Japanese auto parts maker Takata Corp expressed condolences on Tuesday to victims of its faulty air bags linked to at least 16 deaths and 180 injuries around the world, but stopped short of offering a full apology, Reuters reported. "We offer our condolences to the those who lost their lives and to those who suffered injuries," Shigehisa Takada, chairman and CEO of Takata, said at the company's last annual shareholder meeting as a listed company.

China may finally be ready to cut the cord when it comes to the country’s troubled local government financing vehicles, Bloomberg News reported. Beijing’s deleveraging drive has seen rules impacting LGFV debt refinancing tightened, spurring a slump in issuance by the vehicles, which owe about 5.6 trillion yuan ($818 billion) to bondholders and are seen by some as the poster children for China’s post-financial crisis debt woes.

Embattled airbag maker Takata Corp on Monday filed for bankruptcy protection in Japan and said it would seek $1.588 billion in financial aid from U.S.-based auto parts supplier Key Safety Systems (KSS), Reuters reported. The KSS deal would help it deal with the fallout from its defective airbag inflators at the centre of the global auto industry's biggest ever recall, the two companies said in a joint statement. The filing at the Tokyo District Court followed a Chapter 11 bankruptcy protection filing in the United States.

An outsized $6.6bn bond deal by Evergrande, the Chinese developer, risks raising borrowing costs in Asia’s booming bond markets, analysts have warned, following a rare first-day price fall that left buyers of the deal nursing losses of $250m, the Financial Times reported. Asian companies have tapped international markets at a record pace this year, raising $128bn in US dollar-denominated bonds — almost double the amount at this point last year, according to ANZ.

Takata Corp will seek bankruptcy protection from creditors on Monday, two sources said, as the Japanese company faces billions of dollars in liabilities stemming from the biggest recall in automotive history, Reuters reported. The firm, whose defective air-bag inflators have been blamed for at least 16 deaths and more than 150 injuries worldwide, will file for protection in Tokyo District Court under the Civil Rehabilitation Act, Japan's version of U.S. Chapter 11 bankruptcy, said the sources, one of whom has direct knowledge of the matter and one who was briefed on the process.

The delayed $13bn takeover of India’s Essar Oil by a consortium led Rosneft has cleared its last serious obstacles, according to the Russian oil group’s chief executive Igor Sechin. Shareholders at the company’s annual general meeting in Sochi were told on Thursday by Mr Sechin that a “legal decision was received” that would allow the deal to proceed, the Financial Times reported.

Turkish Airlines Chairman Ilker Ayci is evaluating potential investments in other airlines to help safeguard expansion if the rise in protectionism presents hurdles to growth, Bloomberg News reported. The carrier, which offers more destinations than any other, is examining prospects in a range of markets, including India, China and the U.S., Ayci said in an interview at the Paris Air Show. “We’ve expanded through organic growth so far, but protectionist policies are rising,” he said. “So we’re exploring cross-airline relationships -- equity or non-equity.

South Korea’s troubled shipbuilding industry is showing signs of recovery, with the country’s three biggest shipyards surpassing rivals in China and Japan in terms of new orders, the Financial Times reported.s Daewoo Shipbuilding had the biggest order backlog among global shipbuilders with 88 ships representing 6.26m CGTs (compensated gross tonnes) as of the end of May. Hyundai Heavy Industries’ 65 vessels totalling 3.33m CGTs was next, followed by Samsung Heavy Industries’ 60 ships totaling 3.2m CGTs, according to industry tracker Clarkson Research.

The International Swaps and Derivatives Association (Isda) will meet on Thursday to decide whether an extension of one of Noble Group’s loan facilities will trigger a payout on credit-default swaps (CDS) linked to the struggling commodities trader, the Financial Times reported. The “general interest question” was submitted on Monday and the derivatives trade body accepted it for review by one of its determinations committees on Tuesday.

Azerbaijan’s biggest bank has offered creditors, including Fidelity and Allianz, a series of concessions in a bid to calm disquiet over its $3.3bn restructuring, amid claims that its mishandling of the issue could hurt the country’s investor profile, the Financial Times reported. The state-run International Bank of Azerbaijan, under pressure from a US lawsuit, was forced into negotiations with a group of investors last week. The bank has offered creditors new terms, including extra amortisation payments on new debt, a guaranteed choice of new bonds and an increased interest payment.