Headlines

Country Garden Holdings, one of the biggest casualties of China’s real estate crisis, is wrapping up its US$14.1 billion offshore debt restructuring after more than two years, with creditors likely to approve its plan in a vote on Wednesday (Nov 5), Bloomberg News reported. The vote represents a milestone for the developer after years of negotiations as it sought to avoid the fate of its peer China Evergrande Group, which was ordered to liquidate in 2024. It’s also a sign of some stability amid a years-long property slump that has triggered US$130 billion of defaults.

Klöckner Pentaplast (kp), a German producer of rigid and flexible packaging and specialty films, has entered a Restructuring Support Agreement (RSA) with a majority of its financial shareholders to implement a broad financial restructuring plan, GlobalData.com reported. The plan is expected to trim approximately €1.3bn ($1.49bn) from the company’s funded debt, with the objective of reinforcing its balance sheet and increasing financial flexibility. Following the completion of the plan, ownership of the company will shift to certain financial partners.

Azul S.A. announced that the U.S. Bankruptcy Court for the Southern District of New York approved its disclosure statement, allowing the company to solicit votes on its chapter 11 reorganization plan, TipRanks.com reported. Additionally, the court approved Azul’s backstop commitment agreement, which secures $650 million to support the company’s planned capitalization. Read more.

A private gauge of China’s manufacturing activity showed Chinese factories continued to expand production in October, albeit at a slower pace, signaling weaker growth momentum heading into the fourth quarter of the year, the Wall Street Journal reported. The RatingDog China General Manufacturing Purchasing Managers’ Index, compiled by S&P Global, declined to 50.6 last month from 51.2 in September, according to a statement released on Monday.

Canada's services economy expanded in October for the first time in 11 months as businesses showed signs of adjusting to economic uncertainty, S&P Global's Canada services PMI data showed on Wednesday, Reuters reported. The headline Business Activity Index rose to 50.5 last month from 46.3 in September, posting its first move above the 50 threshold since November last year. A reading above 50 shows expansion in the sector. The new business index was in contraction for an 11th straight month even as it improved to 48.8 from 48.1 in September.

Canada will move to regulate fiat-backed stablecoins, the government announced Tuesday in its 2025 budget. The plan would create a legal framework for the issuance and use of stablecoins within Canada, aiming to bring oversight and clarity to a fast-growing corner of digital finance, Decrypt.com reported. “This legislation will require issuers to maintain and manage adequate asset reserves, establish redemption policies, implement risk management frameworks, and protect the sensitive and personal information of Canadians,” the budget said.

Hong Kong authorities have charged 16 people, including influencer and former lawyer Joseph Lam Chok, over their alleged involvement in the $205 million (HK$1.6 billion) JPEX crypto fraud, Decrypt.com reported. The suspects were accused of fraud, conspiracy to defraud, and money laundering under Hong Kong’s anti-money-laundering law after a two-year investigation into the unlicensed exchange, according to a report from South China Morning Post.

The chief executive of Lloyds Bank has said an £11bn car finance compensation scheme risks putting foreign investors off Britain, the Telegraph reported. Charlie Nunn said that the Financial Conduct Authority’s (FCA) planned redress scheme for drivers who claim they were mis-sold car loans risked becoming an “investability issue” for Britain. Mr Nunn said the “scheme as it’s currently proposed” would give a “windfall ... that isn’t linked to harm and wouldn’t be fully proportionate”.

German manufacturing orders and industrial production in France rebounded in September, signaling a recovery in the factory sector after trade uncertainty dented demand over the summer, the Wall Street Journal reported. Total orders rose 1.1% on month in Germany, swinging from a 0.4% fall in August, statistics agency Destatis said Wednesday. Meanwhile, industrial output in France climbed 0.8% on month, offsetting much of the 0.9% fall in the prior month, France’s statistics agency Insee said.

Unemployment in the State currently stands at 5 per cent as 147,400 people found themselves out of work, according to new data from the Central Statistics Office (CSO), with youth unemployment proving especially intractable, the Irish Times reported. “The traditional July spike in youth unemployment, which usually eases by autumn, has not done so this year,” said Grant Thornton economist Andrew Webb.