Headlines

China's banking and insurance regulator said it would enhance credit support and lower the actual financing costs of small and micro enterprises this year to better support economic recovery, Reuters reported. In a statement on Thursday, the China Banking and Insurance Regulatory Commission (CBIRC) said financial institutions should provide reasonable credits to small businesses, while preventing the risk of "over-lending". The CBIRC said it aims to improve the quality of financial services for small and micro enterprises, to promote market vitality and boost confidence.

Vera Liu, a Singapore property agent, was panicking in the wee hours of Thursday morning after new property taxes saw two of her deals fall through, Reuters reported. Singapore raised levies on private property purchases in a surprise move late on Wednesday night to cool the market, including a doubling of stamp duties for foreigners to an eye-watering 60%.

Sri Lanka's economy is expected to shrink by 2% in 2023, its central bank said in an annual report on Thursday, as the country struggled to emerge from its worst financial crisis in decades, Reuters reported. The central bank projected Sri Lanka's economy would grow by 3.3% in 2024, according to the report. The economy shrank by 7.8% in 2022, in a year dominated by deep political instability, soaring inflation and steep currency depreciation as Sri Lanka struggled with a financial crisis triggered by record low foreign exchange reserves.

Peru, the world's No. 2 copper producer, is seen posting economic growth of 2.5% this year, President Dina Boluarte said Wednesday, down from a prior forecast as the Andean nation reels from social protests and heavy rains in the country's north, Reuters reported. That would be down from the a prior government forecast in August of 3.5%. "There has been a negative impact due to the social unrest that has forced us to review growth" forecasts, Economy Minister Alex Contreras said at a cabinet meeting with Boluarte.

A British Columbia company has filed for bankruptcy in the U.S., GlobalNews.ca reported. Known for creating engineered wood products, also known as mass timber, Structurlam of Penticton announced on Monday that it had entered into a purchase agreement to sell all of its assets in B.C. and Arkansas for US$60 million. Mass timber is wood that’s been glued or laminated together, then digitally cut out in various shapes, sizes and lengths. Those custom pieces are then shipped and precisely assembled on-site.

A Hinduja Group firm on Wednesday emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction, sources said. The bid by IndusInd International Holdings Ltd (IIHL) is higher than Rs 8,640 crore offer made by Torrent Investments in the first round of auction held in December last year. The other two suitors -- Torrent Investments and Oaktree -- did not participate in the second round of auction, sources said. An e-mail sent to Hinduja Group for comment remained unanswered.

In the latest official scrutiny of a prominent American business in China, the authorities visited the Shanghai offices of the U.S. management consulting firm Bain & Company this month to question its employees, the New York Times reported. In a written statement, Bain said that it is “cooperating as appropriate with the Chinese authorities,” but declined to comment on the nature of the investigation and whether its employees’ phones and computers had been seized during the visit.

Scotland’s businesses are still suffering from a “Covid hangover” with new figures showing the number of firms becoming insolvent has reached an 11-year high, the Independent reported. Corporate insolvences rose to 1,132 in 2022-23, with this up by almost a third (32.6%) on the previous year, new figures from the Accountant in Bankruptcy showed. The 2022-23 total is nearly a fifth (19.4%) higher than pre-pandemic, with 948 insolvencies recorded in 2019-20 – with an expert warning a “further wave of insolvencies is inevitable” unless economic circumstances improve “drastically”.

Colombia's civil aviation authority has formally approved a merger between Avianca, the Andean country's flag carrier, and Viva Air, the regulator said in a statement on Wednesday, Reuters reported. The merger is a lifeline for embattled Viva, which has struggled financially in the wake of the coronavirus pandemic and seen its situation worsen due to higher fuel prices in 2022 and the depreciation of Colombia's peso. The aviation authority has "confirmed the conditional approval of the integration operation," it said in a statement.

Shares in Itsarm PLC fell Wednesday after the company said that the likelihood it would be able to continue for a period longer than three months before becoming insolvent was low, MarketWatch.com reported. Shares at 1109 GMT were down 0.15 pence, or 32%, at 0.33 pence. The London-listed womenswear fashion brand said the board determined it would be in the best interests of the company and its shareholders to put forward a formal proposal for a members' voluntary liquidation, or MVL.