Chinese developer Country Garden Holdings Co. said it cannot meet initial deadlines for interest payments on two local bonds and that a state guarantor would step in — marking the first test of a key government program to shore up builder debt, Bloomberg News reported. The company’s onshore unit cannot make the coupon payments on its 3.95% note and its 3.8% bond by an initial deadline of May 9, according to filings.

For Nazim Salur, it’s the end of a nearly decade-long dream to build a global delivery powerhouse out of Turkey. Getir, the rapid grocery app Salur cofounded from Istanbul in 2015, last week confirmed it will exit its remaining international operations, Bloomberg News reported. Once a poster child of pandemic growth valued at $11.8 billion, attracting investors like ex-Sequoia Capital partner Michael Moritz, Mubadala Investment Co., Sequoia Capital and Tiger Global, the startup is halting operations in the Netherlands, the U.K., U.S. and Germany to focus on its core market of Turkey.

Malaysia’s central bank held its benchmark interest rate unchanged again, extending its policy pause to a year as it keeps a watchful eye on growth and inflation, the Wall Street Journal reported. Bank Negara Malaysia kept its overnight policy rate at 3.00% on Thursday. That’s the same level as in May last year, when the bank delivered a surprise rate hike. Bank Negara reiterated that its policy stance remains supportive of the economy and gave an upbeat view of Malaysia’s economic prospects.

As China’s industrial capacity emerged as a key trade issue, a surge in Chinese bank loans to the sector has often been cited as evidence that Beijing is engaging in a renewed manufacturing push that could flood global markets with cheap goods, Bloomberg News reported. But an examination of those loans by researchers at Rhodium Group showed a significant amount of the money didn’t go into manufacturing at all.

Bank of Japan Gov. Kazuo Ueda said Wednesday that he is open to the idea of early interest-rate increases if inflation rises at a faster pace than the bank’s projections, the Wall Street Journal reported. “If the outlook for prices is revised upward or if upside risks become high, it will be appropriate for the bank to make an earlier adjustment of the policy interest rate,” Ueda said at an event held by the Yomiuri International Economic Society. The Japanese central bank decided in March to end most of its unconventional easing measures, including negative interest rates.

Artificial intelligence lacks the human judgement skills needed to set interest rates, the head of the Monetary Authority of Singapore said on Monday, Reuters reported. But AI could make it easier for criminals to launch cyber attacks, said Chia Der Jiun, managing director of Singapore's central bank. He said AI was being used in some economic models and in areas such as fraud detection, but stressed it was not at a stage where it could "supplant human judgement". "There is a great deal of judgement involved in understanding and having a view as to the forward path of inflation...

The Reserve Bank of Australia left interest rates unchanged Tuesday, and stuck with the message that it isn’t ruling anything out as it seeks to bring inflation under control, the Wall Street Journal reported. The RBA held the official cash rate at 4.35%, where it has remained since November. The outcome was widely anticipated by economists. “The path of interest rates that will best ensure that inflation returns to target in a reasonable timeframe remains uncertain and the Board is not ruling anything in or out,” the RBA said at the end of a two-day policy meeting.

Australian budget airline Bonza has canceled all flights through May 14 as lessors seek to seize its planes, Bloomberg News reported. The embattled carrier grounded its fleet on April 29 after the lessors issued termination notices. Hall Chadwick, which has been appointed as administrators to the airline, said Tuesday it has been in discussions with the lessors to see whether the grounded planes could become operational in the short term, but to no avail.

Thailand’s new Finance Minister Pichai Chunhavajira urged the central bank to support government policies, signaling pressure may continue on the Bank of Thailand to cut interest rates, Bloomberg News reported. “It’s our duty and responsibility for me and BOT (Bank of Thailand) to work together to push both engines - monetary and fiscal policies in the same direction,” Pichai told reporters on Tuesday in his first remarks as finance chief.

Cerberus Capital Management LP plans to expand its private credit portfolio in India as local non-bank finance lenders shift their focus from corporate lending to consumer credit, Bloomberg News reported. There is a “significant opportunity set for private credit lenders, both local and international, to pick up a portion of this space,” Indranil Ghosh, managing director and head of pan-Asia special situations, said in an interview. India is fast emerging as a big market for private credit activity, as global firms deploy billions, lured by the fastest-growing major economy.