The Insolvency and Bankruptcy Code (IBC), introduced nine years ago in May 2016, has enabled direct resolution of Rs 12 trillion (excluding cases under liquidation) of debt across 1,200 cases of stressed borrowers but when the indirect resolutions are considered, the number tops Rs 26 trillion and another Rs 22 trillion of debt have been resolved through other mechanisms, the New Indian Express reported.

Thailand's cabinet gave its approval on Tuesday for Vitai Ratanakorn to take over as the next central bank governor and revive an economy in the doldrums with limited monetary policy room to work with, Reuters reported. The appointment of Vitai, 54, the president and CEO of the Government Savings Bank, would be subject to royal approval before he starts a five-year term on October 1. He was picked over central bank veteran and deputy governor Roong Mallikamas. Vitai would succeed Sethaput Suthiwartnarueput, who has reached retirement age.

Australia's central bank judged lowering interest rates for a third time within four meetings was not consistent with its strategy of easing in a cautious and gradual manner, a reason that it shocked markets by holding steady this month, Reuters reported. Minutes of its July 7-8 policy meeting showed the majority of the Reserve Bank of Australia's nine-member board judged rates at 3.85% were still modestly restrictive, but it was difficult to know how far they could be cut before becoming neutral.

The Supreme Court on Monday dismissed an appeal by the Board of Control for Cricket in India, an operational creditor, seeking withdrawal of the corporate insolvency resolution process (CIRP) of Think & Learn, the parent company of online education services company Byju's, the Economic Times of India reported. The apex court also dismissed another appeal of Byju's co-founder Riju Raveendran, who also wanted withdrawal of the insolvency proceedings against Think & Learn.

National Company Law Appellate Tribunal (NCLAT), Friday, stayed the initiation of the corporate insolvency resolution process (CIRP) against Reliance Infrastructure as it was informed that the company had settled the due amount, the Economic Times of India reported. NCLAT also stayed the National Company Law Tribunal (NCLT) order, which admitted Reliance Infra into insolvency over unpaid debt of around ₹90 crore.

A slight easing in Japan’s consumer inflation is welcome news for the central bank, but stubbornly high food prices will be of concern for policymakers whose hands remain tied by tariffs, the Wall Street Journal reported. Core consumer prices, which excludes volatile fresh food prices, rose 3.3% from a year earlier in June, government data showed Friday. That compared with May’s 3.7% rise, and matched the forecast in a poll of economists by data provider Quick.

China's commerce ministry called on Canada to correct the "wrong practice" of restrictions on steel imports and said in a statement on Friday it would take necessary measures to safeguard the legitimate rights and interests of Chinese firms, Reuters reported.

Indonesia is still negotiating details of its recently-reached trade deal with the United States after Washington lowered tariff rates on the Southeast Asian country, and is pursuing exemptions for its exports of palm oil and nickel, an official said on Friday, Reuters reported. The two countries reached a trade deal this week that led to a reduction in the threatened U.S. proposed tariff rate to 19% from 32%. The deal was one of only a handful reached so far by the Trump administration ahead of the August 1 negotiation deadline with numerous countries.

Major automakers should push for "rational competition" in the electric vehicle industry, a senior Chinese official said on Thursday, according to a statement from the industry ministry published on Friday, Reuters reported. The comments from Che Jun, head of a Communist Party central leading group, came a day after China's cabinet pledged to regulate what it called "irrational" competition in the EV market and vowed to strengthen price-monitoring. Che Jun spoke at a meeting attended by officials from the industry ministry and representatives from automakers BYD and BAIC Group.