Headlines

Lenders of Future Enterprises have appointed forensic auditor J C Kabra & Associates, in line with a finance ministry mandate to audit non-performing loan accounts with over Rs 50 crore exposure, the Economic Times of India reported. Central Bank of India, the lead bank for Kishore Biyani-promoted Future Enterprises, appointed the forensic auditor on September 12, according to a stock exchange filing by the company late Monday evening. The troubled retailer, which defaulted on its loans, has outstanding loans of Rs 6,700 crore, said a lender.

A Moscow court on Monday accepted a bankruptcy application by Google's Russian subsidiary and started initial bankruptcy proceedings, placing the company under supervision, Russian news agencies reported, according to Reuters. Alphabet Inc.'s Russian unit filed for bankruptcy this summer after authorities seized its bank account, making it impossible to pay staff and vendors. Free services, including search and YouTube, have continued operating. Read more.

Investors placed orders for over $1 billion of Russian bonds as part of a long-anticipated credit-default swap auction on Monday, more than three months after the Kremlin was ruled in default for failing to pay back creditors, WSJ Pro Bankruptcy reported. The high demand for Russia’s sovereign bonds reflects growing investor appetite for its bonds despite punishing sanctions on the Kremlin. While U.S. investors were forbidden from purchasing Russian debt this summer, the U.S.

Britain's jobless rate hit its lowest since 1974 but the drop was due mostly to a fall in the size of the workforce and there were other signs that the country's jobs boom is petering out, adding to the Bank of England's inflation headache, Reuters reported. The unemployment rate sank to 3.6% in the three months to July, the Office for National Statistics said. Economists polled by Reuters had expected it to hold at 3.8%. However, the fall was not a sign of health in Britain's economy which is at risk of a recession.

Link Fund Solutions, which managed the collapsed LF Woodford Equity Income Fund, could be forced to pay up to 306 million pounds ($358 million) in redress, Britain's Financial Conduct Authority said on Monday, Reuters reported. The FCA was responding to news that Dye and Durham is proposing to take over LFS and six other companies in the Australian share registry firm Link Group, all authorised by the UK financial watchdog.

Argentina will stick to a deal with the International Monetary Fund to gradually reduce the country’s budget deficit amid a surge in inflation, the country’s top economic official said on Monday, WSJ Pro Bankruptcy reported. Economy Minister Sergio Massa met with IMF Managing Director Kristalina Georgieva in Washington, D.C., and they said the IMF’s program with Argentina would remain unchanged. Ms. Georgieva said she welcomed Mr. Massa’s “strong commitment and drive to achieve the goals of the program.” Mr.

Germany's justice minister is planning a temporary relaxation of insolvency rules to help keep afloat companies that have fundamentally sound business models but are struggling with debts due to high energy costs, he said on Friday, Reuters reported. Marco Buschmann, whose portfolio includes insolvency rules, said his plan would exempt firms from the obligation to file for insolvency if an expert finds they have a "positive going concern prognosis" for four months, down from 12 months now.

Some Turkish banks are curtailing corporate lending after the government's latest raft of regulations raised their costs and forced many to cut their balance sheet risks, five banking and private sector sources told Reuters. The new rules, part of President Tayyip Erdogan's unorthodox management of the economy, have especially depressed longer-term lending. The owner of one mid-sized manufacturer said it was "harder and harder every day" to access needed credit.

China will continue to roll out phased policies to stabilise its economy with a focus on reviving consumption and boosting investment, and implement these policies as soon as possible, state media cited Premier Li Keqiang as saying on Monday, Reuters reported. China will implement a variety of measures to stabilise growth, employment and prices, Premier Li said. "China will promote the recovery of consumption as the main pulling force and make greater efforts to boost effective investment, " Premier Li was quoted by state radio.

Malaysia’s Finance Minister Zafrul Aziz is confident the economy will expand faster than expected in the current year, supported by strong private consumption amid risks from a global slowdown, Bloomberg News reported. The economy, which expanded 8.9% in the second quarter, will likely see the momentum continue in the third quarter, he said at a Standard Chartered Bloomberg Live forum in Singapore. The central bank estimated full-year growth to be at the upper end of its 5.3%-6.3% forecast. New estimates on growth will likely be announced during the annual budget next month, Zafrul said.