Headlines

The bankruptcy court on Monday admitted Future Group’s affiliate Acute Retail Infra Pvt Ltd for Corporate Insolvency Resolution Process (CIRP) in an application filed by Avendus Finance Pvt Ltd after the company defaulted on its dues of over Rs 65 crore, the Economic Times of India reported. The Mumbai bench of the National Company Law Tribunal (NCLT) while admitting the company has also appointed Ramesh M. Shetty as interim resolution professional (IRP) of the company.

Bank of Japan Gov. Kazuo Ueda reiterated his cautious tone on Tuesday and said the central bank can wait to act until economic uncertainties become clearer, dampening speculation over another rate increase in October, the Wall Street Journal reported. “In making policy decisions, the bank will need to carefully assess factors such as developments in financial and capital markets at home and abroad and the situation in overseas economies underlying these developments. We have enough time to do so,” Ueda said in a speech to business leaders in Osaka.

The International Monetary Fund said it’s looking forward to working with Sri Lanka’s newly elected leftist president, including on the latest review of the country’s $3 billion bailout package, Bloomberg News reported. “We will discuss the timing of the third review of the IMF-supported program with the new administration as soon as practicable,” the organization said in a statement after President Anura Kumara Dissanayake was sworn into office on Monday.

The eurozone economy slowed sharply as the third quarter draws to a close, contrasting still-dynamic growth in the U.S., according to a series of business surveys released on Monday, the Wall Street Journal reported. The eurozone surveys suggest that a soft landing from the surge in inflation that accompanied Russia’s full-scale invasion of Ukraine could be in doubt.

Germany's leading economic institutes have downgraded their forecast for 2024 and now see Europe's largest economy shrinking by 0.1%, people familiar with the figures from the autumn joint economic forecast told Reuters on Tuesday. Germany's economy was the weakest among its large euro zone peers last year with a 0.3% contraction. Inflation was expected to fall to 2.2% this year, from 5.9% last year, the sources said. It would be around the 2% mark targeted by the European Central Bank in the two following years, according to the sources.

Australia’s central bank kept interest rates steady on Tuesday, deepening a split with global counterparts including the Federal Reserve that are loosening policy as they grow increasingly confident that inflation is under control, the Wall Street Journal reported. The Reserve Bank of Australia’s decision to hold the official cash rate at 4.35%, which was widely expected by economists, reveals the stark choice facing policymakers who continue to worry about price pressures that are lessening elsewhere in the world.

Mexico’s headline inflation slowed more than expected in early September, giving Banco de Mexico room to cut borrowing costs for a second straight month at this week’s interest rate meeting, Bloomberg News reported. Official data published Tuesday showed consumer prices rose 4.66% in the first two weeks of the month from the same period a year earlier, just below the 4.71% median estimate of economists surveyed by Bloomberg. The print was under the 4.83% reading in the previous two-week period.

Brazil’s central bank said all board members supported a gradual start to their cycle of interest rate hikes, falling short of explicitly backing faster increases seen by financial markets going forward, Bloomberg News reported. “All members agreed to start the monetary policy tightening cycle gradually,” central bankers wrote in minutes to their Sept. 17-18 rate meeting, when they raised the benchmark Selic for the first time since 2022, to 10.75%.

For years, Argentina imposed one of the world’s strictest rent-control laws. It was meant to keep homes such as the stately belle epoque apartments of Buenos Aires affordable, but instead, officials here say, rents soared, the Wall Street Journal reported. Now, the country’s new president, Javier Milei, has scrapped the rental law, along with most government price controls, in a fiscal experiment that he is conducting to revive South America’s second-biggest economy. The result: The Argentine capital is undergoing a rental-market boom.