Kaisa Group Holdings Ltd. still lacked the necessary support from creditors for its offshore restructuring plan as of Sunday, said Tam Lai Ling, the Chinese developer’s senior adviser, Bloomberg News reported. Kaisa needs approval from investors holding 75 percent of its offshore bonds and loans for its plan to restructure debt to proceed. The firm has received no less than 53 percent as of Feb. 14, Tam said by phone. The developer had offered a consent fee of 0.5 percent for investors who supported the plan as of that date, after paying 1 percent for those who consented as of Jan. 24.

India’s central bank governor Raghuram Rajan has warned that the country must brace for more than a year of “deep surgery” to repair its damaged banking system, raising fears that tough action on bad loans could slow economic recovery, the Financial Times reported. On the surface, India appears to be a beacon of growth among struggling global emerging markets, posting an increase of 7.3 per cent in gross domestic product in the most recent quarter this week, underlining its position as the world’s fastest-growing big economy.

Chinese companies and residents sent more than $110bn out of the country in January alone, according to new estimates, as they continued to evade tightening capital controls amid another round of market turmoil, the Financial Times reported. Surging capital outflows from China have become a source of growing concern around the world and left Beijing scrambling to support its currency. Recently-released data showed the country’s foreign exchange reserves falling to their lowest level in almost four years in January.

Australia’s government is considering a multibillion-dollar privatization of public health and welfare payments, as conservatives look for new ways to refill budget coffers emptied by an economic slowdown and collapsing prices of the country’s resource exports, The Wall Street Journal reported.

At every turn in his improbably rapid rise, Ding Ning, 34, went to great efforts to convey the image of strong government backing for his Internet financing business, the International New York Times DealBook blog reported. But it all came crashing down in dramatic fashion for Mr. Ding this week, when the police alleged that his financing business, Ezubao, was a $7.6 billion Ponzi scheme and announced 21 arrests, including of Mr. Ding. The company was shut down. The charges were conveyed by the same official outlets whose favor Mr.

Soaring household debt in Asia is one of the starkest legacies of the post-2008 low rates world order. If 10 years ago US households stood out as some of the most leveraged in the world, today, Asia is home to the highest household debt globally. But some Asian countries, even those with household debt equal to over 80 per cent of GDP, are faring better than others, the Financial Times reported. Countries where debt has grown gradually and where regulators implemented pre-emptive macro prudential policies are more likely to minimise blows to economic growth.

The surge in lending to emerging markets that helped fuel their own — and much of the world's — growth over the past 15 years has come to a halt, and may now give way to a "vicious circle" of deleveraging, financial market turmoil and a global economic downturn, the Bank for International Settlements has warned, CNBC reported on a Financial Times story.

Japanese industrial conglomerate Toshiba Corp expects a bigger full-year loss than previously anticipated, amid mounting restructuring costs after a $1.3 billion accounting scandal, Reuters reported. Toshiba said on Thursday it now expected a net loss of 710 billion yen ($6 billion) compared with a previously expected loss of 550 billion yen. Chief Executive Masashi Muromachi told a press conference that Toshiba had lowered its expectations to fully reflect possible downside risks to its business.

Global steelmakers face another year of pain with more capacity closures and job losses expected, even as steel prices start to stabilise thanks to painful production cuts, depleted stockpiles and rising trade barriers, Reuters reported. Capacity closures and bankruptcies picked up across the globe last year and top producers like ArcelorMittal and Nippon Steel slashed earnings forecasts as prices lost a third of their value, sliding to 12-year lows.

Thai hotel group Minor International has made its biggest ever acquisition with a 294 million euro ($320 million) deal to buy 14 Tivoli chain hotels that belonged to the collapsed Espirito Santo Group, Reuters reported. The purchase of the properties in Portuagl and Brazil is part of Minor's aggressive eoverseas expansion plan. The group said last year that it wanted to have 190 hotels by 2019. The Tivoli deal lifts its tally to 145.