The recent collapse of U.S. regional banks might not grow into a global financial crisis given their small scale and less complex assets, but more peers might turn into zombie banks if not properly regulated, the central bank said on Facebook, Taipei Times reported. Silicon Valley Bank’s (SVB) bankruptcy might not lead to a systemic crisis like Lehman Brothers, the fourth-largest U.S.

A business tycoon long sought by the government of China, and known for cultivating ties to Trump administration figures including Steve Bannon, was arrested Wednesday in New York on charges that he oversaw a $1 billion fraud conspiracy, the Associated Press reported. Guo Wengui, 54, was accused along with his financier and chief of staff of various crimes, including wire and securities fraud. He was charged in court papers under the name Ho Wan Kwok. U.S.

Pakistan's central bank raised its key interest rate to a record 21% on Tuesday as the cash-strapped country bid to curb crippling food inflation and maintain the confidence of foreign creditors, Reuters reported. The 100 basis-point (bp) increase by the State Bank of Pakistan (SBP) was less than the 200 forecast by a Reuters poll of analysts as the country grapples with record annual consumer inflation of over 35%. Global factors have compounded consumer inflation already buoyed by Pakistan's weakening currency, energy tariff increases and hikes in food prices due to Ramadan.

Lenders of debt-ridden Reliance Capital have postponed the second auction to April 11 for which three suitors have expressed interest to participate, the Indian Express reported. Earlier, banks had fixed the second auction date as April 4. According to sources, the bidders who have confirmed their participation in the second round of auction are IndusInd International Holdings Ltd. of Hinduja Group, Torrent Investment and Singapore-based Oaktree.

According to court documents analyzed, Statkraft, the largest renewable energy company in Europe, is on track to become the first multinational corporation to acquire an Indian power company through the insolvency and bankruptcy code (IBC) process after the national company law tribunal (NCLT) approved its Rs 1.80 billion offer for Lanco Mandakini Hydro Energy, Construction World reported.

European planemaker Airbus is negotiating a new round of plane orders with China, coinciding with a visit by French President Emmanuel Macron to the economic superpower later this week, government and industry sources said, Reuters reported. The potential deal for dozens of jets comes amid worsening relations between Washington and Beijing, which have seen China's usually balanced airplane imports tilt towards Airbus in recent years.

HSBC Holdings Plc's board is unanimous in recommending that shareholders vote against proposals to restructure the bank and pay fixed dividends, its chairman, Mark Tucker, told Hong Kong shareholders on Monday, Reuters reported. The comment came as Ken Lui, an individual HSBC shareholder and leader of a Hong Kong-based investor group, called for a break-up of the bank. His second proposed resolution calls on HSBC to restore pre-COVID-19 dividend levels.

Pakistan has the habit of intentionally creating controversies in order to divert public attention from its own failures, according to a Financial Express analysis. Just last week, Esther Perez Ruiz, who is IMF’s Resident Representative to Pakistan was forced to speak out and clear the air on Islamabad’s “posturing on several key matters.” She told the media that there is no truth in Pakistan Finance Minister Ishaq Dar’s statement that the IMF has asked Islamabad to compromise on its nuclear programme if it wants funds.

Thai AirAsia X has announced that it will be putting its rehabilitation plan into place by the end of next month, Simple Flying reported. The Chief Executive Officer of Thai AirAsia, Tassapon Bijleveld, has said that negotiations with various creditors are ongoing but should be completed by mid-April. He hopes that if the negotiations are completed soon, then the airline can begin refunding and compensating passengers towards the end of this year. Thai AirAsia suspended operations two separate times, once in early 2020 and again in 2021.

A gauge of activity in China’s services sector reached its highest level in more than a decade in March, a sign that Chinese consumers are heading back to stores and restaurants, powering an economic recovery following the end of almost three years of strict COVID-19 controls, the Wall Street Journal reported. The reading represents a promising signal for the global economy, which depends on Chinese consumers to prop up growth this year as their counterparts in the U.S.