Headlines

Venezuela’s opposition on Tuesday celebrated a sweeping U.S. sanctions order against the government of President Nicolas Maduro, saying the measure would protect Venezuela-owned U.S.-based refiner Citgo from seizure by creditors, Reuters reported. Three allies of opposition leader Juan Guaido also said the measure allowed for restructuring negotiations with bondholders, which had been prohibited under previous sanctions. That could be key to protecting Citgo, since half of state oil company PDVSA’s shares in the refiner were put up as collateral for its 2020 bond.

Skyrocketing micro-finance debt in Cambodia has left millions of people at risk of losing their homes, leading to fears of a potential political and economic crisis, Bloomberg News reported. With a median of $3,370 per loan, Cambodia now has the highest average for small loans in the world, according to a report from the Cambodian League for the Promotion and Defense of Human Rights and Samakum Teang Tnaut on Wednesday. Altogether, nearly 15% of the population held at least $8 billion in micro loan debt at the start of the year, the data show.

Despite numerous tweaks to the Insolvency and Bankruptcy Code (IBC), the government is worried over the low number of resolutions as well as delays during the admission stage itself, The New Indian Express reported. Officials pointed out that out of 1,292 ongoing resolution processes, 445 cases have passed 270 days since admission, while another 221 cases have crossed 180 days. In fact, most of the cases have been lingering on, despite near-resolution in some cases. Take the case of Essar Steel and Bhushan Power & Steel.

Deloitte has resigned as auditor of an embattled non-bank lender in India, marking the latest in a series of resignations that come as New Delhi is putting the Big Four auditor firms under scrutiny, the Financial Times reported. In a statement posted to the Bombay Stock Exchange on Tuesday, Dewan Housing Finance Corporation Limited said Deloitte had stepped down “with immediate effect” after raising concerns about intercorporate deposits and lack of transparency. Deloitte confirmed that it had resigned the DHFL contract but would not comment further.

Pessimism among global businesses has risen sharply in the third quarter of the year as US-China trade tensions, the slowing Eurozone economy, and the rising chances of a no-deal Brexit spook firms, City A.M. reported. The quarterly global risk survey from Oxford Economics, released today, showed that 19 per cent of companies think a deterioration in the global economy is highly likely, compared to seven per cent in the second quarter.

Steinhoff International Holdings NV is considering an initial public offering of Pepkor Europe, its fastest-growing unit, as the scandal-hit South African retailer seeks funds for the next phase of its recovery plan, people familiar with the matter said. The company has been discussing a listing of Pepkor Europe with potential advisers, according to the people, who asked not to be identified because the information is private, Bloomberg News reported. The business -- which owns the Pepco and Dealz chains as well as Poundland in the U.K.

Eskom Holdings SOC Ltd. urgently needs a plan to turn profitable or South Africa’s state-owned utility will collapse under mounting debt, according to credit agency Moody’s Investors Service, Bloomberg News reported. The generator of more than 90% of the nation’s electricity reported a record annual loss of 20.7 billion rand ($1.4 billion) last week and is regarded as the biggest threat to South Africa’s economy. The government is giving Eskom a 128 billion-rand bailout over the next three years to keep it afloat.

Administrators for Belfast’s Harland and Wolff shipyard are expected to file for insolvency this afternoon. Accountancy firm BDO was appointed to the firm yesterday evening and is expected to file the papers at Belfast High Court, Newstalk reported. The iconic site ceased trading yesterday after its Norwegian parent company failed to find a buyer. Its 123 staff have been handed redundancy notices – however, workers are refusing to leave the site and are demanding UK Government action to save the historic business.

The growth in consumer lending has alarmed some economic policy officials, who note that a growing number of Russians are using a quick swipe of plastic or relying on payday lenders to cope with hard times brought on by Western sanctions and slumping prices for oil, one of the country’s major export commodities, the International New York Times reported. The spending has lifted the economy but with ballooning consumer debt that could help start a recession.

Sports Direct has won the bidding war for Jack Wills, adding yet another brand to Mike Ashley’s high street empire, The Irish Times reported. Advisers at KPMG said Jack Wills had been put into administration on Monday and was immediately sold to Sports Direct in a process known as a pre-pack administration. The retailer has a small number of stores in the Republic, including on Grafton Street, at the Dundrum Town Centre and at Kildare Village.