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China's campaign to cut debt enters new stage

SHANGHAI: China is in a new phase of its campaign to cut debt, focusing on rules to shrink a bloated financial sector that has grown rapidly as product innovation outpaced regulatory oversight, a senior researcher at the Shanghai Stock Exchange said.

Business

Noble Group agrees $1.05 bln sale of US unit in planned move to cut debt

SINGAPORE: Singapore-listed commodities trader Noble Group agreed to sell its North American energy distribution unit to U.S. firm Calpine Corp for $1.05 billion, moving a step closer to completing a restructuring to raise $2 billion to help cut debt.

Business

Virgin Australia seeks US$628m in cash call to cut debt

SYDNEY: Virgin Australia, the country's second-biggest airline, is tapping investors in a cash call worth more than 80% of its market value, aiming to cut debt and cover restructuring costs as it targets lucrative Chinese tourist traffic.

Business

China's Sunac says to slow down land purchases, cut debt

HONG KONG: Sunac China Holdings Ltd plans to slow the rate of land purchases to boost profit and cut debt, a top executive said on Friday, a day after the country's sixth-largest property developer by sales reported a tripling in half-year earnings.

Business

Hutchison Australia to raise US$2.26bil to cut debt

Hutchison Telecommunications Ltd plans to raise up to A$2.85bil (US$2.26bil) in equity to cut debt and interest costs, prompting a slump in the firm's share price.

Business

Sanyo may sell credit unit to finance revamp and cut debt

Loss-making Japanese electronics manufacturer Sanyo Electric Co may sell its credit unit to generate cash for restructuring and help reduce its mountain of debt, analysts said.

Business

Guthrie plans refineries, to cut debt

Kumpulan Guthrie Bhd said it plans to use funds from its Indonesian unit's share sale to build edible oil refineries and pare its debt.

Business

IMF says Pakistan needs to mobilise tax revenue, cut debt

WASHINGTON: Pakistan needs to mobilise domestic tax revenue to ensure funds for social and development programs, while reducing debt, the acting director of the International Monetary Fund said on Sunday after a meeting with Pakistani Prime Minister Imran Khan

Business

Swiss packaging maker SIG Combibloc plans IPO to cut debt

ZURICH: Swiss packaging maker SIG Combibloc plans to sell one billion euros (US$1.2bil) worth of new shares “in coming months” to trim debt to levels normal for the industry, chief executive officer Rolf Stangl said.

Business

India's GMR weighs IPOs of airports, energy to cut debt

MUMBAI: GMR Infrastructure Ltd, the operator of India’s biggest airport, is considering listing its airport and power generation units and selling shares to institutional investors as it seeks to reduce debt, people with knowledge of the matter said.