discussions. Tsinghua is under pressure to sell after missing a string of bond repayments since last November.

More Japanese companies have decided against sending executives to Friday’s opening ceremony for the Tokyo Olympics as concerns about holding the games during the pandemic grow, Bloomberg reported. Senior officials from Nippon Telegraph & Telephone Corp., Fujitsu Ltd. and NEC Corp. will skip the event given that organizers decided to hold the games without spectators, spokespeople for the technology giants said Tuesday, a day after Toyota Motor Corp. announced its top executive wouldn’t attend.

Global stock markets swooned Monday, with the Dow slumping more than 700 points, as investors are growing increasingly anxious about a delta-led resurgence in coronavirus cases and its potential to derail the economic recovery, The Washington Post reported. Oil prices also fell sharply. The delta variant is now the dominant strain worldwide and surging rapidly, even in countries with high vaccination rates. New coronavirus infections in the U.S. rose nearly 70 percent in a single week, officials reported Friday, and nearly every state has reported an increase in cases.

Tsinghua Unigroup, a would-be microchip champion, is facing bankruptcy, a setback in China’s quest for semiconductor self-reliance, the New York Times reported. In 2015, an obscure company run by a real estate mogul woke up the world to China’s ambitions in semiconductors, the foundational technology that powers computing. Laden with state funding and political backing, the company made jaws drop with a $23 billion bid to buy American chip-maker Micron. Six years on, China’s would-be microchip champion looks more like a national disappointment.

The recovery as a percentage of gross nonperforming assets moderated to 12.8 percent in 2020-21 from 15.8 percent in the previous fiscal year against the backdrop of the pandemic, Minister of State for Finance Bhagwat K Karad informed India’s Parliament on Monday, the Business Standard reported. As per Reserve Bank of India data on global operations, he said, scheduled commercial banks (SCBs) have recovered an amount of Rs 4,18,687 crore during the last three financial years.

Another front has opened up in the Pacific telecom cold war, with the Australian government committing to fund Telstra's acquisition of debt-laden Digicel Pacific, Lightreading.com reported. Telstra has confirmed it is in talks with local management of the Digicel Group, a Jamaica-headquartered firm that runs around 30 small telcos in the Caribbean, Central America and the south Pacific. The operator said in a statement Monday that the Australian government had promised to provide most of the funds should a deal be reached.

Garuda Indonesia posted a net loss of $2.4 billion in 2020, with its auditor raising concerns over the continuity of the Southeast Asian country's flagship airline, Nikkei Asia reported. The net loss is Garuda's biggest since at least 2005, the oldest available data on Quick-Factset, and marks a staggering increase from the $38.9 million loss it reported the previous year. The figures, posted to the Indonesian Stock Exchange late Friday, further highlight the dire situation the company faces.

The Shenzhen Intermediate People's Court in South China's Guangdong Province on Monday granted a personal application for bankruptcy protection, the first such case since relevant laws went into effect in March, the Global Times reported. The application was filed by Liang Wenjin, a local entrepreneur in the Bluetooth earphone industry whose company went bankrupt due to unstable sales and the effect of the COVID-19 pandemic.