A consortium of Indian banks, led by State Bank of India, on Wednesday (April 9, 2025) won their court appeal in London to uphold a bankruptcy order against Vijay Mallya in a long-standing legal battle seeking repayment of a judgment debt owed by his now-defunct Kingfisher Airlines, TheHindu.com reported. High Court judge Anthony Mann ruled in favour of the banks to allow an appeal heard in February, while refusing two applications seeking permission to appeal filed by the 69-year-old businessman, declared a fugitive and wanted for fraud and money laundering charges in India.

China's consumer prices fell for the second straight month in March while factory-gate deflation worsened, as an escalating U.S. trade war heightened worries about mounting piles of unsold exports that could drive domestic prices even lower, Reuters reported. The world's second-largest economy has gotten off to a bumpy start this year. A nascent pick-up in retail sales and robust expansion in factory activity have been offset by rising unemployment and deflationary pressures, fueling calls for more stimulus.

Australia has swiftly turned down China's offer to "join hands" against Donald Trump's tariffs, as Washington escalates its trade war with Beijing, BBC.com reported. The White House recently imposed an import tax of 10% on Australian goods, but for China - Australia's biggest trading partner - raised tariffs to 125%. China's ambassador to Australia Xiao Qian argued joint resistance is "the only way" to stop the "hegemonic and bullying behaviour of the US", appealing for Canberra's cooperation in an opinion piece on Thursday.

The Philippine central bank cut its policy rate Thursday as widely expected, against a backdrop of cooling inflation at home and trade turmoil abroad, the Wall Street Journal reported. Bangko Sentral ng Pilipinas lowered its benchmark overnight reverse repurchase rate to 5.50%, Gov. Eli Remolona said. The central bank also reduced its benchmark lending rate to 6.00%. The decision had been expected by most economists, with recent Philippine inflation data cementing the case for a cut. Risks from new U.S. tariffs strengthened that argument.

Vietnamese budget carrier Vietjet said on Thursday it has signed an agreement worth $300 million with AV AirFinance, a partner of investment fund KKR, to fund the expansion of its fleet. Thursday’s announcement confirmed a Reuters report last week on the finance deal done between Vietjet and AV AirFinance during a visit to the U.S. by Deputy Prime Minister Ho Duc Phoc for reciprocal tariff negotiation. The deal value was initially reported at $200 million. The agreement with AV AirFinance is the latest in a string of financing agreements worth $4 billion that have been signed with U.S.

China on Wednesday announced an additional 50% retaliatory tariff on all U.S. imports, bringing the total tariff level to 84%, NPR.org reported. The measures are a response to President Trump's latest round of tariffs, which went into effect overnight, and include a 104% levy on Chinese goods. The Chinese finance ministry says the new charges will take effect at midnight in China, or Wednesday noon Eastern time. "The US's practice of escalating tariffs on China is a mistake on top of a mistake," the ministry said in a statement announcing the fresh round of levies. China calls on the U.S.

The Reserve Bank of India (RBI) lowered its key repo rate on Wednesday for a second consecutive time and changed its monetary policy stance signaling room for more cuts ahead, as it seeks to boost the sluggish economy in the face of fresh U.S. tariffs, Reuters reported. India became the second central bank after the Reserve Bank of New Zealand to cut interest rates since the wide-ranging trade levies were announced. The tariffs have raised the risk of a global slowdown and a U.S.

South Korea on Wednesday announced emergency support measures for its auto sector, seeking to reduce the blow of U.S. President Donald Trump's tariffs on a sector that has seen years of sharply rising exports to the United States, Reuters reported. The measures include financial support for the auto industry as well as tax cuts and subsidies to boost domestic demand, while the government also vowed efforts to negotiate with the U.S. and help expand markets. Trump has announced a 25% tariff on imported cars and light trucks starting on Thursday.

China’s electric vehicle boom is masking lopsided economic gains, with manufacturing hubs that rely on foreign carmakers falling behind cities that are home to hugely popular domestic brands like BYD Co., Bloomberg News reported. No city exhibits how quickly the tide can turn better than Guangzhou, where auto manufacturing accounts for about a quarter of economic output. The capital of Guangdong, China’s wealthiest province, was the country’s biggest car producer for five years running, buoyed by state-owned Guangzhou Automobile Group Co.’s joint ventures with Toyota Motor Corp.

As MG Non-Life Insurance was declared insolvent this week, its ripple effects could now adversely influence the pre-arranged sale of KDB Life to JC Partners, a major shareholder of MG Non-Life, the Korea Times reported. During its regular meeting on Wednesday, the Financial Services Commission (FSC) decided to designate MG Non-Life as an insolvent financial institution, given that its debt exceeded its capital by 113.9 billion won ($92.9 million).