Headlines
Resources Per Region
It was reported on July 7 that Argeo and its Norwegian subsidiaries Argeo Survey, Argeo Robotics and Argeo Multiclient had resolved to file for bankruptcy as the group was in a challenging financial position, with limited liquidity and limited resources to satisfy its short- and long-term obligations, said to be due to a difficult market situation and the lack of necessary contracts to generate stable revenue, Offshore-Energy.biz reported. In the same announcement, it was stated that non-Norwegian subsidiaries in Scotland, Singapore and the U.S.
The value of apparel imports from China to the U.S. fell in May to its lowest monthly level in 22 years, according to latest trade data, highlighting the impact of steep U.S. tariffs, Reuters reported. China has for years been the biggest exporter of clothes to the U.S., but its share of the U.S. apparel market has fallen as trade relations between the world's two biggest economies soured. U.S. President Donald Trump ratcheted tariffs up to as much as 145% in April, driving more U.S. retailers to reduce purchases from Chinese factories in favor of Vietnam, Bangladesh, India, and elsewhere.
Malaysia’s central bank has finally joined its rate-cutting peers, lowering its benchmark interest rate for the first time in five years to support the economy, the Wall Street Journal reported. Bank Negara Malaysia on Wednesday reduced its overnight policy rate by 25 basis points to 2.75%–its first cut since July 2020. While Malaysia’s economy remains on solid footing, the central bank said it decided to cut rates due to the economic threat posed by external uncertainties.
Le Coq Sportif, in receivership, has been acquired by a group led by Franco-Swiss entrepreneur Dan Mamane, SGB Media reported. The new investors have committed to investing an initial €70 million (US$82.1 million) into the company to revive its growth. Le Coq Sportif has been owned since 2005 by Marc-Henri Beausire’s Swiss group Airesis. Mamane’s consortium is backed by the Mirabaud Patrimoine Vivant investment fund, which had previously taken a minority stake in Le Coq Sportif.
New Zealand's central bank held the benchmark interest rate at 3.25% on Wednesday, noting near-term inflation risks, but said it expected to loosen monetary policy if price pressures continued to ease as forecast, Reuters reported. The decision was in line with a Reuters poll in which 19 of 27 economists surveyed projected the Reserve Bank of New Zealand would hold the cash rate for the first time since it started a cutting cycle in August 2024.
The U.S. Bankruptcy Court for the District of Delaware has issued an order holding Byju’s founder, Byju Raveendran, in civil contempt for failing to comply with earlier court orders related to limited expedited discovery, The Economic Times reported. “This court has personal jurisdiction over Raveendran,” it said in an order on Monday. The court has further directed Raveendran to comply with the discovery orders. “Raveendran shall remit to the clerk of court the sum of $10,000 for each day he remains in contempt of the orders,” it said.
The European Central Bank will consider risks beyond trade tariffs, from security concerns to potential penalties on foreign investors, when it assesses the global landscape, the ECB's chief economist Philip Lane said on Wednesday, Reuters reported. "This uncertainty extends beyond the calibration of new tariff regimes and includes the possibility of a broader set of non-tariff barriers, a deeper intertwining of economic policies and security policies and possible revisions to the treatment of foreign portfolio investors and foreign direct investors," Lane told an event in Brussels.
Thai Airways International could exercise an existing option to buy more planes from U.S. planemaker Boeing as part of Thailand's tariff negotiations with the United States, CEO Chai Eamsiri told a Reuters NEXT Asia summit on Wednesday, Reuters reported. The flag carrier in February last year said it had ordered 45 Boeing 787-9 wide-body jets with options for a further 35. Thailand has submitted a new trade proposal to the U.S. in a bid to avoid steep tariff hikes on its own products.
Australia is “urgently seeking” more detail on President Donald Trump’s threat to impose 200% tariffs on pharmaceutical imports to the U.S., Treasurer Jim Chalmers said, Bloomberg reported. “These are obviously very concerning developments,” Chalmers told Australian Broadcasting Corp. radio in an interview on Wednesday. “Our pharmaceutical industry is much more exposed to the US market. And that’s why we’re seeking – urgently seeking – some more detail on what’s been announced.” The U.S.