A ruling on a request to freeze the assets of Lim Oon Kuin and his two children following the collapse of Lim’s oil trading firm Hin Leong Trading Pte Ltd will be made at a later date, following a whole day’s hearing at the Singapore High Court, Reuters reported. Court-appointed liquidators of Hin Leong had asked the court to freeze the family’s assets worldwide, from multi-million-dollar homes to country club memberships, shares and funds to recover money owed to nearly two dozen banks and other creditors globally.

Japan’s Government Pension Investment Fund, the world’s largest pension pot, considers the impact of its investments on markets and isn’t distorting the country’s stocks, said Hirohide Yamaguchi, the newly appointed chairman of the fund’s board of governors, Bloomberg News reported. Yamaguchi, a former deputy governor of the Bank of Japan, said also that it was important to look at the fund’s long-term returns, rather than focusing on the short-term. He spoke in Tokyo at his first press conference since taking the role last week.

A record jump in coronavirus cases in India is leading the nation’s bond traders to pare bets that the central bank will shift to a tighter policy stance as early as this year, Bloomberg News reported. Shorter-maturity rupee debt rallied, with yields on the 5.22% 2025 bond and the 5.15% 2025 debt sliding 12 basis points to 5.47% and 5.59%, respectively. The rally was also aided by a government borrowing plan for the new fiscal first half, with issuances tilted toward longer-end bonds.

Indonesia’s biggest listed clothing firm Sri Rejeki Isman has appointed Helios Capital and Assegaf Hamzah & Partners to represent the company in its debt restructuring process, Bloomberg News reported. The company, known as Sritex, has been trying to extend a dollar loan’s maturity by two years to January 2024. The loan was announced in 2019 and had a deal size of $350 million, according to data compiled by Bloomberg.

To defend against accusations by Washington, D.C., and others that it doesn’t play fair on trade, Beijing could point to the banks. Chinese leaders have been steadily lowering the barriers they had erected around the country’s vast financial system, giving Wall Street and European lenders a greater shot at winning business in the world’s second-largest economy. Now the walls are going up again, the New York Times reported. New Chinese rules have sharply limited the ability of foreign banks to do business in the country, making them less competitive against local rivals.

Stung by the collapse of Asia’s top independent oil trading firm, some global banks have teamed up to seek the personal assets of the family behind Hin Leong Trading, which has left creditors on the hook for billions of dollars, Reuters reported. As part of what sources say is the biggest legal case in living memory in Singapore, liquidators and creditors are hunting for assets from the city-state to China to Australia belonging to the Lim family, after the Singapore-based company was wound up in March.

China will deliver 550 billion yuan ($84 billion) in tax cuts to help support the economy’s recovery, a move that could also damage local governments’ finances further, Bloomberg News reported. The government will lower taxes for small and micro-sized businesses and offer tax breaks for companies in advanced manufacturing, state media reported Wednesday, citing a State Council meeting chaired by Premier Li Keqiang. That’s on top of record tax and fee cuts last year.

Shares of around 50 Hong Kong-listed companies were suspended from trading on Thursday, according to stock exchange filings, with many firms citing delays in publishing their annual results as the reason for the move, Reuters reported. Most of the companies involved are small-cap names, however, they also included some larger firms including embattled bad debt manager China Huarong Asset Management and solar energy firm GCL-Poly Energy.

India announced a fiscal first-half borrowing plan largely in line with expectations, a move likely to comfort a bond market facing near-record debt sales, Bloomberg News reported. The government will auction 7.24 trillion rupees ($99 billion) of bonds in the six months to September, or about 60% of the full-year target, Economic Affairs Secretary Tarun Bajaj said on Wednesday. That compares with 60% to 65% of total debt the government usually issues for the period.

Engineering and construction firm Punj Lloyd is heading towards liquidation as the company''s lenders have rejected a resolution plan, the Times of India reported. The company is undergoing resolution process under the Insolvency and Bankruptcy Code (IBC). During its last meeting held on March 30, the lenders did not approve the resolution plan, the company said in a regulatory filing on Wednesday. The company's Committee of Creditors (CoC) failed to select a bidder for the company within the mandated time frame under the IBC.