Turkey's central bank lifted its key interest rate by 250 basis points to 42.5% on Thursday as expected as it faces down years of soaring inflation, but promised to end the aggressive tightening cycle as soon as possible, Reuters reported. Some analysts said one more rate hike was on the cards after seven straight months of tightening. The central bank has lifted its one-week repo rate by 3,400 basis points since June, when President Tayyip Erdogan appointed former Wall Street banker Hafize Gaye Erkan as its governor to conduct a sharp pivot toward more orthodox policies.

After weeks of financial uncertainty and talks of looming liquidation, Farfetch has found its saving grace in South Korean e-commerce company Coupang, Jing Daily reported. Earlier yesterday, Coupang announced its acquisition of the UK-based luxury marketplace, offering $500 million in emergency funding. According to Farfetch, the capital infusion will enable the company to “continue providing exclusive brands and boutiques with bespoke, cutting-edge technology and giving leading designers access to consumers around the globe.” The news arrived at the final hour for Farfetch.

The Bank of Japan maintained ultra-loose policy settings on Tuesday in a widely expected move, as the bank opted to await more evidence on whether wages and prices would rise enough to justify a shift away from massive monetary stimulus, Reuters reported. The central bank also made no change to its dovish policy guidance, dashing hopes among some traders it would tweak the language to signal a near-term end to negative interest rates.

A Chinese developer partially owned by the southern city of Shenzhen warned it can’t pay interest due Wednesday as it races to win support from creditors to extend dollar bond deadlines, raising the risk of its first default, Bloomberg News reported. China South City Holdings Ltd. said in a stock exchange filing that it doesn’t have the resources to pay the interest of its 9% notes due July 2024 — with $235 million of principal outstanding — by the end of a grace period Dec.

Chinese banks are putting bad loans up for sale at a record pace, as regulators push for faster disposal of sour debts amid rising consumer defaults during an ailing post-COVID economic recovery, Reuters reported. Issuance this year of securities backed by non-performing loans (NPLs) is set to jump about 40% from a year ago to a record, data from a ratings agency showed, as lenders rush to offload distressed assets linked to mortgage, credit card and consumer borrowings.

China's state planner on Monday said it aimed to stimulate private investment with a greater effort in 2024 and continue to enhance the "positive" economic recovery trend, Reuters reported. China would expand consumption of renewable energy, the National Development and Reform Commission said in a statement, adding that it would actively and steadily promote carbon peak and carbon neutrality.

Another Indian airline backed by a billionaire is on the brink of shutting down for good, having tried and so far failed to attract a savior after entering bankruptcy protection in May, Bloomberg News reported. Go Airlines India Ltd.’s chances are fading. Chief Executive Officer Kaushik Khona quit at the end of November, saying he couldn’t get the carrier flying again and that staff hadn’t been paid for six months. Go flight attendants and pilots are looking for jobs elsewhere. On Friday, Go announced in a post on X, formerly Twitter, that it had canceled all scheduled flights until Feb.

China's State Council, led by Premier Li Qiang, on Sunday published rules that come into force on May 1 for the supervision and management of non-banking payment institutions, Reuters reported. The rules, among other measures, implement tougher licensing regulations and call for stronger risk management of non-bank payment platforms to prevent misappropriation of funds and other criminal activities, People's Bank of China, the country's central bank, and the Ministry of Justice said in a joint statement on Sunday.

China's property sector worsened in November as negative home buyer sentiment and indebted developers drove down sales and investment, while broader retail sector activity missed forecasts, suggesting more support is needed to shore up demand, Reuters reported. The world's second-largest economy has struggled to mount a strong post-COVID recovery as distress in the housing market, local government debt risks and weakening global demand slowed momentum.