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SA Rugby will take the opportunity in front of a governmental sports portfolio committee to lobby for the return of crowds on Wednesday, the Daily Maverick reported. SA Rugby has kept the sport afloat over two COVID-wracked years, but it won’t be able to survive another year like the previous two. That is the dire warning from the governing body, which it will take to Parliament when it does a regular update to the portfolio committee on sport.

The leader of the Opposition in the West Bengal Assembly, Suvendu Adhikari of the BJP, on Tuesday accused the Trinamool Congress government of mismanagement of the state’s finances and claimed that it is heading toward bankruptcy, The Print reported. Terming the budget as a “bluff,” Adhikari said the TMC was keen to attack the BJP leadership over fuel prices but the state has not slashed the cess it has imposed on petrol and diesel. Several states have reduced fuel prices in that way, he said in the West Bengal Assembly.

China lacks the rule of law, but that doesn’t stop Chinese companies from taking advantage of the U.S. legal system, according to a commentary in the Wall Street Journal. A California bankruptcy court judge last week approved a settlement agreement between the state-owned Aviation Industry Corp. of China, or AVIC, its subsidiaries and two American entities and their co-claimants. After years of litigation and under some duress, the Americans agreed to walk away with less than a third of the more than $85 million they were owed under an arbitrator’s judgment.

Four financial institutions, including two Chinese banks, have written to finance minister Nirmala Sitharaman and the Insolvency and Bankruptcy Board of India (IBBI) seeking their intervention to speed up the resolution process of Reliance Infratel (RITL), the tower arm of Reliance Communications, the Financial Express reported. China Development Bank, Export Import Bank of China, Shubh Holdings Pte and SC Lowy Asset Management are the signatories to the letter.

While debt has been a problem for millennia, contemporary international institutions have focused on alternative dispute resolutions for commercial disputes for only decades, according to an analysis in mediate.com. according to an analysis in mediate.com. In the late ’90s many developing countries experienced financial distress. In 1999, the World Bank began to analyze the problem and in 2001developed the “Insolvency and Creditor Rights Standards” (ICR Standards). The focus was on judicial proceedings. The possibility of resorting to mediation was regarded as entirely residual.

After overcoming financial challenges last year due to the COVID-19 pandemic, flag carrier Philippine Airlines (PAL) expressed optimism on Tuesday that it would emerge stronger in 2022 as it unveiled plans for network expansion, digital innovation, and a more cargo-driven strategy, gmanetwork.com reported. “We look forward to a comeback year for Philippine Airlines and for our country,” said PAL chairman and CEO Lucio Tan. PAL is celebrating its 81st anniversary this year. “Our 81st birthday marks a day of rebirth for PAL.

Delta Air Lines Inc. said it’s working with Air France-KLM as the Paris-based airline considers joining in the bidding for a stake in Italy’s state-owned carrier, Bloomberg reported. Italia Tranporto Aereo would be a welcome recruit to the North Atlantic alliance led by Delta, according to Ed Bastian, the U.S. carrier’s chief executive officer. “Air France-KLM is in the lead in terms of actually making a potential investment,” Bastian said in a briefing in London on Tuesday.

The American Bankruptcy Institute (ABI) and professionals from law firm Squire Patton Boggs and the Arab Gulf States Institute will be presenting a webinar on Tuesday, March 22, 2022, at 12:00 noon EDT (6:00 p.m. UTC, 7:00 p.m. CET) to discuss the financial repercussions of Europe’s largest military conflict since World War II. The conflict in Europe has generated a maze of rapid legal, political and economic responses from authorities around the globe. Those actions are rippling through capitals, markets and boardrooms as businesses grapple with how to respond.

The invasion of Ukraine has placed Russia on the verge of bankruptcy, the Economic Times of India reported. Interest rates have doubled, the stock market has closed, and the rouble has fallen to its lowest level ever. The military costs of war have been exacerbated by an unprecedented level of international sanctions, sustained by a large coalition of countries. Russian citizens, now unable to spend at IKEA, McDonald's or Starbucks, are not allowed to convert any of the money they do have into foreign currency.

Russia's finance minister has confessed that nearly half of the country's foreign exchange reserves, which are viewed as a critical instrument for resisting Western economic sanctions, are insufficient, Wio News reported. According to a report by Interfax, the independent Russian news agency, Anton Siluanov said in an interview with Russian state television on Sunday that Russia had about $640 billion in foreign reserves, with about $300 billion of that amount frozen due to sanctions imposed by the U.S., Europe and other Western nations.