The Baha Mar resort’s Chinese lender has decided to foreclose on the $3.5 billion resort in the Bahamas and has appointed a receiver to bring the delayed project to completion, roughly six weeks after it was thrown out of bankruptcy protection in the U.S. The move by the Export-Import Bank of China, which received Bahamian court approval to name Deloitte to the receiver role, comes a few weeks after some 2,000 employees in the Bahamas lost their jobs at the partially completed resort at the request of court-appointed liquidators.

Kazakhstan is set to embark upon its most ambitious privatisation plan since independence from the Soviet Union in 1991, offering stakes in its largest state-owned enterprises to international investors in preparation for eventual stock market flotations, officials told the Financial Times on Tuesday. The move coincides with a warning from Nursultan Nazarbayev, president, that the world faces “economic turbulence” that for many emerging market countries could dwarf the impact of the global financial crisis of 2008-09.

China’s top leader sent the strongest signal yet that the government expects the world’s second-largest economy to shift to a slower pace, suggesting Beijing could tolerate growth as low as 6.5%, The Wall Street Journal reported. President Xi Jinping warned that China’s economy faces domestic and global uncertainties, as his government began Tuesday to reveal details of its next five-year plan via China’s official Xinhua News Agency.

In Texas or the North Sea, oil companies struggling with falling prices are firing thousands of employees. In Kazakhstan, it is not so simple, the Financial Times reported. The central Asian nation was a poster child of the past decade’s oil boom, building a futuristic capital on the steppe with its hydrocarbon riches, but this year’s tumble in prices has pushed many of Kazakhstan’s Soviet-era oilfields into the red.

Debt-laden Chinese developer Kaisa Group Holding is close to finalising a deal with its onshore creditors, a senior advisor said, days after the company said its talks with offshore creditors were also progressing, Reuters reported. Kaisa became the first Chinese property developer to default on its offshore debt payments. The company which owes almost $11 billion, of which $2.5 billion is due to overseas creditors, is in the midst of debt restructuring talks which have helped support its bonds.

He has been called China’s Carl Icahn. But the billionaire owner of one of the country’s most successful investment firms is now the latest suspect in the broadening crackdown on corruption in the financial industry, the International New York Times reported. The fund manager, Xu Xiang, nicknamed Big Xu, was arrested in dramatic Hollywood fashion, more worthy of a spy movie than a financier. As the police closed in, the highway patrol sealed the 22-mile Hangzhou Bay Bridge for more than 30 minutes and eventually apprehended Mr. Xu near the exit, according to state media.

Japan’s central bank said on Friday that the economic outlook was worsening, but its governor said that the stimulus measures already in place, while slow to take effect, were enough for now. Even with the benchmark interest rate at virtually zero and the bank already buying up trillions of yen of government debt, some economists had expected the bank to ratchet up its efforts in response to a softening Japanese economy. But the Bank of Japan’s rate-setting board voted 8 to 1 to leave its monetary program unchanged.

Activity in China's manufacturing sector unexpectedly shrank for a third straight month in October, an official survey showed on Sunday, fuelling fears that the economy may be cooling further in the fourth quarter despite a raft of stimulus measures, the International New York Times reported on a Reuters story. The official Purchasing Managers' Index (PMI) was at 49.8 in October, the same pace as in previous month and lagging market expectations of 50.0. A reading over 50 points suggests an expansion in activity while one below that level points to an contraction on a monthly basis.

The wealth-management products that banks sell at branches across China are often considered as safe as deposits by customers. There are growing reasons to question that faith, Bloomberg News reported. The ability of Chinese lenders’ $2.4 trillion of WMPs to generate the returns they promise is being undermined as monetary easing has pushed corporate bond yields to a five-year low.

Higher mortgage rates for millions of homeowners are shaking consumer confidence and raising the likelihood that Australia’s central bank will cut rates before the end of the year to help stave off a recession, The Wall Street Journal reported. The consumer squeeze stems from moves by commercial banks this month to raise lending rates to recover the cost of a new regulatory requirement to set aside more capital.