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.

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.

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.

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.

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.

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.

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.