Headlines

Parties seeking a chunk of the $7 billion raised from the liquidation of former telecommunications giant Nortel Networks started talks on Thursday aimed at ending one of the most complex and costly legal disputes in history, Reuters reported. The money has been sitting in a New York bank account since Nortel Networks global businesses were sold piecemeal after the Ontario-based company filed for bankruptcy exactly seven years ago.

Debt crises, capital flight and corruption are all familiar problems for poor countries trying to finance their development. A bulwark, say some, is remittances: money sent home by migrants, worth $580 billion in 2014, The Economist reported. Unlike portfolio flows, which tend to flee at the first sign of trouble, remittances usually increase in tough times. And unlike aid, they go directly into the pockets of ordinary people, bypassing corrupt officials. All this is true, and important. But even remittances, alas, cannot always be relied upon.

Greece’s creditors are expected to start talking soon over an issue that has been looming over the eurozone since 2010: cutting the country’s mountainous debt burden, The Wall Street Journal reported. Greece already sliced its debts to private lenders through a bond swap in 2012. But that wasn’t enough. Now, most of its debt is owed to other eurozone governments, which have conceded Athens needs more relief.

Chinese stocks rebounded from the brink of a bear market in a late day swing as the lowest valuations in four months lured bargain hunters and a group of smaller companies pledged to support their share prices, the Irish Times reported. The Shanghai Composite Index gained 2 per cent to 3,007.65 at the close, reversing a loss of as much as 2.8 per cent and sending a gauge of volatility to the highest levels since September.

The European Central Bank sees scope for further cuts to its deposit rate after the one announced last month, according to minutes of the bank's December meeting that were released on Thursday, the International New York Times reported on a Reuters story. The eurozone economy is at risk from weakening emerging market growth, sagging demand for its exports and increased geopolitical risks, the E.C.B. said in its report on the Dec. 2-3 meeting at which it eased its policy less than markets had been expecting.

Greece renewed its challenge to its creditors’ austerity demands on Tuesday, with a key minister in the government calling on Europe to let Greece meet its fiscal targets mainly via economic growth, not belt-tightening. In an interview with The Wall Street Journal, Greek Labor Minister George Katrougalos said the ruling left-wing Syriza party hasn’t given up its fight against austerity, despite a tactical retreat last year, when Greece signed up to deeper fiscal retrenchment under heavy pressure from creditors. “We may have not won a battle, but the war goes on,” said Mr.

The persistent plunge in oil prices has translated into a new round of industry job cuts, the International New York Times reported. The British oil giant BP said on Tuesday it would eliminate 4,000 of the approximately 24,000 positions in its exploration and production units this year. That would be in addition to about 4,000 jobs that the company cut last year, when it trimmed its work force to about 80,000. “We have to make sure we have a competitive and sustainable business,” David Nicholas, a company spokesman, said by telephone.

Anglo American plc has announced to sell high-quality Brazil-based niobium and phosphate mine for $1 billion. The company is taking steps to reorganize its portfolio before year-end financial results announcement, Business Finance News reported. According to the news released by The Sunday Times, the company is intended to sell its operations in the current week. This step will be a part of its restructuring program through, which the company has opted to repair its balance sheet and reduce the debt. During 2015, Anglo American faced severe crisis, mainly due to China’s economic disturbance.

Small Northern Ireland businesses whose bank loans were acquired by Cerberus are receiving “unreasonable” demands from the US investment firm – in some cases, to make significant payments within a 24 or 48 hour period – Stormont politicians were informed Tuesday, the Irish Times reported. Insolvency advisers Bell & Co said many business owners with non-performing loans whom it represents were “living in fear of the receivers” because of the attitude adopted by Cerberus.

Brazilian mining giant Vale SA on Tuesday said it would borrow $3 billion in emergency financing, a sign of distress from the world’s largest iron-ore producer, The Wall Street Journal reported. Vale said the revolving credit line would “increase liquidity and bridge potential cash flow needs.” It didn’t disclose the interest rate it received and said another $2 billion was available. The miner, which needs capital to pay for expansion projects, is tapping the line of credit partly because it hasn’t been able to garner as much as expected through the sale of assets.