Zambian President Hakainde Hichilema said China and the U.S. have a responsibility to set aside their differences and help countries such as his get the debt relief they need to avoid further damage to their economies, WSJ Pro Bankruptcy reported. With finance officials from around the world gathering in Washington this week for the International Monetary Fund and World Bank biannual meetings, Mr. Hichilema’s country is emerging as a focal point of discussions on how to restructure poor nations’ debts. U.S.
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The International Monetary Fund chief said Thursday the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally, the Associated Press reported.
After announcing the largest rounds of layoffs in their history, U.S. big tech companies are now learning how difficult it is to reduce headcount in Europe, Bloomberg reported. In the U.S., companies can announce widespread job cuts and let go of hundreds if not thousands of workers within months — and many have. Meanwhile, in Europe, mass layoffs among tech companies have stalled because of labor protections that make it virtually impossible to dismiss people in some countries without prior consultations with employee interest groups.
Deutsche Telekom now holds a majority in T-Mobile U.S., the chief executive of the German telecoms company said on Wednesday, Reuters reported. The company reached a majority stake in T-Mobile U.S late Tuesday, CEO Tim Höttges said at the company's annual general meeting. "We have the majority and are the largest shareholder of the world's most valuable telecommunications company - T-Mobile U.S.," he said. Since 2013, the value of T-Mobile U.S. has increased by 153 billion euros ($167.44 billion).
Virgin Orbit, the rocket company founded by British billionaire Richard Branson, has filed for bankruptcy in the U.S., CNN reported. The California-based company said in a statement Monday that it had filed for chapter 11 bankruptcy. “While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business,” Dan Hart, chief executive of Virgin Orbit, said in the statement posted on its website.
The cinema chain has announced that it will no longer be selling its U.K., Irish and U.S. locations despite filing for bankruptcy protection last year, the (U.K.) Gazette and Herald reported. The global company operates brands like Cinema City, Picturehouse, Regal and Planet with 750 locations around the world. On Monday, April 3, it announced that it has now terminated the planned sale after struggling to find an acceptable offer. Instead, the chain will go under financial restructuring of its approximately £4 billion debt pile.
Over the past year, governments around the world have announced tax breaks, subsidies and new laws in a bid to accelerate investment, combat climate change and expand their workforces. That might not be enough, the Wall Street Journal reported. The World Bank is warning of a “lost decade” ahead for global growth, as the war in Ukraine, the COVID-19 pandemic and high inflation compound existing structural challenges.
Credit Suisse violated a 2014 plea deal with U.S. authorities by continuing to help ultra-wealthy Americans evade taxes and concealing more than $700 million from the government, the U.S. Senate Finance Committee found on yesterday, Reuters reported. After concluding a two-year investigation into Credit Suisse - which this month agreed to a rescue takeover by rival UBS - the committee said it had uncovered "major violations" of the 2014 agreement between the Swiss lender and the U.S. Department of Justice (DoJ) for enabling tax evasion.
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Catalina Marketing Corp., a data and marketing services provider to retailers and consumer products companies, filed for bankruptcy on Tuesday for the second time with a prepackaged plan to slash debt and sell its business in Japan, WSJ Pro Bankruptcy reported. Catalina has suffered from a decline in demand for its services in recent years, including during the Covid-19 pandemic when most retailers were forced to close their doors, according to a court filing yesterday by Chief Financial Officer Michael Huffmaster.
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Luc Despins, a New York bankruptcy lawyer, typically took on difficult jobs: After the energy company Enron collapsed years ago, he helped thousands of victims recover some of their money. But when Mr. Despins was appointed by a bankruptcy court last year to locate the assets of Guo Wengui, a Chinese property mogul and political provocateur who had failed to repay tens of millions of dollars to a hedge fund, the assignment presented very different challenges, the New York Times reported. In November, protesters appeared outside his home and that of his ex-wife.
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