A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines after the High Court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman's assets in India, the Tribune of India reported.
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The European Commission wants to propose in 2023 a more unified way of taxing companies in the European Union, hoping that such rules, which have failed to win support in the past, will stand a better chance if they follow global OECD solutions expected this year, Reuters reported. The Commission will present a plan on Tuesday including this proposal and other measures for adjusting the EU's business taxation to make it more up to date with the modern world, where cross-border business, often carried out via the Internet, is commonplace.
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Russia's largest standalone oil processing plant, the Antipinsky oil refinery, was sold on Tuesday for almost 111 billion roubles ($1.50 billion) as part of bankruptcy proceedings, an online sale platform showed, Reuters reported. The online platform showed that a company called Rusinvest completed the purchase of the plant located in West Siberia. Most of Russia's oil refineries are controlled by big oil companies, such as Rosneft and Lukoil.
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Britain's unemployment rate fell again to 4.8% between January and March, when the country was under a tight lockdown, and hiring rose further in April, according to data that showed employers gearing up for the easing of curbs, Reuters reported. Economists polled by Reuters had expected the rate to hold at 4.9%, and the reading added to signs that the labour market will escape the severe hit feared at the onset of the coronavirus pandemic, thanks mostly to government jobs subsidies.
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Ireland will increase a tax on the bulk buying of homes, amid growing outrage over investment funds hoovering up real estate and squeezing out first-time buyers, Bloomberg News reported. The government will raise stamp duty to 10% on purchases of 10 or more residential houses, Finance Minister Paschal Donohoe said late on Tuesday in Dublin. The current levy is 1% on homes of below 1 million euros ($1.2 million) and 2% above that level. The increased tax will apply to bulk purchases as well as the acquisition of 10 or more units over a year, though not to apartment blocks.
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Lufthansa said on Tuesday that it was seeing a surge in demand for flights to the United States and to European destinations following a loosening of German travel restrictions as coronavirus case numbers decline, Reuters reported. Demand for summer flights to New York, Miami and Los Angeles has increased by up to 300%, the German airline group said, adding it would lay on extra flights from June and has restarted services to Orlando and Atlanta.
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While Norwegian Air is focusing on a massive restructuring process, attempts to raise new capital, and emerge from bankruptcy in Ireland and Norway, the airline’s employees in France, who were left jobless and uncompensated, are taking legal action to push the air carrier’s subsidiary Norwegian Air Resources France into liquidation, AeroTime reported.
Developer Richard Dineen has lost an appeal related to the order of the Irish High Court to adjudicate him bankrupt 18 months ago, the Irish Examiner reported. The Limerick developer had taken issue in the Court of Appeal with the figures used and calculated which grounded the petition resulting in an order for bankruptcy made in November 2019. Mr. Dineen had debts running to millions of euros at the time. Dismissing the appeal, Ms. Justice Baker along with Mr Justice Seamus Noonan and Ms.
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Tullow Oil has raised $1.8bn via a bond offering to repay existing debt, ending a tense refinancing process the company had warned posed a “significant risk” of insolvency proceedings had it ended in failure, the Financial Times reported. The Africa-focused group, which has endured a difficult few years since it slashed its production outlook and parted ways with its former chief executive at the end of 2019, will use the proceeds to repay loans including bonds due this year as well as a lending facility linked to its oil reserves.
The Bank of England said on Friday that it had approved the “bail-in” of $595 million of loans that a British-based financial company made to the major Ukrainian lender PrivatBank before it was nationalised in 2016, Reuters reported. The bank’s nationalisation has been subject to lengthy litigation in Ukraine, and the International Monetary Fund last year made successful resolution of the legal issues a condition for financial aid.
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