Headlines

The quarterly economic survey from the Northern Ireland Chamber of Commerce and Industry and business advisers BDO shows that local firms ended 2016 more upbeat than compared to their immediate predominately gloomy reaction following the EU referendum vote in June, the Irish Times reported. However, when it comes to prospects for 2017, Northern Ireland businesses are decidedly pessimistic about what might lie ahead for the local economy – and that was before the growing political crisis this week.

The Turkish central bank failed to stop the lira’s free fall with its limited step to boost liquidity in financial markets, amid political pressure to keep interest rates low, The Wall Street Journal reported. The Turkish currency tumbled as much as 1.9% during trading in Istanbul on Tuesday, its fourth straight record low. Instead of touching interest rates, the central bank loosened foreign-currency reserve requirements by half of a percentage point, saying the measure would inject about $1.5 billion of liquidity into financial markets.

Canadian apparel maker Gildan Activewear Inc said it had won a bankruptcy auction to buy U.S. fashion retailer American Apparel for about $88 million in cash. The deal is subject to approval from a bankruptcy court on Thursday, the company said. Under the deal, Gildan will acquire the intellectual property rights related to the American Apparel brand and certain manufacturing equipment. The company , however, will not buy any of the 110 American Apparel retail stores.

Hong Kong's Court of Appeal on Wednesday began hearing Moody's appeal against a tribunal decision that partly upheld regulatory action imposed on it for a report on Chinese firms, in what is considered a landmark case for the financial centre. Moody's Investors Service Hong Kong said in April it would challenge a March 2016 ruling by the Securities and Futures Appeals Tribunal (SFAT) upholding the securities regulator's claim that Moody's broke rules governing how regulated firms should behave when it published the report.

As the new Italian government of Paolo Gentiloni hammers away at a rescue plan for beleaguered lender Banca Monte dei Paschi di Siena SpA, it’s suddenly contending with another corporate crisis: the future of Alitalia SpA, Bloomberg News reported. Executives from key investor Ethiad Airways and Alitalia -- which went bankrupt in 2008 after rescue attempts involving the state and private investors failed, and which teetered on the brink of collapse in 2014 -- are set to meet Italian ministers on Monday, the carrier based in Abu Dhabi said in a statement Sunday.

Afghanistan is cracking down on tax evasion to repair its finances as the country’s economy struggles with renewed violence and the withdrawal of the huge coalition presence that fed business for years, The Wall Street Journal reported. The departure of most foreign troops two years ago allowed the Taliban to take advantage of the security vacuum and escalate attacks on the government, hurting consumer and business confidence. Double-digit economic growth rates collapsed to almost zero a year after the withdrawal.

A liquidator has been appointed to a property development company that was involved in one of the biggest pre-crash land deals in the State, according to documents filed with the Companies Registration Office last month, the Irish Times reported. Patrick Horkan of KPMG was appointed liquidator to Galway-based Osberstown Developments Ltd, which was controlled by developers Tom Considine, Paddy Sweeney and local businessman Gerry Prendergast.

The restructuring of private equity-backed French clothing retailer Vivarte has been labelled a “brutal” example of “Anglo-Saxon ultra-liberalism” by nationalist politicians looking to score points ahead of the presidential election in May, the Financial Times reported. The comments by the French far-right National Front party led by Marine Le Pen highlight how corporate activity in France threatens to be affected by national politics this year.

Slovenian publishing and tourism group DZS said Ljubljana District Court has ordered the preventive restructuring of its financial liabilities, See News reported. The process will have no impact on the regular activities of the company and will allow DZS and its creditors to employ appropriate debt restructuring measures, the group said in a filing to the Ljubljana Stock Exchange on Thursday.

The Finnish-owned Hong Kong chain of discount stores applied to the Espoo District Court on Thursday for debt restructuring. The company’s 2016 books recorded 1.3 million euros in losses. The chain’s 27 department stores, most of which are located in the southern half of the country, will stay open during the proceedings. The Finnish chain of discount department stores that operate under the name Hong Kong has applied for debt restructuring in the face of major financial difficulties.