Headlines

Brazilian grain exporters lobby Anec on Thursday warned it was concerned about a rise in farmer bankruptcy filings in the country, adding a recent increase in cases potentially compromises the execution of grain contracts, Reuters reported. The rise in farmer bankruptcy cases, which may affect delivery of committed grains throughout the season, may also hamper traders' ability to complete their export programs, Anec said. Farmer groups, including Aprosoja-Mato Grosso and Aprosoja Brasil, did not have an immediate comment.

Bulgarian insurance group Eurohold announced that it filed a lawsuit against Romania at the European Court of Human Rights (ECHR) in the case of what it claims to be the illegal bankruptcy of local subsidiary Euroins, Romania-Insider.com reported. Moreover, it also reconfirmed that it is preparing an arbitration request for the amount of over EUR 500 million at an international court in the U.S. At the same time, Eurohold claimed that the lawsuit in Romania against ASF’s decision to withdraw Euroins’ operating license has recently started.

Sushi is one of Japan’s most iconic cuisines with fans around the world, but in its home country restaurants are closing their business at the fastest pace since the Covid pandemic days in 2020, Bloomberg News reported. Rising material prices, staff shortages and reduction of Covid-era support measures have hit sushi joints in Japan. Five restaurants went bankrupt in Japan in January, the most in a month since August 2020, according to research firm Tokyo Shoko Research Ltd.

The Mumbai bench of the National Company Law Tribunal has ordered the liquidation of fugitive diamantaire Mehul Choksi-promoted firm Gitanjali Gems. The tribunal has also appointed Santanu T Ray as the liquidator, the Economic Times of India reported. The company was originally admitted under the Corporate Insolvency Resolution Process (CIRP) in October 2018. It has admitted liabilities of over Rs 12,558 crore.

A luxury townhouse in London’s exclusive Kensington district is expected to sell for about $34 million (£27 million) as part of bankruptcy proceedings, Bloomberg News reported. The property, a short walk from Hyde Park, is registered to Khalifa Bin Butti Omeir Al Muhairi — an Emirati former vice-chairman of NMC Health Plc. The once London-listed hospital operator collapsed into administration in 2020 following allegations of fraud, triggering a series of investigations and lawsuits. Al Muhairi filed for bankruptcy in an Abu Dhabi court a year later.

New bank loans in China jumped by more than expected to an all-time high in January, as the central bank moved to shore up the sputtering economy, reinforcing expectations for more stimulus in the coming months, Reuters reported. Policymakers have pledged to roll out further measures to support the weaker-than-expected post-COVID recovery in the world's second-largest economy, amid a deep property crisis and prolonged stock market rout.

René Benko was a high school dropout and convicted criminal. But by 2018, he was at the pinnacle of global real estate. His company, Signa Holding, launched a glassy, J-shaped skyscraper on the banks of the River Elbe in Hamburg, Germany. The design of the 800-foot tower resembled a chart showing exponential growth, the Wall Street Journal reported. Hamburg’s mayor, the future German Chancellor Olaf Scholz, lauded Signa’s good reputation with banks when the city picked the developer to build the tower. “Signa is financially strong,” he said. It wasn’t.

Global creditors and Moody's, Fitch and S&P Global Ratings met on Wednesday to discuss ratings agencies' actions after debt relief provided by official creditors to some of the world's poorest nations, a source said on Thursday, Reuters reported. The meeting also discussed methodology on credit action in the event countries carry out a debt swap and in other debt situations. The role of the agencies came into focus in 2020 when the economic fallout from COVID-19 pushed dozens of poor nations into debt distress.

The French economy is set to end a six-month phase of stagnation and expand by 0.1% to 0.2% in the first quarter, the country's central bank said on Thursday as it released its monthly business survey, Reuters reported. "Declines in the construction and energy sectors were offset by a rise in value added in industry, while services remained stable", the Bank of France said. It also updated the growth rate measured during the fourth quarter of 2023, saying the economy had flatlined. It had previously given a 0.2% growth estimate.

Bankrupt Brazilian airline Gol Linhas Aereas Inteligentes SA accused its rival Latam Airlines Group SA of taking advantage of its recent financial trouble by trying to poach its pilots and Boeing aircraft, Bloomberg News reported. The Sao Paulo-based airline said in court papers filed Thursday that Latam recently sent a letter to Gol’s business partners inquiring about leasing Boeing aircraft and solicited Brazilian pilots experienced in flying such aircraft in an Internet job posting.