Headlines

LATAM Airlines, the biggest carrier in Latin America, said it plans to conclude its exit from bankruptcy on Nov. 3, Reuters reported. "This process will allow the group to emerge more agile, with a more competitive cost structure, adequate liquidity to face the future, with approximately $10.3 billion in equity, and close to $6.9 billion in debt," the company said in a statement late on Friday. LATAM filed for chapter 11 in 2020 after airline travel was hammered during the pandemic, and it won court approval that June.

China's central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a second month on Monday, largely in line with market expectations, Reuters reported. The People's Bank of China (PBOC) said that it was keeping the rate on 500 billion yuan ($69.55 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.75% from the previous operation.

The shareholders of the International Monetary Fund and World Bank on Friday selected Ukrainian Finance Minister Serhiy Marchenko as the next rotating chair of the boards of governors of both institutions in 2023, Reuters reported. The decision, which was announced during the annual meetings of the IMF and World Bank in Washington, means that Marchenko will also chair next year's annual meeting of the institutions, which is scheduled to be held in Morocco.

A federal appeals court deferred ruling on whether U.S. bondholders have valid claims over Venezuela’s prized oil refiner Citgo Petroleum Corp., instead asking New York state’s highest court to decide on the disputed $1.7 billion debt, WSJ Pro Bankruptcy reported. The Second Circuit Court of Appeals in New York asked for guidance on whether bondholders are entitled to seize the controlling stake in Citgo they hold as collateral after Venezuela’s opposition movement stopped making payments on bonds secured by the Houston-based refiner.

Italy's Monte dei Paschi di Siena said a new share sale to raise up to 2.5 billion euros ($2.4 billion) would cost it 132 million euros, mostly due to fees paid to financial institutions backstopping the issue, Reuters reported. Monte dei Paschi (MPS) said it was set to pay 125 million euros in fees to a group of eight banks led by global coordinators Bank of America, Citigroup, Credit Suisse and Mediobanca, plus London-based fund Algebris.

Argentina's monthly inflation rate came in at 6.2% in September, the government's INDEC statistics agency said on Friday, slower than a month earlier and undershooting analyst forecasts of a 6.7% increase, a rare positive for the embattled economy, Reuters reported. Inflation in the 12 months through September hit 83%, as the South American country fights to rein in surging prices that are sapping people's wages and savings. Prices were up 66.1% in the first nine months of the year.

When China Evergrande Group began struggling under a mountain of debt last year, it quietly set off a chain reaction across the country, the Wall Street Journal reported. Chinese authorities prevented a disorderly collapse of the real-estate colossus, but Evergrande’s distress has spread across China’s housing market and many related industries. The situation has worsened this year into what is now a full-blown property downturn that has become a major drag on China’s economy.

U.K. Prime Minister Liz Truss’s administration is preparing to abandon a central part of its tax-cutting agenda following weeks of chaos in financial markets, Bloomberg News reported. Officials at 10 Downing Street and the Treasury are drafting options for Truss, but no final decision has been taken, according to a person familiar. The premier could scrap her pledge to keep corporation tax unchanged next year, and instead raise it as planned by her predecessor Boris Johnson.

Treasury Secretary Janet Yellen said the Group of 20 should expand its plan to help vulnerable nations restructure their debt amid a “sharp rise in risks of debt distress among developing and emerging-market economies,” Bloomberg News reported. “I am concerned by the slow progress in resolving the first cases under the Common Framework,” she said in a joint statement with the International Monetary and Financial Committee, the main steering panel of the IMF’s member countries.

The head of the International Monetary Fund (IMF) said Ukraine needs between $3 billion and $4 billion a month in external aid to make sure its government doesn’t collapse as it fights an increasingly brutal war against Russia, The Hill reported. “Our preliminary estimate is that somewhere between three and four billion dollars are necessary on a monthly basis,” IMF Managing Director Kristalina Georgieva said at an annual meeting of the IMF and World Bank in Washington, D.C., on Wednesday.