India’s JSW Steel Ltd said a weaker steel market hit by falling global demand and a local slowdown could impact the turnaround time for its newly acquired Monnet Ispat assets, but its chairman played down any substantial impact on financials, Reuters reported. “It might be a little bit affected,” Sajjan Jindal, co-chair of India’s biggest steel company by local capacity, said in Mumbai on Thursday. “We have always maintained it may take about two years to turn around and I think we will still try to do it within two years,” he said on the sidelines of his company’s annual meeting.

China’s Bank of Jinzhou, which suspended trading in its shares earlier this year and saw its auditor quit, said on Thursday that it is in talks with multiple parties for possible strategic investment, and that it is operating normally, Reuters reported. The statement on the bank’s website triggered fresh jitters about the health of smaller banks in China’s northeast, after regulators took over Inner Mongolia-based Baoshang Bank on May 24, rattling China’s interbank markets and sending some firms’ borrowing costs spiking.

Nissan Motor Co.’s prospects are getting bleaker by the quarter, with the Japanese automaker forced to shed 12,500 jobs and reduce production capacity by 10% as its aging lineup weighs on profitability amid a global slump in car demand, Bloomberg News reported. In the 250 days since the arrest of former Chairman Carlos Ghosn for alleged financial crimes, focus has shifted to the deteriorating business and the ability of Ghosn-protege-turned-accuser Hiroto Saikawa to revive the Yokohama-based company.

The National Company Law Tribunal (NCLT), Chennai Bench, has ordered initiation of insolvency proceedings against L&T Halol - Shamlaji Tollway Ltd (L&T Halol) on a petition filed by Oriental Bank of Commerce (OBC), which alleged that the company had defaulted in repayment of ₹76.68 crore as on December 27, 2018, The Hindu Business Line reported.

In a significant move, the Insolvency and Bankruptcy Board of India (IBBI) has tightened norms governing resolution professionals wherein restrictions will also be in place for their relatives from taking up employment after completion of a resolution process, The Economic Times reported. Insolvency resolution professionals would be barred from having employment when they are in possession of authorisation to take up work under the insolvency law.

One of the world’s top shipbuilders is bracing for flat new order growth in the industry in 2019, as rising uncertainty stemming from the US-China trade war has caused major customers to hold back orders, the Financial Times reported.

Emerging market economic growth will fall to its weakest level since the height of the global financial crisis this year, according to the IMF, in a big cut to its forecasts, the Financial Times reported. Full year emerging market-wide growth is projected to come in at 4.1 per cent, a decade low and the second-weakest figure since the dotcom bust of 2002, rather than the 4.4 per cent the IMF pencilled in as recently as April. The gloomy forecast is just the latest in a series of swingeing downgrades by the Washington-based body.

A JPMorgan Chase & Co. unit violated India’s foreign investment rules and helped property developer Amrapali Group divert funds from realty projects, the nation’s Supreme Court said in a ruling and ordered an investigation, Bloomberg News reported. The court on Tuesday ordered the federal anti-money laundering agency to investigate Amrapali, based in Noida, near New Delhi, for diverting funds overseas with the help of JPMorgan and others.

India’s Dewan Housing Finance Corp Ltd (DHFL) filed its long-delayed audited results for the quarter ended March 31 late on Monday, and revealed that its auditors had raised several red flags around its numbers, raising fresh concerns about the future of the troubled lender, Reuters reported. DHFL, one of India’s biggest housing finance companies with almost 1 trillion rupees ($14.52 billion) in debt, has been hard hit by a liquidity crunch that has crippled several Indian non-banking finance companies (NBFCs) following last year’s collapse of infrastructure lender IL&FS.

China’s bond market has been eerily quiet lately. Over the past year, investors in China’s U.S. dollar bonds had gotten used to the idea of defaults, a Bloomberg View reported. As early as 2015, the government started allowing some state-owned enterprises to renege on their commitments, a painful but welcome step that helps differentiate healthy firms and troubled ones. But there hadn’t been a single case since China Minsheng Investment Group Corp. triggered a cross-default in April.