Headlines

Creditors of Brazilian engineering group Schahin, which was snared in the country's biggest-ever corruption investigation, may reject a recovery plan in a vote at a Wednesday assembly, according to newspaper O Estado de S. Paulo. Estado reported, without saying how it obtained the information, that banks holding Schahin's debt found the plan to be unrealistic and ongoing negotiations to be unproductive. A Schahin representative had no immediate comment on the report.

Anglo American said on Tuesday it plans to sell its iron ore, coal and nickel units as part of a sweeping strategic overhaul to cope with a commodities rout that has triggered a fight for survival even among heavyweight miners, the Irish Times reported on a Reuters story. The global mining group plans to concentrate on its De Beers diamond business as well as platinum and copper operations as it dumps loss-making bulk commodities.

In pressed white robes and clutching crisp résumés, young Saudi men packed a massive hall at a university in the capital city this month to wait in long lines to pitch themselves to employers. It was one of three jobs fairs in Riyadh in two weeks, and the high attendance was fueled in part by fear among the younger generation of what a future of cheap oil will mean in a country where oil is everything, the International New York Times reported.

After more than a decade of legal warfare, Argentina could be on the cusp of peace with its creditors. However, even if Buenos Aires does reach an accord with Elliott, experts fear the saga will leave a toxic legacy for the wider sovereign debt restructuring world that could linger for years to come, the Financial Times reported. “In many ways this stopped being about Argentina a long time ago,” says Anna Gelpern, a law professor at Georgetown University.

Jacob Zuma has vowed urgent “concrete action” to prevent South Africa’s debt from being downgraded to junk as pressures mount on the country’s $350bn economy. In an indication of the difficulties facing the bellwether emerging market, the South African president told the Financial Times the government needed to change tack on issues such as co-operating with business and curbing spending.

Two brothers have brought a legal action to stop a company that acquired their multi-million euro property investment loans from Ulster Bank from enforcing repayment by selling off their secured assets, the Irish Times reported. Anthony and Gregory Alken, who owned and operated the Febvre wine importing business until they lost control in 2014, got loans from Ulster Bank totalling around €21 million.

The trial of four senior bankers has heard that Irish Life and Permanent stopped a €3 billion transfer from Anglo in December 2008 because of a fear over “reputational damage”, the Irish Times reported. Former Irish Life and Permanent (ILP) CEO Denis Casey and Anglo’s former head of finance Willie McAteer and two others are accused of conspiring to mislead investors by using interbank loans to make Anglo appear €7.2 billion more valuable than it was. Mr McAteer (65) of Greenrath, Tipperary Town, Co.

The rout in European financial markets last week was a watershed event. What we witnessed was not necessarily the beginnings of a bear market in equities or an uncertain harbinger of a future recession. What we saw — at least here in Europe — is the return of the financial crisis, the Financial Times reported. Version 2.0 of the eurozone crisis may look less frightening than the original in some respects but it is worse in others. The bond yields are not quite as high as they were then. The eurozone now has a rescue umbrella in place. The banks have lower levels of leverage.

The president of the European Central Bank, Mario Draghi, says that some eurozone banks “face challenges” but that the system is more resilient because of stronger oversight after the global financial crisis, the International New York Times reported. Mr.

Kaisa Group Holdings Ltd. still lacked the necessary support from creditors for its offshore restructuring plan as of Sunday, said Tam Lai Ling, the Chinese developer’s senior adviser, Bloomberg News reported. Kaisa needs approval from investors holding 75 percent of its offshore bonds and loans for its plan to restructure debt to proceed. The firm has received no less than 53 percent as of Feb. 14, Tam said by phone. The developer had offered a consent fee of 0.5 percent for investors who supported the plan as of that date, after paying 1 percent for those who consented as of Jan. 24.