China's three biggest airlines have reported heavy first-quarter losses as prolonged COVID curbs weighed on travel demand and a weakening Chinese currency and rising fuel prices inflated costs, trends which persist in the current quarter, Reuters reported. Analysts expect another year in the red for Chinese airlines as Beijing sticks with its zero-COVID policy to stop the spread of the virus. China Eastern Airlines on Friday reported a first-quarter net loss of 7.8 billion yuan ($1.18 billion) versus 3.8 billion a year earlier.

China will cut import tariffs for all types of coal to zero from May 1, 2022, until March 31, 2023, the finance ministry said on Thursday, as Beijing strives to ensure energy security amid soaring global prices and supply disruption concerns, Reuters reported. Top Chinese officials, including President Xi Jinping, have repeatedly addressed the vital role of coal in China's energy mix despite climate pledges to gradually reduce coal use and to bring the country's carbon emissions to a peak by 2030.

Indonesia widened the scope of its export ban on raw materials for cooking oil to include crude and refined palm oil, its chief economic minister said on Wednesday, leaving markets in shock over the latest policy reversal, Reuters reported. The announcement flipped the minister's statement a day earlier, in which he had said the export ban would only cover refined, bleached, and deodorized palm olein. The change was "in line with the president's decision and after taking into account the feedback and views from the people," Airlangga Hartarto said in a short statement.

Singapore authorities aim to conclude their probe of commodity trader Noble Group Ltd. and its subsidiary for potential breaches by the third quarter, with investigations now at an advanced stage, Bloomberg News reported. The investigations -- which have been ongoing since November 2018 -- involve suspected disclosure-related offenses, according to the Monetary Authority of Singapore’s enforcement report published on Wednesday.

Air New Zealand Ltd will centralise operations in Auckland and move its workforce in the city to a refurbished airport campus, the airline said on Wednesday, adding that the decision will help it cut costs by a fifth over 15 years, Reuters reported. The move, expected to occur in 2024, comes as New Zealand's flag carrier looks to reduce property costs while aiming for an uptick in business after two years of hard-line international border restrictions at home.

The World Bank has agreed to provide Sri Lanka with $600 million in financial assistance to help meet payment requirements for essential imports, the Sri Lankan president's media division said in a statement on Tuesday, Reuters reported. "The World Bank has agreed to provide $600 million in financial assistance to address the current economic crisis," the statement said. The World Bank would release $400 million "shortly", it said. According to the statement, the World Bank said it would continue to help Sri Lanka to overcome the current economic crisis.

Lenders weigh legal action over takeover of 947 Future Retail store by Reliance Lenders will soon initiate insolvency proceedings against Future Enterprises Ltd (FEL), the linchpin company of Future Group, which manufactures, designs, procures and distributes fashion apparel for the group companies, the Economic Times of India reported. The collapse of the Rs 24712 crore deal with Reliance Industries and defaults on a series of payments to lenders in the last week of March as per the terms of one-time restructuring (OTR) prompted lenders to pursue insolvency proceedings.

Private sector lender Yes Bank Ltd has moved National Company Law Tribunal (NCLT) seeking initiation of insolvency proceedings against Zee Learn, according to a regulatory filing, the Economic Times of India reported. The company said that Yes Bank Ltd has allegedly claimed that the total amount in default with respect to a financial facility is Rs 468 crore. Zee Learn has received a notice from the Mumbai bench of the NCLT over Yes Bank's petition and is in the process of compiling information to verify the facts, the filing said on Monday.

Oil climbed as Chinese central bank assurances of economic support eased fears that a new round of virus lockdowns will crimp crude demand. Diesel markets also spiked amid a global clamor for supplies, Bloomberg News reported. West Texas Intermediate settled above $101 a barrel after shedding more than 5% in the previous two sessions. China’s central bank pledged to ensure ample liquidity and assist sectors battered by the pandemic even as virus testing expanded in Beijing. The resurgence of Covid-19 has hammered fuel consumption in the world’s second-largest economy.