Nearly 80 large borrowers, with at least Rs 2000 crore of outstanding loans each, are likely to be impacted by the Reserve Bank of India's February 12 circular on non-performing loans unless they implement a resolution plan before the August 27 deadline, sources told CNBC-TV18. According to the central bank's revised framework for the resolution of stressed assets, now popularly referred to as the February 12 circular, banks were given 180 days to resolve defaulting accounts of over Rs 2,000 crore, CNBC-TV18 reported.

Insolvency practitioners could face fines of up to $75,000 if they don't report serious issues in failed businesses, if proposed legislative amendments go ahead, Radio New Zealand reported. The penalties were one idea floated in a Supplementary Order Paper on the proposed amendments to the Insolvency Practitioners Bill. The legislation aimed to get rid of errant behaviour by so-called friendly liquidators, administrators and receivers who did not give all creditors a fair go. Submissions on the bill close on Friday.

China is tightening its clampdown on cryptocurrencies, nearly a year after the government imposed a wide-ranging ban on local exchanges and fundraising for digital currencies, The Wall Street Journal reported. Financial officials in an eastern district of Beijing issued a notice last week to stores, hotels and offices urging them not to host any cryptocurrency-related speeches, events or activities.

U.S. officials seem to think they have the upper hand in trade talks with China because its economy is struggling. Judging by the string of measures they’ve recently announced to shore up growth, Chinese officials may privately agree. The trouble is, such measures aren’t going to work as fast or as well as markets seem to think they will. China’s growth woes are homegrown, not the result of U.S. tariffs, a Bloomberg View reported.

As China’s economy slows and the trade war with the United States intensifies, Beijing’s economic bosses are swinging into action, the International New York Times reported. Chinese officials are pushing banks to lend more and allowing indebted local governments to spend money on big projects again. They have moved to shore up the value of the country’s currency. They have also helped out the stock market, say financial analysts, as the government works to avert a stock market collapse like the one three years ago that shook the world.

On October 27, 1997, the S&P 500 fell nearly 7 per cent as contagion from Asia’s currency crisis spread globally. About a year later, Russia’s debt default and the collapse of hedge fund Long-Term Capital Management sparked a 20 per cent decline in the S&P 500. In August 2015, fears of a hard landing in China, following a surprise 2 per cent devaluation in the currency, led the S&P 500 into correction territory, the Financial Times reported in a commentary.

Force India mechanics were preparing their cars for the Belgian Grand Prix on Thursday despite lingering uncertainty about the Formula One team’s eligibility to race after a change of ownership, Reuters reported. The pink and white trucks and hospitality unit had no Force India branding, with the official team name appearing only over the garage on signs put up by Spa circuit organisers.

India’s Ambani brothers have completed the first part of a long pending multibillion-dollar telecom transaction, after months of uncertainty amid insolvency action against the stricken Reliance Communications, the Financial Times reported. RCom, controlled by Anil Ambani, said on Thursday that it had completed the sale of telecom infrastructure worth Rs20bn ($285m) to Reliance Jio, led by Mr Ambani’s older brother Mukesh.

Zhejiang Shipbuilding, a bankrupt subsidiary yard of Sinopacific Shipbuilding, has released a draft restructuring plan, Splash reported. Under the plan, Shanghai Yingjun Investment Management Company, a wholly owned subsidiary of China’s real estate conglomerate Evergrand Group, will provide RMB1.501bn ($220m) to support the restructuring of the yard. Upon completion of the restructuring, Yingjun Investment will gain full control of the yard. Zhejiang Shipbuilding has total confirmed liabilities of RMB3.178bn and a total asset value of RMB953m.

Turkey’s financial trouble has claimed some distant victims: small investors in Japan, who have dabbled in emerging-market assets to escape superlow domestic returns, The Wall Street Journal reported. The upset illustrates the appetite for risk among an army of punters often dubbed “Mrs. Watanabe,” after the stereotypical Japanese homemaker. Last year, Deutsche Bank researchers said these buyers had fueled a rally in bitcoin and made up half of global foreign-exchange trading using borrowed money.