Headlines

China’s central bank pledged to use more monetary policy tools to spur the economy and ease credit stress as signs of a property market slump worsens, Bloomberg News reported. The People’s Bank of China will “open monetary policy tool box wider, maintain stable overall money supply and avoid a collapse in credit,” Deputy Governor Liu Guoqiang said Tuesday at a briefing in Beijing. The central bank will roll out more policies to stabilize economic growth, front-load actions and make preemptive moves, he said.

Troubled cruise operator Genting Hong Kong Ltd. warned it may seek court assistance to safeguard its assets, after failing to secure funding to help it stay afloat following the insolvency of its German shipbuilding subsidiary, Bloomberg News reported. The cruise operator plans to file for provisional liquidation with courts in Bermuda, where its registered office is, unless it receives “credible proposals for a solvent, consensual and inter-conditional restructuring solution,” it said in an exchange filing.

In a warehouse tucked under two railway arches in southeast London is a treasure trove of Greek delicacies, including barrel-aged feta, fresh oregano, Cretan olive oil and cases of nearly a hundred different wines destined for the city’s top restaurants and discerning home cooks. But as Britain phases in Brexit-required customs rules with the European Union, the tempting variety at Maltby & Greek is under threat, the New York Times reported.

Global investors are growing more skeptical that Sri Lanka will be able to repay its long-term debt as the island nation turns to bilateral aid to help it meet obligations, Bloomberg News reported. The South Asian country’s dollar bonds maturing toward the end of this decade are trading near record lows and default risk is holding near an all-time high, data compiled by Bloomberg show. The first test would be a $1 billion maturity in July, which policy makers say they will repay in time after drawing down a swap facility from China to help meet a $500 million payment this week.

Brazil’s next president will have to temporarily increase public spending to fight poverty and unemployment, according to a close economic adviser to Luiz Inacio Lula da Silva, who leads opinion polls ahead of the October vote, Bloomberg News reported.

Britain’s biggest energy companies can’t agree on what the U.K. needs to do to soften the blow of soaring bills for customers, making it harder for the government to tackle a cost-of-living crisis, Bloomberg News reported. Octopus Energy Ltd., Britain’s fifth-largest gas and power supplier, is leading the push for a fund to help companies cope with the increase in wholesale costs. While the move is backed by some, several firms including Centrica Plc prefer instead actions including a tax cut, according to people familiar with the talks between the companies and the government.

The International Monetary Fund urged public and private creditors to complete a renegotiation of Chad’s loans by the end of March, a critical step to restore the sustainability of the nation’s debt, Bloomberg News reported. The move follows a series of calls by the IMF and the World Bank for private creditors, including Glencore Plc, to agree on a restructuring of Chad’s debt on the same terms as those reached with its official creditors under a Group of 20 debt-relief initiative. About a third of Chad’s public external debt is owed to Glencore and other commercial lenders.

Chief Justice of Malaysia Tun Tengku Maimun Tuan Mat said on Friday (Jan 14) that Malaysia recorded an "alarming" drop of 53.6% in the number of commercial cases to 55,305 in 2021 from 119,258 in 2017 as insolvency and bankruptcy cases fell, TheEdgeMarkets.com reported. Speaking at the Opening of the Legal Year event here on Friday (Jan 14), Tengku Maimun said commercial cases are of significance as an indicator of the country's economy, as such disputes represent some measure of active business and trade. “This is an alarming drop of about 53.6% over a short period of five years.

The Restaurants Association of Ireland (RAI) is calling for a tax amnesty for hospitality firms to help them survive beyond the expected lifting of restrictions next month, the Irish Independent reported. It comes after insolvency experts predicted that more than 1,000 firms could close their doors from next year, once government supports end and pandemic debts are called in. Retailers and business organisations say small, domestic, independent firms will be worst hit.

Euro zone companies survived the two years of the COVID-19 pandemic better than expected with fewer insolvencies than feared, euro zone finance ministers are likely to conclude on Monday according to a senior euro zone official, Reuters reported. The official, who asked not to be named, said the better outcome was testament to the effectiveness of the 2.3 trillion euros ($2.64 trillion) of national liquidity support measures taken to keep companies from collapsing under repeated government-imposed pandemic lockdowns and the resilience of the economy.