South Korea's June inflation accelerated to the fastest pace since the Asian financial crisis, fanning expectations the central bank could deliver a 50 basis point rake hike for the first time next week to cool prices and curb capital outflows, Reuters reported. The consumer price index (CPI) rose 6.0% in June from a year earlier, government data showed on Tuesday, the fastest since November 1998 and exceeding the central bank's 2% target for the 15th consecutive month. The CPI also sped up from a 5.4% rise in the previous month and exceeded the 5.9% tipped in a Reuters poll.

Singapore’s top financial regulator reprimanded the cryptocurrency hedge fund Three Arrows Capital, saying that it supplied false information to officials and managed more assets than allowed, the Wall Street Journal reported. The firm, which was recently ordered to liquidate by a court in the British Virgin lslands, previously gave false or misleading information to regulators when it transferred management of its fund in September 2021 to an entity in the offshore tax haven, the Monetary Authority of Singapore said Thursday.

National flag carrier Garuda Indonesia is seeking new investors to aid its new business plan after the airline gained creditors' support to restructure its Rp 142 trillion (US$9 billion) of liabilities, the Jakarta Post reported. The State-Owned Enterprises (SOEs) Ministry has been in talks with several foreign airline companies and financial investors to invest in Garuda, Kartika Wirjoatmodjo, Deputy SOEs Minister said on Tuesday.

Global energy markets that have thrown up plenty of anomalies in 2022 as flows get rerouted and prices jump just saw a fresh quirk: India, typically Asia’s leading gasoline and diesel exporter, has been forced to step up imports of the fuels, Bloomberg News reported. Gasoline imports are set to rise to about 37,000 barrels a day in the first half of July, an eight-month high, according to preliminary data by Vortexa Ltd. Diesel imports, meanwhile, are set to surge to the highest since February 2020 at about 69,000 barrels a day in the period. Refiners such as Indian Oil Corp.

Japan's factory output posted the biggest monthly drop in two years in May as China's COVID-19 lockdowns and semiconductor and other parts shortages hit manufacturers, adding more pressure on an economy struggling to mount a strong recovery, Reuters reported. The decline also highlights the challenge the world's third-largest economy faces in overcoming supply disruptions and persistently high prices of raw materials and energy that analysts say could weaken global demand.

Sri Lanka’s economy fell back into contraction last quarter as the country battled its worst economic problems since independence, with emergency aid to stabilize the island nation proving elusive, Bloomberg News reported. Gross domestic product declined 1.6% in the quarter ended March from a year earlier, the Department of Census and Statistics said in a statement on Tuesday. That’s shallower than a 3.6% contraction seen by economists in a Bloomberg survey and compares with a revised 2% expansion in the previous quarter.

Edible oil firm Ruchi Soya Industries Ltd on Tuesday said the name of the company has been changed to Patanjali Foods Ltd with effect from June 24, the Economic Times of India reported. In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process.

Embattled businessman Vijay Mallya, who is based in Britain for over five years, is pursuing appeals in the UK courts in an attempt to overturn a bankruptcy order imposed on him by the High Court in London in July last year, the Economic Times of India reported. At a case management hearing at the Chancery Division of the High Court in London on Monday, Justice Tom Leech concluded that a set of interlinked hearings in the matter would be heard together.

China's economy has recovered to some extent, but its foundation is not solid, state media on Tuesday quoted Premier Li Keqiang as saying, Reuters reported. China will strive to drive the economy back onto a normal track and bring down the jobless rate as soon as possible, Li was quoted as saying. "Currently, the implementation of the policy package to stabilise the economy is accelerating and taking effect. The economy has recovered on the whole, but the foundation is not yet solid," Li was quoted as saying.