Budget carrier SpiceJet is facing fresh insolvency proceedings, this time from Indonesia’s PT BBN Airlines over unpaid lease rentals totalling $5.94 million, Mint.com reported. The National Company Law Tribunal (NCLT), Delhi bench, heard the case on Friday but has yet to issue a notice after SpiceJet sought time to respond. The next hearing has been scheduled for 21 April. PT BBN Airlines claims SpiceJet leased three Boeing aircraft under specific agreements, took possession on 9 June 2024, and used them for operations.

Japan’s consumer inflation slowed slightly in February due to energy subsidies but continued trending up amid a record spike in rice prices and indications of strong wage growth, keeping interest-rate hike expectations intact, the Wall Street Journal reported. Overall consumer prices rose 3.7% in February from a year earlier, compared with the 4.0% growth seen in January, government data showed Friday. Energy prices rose 6.9% on the year, much slower than the 10.8% increase seen the previous month, as the government reintroduced subsidies for electricity and gas bills.

Buried in China’s latest government budget were some numbers that add up to an alarming trend. Tax revenue is dropping, the New York Times reported. The decline means that China’s national government has less money to address the country’s serious economic challenges, including a housing market crash and the near bankruptcy of hundreds of local governments. Weak tax revenue also puts China’s leaders in a box as they square off with President Trump, who has imposed 20 percent tariffs on goods from China and threatened more to come.

Turkey’s central bank raised one of its key interest rates in a surprise meeting on Thursday, the latest move by authorities to reverse a decline in the lira, Bloomberg News reported. The monetary authority hiked the overnight lending rate by two percentage points to 46%, while keeping the main gauge of one-week repo unchanged. The lira, which tumbled 3.2% a day earlier, rose briefly after the news and was trading 0.1% lower at 37.9520 per dollar at 7:22 p.m.

South Korean authorities are ramping up efforts to regulate the crypto market, focusing on exchanges believed to be operating without proper licensing, CoinMarketCap.com reported. The Financial Intelligence Unit (FIU) of the Financial Services Commission is investigating several platforms, including KuCoin, BitMEX, CoinW, Bitunix, and KCEX, for allegedly providing services to South Korean users without registering as Virtual Asset Service Providers (VASPs).

Reliance Capital Limited (RCL) has successfully exited insolvency after the implementation of its approved resolution plan, making it the first Non-Banking Financial Company-Core Investment Company (NBFC-CIC) to complete resolution under the Insolvency and Bankruptcy Code (IBC), CNBCTV18.com reported. The Reserve Bank of India (RBI) had superseded the company’s board and appointed Nageswara Rao Y as the administrator under Section 45-IA of the RBI Act, 1935.

Iron ore miner Vale, a Chinese commercial partner since the 1970s, is welcome, along with other Brazilian firms, to further expand economic links with China, its commerce ministry said on Wednesday, Reuters reported. The comments came as chief executives of foreign firms gathered in Beijing this week for a key annual corporate forum and China mounted a charm offensive to woo foreign investment.