Turkey’s banks will likely benefit from Wednesday night’s interest-rate increase, though there will be some pain as well, Bloomberg News reported. That’s the assessment of some analysts after the central bank’s emergency move to halt a run on the lira. While there will be a short-term hit to funding costs and lending margins, banks will be helped as the move stems panic in financial markets, according to Cagdas Dogan, a banking analyst at Istanbul-based BGC Partners Inc.

State Bank of India, the country’s largest lender by assets, joined its private peers in shrugging off losses as investors believe the lenders have finally got a handle on bad loans, Bloomberg News reported. SBI’s shares surged to a six-week high after it reported a record loss on Tuesday, weighed down by a doubling in provisions for soured debt. A similar contrarian market reaction was seen after No. 2 private lender ICICI Bank Ltd. and smaller rival Axis Bank Ltd. reported poorer-than-expected earnings.

Santos Ltd. plunged the most since 2016 after rejecting Harbour Energy Ltd.’s $10.9 billion final offer and terminating talks, saying its proposal was too low and too risky, Bloomberg News reported. The Australian oil and gas producer said Tuesday its independent directors, managing director and chief executive officer unanimously rejected the proposal because it didn’t represent the full value of the company, as well as being too complex and high-risk. Oil prices and shares of its domestic peers have rallied 14 percent and 18 percent, respectively, since the initial proposal, Santos said.

Turkey’s banks are at risk of losing their reputation as the crown jewel of the economy as the government’s single-minded focus on growth threatens to undermine profits and cause an uptick in bad loans, Bloomberg News reported. Lenders in one of the world’s fastest-expanding emerging markets are finding themselves at the center of President Recep Tayyip Erdogan’s ambitions of winning another election in an early vote called for June 24.

At least 30 companies of the region are undergoing insolvency proceedings filed by banks before the National Company Law Tribunal (NCLT), Chandigarh, since the enactment of Insolvency and Bankruptcy Code (IBC) last year, The Tribune reported. “These include Amtek Auto, SEL Manufacturing, James Hospitality, Arcee Ispat Udyog Ltd, Mor Farms (P) Ltd and Castex Technologies. The cases have been filed by the creditors, including Corporation Bank, SBI and PNB,” said sources. Amtek Auto has a liability of Rs 14,000 crore.

As corporate defaults pile up in China’s onshore bond market, a unit of a once-promising energy conglomerate with $4.8 billion of debt and a checkered past said it won’t be able to meet its payment obligation Monday, Bloomberg News reported. CEFC Shanghai International Group Ltd., a unit of the privately-held CEFC China Energy Co., failed to repay 2 billion yuan ($313 million) of bonds but said it will seek to pay back the notes in six months, according to a statement on the Shanghai Clearing House website.

Toys ‘R’ Us in Australia has lost its battle for survival with directors today putting the 44-store chain into administration. The move threatens up to 2700 jobs, including 700 full-time positions. Insolvency firm McGrathNicol said partners Jason Preston, Keith Crawford and Barry Kogan were put into Toys ‘R’ Us (Australia) and Babies ‘R’ Us (Australia) after the withdrawal of the final bidder looking over the struggling businesses, The West Australian reported. The stores, including four in Perth.

In a related story, Bloomberg Quint reported that state-owned Bank of India would be able to realise around Rs 1993 crore from the first successful resolution by the National Company Law Tribunal concerning Tata Steel and Bhushan Steel, an official said. The amount would not include haircuts, BoI Managing Director and Chief Executive Officer D Mohapatra said. The realisation of the amount would lead to non-performing asset reduction and increase profitability of the bank, he said. “The first successful NCLT resolution involving Tata Steel and Bhushan Steel will help in realise Rs 1,993 crore.

Reliance Communications said it was in advanced talks with Ericsson to resolve “commercial issues”, after two sources indicated it was currently uncertain if the firms’ discussions over dues would lead to an out-of-court settlement, Reuters reported. Earlier this week, India’s bankruptcy court admitted a plea by the Swedish telecom gearmaker seeking insolvency resolution against debt-laden Reliance Communications (RCom) over unpaid service dues, potentially derailing the company’s plans to sell assets to larger rival Reliance Jio.

The Supreme Court on Wednesday stayed liquidation proceedings against beleaguered developer Jaypee Infratech Ltd., keeping homebuyers’ hopes alive of getting their properties, Bloomberg Quint reported. The apex court asked for status quo to continue in the insolvency resolution till june 15. Till this date, resolution professional Anuj Jain will continue to manage the company’s affairs. Within this timeframe, Jaiprakash Associates Ltd, the promoterfor Jaypee Infratech has been asked to deposit Rs 1,000 crore as a security against the claims of home buyers.