Headlines

A Moscow inspection of the Federal Antimonopoly Service (FAS) filed a bankruptcy application against the owner of the Tavern Taras Bulba restaurant chain, Yury Beloivan, who had been put on the international wanted list in a tax-evasion case, according to the Moscow Commercial Court’s records, RAPSI reported. Earlier, the court had scheduled Beloivan’s claim for his own bankruptcy for November 8.

Distressed fertilizer-producer Monómeros Colombo-Venezolanos, the Colombian subsidiary of Venezuelan state-owned Pequiven, has filed for bankruptcy protection on the heels of a regulatory intervention, Argus Media reported. Colombian corporate regulator SuperSociedades is expected to accept the company into a reorganization process that would lead to an "expedited rescue plan." The strategic company supplies about 40pc of the Colombian market.

With businessman B.R. Shetty’s group having gone financially bankrupt, the State government on Thursday informed the Legislative Assembly that many dialysis centres in government hospitals across the State have become dysfunctional and efforts will be made to restore them in a month, The Hindu reported. In a reply to D.S. Suresh (BJP), Minister for Health and Family Welfare, K. Sudhakar said the previous government had outsourced services to B.R.

Based on similar cases in the past, Ziarul Financiar daily estimates that the damages left by bankrupt insurer City Insurance will reach RON 2.5bn (EUR 500 mln), Romania-Insider.com reported. Based on existing regulations, the mutual guarantee funds for the insurance industry (FGA) are supposed to cover the bankrupt insurer's liabilities, using its reserves set aside for such situations. The government on September 22 passed an emergency ordinance to allow FGA to disburse money faster, before the final bankruptcy of the insurer (as stipulated under existing regulations).

Spanish airport operator Aena could lose up to 1.5 billion euros ($1.76 billion) of revenues between 2020 and 2025 after Spain passed a law on Thursday pegging retail tenants' rent to air traffic until footfall reaches pre-pandemic levels, Reuters reported. The much-disputed minimum annual guaranteed rents owed to Aena will be reduced in direct proportion to the passenger flow in each local airport, according to the text of the law, and will remain as such until travel returns to 2019 figures.

Debt-stricken mobile carrier Vodafone Idea is looking at funding deals with potential investors after receiving a relief package from the Indian government, Capacity Media reported. The telecoms operator has a net debt of US$25.86 billion (1.91 trillion rupees), including government dues of 1.68 trillion rupees. The chairman of the company, Kumar Mangalam Birla, had previously offered to transfer the group’s entire shareholding to the government to help stave off collapse. Last week, the Indian government approved a relief package for the country's struggling telecoms sector.

The bitcoin exchange rate has fallen to its lowest level since early August; following a moderately bullish weekend, the market took a sharp turn downward, Blockchain News reported. The digital currency is responding to the impending bankruptcy of Chinese real estate giant Evergrande and seems to be following regular stock exchanges around the world. The crash wiped out more than $200 billion from the crypto market and has not only affected bitcoin, but all other cryptocurrencies, which seem to be on a downward trend with no real sign of recovery just yet.

Growth paths in developing Asia continue to diverge, as some nations struggle with waves of infections while those that quickly rolled out vaccines and contained outbreaks gain from stronger global demand, according to the Asian Development Bank, Bloomberg reported. The region’s gross domestic product will expand 7.1% this year, down from 7.3% forecast in April and a turnaround from last year’s 0.1% contraction, the ADB said in its Asian Development Outlook Update. It sees developing Asia’s growth moderating to 5.4% in 2022.

Japan's financial watchdog said it requested Mizuho Financial Group Inc. and its banking arm Mizuho Bank to submit a work plan for system maintenance after a series of system failures this year, in a rare move to effectively oversee the system of a major bank, Kyodo News reported. The Financial Services Agency made the request as part of its business improvement order issued amid lingering concerns over the security of the financial group's system after it experienced seven failures this year.

IOI Properties Group — controlled by billionaire brothers Lee Yeow Chor and Lee Yeow Seng — submitted the only bid for a mixed-use hotel and residential site as the Malaysian developer doubles down on its investment in Marina Bay, Singapore’s downtown financial district, Forbes reported. Boulevard View, a wholly owned subsidiary of Malaysia-listed IOI Properties, offered S$1.51 billion ($1.1 billion) for the 99-year leasehold site, the Urban Redevelopment Authority said late Tuesday.