Headlines

The National Company Law Tribunal, Mumbai Bench-I (NCLT) recently approved a resolution plan worth ₹3.4 crore submitted by M/s Priyam Projects (I) Pvt. Ltd. for the corporate debtor M/s Steadfast Shipping Pvt. Ltd. (Steadfast Shipping) - a ship leasing company, Taxscan.in reported. The Tribunal approved the resolution plan after noting that the plan had secured 100 percent assent from the Committee of Creditors (CoC). However, the Tribunal maintained that any reliefs or waivers sought in the plan would remain subject to statutory scrutiny by the authorities.

Bollywood superstar Salman Khan withdrew his insolvency plea against Jerai Fitness Pvt Ltd after reaching a settlement in a ₹7.24 crore payment dispute, LiveMint.com reported. The dispute is linked to Khan's fitness equipment brand Being Strong. Appearing before the National Company Law Appellate Tribunal (NCLAT), Khan’s counsel informed the bench led by Justice Ashok Bhushan on Wednesday that the parties had resolved the matter and decided to withdraw the petition.

Thailand’s central bank held its policy rate steady on Wednesday, surprising markets that had expected the first decision under the new governor to be a cut to boost the economy, the Wall Street Journal reported. The Bank of Thailand’s monetary policy committee voted five to two to keep the policy rate at 1.50%, hitting the pause button again after delivering three cuts this year. Two members dissented, voting for a 25-basis-point reduction.

The New Zealand dollar and interest rate swaps tumbled in the wake of the move that took the official cash rate to 2.5%, as investors bet on more stimulus in the coming months to shore up demand and buffer the economy from rising global headwinds, Reuters reported. “The Committee reached consensus to reduce the official cash rate by 50 basis points to 2.5 percent,” the Reserve Bank of New Zealand said in its accompanying policy statement.

German industrial production slipped unexpectedly sharply in August, reflecting the impact of uncertainty prompted by rising U.S. tariffs on the sector, the Wall Street Journal reported. Output in factories in Europe’s largest economy sank 4.3% on month, Germany’s statistics agency Destatis said Wednesday. It came after a 1.3% rise in July, which was the first increase since March. Automotive production fell 18.5% on month, although some of that may be due to annual plant closures over the summer, Destatis said. Machinery and pharmaceutical output also led the overall trend downward.

Persistent exchange rate pressures continued to weigh on Argentina's financial markets on Wednesday, straining the Treasury as proceeds from a special liquidation deal with agricultural exporters dwindle, Reuters reported. Traders estimate the Treasury, under the Ministry of Economy, has sold more than $1.6 billion in the past six trading sessions to support the weakening peso. The ministry does not publicly report its market operations.

The U.S. is one week away from imposing port fees on certain vessels with links to China, a move expected to cost the top 10 carriers $3.2 billion next year as President Donald Trump seeks to address China's growing dominance on the high seas, Reuters reported. "While some observers believe the October 14 deadline may be extended — or even scrapped — as part of broader negotiations, the uncertainty has already unsettled carriers, adding another layer of geopolitical risk to fleet deployment strategies," S&P said in a report this week.

Premiers remain at odds over how best to respond to U.S. tariffs, a day after Prime Minister Mark Carney left a meeting in Washington without announcing any breakthroughs on a deal, BNN Bloomberg reported. Speaking at a conference in Toronto hosted by BMO and Eurasia Group, Ontario Premier Doug Ford said that he remains prepared to cut off shipments of energy, minerals and other exports if the U.S. doesn’t relent on tariffs. Alberta Premier Danielle Smith, also speaking at the U.S.-Canada Summit, said she still doesn’t support halting shipments south.

Global financial markets could tumble if investors' mood sours on the prospects for artificial intelligence or the independence of the U.S. Federal Reserve, the Bank of England warned on Wednesday, Reuters reported. The BoE said that share price valuations on U.S. stock markets were similar to those seen near the peak of the dotcom bubble on some measures and noted that U.S. government bonds were vulnerable to any weakening in the Fed's credibility.

Household spending rose for a fourth month in Japan, showing resilience amid persistent inflation as the central bank continues to mull the timing of its next interest rate hike, Bloomberg News reported. Outlays by households adjusted for inflation gained 2.3% from a year ago in August, led by spending on transport and entertainment, the internal affairs ministry reported Tuesday. The result beat the median economist estimate of a 1.2% increase.