Headlines

China's government devoted the week to a red carpet welcome for foreign executives to try to halt a retreat in corporate investment from a market once seen as the engine of global growth, Reuters reported. But many executives leave China with a shared caution: While things may not be getting worse, the risks of an expansion in China still outweigh the rewards, they say. In a series of high-profile events, Chinese officials pledged equal treatment for foreign firms, expressed confidence China will hit its 5% growth target this year and President Xi Jinping held an audience with 15 U.S.

A sentence from a months-old speech by Chinese President Xi Jinping has sparked speculation the central bank might start aggressively buying government bonds to support the economy, a stimulus measure China has long shunned, Reuters reported. But most analysts say the People's Bank of China (PBOC) will stick with traditional tools rather than resorting to massive liquidity injections through "quantitative easing" (QE), as some major economies such as Japan and the United States have done.

Pride Group Holdings has sought creditor protection under the Companies’ Creditors Arrangement Act (CCAA), after lender Mitsubishi HC Capital America filed a claim this week seeking damages of approximately US$100 million, trucknews.com reported. Three lawsuits on behalf of the Mitsubishi HC Capital named Sulakhan ‘Sam’ Johal and Jasvir Johal, accuse them of taking out credit lines to build inventories for Pride Truck Sales and Tpine Leasing. It accused them of defaulting on payments they had personally guaranteed. The claims have not been proven in court.

Japan's Nikkei share average ended higher on Friday, driven by chip-related heavyweights, and posted a record fiscal-year gain in terms of points amid heavy foreign buying, Reuters reported. The index hit successive record highs this month, after breaking levels on Feb. 22 last seen in 1989 during the country's bubble economy. The rally was supported by foreign buying on a weaker yen and expectation that the Bank of Japan will stick with loose monetary policy. The index rallied 12,328 points in the fiscal year ending on Friday, marking its biggest gain on an absolute basis.

In the fertile lands of Tungurahua and Cotopaxi, the livelihoods of 17,000 farmers hang in the balance due to a devastating drought that has left irrigation canals critical to their crops without water, hortidaily.com reported. A catastrophic landslide has destroyed the water collection system in the Latacunga-Salcedo-Ambato irrigation canal, plunging farmers into a desperate fight for survival. The irrigation canal had been dry for 19 days when a landslide destroyed a section of the catchment system in Salcedo on March 5, 2024.

Steelworker union Local 1005 says the recent court filings by U.S. Steel is “bankruptcy fraud” and a path to abandoning Hamilton altogether — not only ditching the liability of its pensioners, but the cleanup costs of leaving the city, too, the CBC reported. Union head Rolf Gerstenberger made the statement at Local 1005’s headquarters at Barton and Kenilworth, questioning the company’s motives, repeatedly recalling a $58-million settlement U.S. Steel was has agreed to pay for price-fixing case in July for actions dating back a decade, and calling the process of bankruptcy protection theft.

The Singapore International Commercial Court (SICC) has handed down its first insolvency-related ruling, JDSupra reported. The court granted recognition and full force and effect to Indonesia's flagship airline's restructuring plan. That plan had been approved in accordance with Indonesian law. In granting recognition to the Indonesian plan under Singapore's version of the UNCITRAL Model Law on Cross-Border Insolvency, the SICC overruled objections to recognition from aircraft lessors.

Emergency financial help is now needed to avoid effective bankruptcy, leaders at Middlesbrough Council have been told, msn.com reported. In a stark warning to the Executive, a report said a request for exceptional financial support must be made to the Government this month. If they choose not to approve the move at a meeting next week, or a financial life raft is insufficient, a section 114 notice will be issued. All councils are legally required to ensure the budget is balanced by March, and expenditure is not more than income.

Phil Vickery, who won the Rugby World Cup with England in 2003, has reportedly been declared bankrupt with huge debts, the Mirror reported. Former Prop Vickery played in all seven games in Australia as England lifted their only William Webb Ellis Trophy in their history. After coming through the ranks at Gloucester, Vickery joined Wasps in 2006. He enjoyed a highly-successful time with the now defunct team, winning the Heineken Cup in 2007 and the Premiership in 2008.

French inflation eased below 3% for the first time in 2 1/2 years and Italy reported a lower-than-expected reading, confirming a trend that has tipped the European Central Bank toward cutting interest rates, Bloomberg News reported. Consumer prices in France, the euro area’s second-largest economy, rose 2.4% from a year earlier in March after a 3.2% gain the previous month, statistics agency Insee said. The slowdown was sharper than the 2.8% forecast of economists surveyed by Bloomberg. In Italy, the bloc’s third-largest economy, inflation had already fallen below 2% in October.