Japan's economy may have suffered a deeper contraction than initially thought in the December quarter on an expected downgrade to business spending figures, as the coronavirus outbreak fuelled fears of recession in the current quarter, the International New York Times reported on a Reuters story. Any downward revision in final gross domestic product (GDP) due on Monday could dash hopes for a domestic-led recovery in the export-reliant economy, with the October's sales tax hike hurting private consumption.

The Securities Investors Association (Singapore) invited Hyflux Ltd. to a townhall meeting for the company to respond to investors’ concerns about its debt-restructuring plan, Bloomberg News reported. SIAS proposed holding the townhall between March 11 and 17, the association said in a letter posted on its website. The investor advocacy group will hold a follow-up meeting with its advisers and investors.

Of all the private banks set up during India’s go-go-years early in the new millennium, Yes Bank was the most ambitious and aggressive, the Financial Times reported. Founded by two career banking professionals who married sisters, Yes Bank had a reputation for taking risks spurned by India’s more conservative private lenders. Initially the scale of its ambitions — as embodied by flamboyant managing director Rana Kapoor — made it a darling among foreign investors, who provided Yes with a tide of growth capital as they looked to bet big on India’s economic ascent.

The coronavirus outbreak couldn’t have come at a worse time for PT Garuda Indonesia, pummeling demand at the flag carrier just as it faces a debt bill for half a billion dollars, Bloomberg News reported. Debt market concern about sagging travel demand and the impact of financial market turmoil has caused Garuda’s $500 million notes due on June 3 to tumble to a record low of 55.3 cents on the dollar, according to Bloomberg-compiled prices. The securities have dropped 5.9 cents this week after sinking 36 cents last week.

Two decades after South Korea’s swift economic response helped avert a devastating recession, the country is taking decisive steps to battle another slowdown, this one with a human cost as well, Bloomberg News reported in a commentary. The coronavirus, which has claimed more than 30 lives in South Korea and infected close to 6,000 people, lands new punches on an economy that was just beginning to find its feet after being caught in the U.S.-China trade conflict and a separate spat with Japan. Korea has more Covid-19 cases than anywhere outside China.

Global rating agency Standard and Poor’s has downgraded ratings for Jain Irrigation Systems Ltd to 'D' — default grade on missing to make interest payment on securities issued by its subsidiary, Business Standard reported. The company failed to make the interest payment on its guaranteed 2022 senior unsecured notes issued by its subsidiary Jain International Trading BV. The interest payment was due on February 1, 2020, and the 30-day grace period ended on March 3, 2020, S&P said in a statement.

India seized the beleaguered Yes Bank Ltd., capped withdrawals and imposed curbs on its operations, pledging to implement a rescue plan within 30 days as the lender’s woes threatened to destabilize the financial system, Bloomberg News reported. The Reserve Bank of India ordered the lender not to extend new loans or make payments for its liabilities, according to a statement. It also curbed withdrawals to 50,000 rupees ($682) for the next 30 days. The overthrow of Yes Bank’s board will help authorities implement a revival plan after numerous attempts by the lender to raise capital failed.

India's largest stainless steel manufacturer Jindal Stainless on Thursday said it has successfully exited from corporate debt restructuring after it paid more than Rs 800 crore to its lenders, Business Today reported. The firm had entered the CDR framework back in 2009.

The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted Rajahmundry Godavari Bridge, a subsidiary of Gammon Infrastructure, for Corporate Insolvency Resolution Process (CIRP), The Financial Express reported. Vishal Ghisulal Jain has been appointed as the resolution professional for the process. The company (RGBL) had entered into a concessions agreement with Andhra Pradesh Road Development Corporation (APRDC) for design, construction, finance, operations and maintenance of a 4.15-kilometre long four-lane bridge across the river Godavari.

Kristalina Georgieva, the managing director of the IMF, unveiled a $50bn package of emergency financing for countries stricken by the coronavirus, saying the multilateral lender wanted to ensure “that people are not going to die just because of lack of money,” the Financial Times reported. The IMF’s move came as it warned that the rapidly expanding outbreak would force it to cut its global economic growth forecast to below the 2.9 per cent rate recorded last year, although it was unclear by how much.