Facing heat from banks for recovery of outstanding dues, Future Retail on Tuesday moved the Supreme Court seeking quashing of lenders' letters threatening initiation of insolvency proceedings by citing its still alive, but mired in cross-country litigations initiated by multinational Amazon, deal with Reliance Retail for sale of assets for nearly Rs 25,000 crore, the Times of India reported.

China Evergrande Group asked international creditors to give the giant property developer more time to get a grip on its complicated financial situation, and warned that drastic legal action could be destabilizing, the Wall Street Journal reported. The plea came days after a group of international bondholders threatened to enforce their legal rights against Evergrande, saying that they had been unable to engage substantively with the troubled Chinese real-estate company for months.

South Korea's economy expanded at the fastest pace in 11 years in 2021 helped by a jump in exports and construction activity, tempering declines in capital investment and a slow recovery in the coronavirus-hit service sectors, Reuters reported. Record exports drove the rebound but swathes of the economy have fallen behind. Jobs are still vanishing across manufacturing and service sectors, a reminder that liberal President Moon Jae-in's promises to boost employment have not materialised.

Japanese Prime Minister Fumio Kishida said on Tuesday recent price rises in the country were driven largely by rising energy and global commodity costs, Reuters reported. "It's desirable to create an environment in which companies can pass on rising costs, raise wages, so that increasing consumption spurs economic growth and inflation," Kishida told parliament. Read more.

Australia's core inflation flew to its fastest annual pace since 2014 in the December quarter as fuel and housing costs led broad-based price pressures, a shock that will stoke market speculation of an early hike in interest rates, Reuters reported. Data from the Australian Bureau of Statistics out on Tuesday showed the headline consumer price index (CPI) rose 1.3% in the fourth quarter and 3.5% for the year, topping forecasts. The trimmed mean measure of core inflation favoured by the Reserve Bank of Australia (RBA) jumped 1.0% in the quarter, the largest increase since 2008.

Singapore's central bank tightened its monetary policy settings on Tuesday in its first out-of-cycle move in seven years, as global supply constraints and brisk economic demand elevate inflation pressures across the region, Reuters reported. The city-state's trade-dependent economy is highly susceptible to swings in global inflation and the central bank's sudden move comes as price pressures ring alarm bells for policymakers elsewhere in Asia.

Indian retailer Future Group on Tuesday challenged its own lenders in the Supreme Court to avoid facing insolvency proceedings over missing payments, citing its dispute with partner Amazon.com Inc , according to a legal filing reviewed by Reuters. Future, the country's second-largest retailer, has since 2020 failed to complete its $3.4 billion retail asset sale to a rival due to a row with Amazon, which argues the Indian group violated certain non-compete contractual terms the two sides had. Future denies any wrongdoing.

Chinese developer Yuzhou Group Holdings Co. said that it won’t pay off two dollar bonds due this week, meaning some events of default will occur, as builders continue to struggle meeting debt payments, Bloomberg News reported. The company earlier this month offered to swap the notes for new debt, and investors exchanged most of their holdings. There’s $104.9 million of combined principal remaining, Yuzhou said in a Monday stock exchange filing, and it’s opting not to pay that while planning to relaunch the exchange offer this week.

Turkish Finance Minister Nureddin Nebati told economists he expects the inflation rate to peak at about 40% in the months ahead and not to surpass 50% this year, Bloomberg News reported. Nebati provided his most detailed outlook yet for consumer prices in 2022 during a meeting with 60 economists and analysts on Saturday in Istanbul. The minister said the inflation rate may not fall below 30% until the end of the year. Turkey’s inflation rate hit 36.1% in December, the highest since the beginning of President Recep Tayyip Erdogan’s 19-year rule.

Some Turkish manufacturing companies have halted production temporarily after Iran cut gas flows last week for up to 10 days due to a technical problem, Reuters reported. Companies affected include car parts maker Ege Endustri , cardboard manufacturer Kartonsan and defence and automotive parts maker Katmerciler. Turkey is almost fully dependent on imported gas from Russia, Azerbaijan and Iran, which suspended gas flows to the country last Thursday, saying there was a technical fault at a pressure-boosting station in Turkey.