Uzbekistan will establish a new Chamber of Court Administrators bringing together all court-appointed insolvency managers under a unified self-governing system, according to a presidential decree signed on May 6, Daryo.uz reported. The new body will be created on the basis of the Uzbekistan Association of Court Administrators and will operate through regional branches in Karakalpakstan, all regions and Tashkent.
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Prayers for a sudden return to dovish monetary policies have been answered, and now investors are living with the aftermath: a world awash with $8.6 trillion in negative-yielding debt, Bloomberg News reported. That’s one reason money managers are wading once more into the fringes of fixed-income markets across the globe. Consider the action over the past week: Serial defaulter Ecuador managed to sell $1 billion in new bonds even as the government is in talks for International Monetary Fund financing.
Russia's No. 1 telecoms operator MTS said on Wednesday its Uzbek subsidiary had applied for bankruptcy, Reuters reported. The phone operator had been fighting to restore its Uzbek business after a court revoked its license to operate in August as part of dispute involving a criminal case against local MTS managers and a back-tax claim. MTS was ordered to pay $600 million in fines by an Uzbek court in November.
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