Hong Kong’s stock rally is so dependent on mainland capital that the mere suggestion the record inflows will slow has the potential to stir panic in the city’s $7.1 trillion market, Bloomberg News reported. Such was the case on Tuesday, when the People’s Bank of China withdrew incremental liquidity and an adviser warned obliquely of asset bubbles. The result was the biggest drop in eight months for the Hang Seng Index.

In any normal year, a 1% contraction in South Korea’s economy would be disappointing. In 2020, it is a mark of resilience, as strong exports and success in containing Covid-19 buoyed Asian economies against one of the worst global downturns in modern history, the Wall Street Journal reported. The drop in gross domestic product, reported by the Bank of Korea on Tuesday, is expected to be one of the smallest among major economies, according to estimates from the Organization for Economic Cooperation and Development.

The Delhi High Court on Monday issued notice in a petition challenging Section 10A of the Insolvency and Bankruptcy Code 2016 insofar as it allows insolvency proceedings against persons and personal guarantors (Getamber Anand vs UOI), the GoaChronicle reported. A Division Bench of Chief Justice DN Patel and Justice Jyoti Singh sought response from Central government and Insolvency & Bankruptcy Board of India. The petitioner, Getamber Anand, is the Chairman and Managing Director of the ATS Group, a leading real estate group in the Delhi-NCR area.

China’s central bank won’t exit “prematurely” from its supportive monetary policies while at the same time keeping debt risks under control, Governor Yi Gang said, Bloomberg News reported. Monetary policy will continue to “prop up the economy,” Yi said on a panel hosted by the World Economic Forum on Tuesday. Officials will remain mindful of risks, such as a rising macro leverage ratio and higher non-performing loans, he said. “Looking forward, I think our monetary policy will continue,” he said.

When India revamped its bankruptcy code in 2016, some foreign investors were hopeful it would rewrite the rules of capitalism in the country. The big US distressed debt specialist Oaktree Capital was among those that saw opportunities to invest in the country following the attempt to turn one of the slowest insolvency regimes of any large economy into one of the fastest.

One year after the coronavirus pandemic first disrupted global supply chains by closing Chinese factories, fresh shipping headaches are delaying U.S. farm exports, crimping domestic manufacturing and threatening higher prices for American consumers, the Washington Post reported. The cost of shipping a container of goods has risen by 80 percent since early November and has nearly tripled over the past year, according to the Freightos Baltic Index.

Carnival Corp.’s flagship cruising brand extended its pause on U.S. departures through the end of April and shelved operations in Australia through mid-May amid lingering pandemic concerns, Bloomberg News reported. Carnival Cruise Line also canceled European trips on Carnival Legend that had been poised to start in May, and delayed trips on Mardi Gras from Port Canaveral, Fla., until the end of that month, according to a statement on Friday. The announcement is the latest in a long line of delays since the entire industry essentially went on hold in mid-March.

Vijay Mallya, who is due to be extradited to India, has applied for "another route" to be able to stay in the UK, the embattled liquor tycoon's barrister representing him in bankruptcy proceedings in the High Court here confirmed in the court for the first time, the Deccan Herald reported.

Millions of barrels of Venezuelan heavy crude, embargoed by the U.S., have been surreptitiously going to China, Bloomberg News reported. The cat-and-mouse games that avoid detection and sanctions include ship-to-ship transfers, shell companies and silenced satellite signals. But there’s another aspect to the dodge. It involves “doping” the oil with chemical additives and changing its name in the paperwork so it can be sold as a wholly different crude without a trace of its Venezuelan roots.