he Insolvency and Bankruptcy Board of India (IBBI) has proposed a code of conduct for the committee of creditors and measures to strengthen the regulatory framework for the liquidation process, the Economic Times of India reported. It has sought public comments on discussion papers related to the corporate insolvency resolution process (CIRP).

European technology giant Prosus NV said that it struck a $4.7 billion deal—its largest-ever acquisition—to buy Indian payments platform BillDesk, the latest investor bet that more and more consumers will conduct transactions online, the Wall Street Journal. Amsterdam-listed Prosus, which is majority owned by South African holding company Naspers Ltd., said that its payments and fintech subsidiary PayU will pay 345 billion rupees, equivalent to $4.72 billion, for BillDesk in an all-cash deal. Prosus shares rose 5% Tuesday following the announcement.

China's market regulator proposed amendments to the country's e-commerce law, saying that licences can be revoked if the platforms fail to take necessary measures against vendors who infringe intellectual property rights, Reuters reported. The amendments are open for public review before Oct. 14, an article published by the State Administration of Market Regulation (SAMR) website on Tuesday said. China has been tightening regulatory control over the country's internet giants, drafting new laws in areas such as anti-monopoly and data security.

China’s top manager of distressed assets, China Huarong Asset Management Co., confirmed it made a net loss of roughly $16 billion last year, and warned investors that it fell short of regulatory requirements on financial strength, the Wall Street Journal reported. The publication of the 2020 results is a key step in the rehabilitation of Huarong. The company, a major borrower in international bond markets, had rattled global investors earlier this year after it delayed the release of its annual results.

A global financial crimes watchdog urged Japan on Monday to improve cooperation between different government agencies as part of efforts to combat money-laundering and the financing of terrorism, Reuters reported. Responding to the report by the Financial Action Task Force (FATF), Japan's finance ministry announced a three-year action plan that will include an anti-money laundering inter-agency task force and tighter supervision of financial institutions.

Too big to fail or too tough to save? As China’s debt-laden No. 2 property developer lurched from one crisis to another in recent months its creditors, investors, suppliers, and bankers agonised over its fate with little hope on the horizon, Reuters reported. But industry watchers say clear signs are now emerging that authorities at various levels are stepping in to avoid a hard landing for China Evergrande Group, amid worries about the “social impact” of a possible collapse that could cascade through the country’s financial system.

The Insolvency and Bankruptcy Board of India (IBBI) has proposed major changes in the insolvency process to bring more discipline and transparency and to address issues that have come up in recent cases, the Times of India reported. The IBBI, which regulates both insolvency professionals and the process, has sought public views on amendments by September 17. A key development is the introduction of a code of conduct for the committee of creditors (CoC) proposed by a parliamentary standing committee headed by Jayant Sinha.

Japan's retail sales rose for a fifth straight month in July, beating expectations as the consumer sector continued its recovery, although a coronavirus resurgence has cast doubts over the spending outlook, Reuters reported. A surge in Delta variant cases this month forced the government to widen state of emergency restrictions, which are now threatening to hurt consumer spending and derail a fragile economic recovery.

China is framing rules to ban internet companies whose data poses potential security risks from listing outside the country, including in the United States, Reuters reported. The ban is also expected to be imposed on companies involved in ideology issues. Beijing said last month that it planned to strengthen supervision of all firms listed offshore, a sweeping regulatory shift that came after a cybersecurity investigation into ride-hailing giant Didi Global Inc. just days after its U.S. listing.

Malaysian Finance Minister Tengku Zafrul Abdul Aziz, who retained the post in the new government announced Friday by Prime Minister Ismail Sabri Yaakob, has his work cut out for him, Bloomberg News reported. In October, Zafrul is set to unveil the 2022 federal budget to what may be the most divided parliament in Malaysia’s history. The spending plan will need to address an economy weakened by protracted lockdowns and a raging Covid outbreak, amid steep financial constraints and a deficit target that was already revised higher twice this year.