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.
Australia’s central bank will extend its quantitative easing program by a further A$100 billion ($76.2 billion) and doesn’t expect to increase interest rates until 2024, following in the footsteps of global peers in moving to stamp out premature tapering speculation, Bloomberg News reported. Governor Philip Lowe left the key rate and three-year yield target at 0.10%, the Reserve Bank said in a statement Tuesday. In addition to the QE program now extended beyond mid-April, the RBA also operates a bank lending facility.
Government debt around the world shot up last year to approach levels last seen in the aftermath of World War II, as nations stepped up spending to fight the Covid-19 pandemic and its economic fallout, the International Monetary Fund said yesterday, the Wall Street Journal reported. Public debt as a share of global gross domestic product surged to 98% by the end of December from 84% at the end of 2019, before the pandemic struck, the IMF said in an update to its semiannual Fiscal Monitor report.
In a move designed to position itself for future growth, satellite communications provider SpeedCast International Ltd is to emerge from U.S. chapter 11 bankruptcy protection after gaining bankruptcy court approval to restructure under a new owner, private equity firm Centerbridge Partners, Financier Worldwide reported.