Headlines

Indonesia’s Supreme Court has upheld the bankruptcy ruling on distressed textile company PT Sri Rejeki Isman, according to people familiar with the decision, risking layoffs for tens of thousands of its employees, Bloomberg News reported. The court on Wednesday rejected the appeal from Sritex - as the company is more commonly known - to overturn a lower court ruling in October that declared the company bankrupt. The ruling will raise uncertainties for the company’s roughly 50,000 employees.

The Supreme Court on Friday restored China Development Bank, Exim Bank of China, Asset Care and Reconstruction Enterprises and others as financial creditors in the insolvency process of Reliance Infratel Ltd, which is now acquired by Reliance Project & Property Management Services, a subsidiary of Reliance Jio Infocomm, the Economic Times of India reported.

The Canadian Parliament passed legislation last week granting priority status to produce growers and shippers for unpaid product in the event that a buyer of their fruits and vegetables files for bankruptcy, the Produce News reported. The new law, Bill C-280, is similar to the Perishable Agricultural Commodities Act trust amendment that was passed by the U.S. Congress in 1984. For the past 40 years, agricultural advocacy groups in Canada, as well as the United States, have been pushing for similar legislation with no success. In fact, in 2014 the U.S.

With year-end approaching, two iconic mountain bike brands are making big moves to stay afloat in a difficult market, SingleTracks.com reported. Yesterday, Rocky Mountain announced in a press release that it has filed for protection under the Companies’ Creditors Arrangement Act in Canada in order “to avoid business interruption as much as possible.” “Despite strong demand for its bikes during the pandemic, the Company struggled to secure supplies due to shortages and rising costs,” according to the release.

Japan’s consumer inflation sped up in November, fanning rate-hike hopes, but price growth may not be strong enough yet to rush an immediate move, especially as the central bank remains wary about uncertainties at home and abroad, the Wall Street Journal reported. Overall consumer prices rose 2.9% in November from a year earlier, compared with the 2.3% growth seen in October, government data showed Friday. ​Energy prices rose 6.0% due to the fading effects of government subsidies for electricity and gas, compared with a 2.3% increase in October.

Mexico cut interest rates for a fourth straight meeting Thursday as inflation is slowing back to target and the economy is losing momentum, Bloomberg News reported. Banxico, as the central bank is known, lowered borrowing costs by a quarter-point to 10% in an unanimous decision. The move was forecast by 21 of 29 economists surveyed by Bloomberg. The remaining eight predicted that the bank would accelerate the pace of easing with a half-point cut.

British shoppers spent a little more as wages continue to grow, a boost to the government’s hopes of a consumption uptick at the end of the year, the Wall Street Journal reported. Total U.K. retail sales were 0.2% higher in November than in October, the Office for National Statistics said Friday. That reverses the previous month’s downturn, when consumers held off on spending ahead of the government’s budget at the end of the month, and warm, dry weather deterred buying of winter fashion.

Colombia’s central bank unexpectedly slowed its monetary easing campaign as fiscal concerns are weakening the nation’s currency and adding to inflation risks, Bloomberg News reported. The seven-member board voted to lower the benchmark rate to 9.5%, Governor Leonardo Villar said after their meeting Friday. The move was forecast by only one of 30 analysts surveyed by Bloomberg. All the others predicted a cut to 9.25%. The decision was split, with five board members backing the cut of 25 basis points, one voting for 50 basis points and another for 75 basis points.

The Bank of Russia held its key interest rate at a record-high 21%, surprising most analysts who’d expected policymakers to opt for another big hike to try to tame persistent inflation, Bloomberg News reported. Six of 12 economists had predicted a two percentage-point increase, while two foresaw a hike to 24% and only two saw a hold. Price growth continues to run at more than twice the central bank’s 4% target.

The collapse of Denmark’s Better Energy A/S, a once-hyped solar park developer, is sending repercussions through the Nordic country’s financial system and bringing eerie reminders of the recent problems for another green energy champion, Northvolt AB, in neighboring Sweden, Bloomberg News reported. Better Energy on Thursday said it will start a reconstruction process of two of its main units, blaming poor market conditions and an unwillingness from its investors to provide more funding.