Commentary: What Critics of India’s Insolvency and Bankruptcy Code Get Wrong About the Recovery Model
Tsinghua Unigroup, a Chinese state-backed chip maker, said that it received court notice that one of its creditors had initiated bankruptcy proceedings for the group, The Epoch Times reported. Tsinghua Unigroup is a commercial arm of China’s Tsinghua University and an integral part of Chinese Leader Xi Jinping’s semiconductor self-reliance dream. One of its creditors had requested the court to initiate bankruptcy and reorganization proceedings due to Tsinghua Unigroup’s failure to repay debts and its glaring insolvency. The company is a key member of China’s microchip national team.
Indian farmers, protesting against new agriculture laws they say threaten their livelihoods, started a sit-in near parliament in the capital, renewing a push for a repeal of the laws, Reuters reported. In the longest-running growers' protest against Prime Minister Narendra Modi's government, tens of thousands of farmers have camped out on major highways leading to New Delhi for more than seven months.
The Olympics have long been an almost ideal forum for companies looking to promote themselves, with plenty of opportunities for brands to nestle ads among the pageantry and feel-good stories about athletes overcoming adversity — all for less than the price of a Super Bowl commercial, the New York Times reported. But now, as roughly 11,000 competitors from more than 200 countries convene in Tokyo as the coronavirus pandemic lingers, Olympic advertisers are feeling anxious about the more than $1 billion they have spent to run ads on NBC and its Peacock streaming platform.
The Biden administration’s business advisory on Hong Kong has generated more heat and light than appears justified by its contents, according to a Bloomberg Opinion. The fireworks may be a sign that the U.S. and China are content to let hostilities play out as diplomatic theater, and are reluctant to raise confrontation to a level that would meaningfully challenge the functioning of a key global financial center.
Asian stock markets were mixed after Wall Street rebounded and Japanese exports surged as investors tried to figure out how rising coronavirus infections will affect the global economy, the Associated Press reported. Shanghai, Tokyo and Sydney advanced, while Hong Kong and Seoul declined. Overnight, Wall Street’s benchmark S&P 500 index gained 1.5%, recovering much of the previous day’s loss. Japan’s government reported that June exports jumped 48.5% over a year earlier, beating forecasts.
The daughter of former Seoul Mayor Park Won-soon said her father left behind mountains of debt because he gave away the family fortune to various organizations, including women's groups, before he died last year, UPI reported. Jung Chul-seung, the family's legal counsel, said that the statement from the woman, who remains unidentified, was part of a recent conversation, Dong-A Ilbo and Asia Business reported.