India and the U.S. will hold trade talks on Tuesday, New Delhi said, raising hopes for a breakthrough weeks after President Donald Trump imposed punitive tariffs on the South Asian nation for buying Russian oil, Reuters reported. The move comes after Trump struck a more conciliatory tone in statements last week and expressed optimism that they could finalise a trade deal. The U.S. trade representative for South Asia, Brendan Lynch, will be in New Delhi for one day of talks, Indian chief negotiator Rajesh Agarwal said.
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The liquidators of China Evergrande Group have received non-binding indicative offers for the developer’s majority stake in its property management arm, and potential bidders will be invited to submit final offers as soon as November, a filing showed, Reuters reported. Evergrande’s liquidators control a 51.016% holding in Evergrande Property Services Group according to the filing by the unit on Thursday. Evergrande Services had a market value of about HK$9.95 billion ($1.28 billion) before the announcement, LSEG data showed.
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The Supreme Court on Friday suggested major reforms in the Insolvency and Bankruptcy Code "to restore faith in the regulatory and insolvency framework,” even as it urged the government to come up with a revival fund to provide financing for stressed real estate projects undergoing insolvency proceedings, the Economic Times of India reported.
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Beijing has warned Mexico to think twice before moving ahead with a plan to raise tariffs that could hurt Chinese automakers, saying it would retaliate against the measure, the Wall Street Journal reported. “At a time when the U.S.’s abuse of tariffs has sparked widespread global opposition, countries should strengthen communication and coordination to jointly safeguard free trade and multilateralism, and must not sacrifice the interests of third parties due to coercion,” a Chinese commerce ministry spokesperson said in a statement released late Thursday.
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China's central bank said on Friday it plans to better regulate cross-border yuan financing between banks, and promote offshore use of the Chinese currency, Reuters reported. China is ramping up the pace of yuan globalisation as Beijing seeks to reduce its reliance on the U.S. dollar amid simmering trade and geopolitical tensions with Washington. The People's Bank of China (PBOC) said in draft rules that it will introduce a counter-cyclical mechanism to manage cross-border, interbank yuan financing.
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New Zealand home prices will rise slower than previously expected through 2027 as a fragile economy weighs on buyer confidence despite aggressive monetary policy easing, a Reuters poll of property analysts showed. To revive an economy that slipped into recession last year the Reserve Bank of New Zealand (RBNZ) has slashed interest rates by 250 basis points since mid-2024 to 3.00% at its August meeting and also surprised markets by signalling more cuts by year-end. However, lower rates haven't sparked a rebound in housing demand like in neighbouring Australia.
South Korea's top security adviser Wi Sung-lac said on Friday that the government would talk to U.S. officials in order to provide clear visa guidelines for Korean companies operating there and to ease concerns for workers remaining in the United States, Reuters reported. Wi made the comments as the administration in Seoul seeks to avoid a repeat of a recent U.S. immigration raid on a battery factory that led to the arrest of hundreds of Korean workers.
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IDBI Bank has once again dragged Zee Entertainment Enterprises to the insolvency court. It has filed a fresh application before the Mumbai bench of the company law tribunal to initiate insolvency proceedings against Zee for a default of Rs 225 crore, the Times of India reported. Zee has disputed the bank's claim, terming it meritless and an abuse of the legal process.
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