Headlines

Moroccan transport companies are being seriously threatened by the Schengen visa obstacles they keep on facing, Istiqlalian MP Jamal Diwany from the House of Representatives has said, SchengenVisaInfo.com reported. Addressing a question to the Minister of Foreign Affairs of Morocco, Nasser Bourita, on the measures it plans to take to facilitate the movement of truck drivers, Diwany said that several companies are being threatened with bankruptcy due to Schengen visa issues.

The International Monetary Fund approved almost $1 billion for Kenya, saying the East African country had met conditions for continued financing under programs to help reform the economy and confront challenges posed by climate change, Bloomberg reported. Kenya got a $415 million disbursement under the Extended Fund Facility and Expanded Credit Facility, programs designed to shore up its economy and boost its foreign exchange reserves, following a fifth review.

Five men have been charged with kidnapping Ontario’s self-proclaimed ‘crypto king’ Aiden Pleterski in a bid to recoup their allegedly misappropriated investments, CBC Toronto has learned, the same day that a video of him visibly injured at the hands of kidnappers was shared with the outlet, Protos reported. 39-year-old Akil Heywood lost $740,000 in investments to the ‘crypto king’ and has been accused alongside four other men of kidnapping Pleterski last December.

Czech billionaire Daniel Kretinsky neared victory on Monday in a battle to take over French retailer Casino after rival bidders pulled out of the race, paving the way for a deal to rescue the debt-laden group and save it from bankruptcy, KFGO reported. Kretinsky has been vying to take control of Casino against the 3F Holding group, led by telecom entrepreneur Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari.

Opposition leader Sajith Premadasa yesterday announced the decision made by the Opposition to establish a committee, separate from the one formed in Parliament, to delve into the underlying causes that contributed to Sri Lanka’s state of bankruptcy, the Daily FT reported. Premadasa expressed his belief that the committee appointed by the government to investigate the country’s bankruptcy is a calculated maneuver aimed at fulfilling specific political objectives rather than impartially addressing the issue.

New Zealand inflation probably slowed markedly in the second quarter as the central bank’s aggressive interest-rate increases began to take their toll, Bloomberg reported. Consumer prices rose 5.9% from a year earlier, according to the median estimate in a Bloomberg News survey of 14 economists. That would be a big drop from 6.7% in the first quarter and the weakest reading since 2021. It would also undershoot the Reserve Bank’s forecast of 6.1%. Statistics New Zealand will publish the data Wednesday in Wellington.

A committee that reviews disputes in the credit default swaps (CDS) market said on Monday that UBS is the sole successor to Credit Suisse Group following the merger of the two banks, Reuters reported. This means that Credit Suisse will no longer be the reference entity for its outstanding CDS, which are a type of insurance against holding risky debt. Instead, UBS will become the new reference entity, with the effective date being June 12, when the merger was completed. An investor noted that the decision was widely expected and therefore should not have any major market impact.

Rio de Janeiro-based electricity distributor Light SA has submitted a plan to restructure about 11 billion reais of debt, according to a securities filing late on Friday, Reuters reported. Light filed for bankruptcy protection in May, becoming the latest high-profile Brazilian firm to do so in recent months. The plan, which has yet to be approved by the lenders of the company, foresees a number of repayment and capitalization options. Light said it will seek to raise at least 1 billion reais ($209 million) of new funds as part of its reorganization plan.

FTX filed a lawsuit on Wednesday against former managers of a Swiss business the bankrupt cryptocurrency exchange had acquired, looking to claw back at least $323 million to repay creditors and customers, WSJ Pro Bankruptcy reported. The lawsuit filed in the U.S.

In a rare development, the promoters of realty developer Rashmi Housing, while the company was still undergoing the Corporate Insolvency Resolution Process (CIRP), sold 82 apartments in the company’s projects in contravention of the law. The tribunal has now set aside the sale of these 82 flats and has also imposed a fine of Rs 3 lakh on each of the promoters, the Economic Times of India reported.