Bankruptcies soar as high rates and end of Covid aid hit businesses hard | How China’s slowdown is deepening Hong Kong’s ‘existential crisis’ | PwC pushes to loosen rules on independent board members | India’s assault on unsecured loans hits Paytm and other fintech companies

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� � � � � � Bankruptcies soar as high rates and end of Covid aid hit businesses hard - Financial Times    Corporate bankruptcies are increasing at double-digit rates in most advanced economies as borrowing costs rise and governments unwind pandemic-era worth trillions of dollars support for struggling businesses. Following a decade of decline the number of US corporate bankruptcies rose 30 per cent in the 12 months to September compared with the year-ago period, according to courts data. Germany, the EU's largest economy, said bankruptcies rose 25 per cent from January to September compared with the year-ago period. Since June, monthly .double-digit growth rates have been consistently observed compared to the previous year., the country's statistical office Destatis said on Tuesday. Continued here � � � � � � Don't like ads? Go ad-free with TradeBriefs Premium How China's slowdown is deepening Hong Kong's 'existential crisis' - Financial Times    Rosanne Wong should be enjoying a year of recovery at her four cigar shops in Hong Kong, after three years of Covid restrictions were finally lifted at the start of the year and traditionally high spending mainland Chinese tourists returned. Hand-rolled Cuban cigars have been in high demand . prices for some of the most-sought after types have more than doubled over the past three years. Instead, in what should have been peak season during October, coinciding with China.s Golden Week national holiday, sales were down roughly 30 per cent compared to the beginning of the year. Continued here � � � � � � PwC pushes to loosen rules on independent board members - Financial Times    PwC is asking audit regulators around the world to reconsider strict rules on conflicts of interest to allow it to hire more independent board members, as the Big Four accounting firm seeks to improve its governance following a scandal at its Australian business. The firm has promised to install an independent chair to oversee its Australian business and is also trying to expand its recruitment of outside board members elsewhere in the world. However, it is running into problems finding experienced candidates who are unaffiliated with clients of the firm's audit business or are prepared to commit to limiting their other engagements to comply with independence rules. Continued here � � � � � � India's assault on unsecured loans hits Paytm and other fintech companies - Financial Times    India's central bank has moved to curb rising stress in the burgeoning market for unsecured consumer loans, hitting fintech lenders such as Paytm who had been increasingly relying on riskier borrowing for growth. The Reserve Bank of India announced in November that lenders had to increase the risk weight, the minimum amount of capital they must hold in relation to the asset, for personal loans from 100 per cent to 125 per cent after data showed the share of delayed payments was rising. The measure is designed to avert soaring consumer debt and delinquencies by pushing up the cost of capital and slowing growth for companies who have in recent years poured into higher-risk credit card or retail lending for fatter margins. RBI Governor Shaktikanta Das warned banks to avoid "all forms of exuberance" after imposing the curbs. Continued here

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