Group of Seven finance ministers on Wednesday said a debt relief initiative for the world’s poorest countries could be extended beyond the end of the year to help deal with economic fallout from the coronavirus pandemic, Reuters reported. In a lengthy joint statement, the G7 finance ministers urged all official creditors to join the initiative, called for strengthened reporting of public debt data, and said all creditors - public and private - should make responsible lending decisions in line with debt sustainability guidelines. In an apparent reference to practices reportedly use

Virgin Australia Holdings Ltd’s administrator has given final bidders Bain Capital and Cyrus Capital Partners until June 22 to lodge binding offers, an extension of 10 days from the original date, a person with knowledge of the matter said on Wednesday. The additional time will allow the bidders to refine their final offers, the source told Reuters on condition of anonymity, adding that the administrator, Deloitte, was still seeking a binding deal with the winner by June 30. Virgin owed creditors nearly A$7 billion ($4.86 billion) when it entered voluntary administration in April,

China’s central bank is trying to fix one of the domestic economy’s most intractable problems: Poor access to credit by small companies, Bloomberg News reported. Having resisted the kind of large-scale stimulus rolled out by its global peers, the People’s Bank of China instead has been tapping away at small-scale programs designed to improve the ability of small firms to survive the slump.

As China tightens its belt economically in response to the coronavirus, African leaders are anxious about the future of infrastructure projects, trade and, in some cases, are requesting debt relief, VOA reported. China is Africa’s largest trading partner with over $200 billion in combined imports and exports annually.

Clive Palmer's failed Queensland Nickel refinery was insolvent in the days before administrators were called in, a judge has found. But Justice Debra Mullins dismissed the liquidators' claim against Mr Palmer's flagship company Mineralogy, worth more than $100 million, the ABC reported. The judgment follows a mammoth Supreme Court civil trial into Queensland Nickel's (QNI) 2016 collapse, which left 800 people out of work. "This judgment vindicates my faith in the judicial system in Queensland," Mr Palmer said.

India’s credit rating was cut to the lowest investment grade by Moody’s Investors Service, citing policy challenges in addressing a prolonged slowdown and the government’s deteriorating fiscal position, Bloomberg News reported. The nation’s long-term foreign-currency credit rating was cut to Baa3 from Baa2, according to a statement. The outlook remains negative. “The negative outlook reflects dominant, mutually-reinforcing, downside risks from deeper stresses in the economy,” Moody’s said.

Indonesian companies from airlines to builders of luxury condominiums and cement makers are warning investors of plunging revenue and profit as the coronavirus pandemic ravages Southeast Asia’s largest economy, Bloomberg News reported. While national carrier PT Garuda Indonesia and PT AirAsia Indonesia are hit by a ban on domestic travel and large scale social distancing rules, property developers are reporting declines in their sales as buyers turn more cautious.

PizzaExpress is planning to launch a pasta brand to bring in extra revenue amid negotiations over its large debt pile and the possible closure of some of its restaurants, the Financial Times reported. The chain’s owners, Chinese private equity firm Hony Capital, are considering options for its future, including a “company voluntary arrangement”, an administration process that would allow the business to reduce its costs by closing some of its 627 restaurants.

Japan’s financial regulator is closely watching global credit markets for renewed signs of stress because there’s no guarantee that support measures will keep borrowers afloat during the pandemic, officials said, Bloomberg News reported. Efforts in the U.S. and elsewhere have so far staved off a potential implosion of securities like collateralized loan obligations, which are favored by yield-starved Japanese banks.

To some short sellers, GSX Techedu Inc. is an “almost completely empty box,” with numbers that are too good to be true, Bloomberg News reported. To many analysts -- including those at Credit Suisse Group AG, which led the company’s initial public offering -- the Chinese online education firm remains a buy, and detractors just don’t understand the business model.