JAKARTA -- Garuda Indonesia will seek suspension of debt payments in an attempt to avoid going bankrupt, an official at the country's Ministry of State Owned Enterprises said on Thursday.

Kartika Wirjoatmodjo, deputy minister for state-owned enterprises, told a parliamentary hearing that the airline and the government have "appointed legal consultants and financial consultants to start this process" and that it is "imperative to immediately implement a moratorium or standstill [of debt payments] in the near future."

Wirjoatmodjo added that if the majority state

HANOI -- Leading Vietnamese steelmaker Hoa Phat Group has purchased the entire interest in an Australian iron ore mine to secure a stable supply of raw materials in a competitive market.

The Roper Valley project, located in the Northern Territory, is Hoa Phat's first major mining interest owned overseas. The steelmaker has not disclosed the value of the deal.

The move comes as China, the world's largest steel producer, ramps up production to meet the pandemic-recovery demand. Hoa Phat is also exploring the purchase of

SHANGHAI -- Chinese regulators gave their approval Thursday to Jack Ma's Ant Group to start operating a consumer finance unit after months of pressure to adopt more comprehensive oversight and obtain necessary licenses.

Ant will shift consumer lending operations to the new subsidiary and is expected to provide half the new company's total capital of 8 billion yuan ($1.25 billion).

The move marks the Alibaba Group Holding affiliate's first major response to regulatory pressure to license its consumer finance businesses, which include a credit

YANGON/BANGKOK -- Myanmar's military on Feb. 1 detained State Counselor Aung San Suu Kyi and President Win Myint in the country's first coup since 1988, bringing an end to a decade of civilian rule.

The Suu Kyi-led National League for Democracy had won a landslide in a general election in November . But the military has claimed the election was marred by fraud.

For all our coverage, visit our Myanmar Coup page.

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TOKYO -- A group of lawmakers in Japan's ruling party on Thursday recommended that Japan and the U.S. revise their defense guidelines to focus on potential flashpoints involving China, particularly Taiwan and the South China Sea.

The guidelines set out the respective roles and missions of Japan's Self-Defense Forces and the U.S. military in the alliance, and how the two should work together.

The document was first drafted in 1978, during the Cold War, when an invasion of

BANGKOK -- Siam Bioscience, a Thai drugmaker owned by the royal family, has started the country's first production of a COVID-19 vaccine, using AstraZeneca's technology.

The shots will be supplied for domestic use. Shipment volumes and other details have not been disclosed, but Public Health Minister Anutin Charnvirakul said on Tuesday that 6 million doses would be delivered this month, according to the Bangkok Post.

The government, which has faced criticism for delays in vaccinations, looks to start the rollout this month

HONG KONG -- A consortium led by U.S. investment firm Kohlberg Kravis Roberts and Singapore's Tiga Investments has announced the acquisition of Hong Kong coworking-space operator The Executive Centre, eyeing demand after COVID-19 is brought under control.

The Executive Centre operates more than 150 flexible office and conference spaces across 32 cities, including in China, Japan, South Korea, Southeast Asia, Australia and India. Focusing primarily on premium clients like major corporations and their executives, it reports annual

TOKYO -- Japan's Aozora Bank is joining with Genesis Alternative Ventures, a Singapore-based venture debt fund, to share know-how in lending to startups and help Japanese clients enter the Southeast Asian market.

Genesis, whose founders include alumni of DBS Venture Growth Partners, provides young companies with debt financing through bonds and loans, rather than investing in equity.

Aozora Bank and its venture debt fund operator, Aozora Corporate Investment, will tie up with Genesis.

The partners will share investment and lending opportunities in Japan

LONDON -- A sharp drop in Britain's exports to the European Union following its exit from the bloc last year is adding a sense of urgency to the debate within the U.K. on whether to join the Trans-Pacific Partnership trade agreement.

The TPP's top decision-making body agreed Tuesday to formally begin the review to see if the U.K. meets the requirements to enter the 11-member trade bloc. The British government wasted no time in selling the public on the advantages