Headlines

Electric van leasing company EVCo has been put under insolvent liquidation, with debts of almost $50 million, the Straits Times reported. EVCo, also known as Strides DST, is 60 per cent owned by transport operator SMRT’s business arm Strides Holdings and 40 per cent by Dishangtie Green Technology (Hong Kong). The two-year-old firm was incorporated in March 2022 with a paid-up capital of $10 million.

The Swiss National Bank called on Tuesday for an overhaul of bank capital regulations, saying that Switzerland needed rules that recognise UBS has become a bank with even more systemic importance following its takeover of Credit Suisse, Reuters reported. In its annual report, the SNB also said it would accept some forms of credit as collateral from banks wanting to access cash in an emergency, a significant move that is designed to ensure banks do not run out of cash in a crisis. Last year, the SNB said Credit Suisse's lack of collateral accelerated the bank's collapse.

The World Bank is set to provide Egypt with over $6 billion, boosting the global bailout for the North African nation’s struggling economy to more than $50 billion in the past few weeks, Bloomberg News reported. The Washington, D.C.-based institution said Monday the financing covers the coming three years, with half aimed at government support and the remainder to buoy a private sector seen as key to medium and long-term sustainable economic growth. The announcement came a day after the European Union pledged about $8 billion in aid, loans and grants.

The Bank of Japan (BOJ) ended eight years of negative interest rates and other remnants of its unorthodox policy on Tuesday, making a historic shift away from its focus on reflating growth with decades of massive monetary stimulus, Reuters reported. While the move was Japan's first interest rate hike in 17 years, it still keeps rates stuck around zero as a fragile economic recovery forces the central bank to go slow on further rises in borrowing costs, analysts say.

Canada's inflation rate surprisingly cooled in February to its slowest pace since June, and closely-watched core inflation measures eased to more than two-year lows, data showed on Tuesday, prompting investors to increase their bets for a June rate cut, Reuters reported. Annual headline inflation cooled to 2.8% last month, beating analyst expectations for a 3.1% rise, and below 2.9% increase in January. On the month, the consumer price index rose 0.3%, less than a forecast 0.6% rise, Statistics Canada said.

The Reserve Bank of Australia said Tuesday that it still can’t rule out the possibility that interest rates will need to be raised further, adding that inflation remains too high and is expected to remain elevated for some time yet, the Wall Street Journal reported. The RBA left its official cash rate on hold at 4.35% at its policy meeting. The decision was widely expected by economists. “While recent data indicate that inflation is easing, it remains high.

European stock market operator Euronext does not plan to go into cryptoasset trading without firm backing from its regulators, Chief Executive Stephane Boujnah said on Tuesday, Reuters reported. Once reluctant exchanges are now moving into the crypto space as bitcoin recovers from a crash to hit all-time highs of nearly $74,000 last week, gaining more than 50% this year, as inflows into U.S. listed bitcoin funds surged.

Signa Prime and the holding company of logistics billionaire Klaus-Michael Kuehne are in talks about handing the insolvent property firm a lifeline as creditors meet to discuss its restructuring plan, Bloomberg News reported. Kuehne Holding, a Signa Prime shareholder, and some banks are considering an emergency loan for more than €100 million ($109 million). It would provide liquidity to cover bills and continue construction on developments.

Saudi Arabia and Gucci-owner Kering are said to be circling Selfridges as the insolvency of the department store’s co-owner triggers a battle for the business, the Telegraph reported. Saudi Arabia’s Public Investment Fund (PIF) and luxury goods giant Kering, which is owned by French billionaire Francois Pinault, are both thought to be interested in a stake in Selfridges, according to City sources. Interest has been triggered by the collapse of Signa, the Austrian company run by businessman Rene Benko that owns half of Selfridges’ property company.

China Evergrande Group founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan ($6.53 million) after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures, Reuters reported. Hengda Real Estate said in an exchange filing that China's securities watchdog also penalised the company and several of its former senior executives after an investigation.