The lawyer handling the insolvency of Greensill Capital’s bank in Germany has asked his counterparts in the U.K. and Australia to cooperate on sifting through what’s left of the supply chain finance firm, Bloomberg News reported. The administrators should work together on securing and managing the firm’s assets, according to a spokesman for Michael Frege, the lawyer handling the insolvency of Greensill Bank AG. Frege filed a lawsuit in London to safeguard the legal position of the bank, the spokesman said Wednesday. The case was filed earlier this week, according to court records.
Resources Per Country
- Afghanistan
- Armenia
- Australia
- Azerbaijan
- Bangladesh
- Brunei
- Cambodia
- China
- Cook Islands
- Cyprus
- Fiji
- Georgia
- Hong Kong
- India
- Indonesia
- Japan
- Kazakhstan
- Kyrgyzstan
- Laos
- Macau
- Malaysia
- Maldives
- Mongolia
- Myanmar
- Nepal
- New Zealand
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Taiwan
- Tajikistan
- Thailand
- Turkey
- Uzbekistan
- Vanuatu
- Vietnam
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China’s economic recovery picked up a surprising amount of steam in March, boosted by strong domestic consumption and unquenchable foreign demand for Chinese-made goods, the Wall Street Journal reported. The country’s official manufacturing purchasing managers index, a gauge of factory activity, hit a three-month high of 51.9 in March, topping February’s reading of 50.6 with the 50 mark separating expansion from contraction, according to data released Wednesday by the National Bureau of Statistics.
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The brokerage arm of Japan’s Mitsubishi UFJ Financial Group on Tuesday flagged potential losses of around $300 million at its European subsidiary related to an unnamed U.S. client, Reuters reported. The potential loss does not have any material impact on the business capability of the securities arm, or its European unit, Mitsubishi UFJ Securities Holdings Co Ltd said in a statement. It did not name the U.S. client. However, the revelation comes after global banks, including rival Nomura Holdings, were bracing for the fall-out from the downfall of hedge fund Archegos Capital.
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The coming weeks in Australia could bring on the biggest economic shock since the pandemic itself, with the end of the $90 billion JobKeeper wage subsidy scheme, ABC.net.au reported. Business owners, bureaucrats and insolvency experts are cautiously awaiting the fallout. Insolvency laws were essentially placed on hold during the pandemic, due to the rolling uncertainty and how difficult it was to predict future business. As a result, the number of companies winding up halved in 2020, despite Australia being in its first recession in three decades.
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Lim Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading Pte Ltd, is expected to face another 23 charges of forgery-related offences soon, Singapore’s prosecution said, Reuters reported. The 23 charges are expected to be tendered on April 8, Deputy Public Prosecutor Navin Naidu told a Singapore court on Monday. The Singapore Attorney-General’s Chambers confirmed the prosecutor’s comments. Last year, Singapore police charged the 78-year-old former oil tycoon, better known as O.K. Lim, with two counts of abetment of forgery for the purpose of cheating. Owned by O.K.
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Mitsubishi UFJ Financial Group Inc. joined a growing list of global financial firms to take a hit from the forced unwinding of bets by Bill Hwang’s Archegos Capital Management in one of the biggest margin calls of all time, Bloomberg News reported. Japan’s largest bank warned of a potential $300 million loss related to a U.S. client, a hit that’s linked to Archegos. Lenders are just starting to tally the carnage stemming from the liquidation of more than $20 billion of positions linked to Hwang’s New York-based family office, which has roiled stocks from Baidu Inc. to ViacomCBS Inc.
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Indian shares rose on Tuesday, lifted by gains in bank shares after steel conglomerate JSW Steel completed an insolvency process, allowing lenders to recover some of their bad loans, Reuters reported. JSW Steel said on Friday that it completed a resolution plan for Bhushan Steel and Power, including a payment of 193.50 billion rupees ($2.66 billion) to financial creditors. “The JSW Steel resolution has given impetus to the banks as many of them were lenders to the bankrupt company,” said Anita Gandhi, director at Arihant Capital Markets.
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Pakistan is selling a $2.5 billion dollar bond that will be a key test of investor sentiment after the resumption of a $6 billion bailout program with the International Monetary Fund, Bloomberg News reported. The South Asian nation is offering the notes in three parts, people familiar with the matter said, asking not to be identified because they’re not authorized to speak about it. The debt deal comes amid a flurry of developments in recent days, as Pakistan’s economy grapples with continued fallout from the pandemic.
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Turkey is re-introducing weekend lockdowns in most of its provinces and will also impose restrictions over the Muslim holy month of Ramadan following a sharp increase in COVID-19 cases, the Associated Press reported. Infections in Turkey have soared less than a month after authorities divided the 81 provinces into four color-coded categories and relaxed restrictions in some provinces under a “controlled normalization” effort. The number of infections hit a record on Tuesday, with the Health Ministry confirming 37,303 new cases in the past 24 hours.
AirAsia Group Bhd. posted a record loss in the fourth quarter and said revenue plunged 92% from a year earlier as coronavirus restrictions affected travel demand internationally and in Malaysia, Bloomberg News reported. The airline, a low-cost pioneer in Asia, posted a net loss of 2.4 billion ringgit ($590 million) for the three months through December, taking its loss for the year to 5.1 billion ringgit. “While international borders remained closed, the group focused on resuming limited domestic operations in the areas we operate,” the company said in a statement Monday.
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