ArcelorMittal shares fell more than 2 percent on Tuesday after the world’s largest steelmaker said it had raised its offer for India’s Essar Steel , prompting concerns that it was overpaying, Reuters reported. ArcelorMittal is forming a joint venture with Japan’s Nippon Steel & Sumitomo Metal Corp to bid for Essar in competition with bids from Russian lender VTB and Vedanta Resources. It said on Monday that it had submitted a revised proposal representing a “material increase” on its two previous offers.

It is said that generals often plan to fight the last war. Ten years on from the collapse of Lehman Brothers, many experts fear a new financial crisis, the Financial Times reported. In fact, the global financial system is much more robust than before 2008, but the global economy is still threatened by excessive debt. The financial crisis began because of dangerous features within the financial system itself. Massively leveraged investment banks engaged in socially useless trading of huge volumes of complex credit securities and derivatives.

Second-round bids put in by Russia's VTB Group-backed Numetal Ltd, ArcelorMittal and Vedanta will be opened on Monday, people with direct knowledge of the development said. The Resolution Professional, overseeing the auction of Essar Steel to recover over Rs 49,000 crore of unpaid loans, sent emails to all the three bidders to be present on Monday for the opening of the second round of bids, they said. This follows an NCLAT judgement last week on the eligibility of bids.

As a growing number of emerging markets teeter on the brink of crisis, we’re hearing more and more about “original sin.” No, this isn’t about Adam and Eve’s transgressions. The concept, coined by economists Barry Eichengreen and Ricardo Hausmann, refers to the inability of most nations — and their corporations — to borrow abroad in their own currency, a Bloomberg View reported. Instead, they necessarily borrow in other currencies. Turkey, for example, has accumulated significant debts denominated in dollars.

With the Turkish lira having fallen more than 40% against the U.S. currency this year, Ercan Eskikoy needs every dollar he can find to keep his business selling imported photo equipment afloat. Yet, last week, he tapped $1,100 from his savings and swapped them into lira—his patriotic response to calls by Turkish President Recep Tayyip Erdogan.

Suruga Bank Ltd.’s top executives resigned after an independent panel found that weak governance led to a loan scandal that has rocked the Japanese regional bank, Bloomberg News reported. Chairman Mitsuyoshi Okano, a member of the founding family and architect of the company’s aggressive lending strategy, stepped down after the panel said he bears the greatest responsibility for the debacle. President Akihiro Yoneyama was replaced by Michio Arikuni, the Shizuoka-based bank said in a statement Friday.

Indian lenders haven’t yet been able to restructure 12 stressed loan accounts in the power sector, people with knowledge of the discussions said, underscoring the risk that these may be referred to bankruptcy courts after $52 billion of debt came under scrutiny following a central bank directive, Bloomberg News reported. It was thought that a resolution was possible in seven of these assets, the people said, asking not to be identified as the information is private. Under a central bank directive in February, lenders had until Aug.

A rare default in India’s corporate debt market may prompt households to scrutinize the fine print on money-market funds, which have grown in popularity over lower-yielding bank savings accounts as inflation concerns spread, Bloomberg News reported. IL&FS Financial Services, a unit of a infrastructure finance firm that helped fund India’s longest tunnel, last month missed a payment on its short-term borrowings, according to a filing.

African leaders attending this week's summit with China don't think that cooperation between the continent and Beijing has added to their debt burden, the Chinese government's top diplomat said on Thursday. Chinese President Xi Jinping pledged $60 billion (46 billion pounds) to African nations at Monday's opening of a China-Africa forum on cooperation, matching the size of funds offered at the last summit in Johannesburg in 2015, the International New York Times reported on a Reuters story.

S&P Global Inc. is developing a custom credit-rating scale for China that will likely mean more triple-A’s, worrying investors about inflated grades, The Wall Street Journal reported. The credit-rating company, which is setting up an independent business in China, recently said it will tailor a system for rating bonds from businesses, local governments and other issuers there.