Headlines

The Insolvency and Bankruptcy Board of India (IBBI) wants the Insolvency and Bankruptcy Code to allow group-level insolvency and concurrent bidding to both speed up and maximise recoveries of stuck loans, the Economic Times of India reported. Citing cases like Videocon and SREI, the regulator is looking to introduce "coordinated resolution for interconnected entities" to reduce costs and quicken the process.

German photovoltaic solutions provider Tauber-Solar said on Tuesday that it has taken over the insolvent German business of Austria's Encome Energy Performance, strengthening its services in the photovoltaic and battery storage sector, RenewablesNow.com reported. Effective from February 1, Tauber-Solar has assumed the operating and maintenance (O&M) activities of Encome Energy Performance Deutschland GmbH. The asset deal covers 150 O&M contracts for over 360 PV systems and includes the transfer of 28 employees.

The Bank of England lowered interest rates by a quarter of a percentage point on Thursday, judging a sharp upward revision to its inflation forecasts for this year will prove temporary, while two officials called for a bigger rate cut against a backdrop of weaker growth, Reuters reported. The cut to 4.5% was in line with economists' expectations in a Reuters poll, but the two dissenting votes from external members Catherine Mann and Swati Dhingra in favour of a bigger rate cut to 4.25% were not.

Mexico’s central bank will likely double the pace of monetary policy easing Thursday, delivering a half-point rate cut with inflation back in the target range, growth slowing and tariffs delayed, Bloomberg News reported. Banco de Mexico, known as Banxico, will cut its key rate by 50 basis points to 9.5%, according to 22 of 26 economists surveyed by Bloomberg. Three analysts see a fifth-straight 25 basis-point reduction and one expects no change.

A hawkish member of the Bank of Japan’s policy board on Thursday called for potentially faster interest-rate increases, sending the yen to its strongest level against the dollar in eight weeks, the Wall Street Journal reported. In a speech to business leaders in Nagano prefecture in central Japan, Naoki Tamura said that the central bank should raise rates to 1% or higher in the fiscal half starting in October. That level is likely consistent with a neutral rate setting that is neither restrictive nor stimulating for the economy, he added.

The Czech Republic’s central bank cut its key interest rate again Thursday with inflation higher than expected after keeping the rate unchanged at its previous policy meeting in December, the Associated Press reported. The cut, which had been predicted by analysts, brought the interest rate down by a quarter of a percentage point to 3.75%. The bank started to trim borrowing costs by a quarter-point on Dec. 21, 2023 to boost the economy. Further cuts of half a percentage point followed last year on Feb. 8, March 20, May 2, and June 27. Cuts of a quarter of a percentage point came on Aug.

Retail spending weakened in the eurozone at the end of last year as consumers continued to prefer to save rather than splurge against a chilly economic backdrop, the Wall Street Journal reported. Retailers sold 0.2% less in December than in November, a little worse than forecast, figures from EU statistics body Eurostat showed Thursday. Meanwhile, November’s spending was flat, according to new data revising down previous estimates for a slight increase, meaning sales booked no growth during any of the final months of the year.

Panamanian President José Raúl Mulino on Thursday denied the State Department’s claim that his country had agreed to allow U.S. government vessels to transit the Panama Canal for free, the Wall Street Journal reported. “I am incredibly surprised by yesterday’s statement,” Mulino told a news conference in Panama City. “They’re making an important, institutional statement from the entity that governs U.S. foreign policy…based on a falsity.

Pernod Ricard and Carlsberg warned on Thursday they see few signs of a pick-up in consumer demand in China, the world's second-biggest economy, adding to a gloomy outlook for 2025 as executives try to navigate growing global trade tensions, Reuters reported. Weak consumer spending in China, which is grappling with youth unemployment and a real-estate crisis, has been a major concern for industries including luxury goods, consumer products and clothes manufacturers over the past year.

The coming auction for Venezuela’s Citgo Petroleum could leave its buyer on the hook to other creditors of the South American country, a stumbling block for the court-ordered sale, WSJ Pro Bankruptcy reported. Citgo, among the largest U.S.-based oil refiners, is being auctioned to cover debts owed by its owner, the bankrupt Venezuelan government. Bidders are contending with the risk that U.S. courts could hold Citgo responsible for judgments held by Venezuela’s bondholders and other creditors.