As many as 421 cases involving a realisable value of Rs 2.55 lakh crore were resolved and 1,149 cases having a liquidation value of Rs 52,036 crore went for liquidation under the insolvency law till this September, the Indian government said on Tuesday, the Economic Times reported. Corporate Insolvency Resolution Process (CIRP) is conducted as per the provisions of the Insolvency and Bankruptcy Code (IBC). As of September 30, a total of 4,708 CIRPs were initiated under the IBC.

The Bank of Japan is likely to narrow the scope of its Covid aid, but keep it in place for longer in an attempt to focus the measures on businesses that still need help, says a former top official, Bloomberg News reported. “A partial extension is possible,” said Eiji Maeda, who led the central bank’s pandemic crisis response before stepping down from his post as executive director in May last year. “Funding is becoming an issue that’s focused on some businesses and some sectors.

The Sri Lankan government campaign toward organic farming lasted only seven months, but farmers and agriculture experts blame the policy for a sharp drop in crop yields and spiraling prices that are worsening the country’s growing economic woes and leading to fears of food shortages, the New York Times reported. Prices for some foodstuffs, like rice, have risen by nearly one-third compared with a year ago, according to Sri Lanka’s central bank. The prices of vegetables like tomatoes and carrots have risen to five times their year-ago levels.

China’s exports rose by double digits in November but growth declined, while imports accelerated in a sign of stronger domestic demand, the Associated Press reported. Exports rose 21.4% over a year earlier to $325.5 billion, decelerating from October’s 27.1% growth, customs data showed Tuesday. Imports surged 31.7% to $253.8 billion, up from the previous month’s 20.6% rate. China’s exports have been boosted by foreign demand at a time when other global competitors are hampered by anti-coronavirus controls.

China Evergrande Group’s stocks and bonds fell to historic lows, after Chinese authorities stepped up their involvement in the company’s affairs and the indebted developer moved closer to a reorganization of its hefty international debt, the Wall Street Journal reported. Evergrande was also running up against a payment deadline, as it has done several times in recent months. The 30-day grace period on $82.5 million in interest payments from two sets of dollar bonds issued by Evergrande’s Scenery Journey Ltd. unit ends Monday, said Iris Chen, a credit analyst at Nomura. Ms.

Troubled Chinese developer Yango Group Co. received a reprieve after its parent company got bondholders’ approval to delay payment of a local bond due next week, Bloomberg News reported. Holders of the 400 million yuan ($63 million) bond issued by Fujian Yango Group, parent of Yango Group, on Friday supported a proposal to extend principal payment of the debt due Dec. 7 by a year, according to a filing on the Shanghai Clearing House. The agreement, reached at a second meeting with bondholders, came after negotiations failed last week.

Sunshine 100 China Holdings issues update on 10.5% senior notes due 2021, with outstanding principal amount of notes and any accrued but unpaid interest due on Dec. 5, according to a filing, Bloomberg News reported.

China’s central bank said it would reduce the amount of money banks are required to set aside as it moved to stimulate a slowing economy that has been weighed down by a slump in the property market, the Wall Street Journal reported. It was the second such move this year, after an earlier one in July, in an effort to inject liquidity into the financial system. The measure signals Beijing’s growing concerns about the growth outlook of the world’s second-largest economy, which has been battered in recent months by multiple headwinds.

A Chinese developer that is struggling under $310 billion in debt warned Friday it may run out of money to “perform its financial obligations” — sending regulators scrambling to reassure investors that China’s financial markets can be protected from a potential impact, the Associated Press reported. Evergrande Group’s struggle to comply with official pressure to reduce debt has fueled anxiety that a possible default might trigger a financial crisis. Economists say global markets are unlikely to be affected but banks and bondholders might suffer because Beijing wants to avoid a bailout.

Pakistan’s trade deficit is at a record, inflation is the fastest in Asia, and its stock market is among the worst in the world, adding pressure on authorities to take steps beyond the recent revival of a $6 billion loan from the International Monetary Fund, Bloomberg News reported. The first signs of concern emerged when the central bank advanced its review meeting last month and raised the key interest rate by a whopping 1.5 percentage points. The decision is pushing traders to pencil in another 1 percentage point jump for when the State Bank of Pakistan next meets Dec.