Headlines

Japan's new bank regulator is softening its stance on a proposed moratorium on loan repayments by small business and individuals, in the latest sign that the country's new leadership is adjusting its rhetoric to the reality of government, The Wall Street Journal reported. Soon after Japan's new government was formed last month, the banking and postal-services minister, Shizuka Kamei, called for a three-year grace period on debt repayments to help small businesses and individuals cope with tough economic conditions. Bankers in Tokyo complain that Mr.

The U.K.'s five largest banks agreed to tighter controls on bonuses that were laid out by the G-20, after gaining assurance from the government that foreign competitors would be subject to the same rules, The Wall Street Journal reported.

The Foreign Office has forced the Cayman Islands' government to investigate the possibility of introducing direct taxes on businesses and residents based there, The Guardian reported. An independent assessment of diversifying the Caribbean tax haven's revenue base is the main condition stipulated by the Foreign Office for allowing the Caymans to borrow from banks. The Cayman government has also agreed to make significant cuts to its public expenditure programme.

Bank Hapoalim has hired heavyweight attorney Pini Rubin to prepare a petition calling for GPM to be put in receivership. GPM owns the controlling interest in directories publisher Golden Pages (Dapei Zahav), Haaretz reported. Hapoalim, GPM's only secured creditor, is owed NIS 160 million. In contrast, the bondholders from GPM's 2007 bond issue are unsecured. If GPM goes into receivership, institutional investors stand to lose NIS 355 million on their bond investments. Read more.

Former Australian Olympic swimming champion Neil Brooks is living off his savings and facing legal battles after his Nitro Energy Drink company was put into administration by his estranged business partner three weeks ago, The Daily Telegraph reported. Gold Coast-based Brooks and his wife of 10 years Linda are now embroiled in a bitter dispute with their former partner in the sports drink business, Gold Coast businessman Matt Nielson who owns the 2 Chillies swimwear company.

Denmark's economy pushed deeper into recession in the second quarter, with data showing a much larger-than-expected decline in gross domestic product, The Wall Street Journal reported. Danish GDP fell 2.6% on a seasonally adjusted quarterly basis and was a record 7.2% lower from a year earlier, Statistics Denmark said Wednesday. Economists had forecast a decline of 1.4% and 5.2%, respectively. The figures mark the fourth straight quarter in which output has fallen in Denmark.

Luxury New Zealand hotel and spa Hotel du Vin has been sold to Dilworth School for an undisclosed figure and is to be converted into a rural campus, The New Zealand Herald reported. The private boys' school yesterday revealed it was the winning bidder in a tender process for the hotel, which was placed in receivership in July after suffering from declining guest numbers. Dilworth Trust Board chairman Derek Firth said it would reconfigure the hotel and spa buildings to make them suitable for school use and expected to open the campus in 2012.

The collapse of Melbourne-based digital business Swish Group in August shone a harsh light on a sector under huge pressure. Over the past 18 months, the business models of the companies in the space vaguely described as "digital marketing and media" have been torn apart, SmartCompany.com.au reported in an analysis. Destra and Swish have collapsed, BlueFreeway has been privatised, CommQuest is fighting for survival and Q Limited has performed poorly.

Timbercorp’s forestry assets have been sold for about $345 million to Australian Bluegum Plantations, a wholly owned subsidiary of US timber investment fund Global Forest Partners, The Australian reported. The company intends to set up its headquarters in the Green Triangle region of Victoria and South Australia, and in southwest Western Australia and retain the employees currently working for Timbercorp's forestry business. About $200 million of the sale proceeds have been allocated to about 10,000 so-called growers who invested in Timbercorp's woodlots.

Blacks Leisure Group Plc, the U.K.’s largest retailer of outdoor clothing and equipment, said further restructuring will still be needed as it announced plans to close 89 stores and cut 50 jobs from its head office staff, Bloomberg reported. The company will “enter a period of consultation” with employees about closing the unprofitable stores and reducing the head office workforce by 20 percent, the company said in a Regulatory News Service statement today. Blacks said last week it agreed with Lloyds Banking Group Plc to a so-called standstill of any breach of its loan covenant until Nov.