One of China’s biggest state-owned oil companies is suing its Venezuelan counterpart in a US court, in a sign that Beijing’s patience over unpaid debts is running out as the Caribbean nation falls deeper into economic and social chaos, the Financial Times reported. A US subsidiary of Sinopec is suing PDVSA, the Venezuelan state oil company, for $23.7m plus punitive damages over a May 2012 contract to supply steel rebar for $43.5m, half of which it says remains unpaid, according to court documents seen by the Financial Times.

Asia’s booming bond market is leaving distressed-debt investors with few options to bet on for the new year, Bloomberg News reported. As Asia’s bond sales surpass $300 billion, the region’s junk bond yields have slipped below its five-year average this year, keeping some of the lowest-rated stressed issuers afloat. Hedge funds dedicated to distressed strategies for 2018 will likely focus on the big names like Noble Group Ltd. and Reliance Communications Ltd., which are seeking to restructure more than $8 billion of debt combined, investors said.

Ratings agency Standard & Poor’s cut Swissport’s credit rating on Tuesday as a result of its weakening outlook for HNA Group, the Swiss aviation services company’s Chinese owner. S&P cut the company’s rating one notch to B-, deeply in “junk” territory, the Financial Times reported. HNA Group acquired the Swiss airport services group at the start of 2016, and last week the ratings agency lowered its assessment of the group’s creditworthiness due to the “aggressive financial policy” and the risk of “tightening liquidity at China’s most prolific dealmaker.

The world economy is enjoying a synchronised recovery. But it will prove unsustainable if investment does not pick up, especially in high-income economies, the Financial Times reported in a commentary. Debt mountains also threaten the recovery’s sustainability, as the OECD, the Paris-based group of mostly rich nations, argues in its latest Economic Outlook. This report is the swansong of Catherine Mann, who was an outstanding OECD chief economist. It suggests that relief is legitimate, but complacency definitely is not.

Two major Chinese lenders plan to support a move by China Development Bank to put Indian wireless carrier Reliance Communications (RCom) into insolvency court as they seek to recover about $2 billion in debt, said three people with knowledge of the matter. Last month, CDB began insolvency proceedings against RCom, which has been trying for months to restructure its debt via a debt-for-equity swap, the International New York Times reported on a Reuters story.

Samsung Heavy Industries sheds more than a quarter of its value on Wednesday after announcing plans to raise Won1.5tn ($1.4bn) in a sale of new shares and flagging operating losses for this year and next, the Financial Times reported.

Gunvor Group Ltd. has wooed Noble Group Ltd.’s star gasoline trader to join its expanding U.S. operations as an exodus from the struggling Asian trading house continues amid asset sales and a debt restructuring, Bloomberg News reported. Dmitri Sinenko, one of Noble’s top performing oil traders, has agreed to join Gunvor’s U.S. operations, according to people familiar with the matter who asked not to be identified because the hiring hasn’t been announced. Sinenko is widely seen by rivals as one of the top U.S.

A public-relations firm became the latest company to ask an Indian tribunal to place billionaire Anil Ambani-run Reliance Communications Ltd. under insolvency proceedings after the unprofitable mobile-phone operator failed to pay its dues, Bloomberg News reported. Fortuna Public Relations Pvt. placed its request with the Mumbai bench of National Company Law Tribunal on Monday, saying Reliance Communications owes it 4.3 million rupees ($67,000). The NCLT plans to hear the case on Dec. 19.

Executives from Chinese companies specialising in offering consumers small, easy-to-get loans became something of a fixture on Wall Street this year, the International New York Times reported on a Reuters story. Led by companies such as Qudian Inc and PPDAI Group Inc, the Chinese micro-lenders raised $1.2 billion with splashy U.S. listings, cashing in on a boom in borrowing by consumers in China with little access to traditional banks.

Nissan Motor Co. is seeking compensation from India, saying the government failed to keep its end of the bargain on promised tax breaks after wooing the Japanese automaker to set up a factory in the South Asian country, Bloomberg News reported. The Yokohama-based carmaker has started international arbitration against the Indian government, a Nissan spokesman said Friday. The company wants $770 million in payments and damages, Reuters reported Friday, citing a person familiar with the matter.