The National Company Law Tribunal has directed to initiate insolvency proceedings against realty firm Raheja Developers on a petition filed by flat allottees of its Gurgaon-based Shilas project, the Economic Times of India reported. The NCLT said that Raheja Developers has a "debt due and default" against the flat allottees, who had made their payments and delivery of the units was not on time and referred it for Corporate Insolvency Resolution Process (CIRP). "The Application bearing...

WeWork Inc. is giving up space in two prime locations in Singapore, underscoring the company’s challenges in one of its most promising markets, Bloomberg News reported. One co-working space spanning the 17th to 20th floors at Manulife Tower along Singapore’s 8 Cross Street has ended operations. Another three-floor space in an office building at 83 Clemenceau Avenue on the city center fringe will close next year. A WeWork spokesperson said in a statement that despite Singapore being a “priority market,” it has “made the difficult decision” not to renew leases at the two locations.

South Korea’s household debt grew the most in three years last quarter, highlighting a development that kept the central bank from pivoting on policy until last month, Bloomberg News reported. Total household credit rose by 18 trillion won ($12.9 billion) in the July-September period compared with the previous quarter, according to data released Tuesday by the Bank of Korea. Mortgage loans, a major component of the credit, also rose by the most since the third quarter of 2021.

The Reserve Bank of Australia remains jittery about the risks of higher inflation and will have little tolerance for any data that point to further delays in taming price pressures, according to the minutes of its latest policy meeting, the Wall Street Journal reported. “Given the already lengthy period in which inflation had been above (2% to 3%) target, the board will have minimal tolerance to accommodate a more prolonged period of high inflation, even if this occurred because of factors that constrained the economy’s supply capacity,” minutes of the meeting held on Nov. 4-5 said.

Korea Zinc, whose management is embroiled in a takeover battle for the world's top refined zinc producer, said on Monday that a government panel had found its lithium-ion battery material technology was subject to export controls, Reuters reported. The industry ministry, which has a committee of experts to review and rule on applications for designating "national core technology", also said the panel had recently granted Korea Zinc's case and notified it of the decision without elaborating.

The Philippine central bank announced the launch on Monday of an interest rate swaps market anchored to a newly established benchmark rate to enhance bond market trading and liquidity, Reuters reported. The start of IRS transactions follows the recognition by the International Swaps and Derivatives Association of the benchmark - the overnight reference rate (ORR) - which the Bankers Association of the Philippines helped establish.

A Singapore oil magnate was sentenced Monday to 17.5 years in prison for fraud and forgery in a case that prosecutors said has tarnished the city-state's reputation as Asia’s leading oil trading hub, the Associated Press reported. Lim Oon Kuin was convicted in May on two counts of cheating the Hongkong and Shanghai Banking Corp. (HSBC) and one of abetting forgery. The court found Lim used forged documents on two bogus oil transactions to deceive HSBC into disbursing credit totaling $111.7 million, in one of the biggest cases of trade financing fraud in Singapore.

China’s beleaguered solar industry, wracked by a glut and fierce price war, is already on the road to recovery, according to one of the country’s largest panel manufacturers, Bloomberg News reported. “We’re at a turning point,” Li Zhenguo, founder and president of Longi Green Energy Technology Co., said in an interview.

In ways big and small, Beijing’s takeover of Hong Kong’s financial sector is looking irreversible. With stunning speed, the world’s pre-eminent East-meets-West investment hub has become more Chinese as international financial institutions, corporations, and expatriates retreat, the Wall Street Journal reported. Foreign banks played major roles in one-fifth of Hong Kong’s initial public offerings this year, compared with roughly half just two years ago. Chinese banks have taken the places of Western ones as top earners in the city’s debt-capital market.