Neville Tuli-owned arthouse Osian's Connoisseurs of Art has been placed under bankruptcy proceedings, the Economic Times of India reported. The Mumbai bench of India's dedicated bankruptcy court admitted a plea by state-run lender IDBI Bank to put the company under the Corporate Insolvency Resolution Process (CIRP) after it defaulted on dues worth around ₹125 crore. The National Company Law Tribunal (NCLT) also appointed Girish Sriram Juneja as interim resolution professional (IRP) to oversee its day-to-day affairs and revival plans.

China's antimonopoly bureau will step up legal enforcement against monopolistic behaviour and push forward the amended antimonopoly law to improve the regulatory framework, said Gan Lin, chief of the national antimonopoly bureau, Reuters reported. China last month elevated the seniority of the market regulator's antitrust unit, the National Anti-monopoly Bureau, and appointed Gan as chief, a move which would help antitrust investigators gain resources when examining mergers and acquisitions.

The Reserve Bank of India (RBI) has conveyed to its central board that it favours a complete ban on cryptocurrencies, the Economic Times of India reported. The RBI made a detailed presentation to the board highlighting "serious concerns" relating to macroeconomic and financial stability as well as exchange management, according to a source. "The board was apprised of RBI's stance on the matter."The central bank also highlighted the challenge of regulating intangible assets that originate overseas.

President Recep Tayyip Erdogan pledged to continue interest rate cuts that have made the Turkish lira the world’s worst performing currency over the past three months, referring to Islamic proscriptions on usury as a basis for his new policy push, Bloomberg News reported. “What is it? We are lowering interest rates. Don’t expect anything else from me,” Erdogan said Sunday in televised comments from Istanbul. “As a Muslim, I’ll continue to do what is required by nas,” Erdogan said, using an Arabic word used in Turkish to refer to Islamic teachings.

Australia on Friday won a landmark court ruling against Singapore Telecommunications, a victory in the country’s battle against tax avoidance by multinational companies through cross-border financing arrangements, Bloomberg News reported. The Federal Court of Australia on Friday dismissed the company’s appeal of a tax assessment related to the acquisition financing of Singtel Optus in 2001.

China’s financial regulator is coordinating negotiations between Shimao Group Holding Ltd. and some trust firms for loan extensions, according to people familiar with the matter, a sign that authorities want to prevent a cash crunch at the embattled developer, Bloomberg News reported. Officials from the China Banking and Insurance Regulatory Commission helped arrange talks between Shimao and trust firms including Guotong Trust Co. and China Minsheng Trust Co., the people said, asking not to be named discussing a private matter.

Chinese creditors have sued China Evergrande Group for more than $13 billion in allegedly overdue payments, according to a report. A Chinese court assigned to handle civil lawsuits against Evergrande accepted 367 cases, with claims totaling 84 billion yuan ($13.2 billion), the Financial Times reported, citing official records.

The Bank of Japan is set to keep monetary policy ultra-loose on Friday but may dial back emergency pandemic-funding, less than 48 hours after the U.S. Federal Reserve signaled an imminent end to stimulus as policymakers respond to soaring global inflation, Reuters reported. The BOJ's anticipated decision, underpinned by cautious optimism that the economic damage wrought by coronavirus crisis is gradually healing, will put it in line with major central banks' moves to phase out crisis-mode policies, Reuters reported.

Turkey’s minimum wage will rise 50% in 2022 to help offset living costs that have surged as the central bank unleashed a series of lira-weakening interest-rate cuts to support President Recep Tayyip Erdogan’s push to rewire the economy, Bloomberg News reported. The monthly net minimum salary will be 4,250 liras ($275), Erdogan said during a televised press conference. In 2021, it stood at 2,826 liras, a figure that converted to $380 at the start of the year but has fallen to $186 with the lira’s 51% depreciation.

A Malaysian court has approved a restructuring scheme for budget long-haul carrier AirAsia X Bhd that will pay just 0.5% of debt owed and end existing contracts, the airline said in a Thursday filing, Reuters reported. The High Court of Malaya granted a sanction order at a hearing on Thursday and “the proposed debt restructuring will take effect upon lodgement of the sanction order with the Registrar of Companies of Malaysia,” the filing said. Last month, AirAsia X’s creditors agreed to the scheme to restructure 33.65 billion ringgit ($8 billion) of liabilities.