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Mexican leasing firm Unifin said on Tuesday a Mexican court approved its voluntary application for declaration of bankruptcy, Reuters reported. The firm said in a statement it was forced to advance the bankruptcy filing to "protect" assets from legal proceedings, adding that the ruling will allow continued talks with creditors and the implementation of a liability restructuring plan. In addition, Unifin continues to evaluate financing opportunities to minimize disruptions in its operations and finances, the statement said.
A court in Skopje is examining the grounds for opening bankruptcy proceedings against North Macedonia-based construction company Beton Skopje at the request of company employees, the Federation of Trade Unions of Macedonia said on Tuesday, SeeNews reported. The court has appointed an interim bankruptcy administrator and prohibited the company from using its property without the approval of the administrator, the Federation of Trade Unions of Macedonia said in a statement published on its Facebook profile.
LATAM Airlines, South America's largest carrier, reported on Tuesday a narrower third-quarter net loss of $296 million, the company said in a statement, partly hit by high fuel prices, Reuters reported. The Chile-based airline's quarterly loss this year compares to a $694 million loss during the same three-month period last year. LATAM's revenue during the July to September period rose 97% to total $2.587 billion compared to the third quarter last year. The airline, created by the 2012 merger of Chile's LAN with Brazilian rival TAM, operates units in Chile, Brazil, Colombia and Peru.
China's super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing's zero-COVID measures and falling mainland and Hong Kong stock markets pummelled fortunes, an annual rich list said on Tuesday, Reuters reported. The Hurun Rich list, which ranks China's wealthiest people with a minimum net worth of 5 billion yuan ($692 million), said only 1,305 people made the mark this year, down 11% from last year. Their total wealth was $3.5 trillion, down 18%.
Colombia's civil aviation authority on Tuesday formally opposed a planned merger between Avianca, the country's flag carrier, and budget airline Viva, saying the transaction represented a risk to competition, Reuters reported. Avianca and Viva in April signed a deal to merge into one group and unify their economic rights as part of a strategy to strengthen both airlines after the global aviation industry was battered by the COVID-19 pandemic. The civil aviation authority's decision tentatively blocks the merger, but it said the airlines can appeal.
The Reliance Infratel (RTIL) bankruptcy resolution may be finally headed for a close after two years, the Economic Times of India reported. A Reliance Jio Infocomm arm has recently moved a fresh application in the National Company Law Tribunal (NCLT) Mumbai, offering to deposit the total resolution sum of Rs 3,500 crore in a State Bank of India (SBI) escrow account to acquire RTIL, which houses the tower and fibre assets of bankrupt telco, Reliance Communications (RCom).
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Payments and software company Ebix Inc. is seeking to raise cash to pay back some $600 million in debt due early next year, but time is running short as it awaits regulatory approval for a public offering in India while facing allegations of improper accounting from short sellers, WSJ Pro Bankruptcy reported. Nasdaq-listed Ebix, based in Johns Creek, Ga., today does the majority of its business in India.
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British finance minister Jeremy Hunt will seek to fill a 50 billion pound ($57 billion) hole in the country's public finances with around 30 billion pounds of spending cuts and 20 billion in tax rises, two government sources said on Monday, Reuters reported. Hunt is due to present a fiscal statement to parliament on Nov. 17, in a bid to restore financial market confidence after his predecessor Kwasi Kwarteng's Sept. 23 tax cutting plan pushed sterling to a record low against the U.S. dollar and ultimately forced Liz Truss to resign as prime minister.
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Britain's banks were slow to start passing on increases in central bank interest rates to savers and consumers should consider switching to another UK lender, the Financial Conduct Authority said on Monday, Reuters reported. Banks have been quick to pass on higher interest rates to their mortgage customers, but savers are also keen to get better returns after years of record low central bank interest rates. "It was a slow start," FCA Chief Executive Nikhil Rathi told parliament's Treasury Select Committee. "I would also encourage consumers to actively consider switching," Rathi said.
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German industry has called for a delay to a global minimum corporate tax by at least a year to 2025 to give companies more time to prepare given the current crisis, according to a position paper published by industry association BDI on Monday, Reuters reported. "The ambitious timetable of applying the minimum tax as early as 2024 is not realistic against the background of the enormous complexity of the associated new regulations," BDI said.
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