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The European Commission plans to propose a cap on natural gas prices after Nov. 24, as it seeks to contain an energy crisis stemming from Russia's invasion of Ukraine, the EU's energy policy chief told Reuters on Wednesday, Reuters reported. The 27-country European Union has for months debated whether to cap gas prices, as the bloc struggles to contain soaring inflation and energy prices driven by Russia slashing gas supplies to Europe. EU energy commissioner Kadri Simson said the Commission, which drafts EU policies, would propose a cap after a meeting of EU energy ministers on Nov.
Former Comanchero bikie boss Mohamad “Mick” Hijazi is facing bankruptcy at the hands of the taxation watchdog after allegedly failing to cough up more than $500,000 in debt, WAToday reported. Federal Court documents show that the Australian Taxation Office is pursuing a sequestration order against the 47-year-old’s estate in a bid to recoup the funds owed. The court action relates to a $556,165 bill Hijazi was handed by the New South Wales District Court, but allegedly failed to pay.
Piramal Capital has withdrawn the insolvency proceedings against Reliance Power Ltd., The Statesman reported. Reliance Power, in a stock exchange disclosure, has informed that Piramal Capital and Housing Finance has withdrawn the application made against Reliance Power Ltd. under section 7 of the Insolvency and Bankruptcy Code 2016. This follows an out-of-court settlement between both the company’s Rs 526 crores loan default by Reliance Power and its subsidiary, Reliance Natural Resources Ltd. (RNRL). RNRL had in 2010 merged with Reliance Power. RNRL had defaulted on a loan of?
The U.K. arm of Sanjeev Gupta’s steel empire has struck a preliminary deal with major creditors that could let it stave off insolvency proceedings by restructuring its debts, BM Magazine reported. Liberty Steel Group has reached a preliminary agreement with Credit Suisse Asset Management, Greensill Capital and Greensill Bank to restructure its debts, the steelmaker said in a statement. If finalized, the agreement in principle would see Liberty’s creditors adjourn their petitions to wind up Gupta’s embattled steelmaking firm.
President Vladimir Putin urged the Russian government on Wednesday to control car prices, as one industry head said Western sanctions could send annual sales crashing to below 1 million for the first time since records began, Reuters reported. Auto sales have fallen over 60% so far this year, and may end up being less than a quarter of what they were a decade ago, according to Maxim Sokolov, head of Russia's top carmaker Avtovaz.
India has asked state-owned firms to consider moving the country's insolvency court to shut loss-making units, hoping for speedier resolutions as the government looks to slim down its public sector holdings, Reuters reported. Public sector companies will have to file an insolvency application under the Insolvency and Bankruptcy Code (IBC) for the resolution of a loss-making unit within three months of approval from a committee comprising top cabinet ministers, according to guidelines released by the government on Monday.
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Li Lin, the founder of crypto exchange Huobi Global, is lending up to $14 million to a Hong Kong company he controls after FTX's sudden bankruptcy prevented the firm from accessing $18.1 million worth of cryptocurrencies. New Huo Technology, a digital-assets service platform that used to be called Huobi Technology, said on Monday that the amount includes $13.2 million in customers' assets and $4.9 million that belongs to one of its subsidiaries, the Wall Street Journal reported.
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The meltdown of FTX has triggered a chain reaction in Korea's cryptocurrency-linked stocks, which saw their values plummet on the first trading day after one of the world's largest crypto exchanges filed for bankruptcy, the Korea Times reported. Shares of Com2uS, a game developer which listed its C2X token on the exchange in March, suffered a double-digit decline on Monday, dipping to a new eight-year low. Com2uS shares closed Monday at 61,900 won, down 14.74 percent, from the previous trading day. Other crypto-related stocks in Korea also went on a losing streak on the same day.
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German authorities are stepping up preparations for emergency cash deliveries in case of a blackout to keep the economy running, four people involved said, as the nation braces for possible power cuts arising from the war in Ukraine, Reuters reported. The plans include the Bundesbank, Germany's central bank, hoarding extra billions to cope with a surge in demand, and possible limits on withdrawals, one of the people said.
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World leaders gathered on Tuesday at a moment of severe geopolitical turmoil, as the global economy slinks toward recession, weighed down by high inflation, a growing scarcity of food and the side-by-side threats of oil shock and financial crisis, the New York Times reported. President Biden and his counterparts in many of the Group of 20 nations, which include wealthy countries like Britain and Japan and emerging markets like India and Brazil, are pushing for an aggressive and coordinated response to those threats.
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