Reliance Communications has requested the Supreme Court to quash the insolvency process against it and prevent any challenge to its asset sale to Jio and Brookfield, The Economic Times reported. The Anil Ambani-owned telco told the top court that the value of its assets is getting eroded if these clauses are not removed since buyers are unwilling to go ahead otherwise.

Imran Khan is a newcomer to power in Pakistan, but his first challenge is a familiar one for the country: a crushing financial crunch that will likely require an international bailout and spending cutbacks, The Wall Street Journal reported. After decades on Pakistan’s political fringe, nearly complete results show that Mr. Khan’s party took more than twice as many seats in parliament as its main competitor, whose highest profile leader is the now-jailed former Prime Minister Nawaz Sharif. Mr.

Commodity trader Noble Group has reported another lossmaking quarter blaming interest and restructuring costs. Singapore-listed Noble, which is scrambling to complete a debt-for-equity swap, said it would report a loss of $115m to $140m for the three months to June after incurring $95m of restructuring expenses and $70m-$80m of finance and tax costs, the Financial Times reported. Noble has agreed to pay the legal costs and expenses of several lenders and shareholders, including Goldilocks Investment Co, which came in support of the debt restructuring last month.

The maelstrom that hit global financial markets a decade ago is known in Japan as the Lehman Shock, after the bankruptcy of the American investment bank that caused it, The Economist reported. Japanese banks themselves escaped relatively unscathed, owing to defences built during the 1990s, when the country struggled with deflation and excessive debt. But they seem to have forgotten the lesson. Risk-taking is back. Squeezed at home by razor-thin margins and negative interest rates, both major and regional banks have been on a spree abroad.

Rolta India Ltd.’s attempt to reorganize about $500 million of defaulted bonds faces fresh opposition from a group of noteholders demanding an upfront payment before consenting to the restructuring, Bloomberg News reported. The group, which owns almost 20 percent of 2018 bonds issued by the technology company, has approached an investment bank and law firms to devise an alternative to the proposal by a rival set of creditors, according to Eric Kraus, a money manager at Moscow-based Nikitsky Capital.

Indian lenders struggling to recoup loans worth about $20 billion to troubled property developers have to contend with another challenge: A lackluster recovery from the worst home-sales slump this decade. To recover the dues, banks are taking control of land parcels and unfinished projects that can be sold along with loans, Bloomberg News reported. This comes at a time when home sales volumes have declined about 40 percent over four years and prices have dropped as much as 20 percent on average, said S.

South Africa is getting down to the business of fixing its debt-ridden state power utility. Eskom Holdings SOC Ltd. had 399 billion rand ($30 billion) of debt at the end of March, according to Bloomberg data, and has been flagged by ratings companies as a key risk to South Africa’s economy, Bloomberg News reported. The utility has been mired in a series of scandals, struggled to raise funds and was forced to implement rolling blackouts last month after wage talks with unions broke down.

Turkey’s banks are about to reveal the extent of the damage caused by the lira’s plunge and a surge in interest rates. As the country’s biggest lenders start reporting second-quarter results this week, investors will be scouring their balance sheets for clues into how they’re coping from a 22 percent slide in the currency this year that is knocking the ability of companies to repay their foreign debt, Bloomberg News reported. They’ll also be looking for signs on whether the highest borrowing costs in almost a decade have started to cool the economy.

Chinese financial markets are rediscovering an appetite for risk not seen in months, taking cues from the government’s biggest push yet to invigorate this year’s slowing economy, Bloomberg News reported. The CSI 300 Index of mainland stocks climbed 1.6 percent Tuesday, capping its biggest three-day gain since mid-August 2016, when economic indicators vindicated China’s moves to stabilize a slowdown back then. While there’s no guarantee of success this time, with the X-factor of a trade dispute with the U.S. at play, traders are betting big.

Chinese independent refiner Shandong Haiyou Petrochemical Group and a chemical trader have filed for joint bankruptcy, according to a court filing, the latest sign of deepening pain for the sector amid high oil prices and greater regulatory scrutiny, Reuters reported.