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☆ Wise's billionaire CEO fined £350,000 by UK regulators over failure to report tax issue
▼ + stars: | 2024-10-28 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

In this article WISE-GB Follow your favorite stocks CREATE FREE ACCOUNTKristo Kaarmann, CEO and co-founder of Wise. Eoin Noonan | Sportsfile | Getty ImagesLONDON — Kristo Käärmann, the billionaire CEO of money transfer firm Wise , was slapped with a £350,000 ($454 million) fine by financial regulators in the U.K for failing to report an issue with his tax filings. "We continue to build a product and a company that will serve our customers and owners for the decades to come," Käärmann added. The chair of Wise, David Wells, said that the company's board of directors "continues to take Wise's regulatory obligations very seriously." In a note Monday, analysts at British investment bank Peel Hunt boosted their expectations for Wise's full-year profit before tax by 15%.

Persons: Kaarmann, Wise, Eoin Noonan, Sportsfile, Käärmann, Taavet Hinrikus, Forbes, Therese Chambers, David Wells, Peel Hunt, Gautam Pillai, Barun Singh Organizations: WISE, Getty, Financial, Authority, FCA, Customs, Peel Locations: Estonian

☆ The best-performing global bond fund is up 74% over the past year. Here's where it's invested
▼ + stars: | 2024-06-19 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Gecko Capital's Maunakea Emerging Markets Debt Recovery Fund has delivered an impressive 74% return over the past year, and its fund manager is particularly bullish on two South American economies looking ahead. Maunakea's two largest positions are in Venezuela and Argentina, which Durand considers among "the most attractive and compelling" trades he has ever placed. Elections are expected to be held on 28 July which will be a key moment for investments in the country, according to the fund manager. However, the fund manager is optimistic that Argentina will reverse its economic woes. The next trade Durand said he is eyeing Bolivia, once a market darling that has recently experienced significant problems, for opportunities as its bonds start to trade at discounted levels.

Persons: Jean, Jacques Durand, Durand, " Durand, Edmond de Rothschild, They've, Fitch Organizations: U.S, Edmond, EU, CCC Locations: Venezuela, Argentina, U.S, Venezuelan, Durand, Bolivia

☆ A record 8.5 million Chinese borrowers are now blacklisted for not paying their debts, a report says. They're feeling the same financial pressures as Americans.
▼ + stars: | 2023-12-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

A record 8.54 million Chinese borrowers are blacklisted for not paying their debts, the FT reported. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA record 8.5 million Chinese borrowers – about 1% of the country's working-age adults – are blacklisted by their government for failing to pay their debts, the Financial Times reported on Sunday. The restrictions placed on the borrowers threaten to weigh on consumer spending in the world's second-largest economy, crimping global growth.

Persons: —, defaulters, Michael Burry, David Rosenberg Organizations: Service, Financial Times Locations: China

REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsBENGALURU, Nov 7 (Reuters) - Wipro (WIPR.NS), India's fourth-largest IT services provider, is mandating that all its employees globally work from office at least thrice a week from this month, according to a company-wide email seen by Reuters on Tuesday. 2 software services exporter, asked some employees to return to office 10 days a month, while industry leader TCS (TCS.NS) has asked employees to return to the office for five days a week. Wipro has been encouraging employees to work from office thrice a week since May and about 55% of the workforce are currently working from office at that frequency, a company spokesperson said. Wipro had 244,707 employees as of Sept. 30. Starting Jan. 7 next year, consistent defaulters may face consequences, according to the email dated Nov. 6.

Persons: Dado, Sai Ishwarbharath, Varun, Savio D'Souza Organizations: Wipro, REUTERS, Rights, Reuters, Companies, Infosys, TCS, Varun Vyas, Thomson Locations: Bengaluru

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. It has around $14.8 billion worth of debt due within 12 months, while its cash levels are around $13.8 billion. Country Garden declined to comment. Despite those measures, China's new home prices fell for the fourth month in August, according to a private survey on Friday, as the property debt crisis kept confidence at a low ebb. "Country Garden will probably make full use of the grace periods…it still looks challenging for them to generate enough cash for the upcoming payments, both onshore and offshore," said Ting Meng, a senior credit strategist at ANZ.

Persons: Aly, Edward Al, Ting Meng, Benjamin Bennett, they've, Xie Yu, Davide Barbuscia, Sumeet Chatterjee, Muralikumar Organizations: Shanghai Country Garden, REUTERS, HONG KONG, Country Garden Holdings, HK, Columbia, U.S, Country Garden, ANZ, General Investment Management, Thomson Locations: Shanghai, China, HONG, Country, Hong Kong, New York

☆ Ecuador's Perez to review mining contracts suspected of polluting if elected
▼ + stars: | 2023-08-18 | by ( Alexandra Valencia | ) www.reuters.com time to read: +4 min

Candidates have pledged to fight crime and improve the struggling economy, amid unemployment woes which have increased migration. Mining is a top contributor to Ecuador's economy, but Perez, an erstwhile water activist, said late on Thursday he would ask the country's comptroller to review contracts suspected of polluting, to define their continuity under Ecuadorean law. He would approach Ecuador's multilateral creditors and bondholders to ask for payment extensions because of the difficult economic and security situation, he said. Perez pledged to make agriculture - not oil, the country's top source of income - Ecuador's economic driver, creating 500,000 jobs. Better social programs and data-based security programs are also on his agenda if elected, he said.

Persons: Yaku Perez, Fernando Villavicencio, Perez, Alexandra Valencia, Julia Symmes Cobb, Sharon Singleton Organizations: Reuters, United Nations, International Monetary Fund, Thomson Locations: QUITO, Ecuador, Peru, Chile, Quito

☆ Global markets in H1: Banks vs the machines
▼ + stars: | 2023-06-30 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Linking it all has been the relentless rise in interest rates, which was exactly what battered markets in 2022. But just that this time has been different due to an unshakeable view that the end of the cycle is near. A 12%, or $6 trillion, rally in value of world stocks (.MIWD00000PUS), (.FTAWORLDSR) although it has been ominously top heavy. Thanks largely to ChatGPT, the AI boom has seen the 'Big Tech' giants enjoy a combined surge of 70%. There have also been around a total of 90 interest rate hikes this year by central banks globally versus just 17 cuts.

Persons: Andrew Kelly, Lehman, Trevor Greetham, Gold, Viktor Szabo, Tayyip Erdogan's, haven't, bitcoin, Binance, Milla Savova, Dhara Ranasinghe, Tom Wilson, Rashmi Organizations: New York Stock Exchange, REUTERS, Nikkei, LONDON, Big Tech, Apple, Microsoft, Google, Netflix, Meta, Nvidia, Royal London Asset Management, Japan's Nikkei, U.S . Federal Reserve, European Central Bank, Bank of Japan's, Silicon Valley Bank, behemoth, UBS, Treasury, Wall, BlackRock, Commodities, Thomson Locations: New York City, U.S, El Salvador, Sri, Zambia, Ukraine, Pakistan, Argentina, Japan, Egypt, Nigeria, London

WHAT IS THE COMMON FRAMEWORK? The Common Framework requires debtor countries to secure restructuring assurances from any bilateral lenders first and commercial and multilateral lenders second - to Beijing's dismay. "We call on multilateral financial institutions and commercial lenders, who are the main creditors for developing countries, to participate in developing countries' debt relief efforts," Mao said. In Paris, analysts expect China to continue to voice support for the Common Framework but for debt relief to be dispensed "case-by-case". The last time global policymakers met to discuss the Common Framework in Washington, China proposed the IMF should speed up and improve information sharing on debt sustainability analyses.

Persons: Li Qiang, acceding, Yi Gang, Mao Ning, Mao, Qin Gang, Sri, Wang Wenbin, Joe Cash, Ryan Woo, Shri Navaratnam Organizations: Paris Club, International Monetary Fund, Bank, IMF, World Bank, Foreign Ministry, China's, France, Thomson Locations: Paris, China, Zambia, Chad, Ethiopia, Ghana, United States, U.S, Beijing, Washington, CHINA, Addis Ababa, Japan, India, France, Sri Lanka's

NEW DELHI, March 27 (Reuters) - Indian banks must give defaulters an opportunity to be heard before they classify a loan account as fraud, the Supreme Court ruled on Monday. Banks cannot unilaterally declare an account as fraud without providing the defaulter the right to be heard, a top court bench led by Chief Justice DY Chandrachud said. However, there is no such requirement before registering a first information report (FIR) to declare a loan account as fraud, the bench observed. The apex court was examining judgements by the Telangana High Court and Gujarat High Court on the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select Fls Directions 2016) master circular. Telangana High Court had ruled that not granting the right to be heard infringes on the borrowers' constitutional right.

☆ Factbox: The countries in the grip of debt crises
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +8 min

LONDON, Feb 24 (Reuters) - Meetings being held in India will see top officials from the Group of 20 leading economies discuss how to help the growing number of countries now in the grip of debt crises. Below is a list of countries that have either defaulted on their international debt or are seen at risk of doing so. Prime Minister Denys Shmyhal said this week Kyiv is hoping to clinch a $15 billion, multi-year International Monetary Fund programme. But progress with Zambia's $13 billion debt rework has been glacial. EGYPTEgypt has experienced a double whammy from COVID-19 and soaring food and energy prices, and has struggled in recent years to contain its rising debt and debt servicing burden.

☆ Leaked documents show Amazon's seller lending business is booming. But the company's economists are worried about defaulters.
▼ + stars: | 2023-01-04 | by ( Eugene Kim | ) www.businessinsider.com time to read: +5 min

Amazon economists expect its seller lending volume to roughly double this year. Amazon's lending business has rebounded in recent years after scaling back during COVID. Amazon's lending program is part of a broader business to business payments and lending team, known internally as ABPL. The company's economists are forecasting that third-party sellers will owe it over $2 billion over the next year, according to internal document obtained by Insider. The potential growth in loans signals a continued rebound of Amazon's lending business.

☆ China, Russia to drive 10% default pain for 'junk-rated' EM firms - JPMorgan
▼ + stars: | 2022-11-08 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

Their woes will also mean emerging markets overall will see a more than 10% "high-yield" corporate default rate for another year, keeping it at more that triple the historical average. "We expect another high default year in 2023 focused on specific segments," JPMorgan's analysts said in a research note on Tuesday that describes China and Russia as the "trouble spots". China's battered property sector is forecast to have another eye-watering 46% default rate next year. The overall emerging market corporate default rate, once financially healthier "investment grade" companies are also included, is forecast to be 3.8%. Distressed bonds, classed as those trading below 70 cents on the dollar - or 30% below their face value - currently total $178 billion or 27.7% of EM corporate high yield outstanding bonds.

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