Chinese prosecutors indicted the country’s former chief insurance regulator on charges of abusing his power and taking bribes, a year after he was fired amid concerns the industry’s sizzling expansion had saddled the financial system with risk, The Wall Street Journal reported. Xiang Junbo, whose firing last April underscored the severity of a shake-up in China’s financial sector, faces charges that also include using his positions to promote the interests of others, according to a statement from the nation’s top prosecutors office Monday. Specifics of the allegations against Mr.

Momentum in the global economy has peaked and risks ranging from higher inflation to trade disputes and debt appear likely to taint prospects for 2018, according to the tracking index compiled by the Brookings Institution think-tank and the Financial Times. The latest update to the index shows that forces contributing to growth remain strong but have levelled off below last year’s peak, while financial markets suggest more challenging times ahead, the Financial Times reported.

Oaktree Capital Group LLC, one of the world’s largest distressed debt investors, is eyeing India as a key market as the nation overhauls its bankruptcy rules and banks battle with a historic bad debt clean-up, Bloomberg News reported. “I wouldn’t be surprised to see India as another engine of growth maybe in the next three to five years,” said Jay Wintrob, chief executive officer at the Los Angeles-based firm, in an interview in Hong Kong.

China will further overhaul its bloated state enterprises and push for mergers in sectors such as power and coal, which are plagued by zombie firms, bankruptcy and debt defaults, according to the head of the agency that oversees state assets valued at $26 trillion, Bloomberg News reported. "Some of the central state-owned enterprises in certain industries are too fragmented and have low efficiency," said Xiao Yaqing, chairman of the State-Owned Assets Supervision and Administration Commission, referring to SOEs directly regulated by the central government.

Creditors of India's Monnet Ispat and Energy Ltd have approved a joint bid here from AION Investments and JSW Steel to take over the bankrupt firm, according to a regulatory filing on Tuesday. Monnet Ispat is among India's 12 biggest loan defaulters here, which were pushed into bankruptcy last year, as part of the country's new bankruptcy law aimed at cutting close to $150 billion of accumulated soured loans, Reuters reported.

Investors are bracing for trouble at Turkey’s banks as some of the nation’s biggest conglomerates struggle to repay their debts, Bloomberg News reported. The Borsa Istanbul Banks Index, which comprises 13 lenders, underperformed the Borsa Istanbul 100 by 20 percent over the past year. Valuations dropped to a nine-year low in November, and have remained there. The banks index trades at 4.9 times estimated earnings, compared with 7.6 times for the broader market.

Richard Elman, the founder and largest shareholder of Noble Group Ltd., is pushing the embattled commodities trader’s creditors for a new restructuring deal, according to people familiar with the matter, casting fresh doubt on the survival of the company, Bloomberg News reported. Noble needs the support of at least half of the shareholders that vote in a special meeting for a $3.5 billion debt-for-equity restructuring plan that will all but wipe out existing equity investors. If shareholders reject the deal, the company plans to file for insolvency in London.

South Korea on Friday urged General Motors Co’s local subsidiary and labor union to reach a wage deal swiftly, saying the government will be able to discuss support for the money-losing unit on condition of an agreement. GM, which in February announced it would shut one of its South Korean factories, said it will file for bankruptcy should the union refuse to make concessions by April 20, Reuters reported. GM has also asked for financial support from the government.

Singapore Exchange’s regulatory arm on Thursday asked Noble Group’s senior creditors to assess the beleaguered commodity trader’s restructuring plans to “ensure parity in the treatment of all shareholders,” Reuters reported. The Singapore-listed trader is seeking a $3.4 billion debt restructuring which is critical for its survival. While it has the support of senior creditors holding 55 percent its debt for the restructuring deal, it is still short of the required 75 percent amid opposition from some bondholders and shareholders.

Debt-laden Reliance Communications Ltd (RCom) said on Thursday India’s Supreme Court had lifted a high court stay on sale of some of its assets and allowed its secured lenders to proceed with the sale process, Reuters reported. The top court also directed the company and its secured lenders to file an appeal before the National Company Law Appellate Tribunal (NCLAT) on a stay granted by an arbitration court on the sale of RCom’s tower and fibre assets.