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Bankruptcies in Sweden extended their streak of annual increases to 21 months in April, according to data from Creditsafe, which expects no immediate relief even as inflation slows and rate cuts are approaching.
Hong Kong’s world-beating stock rally is showing no signs of letting up, with the city’s currency peg to the greenback burnishing its haven appeal amid the threat of higher-for-longer US interest rates.
Chicago-based law firm Mayer Brown LLP is preparing to split off its Hong Kong operation amid US and China geopolitical tensions, according to people familiar with the matter.
The Czech Republic is poised to cut interest rates by another half of a percentage point, but a nascent economic recovery and sticky inflation may slow monetary easing in the following months.
National Australia Bank Ltd. shares inched higher after plans to buy back A$1.5 billion ($1 billion) more of its own stock, as profit at the lender met expectations and Chief Executive Officer Andrew Irvine said the economic outlook remains resilient.
Jul 30, 2020
, Bloomberg News
We Co., the parent of WeWork, asked a judge to dismiss a lawsuit brought by two of its board members against SoftBank Group Corp. for reneging on a US$3-billion offer to buy the co-working company’s closely held shares.
We Co.’s independent board members Alex Dimitrief and Frederick Arnold said the company’s special committee — comprising Lew Frankfort and Benchmark’s Bruce Dunlevie — “does not and should not have the authority” to pursue the litigation in the name of We Co., according to a document filed in the Delaware Chancery Court.
We Co. declined to comment outside of the filing. Representatives for the special committee and for SoftBank didn’t have an immediate comment on the filing.
In May, WeWork co-founder Adam Neumann separately sued SoftBank for scuttling the US$3-billion tender offer, which was part of a bailout package from Masayoshi Son’s conglomerate after WeWork’s failed initial public offering last year.
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