Bloomberg Indian Oil Corp. is scaling up an expansion plan for its biggest refinery in northern India at a cost of 150 billion rupees ($2.3 billion), as it races to meet demand in one of the world’s fastest-growing crude consumers. India’s top refiner will expand its Panipat refinery to 25 million metric tons a year (500,000 barrels a day) …

  Beijing / AFP China’s dependence on debt is growing at a “dangerous pace” and it must act to head off a brewing crisis, the IMF warned on Tuesday. The International Monetary Fund also said the country’s leaders should kick on with vital reforms or risk a painful correction in the world’s number two economy, adding that Beijing’s “unsustainably high” …

  Seoul / AFP The chairman of South Korea’s Hanjin Group on Tuesday apologised for the “cargo chaos” caused by the collapse of its shipping unit, but insisted the company could, and should, be salvaged. Hanjin Shipping, the world’s seventh largest shipping company, is seeking bankruptcy protection at home and in the US after creditors rejected its latest plan to …