Headlines

Lenders to India's Go First are not in favor of releasing additional funding to the grounded airline, given its legal troubles with lessors and complexities related to changes in the bankruptcy law, two banking sources told Reuters on Monday, Reuters reported. Go First's lenders, which include the Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank, had in principle approved funding of 4.50 billion rupees ($54.09 million) in June to resume operations and restart the airline.

Globally, there are currently more than 35,000 coworking spaces, and this figure is projected to increase to 41,000 by the close of 2024, reflecting a growth rate of approximately 21%. Notably, in South Africa, this growth rate has more than doubled, soaring to an impressive 44%, Biz Community reported. This demonstrates the robust demand for serviced and flexible workspaces that support evolving trends in hybrid and remote work, affirming their enduring presence in our daily lives.

The downturn in euro zone business activity accelerated last month as demand in the dominant services industry weakened further, a survey showed on Monday, suggesting there is a growing chance of a recession in the 20-country currency union, Reuters reported. The economy contracted 0.1% in the third quarter, official data has shown, and Monday's final Composite Purchasing Managers' Index (PMI) for October indicated the bloc entered the final quarter of 2023 on the back foot.

Air New Zealand said on Tuesday that a change in the servicing schedule of RTX's Pratt & Whitney engines could significantly impact the airline's services for up to two years, Reuters reported. The carrier in October had flagged a nominal financial impact in the first half of 2024 related to the engine issue. Air New Zealand warned in September that the engine inspections would have a "significant" impact on its flight schedule from next year. The airline said on Tuesday it would pause flights connecting Auckland and Hobart from April 5 next year.

An Italian judge has ordered the seizure of 779.5 million euros ($836.40 million) from short-term rentals platform Airbnb's Ireland unit for alleged tax evasion, Milan prosecutors' office said on Monday, Reuters reported. The probe concerns Airbnb's alleged failure to withold 21% of landlords' rental income and pay it to Italian tax authorities, as required by a 2017 law, prosecutors in the northern Italian city said in a statement.

The Canadian dollar weakened against its U.S. counterpart on Monday, pulling back from an almost-three-week high, as financial markets globally consolidated last week's sharp moves, Reuters reported. The loonie was trading 0.2% lower at 1.3680 to the greenback, or 73.10 U.S. cents, after touching its strongest intraday level since Oct. 18 at 1.3630. Last week, the currency posted its biggest weekly gain since March after data showing a slowdown in U.S. job growth bolstered expectations that the Federal Reserve is finished raising interest rates.

Canadian market participants expect the Bank of Canada (BoC) to start cutting its key policy rate from a 22-year high of 5.00% in April 2024, a month later than the previous forecast, according to a survey released by the central bank on Monday, Reuters reported. The survey showed that a median of 27 financial participants expect interest rates to drop to 4.00% in the fourth quarter of 2024, up from an expectation of 3.50% in the previous survey released in July. The survey was conducted from Sept.

The National Company Law Tribunal (NCLT) has admitted Siti Broadband Services, a subsidiary of Essel Group-owned cable TV and broadband company Siti Networks, into the corporate insolvency resolution process following a plea by lender Aditya Birla Finance, msn.com reported. The NCLT has appointed Harvinder Singh as an interim resolution professional (IRP) for the company. Aditya Birla Finance moved NCLT following a default in payment of ₹4.38 crore by Siti Broadband.

Scandinavian airline SAS secured an investment agreement with a consortium for restructuring aid of 13.2 billion Swedish crowns ($1.21 billion), with a loan from Castlelake replacing its previous debtor-in-possession financing by Apollo Global Management, the carrier said on Saturday, Reuters reported. The winning bidder consortium, which includes Air France-KLM, Lind Invest ApS and the Danish state, increased its proposed investment by $25.26 million.

The owner of Quebec’s main flyer distributor announced on Friday it will end the 45-year-old service, forcing more than 50 beleaguered local newspapers to rethink their strategy as well, the Eckville Echo reported. Starting in May, Montréal-based packaging and printing company TC Transcontinental plans to scrap the flyer bundles, known in Quebec as Publisac — distributed to 2.5 million households outside the city as part of a shift to a thin leaflet delivered by Canada Post.