A committee of Sri Lanka's international private creditors sent its first debt rework proposal to the country's authorities regarding over $12 billion in bonds outstanding, Reuters reported. It is the first bondholder proposal after the island-nation of 22 million people defaulted on its debt a year ago. It is a first formal step to engage with the country's authorities. Details of the proposal were not immediately available. Representatives for the government did not respond to a request for comment. A spokesperson representing the creditor committee declined to comment.

China can phase out currency intervention by gradually reducing the amount and frequency of its forays into the market, the country's central bank governor said on Saturday, underscoring Beijing's resolve to keep up efforts to boost the yuan's global presence, Reuters reported. People's Bank of China Governor Yi Gang also said the central bank will seek to guide monetary policy so that real interest rates move slightly below the potential growth rate. "We have been trying to maintain the exchange rate stable for some time.

The NCLT has granted Future Retail Ltd (FRL) an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company, the Economic Times of India reported. Allowing FRL's plea the Mumbai bench of the National Company Law Tribunal (NCLT) has extended the deadline to July 15, 2023, for concluding the CIRP of FRL. "... NCLT on April 13, 2023, heard the application and granted the said exclusion of 90 days from CIRP of FRL and consequent extension for completion of CIRP till July 15, 2023," said a regulatory filing from the company.

China Evergrande New Energy Vehicle Group Ltd.’s billionaire founder vowed to overtake Tesla Inc. as the world’s biggest maker of electric cars within three to five years back in early 2019. Four years later, the company’s stock has gone from boom to bust and it’s struggling to survive, Bloomberg News reported. Evergrande NEV, the brainchild of Hui Ka Yan — the tycoon behind beleaguered property developer China Evergrande Group, is seeking a lifeline after last month warning it would need to stop production at its Tianjin factory unless new funds were secured.

Crypto lender Amber Group is weighing options for its Japan unit, including a possible sale, and plans to apply for a Hong Kong license following the city’s pivot toward creating a digital-asset hub, Bloomberg News reported. The evaluation of the Japan operation is part of a strategic decision to focus more on institutional rather than retail business, Amber’s Managing Partner Annabelle Huang said on Friday. Japan is a “very high quality market, but regulations are strict,” Huang said, adding the firm doesn’t have an announcement at the moment about a deal.

China's exports unexpectedly surged in March, with officials flagging rising demand for electric vehicles, but analysts cautioned the improvement partly reflects suppliers catching up with unfulfilled orders after last year's COVID-19 disruptions, Reuters reported. Exports in March shot up 14.8% from a year ago, snapping five straight months of declines. But analysts say the jump was more likely related to exporters rushing to fulfil a backlog of orders that had been disrupted by the pandemic in past months, and warned the global demand outlook remained subdued.

China is softening its stance over how to restructure billions of dollars of debt held by poor nations, offering a glimmer of progress in long-stalled talks over unlocking desperately needed aid, Bloomberg News reported. Discussions under way Wednesday in Washington during the World Bank and International Monetary Fund’s Spring Meetings were aimed at ending a deadlock among the biggest creditor nations on how to renegotiate poorer nations’ debt, which had become unsustainable amid surging inflation and a stronger dollar.

The National Company Law Tribunal (NCLT) in Bengaluru has admitted Mantri Developers Pvt. Ltd., a Bengaluru-based real estate firm, into the insolvency process and appointed Ahsan Ahmad as the insolvency resolution professional (IRP) to oversee the proceedings, the Economic Times of India reported. The decision follows an application by Indiabulls Housing Finance Ltd, which claimed the developer defaulted on dues exceeding Rs 456.68 crore ($6.2 million), including principal and interest.

Zambian President Hakainde Hichilema said China and the U.S. have a responsibility to set aside their differences and help countries such as his get the debt relief they need to avoid further damage to their economies, WSJ Pro Bankruptcy reported. With finance officials from around the world gathering in Washington this week for the International Monetary Fund and World Bank biannual meetings, Mr. Hichilema’s country is emerging as a focal point of discussions on how to restructure poor nations’ debts. U.S.

Chinese provinces plan to boost spending on major construction projects by almost a fifth this year as Beijing continues to rely on infrastructure to spur an economy being hindered by consumers still bruised from years of pandemic restrictions, Bloomberg News reported. About two thirds of China’s regions have announced spending plans for major projects such as transport infrastructure, energy generation and industrial parks this year, adding up to more than 12.2 trillion yuan ($1.8 trillion), according to a Bloomberg analysis of government statements and state-media reports.