Headlines

A major Aussie fashion brand that made dresses worn by superstars such as Taylor Swift and Dua Lipa has entered administration. The Australian franchise of clothing and apparel brand Dion Lee has become insolvent after a partnership deal collapsed, the Daily Mail reported. Antony Resnick, a liquidator from insolvency firm dVT Group was appointed as the administrator for all Australian Dion Lee stores on Thursday. dVT Group is also in the process of considering investors who may be interested in providing financial capital for the venture.

The National Company Law Tribunal (NCLT) has dismissed JM Financial Asset Reconstruction's application to intervene in an insolvency resolution application filed by Bank of Baroda against Arch Pharmalabs, the Economic Times of India reported. In its application, JM Financial ARC had sought the tribunal's intervention to include it as a necessary party since it has acquired 97% of Arch Pharmalabs' debt and has credit exposure of over ₹9,500 crore.

The administrator of debt-ridden Reliance Capital (RCap) has moved NCLT, seeking a 90-day extension beyond the deadline to implement the resolution plan submitted by the successful bidder, the Hinduja Group, the Economic Times of India reported. The deadline for the implementation of the approved resolution plan was May 27, 2024.

Canada’s banking watchdog warned that many homeowners who took out mortgages when rates were near zero during the pandemic will soon face a reckoning as those loans renew, Bloomberg News reported. The “payment shock” faced by some borrowers is among the most important risks currently in the financial system, according to the latest risk outlook from the Office of the Superintendent of Financial Institutions, released Wednesday. The regulator said that 76% of outstanding residential mortgages as of February will be coming up for renewal by the end of 2026.

Venezuela’s opposition is weighing a move that would slow the sale of oil assets under its control by having Citgo Petroleum Corp.’s holding company file for bankruptcy in the U.S., Bloomberg News reported. Opposition-appointed Petroleos de Venezuela executives are seeking to retain control of their most important overseas asset, which is up for auction, and are mulling using a U.S. chapter 11 filing to block finalization of its sale, said the people, who asked not to be identified because they weren’t authorized to speak publicly about the tactic.

The trial of exiled Chinese billionaire Guo Wengui began this week in New York, where he’s accused of swindling more than $1 billion from investors in a complex fraud scheme that netted him luxuries including a $26 million New Jersey mansion and a $37 million yacht, Bloomberg News reported. Opening arguments could start this week, once a jury is selected.

Turkey’s central bank kept interest rates unchanged on Thursday and introduced new measures to tackle excess liquidity and curb lending in foreign currencies, Bloomberg News reported. The Monetary Policy Committee led by Governor Fatih Karahan left the benchmark at 50% for a second consecutive month, in line with all forecasts. The MPC maintained its hawkish bias, repeating that its policy will remain tight “until a significant and sustained decline in the underlying trend of monthly inflation,” according to a statement. The lira erased earlier losses and traded little changed as of 5:22 p.m.

South Korea has no plan to lift the short-selling ban until a system is developed to detect illegal trading activities, according to a senior official at the presidential office, Bloomberg News reported. The presidential office’s stance is to not resume short selling until there is a platform to root out naked short sales, the person said. Separately, the Financial Services Commission, the nation’s financial regulator, said no decision has been made regarding the ban.

China Evergrande New Energy Vehicle said on Wednesday its unit had received a letter from the country's local administrative bodies demanding repayment of 1.9 billion yuan ($262.42 million) given as subsidies and incentives, Bloomberg News reported. The local bodies sent a letter of demand for Evergrande Automotive Holdings to terminate a series of investment cooperation agreements made between the parties since April 29, 2019, the electric vehicle (EV) unit of China Evergrande said in a statement.

Mexico’s annual inflation accelerated slightly more than expected during the first two weeks of May, likely fueling bets that the hawkish central bank will be slow to lower its interest rate, Bloomberg News reported. Consumer prices rose 4.78% from a year prior, the national statistics institute reported on Thursday, a tad above the median forecast of 4.75% in a Bloomberg survey and also up from the 4.67% increase in the prior two-week period.