Australia's central bank decided to raise interest rates by a larger 50 basis points this month because policy would still be very stimulative and it needed to be normalised to stop high inflation becoming entrenched, Reuters reported. Minutes of its June 7 Board meeting, showed the Reserve Bank of Australia (RBA) discussed lifting the 0.35% cash rate by 25 basis points or 50 basis points and chose the latter as inflation had already outpaced all expectations.

In China, an army of college students is set to enter the toughest job market in years, as Covid-19 takes the wind out of the broader economy and Beijing’s regulatory campaigns devastate industries long attractive to the country’s young people, the Wall Street Journal reported. Wang Shusheng, a student at a university in the eastern Chinese city of Hangzhou who is set to collect his diploma next week, said he has sent his résumé to more than 250 companies in the past few weeks, including some that he submitted at 2 a.m. during bouts of anxiety.

A judge declined to end exiled Chinese businessman Guo Wengui’s personal bankruptcy, siding with the Justice Department and some of his creditors who asked that a neutral party be brought in to take charge of his finances, WSJ Pro Bankruptcy reported. Judge Julie Manning of the U.S. Bankruptcy Court in Bridgeport, Conn., yesterday ordered that an independent trustee be appointed to take over Mr. Guo’s chapter 11 case and work with his creditors on a plan to pay his debts and potentially resolve civil lawsuits against him. The ruling is a blow to Mr.

China’s economy improved slightly in May, offering hints of a recovery that is likely to remain fragile under the continuing threat of pandemic-related lockdowns, the Wall Street Journal reported. Official data released by the National Bureau of Statistics on Wednesday showed an uptick in factory production and a smaller decline in retail sales in the world’s second-largest economy last month. Industrial production edged up 0.7% in May from a year earlier, reversing an almost 3% contraction in April, a sign that factories had resumed operations as Covid-19 curbs eased.

The operator of Istanbul's second-largest airport Sabiha Gokcen is seeking relief from its current contract after the pandemic hit and is close to reaching a deal with the Turkish government, a top company official said. ISG, the operator, is fully owned by Malaysia Airports Holdings and has a 20-year contract with the government to run Sabiha Gokcen airport until 2034. The contract was worth 1.93 billion euros ($2.01 billion). "We are discussing with the government some forms of relief due to the pandemic," Mohammad Nazli Abdul Aziz, executive director of the operator, ISG, told Reuters.

The South Korean government reached a deal with truckers to extend a minimum-wage plan, ending a weeklong strike that had snarled supply chains in one of Asia’s export powerhouses, the Wall Street Journal reported. The truckers union agreed to return to work immediately after reaching a deal with the transport ministry late Tuesday, bringing a close to the standoff over wages that had been aggravated by rising fuel prices. Under the deal, the transport ministry will extend a minimum-wage plan that was set to expire at the end of the year.

The Noida authority on Monday said that it has written to the Centre and Uttar Pradesh government, seeking revision in the provisions of the Insolvency and Bankruptcy Code (IBC) 2016, the Hindustan Times reported. The authority has asked to be included in the category of financial creditors for easier recovery of dues from defaulting realtors facing corporate insolvency resolution process (CIRP) at the National Company Law Tribunal (NCLT). “We have written to the Uttar Pradesh and central government seeking revision in the provisions of IBC-2016.

The Reserve Bank of Australia “will do what’s necessary” to bring inflation back down to its 2-3% target, Governor Philip Lowe said, as he warned interest rates would need to push higher to achieve that goal, Bloomberg News reported. Inflation could accelerate to as much as 7% by year’s end and is unlikely to begin slowing until the first quarter of 2023, Lowe said in an interview with Australian Broadcasting Corp.’s 7:30 Report on Tuesday.

The Bank of Japan ramped up bond buying on Tuesday as its yield cap came under renewed pressure from rising global interest rates, highlighting its difficulty in remaining a dovish outlier in a global wave of monetary tightening, Reuters reported. The central bank's resolve to keep yields low has helped drive the yen down to 24-year lows against the dollar, as investors have focused on the gap between Japan's ultra-low interest rates and expectations of aggressive hikes by the U.S. Federal Reserve.

The bankruptcy court has allowed a petition filed by an operational creditor of Bombay Rayon Fashions Ltd (BRFL) to admit the company for the corporate insolvency resolution process (CIRP) and appointed Santanu T Ray of AAA Insolvency Professionals as its resolution professional, the Economic Times of India reported. The Mumbai bench of the National Company Law Tribunal (NCLT) admitted the plea filed by Vikash Parasprampuria of Chiranjilal Yarn Traders against the textile maker.