Asia Pacific

Tokyo Electric Power Co will receive fresh funding at interest rates below 1 percent from its top 10 lenders, Japanese business daily the Nikkei reported. The additional funding will total 1.07 trillion yen ($13.44 billion) - 500 billion yen of new loans, a 400 billion yen credit line and 170 billion yen in loan rollovers, the daily reported. The lenders to Japan's biggest utility, known as Tepco, include three of the largest banks in the country, three trust banks and four life insurers.

China’s manufacturing sector has slowed further in June and a decline in new orders shows that the weakness is likely to drag on, according to a survey released on Thursday, the Financial Times reported. HSBC said its Chinese purchasing managers’ index was on track to fall to 48.1 in June from 48.4 in May, which would mark a seven-month low. In dipping further below the 50 threshold, the flash figure, which is the earliest piece of monthly economic data for China, indicates a steepening contraction of factory activity.

Lenders to Hotel Leela, a 5-star chain that is more than two months behind in payments on $700 million of debt, are likely to bite the bullet and amend the loan terms rather than declare it in default, say bankers involved in the talks, Reuters reported. Restructuring corporate loans - allowing banks to dilute payment terms without classifying loans as bad - is on the rise in Asia's third-largest economy, providing a lifeline to borrowers struggling in a sharp economic slowdown, but piling more stress on bank balance sheets.

Greek elections may have assuaged fears of a European financial contagion spreading to Asia, at least for the moment. But as troubles brew in Spain, where borrowing costs shot up again Tuesday, and as Greece faces more painful cuts to meet bailout targets by September, many wonder who in Asia is most exposed should Europe's economy and financial system finally crack, The Wall Street Journal reported.

Several emerging-market countries Monday detailed their plans to boost the International Monetary Fund's coffers by more than $90 billion, to push the total new commitments to about $456 billion, The Wall Street Journal reported. China is pledging $43 billion, while India, Russia, Brazil and Mexico told Group of 20 officials they would commit around $10 billion each. Turkey committed $5 billion, and a handful of others offered about $1 billion.

Creditors of Ssangyong Engineering & Construction (E&C) have decided to relinquish a controlling stake in the company by means of a private contract after open bids failed to achieve this end, The Korea Times reported. A German engineering firm, which took part in three previous bids, has emerged as the most likely to acquire one of Korea’s largest builders, according to industry officials Monday.

Kazakhstan's third-largest bank by assets, BTA Bank JSC, said Friday it has begun formal discussions with the steering committee of its creditors on the proposed restructuring of $4.98 billion of its debt, Dow Jones reported. The bank's advisers presented a draft of its preliminary restructuring proposal to the steering committee during meetings held June 12 and 13 in London. The bank and the steering committee will also hold due diligence meetings in Almaty next week and discuss an agreed term sheet over the following two weeks.

Woori Finance Holdings Co. and Hana Financial Group Inc. are among the bidders that have submitted initial offers to buy the troubled savings banks put up for sale by the government, people familiar with the matter said Friday, The Wall Street Journal reported. South Korea's laws stipulate that the government can intervene in a faltering financial firm, and the country's financial regulator put the four second-tier financial firms up for sale when it suspended their operations last month for six months due to their weak financial standing.

The journey from the Bank of Japan to the Diet, the country’s parliament, takes about 10 minutes by taxi on a good day and is one that Masaaki Shirakawa knows all too well, the Financial Times reported. The BoJ governor has been summoned to appear before the nation’s parliament 20 times so far this year, including a double session on Wednesday. At this rate he will smash his annual performance record of 24 days, set in 2009.

A Chinese-born Swedish investor with Japanese support has agreed to buy bankrupt automaker Saab Automobile and plans to bring it back to life as a maker of electric cars, with an initial focus on the Chinese market, Reuters reported. Saab, which has been making cars since 1947, crashed into bankruptcy at the end of 2011, less than two years after former owner General Motors sold it to Dutch group Spyker. Though an admired brand with a loyal fanbase, Saab had struggled for years to survive against bigger competitors.