The head of one of India’s largest state-run banks says the government needs to ease its grip over the lenders or risk slowly killing off the sector, Bloomberg News reported. Tight government control makes it hard to attract talent or take the tough decisions needed to address the bad debts weighing down the banks, according to Ravi Venkatesan, the outgoing chairman of Bank of Baroda.

At dusk under a smoggy sky, in the heart of north-east China’s rust belt, workers in beige uniforms file out of Shenyang Machine Tool, a lossmaking state-owned enterprise that is a pillar of the regional economy, the Financial Times reported. It looks like the end of any day in the company’s 35-year history, but workers know the factory’s best days are behind it.

State-owned carrier Air India has sought 21.21 billion rupees ($309 million) of additional equity from the government for the fiscal year 2018-19 to make pending payments to its vendors, a source at the airline told Reuters on Monday. Air India owes about 18 billion rupees to its vendors, including lessors and banks that have demanded payment from the beleaguered airline, after the government's unsuccessful efforts to find a buyer for its 76 percent stake, the International New York Times reported on a Reuters story.

Is growing corporate debt a bubble waiting to burst? Globally, debt of non-financial corporations has grown by $29tn in the ten years since the financial crisis, nearly as much as the growth in government debt, the Financial Times reported. But while a market correction is likely, this growth is not as ominous as it might seem. Look no further than the bull market in corporate bonds that has emerged over the past decade. The shift to bond financing by companies is a welcome diversification in financial markets, giving large corporations an alternative to bank loans in financing.

Steve Eisman, who predicted the collapse of subprime mortgages before the 2008 financial crisis, is betting that Turkey’s economic troubles will also be a drag on two major European banks, Spain’s Banco Bilbao Vizcaya Argentaria SA and Italy’s UniCredit SpA, Bloomberg News reported. “Everybody likes me to call the next disaster," Eisman said in an interview with Bloomberg Television, before being asked about pockets of risk where he sees opportunities.

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.

Vijay Mallya’s Force India Formula One team has been put into administration after a court hearing in London on Friday, deputy principal Bob Fernley said. “An administrator was appointed by the court for Force India F1 this evening,” he confirmed to Reuters. The team’s chief operating officer Otmar Szafnauer told reporters earlier that the team might have to enter some form of administration before it could emerge on a sounder financial footing, Reuters reported.

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.

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.