Headlines

Argentine power-plant owner Stoneway Capital Ltd. is discussing borrowing money from the senior bondholders challenging the company’s U.S. bankruptcy filing and pushing to relocate the restructuring to Canada, WSJ Pro Bankruptcy reported. Stoneway, seeking to finance its stay in bankruptcy, is discussing potential loan terms with senior bondholders and junior creditors, as well as potential outside lenders, the company’s lead lawyer, Fred Sosnick, said at a virtual hearing on Friday in the U.S. Bankruptcy Court in New York. The bondholders, including BlackRock Inc.

The Turkish currency sank to a record low, weighed down by concern that monetary policy remains too loose to curb accelerating inflation, Bloomberg News reported. The lira slid as much as 1.1% to 8.5981 per dollar, poised for a third daily decline this week. The losses were compounded as local accounts bought dollars ahead of large foreign-currency debt repayments, according to two traders who asked not to be named as they are not authorized to speak publicly. Turkish lira hits an all-time low against U.S.

Board members of the Government Employees’ Retirement System, shortly after convening their regularly scheduled monthly meeting online Thursday, went into executive session. Hours later, members still had not re-emerged online, and it wasn’t clear whether they experienced technical difficulties, the Virgin Islands Daily News reported. GERS Administrator Austin Nibbs could not be reached after the meeting on whether the board reported any information out of the executive session.

Japan extended a coronavirus state of emergency in Tokyo and other areas for 20 more days on Friday, with infections still not slowing as it prepares to host the Olympics in just over 50 days, the Associated Press reported. Cases remain high and medical systems in Osaka, the hardest-hit area in western Japan, are still overburdened, Prime Minister Yoshihide Suga said in announcing the decision. “I am aware that many people are voicing concern about holding the Olympics and Paralympics,” he said.

The trustee presiding over the Mt. Gox civil rehabilitation case has taken the next step toward partially reimbursing victims who lost money to the cryptocurrency exchange in hacks that date back nearly a decade. As of today, claimants can begin to vote on whether or not they will accept the civil rehabilitation proposal, Coin Desk reported. The deadline for claimants to cast their vote online is Oct. 8.

The U.S. banned imports of tuna, swordfish and other seafood from a Chinese fishery company, citing evidence of forced labor on its distant-water vessels, the Wall Street Journal reported. U.S. Customs and Border Protection agents will detain shipments containing seafood harvested by China’s Dalian Ocean Fishing Co., officials said, in the latest example of Washington confronting Beijing over human-rights issues.

Taylor Wimpey Plc is covering repair costs for a defective London housing block that are in addition to provisions it’s made for potentially unsafe legacy developments in the wake of the U.K. cladding scandal, Bloomberg News reported. The housebuilder is addressing fire-safety issues and other problems following persistent complaints that the development has been faulty since it was built.

New figures reveal that 1,500 companies in Japan have gone under due to the coronavirus pandemic since February of last year, NHKNews reported. Credit research firm Teikoku Databank says the businesses have either already declared bankruptcy, or closed down to prepare for liquidation proceedings. The dining industry has been the hardest-hit, with 250 businesses failing. It is followed by construction with 140, and accommodation with 89. Monthly totals have been rising since January. That's when the second coronavirus state of emergency started for the Greater Tokyo Area.

The European Union will apply lessons from the Wirecard scandal by proposing stricter rules next year for company financial reporting and auditors, its financial services chief said, Reuters reported. The payments company collapsed in 2020 in Germany's biggest post-war fraud scandal after auditor EY could not confirm the existence of 1.9 billion euros ($2.32 billion) in cash balances. "Wirecard is a wake-up call. Wirecard told and sold a great story that wasn't true," Mairead McGuinness said in a speech to the European Policy Centre on Thursday.

The U.S. Department of Justice is investigating the market-rattling meltdown of Bill Hwang’s Archegos Capital Management in March, a debacle that left big banks in Europe, Asia and the U.S. nursing more than $10 billion in losses, Bloomberg News reported. Federal prosecutors in Manhattan sent requests for information to at least some of the banks that dealt with the firm. It’s unclear what potential violations or entities authorities are examining.