Philippine Airlines, Inc. (PAL) said on Tuesday that it has filed a petition before a Pasay City court seeking recognition of the proceedings and decisions of a U.S. bankruptcy court hearing its chapter 11 case, BusinessWorld reported. “The recognition petition filed by PAL before a local court is a petition which aims to ensure that the Philippine legal system recognizes all proceedings and decisions rendered by the foreign court handling the Chapter 11 case,” PAL Spokesperson Cielo C. Villaluna said in a statement sent to BusinessWorld.

Amazon has begun an investigation into allegations of corruption by its legal representatives in India and has placed a senior member of the team on leave, The Morning Context reported. The company later issued a statement, saying it does not tolerate corruption and will investigate all such allegations fully. The statement came in response to a report by The Morning Context, which said, citing three sources, that Amazon has begun an internal investigation into allegations that its legal representatives in India used legal fees paid by the company to pay bribes.

Cryptocurrency prices were sliding Monday as China Evergrande Group's bond-payment problems rattled international markers, TheStreet reported. Bitcoin, the world's largest cryptocurrency, fell 7.4% to $43,780 at last check, according to CoinDesk. Ethereum was down 9.4% to $3,034, and Dogecoin sank 11% to 21 cents. Evergrande, China's second-largest property developer, has more than $310 billion in debt. The company has held urgent talks with many of its creditors in hopes of delaying payment on two separate bond obligations due later this week.

Chinese President Xi Jinping’s campaign against private enterprise, it is increasingly clear, is far more ambitious than meets the eye, the Wall Street Journal reported. President Jinping is not just trying to rein in a few big tech and other companies and show who is boss in China. He is trying to roll back China’s decades-long evolution toward Western-style capitalism and put the country on a different path entirely, a close examination of his writings and discussions with party officials, as well as interviews with people involved in policy-making, shows.

According to Teikoku Databank, the number of bankruptcies in Japan resulting from COVID-19 (including companies with liabilities of less than ¥10 million and individually run businesses) reached 2,000 as of noon on Sept. 3, 2021, nippon.com reported. Liabilities from the bankruptcies totaled ¥620.6 billion, with 58.2% (1,163 bankruptcies) involving liabilities of less than ¥100 million. The first bankruptcy related to the pandemic was confirmed on Feb. 26, 2020. Following that, 500 bankruptcies were confirmed as of Sept. 8 of that year; 1,000 as of Feb.

HNA Group, one of China’s largest global asset buyers spawned from the country’s largest privately owned airline, will be divided into four parts, with each unit operating independently, according to a restructuring blueprint unveiled over the weekend, South China Morning Post reported. The development pushed the share price of its listed unit higher in Hong Kong.

Philippine Airlines has pledged 15 aircraft, replacement engines and frequent flyer miles as collateral to secure loans needed as part of its ongoing restructuring process, ch-aviation.com reported. This is according to a Sept. 17, 2021, notice of filings of additional restructuring support agreements (RSA) between Philippine Airlines and various counterparties with the U.S. Bankruptcy Court in the Southern District of New York, where the airline is in voluntary chapter 11 bankruptcy proceedings aimed at paring off USD2.1 billion of its USD6 billion in debts.

The recent surge in COVID-19 cases in Southeast Asia has throttled ports and locked down plantations and processors, sparking extended disruptions of raw materials such as palm oil, coffee and tin, the Wall Street Journal reported. Restrictions in Malaysia, the world’s second-largest producer of palm oil, have prevented migrant laborers from traveling to plantations, raising prices of the ubiquitous edible oil used to make candy bars, shampoo and biofuel. Lockdowns in Vietnam, the world’s No.

The editor-in-chief of state-backed Chinese newspaper Global Times warned debt-ridden property giant Evergrande Group that it should not bet on a government bailout on the assumption that it is "too big to fail," Reuters reported. It was the first commentary to appear in state-backed media casting doubt on a government bailout for the country's No.2 property developer, whose shares fell on Friday for the fifth consecutive day amid concerns it is heading for default.

In a rare plea, the chief judge at India’s bankruptcy appeals court petitioned the Supreme Court to let him work for three more days even after his term was cut short by the federal government, Bloomberg News reported. A.I.S. Cheema seeks three more days to enable him to give five verdicts and then retire, his lawyer told the Supreme Court Thursday. Cheema was, until last week, the acting chairman of the National Company Law Appellate Tribunal due to retire Sept. 20, before the government abruptly named his replacement and cut short his term.