Asia Pacific

Indonesia’s central bank kept its key interest rate steady as expected, pausing an easing cycle as external risks drag on the rupiah currency, Bloomberg News reported. Bank Indonesia left the benchmark BI-Rate unchanged at 6% on Wednesday, as predicted by 30 of the 41 economists surveyed by Bloomberg, with the rest expecting a quarter-point cut. Last month, the central bank surprised markets by initiating an easing cycle ahead of the Federal Reserve’s move.

The Philippine central bank cuts its policy rate for the second time this year as it looks to bolster its economy amid mounting uncertainty abroad, the Wall Street Journal reported. Bangko Sentral ng Pilipinas Gov. Eli Remolona said Wednesday that the central bank would deliver a 25-basis-point cut, lowering its benchmark overnight reverse repurchase rate to 6.00%. It will also cut its benchmark lending rate to 6.50% from 6.75%, he said.

Rhythm House, the iconic music store in South Mumbai’s cultural and heritage precinct Kala Ghoda, has found a new owner. Bhaane Retail, a subsidiary of Shahi Exports, India's largest apparel manufacturer, has emerged as the highest bidder for the property in an insolvency auction with a Rs 30-crore offer, the Economic Times of India reported. A cultural landmark since the 1940s, Rhythm House was a favourite haunt for music lovers and Bollywood icons including Kishore Kumar, Shammi Kapoor, Dharmendra, Nargis and AR Rahman before closing its doors in 2016 after nearly 70 storied years.

Hong Kong eased its mortgage rules to allow homebuyers to fork out lower downpayment, aiming to address a prolonged property slump in the city, Bloomberg News reported. The loan-to-value (LTV) ratio for all residential properties will be set at 70%, Chief Executive John Lee said in his policy address on Wednesday. The change will reduce the required downpayment for homes valued above HK$35 million ($4.5 million) which had a ratio of 60% previously. The LTV ratio for company-held properties will also rise to 70% from 60%.

The corporate regulator has released the Australian insolvency statistics for the period up to 29 September 2024, with the latest statistics indicating there was a 43 per cent increase in total insolvencies in the first three months of the 2024–25 financial year from the same period in the previous financial year, the Accounting Times reported. The statistics showed that for the period from 1 July to 29 September, 3,568 companies had entered external administration or had a controller appointed.

The National Company Law Tribunal (NCLT) faces significant operational challenges due to vacant positions, a Times of India report highlighted on October 15. Out of the 63 sanctioned seats, including the president, 19 are vacant. At the end of September, 11 members retired, adding to the existing eight vacancies, the report (by Sidhartha) said. Currently, only 13 out of 30 courts are operational full-day while 12 function for half-day because of the shortage of members.

Singapore oil tycoon Lim Oon Kuin will be sentenced on November 18 for cheating and forgery in one of the biggest trading scandals to rattle the energy-trading hub, Bloomberg News reported. In a Singapore court on Tuesday, public prosecutor Christopher Ong argued for a 20-year jail sentence for Lim on three counts, including instigating forgery and deceiving HSBC Holdings Plc. Lim’s defence lawyers led by Davinder Singh sought a 7-year period. The sentence is the latest development in the dramatic downfall of the founder of now-defunct oil company Hin Leong Trading Pte.

Aerospace and defense manufacturer Moog has agreed to pay $1.7 million to settle allegations its India subsidiary bribed officials to secure contracts with Indian government officials and to eliminate competitors from the bidding process, the Wall Street Journal reported. Moog, of East Aurora, N.Y., agreed to pay a civil penalty of $1.1 million and to pay disgorgement and prejudgment interest of around $600,000. The company, which didn’t admit to or deny the Securities and Exchange Commission charges, also agreed to cease and desist from future such conduct.

With China’s economy sinking deeper into a funk last month, Xi Jinping finally decided something had to be done. After resisting calls to take forceful steps to prop up the economy for two years, Xi relented in late September and ordered a barrage of interest-rate cuts and other measures to put a floor under growth. But Xi didn’t give his economic mandarins a blank check.