Headlines

Coffee Day Global, which operates the Cafe Coffee Day chain across India, was admitted for corporate insolvency by the Bengaluru bench of the bankruptcy court last week, said people aware of the development, the Economic Times of India reported. The National Company Law Tribunal (NCLT) passed an oral order on Thursday to admit the unlisted company based on a petition filed by IndusInd Bank. A detailed order is yet to be uploaded by the tribunal.

Go Airlines (India) Ltd has received claims worth 240 billion rupees ($2.9 billion) from operational and financial creditors so far as part of the carrier's ongoing insolvency, two banking sources told Reuters. The process is in line with procedural requirements under Indian law which allow every creditor a right to payment and remedy by submitting claims if a company is under bankruptcy. Once the claims are filed, the resolution professional has to check its authenticity.

India on Thursday ordered a halt to its largest rice export category in a move that will roughly halve shipments by the world's largest exporter of the grain, triggering fears of further inflation on global food markets, Reuters reported. The government said it was imposing a ban on non-basmati white rice after retail rice prices climbed 3% in a month after late but heavy monsoon rains caused significant damage to crops.

UK job vacancies rose for a fifth month, boosting salaries and signaling tightness in the labor market that’s likely to fan inflation, data from the search engine Adzuna showed, Reuters reported. The jobs search site listed 1.06 million vacancies across the UK in June, up 0.78% from the month before but 12% lower than a year ago. It said advertised salaries rose 3.6% from a year ago to £37,807, and the number of days to fill open positions fell to a record low.

Brazil’s petrochemical giant Braskem said Friday it had reached a $356 million settlement with a coastal city where four decades of the company’s rock salt mining destroyed five urban neighborhoods and displaced tens of thousands of people, the Associated Press reported. Around 200,000 people in the Alagoas state’s capital of Maceio were affected by the excessive extraction of rock salt, according to the Brazil Senate’s website. In recent years, several Maceio communities became ghost towns as residents accepted Braskem’s payouts to relocate.

Algeria has applied to join the BRICS group and submitted a request to become a shareholder member of BRICS Bank with an amount of $1.5 billion, Ennahar TV quoted Algerian President Abdelmadjid Tebboune as saying, Reuters reported. It added that Tebboune said at the end of his visit to China that Algeria had sought to join the BRICS to open new economic opportunities. The North Africa country is rich in oil and gas resources and seeking to diversify its economy and strengthen its partnership with countries such as China.

Nearly 70% of Israeli startups have taken action to relocate parts of their business outside Israel, a survey released on Sunday by an Israeli non-profit organisation on the government's planned judicial overhaul found, Reuters reported. The survey by Start-Up Nation Central sought to measure the economic impact plans by the hard-right coalition of Prime Minister Benjamin Netanyahu that would restrict the Supreme Court's powers to strike down legislation.

Chinese regulators met with global investors on Friday, according to people familiar with the matter, stepping up the government’s bid to boost market confidence as the country’s economic recovery loses steam, Bloomberg News reported. China Securities Regulatory Commission Vice Chairman Fang Xinghai met with some global venture capital and private equity firms to hear their concerns about investment in the country, the people familiar said, requesting not to be named because the matter is private.

Mexico has been hit with three sets of trade arbitration proceedings in the past few days, according to the International Centre for Settlement of Investment Disputes (ICSID), Reuters reported. First Majestic Silver and Silver Bull Resources, both Canadian companies, as well as U.S. food firm Arbor Confections have filed cases against Mexico, ICSID said in brief statements issued between Thursday and Friday. The proceedings all invoked the North American Free Trade Agreement (NAFTA) and the United States-Mexico-Canada Agreement (USMCA) which replaced NAFTA.