A Chinese businessman with family links to the eldest son of jailed former security czar Zhou Yongkang has been detained by police investigating the collapse of Sichuan Trust, which was taken over by the provincial government and banking regulator last year amid concerns it couldn't repay 25.3 billion yuan ($3.9 billion) of investors' money, Nikkei Asia reported.

China's May factory gate prices rose at their fastest annual pace in over 12 years due to surging commodity prices, highlighting global inflation pressures at a time when policymakers are trying to revitalise COVID-hit growth, Reuters reported. Investors are increasingly worried pandemic-driven stimulus measures could supercharge global inflation and force central banks to tighten policy, potentially curbing the recovery. China's producer price index (PPI) increased 9.0%, the National Bureau of Statistics (NBS) said on Wednesday, as prices bounced back from last year's pandemic lows.

India’s bankruptcy court has allowed billionaire Anil Agarwal’s Twin Star Technologies to takeover Videocon Industries Ltd., Bloomberg News reported. Videocon’s shares will be delisted as part of the plan submitted in December, the company told the stock exchange late Tuesday. Twin Star, a part of Agarwal’s Vedanta Group, will pay about 30 billion rupees ($410 million) to Videocon’s lenders, people familiar with the matter had said earlier. The company will put up 5 billion rupees within 90 days and the rest as non-convertible debentures over a period of time.

Chinese regulators have instructed major creditors of China Evergrande Group to conduct a fresh round of stress tests on their exposure to the world’s most indebted developer, Bloomberg News reported. Authorities led by the Financial Stability and Development Committee, China’s top financial regulator, recently told lenders including Industrial & Commercial Bank of China Ltd. to assess the potential hit to their capital and liquidity should Evergrande run into trouble. It’s unclear whether the results will lead to any official action.

India’s bankruptcy court has allowed billionaire Anil Agarwal’s Twin Star Technologies to takeover Videocon Industries Ltd., Bloomberg News reported. Twin Star, a part of Agarwal’s Vedanta Group, will pay about 30 billion rupees ($410 million) to Videocon’s lenders. The company will put up 5 billion rupees within 90 days and the rest as non-convertible debentures over a period of time. Lenders had sought the bankruptcy court’s approval in December for the resolution plan submitted by Twin Star. The court approved the plan in a verdict on Tuesday.

An Indian court tasked industrial safety officials on Tuesday with visiting carmakers in the southern state of Tamil Nadu to draw up uniform safety guidelines for workers during a second devastating wave of COVID-19 infections amid the pandemic, Reuters reported. Workers at the Indian unit of Renault-Nissan had asked the Madras High Court for operations to be halted, saying social distancing norms were being flouted and the risk to their lives outweighed the health benefits provided by the company.

IndiGo, one of Asia’s biggest budget airlines, reported a wider-than-anticipated loss over the weekend as passenger traffic shrank with the coronavirus tearing through India, Bloomberg News reported. The carrier, operated by InterGlobe Aviation Ltd., posted a loss of 11.5 billion rupees ($157 million) in the three months through March, its fourth quarter, widening from a loss of 8.7 billion rupees a year earlier. The average forecast from analysts was for a deficit of 4.5 billion rupees.

The company operating Cambodia's only active oil field has collapsed under its debt, dealing a blow to the country's hopes of becoming a significant oil producer, Nikkei Asia reported. In an announcement on Friday, Singapore-listed KrisEnergy said it was unable to pay its debts and "will proceed to liquidation." KrisEnergy in December celebrated pumping the Southeast Asian country's first oil from the Apsara field, an offshore concession also known as Block A. The company's heavy debt, however, was a looming concern even then.

Pakistan will cut taxes on imports of raw materials to spur manufacturing and overall economic growth, according to Prime Minister Imran Khan’s trade adviser, Bloomberg News reported. Customs duties on input items needed by pharmaceutical, chemical, engineering and food processing industries will be reduced by 3% to 10%, Abdul Razzak Dawood, Khan’s adviser on commerce, said in an interview by telephone. That will help lower the import of finished goods, encourage local production and put the nation in a position to boost exports, he said. “Pakistan had ridiculously high duties,” Dawood said.

China Evergrande Group, the country’s most indebted developer, reversed losses in Hong Kong trading after the company clarified that operations remained normal and it was compliant in dealings with a banking unit, Bloomberg News reported. The shares rose as much as 3.7% on Monday afternoon after earlier sliding 5.3%. In a statement, Evergrande said various “rumors,” including that it was resorting to widespread price discounts, were false. Chinese developers are facing a slew of measures to curtail risks in the sector, with regulators monitoring everything from bank lending to land sales.