Headlines

The insolvency resolution process of Syska LED Lights has attracted interest from four parties-the company's promoter, Germany-based turnaround investor Mutares Group, Aikyam Stressed Asset Fund and Cyfuture India, the Economic Times of India reported. Lenders to Syska, once a leading name in LED production, have raised concerns over the validity of some of the bids due to the absence of formal board authorisation. Syska LED has admitted claims of around ₹226 crore.

With just days remaining in 2025, the wave of airline bankruptcies affecting small and mid-sized carriers shows no sign of slowing, AirGuide.info reported. Over the past several months, multiple airlines across Europe and North America have collapsed or entered insolvency proceedings. Icelandic low-cost carrier PLAY Airlines and Sweden’s Braathens Aviation both shut down operations during the fall after filing for bankruptcy within weeks of each other. Flag carrier Air Albania has also suspended all flights since early December, following Turkish Airlines’ decision to sell its 49% stake.

Beijing Jingcheng Machinery Electric Company Limited announced that its subsidiary Beijing Tianhai Cryogenic Equipment Co., Ltd., which is subject to a creditor-initiated liquidation process, has received a court decision appointing East & Concord Partners (Beijing) as the manager in the insolvency proceedings, TipRanks.com reported. The Beijing No.

The African Export-Import Bank (Afreximbank) will take losses on a $750 million loan to Ghana following the resolution of a dispute over the facility, Bloomberg News reported. On Thursday, Afreximbank announced that it had resolved the dispute with Ghana over the loan, but did not disclose whether it would formally absorb the losses on the debt. The Cairo-based lender said issues surrounding the 2022 facility had been settled “to the satisfaction of both parties,” without providing details of the agreement.

Bahrain plans to introduce new fiscal reforms aimed at bolstering public finances, with measures from increasing fuel prices to establishing a corporate income-tax law, The National reported. The Gulf nation will raise electricity and water tariffs, increased dividends from state-owned companies to support the public budget and enact a 20 per cent cut in administrative spending across all government agencies, Bahraini media reported on Monday.

Bank of Japan Gov. Kazuo Ueda said on Thursday that the central bank is getting closer to achieving its 2% inflation target, reaffirming his stance of seeking further interest-rate increases, the Wall Street Journal reported. “Amid tightening labor market conditions, firms’ wage- and price-setting behavior has changed significantly in recent years, and the achievement of the 2% price stability target, accompanied by wage increases, is steadily approaching,” Ueda said in a speech.

Mirae Asset Financial Group is considering an acquisition of Korbit, the fourth-ranked among Korea’s five digital asset exchanges, sparking speculation that the deal could shake up a market long dominated by Upbit and Bithumb, according to industry officials Monday, the Korea Times reported on Monday. The Seoul-based financial group has been centering on traditional finance since its founding in the late 1990s and has no prior involvement in crypto-related businesses.

Sberbank, Russia’s second-largest bank, issued the country's first bitcoin-backed loan to one of its largest bitcoin miners, calling the transaction a pilot and suggesting it was keen to issue more in the future, CoinDesk.com reported. “We believe this product will be relevant not only for cryptocurrency miners, but also for companies that own cryptocurrencies,” the bank said in a statement. It did not disclose the loan amount. The bank said it used its own crypto custody product, Rutoken, to hold the bitcoin used as collateral for the crypto loan.

Venezuela started shutting wells in a region that holds the world’s largest deposits of oil in the face of a blockade by the Trump administration meant to financially squeeze the nation, Bloomberg News reported. Petroleos de Venezuela SA began shuttering wells in the Orinoco Belt on Dec. 28 as the state-run refiner ran out of storage space and inventory swelled. PDVSA aims to reduce Orinoco Belt production by at least 25% to 500,000 barrels a day, the people said. The decrease represents a 15% cut of Venezuela’s overall output of 1.1 million barrels a day.

Bankrupt Irish property developer Sean Dunne has filed a fresh objection to the distribution of $3.8 million (€3.24 million) of the remaining assets in his dozen-year-old U.S. bankruptcy case, the Irish Times reported. U.S. Bankruptcy Judge Julie A Manning, sitting in Bridgeport, Conn. last week ordered payment of $2.8 million to his two ex-wives and about another $1 million in legal fees to the US bankruptcy trustee and his lawyers.