Headlines

Prestige Estates Projects Ltd. will take over a Mumbai housing project from bankrupt Ariisto Developers Pvt. following a court decision on Tuesday, Bloomberg News reported. The Bengaluru-based developer plans to launch the first phase of the project by May and second phase toward the end of the year, Prestige’s Chief Executive Officer Venkat K. Narayana said by phone on Wednesday. He estimates revenues of more than 100 billion rupees ($1.4 billion) from the 7.5 million square feet under development. “This will be our largest project in Mumbai,” Narayana said.

Argentina is unable to repay its $45 billion debt with the International Monetary Fund, influential Vice President Cristina Fernandez de Kirchner said Wednesday, diminishing the possibility of an agreement with the country’s largest creditor, Bloomberg News reported.

Bondholders filed suit in New York on Tuesday against Argentina's Buenos Aires province after talks broke down over restructuring $7.1 billion in provincial debt as the country’s leftist government seeks a larger accommodation with the International Monetary Fund to regain market access, WSJ Pro Bankruptcy reported. GoldenTree Asset Management LP and other investment firms sought a judgment in the U.S. District Court in New York over the province’s failure to make debt payments stretching back to April of last year.

The City of London may be better off staying out of the EU’s financial services market as it would have to sacrifice autonomy over setting rules to win full access, a report by Britain’s upper house of parliament said on Wednesday, Reuters reported. The European Union has yet to grant Britain direct financial market access after it left the bloc on Dec. 31 and large amounts of trading in stocks and derivatives denominated in euros has shifted to Amsterdam from London.

Ontario plans to sell more short-term debt in the year ahead to keep borrowing costs in check amid a spike in long-term yields, Bloomberg News reported. The Canadian province, which is the world’s largest sub-sovereign government borrower, plans to increase short-term debt by C$6 billion ($4.8 billion) in the fiscal year starting April 1. That’s six times its net issuance in the current fiscal year, according to budget documents released on Wednesday.

British tourists should go ahead and book foreign holidays despite government warnings not to, Ryanair boss Michael O’Leary said on Wednesday, as the low-cost carrier announced plans to run 80% of its peak summer capacity, Reuters reported. Vaccine rollouts will tame COVID-19 and reopen travel in time for beach holidays, O’Leary predicted during a news conference in which he also dismissed recent advice from UK ministers that foreign travel is likely to remain off-limits.

Japanese insurer Tokio Marine Holdings Inc said on Tuesday it currently expects no material impact on its results for the fiscal year starting next month as a result of its exposure to the fallout of Greensill Capital’s collapse, Reuters reported. Tokio Marine made the forecast in a statement the day after its shares fell 5.6% following a Bloomberg report that the Japanese insurer faced a larger-than-expected exposure to the insolvent British finance firm.

A unit of Venezuelan state oil company PDVSA on the Dutch Caribbean island of Bonaire has declared bankruptcy, citing the impact of U.S. sanctions on Venezuela, a court filing showed, Reuters reported. In a March 9 filing published last week by the Court of First Instance of Bonaire, Sint Eustatius and Saba, PDVSA-owned Bonaire Petroleum Corporation (BOPEC) said it could no longer pay its debts because sanctions had cut off its “access to international trade,” as well as cash held in bank accounts.

Britain’s jobless rate unexpectedly fell in the three months to January, a change that partly reflected people giving up their job hunt as lockdown measures tightened at the start of the year, official figures showed on Tuesday, Reuters reported. The main jobless rate dropped to 5.0% in the three months to January from 5.1% in the final quarter of 2020, in contrast to forecasts in a Reuters poll for a small rise to 5.2%. None of the economists polled had expected a fall.

India’s Supreme Court allowed lenders to resume classifying delinquent debt as bad loans, reversing a ruling that delayed disclosure of soured credit in an economy already saddled with stressed assets, Bloomberg News reported. A three-judge panel headed by Justice Ashok Bhushan delivered the verdict on Tuesday, supporting a request from the federal government and central bank, which had sought to overturn a September order that barred the categorization of loans as non-performing.