City Developments Ltd, run by Singapore’s richest property dynasty, reported a first-half loss on the fallout from the pandemic and said it is mulling a deeper China presence after being stung by write downs on an earlier investment, Bloomberg News reported. Travel restrictions caused revenues to decline at the firm’s hotel operations and investment properties, while the withdrawal of Covid tax relief plans contributed to a S$32.1 million ($23.7 million) loss in the first six months.
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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
- Micronesia
- Mongolia
- Myanmar
- Nepal
- New Zealand
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Taiwan
- Tajikistan
- Thailand
- Turkey
- Uzbekistan
- Vanuatu
- Vietnam
Chinese regulators have barred cosmetic surgery loans from structured debt products, a warning shot for the country’s big -- and controversial -- plastic surgery industry, Bloomberg News reported. The Shanghai and Shenzhen stock exchanges banned consumer debt linked to cosmetic procedures from asset-backed securities traded on the exchanges. The rule applies to new issues and won’t take effect retroactively, said the person, who declined to be identified discussing non-public information.
New Zealand said it won’t loosen its stringent border-control and quarantine procedures until next year as it doubles down on its zero-Covid-19 approach to the pandemic, with plans to consider for entry only vaccinated travelers from low-risk countries starting in early 2022, the Wall Street Journal reported. The Pacific nation of some 4.9 million people has been closed to virtually all travelers since March 2020. That approach has been credited for keeping its Covid-19 infection rate among the lowest in the world, with 26 reported deaths since the pandemic began.
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Facing possible bankruptcy, the city of Kyoto has drafted a financial restructuring plan that would trim its bureaucracy, reduce the number of elderly residents eligible for bus and subway discounts and cut spending on day care centers, the Japan Times reported. “I deeply regret the fact that we’ve been forced to rely on special measures in order to manage our finances,” Kyoto Mayor Daisaku Kadokawa said Tuesday when announcing the plan.
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The National Company Law Tribunal (NCLT) Mumbai on August 6 dismissed an application seeking the closure of Rolta India’s Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC), the Times of India reported. A consortium of lenders to Rolta represented by advocates Rohit Gupta and Nausher Kohli had opposed a plea for closure of the process, saying that they have an outstanding of around Rs 5,400 Crores.
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There are seven bidders, including a couple of Asset Reconstruction Companies who have expressed preliminary interest to take over the beleaguered eye care chain Vasan Eye, the Times of India reported. The last date for submission of early interest ended July 19. The NCLT appointed resolution professional had called for early interest for Vasan Eye Care. India’s largest eye care chain Dr Agarwal’s Eye and MGM Hospital’s promoter MK Rajagopalan, Dr GSK Velu’s MaxiVision are among the list of bidders. Dr Amar Agarwal and MK Rajagopalan did not wish to comment on the bid.
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China Evergrande Group’s stock and bonds jumped Wednesday after the company said it’s in talks to sell stakes in two of its units, potentially injecting fresh funds into the cash-strapped property firm, Bloomberg News reported. The discussions involve “several independent third-party investors,” the company said in a statement to the Hong Kong exchange late Tuesday. Talks involve Evergrande stakes in its electric vehicle start-up and property services units.
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The regulatory storm that washed billions from Chinese corporate valuations in the name of curbing excesses exposes not only the policy risk under President Xi Jinping's increasingly activist tenure, but also the uncertainty over implementation, Reuters reported. Xi's campaign to clamp down on industries ranging from internet platforms and bitcoin to ride-hailing giant Didi Global and tutoring marks a historic shift as he prioritises broad-based prosperity over the all-out growth pursued for decades by China.
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The number of corporate bankruptcies in Japan fell at the fastest rate this year to hit the lowest in 50 years for a July, thanks to funding support from the government and banks, a private-sector credit research firm said on Tuesday, Reuters reported. There were 476 company bankruptcies in July, down 40% from the same month a year ago, Tokyo Shoko Research showed, pointing to government help for corporate financing amid a resurgence of the COVID-19 pandemic.
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Centerra Gold Inc. said it turned a loss for the second quarter after the seizure of the Kumtor Mine and the continuing actions by the Kyrgyzstan government, Dow Jones Newswires reported. The Toronto-based gold miner on Tuesday posted a net loss of $851.7 million, compared with a profit of $80.7 million in the year-ago period. It reported a loss of $2.87 a share, compared with a profit of 27 cents a share in the same period last year.