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| Factbox - India's proposed bankruptcy code | | Monday, May 02, 2016 3:27 AM | |
|  India's Insolvency and Bankruptcy Code, which may soon win parliamentary approval, would significantly strengthen the hand of banks in resolving a $100 billion bad loan headache. Experts caution, however, that it would take years to train up a new class of insolvency professionals and compile debt records to make the British-style regime effective. Here are some of the highlights of the bankruptcy code: UNIFIED BANKRUPTCY CODE The government plans to repeal an ineffectual, century-old insolvency law and amend 11 laws currently dealing with defaulters.
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| Ambitious new bankruptcy code may take years to clean up India's debt mess | | Monday, May 02, 2016 3:24 AM | |
|  By Manoj Kumar NEW DELHI (Reuters) - A long-awaited Indian bankruptcy code may soon win parliamentary approval, but struggling creditors - above all state banks trying to recover $100 billion in bad loans - shouldn't start celebrating just yet. The measure marks a vital step towards completing India's quarter-century-old transition from socialism to a market economy that has so far been unable to adequately address what to do when companies fail. For Prime Minister Narendra Modi's drive to 'Make in India', encouraging new investment depends on unburdening creditors of old ones that have failed.
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| Brazil's Rousseff ups social spending as Senate ruling looms | | Monday, May 02, 2016 2:41 AM | |
|  Brazil's beleaguered President Dilma Rousseff on Sunday vowed to raise spending on her party's signature anti-poverty program in an appeal to her political base, warning that her opponents would slash social expenditure if she is stripped of office. Left-leaning Rousseff, speaking at a Labor Day rally in the industrial heartland of São Paulo, said her ouster by the Senate next month would open room for a dismantling of labor rules that protect millions of workers in Latin America's largest economy. A Senate committee is discussing whether to accept a request by the lower house to put Rousseff on trial for allegedly breaking budgetary rules.
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| Suspected Islamic State suicide bomber kills two police in southeast Turkey - sources | | Monday, May 02, 2016 2:32 AM | |
|  By Seyhmus Cakan GAZIANTEP, Turkey (Reuters) - Two police officers were killed and 22 people wounded in a suicide car bomb attack in the southeastern Turkish city of Gaziantep, the governor and police sources said, in one of three attacks on the security forces on Sunday. There was no immediate claim of responsibility but security sources said police raided the home of a suspected Islamic State militant believed to have carried out the attack and detained his father for DNA tests and questioning. Turkey has suffered attacks recently both by Kurdish militants and members of Islamic State, raising concern at home and among NATO allies about the increasing spillover of conflict from neighbouring Syria.
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| South Korea revives GPS backup project after blaming North for jamming | | Monday, May 02, 2016 2:22 AM | |
|  By Jack Kim and Jonathan Saul SEOUL/LONDON (Reuters) - South Korea has revived a project to build a backup ship navigation system that would be difficult to hack after a recent wave of GPS signal jamming attacks it blamed on North Korea disrupted fishing vessel operations, officials say. Global Positioning System (GPS) and other electronic navigation aids are vulnerable to signal loss from solar weather effects, radio and satellite interference and deliberate jamming. South Korea, which says it has faced repeated attempts by the rival North to interfere with satellite signals, will award a 15 billion won ($13 million) contract this month to secure technology required to build an alternative land-based radio system called eLoran, which it hopes will provide reliable alternative position and timing signals for navigation.
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