Headlines

Guangdong Adway Construction has filed for bankruptcy in a Shenzhen court due to its inability to repay debts amid China’s stressed real-estate sector, the Wall Street Journal reported. The company filed the application with the Shenzhen Intermediate People’s Court, seeking restructuring to reduce its debt burden and improve operations, Adway said in a filing on Monday. Adway, which provides interior and exterior decoration and design services, is the latest company to fall victim to China’s weak property sector, which has weighed on the world’s second-largest economy.

A major group of offshore creditors of China Evergrande Group is planning to join a winding-up court petition filed against the cash-strapped developer if it doesn't submit a new debt revamp plan by next month, Reuters reported. The creditor group holds a large portion of Evergrande offshore bonds and, if it decides to join, would add more weight to the winding-up petition filed against the developer by an investor in a Hong Kong court.

Shenyang is the capital of Liaoning Province, one of three large provinces in the northeast that constitute the cradle of China’s heavy industry. Now the central government, confronting a national economy that has slowed because of a real estate crisis that defies easy fixes, is turning to cities like Shenyang. It hopes to squeeze more productivity and efficiency out of the region’s factories, the New York Times reported.

Scandinavia’s biggest airline SAS AB has received a final round of bids from potential suitors looking to invest in the carrier as part of a rescue plan to shore up its ailing finances, Reuters reported. The Stockholm-based company, which is going through a chapter 11 reorganization in the U.S., needs to raise at least 9.5 billion Swedish kronor ($856 million) in new equity and convert or cut its debt pile of about 20 billion kronor. Chief Executive Officer Anko van der Werff has previously said the amount of equity is not set and could go higher.

Some pilots have left Vietnam's restructuring Bamboo Airways in the last two months after late payments in salaries, Reuters reported. About 30 foreign pilots departed during that time, more than 10% of the airline's total pilot staff in June, according to one of the people, who declined to be identified as the information was not public. A second person said some pilots had recently quit and others were dismissed. Embattled Bamboo, Vietnam's No.

SBB, the landlord at the center of Sweden’s property crisis, will deploy roughly half of a cash lifeline to repay upcoming debt maturities, according to comments by rating firm Standard & Poor’s, Bloomberg News reported. On Sunday, Samhallsbyggnadsbolaget i Norden AB — as the company is formally known — said it had covered a near-term funding gap in a deal that will raise 8 billion Swedish kronor ($720 million) by ceding control in a portfolio of schools to Canada’s Brookfield Asset Management Ltd.

Brazil's annual inflation accelerated in mid-September to 5.00%, data from statistics agency IBGE showed on Tuesday, coming in line with market expectations as the central bank signals it will maintain its current pace of monetary easing, Reuters reported. Analysts believe inflation in Latin America's largest economy has already reached its lowest for the year while remaining relatively under control, allowing the monetary authority to keep lowering borrowing costs.

Hungary’s central bank cut its key interest rate by a full percentage point for a fifth month, ending an emergency monetary regime imposed last year to arrest a slump in the forint, Bloomberg News reported. The Monetary Council lowered the overnight deposit rate to 13% on Tuesday, matching the forecast of all economists in a Bloomberg survey. That’s on par with the level of the base rate, which is expected to resume being the effective key interest rate for the economy.

Singapore's central bank said on Tuesday it was looking into whether banks involved in a S$2.4 billion ($1.75 billion) money laundering scandal in the global wealth hub had taken all reasonable steps to mitigate risks, Reuters reported. The Monetary Authority of Singapore (MAS) will take action if its findings reveal shortcomings in the banks' controls, a spokesperson said in an emailed statement. Singapore police last month arrested and charged 10 foreigners including from China, in one of the biggest anti-money laundering swoops.

Germany slashed the volume of federal debt sales planned for the fourth quarter by €31 billion ($33 billion) as the government winds down financial support for households and companies hit by soaring energy costs, Bloomberg News reported. Bond issuance will be cut by €8 billion and sales of bills by €23 billion compared with a plan published last December, the federal finance agency said Tuesday in an emailed statement. Together with the reduction in the third quarter, that would trim total sales for this year by €45 billion to about €500 billion, still a record.