Nidec may book ¥250 billion ($1.6 billion) in impairment charges as it begins tallying the cost of an accounting scandal that’s forced a leadership exodus and reportedly sparked an investigation from Japan’s securities commission, Bloomberg reported. Nidec warned there could be additional charges that would impact its past financial results, with third-party investigators saying Tuesday they’ve uncovered at least 1,000 instances of improper accounting. The company hasn’t disclosed a timeline for the release of its revised financial reports. Scrutiny of Nidec is ramping up.

Australia's economy grew at the ​fastest annual pace in almost three years in the December quarter, data showed on Wednesday, a pickup that ‌reignited inflation and required a hike in interest rates to tamp demand down, Reuters reported. The outlook, however, has been darkened by the Middle East conflict, which has effectively halted oil flows through the Strait of Hormuz and pushed prices up more than 10%. Australia is a net energy exporter but sustained oil rises act ​as a tax on consumers and businesses.

A draft law currently at the Turkish parliament is ‌expected to generate at least 4.2 billion ‌lira ($95.58 million) tax income from a levy on crypto ​assets, according to its impact analysis, Reuters reported. The law will generate more tax income from crypto assets but this amount cannot currently be calculated ‌exactly as it ⁠will be applied for the first time, the analysis said.

China’s progress in building a modern economy is hitting limits as a downturn in its housing industry drags on, small businesses suffer and young people struggle to find jobs, the Associated Press reported. The gap between Chinese leader Xi Jinping’s high-tech, artificial intelligence-driven ambitions and the hard realities of slowing growth is the backdrop for the annual meeting of the country’s largely ceremonial national legislature, the National People’s Congress, which begins Thursday.

Japanese spending on factories and equipment rose 6.5% on-year in the fourth quarter, Ministry of Finance data showed on Tuesday, indicating resilient investment ‌demand continued to support a barely growing economy, Reuters reported. The encouraging data, which will be used ‌in calculating revised gross domestic product figures scheduled for March 10, comes as the government seeks to bolster investment through targeted ​public outlay in sectors it deems vital for economic security.

The appellate tribunal NCLAT has dismissed petitions filed by two Dhoot brothers - Rajkumar Nandlal Dhoot and Pradeep Nandlal Dhoot, challenging the initiation of personal insolvency against them over a default committed by debt-ridden Videocon Industries, the Economic Times of India reported. Personal Insolvency against the Dhoot brothers was initiated after SBI had issued a demand notice of Rs 5,353.78 crore over defaults by Videocon Industries, the principal borrower, for which they were the personal guarantors.

South Korea's exports extended their ‌growth streak to a ninth ‌month in February as strong chip sales ​continued to underpin overall shipments even as uncertainties regarding U.S. tariffs cloud the outlook, Reuters reported. Exports from Asia's fourth-largest economy, ‌a bellwether ⁠for global trade, increased 29.0% in February from a ⁠year earlier to $67.45 billion, trade data showed. Imports gained 7.5%. The preliminary trade balance stood at $15.51 billion in February.