Sri Lanka on Tuesday rejected international bondholders' proposal to restructure more than $12 billion in debt, putting at risk critical International Monetary Fund support and delaying its efforts to resolve a two-year-long debt crisis, Reuters reported. Some of the proposal's "baseline" assessments and a lack of a contingency option in the case of continued economic weakness were two the main reasons the deal was not agreed, the government said in a statement.

China’s central bank kept key policy rates steady and drained liquidity from the banking sector as economic data shows fresh signs of weakness, the Wall Street Journal reported. The People’s Bank of China on Monday held the interest rate on its one-year medium-term lending facility at 2.5% while injecting 100 billion yuan ($13.82 billion) funds via the instrument, according to a statement on its website. With CNY170 billion worth of MLF loans due on Wednesday, the PBOC has drained a net CNY70 billion liquidity from the financial system.

State-backed property developer China Vanke said it is facing short-term liquidity pressure and operational difficulties, but added that it has prepared "a basket of plans" to stabilise its business and cut debt, Reuters reported. Vanke's Hong Kong-listed shares closed down 0.8% on Monday after hitting a record intraday low, while its Shenzhen-listed shares edged up 0.6%, stabilising after nine consecutive sessions of decline.

The Mumbai bench of the National Company Law Tribunal (NCLT) has disposed of two separate insolvency resolution applications filed by State Bank of India and IDBI Bank against Mumbai Metro One. The borrower is a joint venture between Anil Ambani-promoted Reliance Infrastructure (RInfra) and Mumbai Metropolitan Regional Development Authority (MMRDA), the Economic Times reported.

Mining conglomerate Vedanta Ltd has secured an 11-year term loan of Rs 3,918 crore from Power Finance Corporation Ltd (PFC), sources said. The financial closure will enable Vedanta to expedite completion of its power projects, the Economic Times of India reported. The group plans to increase the operating capacity of its power business in India to 4.8 GW by FY27. The latest financing follows Vedanta group's takeover of Meenakshi Energy Ltd on December 28 in an NCLT-driven insolvency process.

South Korea's finance minister stepped up warnings on Monday that the government is ready to act to counter any renewed volatility in currency markets after the won has extended declines against the dollar to hit the lowest in a year and a half, Reuters reported. "We will swiftly act according to contingency plans and will play any necessary role to respond to any excessive volatility in forex and other financial markets," Choi Sang-mok said at a policy meeting urgently scheduled to discuss escalating tensions in the Middle East.

The National Company Law Appellate Tribunal (NCLAT) has stayed insolvency proceedings against Captain GR Gopinath's Deccan Charters till April 26, 2024, its next date of hearing, the Economic Times of India reported. Earlier, the Bengaluru bench of the National Company Law Tribunal (NCLT) had directed initiation of Corporate Insolvency Resolution Process (CIRP), admitting a plea of financial creditor Krone Finstock claiming a default of around Rs 10 crore.

Thai retailer Central Group has acquired the landmark KaDeWe property in central Berlin from the insolvent Austrian company Signa in what it said was another step towards buying the group, Reuters reported. Central said in a statement on Friday that it was optimistic about talks to acquire the entire KaDeWe Group, which includes Alsterhaus in Hamburg, and Oberpollinger in Munich. The Thai retailer already holds a 50.1% majority stake in the group.

China's securities regulator issued draft rules on Friday to strengthen the supervision of company listings, delistings and computer-driven programme trading, in a move to improve the stock market and protect investors' interests, Reuters reported. The China Securities Regulatory Commission (CSRC) will raise the bar for initial public offerings (IPOs), force unqualified companies to delist, and strengthen the oversight of high-frequency trading, according to draft rules put out for public opinion.

Singapore’s central bank kept its monetary policy unchanged as it cautioned that inflation is set to stay high for at least a few quarters, the Wall Street Journal reported. The decision came as advance estimates for the city-state’s economic growth in the first quarter missed expectations, but not enough to cause much concern among analysts. After standing pat for a fourth straight time, the Monetary Authority of Singapore said Friday that the current settings are needed “to keep a restraining effect” on imported inflation and domestic price pressures.