China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building "Belt and Road" infrastructure, a study published on Tuesday showed, Reuters reported. Almost 80% of the lending was made between 2016 and 2021, mainly to middle-income countries including Argentina, Mongolia and Pakistan, according to the report by researchers from the World Bank, Harvard Kennedy School, AidData and the Kiel Institute for the World Economy.

Only 15 percent of the 267 insolvency cases admitted in company law tribunals during October-December 2022 reached resolution with overall recovery of just 27 per cent of claimed amount, the IBBI data showed, the Economic Times of India reported. As much as 45 per cent cases were concluded through liquidation, according to a Kotak Securities analysis of the latest data from the Insolvency and Bankruptcy Board of India (IBBI).

The head of Australia's prudential regulator said on Tuesday the country's banks were among the best placed in the world to handle a financial crisis, following the collapse of Silicon Valley Bank (SVB) that roiled international markets, Reuters reported.

Cryptocurrency entrepreneur Justin Sun is attempting to revive the fortunes of digital-assets exchange Huobi by shifting its focus back to China—with the aid of a digital citizenship program from a tiny Caribbean island, the Wall Street Journal reported. Sun is pushing the Beijing-founded company to win customers in Hong Kong and China, despite a ban on crypto trading in the mainland that forced Huobi to stop accepting business from there.

China Evergrande Group, the giant property developer that defaulted on its U.S. dollar bonds more than a year ago, has struck a crucial deal with a group of bondholders, bringing its prolonged debt negotiations close to the finish line, the Wall Street Journal reported. The Guangzhou-based developer became the highest profile victim of the Chinese government’s deleveraging campaign more than two years ago, which fueled a sharp slowdown in the property sector and ultimately led to dozens of dollar bond defaults.

Holders of Sri Lanka's international sovereign bonds face a 20% principal haircut in the country's debt restructuring as well as maturity extensions and a reduction in coupons, according to a Barclays report, Reuters reported. Investors' focus has shifted to the restructuring of Sri Lanka's $13.4 billion sovereign dollar bonds after Colombo got final sign off on a $3 billion programme from the International Monetary Fund (IMF) earlier this week, a financial lifeline in its bid to recover from its worst economic crisis in more than seven decades.

Turkey’s central bank held off from cutting interest rates on Thursday as the lira comes under pressure and the economy absorbs the fallout of last month’s catastrophic earthquakes, Bloomberg News reported. The Monetary Policy Committee led by Governor Sahap Kavcioglu left the one-week repo rate at 8.5%. The decision was in line with its guidance that the benchmark was at an “adequate” level following a half-a-percentage point decrease in February, a view the central bank reiterated in its statement on Thursday.

China Evergrande Group on Wednesday announced plans for the restructuring of its $22.7 billion in offshore debt, which could set a template for distressed rivals and shape investor sentiment on the country's embattled property sector, Reuters reported. The world's most indebted property developer gave creditors a basket of options to swap their debt into new bonds and equity-linked instruments backed by the group and its two Hong Kong-listed companies, Evergrande Property Services Group and Evergrande New Energy Vehicle Group.

The U.S. Securities and Exchange Commission yesterday sued Chinese cryptocurrency entrepreneur Justin Sun, accusing him and other defendants of illegally selling crypto securities and scheming to artificially inflate trading volume in crypto assets, Reuters reported. Beginning around August 2017, Sun and his companies Tron Foundation Limited, BitTorrent Foundation Limited and Rainberry Inc engaged in a scheme to distribute billions of crypto assets known as Tronix (TRX) and BitTorrent (BTT), the SEC said.

The executive board of the International Monetary Fund approved a loan worth $3 billion to help Sri Lanka through the financial crisis that has had the nation in a rolling economic and political crisis for more than a year, the New York Times reported. The I.M.F. had agreed in principle to extend the funds last September — subject to Sri Lanka’s meeting a series of conditions that included tightening its finances and renegotiating the terms of repaying debt it owes to the biggest economies in Asia.