Headlines

Embarrassed members of Ukraine’s parliament have given up a pay rise to try to defuse public anger after an exercise in transparency revealed they held hundreds of millions of dollars of assets from expensive cars to prized works of art. Tens of thousands of civil servants were required to file public “e-declarations” of their wealth as part of a far-reaching anti-corruption initiative backed by western donors to the war-scarred country.

The Brazilian government collected 50.9 billion reais ($15.8 billion) in taxes and fines under an amnesty program offered to individuals and corporations with undeclared but legitimate funds parked overseas, the Finance Ministry said on Tuesday. By the program’s Monday deadline, 25,114 individuals and firms agreed to pay a 15% income tax and a fine equal to taxes paid, lower than they would have paid without the program, in exchange for immunity from potential prosecution for tax evasion and other charges, the ministry said.

American Company Bedrock Industries Group has reached a deal to buy beleaguered U.S. Steel Canada, U.S. Steel announced today, CBC.ca reported. The sale is subject to court approvals.

A private banker who helped manage the accounts of Malaysian state investment fund 1MDB went on trial Monday in Singapore. The proceedings against Yeo Jiawei, 33 years old, formerly a wealth manager at the local branch of Swiss bank BSI SA, marks a step forward in legal investigations in several countries related to 1Malaysia Development Bhd. and the first time a defendant has faced trial. In his opening statement, the case’s prosecutor told the court that Mr.

Banca Monte dei Paschi di Siena unveiled an ambitious turnaround plan last week, but its recast recapitalisation still hinges on a 28bn bad loan securitisation that remains marred by deep uncertainty, Reuters reported. Italy's third largest lender confirmed that its financial overhaul now includes a potential liability management exercise that will look to assign both retail and institutional subordinated bondholders new equity following scant investor interest for the 5bn cash call proposed in July.

Performance Sports Group Ltd , the maker of Bauer ice hockey gear, said on Monday it has filed for bankruptcy protection in the United States and Canada to facilitate a restructuring and sale of almost all of its assets. The company listed assets in the range of $500 million-$1 billion and liabilities of $500 million-$1 billion in its voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware.

In a fresh sign of the economic fallout from weaker global trade, Japan’s three largest shipping companies agreed on Monday to merge a major portion of their businesses, saying they needed to join forces to survive, the International New York Times DealBook blog reported. The president of one of the companies, Nippon Yusen Kabushiki Kaisha, said the groups faced bleak prospects on their own.

China’s growing debt mountain poses a risk to Australia’s financial stability, a senior politician has warned, just weeks after the continent celebrated a quarter century of growth without a recession. China is Australia’s largest trading partner, accounting for A$150bn of two-way trade in 2015. Beijing is also an important foreign investor in Australia, leaving Canberra potentially among the developed nations most exposed to a Chinese downturn.

Óleo e Gás Participações SA , the oil firm founded by Brazilian tycoon Eike Batista now operating under bankruptcy court supervision, has proposed a debt-for-equity swap after a slump in oil prices compromised its financial health. In a Friday securities filing, the company said it proposed the plan to lenders owed 1.85 billion reais ($5a79 million) in debt, including a loan provided to help the firm emerge from bankruptcy, called a debtor-in-possession (DIP) facility.

Eurozone firms are socking away increasing amounts of money despite the European Central Bank’s effort to encourage business spending and investment by slashing interest rates below zero, The Wall Street Journal reported. ECB data published Friday show the net savings rate of nonfinancial corporations surged to 6.7% of their net income in the second quarter, a multiyear high and up sharply from 6.1% in the previous three months. Nonfinancial investment by such firms remained steady at 3.5%, where it has hovered for two years.