A real rate of minus 35% and little prospect of a rate hike by the Turkish central bank can only mean more losses for the beleaguered lira, Bloomberg News reported. Traders see a probability of almost 50% that the lira will surpass its record low of 18.3633 per dollar by the end of the year, according to Bloomberg calculations based on prices of put and call options. The currency slumped as much as 1.2% Thursday before paring its drop to trade at 13.5772 as of 2:08 p.m. in Istanbul.

Japan's biggest lenders on Wednesday all sounded alarm about the risk the Omicron variant could have on their earnings, reviving concerns that a resurgent pandemic could trigger more bad loans, Reuters reported. It was a sobering assessment from Japan's three top banks - some of the world's biggest lenders by assets - and underscored how the latest coronavirus variant could put more downward pressure on an already fragile domestic economy. Top lender Mitsubishi UFJ Financial Group Inc.

The Philippine government’s outstanding debt reached 11.7 trillion pesos ($229 billion) at end-December, up by a fifth from a year ago, according to the Bureau of the Treasury, Bloomberg News reported. The debt-to-GDP ratio widened to 60.5% in 2021 from 54.6% in the year previous.

Finance Minister Nirmala Sitharaman on Tuesday proposed faster resolution of bankrupt companies by paving the way for amendments to the Insolvency and Bankruptcy Code (IBC), seeking to make cross-border deals easier and speed up voluntary unwinding of defaulting borrowers, the Economic Times of India reported. “Necessary amendments in the Code will be carried out to enhance the efficacy of the resolution process and facilitate cross- border insolvency resolution,” Sitharaman said.

India’s record borrowing plan prevents Fitch Ratings from reverting to a stable outlook from negative, keeping alive the possibility of a sovereign downgrade to so-called junk status over the coming year, Bloomberg News reported. The nation has the highest general government debt ratio among peers rated BBB-, Fitch said in a statement a day after India pledged to double down on debt-fueled spending. Active steps to reduce debt is key to revising the outlook, Fitch said.

India doubled down on its spending commitment, relying on an already swamped debt market to borrow and spend big to spur growth, Bloomberg News reported. Prime Minister Narendra Modi’s administration will target a budget deficit of 6.4% of gross domestic product for the year starting April 1 -- wider than the median 6.1% seen in a Bloomberg survey -- as it prioritizes growth over fiscal consolidation.

Flag carrier Philippine Airlines (PAL) has named a new captain to pilot the company in its recovery path. PAL announced yesterday the appointment of its senior vice president for airline operations Stanley Ng as the company’s new president and chief operating officer (COO), in an acting or officer-in-charge capacity, the Philippine Star reported. Ng replaces Gilbert Santa Maria, who served as the airline’s president and COO during PAL’s Chapter 11 restructuring process which the company completed last year. PAL did not disclose the reason why Santa Maria was replaced.

Receivers have been appointed over land in Hong Kong that China Evergrande Group used as collateral for a $520 million loan, but the sale of the plot won’t affect the company’s broader restructuring, the troubled developer said, the Wall Street Journal reported. Evergrande was notified Wednesday about the move, which relates to a plot of undeveloped residential land located in Yuen Long, the property company said in a filing late Sunday in Hong Kong. It didn’t name the lender.

The appellate tribunal has upheld an order passed by the Chennai bankruptcy court to liquidate Siva Industries and Holdings while rejecting a settlement proposal endorsed by a majority of the lenders, the Economic Times of India reported. In a judgment dated January 28, the National Company Law Appellate Tribunal (NCLAT) ordered liquidation stating that the plan was submitted to the tribunal after 330 days, which is the maximum time permitted to resolve a case under the Insolvency and Bankruptcy Code (IBC) failing which the company has to be liquidated.

Japan's factory output shrank for the first time in three months in December as a decline in machinery production outweighed a small rise in autos, casting a cloud over the strength of the economic recovery, Reuters reported. Retail sales posted their third straight month of year-on-year gains in December as low coronavirus cases encouraged shoppers. Record infections this month driven by the Omicron variant, however, are expected to have hit consumer sentiment.