Headlines

Poland’s increasingly rickety right-wing governing coalition has split over the €672.5 billion COVID Recovery and Resilience Facility (RRF) — potentially endangering a project that has to be approved by all 27 EU countries before going into effect, Politico reported. The RFF is part of the EU’s €750 billion Next Generation EU package, aimed at pulling the bloc out of the economic downturn caused by the pandemic, as well as boosting key priorities like the green energy transformation. The ruling United Right coalition is dominated by Law and Justice (PiS) with two smaller parties.

Canada’s Just Energy said on Tuesday it had applied to voluntarily delist its shares from the Toronto Stock Exchange after the electricity and gas provider filed for bankruptcy last week, Reuters reported. On March 9, the company filed for creditor protection in Canada and said it planned to do the same in the United States due to massive costs from the Texas deep freeze. It became the second Texas electricity company to take that step in the face of extraordinary electricity charges during the cold snap.

France amassed its biggest-ever green bond orderbook in its second sale of new debt, extending a pole position in the market to finance environmental projects, Bloomberg News reported. The nation raised 7 billion euros ($8.3 billion) from the securities maturing in 2044. Investors bid over 34.5 billion euros, about 50% more than for its first such offering in 2017, reflecting the surge in appetite for assets aimed at mitigating climate change. That still lagged the records set in Italy’s recent debut deal.

Anil Agarwal, the billionaire founder of the Vedanta commodities empire, is offering a higher price to repurchase shares of his cash-rich Indian unit that’s key to his debt-repayment plans, Bloomberg News reported. London-based Vedanta Resources Ltd. will now seek to buy 17.51% of Mumbai-listed Vedanta Ltd. at 235 rupees ($3.24) a share, it said in an exchange filing Tuesday. That’s up from the previous 10% at 160 rupees apiece.

Deutsche Bank AG is acting as a broker for some investors who are keen to sell their holdings in Credit Suisse Group AG’s supply-chain funds that bought products from Greensill Capital, Bloomberg News reported. The German bank has contacted hedge funds and investment firms to gauge interest for a deal. It’s unclear how many investors are looking to sell and at what price. Credit Suisse started liquidating $10 billion of funds earlier this month after insurance covering some of the debt packaged by Greensill lapsed.

China is stepping up the bankruptcy process of heavily indebted companies as the leadership of the Chinese Communist Party tries to demonstrate its crisis management before the party congress in 2022, Nikkei Asia reported. Travel conglomerate HNA Group and five other major heavily indebted companies with ties with the government have liabilities totaling 1.8 trillion yuan ($277 billion). A high court in Hainan Province announced on Wednesday that more than 300 companies under the wing of HNA will go into a bankruptcy process called "chong zheng,"a type of corporate rehabilitation.

Chinese regulators attempting to rein in Ant Group Co. and a swelling online-lending industry have a target in their sights: the excessive, debt-fueled lifestyles of the country’s youth, the Wall Street Journal reported. Leading up to last year’s coronavirus pandemic, a new generation of tech-savvy and free-spending citizens helped power rising consumption, a growing driver of China’s economy. Many used short-term loans to pay for expenses such as prestige cosmetics, electronic gadgets and costly restaurant meals.

Italy may ask state-owned asset manager AMCO to handle a mounting pile of government-backed soured loans issued to support businesses during the pandemic, Bloomberg News reported. The government guaranteed almost 150 billion euros ($179 billion) of bank loans to small and medium-sized companies through a fund managed by Mediocredito Centrale SpA, a state development bank which is indirectly owned by the finance ministry.

Germany, France and Italy said on Monday they would suspend AstraZeneca COVID-19 shots after several countries reported possible serious side-effects, but the World Health Organization (WHO) said there was no proven link and people should not panic. Still, the decision by the European Union’s three biggest countries to put inoculations with the AstraZeneca shot on hold threw the already struggling vaccination campaign in the 27-nation EU into disarray, Reuters reported.

A group of executives instrumental in Norwegian Air Shuttle ASA’s failed attempt to provide low-cost, trans-Atlantic travel are trying again, this time with a new airline, Bloomberg News reported. Norse Atlantic Airways aims to start operations by year-end, according to a statement Monday. It is 53% owned by shipping entrepreneur Bjorn Tore Larsen, whose company OSM Aviation provided flight crews for Norwegian Air before the carrier filed for insolvency.