New Zealand’s government took aim at property speculators with a suite of new measures to tackle runaway house prices and prevent the formation of a “dangerous” bubble, Bloomberg News reported. The government will remove tax incentives for investors to make speculation less lucrative and unlock more land to increase housing supply, Prime Minister Jacinda Ardern said on Tuesday. The moves come as surging house prices keep first-time buyers and people on lower incomes out of the market, raising concerns about growing societal inequality.
Greensill Capital’s talks to sell parts of its operating business to Athene Holding Ltd. were derailed after one of the firm’s key technology partners received funding that allows it to finance Greensill’s most creditworthy clients directly, Bloomberg News reported. Taulia, a financial technology company that had worked closely with Greensill, landed a $6 billion liquidity facility from banks including JPMorgan Chase & Co. Taulia’s clients had an immediate need for liquidity because of Greensill’s insolvency.
Up to 250,000 workers could lose their jobs when the JobKeeper wage subsidy ends this month as insolvency data reveals just three companies have used the Australian federal government’s new rules to help struggling employers restructure to avoid shutting down, the Sydney Morning Herald reported. The end of the $90 billion JobKeeper program on March 28 is expected to result in thousands of businesses failing, pushing 125,000 to 250,000 people out of work, University of Melbourne Professor Jeff Borland estimates.
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.