Headlines

China's two largest airlines narrowed their first-half losses but remained firmly in the red as a capacity surplus kept fares low, earnings reports released on Thursday showed, underscoring the fragility of the sector's post-pandemic recovery, Reuters reported. Flagship carrier Air China reported a net loss of 1.8 billion yuan ($252 million) for the six months to June, 35% lower than the loss of 2.78 billion yuan a year earlier. Guangzhou-based China Southern Airlines recorded a loss of 1.5 billion yuan, 64% less than the 4.21 billion yuan loss in the same period in 2024.

A comprehensive set of reforms across taxation, insolvency and procedural frameworks can help streamline the insolvency resolution process, according to a report prepared by IIIPI, the Economic Times of India reported. The report by the study group of the Indian Institute of Insolvency Professionals of ICAI has suggested aligning the Income Tax Act with the Insolvency and Bankruptcy Code (IBC) by granting tax-neutral treatment to resolution plans and exempting debt waivers from tax liabilities.

The Competition Commission of India (CCI) on Tuesday approved the acquisition of Jaiprakash Associates by Adani Entities, the Economic Times of India reported. In an official statement, the CCI said that the deal proposes acquisition of up to 100 per cent shareholding of JAL by Adani Enterprises (AEL), Adani Infrastructure and Developers (AIDPL), or any other entity part of the Adani Group.

The property development company Lakea has filed for bankruptcy at the Pohjanmaa District Court following years of worsening financial problems and rising debt obligations, the Helsinki Times reported. In a statement released on Tuesday, the company confirmed that it will also withdraw earlier restructuring applications submitted in May on behalf of 24 housing cooperatives operated under its Omaksi model. The firm said the decision followed a lack of support from key creditors. Board members of both Lakea and its Omaksi housing subsidiaries announced their resignations the same day.

France risks seeking a bailout from the International Monetary Fund (IMF) as its government teeters on the brink of collapse, its finance minister has warned, The Telegraph reported. French long-term borrowing costs hit their highest level since 2011 on Tuesday amid fears the second collapse of its government within a year would leave it unable to tackle a budget deficit, which is on course to hit 5.4pc of GDP this year.

U.S. President Donald Trump's tariffs on Chinese imports are biting into the income of some American retail-focused companies, with at least two already in bankruptcy court and others forecasting significant losses, the South China Morning Post reported. Exporters were shouldering a relatively small share of duties on goods sent from China to the US, leaving American firms to absorb the remaining costs or pass them on to consumers, according to minutes from the Federal Open Market Committee's meeting on July 29-30, citing the views of its participants.

The Japanese government reiterated concerns about the risks of U.S. trade policies to economic growth, prompting a downgrade of its view on corporate profits, in a monthly report released on Wednesday, Reuters reported. While Japan's economy grew much faster than expected in the April-June quarter, analysts warn global economic uncertainties fuelled by U.S. tariffs could weigh on the world's fourth-largest economy in the coming months.

Argentina's central bank on Tuesday raised its reserve requirements for banks to a level analysts said could risk slowing the economy, a move analysts say aims to soothe markets as the government of President Javier Milei is rocked by corruption allegations ahead of key legislative elections, Reuters reported. The 3.5% increase - the third increase in recent weeks - is set to come into force on September 1, affecting a range of existing reserve requirement rates that average around 45%.

The Panama Canal Authority plans to sell rights to two, yet-to-be-built ports to bring in more operators and limit the influence of any one group, specifically Geneva-based Mediterranean Shipping Co. and China’s state-run Cosco, the Wall Street Journal reported. The head of the authority, Ricaurte Vásquez Morales, said he wants to bring in more competition now that MSC and China’s largest shipping company have emerged as significant players in a clash between the U.S. and China over who controls two existing Panama Canal ports. In March, U.S.