India's bankruptcy court has admitted McLeod Russel India, the world's largest tea producer, under the Corporate Insolvency Resolution Process (CIRP), the Economic Times of India reported. The Kolkata bench of the National Company Law Tribunal (NCLT) has appointed Ritesh Prasad Adatiya as the interim resolution professional (IRP). This came on a plea by the IL&FS Infrastructure Debt Fund, after McLeod Russel defaulted on dues of over ₹347 crore in November 2019.

The World Bank said on Thursday it is providing Turkey with $1.78 billion in relief and recovery financing assistance as the country struggles with the aftermath of an earthquake that has killed over 20,000 people and left hundreds of thousands homeless, Reuters reported. The World Bank said in a statement that $780 million will become available for Ankara immediately, as the funds will be diverted from two existing World Bank loan projects in Turkey.

Japan's government is likely to appoint academic Kazuo Ueda as the next Bank of Japan governor, two government officials told Reuters, a surprise choice that could see the country finally align with other major economies in raising interest rates, Reuters reported. Ueda, a former BOJ policy board member and an academic at Kyoritsu Women's University, is considered an expert on monetary policy but had not even been seen as a dark horse candidate for the top job.

The United States is violating the principles of market economy and international trade rules in considering a ban on Chinese citizens buying property in the United States, the Chinese foreign ministry said on Friday, Reuters reported. "Generalizing the concept of national security and politicising economic, trade and investment issues violate the rules of market economy and international trade rules," spokesperson Mao Ning said at a regular press briefing.

A daunting economic landscape will exacerbate the humanitarian catastrophe wrought by a pair of earthquakes on Turkey, as early estimates of the damage point to mounting inflation and budget risks, Bloomberg News reported. Turkey has suspended trade on its main stock stock exchange following a sharp drop and the lira remains propped up by support measures. Meanwhile, Turkish financial assets whose movements remain unrestricted largely stabilized, with some even appreciating on Thursday.

Beijing is trying to kick-start economic growth after lifting its stringent Covid-19 restrictions. One challenge: Chinese citizens borrowed less and saved more last year and it isn’t clear how long it will take to return to freer-spending ways, the Wall Street Journal reported. Individuals in China took out the equivalent of $564 billion in new loans in 2022, down more than half from a year earlier, marking the lowest total since 2014 according to government data. The big drop was largely due to a decline in home sales, which translated into lower demand for new mortgages.

Tees Valley Lithium struck a preliminary deal to supply raw materials to the preferred buyer of collapsed UK battery startup Britishvolt Ltd., Bloomberg News reported. The early-stage lithium refiner signed a memorandum of understanding to supply toll-processed lithium to Recharge Industries, which has been selected as the preferred bidder for the majority of the insolvent battery firm’s business and assets. Tees Valley plans to produce the lithium at a refinery in the northeast of England that’s set to start operation in 2025.

President Tayyip Erdogan declared on Tuesday a three-month state of emergency covering Turkey's 10 southern provinces hit by devastating earthquakes, and called it a disaster zone in a move meant to bolster rescue efforts, Reuters reported. The move came as the death toll from Monday's two major earthquakes, which hit a wide area of Turkey and Syria, exceeded 5,000 and as rescuers raced against time to dig people out of the rubble of collapsed buildings.

The Reserve Bank of Australia delivered a ninth consecutive increase in interest rates and signaled more to come, suggesting global central banks are headed down different paths as their battle with inflation enters a new phase, the Wall Street Journal reported. The latest increase of 0.25 percentage point took Australia’s benchmark interest rate to 3.35% from 3.10% and marked the first time that the RBA had tightened policy at nine straight meetings of its board. Explaining the move, ​RBA ​Gov. Philip Lowe said inflation was at its highest level in more than three decades.

The absence of Chinese visitors devastated Thailand, where officials say tourism accounted for a fifth of gross domestic product in 2019, the Wall Street Journal reported. About a quarter of arrivals that year came from China, bringing in 40% of international tourism revenue. By the time Thailand reopened its borders in October 2021, many businesses that relied wholly on the Chinese market had collapsed. China’s strict zero-Covid policy kept its citizens from traveling abroad until rules were eased in January, raising hopes for a surge of pent-up demand.