Asia

Those in the business of mining cryptocurrencies are rushing to leave China, which had accounted for 60% of global bitcoin mining, as the nation tightens restrictions on such activities, Nikkei Asia reported. China, which is already testing a digital yuan, has moved early to rein in other virtual currencies, sparking widespread disruption. The government in May announced tougher restrictions targeting cryptocurrency mining and transactions.
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Hyflux Ltd.’s judicial manager brought a plan to liquidate the Singapore company before a court on Monday, following a years-long saga in one of the city-state’s most high-profile distressed cases, Bloomberg News reported. The hearing comes after the court-appointed manager in charge of the water treatment company since November applied last month to wind up the firm. Judicial manager Borrelli Walsh Ltd. said in a statement in June that “the remaining value” of the Hyflux Group is best realized in a liquidation.
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Singapore property group City Developments Limited (CDL) has said it will continue to limit further exposure to a China unit, which is now facing a bankruptcy claim, the Straits Times reported. CDL reiterated in a filing to the Singapore Exchange on Thursday that it has "ring-fenced its current financial exposure" to its investment in Sincere Property, and will not support the unit's continuing financial obligations. "Despite the bankruptcy proceedings, the group will continue to strenuously protect its position and limit further exposure," said CDL.
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Tsinghua Unigroup Co., a key player in China’s push for self-reliance in semiconductors, said Friday that one of its creditors has asked a court to begin bankruptcy proceedings for the group, the Wall Street Journal reported. The state-backed chip maker said that it had received a notice from a Beijing court saying that Huishang Bank Corp Ltd. , a Hong Kong-listed bank based in Anhui province, has requested the court to start bankruptcy and reorganization proceedings, on the grounds that it has failed to repay its debts, according to a Unigroup filing to the Shanghai Stock Exchange.
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Malaysia will lower its economic growth outlook for this year due to movement restrictions against Covid, the country’s finance minister said, signaling the government may forecast expansion around 4%, Bloomberg News reported. While there’s optimism that the current surge in cases can be contained and lockdowns can be eased, the government still expects to lower its gross domestic product estimate for 2021, Finance Minister Tengku Zafrul Abdul Aziz said on Monday.

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The bankruptcy hearing of Terence Loh, the co-founder of Novena Global Healthcare (NGH) on Thursday (July 8) resulted in the High Court granting the order, The Singapore Independent reported. His proposal to the High Court last April for a “white knight” to seek refinancing for his loan of $24 million with DBS Bank fell through. Moreover, he planned on entering a voluntary arrangement with his creditors, so he could repay them. But by June, his lawyer, Muralli Rajaram of K&L Gates Straits Law, told the High Court that he would no longer proceed with the voluntary arrangement.
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The National Company Law Appellate Tribunal (NCLAT) has closed the insolvency proceedings against Oyo and its subsidiary Oyo Hotels and Homes (OHHPL), the Times of India reported. The tribunal’s order disallowed the intervention of external parties, including the Federation of Hotel & Restaurant Associations of India (FHRAI), in the matter.
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Singapore’s richest property dynasty pledged to continue to limit its exposure to its cash-strapped China unit, which is now facing a bankruptcy claim, Bloomberg News reported. City Developments Ltd. said that it has “ring-fenced its current financial exposure to its investment” in Chongqing Sincere Yuanchuang Industrial Co. and “will not support” the continuing obligations of the Chinese developer. “Despite the bankruptcy proceedings, the group will continue to strenuously protect its position and limit further exposure,” CDL said in a statement filed to the Singapore Exchange on Thursday.
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Indonesia’s finance minister expects the budget deficit to stay elevated next year as the nation’s worst coronavirus surge hampers the recovery and efforts to boost state revenue, Bloomberg News reported. The fiscal shortfall could reach 4.7%-4.8% of gross domestic product in 2022, Finance Minister Sri Mulyani Indrawati told Bloomberg Television’s Haslinda Amin. That’s near the top end of the government’s 4.5%-4.85% projection. “We’ll try very hard to return to fiscal discipline in 2023. But at the same time, we’ll also be very pragmatic,” Indrawati said.
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Sri Lanka’s central bank said it will dip into its foreign exchange reserves to partly repay $1 billion of bonds maturing later this month, seeking to allay investors’ concern about a possible default, Bloomberg News reported. There may be some inflows to the government coming in July, which could also be used toward the debt obligation, Governor Weligamage Don Lakshman said at a press conference in Colombo on Thursday. The nation’s reserves stood at about $4 billion, according to a central bank statement last month.
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