Headlines

U.S. Treasury Secretary Janet Yellen said that the U.S. will keep tariffs imposed on Chinese goods by the former Trump administration in place for now, but will evaluate how to proceed after a thorough review, Reuters reported. “For the moment, we have kept the tariffs in place that were put in by the Trump administration ... and we’ll evaluate going forward what we think is appropriate,” Yellen told the cable news network, adding that Washington expected Beijing to adhere to its commitments on trade.

Malaysian long-haul budget airline AirAsia X Bhd has proposed a separate restructuring programme for its aircraft lessors that aims to tackle their concerns, citing chance to recover rental losses, a document seen by Reuters shows. The airline, an affiliate of AirAsia Group, has for months been trying to reconstitute 64.15 billion ringgit ($15.89 billion) of debt into 200 million ringgit of debt. More than a dozen creditors, mostly lessors, had intervened in court to challenge a proposal that would have meant a haircut for them of 99.7%.

The Commercial Court of the Republic of Kalmykia has completed bankruptcy proceedings against a firm believed to be formerly controlled by William Browder’s Hermitage Capital Management, according to court records, RASPINews.com reported. The court has granted a petition lodged by Kirill Nogotkov, a bankruptcy manager of the former Browder’s company. In November 2019, the Sixteenth Commercial Court of Appeals upheld recovery of 388,400 rubles ($5,200) from HSBC Bank and HSBC Management in favor of Dalnaya Step, denying granting its claim in full.

Thai Airways International on Friday said that it had cut around 240 executive positions at the airline as part of its bankruptcy restructuring process, Reuters reported. The announcement comes as the company nears a deadline to submit its restructuring plan to a bankruptcy court for creditor approval and as the fallout of the coronavirus pandemic adds to the woes for an airline that has been struggling since 2012.

German Finance Minister Olaf Scholz warned next year’s federal budget will be a “challenge,” while pledging not to cut investment or welfare spending, Bloomberg News reported. Scholz, who is running as the Social Democrats’ candidate for chancellor in September’s election, is due to present a draft 2022 budget next month. His comments highlight the fiscal conundrum facing the next government, which polls suggest will again be led by Chancellor Angela Merkel’s conservative bloc after she steps down.