The last time a freshly minted Labour government unabashedly campaigned on an ambitious national industrial policy to revive the British economy was 50 years ago, and the results were generally viewed as disastrous, the New York Times reported. The 1974 program of subsidies, state ownership and power sharing among business, unions and government resulted in strikes that paralyzed the nation. And the government’s goal of picking industrial winners turned into a policy of backing losers like the automaker British Leyland and British Steel Corporation.
Nigeria’s annual inflation quickened for an 18th straight month, raising the prospect of another interest-rate increase when the central bank meets next week, Bloomberg News reported. Consumer prices rose 34.2% in June from 34% a month earlier, according to data published on the website of the National Bureau of Statistics on Monday. The median estimate of eight economists in a Bloomberg survey was 34%. The main drivers of the acceleration were higher rental, transport and grain costs.
A Hong Kong court gave Chinese property developer Kaisa Group a seven-week respite on Monday to finalise a debt restructuring plan, adjourning a hearing on a liquidation petition for what it said could be the last time, Reuters reported. The High Court adjourned the hearing to Aug. 12 after the petitioner representing a key group of bondholders agreed to Kaisa's request for more time. The Shenzhen-based developer has been working to restructure its offshore debt since defaulting on $12 billion in offshore debt payments in late 2021.
British inflation fell back to the Bank of England’s 2% target for the first time in almost three years, a milestone that likely comes too late to improve the political fortunes of Prime Minister Rishi Sunak before the looming election, Bloomberg News reported. Consumer price increases eased in May from 2.3% the month before, the Office for National Statistics said on Wednesday.
Insolvency Appellate Tribunal NCLAT has upheld orders approving Adani Goodhomes' resolution plan for realty firm Radius Estate with a 93 percent haircut for creditors, the Economic Times of India reported. A two-member bench comprising the NCLAT Chairman rejected the petitions by two dissenting financial creditors, saying it was "commercial wisdom" of the Committee of Creditors (CoC), which approved the payout to different creditors.
Property firm China Evergrande Group said on Tuesday its liquidators have made only "modest realisations" of the company's assets and were now seeking investors for restructuring, Reuters reported. The embattled developer's "liquidity and other internal resources remain limited," a filing by the company showed.
China's economy is set to grow 5% this year, after a "strong" first quarter, the International Monetary Fund said on Wednesday, upgrading its earlier forecast of 4.6% expansion though it expects slower growth in the years ahead, Reuters reported. The global lender's new projections come as Beijing steps up efforts to shore up an uneven recovery in the world's second-biggest economy, which has stumbled in the face of a protracted property crisis and its ripple effects across investors, consumers and businesses.
The company that operates retailers Ted Baker, Lucky Brand and Brooks Brothers plans to close a number of stores in Canada and the U.S. after months of declining sales pushed the operations into insolvency proceedings, the Globe and Mail reported. Ted Baker Canada announced the launch of liquidation sales on Friday, covering nine out of 25 Ted Baker stores in Canada and all of the brand’s locations in the U.S. The sales also affect all Brooks Brothers and Lucky Brand stores in Canada. The company has shut down its e-commerce operations for the time being.
Sri Lanka will hand over management of its $209 million Chinese-built airport to two Indian and Russian companies, a cabinet statement said on Friday, as the island nation attempts to reduce losses from its state enterprises. Mattala Rajapaksa International Airport (MRIA), funded by China EXIM Bank, has stoked controversy since its opening in 2013 due to a low number of flights, environmentally sensitive location and persistent financial losses. The airport's management will be handed over to Shaurya Aeronautics (Pvt) Ltd.
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted the listed road infrastructure company, Sadbhav Engineering, under the corporate insolvency resolution process in an application filed by its operational creditor, SS Infra, the Economic Times of India reported. The tribunal has also appointed Sanjay Kumar Agarwal as the interim resolution professional (IRP) of the company.