The Reserve Bank of India (RBI) has superseded the board of Reliance Capital (RCL) and appointed former Bank of Maharashtra executive director Y Nageswar Rao as an administrator of the company, the Economic Times of India reported. The action by the central bank was taken "in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the board has not been able to address effectively," RBI said in a press release.

China’s property boom has spawned numerous developers that, like industry giant China Evergrande Group, borrowed heavily to fund breakneck growth. Now they are inflicting unprecedented losses on international investors as credit grows scarce and sales of new homes decline, the Wall Street Journal reported. Investors have dumped their bonds, setting off alarms over the companies’ finances. While Evergrande so far has been able to cobble together funds to make last-minute bond payments, at least four developers have reneged on their dollar bonds since early October.

Australian securities regulator said on Tuesday it has filed six civil penalty proceedings against Westpac Banking Corp., the country's third-largest bank, alleging widespread compliance failures across its business over many years, Reuters reported. The Australian Securities and Investments Commission (ASIC), in a statement, alleged multiple Westpac brands were involved in fees-for-no-service, distribution of duplicate insurance policies and sale of credit card and flexi-loan debt with incorrect interest rates, among others.

Indian Prime Minister Narendra Modi’s government moved to repeal controversial farm laws as parliament reconvened Monday, to quell protests from a crucial vote bank that show little sign of abating with key state elections due next year, Bloomberg News reported. Both houses of parliament approved the scrapping of the legislation in rushed voice votes even as the opposition parties demanded a debate. However, the rollback alone does not seem to assuaged the farmers’ anger and they have vowed to keep pushing ahead with their protests to press the government for guaranteed crop prices.

India's National Company Law Appellate Tribunal has granted more time to November 30 for completing the insolvency resolution process for Vasan Healthcare and set aside an NCLT order, saying that the timeline could be extended in view of exceptional circumstances and save the company from liquidation, the Daily Excelsior reported. A two-member Chennai Bench of the appellate tribunal has also excluded the time spent in filing appeals – from August 18 to November 25 – before it.

China’s stressed developers face nearly $1.3 billion of bond payments in December, after a month in which investor sentiment toward the property sector showed signs of stabilizing despite fresh signs of liquidity pressure, Bloomberg News reported. The total was $2 billion in November, and there have been no defaults reported according to Bloomberg-compiled data as of Friday, after multiple instances in October. Still, investor scrutiny persists regarding principal and interest payments as a cash crunch engulfs the real estate industry.

Japan's retail sales rose for the first time in three months in October, though less than expected, and the underlying private consumption trend pointed to persistent strains on a fragile economic recovery despite an easing of COVID-19 curbs, Reuters reported. Following a larger-than-expected contraction in July-September, analysts expect the world's third-largest economy to rebound this quarter thanks to an upturn in household spending, while supply-side concerns still loom for export-reliant businesses.

Ant Group Co. has started making it clear to customers if they are borrowing from outside lenders or from the company itself, as Jack Ma’s financial-technology giant continues to fall in line with Chinese regulations, the Wall Street Journal reported. Before its wings were clipped by Beijing, Ant, via its payment and lifestyle app Alipay, offered consumer-credit services that were widely popular among Chinese consumers and small businesses.

A resurgence of COVID-19 infections in northern China have forced two small cities to suspend public transport and tighten control over residents' movement, as the country has showed no willingness to go easy on local outbreaks, Reuters reported. China reported 21 new locally transmitted COVID-19 cases with confirmed symptoms on Sunday, official data showed on Monday, marking the highest daily count since mid-November. Almost all of the new local cases were detected in the northern Chinese region of Inner Mongolia.

Australia’s central bank will closely monitor risk premiums to judge whether asset prices appear “sensibly valued,” especially at a time of record low interest rates, said Marion Kohler, head of the domestic markets department, Bloomberg News reported. “Asset prices increase when risk-free rates are low, and this is part of the monetary transmission mechanism,” Kohler said in the text of a speech Tuesday.