China’s economic malaise has pushed policymakers and state-owned banks to attempt an escalating series of remedies. Their latest attempt: A surprisingly aggressive cut to a key lending rate, the Wall Street Journal reported. The People’s Bank of China said Tuesday that China’s major banks reduced the five-year loan prime rate, a benchmark for home loans, to a new low of 3.95%, from 4.2% previously. It was the largest cut since the rate was introduced five years ago, and a much bigger reduction than economists had expected.

Liquidators of companies linked to the 1Malaysia Development Bhd scandal have filed for chapter 15 under the U.S. Bankruptcy Code, as they look to recover assets, Bloomberg News reported. A petition listing 1MDB Energy Holdings Ltd, Platinum Global Luxury Services Ltd, Aabar International Investments PJS Ltd, Blackrock Commodities (Global) Ltd, and Alsen Chance Holdings Ltd - all registered in the British Virgin Islands - was submitted in the Southern District of Florida court, dated Feb. 15.

China cut the benchmark reference rate for mortgages at a monthly fixing on Tuesday by more than expected, as authorities ramped up efforts to stimulate credit demand and revive the property market, Reuters reported. Commercial banks' improving net interest margins following recent deposit rate cuts and the reduction to bank reserves earlier this month has paved the way for lenders to reduce borrowing costs to support the economy. The five-year loan prime rate (LPR) was lowered by 25 basis points to 3.90% from 4.20% previously, while the one-year LPR was left unchanged at 3.45%.

Thailand’s Prime Minister Srettha Thavisin asked the central bank to urgently hold an unscheduled meeting of its Monetary Policy Committee to cut interest rate, saying the latest data indicated that the nation’s economy was in a crisis, Bloomberg News reported. “I would like to implore the MPC to urgently call a committee meeting to consider reducing interest without waiting for a scheduled meeting,” Srettha posted on X, formerly known as Twitter, late on Monday.

China’s massive property market is crumbling. Xi Jinping wants to revive socialist ideas about housing and put the state back in charge, the Wall Street Journal reported. Home prices across China are falling, developers have gone bust and people are doubting whether real estate will ever be a viable investment again. The meltdown is dragging down growth and spooking investors worldwide. Under the new strategy, the Communist Party would take over a larger share of the market, which for years has been dominated by the private sector.

The National Company Law Tribunal on Tuesday extended the deadline for another 60 days to complete the resolution process of grounded airline Go First, Zee Business reported. A two-member bench of the Delhi-based NCLT admitted the plea filed by the resolution professional (RP) of Go First seeking an extension of the timeline to complete the corporate insolvency resolution process (CIRP). Diwakar Maheshwari, appearing for RP, argued that so far three parties have submitted their expression of interest for Go First and deposited the earnest money.

Japan unexpectedly slipped into a recession at the end of last year, losing its title as the world's third-biggest economy to Germany and raising doubts about when the central bank would begin to exit its decade-long ultra-loose monetary policy, Reuters reported. Some analysts are warning of another contraction in the current quarter as weak demand in China, sluggish consumption and production halts at a unit of Toyota Motor Corp. all point to a challenging path to an economic recovery.

Australian unemployment climbed to a two-year high at the opening of the year, highlighting the nation’s cooling labor market and sending the currency lower as traders brought forward bets on an interest-rate cut, Bloomberg News reported. The economy added just 500 roles in January, confounding expectations for a 25,000 gain and well shy of numbers needed to hold down the jobless rate, government data showed Thursday. Unemployment advanced to 4.1% from 3.9% while the participation rate was steady.

The five-member monitoring committee set up to oversee the Jaypee Infratech insolvency process has moved the National Company Law Tribunal (NCLT) seeking an appropriate direction for the smooth and effective implementation of the resolution plan that was approved in March 2023, the Hindustan Times reported. “…IMC has filed an application with Hon’ble NCLT, Principal Bench, New Delhi seeking appropriate directions affecting the smooth and effective implementation of Resolution Plan approved vide order dated 07.03.2023,” the company said in a regulatory filing.

Visa said on Wednesday that the Reserve Bank of India, which is also the country's financial market regulator, had directed it last week to halt all domestic transactions for business payment solution providers (BPSPs), Reuters reported. BPSPs facilitate business-to-business card payments made to non-card-accepting vendors or suppliers. The RBI's directive will not impact all commercial card payments but only those intermediated by BPSPs. Visa, the world's largest payments processor, did not say why the RBI has issued the directive.