The Insolvency & Bankruptcy Board of India (IBBI) is expected to finalise crucial amendments to regulations - from those seeking to make life simpler for home buyers to those for personal and companies' insolvency proceedings, insolvency professionals and liquidation - next month as it seeks to improve the seven-year-old regime and improve its overall functioning, the Times of India reported.

Chinese authorities are taking more forceful action to contain the growing financial troubles of one of the country’s biggest shadow lenders, the Wall Street Journal reported. Police in Beijing said over the weekend that they had taken “criminal coercive measures”—a euphemism for arrests—against multiple employees of Zhongzhi Enterprise. The privately held conglomerate operates several businesses that sold investment products to many wealthy individuals and companies in China, and has struggled for months to make promised payments to investors.

Profits at China's industrial firms extended gains for a third month in October, albeit at a slower pace, suggesting more policy support from Beijing is needed to help shore up growth in the world's second-largest economy, Reuters reported. The 2.7% year-on-year rise sees profit growth narrow back to single-digits, following an 11.9% increase in September and a 17.2% gain in August, putting pressure on authorities to extend further assistance to manufacturers as soft global demand continues to dog policymakers heading into 2024.

Turkey’s central bank has raised interest rates to 40 percent, its highest level in nearly two decades, in a significant move to tame the country’s runaway inflation after the country’s president, Recep Tayyip Erdogan, had previously defied economic convention by cutting rates to slow price increases, the New York Times reported. The increase of 5 percentage points on Thursday, which was larger than expected and the sixth consecutive increase by the bank, came as inflation in Turkey is running at 61.36 percent.

Chinese authorities said they recently opened criminal investigations into the money management business of Zhongzhi Enterprise Group Co., days after the embattled shadow banking giant revealed a shortfall of $36.4 billion in its balance sheet, Bloomberg News reported. Police in Beijing said in a statement on WeChat that they took “criminal mandatory measures” against multiple suspects, identifying one by the last name Xie. They urged investors to report cases or provide leads to the authorities, including filing complaints online.

Country Garden Holdings Co. and Sino-Ocean Group have been included on China’s draft list of 50 developers eligible for a range of financing support, according to people familiar with the matter, signaling a pivot by Beijing to help some of the nation’s most distressed builders. CIFI Holdings Group Co., another builder that has missed debt payments, was also included on the so-called white list, the people said, asking not to be identified because the matter is private.

Australia’s government will introduce legislation this week to facilitate the largest overhaul of the central bank in a generation, including setting up a separate governance board and scrapping the treasurer’s power to reverse policy decisions, Bloomberg News reported. The bill is the result of an independent review of the Reserve Bank that made 51 recommendations, some of which require modifications to the RBA’s operating law.

Australia's competition watchdog said on Monday new competition laws were required in response to the rapid expansion of digital platforms such as Amazon, Apple, Google, Meta and Microsoft in the country, Reuters reported. The Australian Competition and Consumer Commission (ACCC) in its latest report for the Digital Platform Services Inquiry raised concerns that expansion of these platforms has increased the risk of them engaging in harmful behaviour such as invasive data collection and practices that lock in customers and limit their choices.

China, Japan and South Korea agreed on Sunday to restart cooperation and pave the way for a summit in the latest move to ease tensions between the Asian neighbours, Reuters reported. Even as China and the United States seek to mend frayed ties, including a summit this month between Presidents Xi Jinping and Joe Biden, Beijing is concerned that Washington and its key regional allies are strengthening their three-way partnership.