China's banking and insurance regulator issued rules on Tuesday on wealth management products for cash, tightening oversight of the $1 trillion market, Reuters reported. China Banking and Insurance Regulatory Commission banned such products from investing in stocks and convertible bonds and said the leverage level of each product should not exceed 120% normally, according to a statement on the regulator's website. The regulator also asked commercial banks and wealth management companies to conduct stress tests on such products to make sure they could deal with urgent redemptions.

Sanjeev Gupta’s GFG Alliance is close to an agreement to settle a dispute with a Hong Kong-based asset manager regarding unpaid debts, Bloomberg News reported. GFG is close to a settlement with TransAsia Private Capital, which was pressing to take control of a block of shares in Simec Atlantis Energy Ltd., a tidal-power developer owned by GFG, the person said, asking not to be identified as the matter is confidential. A GFG unit owns 43% of U.K.-listed Simec.

China's new bank loans unexpectedly rose in May from the previous month but broader credit growth continued to slow, as the central bank seeks to contain rising debt in the world's second-largest economy, Reuters reported. Top Chinese leaders have repeatedly vowed to avoid any sharp policy turns, keeping borrowing costs low and telling banks to maintain support for small firms, while being more watchful about extending credit to hot areas of the economy such as property.

Authorities in China escalated their campaign against cryptocurrencies, arresting more than 1,100 people suspected of using the digital assets to launder ill-gotten funds and ordering mines to shut down in one of its western provinces, the Wall Street Journal reported. In a swoop spanning 23 provinces, regions and cities, Chinese police on Wednesday rounded up more than 170 criminal groups that engaged in cryptocurrency trading in order to launder money obtained via telephone and online scams, the Ministry of Public Security said in a statement.

Brazilian metropolitan rail company Supervia filed for bankruptcy protection on Monday, the company said, as traffic was sharply hit by the COVID-19 pandemic, Reuters reported. The company, controlled by a Japanese group that includes a subsidiary of Mitsui & Co 8031.T and West Japan Railway Co 9021.T, will restructure 1.2 billion reais ($237.4 million) in debt. Before the pandemic, Supervia, which operates in Rio de Janeiro metropolitan area, had around 600,000 passengers a day but now the number has dropped to 300,000.

A Chinese businessman with family links to the eldest son of jailed former security czar Zhou Yongkang has been detained by police investigating the collapse of Sichuan Trust, which was taken over by the provincial government and banking regulator last year amid concerns it couldn't repay 25.3 billion yuan ($3.9 billion) of investors' money, Nikkei Asia reported.

China's May factory gate prices rose at their fastest annual pace in over 12 years due to surging commodity prices, highlighting global inflation pressures at a time when policymakers are trying to revitalise COVID-hit growth, Reuters reported. Investors are increasingly worried pandemic-driven stimulus measures could supercharge global inflation and force central banks to tighten policy, potentially curbing the recovery. China's producer price index (PPI) increased 9.0%, the National Bureau of Statistics (NBS) said on Wednesday, as prices bounced back from last year's pandemic lows.

India’s bankruptcy court has allowed billionaire Anil Agarwal’s Twin Star Technologies to takeover Videocon Industries Ltd., Bloomberg News reported. Videocon’s shares will be delisted as part of the plan submitted in December, the company told the stock exchange late Tuesday. Twin Star, a part of Agarwal’s Vedanta Group, will pay about 30 billion rupees ($410 million) to Videocon’s lenders, people familiar with the matter had said earlier. The company will put up 5 billion rupees within 90 days and the rest as non-convertible debentures over a period of time.

Chinese regulators have instructed major creditors of China Evergrande Group to conduct a fresh round of stress tests on their exposure to the world’s most indebted developer, Bloomberg News reported. Authorities led by the Financial Stability and Development Committee, China’s top financial regulator, recently told lenders including Industrial & Commercial Bank of China Ltd. to assess the potential hit to their capital and liquidity should Evergrande run into trouble. It’s unclear whether the results will lead to any official action.

India’s bankruptcy court has allowed billionaire Anil Agarwal’s Twin Star Technologies to takeover Videocon Industries Ltd., Bloomberg News reported. Twin Star, a part of Agarwal’s Vedanta Group, will pay about 30 billion rupees ($410 million) to Videocon’s lenders. The company will put up 5 billion rupees within 90 days and the rest as non-convertible debentures over a period of time. Lenders had sought the bankruptcy court’s approval in December for the resolution plan submitted by Twin Star. The court approved the plan in a verdict on Tuesday.