Singapore’s highest court has dismissed an appeal by oil tycoon Lim Oon Kuin and his two children after they were successfully sued for breach of fiduciary duties by the court-appointed managers of a company they once owned, Reuters reported. Lim is the founder of defunct Hin Leong Trading Pte Ltd and Ocean Tankers, once one of Asia’s largest oil trading and shipping firms, which both went under judicial management in 2020, after oil prices collapsed.

Junk-bond issuance by China’s riskier companies has nearly ground to a halt, creating more challenges for the country’s real-estate developers that need to roll over more than $40 billion in dollar debt by the end of next year, the Wall Street Journal reported. Sales of new junk bonds in dollars by Chinese borrowers this month have fallen by about 90% from their five-year average to $352 million as of Wednesday, Dealogic data shows, reflecting just two deals from smaller developers.

Five years after its controversial creation, the Hilltops Council in southern NSW has backed a motion to implement tough budget cuts in a bid to balance the books, ABC.net reported. The council was formed in 2016 by the amalgamation of the Boorowa, Harden, and Young Shires. Since then, it has struggled financially and the motion passed at this week's meeting is designed to balance the books through a number of cost-cutting measures. It came after general manager Anthony O'Reilly warned: "continued annual deficits are unsustainable".

Fashion brands and airlines are creeping back into investors' good graces in Asia as lockdowns ease and vaccination rises, boosting travel and leisure activities, taking some shine off pandemic stalwarts such as supermarkets and gadget makers, Reuters reported. Earnings report cards show that people are spending less time watching TV or shopping online for groceries as they resume dining out or plan vacations after emerging from coronavirus curbs. Luxury purchases from China's big spenders, still unable to travel abroad, are also rebounding.

Chinese regulators have told developers they need to meet all their debt obligations including offshore bond payments after an unexpected default cast doubt on the integrity of the market, Bloomberg News reported. Officials from the National Development and Reform Commission and the State Administration of Foreign Exchange told developers at a meeting in Beijing on Tuesday that they must make payments on time if possible. Any developer that can’t meet its debt obligations must inform regulators immediately.

Modern Land defaulted on a bond payment, the latest Chinese property developer to do so, adding to worries about the wider impact of the debt crisis at behemoth China Evergrande Group, and weighing on shares in the sector, Reuters reported. Modern Land (China) Co Ltd said in a filing on Tuesday that it had not repaid principal and interest on its 12.85% senior notes that matured on Monday due to "unexpected liquidity issues". The bond has outstanding principal of $250 million.

Luckin Coffee Inc. reached a $175 million settlement of shareholder class-action claims that the Chinese rival to Starbucks fraudulently inflated its share price by falsifying revenue, Reuters reported. Lawyers for the shareholders called the all-cash settlement, filed on Monday night, an “excellent result,” citing Luckin’s liquidation proceeding in the Cayman Islands and its related filing for protection under the U.S. Bankruptcy Code.

Creditors of China's HNA Group have voted to approve the company's restructuring plan, according to a court comment posted on HNA's official WeChat page on Saturday, Reuters reported. The court in China's southern island of Hainan, where the group is based, said the vote had been conducted in accordance with the country's bankruptcy laws. HNA was placed in bankruptcy administration in February and a working group was created by the Hainan government to address the company's liquidity problems.

China Evergrande Group said that construction is progressing at some of its residential projects in southern China, as the highly indebted developer tries to stave off collapse and deliver the homes it has promised to more than a million people, the Wall Street Journal reported.

A financial industry group warned on Monday that Hong Kong's zero-COVID policy and strict quarantine requirements for international travellers threatens to undermine the city's status as a financial hub, Reuters reported. The Asia Securities Industry and Financial Markets Association (ASIFMA) said a survey of members, including some of the world's largest banks and asset managers, showed 48% were contemplating moving staff or functions away from Hong Kong due to operational challenges, which included uncertainty regarding when and how travel and quarantine restrictions will be lifted.