Headlines

Delhi-based all-electric taxi service company Evera is in discussions with Gensol’s insolvency resolution professional (IRP) and its committee of creditors (CoC) to lease 1,000 cars from Gensol’s fleet of 4,000 vehicles, which are currently under the National Company Law Tribunal (NCLT), the Economic Times of India reported.

A Melbourne lawyer has been sentenced to three years’ imprisonment, with a non-parole period of one year, for perverting the course of justice and running an offshore scam to help his clients avoid bankruptcy, according to a joint release from the Australian Federal Police and Australian Financial Security Authority. The man used his law firm to create fictitious personal debts for two clients so they could gain a favourable outcome from bankruptcy and insolvency processes.

A judge has further extended protection under the Personal Insolvency Acts for a Co Galway man with debts of about €8.5 million, the Irish Times reported. A personal insolvency practitioner for Gerry Connolly of Kilternan, Kilcolgan, Co Galway, had previously obtained a 40-day extension of a protective certificate under the Acts. This was sought to allow more time to deal with Mr Connolly’s creditors and prepare a proposal for a personal insolvency arrangement. The bulk of Mr Connolly’s €8.5 million debt is to Ulster Bank Ireland DAC.

China kept its benchmark lending rates unchanged for the fourth consecutive month in September, in line with market expectations, following the central bank's decision to hold a main policy rate steady last week, Reuters reported. The steady loan prime rate (LPR) fixings reflect the authorities cautious approach to monetary easing amid easing Sino-U.S. trade tensions, resilient exports and a recent stock market rally, despite signs of a domestic slowdown and monetary easing by the Federal Reserve. The one-year LPR was kept at 3.0% on Monday, while the five-year LPR was unchanged at 3.5%.

More German companies in Japan see the country as a manufacturing hub for Asia — and not just as a sales market — with stability, affordability and proximity to major markets cited as top draws, according to a survey by the German Chamber of Commerce and Industry in Japan (AHK Japan), the Japan Times reported. Regulatory robustness and relative affordability of operation, due to the weakness of the yen against the euro, contribute to Japan being an attractive choice for manufacturers.

Turkey said on Monday it had terminated retaliatory tariffs imposed in 2018 on U.S. imports ranging from passenger cars to fruit, in a sign of warming bilateral ties as President Tayyip Erdogan travels to the United States. Erdogan is due to attend the United Nations General Assembly in New York this week ahead of a meeting at the White House on Thursday with U.S. President Donald Trump, who said he expected trade and military deals to be sealed during the visit.

Treasury Secretary Scott Bessent on Monday announced the Trump administration is looking at options to provide Argentina a financial lifeline as the country struggles to overhaul its economy, the Wall Street Journal reported. Bessent in a series of posts on X laid out the options administration officials are reviewing to backstop Argentina if the country under President Javier Milei’s leadership can’t overcome its financial woes. “These options may include, but are not limited to, swap lines, direct currency purchases, and purchases of U.S.

State-owned Ukrainian Railways has prepared a recovery plan that includes raising freight tariffs to help control its debt amid intensified Russian attacks and falling cargo deliveries, CEO Oleksandr Pertsovskyi said in an interview, Reuters reported. The company, which employs 170,000 people and dominates freight and passenger transport in Ukraine, has seen cargo traffic almost halved since early 2022, while operation costs are rising because of war damage.

President Donald Trump’s new $100,000 fee for high-skill visa holders only applies to new applicants — not current visa holders who may be on travel outside of the U.S. — according to the White House, Politico reported. The president’s H-1B announcement on Friday immediately spurred chaos, with companies and immigration lawyers warning travelers to return to the U.S. before midnight on Sunday, when the new policy is scheduled to kick in.

Creditors to Altice International have chosen Houlihan Lokey as their financial adviser for upcoming debt negotiations with the company, according to Bloomberg. The formal appointment of Houlihan Lokey has not yet been completed. The creditor group, which is already working with law firm Gibson Dunn & Crutcher, has also extended their cooperation agreement through March. This agreement was originally established earlier this year and was scheduled to expire this month. Altice International is part of billionaire Patrick Drahi’s telecommunications empire, which has been facing challenges.