Asia

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.

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A creditor of Chinese electric car startup Byton filed a court petition for the embattled company's bankruptcy on Monday, a local court record showed, Dow Jones Newswires reported. A Shanghai-based software supplier has requested the court to start the bankruptcy proceedings for Nanjing Zhixing New Energy Vehicle Technology Development Co., or Byton, according to the court record. The court hasn't accepted the petition as Byton is seeking a settlement with the creditors, the company said in a statement.
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Bank of Korea Governor Lee Ju-yeol said the central bank will discuss raising its key interest rate from its next meeting in August after playing down the likelihood that the latest virus surge will dent the economy’s recovery, Bloomberg News reported. While the bank left rates unchanged at 0.5% at its policy meeting on Thursday, a call for a quarter percentage point hike from one member helped send Korea bond futures plunging and strengthened the won as investors boosted their hawkish bets for the BOK to move early.
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Realty developers Mantra Properties and Ashdan Developers are in fray to acquire Pune-based real estate developer D S Kulkarni Developers through the ongoing insolvency process with separate bids of over Rs 800 crore each, the Economic Times of India reported. While Mantra Properties has bid Rs 880 crore, Ashdan Developers has bid Rs 827 crore in the third revision of their plans to acquire the debt-laden company and its projects. The Committee of Creditors (CoC) is expected to take a final call on both the resolution plans this week.

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India's central bank has ordered Mastercard to stop adding new customers for failing to comply with the country's data storage rules, escalating a dispute between Indian authorities and U.S. financial services groups over the control of customer data, the Financial Times reported. The Reserve Bank of India said that Mastercard had not complied with rules introduced in 2018 that bar payment companies from transferring customer data overseas. The regulations, which were fiercely resisted by U.S. payment companies, required all financial data to be stored exclusively in India.

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Japan's financial regulator and central bank will launch a sweeping investigation into how well anti-money laundering measures work at regional banks and other local financial institutions, Nikkei has learned. The probe, which comes amid a spate of fraudulent money transfers in the country, could get underway this summer. An international assessment by the Financial Action Task Force (FATF) on money laundering, scheduled to be released in August, will likely point out inadequate internal control systems at Japanese financial institutions.
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Adani Enterprises Ltd. has taken control of Mumbai’s international airport from GVK Group, in a bold bet by billionaire Gautam Adani that travel will stage a rapid recovery after being crushed by the pandemic, Bloomberg News reported. The deal for Mumbai International Airport Ltd., India’s second busiest, makes Adani Airport Holdings Ltd. the nation’s largest airport infrastructure company, accounting for 25% of all passenger traffic and 33% of air cargo, according to a statement late Tuesday.
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India formally set up a bad loan bank as part of the nation’s ongoing efforts to remove one of the world’s largest piles of soured debt from the balance sheet of financiers and accelerate lending, Bloomberg News reported. The firm was registered as the National Asset Reconstruction Company Ltd. on July 7 with Padmakumar Madhavan Nair as the managing director, according to filings with the Registrar of Companies, where firms must register before becoming operational. NARCL’s paid-up capital is 746 million rupees ($10 million), according to the filing.
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Chinese builder Sichuan Languang Development Co. failed to repay a local bond, marking its first default in a domestic credit market grappling with rising debt failures, Bloomberg News reported. The company was not able to raise enough funds for the repayment on a 900 million yuan ($139 million) local bond that matured Sunday, which amounts to a default, according to a Monday statement from Languang to the Shanghai Clearing House. The builder said last week it might not be able to make the payment.
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China has prospered during much of the coronavirus pandemic as the world’s factory, making everything from face masks to exercise equipment for housebound consumers. Demand for its products doesn’t appear to be slowing even as Western economies reopen, the New York Times reported. China’s General Administration of Customs announced on Tuesday that the country’s exports surged 32.2 percent in June compared with the same month last year.
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