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Ukraine's overseas creditors have backed its request for a two-year freeze on payments on almost $20 billion in international bonds, according to a regulatory filing on Wednesday, a move that will allow the war-torn country to avoid a debt default, Reuters reported. With no sign of peace or a ceasefire on the horizon nearly six months after Russia's invasion began on Feb. 24, bondholders have agreed to postpone sovereign interest and capital payments for 13 Ukrainian sovereign bonds maturing between 2022 and 2033.
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Global supply chain pressures have been showing signs of easing, a trend that should translate into less pricing pressure on goods in the months to come, the New York Times reported. Compared with before the pandemic, ports and warehouses are still congested, and companies are still contending with shipping rates and delivery times that remain much higher than normal. Still, this more smoothly functioning supply chain is likely to provide one source of relief for an economy that is still struggling with rapid inflation.
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China's real estate crisis is casting a darkening cloud over governance and financial prospects of once highly valued property management companies, triggering a rout in their shares and making investors cautious, Reuters reported. Already battered share prices have fallen a further 7% this month as investors have reacted to the latest instances of such companies lending support to cash-strapped developer parents.
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Lenders led by Bank of India have appointed BDO India to conduct a forensic audit of Future Retail, which is facing insolvency proceedings, the Economic Times of India reported. Kishore Biyani-led Future Retail had attempted to stave off bankruptcy by selling its companies to Reliance Industries' retail unit. Creditors did not approve the deal and the company was admitted to the National Company Law Tribunal for insolvency proceedings after it defaulted on ₹3,495 crore debt.
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Cryptocurrency exchange Nuri GmbH has filed for insolvency in Berlin, according to a court filing, CoinDesk.com reported. The platform, previously called Bitwala, was founded in 2015. Nuri said the sell-off in the crypto market coupled with the collapse of Celsius Network ultimately led to the decision. The price of bitcoin (BTC) has fallen from $69,000 to as low as $17,000 over the past nine months, with several key companies in the industry struggling to keep afloat. Bitcoin was recently trading around $23,000.
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Crypto futures exchange CoinFLEX has filed for restructuring in Seychelles as part of its plan to improve its financial situation, CoinDesk.com reported. It applied to the Seychelles Supreme Court for reorganization and restructuring. CoinFLEX will now seek approval from creditors for its restructuring plans. On Tuesday, CoinFLEX sent an email to its creditors stating the exchange is looking to implement the proposals outlined last month, which include issuing depositors with recovery tokens, equity and locked FLEX coins.
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Endo International PLC, a pharmaceutical manufacturer facing thousands of lawsuits alleging it fueled the opioid addiction crisis, said Tuesday that it is likely to file for bankruptcy imminently, the Wall Street Journal reported. The company said that it is in negotiations with a group of senior lenders that it expects will result in an agreement for a chapter 11 filing. Endo also said that it is in discussions with opioid litigants as well as other creditors but didn’t say that it has reached a proposed deal with them.
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The economic situation is deteriorating and the outlook is fragile in Germany, Europe's largest economy, its finance minister said on Wednesday, defending his plans to raise income tax thresholds in response to soaring inflation, Reuters reported. The German economy stagnated in the second quarter, with the war in Ukraine, soaring energy prices, the pandemic and supply disruptions bringing it to the edge of a downturn. Inflation is running at 8.5%.
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Brussels is unlikely to back down on its demand that Poland respect the rule of law to receive post-pandemic recovery funds, officials said, despite threats from Warsaw that it could block decision-making within the European Union, Reuters reported. Poland would be eligible for 24 billion euros in grants and 11.5 billion in very cheap loans from the fund, designed to help member states become greener and more digitalised as their economies recover.
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The UK is planning for several days over the winter when cold weather may combine with gas shortages, leading to organized blackouts for industry and even households, Bloomberg News reported. Under the government’s latest “reasonable worst-case scenario,” Britain could face an electricity capacity shortfall totaling about a sixth of peak demand, even after emergency coal plants have been fired up, according to people familiar with the government’s planning.
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