Headlines

A telecom carrier and a retailer are showing a mirror to India’s tryst with assisted corporate demise and rebirth, according to a Bloomberg News commentary. As the five-year-old bankruptcy experiment flounders, blame it on what development scholars refer to as “isomorphic mimicry”: Emerging economies ape the form of successful Western institutions but leave them dysfunctional and devoid of content, almost guaranteeing their failure, according to the commentary.

More than a decade on from the financial crisis, regulators are spooked once again that some companies at the heart of the financial system are too big to fail. But they're not banks. This time it's the tech giants including Google, Amazon and Microsoft that host a growing mass of bank, insurance and market operations on their vast cloud internet platforms that are keeping watchdogs awake at night, Reuters reported.

Shares in British supermarket chain Morrisons spiked higher Friday after New York-based private equity firm Clayton, Dubilier & Rice trumped a previous offer for the company with a 7 billion-pound ($9.5 billion) bid, the Associated Press reported. Morrisons’ board has accepted the offer and said shareholders should vote in favor of the takeover at a meeting due in early October.

Brazil’s President Jair Bolsonaro has begun expressing irritation at the central bank’s newfound autonomy as surging inflation presents a threat to his 2022 reelection prospects, government officials told The Associated Press. On Thursday, during a flight home from Mato Grosso state, Bolsonaro said that he regretted signing the bill into law earlier this year that granted the bank autonomy, a high-level official aboard told the AP.

An independent review of the Australian stock exchange outage last November found that the bourse operator's new trading system was not ready to go live, the country's corporate regulator said on Monday, Reuters reported. The outage on Nov. 16 last year nearly wiped out an entire session and damaged the reputation of the bourse operator ASX Ltd. The independent review conducted by IBM Australia found that while the ASX met industry practices in 58 out of 75 of the capabilities assessed, it missed in 17.

China’s top manager of distressed assets said it would post a massive loss and expects to receive a capital infusion from state-owned financial institutions, avoiding a messy default that would have had wide repercussions for Asia’s credit markets, the Wall Street Journal reported.

Brazilian prosecutors asked a bankruptcy court on Wednesday to compel miners Vale SA and BHP Group Ltd to fully pay offtheir Samarco joint venture's 50.7 billion reais ($9.47 billion) debt, according to a court document reviewed by Reuters. Samarco filed for bankruptcy protection in April as it struggled to restructure its debt, which it stopped servicing after a dam burst at a mine in 2015, killing 19 people, releasing a giant torrent of sludge and halting production.

The remnants of Greensill Capital, the U.K. financing company that collapsed earlier this year, filed for chapter 15 bankruptcy in the U.S., aiming to halt litigation filed by one of its biggest clients, a coal-mining company owned by the governor of West Virginia, WSJ Pro Bankruptcy reported. Greensill’s U.S. bankruptcy filing on Wednesday seeks to halt a lawsuit brought earlier this year by coal supplier Bluestone Resources Inc. and its owners, West Virginia Gov. Jim Justice and his family, according to court papers filed in the U.S. Bankruptcy Court in New York.

The International Monetary Fund said it will prevent Afghanistan from gaining access to some $450 million in aid in the wake of the Taliban's takeover the country, after the U.S. Treasury Department moved to block the funds, Politico reported. The IMF, with U.S. backing, is issuing billions of dollars worth of new “special drawing rights,” a reserve asset that can be converted to government-backed money, to aid poorer countries. A portion of those assets was scheduled to be allocated to Afghanistan next week, an event that generated urgent pushback from Republican lawmakers.