China’s central government offered a rare tax incentive for residential purchases, ramping up support for the country’s embattled real estate sector, Bloomberg News reported. Residents who buy new homes within one year after selling old homes will enjoy refunds for personal-income tax on the sale, according to a statement on the finance ministry website. The tax refunds will take effect from October till the end of 2023. The novel tax policy comes after a yearlong slump in the housing market.

Developing countries in Africa are losing a champion that for years allowed them to borrow at cheaper rates than they could find in capital markets, Bloomberg News reported. China, Africa’s largest bilateral creditor, has been scaling back lending in the region amid its worsening growth woes. That comes at a time of rising interest rates globally and shrinking liquidity, factors that have already sent bonds of the riskiest African borrowers such as Ghana and Zambia crashing, and currencies including South Africa’s rand to near pandemic lows.

Turkey began rounding up suspects in an investigation into alleged stock market fraud that led to a plunge in equities last month, according to state media, Bloomberg News reported. Istanbul’s chief prosecutor started the probe on suspicion of organized activity that violated Turkey’s capital markets law and issued a detention warrant for 10 people, two of whom remain at large, state news agency Anadolu said on Sunday. The arrests come after a sudden reversal in Turkey’s stock market, where banking equities dropped 39% in a three-week long rout that started on Sept.

Canara Bank has filed a fresh insolvency petition against Hyderabad-based engineering, procurement and construction (EPC) company Gayatri Projects, increasing pressure on the debt-laden borrower that owes lenders more than ₹6,000 crore, the Economic Times of India reported. A failed restructuring plan first initiated in 2015 and subsequent default have marked the account as a non- performing asset in the books of banks.

India's central bank is unlikely to extend a Friday deadline for businesses to set up an additional layer of security for consumers' credit card data even after some concerns remain over payments failing and revenue losses, say bankers and merchants, Reuters reported. Despite a demand by smaller merchants to delay the compliance date, there has been no indication so far by the central bank that there is likely to be an extension in deadline, three banking and merchant sources with knowledge of the matter told Reuters.

China's central bank has asked major state-owned banks to be prepared to sell dollars for the local unit in offshore markets as it steps up efforts to stem the yuan's descent, Reuters reported. State banks were told to ask their offshore branches, including those based in Hong Kong, New York and London, to review their holdings of the offshore yuan and ensure U.S. dollar reserves are ready to be deployed.

Taiwan's central bank said on Wednesday it will not adopt foreign exchange control measures and that foreign exchange management measures are enough to maintain financial market stability, Reuters reported. The Taiwan dollar has, like other major Asian currencies, depreciated sharply in recent weeks due to aggressive interest rate hikes in the United States and U.S. dollar strength as well as worries over slowing global economic growth.

China has spent a trillion dollars to expand its influence across Asia, Africa and Latin America through its Belt and Road infrastructure program. Now, Beijing is working on an overhaul of the troubled initiative, according to people involved in policy-making, the Wall Street Journal reported. A slowing global economy, combined with rising interest rates and higher inflation, have left countries struggling to repay their debts to China. Tens of billions of dollars of loans have gone sour, and numerous development projects have stalled.

The draft Indian telecom bill has cleared the air on spectrum ownership for companies undergoing insolvency proceedings and around regulating OTT communication services, analysts said, the Economic Times of India reported. They added that the draft telecom bill also offers a robust regulatory framework within the federal structure to obtain right of way (RoW) approvals in a uniform, non-discriminatory manner, for establishing telecoms infrastructure and expediting the rollout of 5G networks.

Queensland-based cryptocurrency, digital asset exchange and brokerage Mine Digital has collapsed and control handed to external administrators, amid a dispute where it is being sued for allegedly not doing enough to weed out scammers from its platform, the Australian Financial Review reported. On Friday, PKF business recovery and insolvency partner Brad Tonks was appointed administrator of ACCE Australia Pty Ltd, the registered company which trades as Mine Digital. The circumstances behind Mr Tonks’ appointment are unclear.