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China gave embattled real-estate developers a boost Monday by allowing them access to more money held in pre-sale accounts, the biggest source of funds for the cash-strapped builders, Bloomberg News reported. China will give “quality” property developers access to as much as 30% of the pre-sale funds with letters of guarantee from banks, according to a statement posted on the banking and insurance regulator’s website. The funds are money that home buyers have paid to developers in advance of their property being built, and are generally held in an escrow account.
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Lower-income Canadians will be disproportionately affected by the slowdown in economic activity that is needed to ease inflationary pressures, Bank of Canada Governor Tiff Macklem said on Monday, Reuters reported. Macklem, in opening remarks to the fourth annual Conference on Diversity, Equity and Inclusion in Economics, Finance and Central Banking, also reiterated that inflation is too high and challenges remain as the central bank works to lower it.
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The investigations into Florian Fritsch, one of the two executives seeking to get bankrupt Jet Airways India Ltd. back in the air through a bankruptcy process, will not affect the rescue plan for the airline, according to his firm, Bloomberg News reported. “These investigations have no impact on the acquisition of Jet Airways,” Kalrock Capital Partners, Fritsch’s investment company said in a statement. Neither Kalrock nor Jet Airways have connections with ongoing investigations or the charges, it said.
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Sri Lanka’s president on Monday proposed to more than double the country’s tax revenue as the island nation struggles to come out from its worst economic crisis, the Associated Press reported. Unsustainable debt, a severe balance of payment crisis on top of lingering scars of the COVID-19 pandemic have led to a severe shortage of essentials such as fuel, medicine and food, and the soaring prices have caused severe hardships to most Sri Lankans.
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A receiver has been appointed to Altada Technology Solutions, the troubled Cork-based data management and artificial intelligence company led by husband and wife duo Allan Beechinor and Niamh Parker, the Irish Times reported. Documents filed with the Companies Registration Office indicate that Grattan Boylan, Alan Bruce, Lynn Bruce and Noreen Gallagher – who provided debt finance to the company in September – have appointed Nicholas O’Dwyer, a partner in Grant Thornton as receiver to Altada after months of speculation about its future.
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China's banking institutions could apply to a court to be declared bankrupt under rule amendments proposed by China's banking and insurance regulator on Friday, US News & World Report reported. The watchdog's various proposals seek to reduce financial risk and support high-quality development of the banking industry, the China Banking and Insurance Regulatory Commission (CBIRC) said in a statement. The draft amendments also spell out how regulators could conduct takeovers of troubled financial institutions to facilitate measures such as capital injection and equity restructuring.
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China issued sweeping directives to rescue its property sector, adding to a major recalibration of its pandemic response in the strongest signs yet that President Xi Jinping is turning his attention toward shoring up the world’s second-largest economy, Bloomberg News reported. Financial regulators issued a 16-point plan to boost the real estate market on Friday, with measures that range from addressing developers’ liquidity crisis to loosening down-payment requirements for homebuyers, according to people familiar with the matter.
The Securities and Exchange Commission of Cyprus, or CySEC, reportedly issued a statement amid FTX filing for chapter 11 bankruptcy in the U.S., requesting the exchange halt operations for its Europe arm, CoinTelegraph reported. According to a Nov. 11 Reuters report, the CySEC said it had asked FTX Europe to “suspend its operations and to proceed immediately with a number of actions for the protection of the investors” on Nov. 9.
South African cinema group Ster-Kinekor has exited a local form of bankruptcy protection called "business rescue" after nearly two years, its administrator said on Friday, Reuters reported. Ster-Kinekor was placed under administration in January 2021, citing losses and financial distress due to COVID-19 and related restrictions forcing closures and prohibiting large gatherings in public spaces. Meanwhile studios either postponed blockbusters or released them directly on home streaming platforms, denting box office earnings.
Roger Ng, the former Goldman Sachs banker convicted for helping loot Malaysia's 1MDB sovereign wealth fund, on Friday sued the government's star witness Tim Leissner for more than $130 million, alleging fraud, Reuters reported. In a complaint filed in a New York state court in Manhattan, Ng accused his former boss of repeatedly lying in order to steal his investments in energy drink maker Celsius Holdings and artificial intelligence company Sentient Technologies.