Two major Chinese developers are moving closer to unveiling plans to overhaul their local debt, as defaulters shift their restructuring focus from global creditors, Bloomberg New reported. Representatives of Sunac China Holdings Ltd. and Logan Group Co. told creditors in recent days that they aim to finalize and present their debt proposals covering local bonds and loans in the coming months.

China’s exports in August beat expectations and accelerated despite growing trade barriers, giving Beijing a little breathing room in its efforts to lift domestic demand and reawaken the anemic economy, the Wall Street Journal reported. Outbound shipments in August rose 8.7% compared with the same period a year earlier, picking up from July’s 7.0% increase, the General Administration of Customs said on Tuesday.

The average household debt in Thailand is seen rising to the highest in at least 16 years as an uneven post-pandemic economic recovery hurts family incomes, according to a survey, Bloomberg News reported. The debt pile per household is set to jump 8.4% to 606,378 baht ($17,959) this year, according to a survey by the University of Thai Chamber of Commerce. That’s the highest family debt obligation since the university began the survey in 2009. The findings are based on survey of 1,300 respondents during Sept. 1 and 7.

Australia’s banking regulator has proposed lenders scrap the use of AT1 bonds in capital requirements, potentially becoming the first jurisdiction to phase out the securities that were wiped out after Credit Suisse’s collapse last year, Bloomberg News reported. Replacing additional tier 1 bonds with existing, more reliable securities would simplify and improve the effectiveness of bank capital in a crisis, the Australian Prudential Regulation Authority said in a statement on Tuesday.

Indian tax authorities are seeking dues of $101 million from education-technology company Byju’s, once the country's biggest startup which is now undergoing an insolvency process, claim documents reviewed by Reuters on Friday showed. Backed by General Atlantic, Byju's was valued at $22 billion in 2022, but has seen its fortunes dwindle due to many regulatory issues and more recently a dispute with U.S. lenders who are demanding $1 billion in unpaid dues, triggering the company's insolvency that led to an assets freeze.

The bankruptcy court in Ahmedabad has admitted Essar Group entity Essar Oil and Gas Exploration & Production Ltd under the Corporate Insolvency Resolution Process (CIRP), the Economic Times of India reported. The National Company Law Tribunal (NCLT) has admitted the company in an application filed by the company’s operational creditor Greka Green Solutions (India) Ltd, after the Essar Group entity defaulted on its dues of about Rs 24.38 crore. The tribunal has also appointed Mohit B.

The State Bank of Pakistan (SBP), on Friday, annulled banking license of Industrial Development Bank Limited (IDBL) and directed its de-scheduling as it has gone into liquidation, the Associated Press of Pakistan reported. A notification issued by Banking Policy and Regulations Department of the central bank, reads “In exercise of powers conferred upon State Bank of Pakistan by Section 27 (4) of Banking Companies Ordinance, 1962 the banking license issued to Industrial Development Bank Limited (license No.

It is hard for Dogan Duman to see how he can keep his garment factory in central Turkey running much longer, even after firing a third of his staff to cut costs that have soared for companies nationwide, generating a wave of bankruptcies and closures, Reuters reported. Idle sewing machines are pushed to the side of his factory floor in Corum, where outside "For Sale" signs and padlocked gates dot the small city's once-buzzing industrial zone.

Japan's economy grew at a slightly slower pace than initially reported in the second quarter, hurt by downward revisions in corporate and household spending that point to a bumpier second half for consumption and the central bank's rate-hike plans, Reuters reported. The Bank of Japan is keen to see consistent improvement in domestic demand as it focuses on exiting its decade-long monetary stimulus programme and raising interest rates further in coming months.

China deepened its push to further open up the economy, eliminating restrictions on the manufacturing sector and expanding opportunities for foreign investment in the health sector in an effort to revive growth, the Wall Street Journal reported. The Chinese government will reduce its list of industries off-limits to foreign investors to 29 from 31 and fulfill its pledge of zero restrictions on the manufacturing sector, the National Development and Reform Commission and the Commerce Ministry said in a joint statement on Sunday. The new list, set to take effect Nov.