Wirecard’s fabricated Asian business was not its only deception. The rest of the once-lauded German payment provider’s business was chaotic, beset by byzantine reporting lines, hobbled by lamentable IT and racking up losses, according to a report by Wirecard’s administrator and accounts of former employees, the Financial Times reported. The picture that emerges of the Wirecard businesses that did exist is a stark contrast to the one painted by former chief executive Markus Braun, who hailed the group as a highly profitable pioneer in the payments industry.

Thailand’s central bank is set to keep its benchmark interest rate unchanged at an all-time low Wednesday as it calls on the government to use fiscal stimulus to spur the pandemic-hit economy, Bloomberg News reported. All 22 economists in a Bloomberg survey predict the Bank of Thailand will keep the key rate at 0.5% after reducing it three times earlier this year. Policy makers are keen to preserve their limited ammunition to respond to any further downturn as the coronavirus pandemic weighs on global growth.

Large conglomerates are rapidly restructuring their businesses in an effort to help cushion the negative impact caused by the prolonged COVID-19 pandemic, The Korea Times reported. As corporations are struggling with looming challenges from the global recession induced by the virus pandemic, they are selling not only cash-strapped units but also cash-generative businesses to secure liquidity. The Fair Trade Commission (FTC) said mergers and acquisitions (M&As) rose sharply in the first half of this year compared with the same period in 2019.

Premier Oil’s biggest lender, hedge fund Asia Research and Capital Management (ARCM), plans to auction $200 million of the energy producer’s debt ahead of a $530 million equity raise by the company, three sources told Reuters, Reuters reported. ARCM, which holds more than 15% of Premier’s debt instruments, would retain about $240 million of the company’s debt if the auction succeeds. The bid deadline is set for Friday, one of the sources said.

The Parliament on Monday passed a bill that temporarily suspends initiation of corporate insolvency resolution process under the IBC, for a period not exceeding one year from March 25, to provide relief to companies affected by COVID-19 to recover from the financial stress, Big News Network.com reported. The Lok Sabha passed the Insolvency and Bankruptcy Code (Second Amendment) Bill 2020 after a reply by Finance and Corporate Affairs Minister Nirmala Sitharaman. The bill had earlier been passed by the Rajya Sabha and will replace an ordinance brought by the government.

The head of Indonesia’s flag carrier said better terms on aircraft loans will help it avoid falling into bankruptcy as the nation grapples with surging coronavirus cases, Bloomberg News reported. “We discussed the risks, the benefits, the pluses and minuses and the company’s leadership decided against it,” PT Garuda Indonesia President Director Irfan Setiaputra said when asked in a Sept. 18 interview about considering bankruptcy proceedings.

Foreign investors are unlikely to rush back into Indonesian markets until either it pays more for its debt or gives hard evidence it will not push the central bank into longer-term monetary financing of public borrowing, fund managers say, Reuters reported. External demand for government debt in Southeast Asia’s largest economy, normally prized for 7% yields that are increasingly rare even in the world’s emerging markets, has slumped since March with foreign holdings hitting a decade-low in August.

Rolls-Royce is in talks with sovereign wealth funds, including Singapore’s GIC, as part of a plan to raise around £2.5bn from investors next month, according to three people with direct knowledge of the matter, the Financial Times reported. The UK aero-engine group is working with bankers at Goldman Sachs on the planned equity raise as it looks to become the latest company to tap stock market investors to repair a balance sheet badly damaged by the pandemic. The group is aiming to launch the equity raise in the first weeks of October, two of these people said.

India’s Supreme Court rejected a petition by State Bank of India, the nation’s largest lender, to allow a personal bankruptcy case against tycoon Anil Ambani to resume, Bloomberg News reported. A three-judge panel headed by Justice L. Nageswara Rao ruled that the bankruptcy case against the former billionaire will remain suspended and directed the Delhi High Court to decide on Ambani’s challenge to provisions of India’s insolvency law. The case is among the first high-profile ones after rules were set for personal bankruptcy last year.

The Asia-Pacific region risks a damaging financial crisis from a surge of non-performing loans caused by rising insolvencies, a senior official from the World Bank Group’s private sector arm said on Thursday, Reuters reported. In an interview with Reuters, Alfonso Garcia Mora, Vice President for Asia and the Pacific of the International Finance Corp (IFC), said bankruptcies were expected to rise by 30% because of the economic crisis caused by the new coronavirus pandemic.