United States

Donald Trump’s new tariff pledges send a clear signal that he wants to rewrite the terms of North America’s free-trade pact and follow through with plans to hit China with tariffs, demonstrating to allies and adversaries alike that he is serious about renewing confrontation over a global trading system that he believes costs the U.S. dearly, the Wall Street Journal reported.

Anglo American Plc agreed to sell its steelmaking coal business to Peabody Energy Corp. for a fee that could rise to as much as $3.78 billion, as the miner’s restructuring gathers pace, Bloomberg News reported. Anglo is looking to dramatically simplify — and shrink — its business in a move that was announced during a successful rebuttal of a $49 billion approach from BHP Group earlier this year. For Peabody, the deal will significantly shift its product mix as the U.S. miner seeks to focus on metallurgical coal.

A group of investors led by Elliott Investment Management faces new obstacles to taking control of Venezuela’s oil refiner Citgo Petroleum in a court-ordered auction while seeking to shield themselves from legal claims against the cash-strapped country, WSJ Pro Bankruptcy reported. Judge Leonard P. Stark of the U.S. District Court in Wilmington, Del., said in an order on Wednesday he isn’t inclined to let the sale proceed without preserving the legal liabilities.

The founder of bankrupt Indian tech firm Byju’s tried to use loan proceeds that he allegedly hid from US lenders to secretly buy back a software company that was taken over by an American trustee, according to a new court filing, Bloomberg News reported. Byju Raveendran has been trying to regain control his capsizing education technology empire, which is under court supervision in both India, where the parent is based, and the US, where some of its valuable units are located, according to a court declaration filed by Nebraska businessman William R. Hailer.

Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials, plunging his conglomerate deep into crisis for the second time in two years, Reuters reported. Multiple counts of fraud - which U.S. authorities say involved a firm that was listed in New York and affected American investors - were levelled against Adani, who is one of the world's richest people, as well as seven other defendants.

The Biden administration told Congress it plans to cancel $4.65 billion in debt owed by Ukraine, according to a letter obtained by Bloomberg News, the latest in a series of moves meant to bolster support for Kyiv before President-elect Donald Trump takes office, Bloomberg News reported. The White House will cancel half of a $9 billion loan delivered to Ukraine as part of a $60 billion supplemental package approved in April.

Swedish debt collector Intrum is asking a U.S. bankruptcy court to help reduce its debt, but will have to overcome a group of bondholders who allege it is misusing chapter 11, WSJ Pro Bankruptcy reported. After Intrum filed for bankruptcy in Houston on Friday, creditors holding some of its bonds due in 2025 asked for the chapter 11 case to be dismissed. The bondholders say the company manufactured its bankruptcy venue by creating a U.S. affiliate last month, six days before seeking creditors’ votes on its restructuring plan, according to papers filed by the bondholders with the U.S.

WeWork Inc. is giving up space in two prime locations in Singapore, underscoring the company’s challenges in one of its most promising markets, Bloomberg News reported. One co-working space spanning the 17th to 20th floors at Manulife Tower along Singapore’s 8 Cross Street has ended operations. Another three-floor space in an office building at 83 Clemenceau Avenue on the city center fringe will close next year. A WeWork spokesperson said in a statement that despite Singapore being a “priority market,” it has “made the difficult decision” not to renew leases at the two locations.

Intrum, Europe's biggest debt collector, on Friday said that it had filed for chapter 11 bankruptcy in the United States in a bid to restructure its debt, Reuters reported. The company has struggled as the pandemic, an energy crisis and two-decade-high interest rates failed to unleash a wave of loan defaults, with concerns mounting over Intrum's net debt, which reached 49.4 billion Swedish crowns ($4.49 billion) at the end of September.

Swedish battery maker Northvolt has been discussing the possibility of bankruptcy protection in the United States as one of several options for the cash-strapped company to survive, two people with knowledge of the matter told Reuters. Northvolt has in recent months gone from being Europe's best shot at a home-grown electric vehicle battery champion to racing to stay afloat by slimming down, hobbled by production problems, the loss of a major customer and trouble raising more cash.