Headlines

The number of bankruptcies to occur in the Netherlands this year will probably rise, credit insurer Allianz Trade predicts, NLTimes.nl reported. "No other European country has experienced an increase so quickly," says Johan Geeroms, the risk director for the Benelux region. "The increase in bankruptcies is a serious warning sign. Last year, we called the 52% increase a catch-up from coronavirus, but an addition of 31% will join them this year," he added.

The European gravure printing market has been dealt a further blow after Germany’s Tiefdruck Schwann-Bagel (TSB) filed for insolvency just five months after being acquired by another continental group, Print Week reported. France headquartered Riccobono Group became Europe’s biggest gravure printer when it took over TSB last autumn. The deal involved reducing the number of gravure presses from six to four and a restructure that cut 78 jobs. Despite the downsizing, TSB filed an application to open insolvency proceedings with the district court in Mönchengladbach last week.

Thailand’s central bank faced renewed calls from the government camp to start easing monetary policy, with Prime Minister Srettha Thavisin’s top aide arguing that Southeast Asia’s second-largest economy needed cheaper borrowing costs to spur growth, Bloomberg News reported. The Bank of Thailand’s Monetary Policy Committee has some room to reduce the key rate to provide “immediate relief” to the people as budgetary support was still at least a month away, Prommin Lertsuridej, the secretary-general to Srettha, said Monday.

Turkey’s annual inflation swung to a 15-month high with a faster pickup than forecast, an acceleration closely watched by a central bank that’s still on alert after ending interest-rate hikes, Bloomberg News reported. Stoked in part by this year’s sharp increase in the minimum wage, price growth in February quickened for a fourth straight month to 67.1% from 64.9% in January. Monthly inflation — a gauge that’s been under particular scrutiny by the central bank — also exceeded forecasts even as it eased back to 4.5% from 6.7% in January. It remains well above its level in the fourth quarter.

Chinese solar giant Longi Green Energy Technology Co. is calling on Beijing to crack down on low prices and ensure panel quality as excess capacity and fierce competition spur company failures, Bloomberg News reported. The government should introduce new bidding rules to discourage prices that are below production costs, and to award firms that can provide long-lasting reliable products, Longi Chairman Zhong Baoshen said in an interview with Shanghai Securities News. Zhong made the comments on the sidelines of this week’s National People’s Congress, which he’s attending as a delegate.

The Japanese government is discussing officially stating that the country’s economy has overcome deflation, Kyodo reported Saturday, Bloomberg News reported. The government will consider making the statement after taking into account this year’s wage negotiations to check if pay is increasing in accordance with rising prices, according to the report. The proposal includes Prime Minister Fumio Kishida and other members of the cabinet publicly saying that the country has exited deflation at meetings and press conferences, as well as stating it in monthly economic reports, Kyodo reported.

Panama's economy is expected to see growth slow in 2024 to 2.5%, from 7.5% in the previous year, as a result of the closure of First Quantum Minerals' lucrative copper mine in the country, the International Monetary Fund (IMF) said on Monday, Reuters reported. Gross domestic product (GDP) is expected to gradually improve over the medium term, but the mine's closure does entail the permanent loss of about 0.6% of GDP in fiscal revenues and 7.5% of exports of goods and services, the IMF said. Read more.

Deutsche Bank is preparing a liquidation lawsuit in Hong Kong against Chinese developer Shimao Group, two sources said, in a rare move by a foreign firm that comes amid rising credit defaults and China's deepening property sector crisis, Reuters reported. Shanghai-based Shimao is among the many Chinese developers that have defaulted on offshore bonds, after it missed the interest and principal payment for a $1 billion offshore bond in July, 2022.

Swedish bankruptcies jumped 29% in 2023 to the highest level since the 1990s, when the bursting of a property bubble crippled the Nordic nation’s banking system, Bloomberg News reported. This may just be the tip of the iceberg in the wake of persistently high inflation and interest rates, according to UC, a credit reference agency that compiled the data. In December, bankruptcies increased overall by 23% from a year earlier, it said.

A group of bondholders in Essity AB are asking for their money back after arguing the Swedish personal care products maker has defaulted on its debt, Bloomberg News reported. The creditors sent a letter to the company last month saying it had breached a so-called cessation of business clause in its bonds by agreeing to sell its majority stake in tissue maker Vinda International Holdings Ltd., according to people with knowledge of the matter. That followed the firm signing an “irrevocable undertaking” in December to sell its 51.6% ownership of Vinda to Indonesian tycoon Sukanto Tanoto.