Headlines

Intrum AB is in talks with holdout creditors to persuade them to sign up to its restructuring proposal, Bloomberg News reported. The Swedish debt collector and its advisers are looking to find a compromise on its debt plan with holders of the majority of its 2025 bonds. Intrum has been trying to win over investors to stabilize an unsustainable debt structure that is facing looming maturities. It already has the support of more than 72% of bondholders who signed up to a binding agreement, exceeding the two-thirds threshold required for a chapter 11 process in the U.S.

Northvolt is in talks with investors and lenders to secure about 200 million euros ($218 million) in short-term funding, as the Swedish maker of batteries for electric vehicles seeks to stabilise its finances, Reuters reported. The talks have been taking place this week, one of the sources said, adding that the company still aims to raise a larger amount of capital for the long-term. On Friday, Northvolt repeated a statement from Sept. 24 that said it had made significant progress in recent weeks in its effort to raise cash.

777 Partners, the investment firm that had come close to purchasing Everton, has collapsed. The company’s football assets have all been put up for sale, the Liverpool Echo reported. The Miami-based firm, who had agreed a deal with Blues owner Farhad Moshiri to acquire the club in September 2023 but were unable to complete, have been beset by legal and financial issues that have unraveled in recent months, with the firm’s UK operations to be liquidated following a winding-up order in the High Court.

The French government unveiled a budget for next year that aims to deliver a €60.6 billion ($66.2 billion) remedy for its creaking public finances and rebuild investor confidence even as it risks eviction by a hostile parliament, Bloomberg News reported. Spending cuts will account for just over two thirds of what Finance Minister Antoine Armand called an unheard-of fiscal effort, with the rest coming from higher taxes on businesses, the wealthy and energy.

The Chinese government’s flurry of stimulus measures has upended the country’s stock markets. It has also brought potential home buyers back into the marketplace, raising hopes that official attempts at boosting confidence can rekindle a sector critical to any lasting rebound, the Wall Street Journal reported. Home viewings and sales of new and previously owned homes jumped in China’s biggest cities during the recently concluded weeklong National Day holiday, state media reported, while rising more modestly in lower-income cities.

China’s exports slowed sharply in September as global demand weakened, adding to worries over how to recharge growth in the world’s second-largest economy, the Associated Press reported. Exports rose 2.4% in dollar terms from a year earlier last month, down from 8.7% year-on-year growth in August, the Chinese customs office reported Monday. Imports rose just 0.3% in September. China recorded a trade surplus of $81.7 billion in September, down from $91 billion in August. China’s leaders have been struggling to rev up the economy since the COVID-19 pandemic ended. The U.S.

The South Korean Financial Services Commission (FSC) is set to probe Upbit, a prominent cryptocurrency exchange, for alleged anti-monopoly crimes. The investigation began when legislators expressed worries about Upbit's market dominance and ties with online bank K-Bank, TheStreet.com reported. During a parliamentary audit, MP Lee Kang-il emphasized Upbit's considerable market share and K-Bank deposits' impact. Upbit controls more than half of the South Korean cryptocurrency market, with a 24-hour trading volume topping $1.18B.

The Bank of Canada’s business and consumer surveys showed inflation expectations normalizing and few firms planning to hire or invest in the face of weak demand, Bloomberg News reported. The central bank’s business outlook indicator rose slightly to minus 2.3 in the third quarter, from minus 2.9 previously. Firms’ outlook for future sales also improved as fewer saw their orders, advanced bookings and sales inquiries decrease.

The U.S. Treasury's top economic diplomat on Friday called on the International Monetary Fund and multilateral development banks to work on new ways to provide short-term liquidity support to low- and middle-income countries to head off debt crises, Reuters reported. Jay Shambaugh, the Treasury's undersecretary for international finance, told an Atlantic Council event that the Treasury was working with these institutions "to find a better path" for countries with high but sustainable debts that face liquidity pressures. Shambaugh, who oversees the dominant U.S.

Zimbabwe sought to assure citizens that its gold-backed currency would not suffer another steep devaluation and steps were being taken to assure its defence, Bloomberg News reported. “It was a once-off,” Reserve Bank of Zimbabwe Governor John Mushayavanhu told the state-owned Zimbabwe Broadcasting Corporation in an interview posted on X. “We expect things to stabilize going forward and should start to see prices fall.” The ZiG — short for Zimbabwe Gold – was devalued by 43% on Sept. 27 to 24.4 per dollar after a wide gap emerged between the official and unofficial exchange rate.