Headlines
Resources Per Region
China’s debt-laden Tsinghua Unigroup on Wednesday said creditors had backed a draft restructuring proposal for the chip conglomerate after local media reported that a strategic investment of 60 billion yuan ($9.42 billion) was on the way, Reuters reported. Creditors representing more than 90% of outstanding claims voted in favor of the draft restructuring proposal at an investors’ meeting on Wednesday, Unigroup said in a statement.
Read more
Vietnam's gross domestic product (GDP) growth slowed to just 2.58 percent in 2021 as the effects of the pandemic hit the country's economy, marking a steep decline from the 7.02-percent growth recorded in 2019, Deutsche Presse reported. Vietnam's GDP actually grew by 5.64 percent in the first half of 2021, but the country's failure to contain COVID-19 in the second half of the year led to repeated lockdowns and factory closures that inflicted serious socio-economic damage, according to the report published by Vietnam's General Statistics Office.
Read more
It was announced last week that an agreement between Barcelona and Man City regarding the transfer of Torres and now the deal is complete, Cheraw Chronicle reported. The original will be presented at the Camp Nou. Torres broke through against Valencia and marked the summer 2020 move to City. The English superpower has noticed the Spain international 22 times, despite suffering a foot injury since October. In Manchester he was good at scoring 16 goals. Barcelona are only seventh in La Liga and have failed to survive the Champions League group stage for the first time since 2000.
Read more
Turkey’s currency tumbled against the dollar Wednesday, a setback to the government’s experimental plan to stabilize the currency, the Wall Street Journal reported. The lira fell more than 6% against the greenback, undoing part of the currency’s significant comeback since last week, when Turkey’s government said it would guarantee returns on certain lira bank deposit accounts at a rate similar to those on foreign currency. The plan was aimed at stopping a brutal currency meltdown.
Read more
On the southern Mediterranean coast, nestled in the shadow of the Rock’s sheer limestone cliffs and its tangle of wild olive trees, the Gibraltar Stock Exchange (GSX) is quietly preparing for a corporate takeover that could have global consequences for the former naval garrison, The Guardian reported.
Read more
For Balinese souvenir shop owner I Kadek Rai Nama Rupat, the past two years during the COVID-19 pandemic have been a fight for survival. The pandemic has prevented the foreign tourists that usually throng businesses like his on the Indonesian resort island from coming and rising food prices have compounded the economic pain, Reuters reported. But a local non-profit group is offering help by exchanging rice for plastic trash that is then sold to a recycling company.
Read more
Global trade credit insurer Euler Hermes recently announced the appointment of James Musters as managing director of excess of loss (XoL) for the Americas region, Insurance Business Magazine reported. XoL is less well known than the traditional trade credit insurance solutions, which Euler Hermes has been offering for nearly 130 years. Introduced by the insurer in 2012, XoL is a non-cancellable form of credit insurance, which provides flexible and innovative solutions to insulate companies from extraordinary and disruptive loss events.
Read more
China Evergrande Group said it has resumed construction at most of its housing projects as authorities push the debt-laden developer to pay migrant workers and deliver apartments, Bloomberg News reported. Nearly 92% of Evergrande’s property projects have so far restarted, compared with just about 50% at the beginning of September, according to a company statement released Sunday night. The number of workers involved in the projects that have resumed building has risen 31% from September to 89,000.
The Italian Sea Group, a megayacht builder based near La Spezia, has purchased the assets of sailing yacht builder Perini Navi at bankruptcy auction for $80 million, The Maritime Executive reported. The auction award includes Perini Navi's shipyards in Viareggio and La Spezia, one incomplete newbuild project under construction, a building complex in Pisa, and all IP and business relationships. The firm has already acquired two additional Perini Navi vessel projects under construction and is completing them at its NCA Refit division.
The multibillion-dollar world’s fair in Dubai has warned that some venues on site may shut down as coronavirus cases rapidly rise in the United Arab Emirates, the Associated Press reported. Dubai’s Expo 2020 said that virus outbreaks among staff may force some parts of the fair to “close temporarily for deep cleaning and sanitization,” without elaborating on the scope or the location of the infections. The UAE’s daily virus caseload has skyrocketed by a multiple of 37 in just the last three weeks after the arrival of the omicron variant.