Headlines
Resources Per Region
Global banks are losing share in the $186 billion lending market for Chinese borrowers offshore, falling behind local rivals boosting their presence just as the nation’s corporate sector recovers from the pandemic, Bloomberg News reported. Their portion of such lending has steadily dropped over the past decade, hitting 37% so far this year to May 17, well below the 11-year average of 51%, according to Bloomberg-compiled data. Last year the share fell to 29%, the lowest since at least 2010.
Russia's largest standalone oil processing plant, the Antipinsky oil refinery, was sold on Tuesday for almost 111 billion roubles ($1.50 billion) as part of bankruptcy proceedings, an online sale platform showed, Reuters reported. The online platform showed that a company called Rusinvest completed the purchase of the plant located in West Siberia. Most of Russia's oil refineries are controlled by big oil companies, such as Rosneft and Lukoil.
Read more
Sudan got assurances billions of dollars of external debt will be canceled after the clearing of its arrears with the International Monetary Fund, a boost for the impoverished African country emerging from decades of dictatorship, Bloomberg News reported. France, Germany and Norway were among countries signaling their readiness to forgo repayment at a Monday conference in Paris that showcased Sudan’s return to the international community.
Read more
Britain's unemployment rate fell again to 4.8% between January and March, when the country was under a tight lockdown, and hiring rose further in April, according to data that showed employers gearing up for the easing of curbs, Reuters reported. Economists polled by Reuters had expected the rate to hold at 4.9%, and the reading added to signs that the labour market will escape the severe hit feared at the onset of the coronavirus pandemic, thanks mostly to government jobs subsidies.
Read more
Ireland will increase a tax on the bulk buying of homes, amid growing outrage over investment funds hoovering up real estate and squeezing out first-time buyers, Bloomberg News reported. The government will raise stamp duty to 10% on purchases of 10 or more residential houses, Finance Minister Paschal Donohoe said late on Tuesday in Dublin. The current levy is 1% on homes of below 1 million euros ($1.2 million) and 2% above that level. The increased tax will apply to bulk purchases as well as the acquisition of 10 or more units over a year, though not to apartment blocks.
Read more
Lufthansa said on Tuesday that it was seeing a surge in demand for flights to the United States and to European destinations following a loosening of German travel restrictions as coronavirus case numbers decline, Reuters reported. Demand for summer flights to New York, Miami and Los Angeles has increased by up to 300%, the German airline group said, adding it would lay on extra flights from June and has restarted services to Orlando and Atlanta.
Read more
While Norwegian Air is focusing on a massive restructuring process, attempts to raise new capital, and emerge from bankruptcy in Ireland and Norway, the airline’s employees in France, who were left jobless and uncompensated, are taking legal action to push the air carrier’s subsidiary Norwegian Air Resources France into liquidation, AeroTime reported.
A wave of accounting revisions is hitting two of Mexico’s largest nonbank payroll lenders and the international bond investors who lent them billions of dollars in recent years, the Wall Street Journal reported. Privately held AlphaCredit Capital SA de CV and publicly listed Credito Real SA CREAL -2.60% B de CV disclosed unexpected losses in recent weeks, and AlphaCredit also said financial statements from 2018 to 2020 could no longer be relied upon. Credito Real incorporated a relatively large loan it had made to a small business into its past-due loan book.
Read more
Sudan’s leaders are in Paris to drum up international investment as they try to slash the country’s $60 billion of debt, a vital step in turning around a ravaged economy, Bloomberg News reported. France is offering a $1.5 billion bridge loan that will help clear Sudan’s arrears with the International Monetary Fund, Finance Minister Bruno Le Maire told a business forum Monday. President Emmanuel Macron later in the day opened a conference to support Sudan attended by its Prime Minister Abdalla Hamdok and dozens of other Sudanese officials.
Read more
The tribunal has also allowed the FHRAI to make its oral submissions on June 2, 2021. The total claims registered with Interim Resolution Professional (IRP) against OYO are to the tune of Rs 200 crore, it added, the Economic Times reported. Earlier on April 8, OYO had said that the NCLAT had ordered a stay on the formation of a committee of creditors in proceedings under the Insolvency and Bankruptcy Code against its subsidiary OYO Hotels and Homes Pvt Ltd (OHHPL).
Read more