Lex Greensill’s ambitious plan to transform his arcane trade-finance business into a global lending force is rapidly falling apart, Bloomberg News reported. From Credit Suisse Group AG to SoftBank Group Corp., Greensill’s most ardent supporters have signaled doubts about the loans made by his supply-chain finance business, upending his multi-billion dollar empire. Greensill Capital, which as recently as last year was seeking a valuation of $7 billion and planning to eventually go public, is now discussing options including insolvency.
Member countries of the World Trade Organization are aiming to resurrect a dormant system for resolving trade disputes that has been a point of friction between the U.S. and other nations, the Wall Street Journal reported. The WTO’s Appellate Body, the apex of the Geneva-based group’s dispute-settlement system, has been effectively shut down since 2019 after the Trump administration blocked the appointment of new judges. U.S. complaints about the system, which predate the Trump presidency, center on Appellate Body rulings against tariffs and other remedies, limiting what U.S.
100 Million Workers in Eight Nations May Need to Change Occupations by 2030 Due to COVID-19: McKinsey
A 70-year-old New Zealand planemaker has had its Civil Aviation Authority (CAA) certificates suspended after declaring it’s now insolvent, Australian Aviation reported. Pacific Aerospace, which employs 100 people in Hamilton on the North Island, manufactures aircraft popular for skydiving and the aerial application of fertiliser.
Two Crown Resorts Ltd directors with links to major shareholder James Packer resigned on Wednesday, the first heads to roll after the Australian casino operator was deemed unfit to hold a gambling licence for its new Sydney casino, Reuters reported. The upheaval in the wake of a report commissioned by the state gambling watchdog raised speculation among analysts that the A$6.6 billion ($5.1 billion) company was in play as a takeover target.