The International Monetary Fund warned on Tuesday of risks posed by China’s financial and property sectors even as it took a more optimistic view on the country’s economic growth, the New York Times reported. The IMF forecast that China’s economy will expand 5.4 percent this year and 4.6 percent in 2024. Each estimate was 0.4 percentage points higher than the fund had predicted four weeks earlier.

Japanese manufacturers' business confidence improved for the first time since August while service-sector mood rose for a second month, according to the Reuters Tankan poll, which also highlighted a challenging outlook amid a patchy economic recovery, Reuters reported. The monthly poll mirrored a similar improvement seen in the third quarter in the Bank of Japan's (BOJ) closely-watched quarterly tankan survey.

After lending $1.3 trillion to developing countries, mainly for big-ticket infrastructure projects, China has shifted its focus to bailing out many of those same countries from piles of debt, the New York Times reported. The initial loans were mostly part of the Belt and Road Initiative, which Xi Jinping, China’s top leader, started in 2013 to build stronger transportation, communications and political links in more than 150 countries. But now the two main Chinese state banks that provided most of the infrastructure loans have reduced their new lending.

The Unification Church’s Japanese branch announced plans Tuesday to set aside a fund up to 10 billion yen ($67 million) to cover possible compensation for those seeking damages they say were caused by the group’s manipulative fundraising tactics, the Associated Press reported. The move is seen as an attempt to allay any suspicion that the group would try to avoid later payouts by hiding assets overseas while a government-requested dissolution order is pending.

Iron ore has reached “unreasonable” levels that are hurting Chinese steel mills, according to China Mineral Resources Group, the state-backed firm trying to boost Beijing’s sway over prices, Bloomberg reported. Elevated costs are squeezing margins at steelmakers in the world’s top producer, Guo Bin, President of China Minerals, said at an event in Shanghai during the China International Import Expo. There needs to be more effort to “improve” pricing systems for raw materials, Guo said.

Australia’s sheep industry is in crisis, with prices near the lowest level in 16 years forcing some farmers in the country’s west to give their animals away for free to pet-food manufacturers, Bloomberg reported. Mutton prices have plunged 75% over the past year, according to Tim Jackson, global supply analyst at Meat & Livestock Australia. Sheep prices have also slumped, with older animals fetching an average of just A$34 ($22) in October and some reports of animals selling for less than a dollar a head, he said.

Persistently high interest rates are putting stress on corporate balance sheets and leaving increasing numbers of firms here and across the region at risk of bankruptcy, according to a new report and experts, The Star reported. The report noted that high interest rates have created an unfavorable borrowing environment, operational challenges and dented consumer spending. These have resulted in a broad-based increase in distressed companies, unlike previous cycles in Asia where the pain was concentrated in specific industries such as the shipping and oil sectors.

Lenders to India's Go First are not in favor of releasing additional funding to the grounded airline, given its legal troubles with lessors and complexities related to changes in the bankruptcy law, two banking sources told Reuters on Monday, Reuters reported. Go First's lenders, which include the Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank, had in principle approved funding of 4.50 billion rupees ($54.09 million) in June to resume operations and restart the airline.

Air New Zealand said on Tuesday that a change in the servicing schedule of RTX's Pratt & Whitney engines could significantly impact the airline's services for up to two years, Reuters reported. The carrier in October had flagged a nominal financial impact in the first half of 2024 related to the engine issue. Air New Zealand warned in September that the engine inspections would have a "significant" impact on its flight schedule from next year. The airline said on Tuesday it would pause flights connecting Auckland and Hobart from April 5 next year.