Administrators of Bahrain-based The International Bank Corporation (TIBC), owned by the heavily indebted Algosaibi Group, say they are confident they can repay creditors as doubts persist whether there are enough assets to meet obligations, Reuters reported. TIBC, owned by Saudi group Ahmad Hamad Algosaibi & Bros (AHAB), plays a key role in the corporate debt defaults of AHAB and Saad Group, involving an estimated $22 billion in obligations.

The Blue Mountain Lumber mill in Otago is closing, with the owner citing the high New Zealand dollar and a fall in domestic demand as the reasons, The National Business Review reported. The mill at Conical Hill near Tapanui is owned by Winstone Pulp International (WPI), itself a subsidiary of Malaysian company Ernslaw One Ltd. At a meeting of staff today WPI managing director David Anderson said there was regrettably no option left other than to close. The mill was originally built in 1949 by the state-owned Forest Service.

The Japanese government is aiming to come up with a blueprint for bailing out Japan Airlines Corp as early as this week, but several hurdles stand in the way of a final solution to the carrier's many problems. In a special report, Reuters considers questions and answers about JAL's troubles and how the government may go about injecting public funds. JAL is Asia's largest airline by revenue. Read more.

ING Groep NV will become a mainly European bank following the dramatic overhaul of its business announced Monday, which includes spinning off its insurance activities and raising €7.5 billion in a rights issue, Dow Jones reported. "ING will be a dominant mortgage, savings and commercial bank in the Benelux and other parts of Europe, but also will keep its presence in growing Asian markets like India and Thailand," Chief Executive Jan Hommen told reporters. As part of a plan to satisfy E.U.

India’s central bank took the first step toward withdrawing its record monetary stimulus as inflation pressures build, ordering lenders to keep more cash in government bonds, Bloomberg reported. Stocks fell the most in two months after the statement spurred speculation the Reserve Bank of India will boost borrowing costs by year-end, eroding corporate profits. Today’s shift also signals intensifying global concern about consumer and asset-price increases, with Norway tomorrow forecast to follow Australia in raising rates this month.

The Japanese government plans to put a state-backed turnaround body in charge of the overhaul of Japan Airlines, the Nikkei business daily said, underlining the government's deeper involvement in the process. Liabilities at JAL would exceed its assets by as much as $8.8 billion if it were liquidated, a source close to the matter has said, indicating the depth of the problem facing the airline as it seeks aid from banks and the state to avoid bankruptcy.

Liabilities at Japan Airlines Corp would exceed its assets by as much as $8.8 billion if Asia's largest airline by revenues were liquidated, a source with direct knowledge of the matter said on Friday, Reuters reported. The estimate of JAL's negative net worth, calculated by a government-led task force in charge of its restructuring, underscores the depth of the problems facing the airline as it seeks aid from banks and the state to avoid bankruptcy.

The Securities Commission Malaysia has obtained a court order for the appointment of BDO Binder Malaysia as a receiver over the affairs, assets and properties of RBTR Asset Management, Bernama.com reported. The order also includes the assets and properties held RBTR on behalf of its clients. The SC in a statement Friday, said the court order from the Kuala Lumpur High Court, was obtained on Oct 20. The appointment of a receiver was sought by the SC following an audit exercise on RBTR which raised concerns on the protection of clients' assets.

China’s stimulus-induced lending binge probably propelled growth in the third quarter to its fastest pace in a year. Now, policy makers have to figure out how to wean the economy off state support, Bloomberg reported. The country’s rebound has been powered by 4 trillion yuan ($586 billion) of spending on railways, roads, power plants and public housing. The program ends next year, forcing Premier Wen Jiabao to find new ways to sustain the expansion with increased consumer spending and the financing of small businesses.

Russia's AvtoVAZ could face bankruptcy if it is unable to reach a debt restructuring deal with its banks, despite support from its 25 percent stakeholder Renault, Reuters reported. Speaking during a presentation at AvtoVAZ headquarters in Togliatti, a company official said the future of the Lada-maker remained on the line and said the company has 22,000 extra staff on its payroll that are not anticipated to have any work before 2012.