Turkey's newly appointed Finance Minister Mehmet Simsek said on Sunday that the country has no choice but to return to "rational ground" to ensure predictability in the economy, Reuters reported. President Tayyip Erdogan named Simsek to his cabinet on Saturday to tackle Turkey's cost-of-living crisis and other strains, in a clear sign that his newly elected government would return to more orthodox economic policies. In a handover ceremony, Simsek said the main goal of the new government will be to increase social welfare.

The Central Bank of Sri Lanka reduced its interest rates Thursday for the first time since the island nation declared bankruptcy, after stern fiscal controls, improved foreign currency income and help from an International Monetary Fund program resulted in inflation slowing faster than expected, the Associated Press reported. The Central Bank said in a statement that the lending and deposit interest rates were reduced by 250 basis points to 14% and 13%.

The cancer-treatment specialist GenesisCare has filed for bankruptcy protection, after struggling under a debt load enlarged by a $1.5 billion takeover, the Wall Street Journal reported. Australia-based GenesisCare said today that it would split its U.S. business from operations in Australia, Spain and the U.K. as part of the U.S. chapter 11 reorganization. GenesisCare didn't say how much debt would be affected by the filing. GenesisCare is backed by the U.S. private-equity giant KKR.

Go First, an Indian low-cost airline, collapsed in May under the weight of four years of losses, citations for safety lapses and operating confusion that, in January, resulted in a flight from Bangalore to Delhi carrying baggage but forgetting a third of its passengers. At least the carrier held valuable assets in the form of 45 or so aircraft stranded at Indian airports. And, as a high-priority case, it was supposedly subject to expedited bankruptcy hearings, according to The Economist.

Hong Kong kicked off a new crypto regulatory regime in a bid to nurture a digital-asset hub, a pivot that’s stirred interest but has yet to win big investment pledges from an industry chastened by a market rout last year, Bloomberg News reported. The rules apply from Thursday and let crypto exchanges offer trading services to individuals and institutions if they secure and comply with licenses designed to shield investors from the risky practices exposed in the 2022 crash.

China's factory activity shrank faster than expected in May on weakening demand, heaping pressure on policymakers to shore up a patchy economic recovery and knocking Asian financial markets lower, Reuters reported. The official manufacturing purchasing managers' index (PMI) fell to a five-month low of 48.8, the National Bureau of Statistics (NBS) said on Wednesday, down from 49.2 in April and below the 50-point mark that separates expansion from contraction. The PMI also dashed forecasts for an increase to 49.4.

Crisis-hit Go First Airlines on Tuesday (May 30) informed that its scheduled flight operations will remain cancelled till June 4, adding that a full refund will be issued to the passengers, The Hindu reported. Earlier flight operations were cancelled till May 30. The airline operator had recently filed for voluntary insolvency. The Directorate General of Civil Aviation (DGCA) last week advised Go First Airlines to submit a comprehensive restructuring plan for a sustainable revival of operations.

Jaypee Infratech, which is facing insolvency proceedings, on Monday said the company has deferred the approval of financial statements for the quarter and fiscal ended March 2023, as it has not been finalised in view of pending cases in the appellate tribunal. On March 7, the National Company Law Tribunal (NCLT) approved the resolution plan of Mumbai-based realty firm Suraksha Group to take over Jaypee Infratech.

China’s era of rapid growth is over. Its recovery from zero-Covid is stalling. And now the country is facing deep, structural problems in its economy, the Wall Street Journal reported. The outlook was better just a few months ago, after Beijing lifted its draconian Covid-19 controls, setting off a flurry of spending as people ate out and splurged on travel. But as the sugar high of the reopening wears off, underlying problems in China’s economy that have been building for years are reasserting themselves.

The National Company Law Appellate Tribunal has dismissed a petition filed by the suspended promoter and director of real estate and construction company Renaissance Indus Infra against the bankruptcy court’s ruling to admit the company under the corporate insolvency resolution process (CIRP) following a plea by its financial creditor Catalyst Trusteeship, the Economic Times of India reported. The lender had moved the bankruptcy court after the company defaulted on its dues worth nearly Rs 444 crore.