Second-round bids put in by Russia's VTB Group-backed Numetal Ltd, ArcelorMittal and Vedanta will be opened on Monday, people with direct knowledge of the development said. The Resolution Professional, overseeing the auction of Essar Steel to recover over Rs 49,000 crore of unpaid loans, sent emails to all the three bidders to be present on Monday for the opening of the second round of bids, they said. This follows an NCLAT judgement last week on the eligibility of bids.

With the Turkish lira having fallen more than 40% against the U.S. currency this year, Ercan Eskikoy needs every dollar he can find to keep his business selling imported photo equipment afloat. Yet, last week, he tapped $1,100 from his savings and swapped them into lira—his patriotic response to calls by Turkish President Recep Tayyip Erdogan.

Indian lenders haven’t yet been able to restructure 12 stressed loan accounts in the power sector, people with knowledge of the discussions said, underscoring the risk that these may be referred to bankruptcy courts after $52 billion of debt came under scrutiny following a central bank directive, Bloomberg News reported. It was thought that a resolution was possible in seven of these assets, the people said, asking not to be identified as the information is private. Under a central bank directive in February, lenders had until Aug.

A rare default in India’s corporate debt market may prompt households to scrutinize the fine print on money-market funds, which have grown in popularity over lower-yielding bank savings accounts as inflation concerns spread, Bloomberg News reported. IL&FS Financial Services, a unit of a infrastructure finance firm that helped fund India’s longest tunnel, last month missed a payment on its short-term borrowings, according to a filing.

Suruga Bank Ltd.’s top executives resigned after an independent panel found that weak governance led to a loan scandal that has rocked the Japanese regional bank, Bloomberg News reported. Chairman Mitsuyoshi Okano, a member of the founding family and architect of the company’s aggressive lending strategy, stepped down after the panel said he bears the greatest responsibility for the debacle. President Akihiro Yoneyama was replaced by Michio Arikuni, the Shizuoka-based bank said in a statement Friday.

Investors may grow more cautious of buying money market funds after IL&FS Financial Services Ltd. defaulted on its short-term borrowings, according to the Indian unit of Moody’s Investors Service, Bloomberg News reported. IL&FS Financial Services couldn’t repay some of its commercial papers on due date, though the company later settled the debt on Aug. 31, an exchange filing showed on Thursday. The default is likely to drive risk aversion among investors who have been piling into the commercial paper market as rising bond yields make long-term debt unattractive.

African leaders attending this week's summit with China don't think that cooperation between the continent and Beijing has added to their debt burden, the Chinese government's top diplomat said on Thursday. Chinese President Xi Jinping pledged $60 billion (46 billion pounds) to African nations at Monday's opening of a China-Africa forum on cooperation, matching the size of funds offered at the last summit in Johannesburg in 2015, the International New York Times reported on a Reuters story.

S&P Global Inc. is developing a custom credit-rating scale for China that will likely mean more triple-A’s, worrying investors about inflated grades, The Wall Street Journal reported. The credit-rating company, which is setting up an independent business in China, recently said it will tailor a system for rating bonds from businesses, local governments and other issuers there.

China has agreed to restructure some of Ethiopia’s debt, including a loan for a $4 billion railway linking its capital Addis Ababa with neighbouring Djibouti, Ethiopia’s Prime Minister Abiy Ahmed said on Thursday. Abiy described the rescheduling as limited, but added that repayment of the railway debt has been extended by 20 years, Reuters reported. Landlocked Ethiopia and the Red Sea state inaugurated the railway in January, with 70 percent of the total cost covered through a loan from the Export-Import Bank of China (EXIM).

As the Turkish lira plumbs the lower depths and the president’s finance minister son-in-law tours European capitals seeking support, Turkey-watchers could be forgiven a sense of déjà vu, the Financial Times reported in a commentary. In 2001, the currency suffered a devastating devaluation after the then president threw a copy of the constitution at the prime minister in a row over a corruption probe. This summer’s sharp slide in the lira, following US president Donald Trump’s punitive steel and aluminium tariffs, was a similar conflagration waiting to happen.