In a ruling that could have far-reaching consequences for the country's insolvency resolution regime, India's Supreme Court has struck down JSW Steel's acquisition of Bhushan Power & Steel (BPSL), reopening a deal that was closed and paid for three years ago, the Economic Times of India reported. The judgment has raised concerns over the sanctity and finality of the Insolvency and Bankruptcy Code (IBC), and that global financial investors may stay out of the distressed asset market due to the lack of legal certainty.

U.S. President Donald Trump on Sunday said that the U.S. was meeting with many countries, including China, on trade deals, and his main priority with China was to secure a fair trade deal, Reuters reported. Trump told reporters aboard Air Force One that he had no plans to speak with Chinese President Xi Jinping this week, but U.S. officials were speaking with Chinese officials about a variety of different things. Asked if any trade agreements would be announced this week, Trump said that could "very well be" but gave no details.

Platforms like Amazon, Shein and Temu brought China’s vast manufacturing supply chain to the world’s doorstep. These online marketplaces made it possible for thousands of Guangzhou’s small factories to reach shoppers in the United States. And since packages worth less than $800 could enter the United States tax-free, the factories and, in turn, the platforms were able to charge very low prices. Exports have been a major driver of China’s economic growth in the past few years. Business has been particularly good in e-commerce.

India's top court on Friday rejected JSW Steel's resolution plan to acquire Bhushan Power and Steel four years after the takeover was completed, and ordered the liquidation of the debt-ridden firm, two lawyers involved in the case said, Reuters reported. The insolvency administrator and the lenders panel, which ran the insolvency process, failed to discharge their duties in line with the law, one of the lawyers said, citing the Supreme Court's verbal order. The lawyers spoke on the condition of anonymity as they are not authorised to speak to the media.

Australia's biggest banks face a pivotal earnings test next week as they navigate mixed interest margin prospects in the face of looming rate cuts, persistent inflation concerns and rising mortgage stress, Reuters reported. The results arrive after a politically-charged election set for May 3 dominated by cost-of-living anxieties that are reshaping banks' mortgage books and consumer lending patterns.

U.S. tariff negotiators appeared reluctant to lower levies on cars, steel and aluminium in a recent meeting with Japanese counterparts - a stance that made the Japanese side feel that cooperation could be difficult, the Nikkei newspaper reported on Friday, Reuters reported. U.S. negotiators including Treasury Secretary Scott Bessent met with Japan's top trade negotiator, Ryosei Akazawa and other Japanese officials in Washington on Thursday and presented a proposed framework for a trade agreement, the paper said.

Small-value packages shipped to the US from China will no longer be exempted from tariffs starting Friday, when President Donald Trump’s move against an exception he called a “big scam” takes effect, Bloomberg News reported. The decision to end the so-called “de minimis” exception is expected to have wide-ranging effects on American consumers who have increasingly purchased cheap clothing, household goods and other products from discount Chinese marketplaces such as Temu and Shein Group Ltd. It could also deal a heavy blow to independent online sellers who rely on Chinese imports.

The two brands sold 3,269 and 757 plugin-hybrid vehicles (PHEVs), respectively, in the bloc in March, up from near zero sales in July 2024 when provisional tariffs were first introduced, research firm Rho Motion said in a report. EU tariffs of up to 45.3% on Chinese-built battery-electric vehicles (BEVs) came into full effect in November to prevent a flood of cheap cars. Facing disruption from U.S. tariffs, the EU and China are negotiating a relaxation of the European levies.

The National Company Law Tribunal (NCLT) at Bengaluru on Thursday once again deferred its order in a petition seeking initiation of insolvency proceedings against hyperlocal delivery platform Dunzo, BarAndBench.com reported. This is the third time the tribunal has postponed pronouncing the order. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radha Krishna Sreepada cited time constraints, stating: “We have been sitting till 5:30 PM, we have not been able to finalise the order.