A subsidiary of a Hong Kong conglomerate that is embroiled in U.S.-China tensions over its Panama Canal port assets denied allegations Wednesday that it had failed to pay about $1.2 billion to the Central American country, the Associated Press reported. Panama’s comptroller authority announced on Monday that an audit of Panama Ports Company found irregularities in the renewal of a 25-year port concession in the interoceanic canal. The authority's accusations came the same day as U.S. Defense Secretary Pete Hegseth's arrival in the country to participate in a security conference.

The number of corporate bankruptcies in Japan in fiscal 2024 climbed 12.0% from the previous year to 10,144, topping 10,000 for the first time in 11 years, Tokyo Shoko Research said Tuesday. The annual figure rose for the third consecutive year, the Japan Times reported. The result reflected a surge in the number of bankruptcies due to labor shortages, particularly among small and midsize companies, and rising prices. The number of business failures linked to soaring labor costs and labor shortages increased 1.6 times to 309, the highest since fiscal 2013.

Singapore’s policymakers are wrapping up the public feedback process on proposed changes to its insolvency law, part of a broader effort to enhance its appeal as a hub for corporate restructuring in Asia, The Straits Times reported. A key change would broaden a provision in restructuring plans, known as cross-class cramdowns, to prevent shareholders from dissenting, according to a Ministry of Law report. The proposals would also streamline the process of disposing a debtor’s property or issuing new shares, and recommend building incentives into restructuring managers’ compensation.

China pledged to retaliate against Donald Trump’s latest tariff threat and mobilized state organs to send a message of resilience, raising the risk of a prolonged trade war between the world’s two largest economies, Bloomberg News reported. “The US threat to escalate tariffs on China is a mistake on top of a mistake,” the Chinese Ministry of Commerce said in a Tuesday statement, hours after the US president vowed to impose additional import taxes.

Thailand will increase U.S. imports, lower some of the higher taxes on American goods and address non-tariff barriers, the finance minister said on Tuesday, as the government seeks to negotiate a better deal on new U.S. tariffs, Reuters reported. The tariff of 36% imposed on Southeast Asia's second-largest economy is among the higher rates imposed by the administration of U.S. President Donald Trump, greater than officials had anticipated.

Indonesia announced a raft of concessions on U.S. imports Tuesday, including reducing taxes on electronic goods and steel, ahead of trade negotiations with Washington over President Donald Trump's sweeping tariffs, Reuters reported. Southeast Asia's biggest economy will send a high-level delegation to the United States next week in hopes of securing a deal to ease the impact of a 32% tariff due to take effect on Wednesday. Indonesia plans to buy U.S.

China's regulatory body for state assets said on Tuesday it would support central government-owned companies to increase their stock holdings and share buybacks to mitigate the impact of an escalating global trade war on the country's stock market, Reuters reported. Several Chinese state-owned companies, including oil giant Sinopec have already announced plans to buy back shares to bolster investor confidence.

The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the plea of IDBI Bank which sought to initiate insolvency proceedings against Zee Entertainment, the Economic Times of India reported. A two-member NCLAT bench upheld the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had earlier rejected the private lender's plea to initiate insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL).

IL&FS has requested an extension from the National Company Law Appellate Tribunal (NCLAT) to resolve 57 out of the 108 entities still in limbo, citing substantial progress in its ongoing restructuring, the Times of India reported. In its affidavit, the company reported that it has successfully resolved 197 of its 302 subsidiaries, which are no longer part of the insolvency process. To date, lenders have recovered Rs 45,000 crore of the Rs 99,000 crore owed, while the recovery target has been increased to Rs 61,000 crore.

President Donald Trump on Monday threatened to impose an additional 50 percent tariff on China, escalating the tit-for-tat retaliation with Beijing that followed the White House’s sweeping import tax rollout last week, Politico reported. “If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th,” Trump said in a Truth Social post. China was a primary target of Trump’s sweeping “Liberation Day” tariffs announced last week.