Headlines

BitRiver, Russia’s largest crypto mining firm, is facing potential bankruptcy after a regional arbitration court opened insolvency supervision proceedings against its controlling shareholder, Decrypt.com reported. Igor Runets, BitRiver’s founder and chief executive, was reportedly placed under house arrest on tax evasion charges after a Moscow district court issued a ruling last week.

The bankruptcy court has admitted Smaaash Leisure, a premium bowling and entertainment format operator, under the corporate insolvency resolution process (CIRP) in an application filed by JC Flowers Asset Reconstruction after the company failed to repay its dues, the Economic Times of India reported. Mumbai-based Smaaash Leisure was originally known as PVR bluO Entertainment, which was subsequently sold by multiplex operator PVR to Smaaash Group in 2017 for about ₹86 crore.

Fictor Holding filed for bankruptcy protection in Brazil, with its holding company and a financing firm seeking to restructure 4 billion reais (about $763 million) in debt, Bloomberg reported. The Brazilian firm’s other companies, including Sao Paulo Stock Exchange-listed Fictor Alimentos, are not included in the filing, according to the report. Fictor said that it wants to pay creditors the full amount it owes but wants to block them from forcing it to pay for 180 days. The bankruptcy came about three months after the liquidation of Banco Master, according to the report.

China's property market, which at its peak once accounted for a quarter of the world's second-largest economy, has been struggling with a debt crisis since mid-2021 that has seen swathes of developers default on payments, Reuters reported. There have been some upbeat signs for the market this year, but developers and analysts urge caution. In January, authorities reportedly ended the "three red lines" policy of caps on debt ratios put in place to rein in borrowing - rules which sparked the debt crisis.

Klöckner Pentaplast (kp) has completed its restructuring under the US Chapter 11 process, resulting in the removal of around €1.3bn ($1.5bn) in funded debt from its balance sheet, EuroNews.com reported. The company’s exit from court oversight follows an injection of €349m in new capital as part of its plans to stabilise ongoing operations. Ownership of Klöckner Pentaplast has now shifted to a consortium of financial partners led by funds affiliated with Redwood Capital Management.

U.S. President Donald Trump on Monday said he had agreed on a trade deal with India that slashes U.S. tariffs on Indian goods to 18% from 50% in exchange for India lowering trade barriers, stopping its purchases of Russian oil and buying oil instead from the U.S. and ​potentially Venezuela, Reuters reported.

Australia's central bank was forced to reverse course and raise interest rates on Tuesday as it struggles to bring inflation under control in a supply-constrained economy, leaving markets wagering further hikes would be needed this year, Reuters reported. The Reserve Bank of Australia now joins the Bank of Japan as the only other developed-world central bank tightening policy at the moment. Markets are still priced for rate cuts in the U.S., UK and Canada, while the European Central Bank is widely expected to be on an extended pause.

Japan's manufacturing activity grew at the fastest pace in about three and a half years in January, a private-sector survey showed, as strong customer demand drove an increase in output and new orders, Reuters reported. The S&P Global Japan Manufacturing Purchasing Managers' Index (PMI) rose to 51.5 in January from 50.0 in December, the strongest level since August 2022. The 50.0 threshold separates expansion from contraction.

South Korea’s exports started the year on a strong note, with outbound shipments surging in January on more working days and robust semiconductor demand, the Wall Street Journal reported. Exports from Asia’s fourth-largest economy jumped 34% from a year earlier to $65.85 billion, following a 13% increase in December, according to preliminary data released by the trade ministry on Sunday. The January surge had been widely expected because of 3.5 additional working days due to the Lunar New Year holidays shifting to mid-February this year. That was much stronger than expectations.

China has been flooding Latin American markets with low-priced exports, especially cars and e-commerce goods, as its exporters adjust to US President Donald Trump’s tariffs and geopolitical moves, EuroNews.com reported. The world’s second-largest economy has become a major trading partner for many Latin American nations, seeking access to their abundant natural resources and growing markets while expanding its influence in a region Trump views as America’s backyard.