Headlines

Thailand's Nok Air has been granted a second and final one-month extension, until 15 May, to submit its rehabilitation plan, Flight Global reported. “The Central Bankruptcy Court has considered and issued a further order approving the extension of the submission period of the rehabilitation plan to 15 May 2021, which is the last extension of time as permitted by law,” the airline said in a 12 April disclosure to the Stock Exchange of Thailand. The airline requested the extension on 7 April, in accordance with Thailand’s Bankruptcy Act.

Australia’s economic recovery is intensifying as a National Australia Bank Ltd. report showed business conditions -- measuring hiring, sales and profits -- climbed to a record high even as the government was withdrawing its JobKeeper wage subsidy, Bloomberg News reported. An index of conditions jumped to 25 points in March from 17 a month earlier, NAB said in a statement Tuesday. The employment index climbed to 16 points from 9, pointing to ongoing strength in hiring, despite the survey being conducted from March 19-31 that includes the end of JobKeeper.

BNP Paribas SA is seeking to sell its stake in a loan to GFG Alliance’s Dunkirk unit, a sale that could loosen Sanjeev Gupta’s grip over a key asset as other lenders consider seizing control of the aluminum smelter, Bloomberg News reported. The bank is offloading its $20 million portion of the loan raised by Gupta in 2018. Although a small amount, the sale could pave the way to actions by other lenders, led by Trafigura Group, to threaten Gupta’s control over the smelter.

A Polish dispute over the European Union’s 750 billion euro ($892 billion) pandemic stimulus escalated after the government unexpectedly canceled plans to discuss its ratification amid a split in the ruling coalition, Bloomberg News reported. Deputy Speaker Ryszard Terlecki said on Tuesday that parliament may have to gather for an extra sitting later in April to meet the deadline to ratify the program. With Poland in line to gain 58 billion euros from the stimulus deal, the divisions in the coalition are turning into a major challenge for Poland’s de facto leader, Jaroslaw Kaczynski.

China’s exports rose 30.6% over a year ago in March as global consumer demand strengthened and traders watched for signs of what President Joe Biden might do about reviving tariff war talks with Beijing, the Associated Press reported. Exports rose to $241.1 billion, decelerating from the dramatic 60.6% rebound in the first two months of 2021, customs data showed Tuesday. Imports rose 38.1% over a year ago to $227.3 billion in a sign of reviving Chinese activity.

China’s finance ministry is considering transferring its stake in China Huarong Asset Management Co. to a unit of the nation’s sovereign wealth fund that invests in financial companies, Bloomberg News reported. One motivation for the proposed transfer to Central Huijin Investment Ltd. is that the unit has more experience resolving debt risks, the person said, asking not to be identified discussing private information. Deliberations over a transfer have continued as investor concern over China Huarong’s financial health sent the company’s dollar bonds tumbling to record lows this month.

Credit Suisse has made further progress in winding down funds connected with Greensill Capital and is able to distribute another $1.7 billion to investors, the bank said on Tuesday, Reuters reported. This takes the total distribution so far to $4.8 billion, the bank said, following an earlier payout of $3.1 billion. The bank said it has so far collected $2 billion from receivables redeemed when the four supply chain finance funds (SCFFs) were suspended on March 1.

The German shipyard Nobiskrug has filed for insolvency, according to reports by German news broadcasters, Super Yacht Times reported. During the filings and insolvency proceedings, which commenced on 12 April, Nobiskrug cited “critical developments” on yacht construction having had negative consequences on investment and potential profitability, as the main reasons.

Britain’s government has opened an independent investigation into failed finance company Greensill Capital after lobbying by former Prime Minister David Cameron raised questions over its access to ministers, Reuters reported. Australian banker Lex Greensill was brought in as an adviser to the government while Cameron was British prime minister from 2010 to 2016. After leaving office, Cameron in turn became an adviser to Greensill’s now-insolvent company.

Europe faces a predicament. Even as it struggles to contain the Covid-19 pandemic, it’s setting itself up for another crisis — this one financial, according to a Bloomberg commentary. To ensure the viability of the common currency at the heart of the European project, the EU’s leaders will have to cooperate in ways they’ve so far resisted. Adopting the single currency has yielded great benefits, from frictionless trade to improved global competitiveness.