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The liquidators of China Evergrande Group have received non-binding indicative offers for the developer’s majority stake in its property management arm, and potential bidders will be invited to submit final offers as soon as November, a filing showed, Reuters reported. Evergrande’s liquidators control a 51.016% holding in Evergrande Property Services Group according to the filing by the unit on Thursday. Evergrande Services had a market value of about HK$9.95 billion ($1.28 billion) before the announcement, LSEG data showed.
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The Supreme Court on Friday suggested major reforms in the Insolvency and Bankruptcy Code "to restore faith in the regulatory and insolvency framework,” even as it urged the government to come up with a revival fund to provide financing for stressed real estate projects undergoing insolvency proceedings, the Economic Times of India reported.
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Russia’s government is preparing a moratorium on bankruptcies in the metals sector to support heavily indebted companies hit by sanctions and high borrowing costs, the Kommersant business daily reported Wednesday, citing draft measures by the economy and industry ministries, The Moscow Times reported. Analysts told the newspaper that the proposal is aimed primarily at coal and steel producer Mechel, which is controlled by Igor Zyuzin.
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Russia’s central bank lowered its key interest rate for a third straight meeting as the economy and inflation slowed following two years of rapid expansion driven by government spending on the war in Ukraine, the Wall Street Journal reported. The Bank of Russia cut its key rate to 17% from 18% on Friday, having lowered borrowing costs in early June for the first time since 2022 and followed that up with a July cut. However, investors had expected a larger trim to 16%. “The economy continues to return to a balanced growth path. Lending growth has accelerated in recent months.
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European Central Bank policymakers were keeping their options open on Friday about possible future interest rate cuts, flagging an uncertain outlook for trade, energy prices and foreign exchange rates, Reuters reported. The European Central Bank left interest rates unchanged on Thursday and maintained an upbeat view on growth and inflation, leading traders to cut their expectations for any further reductions in borrowing costs.
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Beijing has warned Mexico to think twice before moving ahead with a plan to raise tariffs that could hurt Chinese automakers, saying it would retaliate against the measure, the Wall Street Journal reported. “At a time when the U.S.’s abuse of tariffs has sparked widespread global opposition, countries should strengthen communication and coordination to jointly safeguard free trade and multilateralism, and must not sacrifice the interests of third parties due to coercion,” a Chinese commerce ministry spokesperson said in a statement released late Thursday.
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China's central bank said on Friday it plans to better regulate cross-border yuan financing between banks, and promote offshore use of the Chinese currency, Reuters reported. China is ramping up the pace of yuan globalisation as Beijing seeks to reduce its reliance on the U.S. dollar amid simmering trade and geopolitical tensions with Washington. The People's Bank of China (PBOC) said in draft rules that it will introduce a counter-cyclical mechanism to manage cross-border, interbank yuan financing.
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Mexican President Claudia Sheinbaum on Thursday said her government was not looking for a conflict with countries on which it plans to increase tariffs, including China, Reuters reported. "We don't want a conflict," Sheinbaum told a morning press conference, adding the measures were intended to boost Mexico's economy and that her government was in talks with ambassadors from countries impacted by the proposed measures.
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New Zealand home prices will rise slower than previously expected through 2027 as a fragile economy weighs on buyer confidence despite aggressive monetary policy easing, a Reuters poll of property analysts showed. To revive an economy that slipped into recession last year the Reserve Bank of New Zealand (RBNZ) has slashed interest rates by 250 basis points since mid-2024 to 3.00% at its August meeting and also surprised markets by signalling more cuts by year-end. However, lower rates haven't sparked a rebound in housing demand like in neighbouring Australia.
South Korea's top security adviser Wi Sung-lac said on Friday that the government would talk to U.S. officials in order to provide clear visa guidelines for Korean companies operating there and to ease concerns for workers remaining in the United States, Reuters reported. Wi made the comments as the administration in Seoul seeks to avoid a repeat of a recent U.S. immigration raid on a battery factory that led to the arrest of hundreds of Korean workers.
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