An Australian Federal Court Justice has ordered an inquiry into the fees and expenses incurred by PPB Advisory while the insolvency group investigated the 2010 collapse of Burrup Fertilisers, SmartCompany.com.au reported. But PPB has defended its handling of the case, claiming the inquiry is narrow in scope and the court threw out nine of the 10 claims brought against the firm by Burrup founder Pankaj Oswal. The collapse of Burrup Fertilisers has dragged on for years. The business was originally placed in receivership in 2010, amid a dispute between Burrup and Norwegian part-owner Yara.

Russia wants to play a bigger part in talks over solving Cyprus' financial problems but will only restructure its loan to the island if its interests here, especially those related to VTB Bank, are protected, Moscow's finance minister said, CyprusMail reported. Russian banks and companies have poured money into Cyprus since the 1990s, taking advantage of low taxes and relaxed business regulations.

Lenders from around the world are fueling a boom in short-term loans across Asia, helping push debt to record levels as a burgeoning middle class strives for a better lifestyle and banks look to diversify away from the slow-growing West, The Wall Street Journal reported. Companies ranging from Citigroup Inc. to Japan's big banks to a Dutch consumer-finance provider that built its business in Central and Eastern Europe are issuing credit cards or stepping up lending for cars, motorcycles and home appliances from India to Indonesia.

German lawmakers approved a rescue for Cyprus as Finance Minister Wolfgang Schaeuble warned that refusing aid to a fifth crisis-ravaged state risked triggering a sovereign default and contagion to other euro nations, Bloomberg reported. The lower house, or Bundestag, backed German participation in the 10 billion-euro ($13 billion) financial lifeline by 487 votes to 101 with 13 abstentions in Berlin today, almost three years after the euro-area debt crisis first required lawmakers to act in May 2010. Lawmakers also approved extending aid terms for Ireland and Portugal.

The Hong Kong government has proposed measures to provide greater protection for creditors and simplify company liquidations in the first reform of the city's insolvency laws in almost 30 years, the South China Morning Post reported. Under the reform, companies are banned from selling their assets at below market prices up to five years before they wind up. Such below-market transactions mean companies can unload all valuable assets and leave too little for creditors such as employees, bankers or suppliers.

A credit boom in China failed to keep economic recovery on track in the first quarter, suggesting the cash sloshing around the economy is not yielding the desired effect of stoking growth and could instead exacerbate property and inflationary risks, Reuters reported in an analysis. A rapid rise in credit in recent months has been driven by the fast-growing shadow banking sector rather than formal bank lending, raising two major concerns.

South Korea unveiled a Won17.3tn ($15.4bn) supplementary budget on Tuesday to support the stalling economy, as domestic consumption remains sluggish while exports slow because of the weaker yen and cooling global demand, the Financial Times reported. The supplementary budget was larger than expected, mainly because it contained plans to raise debt to make up for anticipated tax revenue losses resulting from the slowing economy, and delays to the attempted sale of state holdings in two banks.

A Russian depositor has filed suit for the seizure of all assets in Russia belonging to Laiki Bank of Cyprus, including its controlling stake in Russia’s Rosprombank, which may now hamper a Cypriot plan to sell off the shares, RT.com reported. Presnensky Court in Moscow has received a lawsuit from ‘Y. G. Borisov’ against Laiki Bank – which operates in Russia under the Cyprus Popular Bank brand – and Rosprombank, in which Cyprus owns a 50.4 percent stake. Borisov has demanded the repayment of money that was seized from his account with the Cypriot bank; the exact sum was not disclosed.

The cost of bailing out Cyprus has swollen to euro 23 billion ($30 billion), with the crisis-hit country having to take on the lion's share of the measures needed to avoid bankruptcy, according to a draft document by the country's international creditors. The draft document, obtained by The Associated Press Thursday, says the country will have to find 13 billion euros ($17 billion) - an increase on the 7 billion euro contribution agreed during the country's chaotic bailout talks last month.

Cyprus has agreed to sell gold worth €400m from its reserves as a contribution to an international bailout, roiling the precious metal markets as investors feared it could set a precedent for other troubled eurozone countries. Nicosia’s plan to dispose of most of its gold holdings would be the first such sale by a country seeking international assistance since the Asian financial crisis in 1997-98, when South Korea asked the public to donate jewellery to the central bank for the good of the nation.