Asia Pacific

Indian tax authorities are seeking dues of $101 million from education-technology company Byju’s, once the country's biggest startup which is now undergoing an insolvency process, claim documents reviewed by Reuters on Friday showed. Backed by General Atlantic, Byju's was valued at $22 billion in 2022, but has seen its fortunes dwindle due to many regulatory issues and more recently a dispute with U.S. lenders who are demanding $1 billion in unpaid dues, triggering the company's insolvency that led to an assets freeze.

The bankruptcy court in Ahmedabad has admitted Essar Group entity Essar Oil and Gas Exploration & Production Ltd under the Corporate Insolvency Resolution Process (CIRP), the Economic Times of India reported. The National Company Law Tribunal (NCLT) has admitted the company in an application filed by the company’s operational creditor Greka Green Solutions (India) Ltd, after the Essar Group entity defaulted on its dues of about Rs 24.38 crore. The tribunal has also appointed Mohit B.

The State Bank of Pakistan (SBP), on Friday, annulled banking license of Industrial Development Bank Limited (IDBL) and directed its de-scheduling as it has gone into liquidation, the Associated Press of Pakistan reported. A notification issued by Banking Policy and Regulations Department of the central bank, reads “In exercise of powers conferred upon State Bank of Pakistan by Section 27 (4) of Banking Companies Ordinance, 1962 the banking license issued to Industrial Development Bank Limited (license No.

It is hard for Dogan Duman to see how he can keep his garment factory in central Turkey running much longer, even after firing a third of his staff to cut costs that have soared for companies nationwide, generating a wave of bankruptcies and closures, Reuters reported. Idle sewing machines are pushed to the side of his factory floor in Corum, where outside "For Sale" signs and padlocked gates dot the small city's once-buzzing industrial zone.

Japan's economy grew at a slightly slower pace than initially reported in the second quarter, hurt by downward revisions in corporate and household spending that point to a bumpier second half for consumption and the central bank's rate-hike plans, Reuters reported. The Bank of Japan is keen to see consistent improvement in domestic demand as it focuses on exiting its decade-long monetary stimulus programme and raising interest rates further in coming months.

China deepened its push to further open up the economy, eliminating restrictions on the manufacturing sector and expanding opportunities for foreign investment in the health sector in an effort to revive growth, the Wall Street Journal reported. The Chinese government will reduce its list of industries off-limits to foreign investors to 29 from 31 and fulfill its pledge of zero restrictions on the manufacturing sector, the National Development and Reform Commission and the Commerce Ministry said in a joint statement on Sunday. The new list, set to take effect Nov.

The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm BYJU's and approving its Rs 158.9 crore dues settlement with the BCCI, the Economic Times of India reported. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest.

Country Garden Holdings Co.’s sales slump dragged on in August, exacerbating the Chinese developer’s liquidity woes as it battles a wind-up petition, Bloomberg News reported. Contracted sales for August declined 57% from a year earlier to 3.43 billion yuan ($483 million), following a 72% drop in July, according to an exchange filing on Thursday. The poor sales underscore the challenges facing the distressed real estate giant, which is counting on a turnaround in revenue to appease debt holders and fight off liquidation.

A Chinese central bank official raised the possibility of further relaxing the amount of reserves banks are required to hold but signaled that no aggressive monetary easing is in the pipeline amid growing calls for Beijing to consider bolder moves to revive sluggish growth, the Wall Street Journal reported. “The cut on the reserve requirement ratio at the beginning of this year is still showing its effect,” Zou Lan, head of the People’s Bank of China’s monetary policy department, said at a press briefing on Thursday.

Malaysia’s central bank extended its policy-rate pause yet again, declining to join a growing group of peers starting their easing cycles as it keeps an eye on inflation, the Wall Street Journal reported. Bank Negara Malaysia on Thursday maintained its overnight policy rate at 3.00%, where it has been at since May last year. “At the current OPR level, the monetary policy stance remains supportive of the economy and is consistent with the current assessment of inflation and growth prospects,” Bank Negara Malaysia said.