Headlines

A resolution professional appointed to oversee the insolvency process for Go Airlines (India) Ltd has invited Expression of Interest for the sale of the carrier as part of the process, the Economic Times of India reported. According to the advertisement placed in the Economic Times, the last date for receipt of interest for the airline is set for August 9.The EoI process means the formal commencement of seeking buyers, or investors, for a potential investment, as required by Indian law.

China's producer prices fell at their fastest pace in over seven years in June, while consumer prices teetered on the edge of deflation, adding to the case for policymakers to use more stimulus to revive sluggish demand, Reuters reported. The worsening factory-gate price deflation and the move by consumer prices towards deflation for the first time since February 2021 bode ill for China's economic growth.

South Korea's financial services regulator has asked major commercial banks to prepare around $4 billion in financing to support a credit cooperative hit by customer withdrawals, Reuters reported. An official at the Financial Services Commission said it could not confirm the amount or other details, but it had asked the banks for cooperation in preparing liquidity through repurchase-agreement facilities to aid MG Community Credit Cooperatives (MGCCC). "(Authorities) are closely monitoring the liquidity of MGCCC," the official said, declining to be named due to the sensitivity of the matter.

The Bank of Israel left short-term borrowing rates unchanged on Monday for the first time in more than a year amid signs of easing inflation, but warned that rates could still be hiked further if the moderation in price growth did not continue, Reuters reported. The central bank kept its benchmark rate at 4.75% - its highest level since late 2006. It had raised rates 10 straight times in an aggressive tightening cycle that has taken the rate from 0.1% last April. "Inflation is broad and remains high.

The European Union signed a free trade agreement with New Zealand on Monday that the two sides expect will increase bilateral trade by up to 30% within a decade, the Associated Press reported. New Zealand will gain up to 1.8 billion New Zealand dollars ($1.1 billion; €1 billion) in exports to the 27-country bloc every year, a government statement said. The European Union signed a free trade agreement with New Zealand on Monday that the two sides expect will increase bilateral trade by up to 30% within a decade.

The European Commission announced a new data transfer pact with the United States on Monday, seeking to end the legal uncertainty plaguing thousands of companies which transfer personal data across the Atlantic, Reuters reported. However, the move was immediately criticised by non-profit group noyb, led by privacy activist Max Schrems, which said it would challenge the agreement.

Hong Kong's move to raise the maximum mortgages available to some homebuyers, its first relaxation in curbs on home purchases adopted in 2009, boosted shopping interest over the weekend but did little for transaction volumes, property agents said, Reuters reported. One of the world's most expensive property markets, the Asian financial hub raised its cap on the loan-to-value (LTV) ratio on Friday to 60% to 70% from 50%, for properties worth up to HK$30 million ($3.8 million).

President Luiz Inacio Lula da Silva's government will not wait for Brazil's Congress to finish voting on a tax reform related to consumption before submitting its proposal for an income tax reform, Finance Minister Fernando Haddad said on Monday, Reuters reported. Haddad said in an interview with podcast "O Assunto" that the planned change in income tax, a long-standing agenda item for Lula's leftist Workers' Party, represents a crucial element of the government's plans to zero its primary budget deficit next year.

Treasury Secretary Janet Yellen appealed to China’s No. 2 leader to not let frustration over U.S. curbs on access to processor chips and other technology disrupt economic cooperation during a visit Friday aimed at improving strained relations, the Associated Press reported. Meeting with Premier Li Qiang, Yellen said Washington and Beijing have a duty to cooperate on issues that affect the world. She appealed for “regular channels of communication” at a time when relations are at their lowest in decades due to disputes over technology, security and other irritants.

Sri Lanka’s Parliament has said that it has appointed a committee to probe into the country’s financial bankruptcy and submit recommendations on the matter, The Siasat Daily reported. Speaker Mahinda Yapa Abeywardena announced in Parliament on Thursday that the committee would be chaired by lawmaker of Sri Lanka Podujana Peramuna (SLPP) Sagara Kariyawasam, Xinhua news agency reported. Abeywardena said there are many allegations about the cause of Sri Lanka’s bankruptcy in 2022, and the committee is entrusted with investigating these allegations.