China EVs: BYD-Triggered Price War Raises Fears of Evergrande-Like Liquidity Crisis

China’s electric vehicle (EV) makers have had a lot to contend with over the past week: slumping shares for market leader BYD, cooling sales and margins and a warning from authorities in Beijing amid a punishing price war, the South China Morning Post reported. BYD’s Hong Kong-listed shares lost as much as 17 per cent of their market value, or HK$122.3 billion (US$15.6 billion), on Monday after falling to HK$378.20 from an all-time high of HK$477.80 on May 23. The company’s shares recovered 4 per cent on Tuesday.
China
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NCLAT Halts Insolvency Proceedings Against Reliance Infrastructure

In a significant relief for Reliance Infrastructure, the National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed the insolvency proceedings initiated against the company, the Times of India reported. In a regulatory filing, Reliance Infrastructure confirmed that the appellate tribunal has suspended the earlier order passed by the National Company Law Tribunal (NCLT), Mumbai. "In the appeal filed, the NCLAT, today has suspended the Order dated May 30, 2025 passed by National Company Law Tribunal, Mumbai in case no. C.P.
India
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SC Refuses to Halt Insolvency Proceedings Against Future Ideas, a Part of Erstwhile Kishore Biyani-Led Future Group

The Supreme Court has refused to stay the insolvency proceedings initiated against Future Ideas Company Ltd (FICL), a part of the erstwhile Kishore Biyani-led Future Group. However, it sought response from Axis Trustee Services and resolution professional Ritesh Agarwal on an appeal by Anil Biyani, the suspended director of FICL, the Economic Times of India reported. A Bench led by Justice Sanjay Karol posted the matter for further hearing on August 8.
India
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NCLT Issues Notices to BluSmart Mobility and Gensol on Three Fresh Insolvency Pleas

The National Company Law Tribunal (NCLT) on Tuesday issued notices to electric vehicle (EV) ride-hailing startup BluSmart Mobility Ltd and Gensol Engineering Ltd on three new insolvency petitions by financial creditors over alleged unpaid dues, LiveMint.com reported. Spectrum Trimpex Pvt. Ltd and Catalyst Trusteeship Ltd moved the tribunal under Section 7 of the Insolvency and Bankruptcy Code (IBC) against BluSmart over unpaid dues worth ₹1 crore each. Equentia Financial Services Pvt. Ltd claimed that Gensol Engineering owed it around ₹9 crore.
India
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Slowing Australia Economy Vulnerable as World Growth Stalls

Australia’s economy slowed sharply in the first three months of 2025, leaving it vulnerable to emerging weakness in world growth as the global trade war and a surge in geopolitical risk undermines the confidence of firms and consumers, the Wall Street Journal reported. The economy grew 0.2% in the first quarter from the prior quarter, and expanded by just 1.3% from a year earlier, the Australian Bureau of Statistics said Wednesday. Economists had expected annual growth of closer to 1.5%.
Australia
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South Korea Inflation Cools, Easing Path for Rate Cuts

South Korea’s headline inflation cooled to a five-month low in May and stayed below the central bank’s 2.0% annual target, justifying its resumed easing of policy to support economic growth, the Wall Street Journal reported. The benchmark consumer-price index rose 1.9% from a year earlier, following a 2.1% increase in April, the country’s statistics office said Wednesday. Price growth was largely kept in check by lower prices of oil products, fruits and vegetables, despite gains in the prices of some other agricultural and livestock goods, according to the statistics office.
South Korea
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