Headlines

The National Company Law Tribunal (NCLT) has begun insolvency proceedings against Hero Electric, following a plea by operational creditor Metro Tyres over an alleged default of Rs 1.85 crore, Devidiscourse reported. The tribunal also appointed Bhoopesh Gupta as Interim Resolution Professional to manage the company after the board's suspension. Hero Electric's defense, citing a pre-existing dispute with Metro Tyres, was rejected by the Delhi-based NCLT bench.

The number of UK retailers on the brink of collapse surged by a quarter in recent months, a new report has warned, PAMedia.com reported. The strain on the retail sector follows new data showing a drop in the number of people heading to the shops during Boxing Day sales. The latest Red Flag Alert report from insolvency specialist Begbies Traynor found 2,124 UK retailers were in critical financial distress between October and December 16.

Inflation in Tokyo accelerated for a second month in December while the labor market remained tight, results that largely keep the Bank of Japan on track for an interest rate hike next year, Bloomberg reported. Consumer prices excluding fresh food rose 2.4% in the capital, quickening from growth of 2.2% the previous month, the Ministry of Internal Affairs reported Friday. Tokyo’s figures serve as a leading indicator for national trends.

Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire, the South China Morning Post reported. The name of the founder of Hin Leong Trading Pte. and his children Lim Huey Ching and Lim Chee Meng were listed as having been issued a bankruptcy order on December 19, the government gazette showed. The younger Lims were both directors at the company. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte. Ltd. are the trustees, according to the gazette.

Imran Khan, founding chairman of the Pakistan Tehreek-e-Insaf (PTI), has acknowledged that the current government has managed to stabilise Pakistan’s struggling economy, which was on the verge of collapse, Express News reported.

Japan's factory activity shrank at a slower pace in December as declines in production and new orders eased, a private-sector survey showed on Monday, edging closer to stabilisation after recent falls, Reuters reported. The final au Jibun Bank Japan manufacturing purchasing managers' index (PMI) rose to 49.6 in December, indicating the softest contraction in three months. The index was slightly higher than 49.5 in the flash reading and 49.0 in November but stayed below the 50.0 threshold that separates growth from contraction for the sixth straight month.

The Agricultural Cooperative "Ratar" Brka, which has been in bankruptcy for 21 years, was registered as the property of the Brčko District of BiH, holding full ownership, Zurnal reported. In this process, the Agricultural Cooperative "Brka" Brčko, recognised as a creditor of "Ratar" Brka, lost its property rights, prompting them to file criminal complaints, as confirmed by the Cooperative to Žurnal. Criminal complaints have been filed against the Government of the Brčko District of BiH, the Department for the Public Registry, and the officials involved in this procedure.

Entrepreneur Joseph Kairo Wambui, also known as Khalif Kairo, has addressed allegations of bankruptcy related to his company, Kairo and Karo, which specializes in car sales and importation, The Kenya Times reported. This comes after images circulating on social media showed his car yard nearly empty. In a video shared on Wednesday, Kairo dismissed claims that his company is facing bankruptcy, stating that these accusations are part of a smear campaign aimed at damaging his reputation.

India is considering cutting income tax for individuals making up to 1.5 million rupees ($17,590) a year in February's budget to provide relief to the middle class and boost consumption as the economy slows, two government sources told Reuters. The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they opt for a 2020 tax system that strips exemptions like housing rentals. Under that system, annual income of 300,000 rupees to 1.5 million rupees is taxed at between 5% to 20%. Higher income draws 30%.