Australian iron ore miner Fortescue Metals Group Ltd. said it will defend itself in court against claims it misled the market in 2004 over agreements with three Chinese government-backed entities, The Wall Street Journal reported. The long-awaited court case, brought against Fortescue by the Australian corporate watchdog, begins next week and is expected to last about five weeks.

China Minmetals Nonferrous Metals Co. is offering US$1.21 billion for most of the assets of OZ Minerals Ltd. in a deal designed to win Australian government approval, prompting the debt-laden miner's lenders to grant it an extension on its outstanding loans, The Wall Street Journal reported.

Delphi Corp. will sell its brakes-and-suspension business to BeijingWest Industries Co. as part of the auto supplier's ongoing turnaround plan, Dow Jones reported. Delphi, which has been in bankruptcy protection since October 2005, is General Motors Corp.'s largest supplier and has been slammed by the recession and the steep drop in demand for new vehicles. Delphi agreed earlier this month to sell its global steering business to GM as a critical move in both companies' restructuring.

Debt-ridden Chinese carrier East Star Airlines, grounded by the government earlier this month, faces liquidation, the official Xinhua news agency said on Friday. Six creditors of East Star Airlines have asked a court in the central city of Wuhan to start liquidation proceedings against the privately-run carrier, Xinhua said, citing unnamed city officials. It did not name the creditors but said the carrier's 16 bank accounts had been frozen by the court.

Debt-laden Australian miner OZ Minerals slumped almost 12 percent Tuesday after the government postponed a decision on allowing a A$2.6 billion dollar ($1.8 billion) takeover by China's Minmetals, Agence France-Presse reported. The market had hoped to see the deal approved when OZ Minerals shares were suspended on the Australian Stock Exchange Monday pending an announcement, but instead the government said it would not make a decision for 90 days.

China called for the creation of a new currency to eventually replace the dollar as the world's standard, proposing a sweeping overhaul of global finance that reflects developing nations' growing unhappiness with the U.S. role in the world economy, The Wall Street Journal reported. The unusual proposal, made by central bank governor Zhou Xiaochuan in an essay released Monday in Beijing, is part of China's increasingly assertive approach to shaping the global response to the financial crisis. Mr.

Six aviation companies, including General Electric Co's aviation subsidiary, have appealed to a Hubei court to declare a Chinese airline carrier bankrupt, Shanghai Daily reported. East Star Airlines, based in the capital Wuhan City of Hubei Province, owes 500 million yuan ($73.1 million) to other companies, including the six complainants, the West China City Daily reported today. East Star was told to suspend its services last Sunday because of unpaid loans.

At least 17 of the 20 major nations that vowed at a November summit to avoid protectionist steps that could spark a global trade war have violated that promise, with countries from Russia to the United States to China enacting measures aimed at limiting the flow of imported goods, according to a World Bank report unveiled yesterday. The report underscores a "worrying" trend toward protectionism as countries rush to shield their ailing domestic industries during the global economic crisis, The Washington Post reported.

Chinese Premier Wen Jiabao expressed concern over the outlook for the U.S. government debt China holds, urging Washington to take effective policies to restore the American economy to health, The Wall Street Journal reported. Speaking at his annual news conference--a rare opportunity for reporters to ask the premier questions directly--Mr. Wen voiced confidence in the Chinese government's ability to keep its own economy growing, saying it is willing to do what it takes to ensure China meets its traditional growth target of around 8% this year.

South Korea's seventh largest shipping line Samsun Logix has filed for Chapter 15 bankruptcy protection in Manhattan, Seatrade Asia reported. Samsun Logix has more than $100 million of assets and debts, the firm said in its filing. A series of firms failing to pay charter hire sent Samsun to the wall. It filed for court receivership in Seoul in February. Established in 1980 as Samsun Shipping Corporation, the firm maintains it was not paid fees worth $40 million by a Swiss company which filed for bankruptcy protection late last year.