Asia Pacific

Legal warnings posted on the door of a private, for-profit hospital in eastern China tracked its descent into financial failure, the New York Times reported. Huiren Hospital in the city of Suqian was warned for failing to pay employees. Four months later, a judicial summons said it still had not paid back wages. Finally, in September a paper taped across its entrance declared the building closed. The hospital, once known for treating men with infertility or sexually transmitted diseases, had been hollowed out. The furniture and equipment were gone. There was no staff.

Financial creditors of Reliance Big Private Limited, formerly promoted by Anil Ambani, are set to face a 99% haircut as part of the approved resolution plan in its insolvency case. The National Company Law Tribunal (NCLT), Mumbai Bench, has given its nod to the resolution plan submitted by Manoj Kumar Upadhyay through his affiliate firm, ACME Cleantech Solutions Private Limited, for the revival of Reliance Big Private Limited, the New Indian Express reported. As per the resolution plan, secured financial creditors will receive Rs.

The Delhi insolvency court on Thursday admitted Aviom India Housing Finance Pvt. Ltd into bankruptcy and liquidation proceedings following a plea by the Reserve Bank of India (RBI), LiveMont.com reported. RBI had moved the National Company Law Tribunal (NCLT) under the Financial Service Providers (FSP) Insolvency Rules, 2019, leading to an interim moratorium that restricts legal proceedings, asset transfers, and recovery actions against the company. However, the supply of essential goods and services will not be disrupted during this period.

A steelworks project owned by tycoon Sanjeev Gupta has been ordered into administration by the South Australian government after his GFG Alliance failed to pay royalties, Bloomberg News reported. The South Australian government “has been in receipt of advice from our steel taskforce that the owner of the steelworks’ financial position wasn’t just deteriorating, it was likely to continue deteriorating,” the state’s premier, Peter Malinauskas, told reporters in Adelaide on Wednesday.

The Reserve Bank of Australia cut interest rates for the first time since 2020 on Tuesday, joining its international counterparts in the global easing cycle and opening the door for the immediate calling of a federal election, which must be held by mid-May. The central bank announced a 25-basis-point reduction in the official cash rate to 4.10%, growing in confidence that inflation has been tamed after a three-year battle to bring it down from a four-decade high. Still, the decision to ease was a cautious one, and RBA Gov.

Japan's exports rose for a fourth consecutive month in January led by auto shipments to the United States, but if U.S. President Donald Trump goes through with a plan to impose hefty car tariffs, a sharp drop-off is likely, Reuters reported. The solid trade report came after Japan's GDP data released on Monday showed the economy grew faster than expected in the October-December quarter, strengthening the case for the central bank to continue raising interest rates.

Indonesia’s central bank hit the pause button again, holding rates steady after a surprise cut last month as it monitors currency headwinds and rising external risks, the Wall Street Journal reported. Bank Indonesia kept its benchmark seven-day reverse repo rate at 5.75% on Wednesday, in a decision analysts had expected to be a close one. Five out of seven economists polled by The Wall Street Journal had forecast a hold, while two had projected a 25-basis-point cut.

China is expected to leave its benchmark lending rates unchanged on Thursday, a Reuters poll showed, as authorities walk a fine line between prioritising financial stability and providing more stimulus at a time when Beijing is facing fresh trade tensions. The central bank has adopted a cautious approach in recent cash injection despite a shift to an "appropriately loose" monetary policy stance this year, as yuan weakness and narrowing net profit margins at lenders limit its easing efforts.