Headlines

Sweden's Oscar Properties said on Monday that Brf Innovationen, a housing cooperative, had filed an application for the real estate firm to be declared bankrupt, citing a breach of a settlement agreement, Reuters reported. Oscar Properties said in a statement that it disputes the bankruptcy application and may seek formal restructuring in its court response. It had previously evaded bankruptcy in a similar situation, when Brf Innovationen retracted its earlier application in January after the companies reached a settlement.

Byju Raveendran, an Indian mathematics whiz who soared from teacher to startup billionaire before his education-technology company imploded this year, now faces his biggest test, the Economic Times of India reported. The future of Raveendran's eponymous Byju's online coaching firm rests with India's courts after the county's biggest startup, once loved by global investors who valued it at $22 billion, crashed below $2 billion in valuation. The 44-year-old founder last week lost control of the company as a tribunal kick-started an insolvency process.

Chinese leader Xi Jinping and other top Communist Party officials used 22,000 characters in laying out a blueprint for reviving the country’s flagging economy in the coming years and signaling an intention to rev up growth in the coming months. On some of the thorniest issues, however, the document had little new to say—fueling concern among some economists about the country’s longer-term prospects, the Wall Street Journal reported.

Ukraine struck a deal with creditors that could save it more than $11 billion over the next three years, a boost for the war-torn country as it scrambles to keep funding the war with Russia, the Wall Street Journal reported. The preliminary deal, unveiled Monday, came after months of contentious negotiations with a committee representing Western bondholders such as BlackRock and Pimco, which had balked over how much debt relief Ukraine and its Western backers were requesting.

Patchy progress on implementing reforms to make money market funds and other types of "non banks" safer has left the global financial system vulnerable to more shocks, the G20's risk watchdog said on Monday, Reuters reported. The Financial Stability Board said that many of the underlying vulnerabilities that contributed to incidents, such as central banks having to inject liquidity to stabilise money market funds during a "dash for cash" at the outset of COVID-19 lockdowns, are still largely in place.

Brazil's central bank said on Monday a new feature for its popular Pix instant payment system aimed at automatically paying recurring bills will be launched next June instead of this October, as had been originally scheduled, Reuters reported. The delay follows repeated calls from the Brazilian central bank's governor, Roberto Campos Neto, for the approval of a constitutional amendment granting financial autonomy to the institution. Campos Neto argues that given the central bank's current budgetary situation, there may come a time when policymakers face difficulties in operating Pix.

Canada’s retailers faced a further pullback in sales in recent months, yet another sign of the stresses consumers are under that argues for additional rate relief from the central bank, the Wall Street Journal reported. Retail sales dropped by the most in more than a year in May and an early tally of receipts points to further belt-tightening by Canadians in June, data released Friday by Statistics Canada showed.

Trans Mountain Corp. plans to borrow in the bond market to refinance some of its outstanding debt ahead of the Canadian government’s eventual sale of the oil pipeline operator, Bloomberg News reported. The debt deal may still be months away from coming to the market, with size and structure yet to be set, said the people, who asked not to be identified discussing a private matter. The company hasn’t issued debt previously and does not currently have a credit rating. The company reported that it had C$25.3 billion ($18.4 billion) debt as of March 31.

Turkey’s central bank will probably focus on draining excess lira liquidity and alternative tightening measures as it looks to keep interest rates on pause for a fourth straight month, Bloomberg News reported. With official borrowing costs unlikely to rise further, policymakers have turned their attention to the side effects of their efforts to replenish foreign-exchange reserves that resulted in billions of liras being pumped into the economy.