Indonesia will expand tax incentives it currently gives to some manufacturing industries to cover 11 more sectors to prevent “massive bankruptcy” due to the impact of the coronavirus pandemic, officials said on Friday, Reuters reported. Governments around the world have provided stimulus measures to alleviate the threat to their economies from the widespread travel curbs and shutdowns of schools and businesses that have been triggered by the rapid spread of the novel coronavirus.

HSBC, ABN Amro and Société Générale are among a group of banks owed almost $4bn by Hin Leong, the Singapore oil trader scrambling to restructure its finances as a brutal downturn hits energy markets, the Financial Times reported. The privately owned company, which is controlled by self-made billionaire Lim Oon Kuin, entered talks with its lenders this week about a standstill agreement, said people with knowledge of the situation. It is also exploring a potential rescue deal with Chinese state-run oil company Sinopec, the people said.

The coronavirus pandemic has forced 217 listed Japanese companies to warn of lower profits and sales in the coming year, an increase of 35% from less than a week ago, researcher Teikoku Databank said, Bloomberg News reported. All told, the forecast revisions represent 1.74 trillion yen ($16 billion) in lost sales, the firm said on Thursday. Japan’s earnings season for the fiscal year and quarter ending in March usually goes into full swing in late April.

The beleaguered HNA Group Co. has pulled off an escape from a domestic bond default after a hastily arranged creditor meeting that caused a stir in China’s investment community, Bloomberg News reported. The heavily indebted Chinese conglomerate said Wednesday it has garnered enough support from bondholders for a proposal to extend by one year the maturity of a 390 million yuan ($55 million) 7.1% note that originally comes due Wednesday, according to a company filing.

China’s $3 trillion trust industry, a key alternative source of funds for weaker companies, risks sending shock waves through the nation’s financial system with defaults among its investment products predicted to double this year under the strains of the coronavirus outbreak, Bloomberg News reported. The once fast-growing pocket of shadow banking in China has 5.4 trillion yuan ($766 billion) in trust offerings coming due this year, high-yield products backed by loans that are sold to banks, institutional investors and wealthy individuals.

The World Bank is seeing “a huge willingness” on the part of official bilateral creditors to suspend debt payments by the world’s poorest countries so they can focus on fighting the coronavirus pandemic, a top Bank official said on Monday, Bloomberg News reported. World Bank Managing Director Axel van Trotsenburg said the Group of 20 major economies and the Group of Seven (G7) had been largely supportive of a call by the World Bank and International Monetary Fund for a temporary halt in debt payments. “Everybody understands that we need to help the poorest countries.

Australia’s jobless rate will almost double this quarter, the nation’s Treasury estimated, as the shutdown of large swathes of the services industry upends the labor market, Bloomberg News reported. Unemployment will soar to 10% in the three months through June, from 5.1% in February, Treasurer Josh Frydenberg said Tuesday, citing department forecasts. Without the government’s subsidy to keep workers attached to their employers, it would reach about 15%, he said.

SoftBank Group Corp. forecast a record 1.35 trillion yen ($12.5 billion) operating loss for the fiscal year ended in March, a sign of how badly Masayoshi Son’s bets on technology startups have been battered in recent months, Bloomberg News reported. The Japanese company expects to record a 1.8 trillion yen loss from its Vision Fund and another 800 billion yen in losses from SoftBank’s own investments. It has written down the value of investments in companies, including office-rental startup WeWork and satellite operator OneWeb, which filed for bankruptcy last month.

Just when it seemed impossible to do more, along came the coronavirus, spurring the Bank of Japan to double-down on its already massive market operations, Bloomberg News reported. The BOJ’s presence is now felt in virtually every corner of Japan’s financial markets and its actions continue to shape global money flows.

Cash-strapped Virgin Australia Holdings Ltd entered a trading halt on Tuesday, citing ongoing discussions involving financial assistance and restructuring alternatives to help it weather the coronavirus crisis, Reuters reported. The airline, which had requested A$1.4 billion ($895 million) of loans from the Australian government, said the trading halt on its shares and unsecured notes would remain in place either until an announcement by the company or two trading days, whichever was earlier.