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The IRP has given time till July 24 for the employees of Jet Airways to submit their claims…JetLite employees meanwhile are examining their legal options, the official added. JetLite employees have been left stranded in the insolvency proceedings of Jet Airways, the Financial Express reported. As a part of the process, the court-appointed interim resolution professional (IRP) has invited claims from employees of the grounded airline. However, claims of employees who were a part of JetLite, the low-cost arm of the airline, have been rejected, sources said.

The respite from defaults in China’s onshore bond market isn’t seen lasting as risks to the country’s economy grow, Bloomberg News reported. While the number of defaults in China’s $13 trillion bond market slid for a second straight quarter, down from a record high last year, June saw a resurgence as borrowing costs rose and liquidity tightened. Analysts and investors expect debt failures to rise in the months ahead, in tandem with slowing economic growth. New bond defaults dipped to this year’s low in May amid China’s targeted support measures to shield the economy from a U.S. trade war.

Dewan Housing Finance Corp., an Indian mortgage lender that has delayed payment on some of its obligations, plans to ask banks to lend 15 billion rupees ($217 million) every month to help revive the company, a person with knowledge of the proposal said, Bloomberg News reported. The financier, which has about 800 billion rupees of obligations, will submit the resolution plan on July 10 to a consortium of seven lenders led by state-run Union Bank of India, the person said, asking not to be identified as the discussions are private.

The erosion of Turkey’s creditworthiness is a warning signal for South Africa, and investors are ignoring it, according to Informa Financial Markets. The cost of insuring the country’s debt against non-payment dropped to the lowest in 13 months this week, even as a funding crisis at Eskom Holdings SOC Ltd. strains government finances while the economy struggles to recover from the worst quarterly contraction since the 2008 financial crisis, Bloomberg News reported.

As Eurozone retail sales saw an unexpected contraction on the month in May this helped to limit the downside pressure on the Pound Sterling to Euro (GBP/EUR) exchange rate, Euro Exchange Rate News reported. Although the previous month’s reading saw a positive revision investors were still disappointed to find that sales had slowed, suggesting a weaker level of consumer confidence. Given the current weakness of the Eurozone manufacturing sector this slowdown in retail sales raised concerns that the service sector could also falter in the months ahead.

Closing Chinese outbound deals already was a difficult task. Growing trade tensions globally has made it even tougher, Bloomberg News reported. At $35 billion, the volume of Chinese outbound mergers and acquisitions is the lowest tally for the first six months of the year since 2013, according to data compiled by Bloomberg. The total represents a 75% drop from the peak of such M&A activity in the first half of 2016, when China National Chemical Corp. agreed to buy Swiss agrochemical maker Syngenta AG for $43 billion. Of the first-half total, only $6.8 billion was from U.S.

Limitless LLC asked banks to delay debt repayments for a third time as an on-going slump in property prices weighs on the Dubai-based developer, people with knowledge of the plan said, Bloomberg News reported. The company is seeking to reschedule about $600 million-worth of loans and is also asking banks for a new loan of 475 million dirhams ($129 million) to help complete existing projects, said the people, asking not to be identified because the information is private. The developer hasn’t proposed a formal restructuring plan to banks yet, they said.

India ordered an investigation on Thursday into alleged mismanagement of funds at Jet Airways , which halted operations in April after running out of cash, Reuters reported. The Ministry of Corporate Affairs has ordered India’s Serious Fraud Investigation Office (SFIO) to carry out the investigation, a government order seen by Reuters showed. The order refers to alleged siphoning of funds and unspecified financial irregularities at Jet Airways, which was once India’s largest private airline, but did not include details on the allegations or name any individuals.

India’s state-owned banks had classified 1.50 trillion rupees ($21.76 billion) worth of loans as “wilful defaults” in 2018-19, with the biggest lender State Bank of India accounting for nearly a third, the finance minister said in the parliament, Reuters reported. Under Indian law, wilful defaulters are classified as firms or individuals who own large businesses and deliberately avoid repayments.

Brazil’s state-controlled bank Caixa Economica Federal SA is challenging a decision by corruption-ensnared conglomerate Odebrecht SA to include one of its units’ foreign bondholders in its bankruptcy protection filing, according to a document filed in the court case, Reuters reported. Among the 21 Odebrecht affiliates that filed for the bankruptcy proceeding two weeks ago was Odebrecht Finance, the issuer of $3 billion in bonds guaranteed by the group’s construction unit OEC.