Headlines

Further draining a pool of assets that will eventually be distributed to its creditors, defunct bitcoin exchange Mt. Gox has paid $188,763 to Tibanne, its parent company, as a part of its liquidation, The Wall Street Journal reported. A heavily blacked-out application to make the payments, which was submitted by a court-appointed trustee for Mt. Gox, was revealed on a website called goxdox.com. Two people familiar with the matter have confirmed the authenticity of the document filed with the Tokyo District Court in May.

Kenya Planters’ Co-operative Union’s (KPCU) receivership has been lifted by the Kenya Commercial Bank. The development comes after the farmers’ union agreed to the new conditions set by the bank before it could waive the bankruptcy notice, Standard Digital reported. KPCU chairman David Gatei confirmed Monday that the matter has been agreed upon between the two organisations and a formal announcement will be made soon. “The board has worked tirelessly and we have received a lot of support from President Uhuru Kenyatta.

Spanish wireless networks provider Gowex said on Sunday it would file for bankruptcy and its CEO and founder Jenaro Garcia Martin had resigned having acknowledged reporting false accounts for at least the last four years, Reuters reported. The move came just hours after the company said it had hired PricewaterhouseCoopers to carry out a forensic audit of its accounts in a response to a report from a firm called Gotham City Research that had questioned its revenue reporting.

ArcelorMittal is looking into making an offer for Italy’s second biggest steel producer Lucchini, and a proposal is expected to be made later in July, GantDaily.com reported. Lucchini was placed under “special administration” after it was declared insolvent in 2012. The procedure aimed to save huge companies and avoid heavy job losses. The company, formerly owned by Russia’s Severstal, was badly hit by the 2008 recession that has reduced Europe’s steel demand by around 25 percent.

Argentina will not make a formal offer to settle its dispute with holdout investors in its sovereign debt at its meeting on Monday with a court-appointed mediator, an Argentine daily wrote on Saturday, citing Economy Ministry sources. After a string of adverse U.S. court decisions, Argentina has until the end of July to settle with a group of creditors who refused to accept the terms of its restructurings following its 2002 default on $100 billion of debt.

Permanent TSB will ensure that the buyer of its Springboard sub-prime mortgage portfolio will sign up to the terms of the Central Bank of Ireland’s code of conduct on mortgage arrears (CCMA), the minister for finance Michael Noonan has said, the Irish Times reported. Mr Noonan was replying ot a questions from Fianna Fail’s finance spokesman Michael McGrath on whether the sale of Springboard was likely to take place before the enactment of legislation to protect mortgage holders whose loans are sold to unregulated third parties.

Troubled France-Corsica ferry operator SNCM needs to go under court protection to shield itself from a European Commission order to repay 440 million euros ($600.2 million) in state aid, France's transport minister was quoted saying, Reuters reported. Frederic Cuvillier told French daily La Provence that the loss-making firm, whose unions have been on strike since June 24, cannot continue its activities in its current form without risking bankruptcy and needs an ordered restructuring.

Medium-size South Korean yard Daehan Shipbuilding, which has a huge bulker and products-tanker orderbook involving high-profile owners, has filed for court receivership, TradeWinds reported. The DSME-managed builder’s application to the Gwangju District Court early last week was based on a more than $50m claim, including interest accrued, by a shipowner and involving charter contracts signed by its sister company Daehan Merchant Marine, also known as Daehan Shipping. Hong Kong-based Goldbeam is said to be the company making the claim against Daehan Shipbuilding.

The presidency of the European Union is largely ceremonial, rotating every six months among the bloc’s 28 nations. But Prime Minister Matteo Renzi of Italy means to use its new presidency as a platform from which to seek relief for his country’s debt-saddled economy, the International New York Times reported. On Wednesday, the second day of his nation’s six-month turn, Mr. Renzi, 39, said that the bloc’s fiscal rules should put less emphasis on debt and deficit targets and do more to stimulate members’ economies.

Andy Haldane, the Bank of England’s chief economist, defended central banks on Wednesday night against the charge that their exceptionally loose monetary policy and asset purchases are pushing many financial markets to dangerous highs, the Financial Times reported. Mr Haldane accepted that central bank policies had shifted risk out of the banking sector and this was likely to exacerbate fear and greed cycles in financial markets, but said the new dangers were worth it.