Sri Lanka's economy is expected to shrink by 2% in 2023, its central bank said in an annual report on Thursday, as the country struggled to emerge from its worst financial crisis in decades, Reuters reported. The central bank projected Sri Lanka's economy would grow by 3.3% in 2024, according to the report. The economy shrank by 7.8% in 2022, in a year dominated by deep political instability, soaring inflation and steep currency depreciation as Sri Lanka struggled with a financial crisis triggered by record low foreign exchange reserves.

A Hinduja Group firm on Wednesday emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction, sources said. The bid by IndusInd International Holdings Ltd (IIHL) is higher than Rs 8,640 crore offer made by Torrent Investments in the first round of auction held in December last year. The other two suitors -- Torrent Investments and Oaktree -- did not participate in the second round of auction, sources said. An e-mail sent to Hinduja Group for comment remained unanswered.

In the latest official scrutiny of a prominent American business in China, the authorities visited the Shanghai offices of the U.S. management consulting firm Bain & Company this month to question its employees, the New York Times reported. In a written statement, Bain said that it is “cooperating as appropriate with the Chinese authorities,” but declined to comment on the nature of the investigation and whether its employees’ phones and computers had been seized during the visit.

China's cabinet on Wednesday unveiled plans to boost employment, including supporting financial institutions to offer loans to small firms and issuing subsidies to firms that hire college graduates or unemployed young people, Reuters reported. The world's second-largest economy reported better-than-expected growth in the first quarter after the lifting of stringent COVID-19 curbs, but the jobless rate for those aged 16 to 24 rebounded close to a record high in March, creating a headache for policymakers.

Should a slowing economy lead to a weak stock market? Not judging by the performance of South Korea’s benchmark index this year, the Wall Street Journal reported. The country’s stock market is the best performer in Asia and one of the top indexes in the world so far this year. The Kospi Composite Index has risen more than 11% since Jan. 1, fueled by a rally in the shares of big technology companies such as Samsung Electronics Co. and SK Hynix Inc., which together account for a fifth of the index.

China has finished building a national and unified system for real estate registration, the official Xinhua news agency reported on Tuesday, in a landmark move that will boost transparency in ownership, Reuters reported. In 2014, China issued rules requiring real estate owners to register their holdings with authorities but faced heavy resistance from local governments unwilling to open up their books.

A dozen entities, including Silver Stallion of Mauritius, FPI Opportunities Fund of Singapore and listed companies C.E. Info Systems and 3i Infotech India, have shown interest in acquiring bankrupt defence-focused software developer Rolta India, said people aware of the development, the Economic Times of India reported. Other bidders to have submitted expressions of interest (EoIs) to the resolution professional Mamta Binani include Rashmi Metaliks, Rohstoffe International, Lloyds Metals and Energy, Varanium Cloud, and three individuals.

China nudged banks this month to cut deposit interest rates further in the latest effort to channel the country's vast savings pool into spending and more productive investments, Reuters reported. Members of China's "interest rate self-regulatory mechanism," mostly banks, met this month and were urged to reduce deposit rates. China's central bank does not set bank rates directly but guides them through the market-based mechanism, which comprises banks big and small. The guidance comes as banks and the economy groan under the weight of huge inflows of savings and deposits.

The Bank of Japan may conduct a comprehensive review of the impact of the monetary easing steps it has taken over the longer term, an idea recently flagged by its new governor Kazuo Ueda. But there is uncertainty on how soon, and in what format, the central bank could launch such a review, which will be a topic of discussion at upcoming policy meetings, Reuters reported. Any review likely won't have immediate policy implications, and instead focus on structural factors such as lessons drawn from the BOJ's long battle with deflation.

The northeastern Chinese city of Shenyang is considering buying a stake in Hong Kong-listed Brilliance China Automotive Holdings Ltd., giving it exposure to a local joint venture with BMW AG, Bloomberg News reported. The municipal government is discussing a potential acquisition of a 30% stake in Brilliance China held by state-backed Brilliance Automotive Group Holdings Co., which is in a court-led restructuring process, the people said, asking not to be identified as the information is confidential.