The bankrupt $3.5 billion Baha Mar mega resort in the Bahamas secured up to $30 billion in interim financing on Wednesday, but it was unclear when construction on the stalled project would resume, Reuters reported. The resort, bankrolled and built by the Chinese and described on its website as "the world's glamourous, new playground, is eight to 12 weeks from completion once construction resumes, a lawyer for the resort told a bankruptcy judge. U.S.

China's push to extend its influence in the Western Hemisphere has hit an embarrassing setback at an unfinished, $3.5 billion resort and casino project in the Bahamas, Reuters reported. A series of construction delays, funding squabbles, lagging inspections and faulty work at the Baha Mar resort in Nassau have led to contention and finger-pointing in recent months among the local developer, a Chinese state-backed contractor and China's export finance bank.

The receivers for Doug Somers-Edgar's Orange Finance have concluded their work with a shortfall of about $10 million in principal and interest owed to debenture holders of the failed company, Scoop.co.nz reported. Orange froze repayments to some 2,500 investors owed $25.6 million in late 2008 before convincing debenture holders to agree to a moratorium on redemptions and interest payments until the end of July 2011. That deadline was later pushed out another year with trustee Covenant Trustee's approval.

China’s state auditor has uncovered falsified revenues and profits in the accounts of some of the country’s biggest state-owned companies, as Beijing broadens its assault on official corruption, the Financial Times reported. The National Audit Office said on Sunday that 14 state-owned groups, including well-known names such as State Grid, China Ocean Shipping Co (Cosco) and China Southern Power Grid, falsified nearly Rmb30bn ($4.8bn) in revenue and nearly Rmb20bn in profits in 2013.

At a ceremony imbued with quiet triumph at the Great Hall of the People, China’s president, Xi Jinping, hosted 56 member countries on Monday for the founding of a Chinese-led infrastructure bank for Asia, including major American allies from Asia and Europe that Washington had counseled not to join the bank, the International New York Times reported.

After more than a week of a brutal selloff in Chinese stocks, the country’s central bank on Saturday took a rare easing step, cutting both its benchmark interest rates and the amount of reserves certain banks are required to hold, The Wall Street Journal reported. In a statement, the People’s Bank of China said both steps were aimed at lowering borrowing costs and “stabilizing growth” in the world’s second-largest economy. The PBOC cut its one-year benchmark lending rate by a quarter of a percentage point to 4.85% and its one-year deposit rate by the same scale to 2%.

China is to scrap bank lending caps in a bid to boost its slowing economy with an injection of credit – further liberalising the once tightly controlled sector, the Financial Times reported. On Wednesday, China’s State Council issued a draft proposal to relax the country’s long-held maximum loan-to-deposit ratio of 75 per cent. This follows April’s launch of a long-awaited deposit insurance system – a crucial step towards deregulating domestic interest rates, and promoting market-based capital allocation.

Businesses avoid paying $200 billion annually in taxes by channeling their overseas’ investments through offshore financial hubs, a United Nations agency said Wednesday, The Wall Street Journal reported. The estimate by the United Nations Conference on Trade and Development is one of the first attempts by an international governmental organization to put a figure on tax avoidance by companies that record their profits in countries with low tax rates, regardless of where those profits are actually earned.

Welcome to what is likely India’s largest ghost city, which extends across five expansive parcels of land along the highway adjacent to the racetrack. What was meant to be the crowning achievement of Jaypee Group and Jay Prakash Gaur, its 85-year-old patriarch, has become a monument instead to unrealistic aspirations and poor execution on the one hand and a shortfall in growth, the high cost of capital and an uncertain political landscape on the other, the Financial Times reported. The scale of Jaypee’s ghost city rivals that of some of China’s famous unoccupied cities.

China is bailing out the nation’s heavily indebted local governments, relying on trusted methods to keep its financial system stable despite promises to allow market forces to play a greater role, The Wall Street Journal reported. Beijing is permitting provinces to issue at least 2.6 trillion yuan ($419 billion) in bonds in 2015, the first local government issuances in more than 20 years, to stave off a debt crunch. Local administrations have accumulated some 18 trillion yuan, equivalent to a third of China’s economy, in bank loans and bonds to fund risky land and property deals.