Headlines

European Central Bank policy makers warned at their July meeting that Britain’s vote to leave the European Union created fresh headwinds for the eurozone and could affect the world economy, suggesting they may be ready to launch fresh stimulus as soon as next month to shore up the bloc’s economy, The Wall Street Journal reported.

Canadian oil producer Pacific Exploration & Production Corp said on Wednesday it a majority of its creditors approved a restructuring plan, which will help it emerge from bankruptcy, Reuters reported. The company had filed for creditor protection in Canada in April as it grappled with a prolonged slump in oil prices. Pacific Exploration said the restructuring plan was approved by 98.4 percent of the affected creditors including Catalyst Capital Group, which represented 97.2 percent in value of the eligible voting claims.

Chase Bank has received Central Bank of Kenya’s (CBK) approval to start taking fixed deposits and resume lending, CAJ News reported. The move marks a major milestone in the turnaround efforts of the bank signaling that most of the major issues under resolution have been addressed, paving the way for full resumption of banking services to all customers. Kenya Depositors’ Insurance Corporation (KDIC) placed the bank under receivership by in April, with KCB Bank Kenya Limited appointed as the Receiver Manager.

Debt in the world's top 30 steel companies totals a record $150 billion (£115.05 billion), international accountancy firm EY said on Thursday, adding governments' action to support the sector would work only if matched with more radical industry restructuring. Overcapacity and weak steel prices have piled pressure on firms such as Tata Steel, which is in merger talks with German conglomerate Thyssenkrupp.

China home prices rose 0.8 percent in July nationwide, but stalled or fell in more cities than in June, adding to concerns that one of the economy's key growth drivers is losing steam but offering some relief for policymakers worried about property bubbles, Reuters reported. A robust recovery in home prices and sales gave a stronger-than-expected boost to the world's second-largest economy in the first half of the year, helping to offset stubbornly weak exports.

Banks can confiscate security in case of loan default as President Pranab Mukherjee has given assent to a law aimed at faster recovery and resolution of bad debts, The Indian Express reported. The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, has received nod from the President and it has been notified, officials said today.

A Rio judge ruled Wednesday that the local Olympic organizing committee could be bailed out with public funds, a setback to prosecutors who had sought transparency in the committee’s budget first, The Wall Street Journal reported. Federal Judge Guilherme Couto de Castro lifted an injunction that had been in place since Friday and upheld on Monday blocking the Rio 2016 committee from receiving taxpayer funds unless it opens its books.

Oil and gas companies operating in Norway, western Europe’s biggest producer, cut investment forecasts further for this year and next as they continue to weather a two-year long collapse in crude prices, Bloomberg News reported. Investments in Norway’s offshore oil and gas industry are now expected to fall to 163 billion kroner ($20 billion) in 2016, down from a 166 billion-krone estimate in May, according to a quarterly survey published by Statistic Norway on Wednesday. The estimate for 2017 fell to 151 billion kroner from 153 billion kroner.

Banks and bondholders accounting for more than half of Oi SA's debt of 65.4 billion reais ($20 billion) are considering proposing a 5-year grace period and lower borrowing costs to speed up the Brazilian phone carrier's in-court reorganization, a person with direct knowledge of the talks said on Tuesday, Reuters reported.

Tervita Corp., a Canadian provider of waste management services to the oil industry, plans to seek new credit after completing restructuring talks with lenders to slash its C$2.5 billion ($1.9 billion) worth of obligations, Bloomberg News reported. The company, which is using a 30-day grace period after skipping an interest payment on Monday, expects to be able to secure new lending after the restructuring thanks to its “good quality assets,” Vice President Ryan Wong said in an interview. The deal would involve converting some debt to equity, he said.