A day after Kumar Mangalam Birla’s letter warning that Vodafone Idea (VIL) may reach an “irretrievable point of collapse” became public, banks are worried about the fate of the telecom major which, they say, is “too big to fail”. Lenders both Indian and global have an exposure of Rs 1.8 lakh crore. A large part of this is in the form of guarantees. Some private lenders with a funded exposure have already started making provisions. However the bulk of the exposure is with public sector banks.

China Construction Bank Corp. on behalf of creditors sued Suning Appliance Group Co Ltd. to recoup about $255 million lost on debt, Bloomberg News reported. The group, which used to own retail giant Suning.com Co., and its owner, father-and-son pair Zhang Jindong and Zhang Kangyang, were listed as defendants in an Aug. 2 claim filed in the Hong Kong High Court. The suit is being brought by China Construction Bank (Asia) Corp., which is acting on behalf of creditors. Suning Group declined to comment.

India's financial-crime agency has asked Walmart's Flipkart and its founders to explain why they shouldn't face a penalty of $1.35 billion for alleged violation of foreign investment laws, three sources and an agency official told Reuters. The Enforcement Directorate agency has been investigating e-commerce giants Flipkart and Amazon.com Inc for years for allegedly bypassing foreign investment laws that strictly regulate multi-brand retail and restrict such companies to operating a marketplace for sellers.

Advertising company Leo Group said it is applying to a Chinese court to freeze 356 million yuan ($55.06 million) in assets of Evergrande Group for overdue payments, becoming the latest supplier to sue the indebted property developer, Nikkei Asia reported. Leo's lawsuit, which was disclosed in a securities filing late on Monday, comes after Huaibei Mining Holdings said last week its construction unit was suing Evergrande regarding 400 million yuan in overdue fees.

South Korea's consumer inflation accelerated in July, staying at a nine-year peak marked in May, as hot weather conditions lifted prices of fresh food, while oil products and housing rental and other services costs continued rising, Reuters reported. The consumer price index (CPI) last month rose 2.6% year-on-year, Statistics Korea data showed on Tuesday, accelerating from a 2.4% increase in June and beating a 2.4% increase tipped in a Reuters survey.

The Rajya Sabha was adjourned for the day on Tuesday amid continuous protest by opposition parties over their demand for a discussion on the use of Pegasus spyware, farmers' agitation against farm reform laws and other issues, the Economic Times of India reported. However, the House passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2021 with a brief discussion amid the ruckus created by opposition parties.

Australia's record merger-and-acquisition (M&A) boom can only intensify in the near term as ultra-low interest rates and confidence that the economy will rebound from the COVID-19 pandemic are likely to drive deal activity, bankers said, Reuters reported. The market received a boost on Monday after U.S. payments firm Square Inc. said that it would purchase buy now, pay later pioneer Afterpay Ltd for $29 billion in the biggest-ever buyout of an Australian company. On the same day, Oil Search Ltd agreed to a raised $6.2 billion takeover bid from Santos Ltd.

The National Company Law Appellate Tribunal (NCLAT) has stayed the operation of the orders of the first bench of the National Company Law Tribunal (NCLT) here, upholding the sale process of the properties of Appu Hotels for Rs 423 crore under the Indian Insolvency and Bankruptcy Code, the Economic Times of India reported. MGM Healthcare is said to be the successful purchaser of the properties that include the Le Meridien Hotels in Chennai and Coimbatore.

Flag carrier Garuda Indonesia (GIAA.JK) will return nine leased Boeing 737 800NG aircraft ahead of schedule, as part of an agreement to end a bankruptcy lawsuit, the company's chief executive Irfan Setiaputra told Reuters on Monday. Garuda and its lessor, Aercap Ireland Limited, signed a global side letter agreement on July 28 to stop legal proceeding, following Aercap's bankruptcy lawsuit in June at the New South Wales Supreme Court, Garuda said separately in a stock exchange filing.

Asia is emerging as a weak link in an otherwise strong global economic recovery, as new pandemic restrictions restrain manufacturing in some countries and the exports that have powered the recovery in China show signs of slowing, the Wall Street Journal reported. With progress on vaccinations slower than in the West, Asia is hitting new pandemic highs driven by the Delta variant of the coronavirus. The spread of the virus is threatening to hurt consumer confidence and erode the advantage of many Asian economies as manufacturing powerhouses.