Asia Pacific

Hundreds of Chinese investors who lost savings in the collapse of China Evergrande launched a coordinated campaign this month to press authorities for an update on the failed property developer, Reuters reported. In the previously unreported action, small groups of disgruntled investors turned up at three Shenzhen government offices in succession to ask for an update on an investigation launched more than a year ago, the people told Reuters. They said they hoped this method of applying pressure on officials would not be deemed as a form of unlawful public protest.

The Reserve Bank of New Zealand has continued to slash interest rates, extending its campaign to restore momentum to the country’s stalled economy while signaling that more cuts are likely next year, the Wall Street Journal reported. The official cash rate was lowered by 50 basis points for a second successive time at a policy meeting on Wednesday. That brings total cuts to 125 basis points since mid-year and cements the RBNZ’s position as one of the most aggressive central banks in terms of easing.

Leading China hawks in the U.S. House of Representatives are calling for a rethink on whether Hong Kong should continue to enjoy the cozy banking relationship it has with the U.S., saying the city is becoming a hub for money-laundering and sanctions evasion, the Wall Street Journal reported. Hong Kong has turned into a major center for the export of controlled Western technology to Russia; the creation of front companies to buy Iranian oil; the managing of “ghost ships” that serve North Korea, as well as other violations of U.S.

The Indian government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets, the Economic Times of India reported. However, there have been delays in the resolution process. Anita Shah Akella, Joint Secretary at the Ministry of Corporate Affairs (MCA), on Tuesday emphasised that IBC is not a recovery mechanism but a rescue mechanism.

India has started an investigation into financing and accounting practices at Byju’s after a previous inspection found corporate governance lapses at the struggling online tutoring firm, Bloomberg News reported. The federal government has asked the regional office of the Registrar of Companies in Hyderabad to investigate Byju’s books to ascertain if the company misreported financial statements and whether funds were siphoned off. There were shortcomings in the accounts of Byju’s. They didn’t specify what those failings were. The registrar’s office has one year to submit its report.

Sri Lanka is kicking off an exchange to swap $12.6 billion of its bonds for longer-dated notes as it seeks to complete its dollar-denominated debt restructuring, Bloomberg News reported. Investors in the country’s bonds can tender their holdings for new international bonds with a haircut ranging between 12 cents and 16 cents on the dollar, according to calculations made by Bloomberg and based on a statement sent to bondholders. A creditor committee holding about 40% of the bonds said in a separate press release it supports the offer.

Donald Trump’s new tariff pledges send a clear signal that he wants to rewrite the terms of North America’s free-trade pact and follow through with plans to hit China with tariffs, demonstrating to allies and adversaries alike that he is serious about renewing confrontation over a global trading system that he believes costs the U.S. dearly, the Wall Street Journal reported.