Headlines

The founder of a small Florida hedge fund could be jailed for refusing to reveal where Indian tech firm Think & Learn Pvt allegedly hid $533 million that lenders are trying to recover, according to a federal judge, Bloomberg News reported. William C. Morton could be locked up for contempt of court if he can’t explain why he disobeyed a court order to provide details about the money, which was briefly placed with his hedge fund, Camshaft Capital Fund.

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A builder who became insolvent ­following the construction sector crash in the late 2000s has had more than €2.2m in debt written off in return for a lump-sum payment of €80,000, the Irish Independent reported. Under a personal insolvency arrangement (PIA) approved by the High Court, David Lawlor (60) will be able to retain his family home, which was in negative equity. The court heard Mr Lawlor, a separated farmer and maintenance worker from Dragoon Hill, Hollywood, Co Wicklow, had overall debts of €2.7m.
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Chinese Premier Li Qiang announced an ambitious 2024 economic growth target of around 5% on Tuesday, promising steps to transform the country's development model and defuse risks fuelled by bankrupt property developers and indebted cities, Reuters reported. Delivering his maiden work report at the annual meeting of the National People's Congress, China's rubber-stamp parliament, Li also flagged higher defence spending, while hardening the rhetoric on Taiwan.
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Retail sales growth in the U.K. slowed in February, when consumer demand was damped by record rainfall, according to a British Retail Consortium report, the Wall Street Journal reported. Total retail sales for the four weeks to Feb. 24 increased by 1.1% on year, compared with annual 1.2% growth the prior month and the three-month average of 1.4%, according to the BRC-KPMG Retail Sales Monitor report published Tuesday. Annual growth stood at 5.2% in February last year.
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Activity in the Republic of Ireland’s services sector expanded again in February but the growth was accompanied “by rising price pressures”, AIB has said, the Irish Times reported. The bank’s latest purchasing managers index for services rose to 54.4 last month, up from 50.5 in January, signalling the fastest rate of expansion in six months. Any figure above 50 indicates expansion. The increased level of activity, however, was accompanied by a worrying uptick with input prices and charges rising at the fastest rates in 10 and 12 months respectively.
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South Africa’s economy escaped a technical recession in the fourth quarter as fewer rotational power cuts helped energy-intensive industries including mining rebound, Bloomberg News reported. Gross domestic product expanded 0.1% in the three months through December, compared with a contraction of 0.2% in the prior quarter, Statistics South Africa said in a report released in the capital, Pretoria, on Tuesday. The South African currency traded 0.2% stronger at 19.0087 per US dollar as of 12:25 p.m. In Johannesburg.
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Chinese investment can’t be the solution for cash-strapped Canadian miners seeking financial backing, according to Canada’s natural resources minister, Bloomberg News reported. “We need to be working to solve access to capital issues, but the answer cannot be investment from Chinese state-owned industries,” Natural Resources Minister Jonathan Wilkinson said Tuesday in an interview.
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Some of China’s largest insurers are sounding an alarm over the debt risks of China Vanke Co., according to people familiar with the matter, as shares and bonds of the major developer hit record lows on repayment concerns, Bloomberg News reported. At least two Beijing-based insurers that farm out annuity investments told their external portfolio managers late last week to closely monitor Vanke’s credit risks, said the people, asking not to be identified discussing a private matter. One life insurer also told its pension managers to curb exposure, the people added.
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Chinese developer Country Garden said on Monday it will consider if it is necessary to apply to the High Court for a validation order at a later stage after evaluating the progress of its offshore restructuring. If the validation order is not applied for or granted, any transfer of shares made after Feb. 27 will be void if the company is liquidated, it said. A liquidation petition was filed against Country Garden on Feb. 27 after it failed to meet repayment obligations. Read more.
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A $1.2 billion credit line from the government expected as soon as this month will be key for Brazil’s troubled airlines as they lobby for lower jet fuel costs and for help clamping down on passenger litigation, Azul SA Chief Executive Officer John Peter Rodgerson said, Bloomberg News reported. Unlike in the U.S. and Europe, Latin American nations offered little rescue for the sector during the pandemic, leaving the region’s airlines to deal with the crisis on their own. Several buckled: Avianca Holdings SA, Latam Airlines Group SA and Grupo Aeromexico SAB filed for bankruptcy in 2020.
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