Sri Lankan authorities formally presented on Tuesday a request for debt treatment in the first meeting of the official bilateral creditors committee, the Paris Club said in a statement, Reuters reported. The committee, co-chaired by India, Japan and France, consists of 17 members and includes Paris Club creditors as well as other official bilateral creditors.

A U.S. accounting watchdog found unacceptable deficiencies in audits of U.S.-listed Chinese companies performed by KPMG in China and PricewaterhouseCoopers in Hong Kong, the government agency said on Wednesday, Reuters reported. The U.S. Public Company Accounting Oversight Board (PCAOB)published the findings of its inspections after gaining access to Chinese company auditors' records for the first time last year following more than a decade of negotiations with Chinese authorities. That access kept roughly 200 China-based public companies from potentially being kicked off U.S.

Hong Kong indicated that crypto companies drawn by the city’s push to create a digital-asset hub should expect an exacting regulatory regime, Bloomberg News reported. “Our regulation will be tight,” Hong Kong Monetary Authority Chief Executive Eddie Yue said in an interview at the Bloomberg Wealth Asia Summit on Tuesday. “We will let them create the ecosystem here and that actually brings a lot of excitement.

The economy of Cyprus is expected to grow by 2.6% this year, a full three points lower than the 2022 increase in the island's nation's gross domestic product, the governor of the country's central bank said Tuesday, the Associated Press reported. Governor Constantinos Herodotou said at an economic forum Tuesday that despite the slower growth rate, the forecast compares favorably with the average growth of 1% expected in other countries that use the euro.

The Indian government is considering a creditor-led insolvency resolution mechanism under the bankruptcy law to fast-track settlement and ease the burden on the National Company Law Tribunal (NCLT), people aware of the development said, the Economic Times of India reported. Under this mechanism, creditors and debtors can reach informal agreements on the plans to resolve bankruptcy and then approach the NCLT to quickly admit the cases, one of the persons said. The details will be finalised after broader stakeholder consultations.

An Indian tribunal will decide on Wednesday on Go Airlines (India) Ltd's bankruptcy request, a notice on the tribunal's website showed, as leasing companies step up pressure to repossess planes following missed rental payments, Reuters reported. The low-cost carrier filed for bankruptcy protection last week, blaming "faulty" Pratt & Whitney (P&W) engines for the grounding of about half its 54 Airbus A320neos. P&W, part of Raytheon Technologies, has called the airline's claims "astounding" and without evidence.

The National Company Law Tribunal on Monday issued a notice to SpiceJet on a petition filed by Aircastle (Ireland) Ltd, the Economic Times of India reported. The aircraft lessor is seeking initiation of insolvency resolution proceedings against the budget carrier and the next hearing is scheduled for May 17. A two-member Principal bench of the NCLT headed by President Ramalingam Sudhakar issued the notice to SpiceJet and directed to list the matter on May 17 for the next hearing. " There was no adverse ruling against SpiceJet.

Australia is headed for its first budget surplus since 2008 as windfall tax revenue from a fully employed economy and elevated commodity export prices combine to swell the government’s coffers, Bloomberg News reported. Treasurer Jim Chalmers will forecast a surplus of around A$4 billion ($2.7 billion) in the 12 months through June 2023 when he hands down the budget at 7:30 pm local time Tuesday at Parliament House in Canberra. The document will also show smaller deficits over future years than previously anticipated.

Go First on Monday asked the country's company law tribunal to urgently pass an order on its insolvency plea, citing lessors' efforts to take back planes, the Economic Times of India reported. The beleaguered Wadia Group-led airlines, Go First, on Thursday pleaded to the National Company Law Tribunal (NCLT) here for an interim moratorium after facing an acute cash crunch. The airline has also sought direction to appoint an insolvency resolution process (IRP) for the betterment of Go First. The NCLT, after the hearing, reserved its order on Go Airlines' plea.

Brisbane-based Everledger, which used blockchain technology to track the provenance of diamonds and other precious goods, has been quietly placed into voluntary administration after expected investor funding failed to happen, the Australian Financial Review reported. The move came despite it securing backing from the federal government and Chinese internet giant Tencent. The company was founded in 2015 by serial entrepreneur and former Queensland chief entrepreneur Leanne Kemp, as a way to use blockchain technology to track the provenance of diamonds.