Headlines

A creditor of Jiangsu Delong Nickel Industry Co., one of the world’s largest stainless steel producers, has told a Chinese court the business controlled by legendary businessman Dai Guofang and his family needs to be restructured, Bloomberg News reported. A local court in Xiangshui County, Jiangsu province, is studying the application from the local state-owned builder, along with another three cases targeting the company’s affiliates, it said in a statement dated Wednesday.

China’s central bank took new steps to shore up the country’s sputtering economy, highlighting officials’ growing anxiety about growth only days after leader Xi Jinping set out his long-term vision to transform China into a technological powerhouse to rival the U.S. The People’s Bank of China said Thursday that it cut a key interest rate and pumped the equivalent of more than $25 billion into China’s banking system, the Wall Street Journal reported.

Mt. Gox creditors are receiving a portion of the roughly $8 billion worth of cryptocurrency they’ve been owed since a hack drove the Tokyo-based exchange into bankruptcy a decade ago, Bloomberg News reported. Kraken has distributed Bitcoin and Bitcoin Cash from the Mt. Gox estate, according to a post on the X social media platform from the San Francisco-based exchange’s chief executive. A Kraken spokesperson confirmed the distribution and declined to comment on the specific amount.

South Korea’s economy slowed at a sharper-than-expected pace in the second quarter on sluggish private consumption and weak business investments, losing steam after a solid recovery in the previous quarter, the Wall Street Journal reported. Gross domestic product in Asia’s fourth-largest economy expanded 2.3% year-over-year during the April-June period, slower than the prior quarter’s revised 3.3% growth, Bank of Korea preliminary data showed Thursday. On a quarter-on-quarter basis, the economy shrank 0.2% following the first quarter’s 1.3% expansion, according to the central bank.

Brazil’s annual inflation accelerated more than expected by all analysts in early July, supporting traders’ bets the central bank will have to hike borrowing costs later this year after holding them steady next week, Bloomberg News reported. fficial data released Thursday showed consumer prices increased 4.45% from a year earlier, above the 4.37% median estimate from analysts in a Bloomberg survey. Monthly inflation stood at 0.3%. Policymakers are expected to maintain borrowing costs in double-digits for the foreseeable future as inflation forecasts run above the 3% target.

An Australian court rejected claims that Bayer AG’s weedkiller Roundup causes the cancer known as non-Hodgkin’s lymphoma, a blow to efforts to bring class-action litigation there on the matter, even as the German company contends with thousands of similar claims in the U.S., Bloomberg News reported. The Federal Court of Australia sided with Bayer in Thursday’s judgment, finding there was insufficient evidence that the herbicide increased the risk of developing the disease or caused it directly.

The Malaysian government said that it has surpassed its target by discharging approximately 142,510 bankruptcy cases, exceeding the initial goal of 130,000, following amendments to the Insolvency Act, the Malaysian Reserve reported. Prime Minister Datuk Seri Anwar Ibrahim said the Malaysia Department of Insolvency (MdI) Second Chance Policy aims to discharge 130,000 people declared bankrupt within one year after the enforcement of Act A1695.

India will not sign a global corporate tax deal focused on highly profitable multinational firms unless its concerns on dispute resolution and the treatment of withholding tax are addressed, a finance ministry official said on Thursday, Reuters reported. The so-called "Pillar 1" arrangement, part of a 2021 global two-part tax deal, aims to replace unilateral digital services taxes (DSTs) via a new mechanism to share taxing rights on multinational companies, such as U.S. tech giants Alphabet's Google and Amazon.com and Apple.

A group of Latam Airlines Group SA shareholders raised $456 million in an initial public offering of American depositary shares, Bloomberg News reported. The shareholders in the Santiago-based airline sold 19 million ADS on Tuesday for $24 each, according to a statement. Each ADS represents 2,000 of Latam’s common shares, which trade on the Chilean Stock Exchange. The sellers are Sixth Street Partners, Strategic Value Partners, Olympus Peak, Monarch Funds, Värde Funds and Marathon Fund, the statement shows.

For years, high rollers from China have flouted their country’s ban on gambling by getting their fix online. Livestreamed games of baccarat, roulette, poker and more feature young women sitting behind tables, dealing cards and spinning wheels. While the players are in China, the croupiers on their screens are often far away in studios in the Philippine capital Manila, the Wall Street Journal reported. Filipino officials say many of these operations are also run and staffed by Chinese nationals.