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With a sinking currency, dwindling foreign-exchange reserves and hefty debt repayments to China and other creditors falling due this year and next, the tiny Southeast Asian nation of Laos is displaying many of the hallmarks of a new emerging-markets crisis waiting to happen, the Wall Street Journal reported.
The liquidation process of Three Arrows Capital is going to move to Singapore next, if lawyers representing the British Virgin Islands (BVI)-based liquidators are successful, the Straits Times reported Friday.
SAS said today that a pilot strike now in its 11th day threatened the airline's ability to access bridge financing without which it may be forced to radically downsize or could collapse, Reuters reported. SAS and unions were locked in more talks on Thursday to end a strike among most of its pilots at the peak of the holiday travel season, over conditions related to the Scandinavian carrier's rescue plan. "The strikes ...
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A federal bankruptcy court has frozen the assets of Three Arrows Capital, the once-prominent crypto hedge fund that managed as much as $10 billion in assets until it fell into liquidation last month, the Washington Post reported. In an emergency hearing Tuesday, Judge Martin Glenn of the Southern District of New York granted a motion allowing liquidators to “transfer, encumber, or otherwise dispose” of any Three Arrows Capital assets located in the United States. In addition, the court authorized subpoenas for the founders, whose whereabouts are unknown.
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Chinese regulators on Thursday vowed to help local governments deliver property projects on time after homebuyers threatened to stop mortgage payments on unfinished apartments, in the first sign Beijing was stepping in to end the market chaos, Reuters reported. The homebuyers' threats have deepened investor concerns about the property sector, which accounts for a quarter of the economy. Investors also worry about banks, rattled over the past year by developers' cash squeeze and some debt defaults.
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China's central bank is widely expected to keep unchanged the borrowing costs on its medium-term policy loans for the sixth consecutive month on Friday, a Reuters survey showed. Aggressive global monetary tightening and higher domestic inflationary pressure have limited room for further easing, and analysts and traders believe China's central bank is poised to steadily normalise its monetary policy after June data indicated the economy had started bottoming out.
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