Headlines

As it tries to negotiate a new bailout deal with creditors, Greece got some breathing room on Thursday by deferring a series of debt payments until the end of the month, the International New York Times reported. But the move, in the face of growing restiveness in Athens, amplifies the pressure on Greece and its creditors to work out their differences. While some progress has been made in recent days, Greece continues to resist certain conditions, particularly on politically difficult issues like pension cuts.

Prosecutors in Switzerland said on Thursday that they had ended an investigation into possible money laundering at HSBC’s Swiss private bank without filing any criminal charges, the reported. The Geneva prosecutor’s office said that it would not pursue charges against the Swiss unit and that HSBC would pay 40 million Swiss francs, or about $42.8 million, to settle the inquiry. “The investigation found that neither the bank nor its employees are suspected of any current criminal offenses,” HSBC said in a statement.

The number of mortgage accounts in arrears for two years or more continued to rise in the first three months of 2015, albeit at a slower pace than seen previously, the Irish Times reported. New figures from the Central Bank show there was an increase of just 155 accounts in arrears for over 720 during the first quarter, as against an increase of 1,729 account for the same period a year earlier. The number of accounts in arrears for over a year fell to 55,470 at the end of March, equivalent to 7.3 per cent of the total stock.

Dublin-listed oil and gas firm Aminex has secured a six month extension for the repayment of its $7.6 million corporate loan facility to allow it to complete ongoing repayment and refinancing discussions, the Irish Times reported. The group now has until January 31st to repay the loan.

A Melbourne-based clothing manufacturer and wholesaler founded in 1996 has entered voluntary administration, SmartCompany.com.au reported. LM Australasia started out producing and wholesale women’s lingerie before growing into a fashion house that specialised in seamless garments, including knitwear, tops, leggings and shapewear. The business is based in the Melbourne suburb of Collingwood and, in 2010, employed 20 staff in Australia. At the time it also had an office in China, with a staff of 10.

The disclosure that some of the world’s largest banks had been used as a conduit for bribes allegedly paid to soccer officials has prompted the banks to scrutinize their ties with FIFA, and could make it more difficult for the sport’s powerful governing body to move money around the world, The Globe and Mail reported. Major U.S. and European banks say they are stepping up scrutiny of FIFA-related accounts, and are wary in particular of ties to two regional member organizations that feature prominently in the U.S. Department of Justice’s indictment. U.S.

Another round of top-level talks failed to resolve the standoff between Greece and its creditors as Prime Minister Alexis Tsipras rejected proposals that would facilitate the disbursement of bailout funds necessary to avert a default, Bloomberg News reported.

Australia’s corporate regulator is to launch a crackdown on the country’s banking culture, which it claims is encouraging misconduct and the “fleecing” of consumers, the Financial Times reported. The intervention by the Australian Securities and Investment Commission follows a series of banking scandals and new research showing that a poor risk culture at financial institutions is allowing misconduct and “Machiavellian” tendencies to flourish.

Germany's Kettler, known for its Kettcar carts for kids, has filed for insolvency, the sporting goods and bicycle maker said. Privately held Kettler said on Wednesday the move had become necessary "to avoid a hostile takeover and realign the company". Christoph Schulte-Kaubruegger of law firm White & Case has been named provisional trustee for Kettler, a court filing dated Tuesday showed. The company, based in the western German town of Ense-Parsit, was founded by Heinz Kettler in 1949 and is now run by his daughter Karin Kettler.

As an industrialist in Pakistan’s southern port city of Karachi recounts his woes, from frequent power cuts to a shortage of trained workers, his accountant barges in with a question. “Sir, how much should we earn from the farm this year?” the Financial Times reported. “Let me see how much we need to earn from the farm and get back to you,” the industrialist replies. The encounter provides a glimpse of one of Pakistan’s toughest economic challenges: reforming its chronically dysfunctional tax-collection system.