For decades, Sydney has been one of the world’s top dining destinations. But now the city is in a critical culinary moment as some of its most high-profile restaurants shutter, many of them victims of the ongoing cost-of-living crisis and the lingering effects of the pandemic, Bloomberg News reported. The notable Redbird Chinese has already shuttered, along with sister venue Tequila Daisy. Last month, celebrity chef Kylie Kwong announced she’ll shut her beloved eatery Lucky Kwong and retire. The acclaimed restaurant Tetsuya’s, which opened 35 years ago, will close its doors in July.

Bank of Japan policy board member Toyoaki Nakamura said Thursday that he is still not fully confident that wages and inflation will keep growing, adding that it is appropriate for the bank to maintain its current monetary policy for the time being, the Wall Street Journal reported. “I am not confident about the sustainability of wage increases,” Nakamura said in a speech to business leaders in the northern prefecture of Hokkaido.

A group of lenders asked a court to impose bankruptcy oversight on multiple units tied to the struggling Indian education technology company Byju’s, claiming millions of dollars are being “siphoned” out of the companies, Bloomberg News reported. Creditors led by HPS Investment Partners filed involuntary chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. on Wednesday. All three were once affiliated with Byju’s Alpha, a unit of the once high-flying startup that was put into bankruptcy earlier this year after defaulting on $1.2 billion of debt.

Sri Lanka and a group of creditors are in advanced talks over a deal aimed at restructuring the nation’s debt with bilateral lenders, Bloomberg News reported. The government and members of the official creditor committee, which includes India, Hungary and the Paris Club, are exchanging draft versions of the accord, or memorandum of understanding. The documents are needed to finalize an agreement reached in November between the South Asian nation and the official creditor committee and hash out the few remaining issues before a deal is settled.

Thai Prime Minister Srettha Thavisin’s administration is discussing ways to exert more control over the country’s central bank after repeatedly clashing with the monetary authority on economic policy, Bloomberg News reported. One of the measures under discussion focuses on the Bank of Thailand’s board chairman role, which will open up in September, the people said. While the chairman doesn’t have powers to dictate monetary policy, the official can evaluate the BOT governor’s performance as well as have a say in which outside experts join the Monetary Policy Committee.

A private gauge of China’s services sector signaled the fastest pace of growth in 10 months in May, echoing official data thanks to strong business activity and market demand, the Wall Street Journal reported. The Caixin services purchasing managers index increased to 54.0 in May from 52.5 in April, Caixin Media Co. and S&P Global said Wednesday. The index, which has now stayed in expansion territory for 17 straight months, reached its highest level since July 2023. A reading above 50 suggests expansion, while one below indicates contraction.

Turkey is considering taxing proceeds from investments in stocks and cryptoassets as part of a fiscal tightening push. Stocks and the lira fell on the news, Bloomberg News reported. Treasury and Finance Minister Mehmet Simsek discussed the plans during a ruling-party meeting over the weekend, AK Party officials told Bloomberg, asking not to be identified as the discussions were private. Simsek emphasized the need for proper taxation of all financial income during the meeting, the people said. Turkey cut the tax rate on profits from stock-market trading to 0% from 10% in 2008.

The Korean owners of one of Frankfurt’s best known skyscrapers failed to agree a restructuring plan for a loan tied to the building, paving the way for insolvency proceedings, Bloomberg News reported. A fund managed by IGIS Asset Management confirmed the event of default for the debt linked to Trianon tower in Germany’s financial capital.

A group of creditors of China South City has filed a lawsuit in Hong Kong against the developer's biggest state-owned shareholder to recover $1.4 billion, according to a court filing and a source familiar with the matter, Reuters reported. The lawsuit is the first such case against a Chinese state shareholder of a developer for recovery of payments owed to creditors under the keepwell provision since the property sector tipped into a debt crisis in 2021.