Asia Pacific

Business conglomerate Vedanta Group has shown interest in acquiring Jaiprakash Associates Ltd (JAL) through an insolvency process, according to sources. Jaypee Group's flagship firm JAL, which is into cement, power, hotels, construction and real estate businesses, has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order dated June 3, 2024, passed by the National Company Law Tribunal, Allahabad Bench, the Economic Times of India reported.

India has offered tariff cuts on imports of U.S. farm products like almonds and cranberries as a further concession to the United States, two government sources said, hoping to avert President Donald Trump's reciprocal tariffs set for next week, Reuters reported. Unlike China, Canada and the European Union, India is actively seeking to appease the Trump administration and is open to cutting tariffs on over half of U.S. imports worth $23 billion, Reuters reported earlier this week. In a series of meeting in New Delhi with Brendan Lynch, the assistant U.S.

Vietnam could experience a wave of bankruptcies of solar and wind producers if the state utility proceeds with its planned change in pricing for renewable energy, the Vietnam Chamber of Commerce and Industry said in a letter to parliament, Bloomberg News reported. The application of a new power purchasing price — which would be implemented retroactively for several years — by Vietnam Electricity, or EVN, puts 173 solar and wind projects at risk of insolvency, according to the March 24 letter the chamber made public Friday.

Bank of China Ltd. reported a 2.6% increase in full-year profit as a drop in impairments helped offset pressure from falling interest rates, Bloomberg News reported. Net income rose to 237.8 billion yuan ($32.7 billion) for 2024, it said in a Wednesday filing. The net interest margin narrowed to 1.4% from 1.59% a year earlier, while the non-performing loan ratio slid to 1.25% from 1.27%. Chinese banks have been contending with lower loan yields as authorities since late last year cut mortgage interests and key policy rates to inject momentum to the world’s second largest economy.

Business conglomerate Adani Group has shown interest in acquiring Jaiprakash Associates Ltd (JAL) through an insolvency process, according to sources, the Economic Times of India reported. Jaypee Group's flagship firm JAL, which is into cement, power, hotels, construction and real estate businesses, has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order dated June 3, 2024, passed by the National Company Law Tribunal, Allahabad Bench.

In India’s most advanced cities, American companies are racing to set up more and bigger offshore campuses: fully staffed offices with high-skilled Indian professionals, performing functions vital to global business, the New York Times reported. The concentration is most stark in bits of Bengaluru. Apul Nahata of RapidAI, a Silicon Valley-based medical technology company that uses artificial intelligence to interpret brain scans, can look out the window of the office he leads in India and see a “density of companies” relevant to his work.

After a long period of pessimism, a number of global financial institutions have turned more upbeat on China’s economic outlook this year even amid concerns around tariffs, citing a stronger-than-expected recovery fueled by Beijing’s stimulus push, the Wall Street Journal reported. Over the past month, economists at HSBC, ANZ and Citi raised projections for China’s gross domestic product growth to 4.8%, 4.8% and 4.7% from previous estimates of 4.5%, 4.3% and 4.2% respectively.

India will scrap a tax of 6% on digital advertisements online, the finance minister said on Tuesday, easing costs for U.S. tech giants such as Alphabet's Google, Meta and Amazon as a way of soothing U.S. trade concerns, Reuters reported. The move responds to concerns raised by Washington after President Donald Trump threatened reciprocal tariffs from April 2 on trading partners, including India, that fuelled alarm among exporters.