South Korea’s cash-strapped Asiana Airlines Inc plans to cut unprofitable routes and the size of its fleet to improve its financial health, Chief Executive Han Chang-soo said in a letter to employees on Monday. Han’s co-chief executive resigned on Thursday and its debt-ridden parent Kumho Asiana Group sought financial support from its biggest creditor after an accounting fiasco triggered warnings of credit rating downgrades, Reuters reported. He also said the company would sell more assets to secure liquidity, but did not elaborate.

In a related story, The Wall Street Journal reported that ineffective monetary policy is hindering Beijing’s efforts to pep up growth, with little of the extra cash it has pumped into the financial system filtering into the real economy. China’s government is taking other measures to stimulate economic expansion, including tax cuts and selective spending on infrastructure. Yet this stimulus is likely to be less effective than before, given a much larger economy and years of rapid debt growth—making central bank action more important.

Financial markets are in danger of jumping to the wrong conclusion in their euphoric reaction to China’s record level of lending in January and February. They seem to be assuming that history is repeating itself, with the economy set to enjoy the same impact from stimulus spending in 2019 as it did in 2009 and 2016. But the available evidence suggests a very different conclusion, and one not so positive for financial assets, the Financial Times reported in a commentary. On the surface, this year’s jump in China’s total social financing (TSF) seems to support the bullish argument.

India's Serious Fraud Investigation Office (SFIO) has arrested the former chairman of debt-laden Infrastructure Leasing and Financial Services (IL&FS) in connection with an ongoing investigation into the lender, a government official said on Monday, the International New York Times reported on a Reuters story. Hari Sankaran, the former chairman and managing director of IL&FS, was arrested for "abusing his powers in IL&FS Financial Services Ltd through his fraudulent conduct" and will be in SFIO's custody until April 4, the official told Reuters on condition of anonymity.

A quarter-century ago, Beijing Electron teetered on the brink of collapse, a government behemoth brought to its knees by superior foreign technology. Decades later, fueled by billions in state funds, a re-christened BOE Technology Group Co. does business with Apple Inc. and has its sights on becoming the biggest supplier of next-generation screens, Bloomberg News reported. It’s a turnaround authored by Wang Dongsheng, an accountant who took over an ailing vacuum-tube factory -- then begged his underlings for bailout money, at one point dabbling in producing mouthwash to make ends meet.

Troubled Jet Airways India Ltd. missed a $109 million loan repayment due to HSBC Bank this week, people with knowledge of the matter said. The money was due on March 28, and was part of a two-tranche facility totaling $140 million that the company took from HSBC in 2014, according to the people, who asked not to be identified because the details are private, Bloomberg News reported. Jet had also missed payment on the other $31 million tranche that was due on March 11, and hasn’t repaid any of the loan, the people said.

A rare public protest in Singapore on Saturday underscored mounting anger among investors set to suffer sharp losses in one of the country’s highest-profile corporate debt restructurings, Bloomberg News reported. The catastrophic slump of the once-vaunted water and power company, Hyflux Ltd., has stunned debtholders, who stand to lose about 90 percent. About 400 to 500 of those individual investors gathered in a downtown park known as the Speaker’s Corner on Saturday, carrying placards and posters.

An Indonesian white knight, whose proposed investment in Hyflux is crucial for the beleaguered water treatment company’s rescue, said on Thursday that conditions for a deal to restructure the firm had not been met, Reuters reported. In October, SM Investments (SMI), a consortium of Indonesia’s Salim Group and Medco Group, had agreed to acquire 60 percent of Hyflux for S$400 million ($290 million) and also give it a loan of S$130 million.

During the 1990s, as their Essar group rolled out big investments in oil and steel, Shashi and Ravi Ruia exemplified a hard-charging generation of Indian businessmen riding a wave of liberalising reforms, the Financial Times reported in a commentary. In the next decade, the billionaire brothers became archetypes of a different sort. After a series of debt restructurings, they came to symbolise the impunity of Indian “promoters”, or controlling shareholders, who clung to control of their ailing businesses while persuading lenders to take heavy losses.

The Turkish lira resumed declines on Thursday even as the nation orchestrated a currency crunch to stem the currency’s losses days before an election that will test support for President Recep Tayyip Erdogan’s rule, Bloomberg News reported. Investors dumped bonds and stocks on Wednesday and the cost of borrowing liras overnight on the offshore swap market soared past 1,000 percent because local banks are under pressure not to provide liquidity to foreign fund managers who want to bet against the lira. A government official said the measures are temporary.