Headlines

Mexican homebuilder Homex , which emerged from bankruptcy proceedings in July, said on Thursday that the national securities regulator CNBV has cleared its shares to trade again, Reuters reported. Homex shares were suspended last year, when a debt crisis and lack of demand for its homes prompted the company to file for bankruptcy. Read more.

German regional lender HSH Nordbank could agree with the European Commission as early as next week to offload billions of euros in troubled assets onto its government owners and avoid the risk of being shut down, sources said. The ship financier, majority owned by the regional states of Schleswig-Holstein and Hamburg, had to seek support from its owners after being hit by the slump in global trade in the wake of the financial crisis. The European Commission requires banks that receive state aid to undergo substantial restructuring and shrink their balance sheets.

In the smog-filled, run-down industrial hubs that ring the southern end of Sao Paulo, Brazil’s next big crisis is taking root, Bloomberg News reported. The labor market, long the country’s lone economic bright spot as growth stagnated, is suddenly deteriorating rapidly, driving unemployment all the way up to 7.6 percent from a record-low 4.3 percent at the end of 2014. Nowhere are the layoffs that are fueling that surge more acute than here, in this gritty complex of steel, auto and auto-parts factories built decades ago by the likes of Ford Motor Co. and Volkswagen AG.

Kenya's central bank on Wednesday said it was ready to provide "adequate liquidity" to the country's banking system after a mid-sized lender was put into receivership a day earlier and hit banking shares on the stock market, Reuters reported. A government agency took control of privately-held Imperial Bank on Tuesday after the central bank said it had become aware of "unsafe or unsound business conditions". Another smaller bank was put in receivership in August after liquidity problems.

Representatives from the Troika will travel to Dublin next month as part of the fourth post-bailout review of the Irish economy, as controversy over Ireland’s compliance with EU stability and growth pact rules emerged, the Irish Times reported. The European Commission declined to comment on claims Ireland’s budget may be in breach of EU debt and deficit targets, following suggestions by the head of the Fiscal Advisory Council, John McHale, that Ireland’s budget was too expansionary and could be in breach of EU rules under the Stability and Growth Pact.

The bid to open the secret agreement between the federal government and United States Steel Corp. that ended a prosecution against the steel maker has been given new life. The Ontario Court of Appeal has granted stakeholders in the U.S Steel Canada Inc. creditor-protection hearing the right to appeal a ruling by the Ontario Superior Court that sealed the agreement. The 2011 agreement ended the federal government’s prosecution of U.S. Steel under the Investment Canada Act, which came after the Pittsburgh-based steel maker broke promises it made to Ottawa when it purchased then-Stelco Inc.

State owned miner Solid Energy faces a court action to cancel its scheme to repay creditors, Stuff.co.nz reported. Cargill International has filed in the High Court for termination of Solid's Energy's scheme to pay back trading creditors, banks and bondholders. Solid Energy was in partnership with Cargill at the Spring Creek mine on the West Coast from 2007 to 2012, when a crash in world coal prices started Solid Energy's slide into voluntary administration. Cargill said it lost US$42.4 million ($63.5m) in the mine and undelivered volumes of coal from the Spring Creek Mining Company.

Former Anglo Irish Bank chief executive David Drumm is charged with 33 offences, including forgery, conspiracy to defraud, false accounting and breaches of Irish company law and EU law, US court records show, the Irish Times reported. Each offence carries maximum sentences ranging from five years’ imprisonment up to an unlimited term of imprisonment, according to legal records submitted to the US District Court in Massachusetts. Details of the charges against Mr Drumm emerged after the legal case against him was unsealed and made public by the American court.

The Bank of Italy will keep mid-sized lender Banca Marche in special administration until mid-December - two months more than previously planned, a source close to the matter said on Tuesday, Reuters reported. The country's central bank put Banca Marche in special administration in August 2013 after an audit led to massive writedowns on its loan portfolio and eroded its capital base. Its period in special administration has already been extended from 2014 until this autumn.

Greece’s leftwing Syriza-led government has presented more tax and pension reforms to parliament amid growing concerns that the package of measures will prolong the country’s six-year recession, the Financial Times reported. The proposals are being discussed under emergency procedures so that Greece can meet a weekend deadline set by creditors for implementing a tough front-loaded package of fiscal and structural measures in return for an €86bn bailout.