Headlines

In China's take on the TV series “Squid Game,” fraudsters are preying on the financially distressed in a slumping economy with promises of prize money, debt restructuring and other schemes that are not always what is promised, Reuters reported. Unlike the dystopian South Korean TV series, which returns to the small screen for a second season on Thursday, Chinese players taking on "self-discipline" challenges do not risk their lives if they lose.

Efforts will continue in 2025 to stabilize and prevent further declines in China's real estate market, China Construction News reported, citing a work conference held by the housing regulator on Tuesday and Wednesday, according to Reuters. China will vigorously promote the reform of the commercial housing sales system, and expand the scope of urban village renovation beyond the addition of 1 million units, the report said.

The World Bank raised on Thursday its forecast for China’s economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year, CNBC reported. The world’s second-biggest economy has struggled this year, mainly due to a property crisis and tepid domestic demand. An expected hike in U.S. tariffs on its goods when U.S. President-elect Donald Trump takes office in January may also hit growth.

Albania’s Democratic Party has denounced that manufacturing and exporting businesses in Albania are heading towards bankruptcy due to the devaluation of the euro currency, Vox News reported. The common European currency has suffered a noticeable depreciation in Albania for several years, but during 2024 the euro reached its minimum. The euro is currently trading in our foreign exchange market at 98.3 ALL, a drastic drop compared to not long ago.

Some 15,000 workers from PT Sri Rejeki Isman Textile, or Sritex Group, planned to take to the streets in Jakarta to protest the Supreme Court (MA) that rejected an appeal to revoke Sritex's bankruptcy status, which had previously been decided by the Semarang Commercial Court, Tempo.Co reported. Sritex Group Workers Union Advocacy Coordinator Slamet Kaswanto said the demonstration would be directed to the MA.

The Indonesian government said it has prepared a Rp20 trillion credit facility for labor-intensive industries in 2025, including garments, textiles, footwear, furniture, food and beverages, and children’s toys, Tempo.Co reported. The incentive is aimed to stimulate growth for labor-intensive industries and create new jobs, said the Coordinating Minister for Economic Affairs, Airlangga Hartarto. “The government offers a sufficient interest subsidy to reach the projected investment loan target of Rp20 trillion in 2025,” said Airlangga in an official statement quoted on Wednesday, Dec. 25.

The Casbit Group, previously the operator of Lalabet and JungliWin online casinos, has been declared bankrupt by the Court of Curaçao, World Casino News reported. The company’s financial troubles stem from numerous unpaid debts, including €619,500 owed to Dutch gamblers who were unable to claim their winnings. After ceasing operations in Curaçao earlier this year, the group’s casinos are now under the management of a Costa Rican company.

Chile’s WOM won court approval to exit bankruptcy proceedings after it agreed to a takeover and restructuring bid from a group of creditors, eight months after filing for chapter 11, Bloomberg News reported. A U.S. bankruptcy judge rejected an objection to the takeover bid by a rival group of creditors, according to a statement from the company. The offer represented the only viable option for WOM to exit chapter 11 proceedings, the tribunal said.

The Canadian economy appeared to lose its strength toward the end of this year even as the central bank cut interest rates at a rapid pace, Bloomberg News reported. Advance data suggested gross domestic product shrank 0.1% in November, the first monthly contraction this year, after a 0.3% expansion a month earlier, Statistics Canada said Monday. The October figure beat economist expectations of 0.2% in a Bloomberg survey.

German start-up Lilium, known for its innovative flying taxi technology, has successfully avoided bankruptcy by securing a new investor, The Munich Eye reported. The Mobile Uplift Corporation GmbH, a consortium of investors from Europe and North America, has agreed to take over the flight taxi developer. A purchase agreement has been signed for the operational assets of Lilium GmbH and its subsidiary, Lilium eAircraft GmbH.