Hero Electric’s Revival Bid Collapses, Liquidation Ordered

The National Company Law Tribunal (NCLT) has ordered the liquidation of Hero Electric Vehicles Pvt. Ltd. after efforts to revive the company through the insolvency resolution process failed to produce an approved plan, the Times of India reported. The order was passed by the NCLT’s New Delhi Bench on March 3, 2026. The tribunal noted that no resolution proposal received the required support from creditors within the timeline set under the Insolvency and Bankruptcy Code (IBC). As a result, the provisions related to liquidation under the code were triggered.

India
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Chinese Banks Boost Loans to Tech Sector as Beijing Ramps up AI Push

Chinese lenders plan to steer more money toward technology and innovation-oriented firms, bankers say, responding to Beijing's pledge to aggressively adopt artificial intelligence throughout the economy and dominate emerging sectors, Reuters reports. The credit-allocation shift toward tech is ​well underway and is set to accelerate further under the government's plans, unveiled last week, to go all-in on technologies from AI, semiconductors to advanced manufacturing, ‌they said.
China
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Turkey’s Central Bank Holds Rates as Iran War Threatens Inflation Pickup

Turkey’s central bank held borrowing costs on Thursday and flagged that it could tighten interest rates should inflation rise further as war in the Middle East drives up energy prices, the Wall Street Journal reported. The Central Bank of Turkey held its benchmark one-week repo rate at 37.0%. Investors put slightly more chance of a hike than a hold, according to LSEG data ahead of the decision. In January, the bank cut its key rate for a fifth meeting in a row to 37.0% from 38.0%.
Turkey
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Liquidators Lose Appeal to Sue StanChart, BSI over Dodgy 1MDB Deals

The Court of Appeal has dismissed the appeal by foreign liquidators to sue Standard Chartered and BSI Bank over transactions allegedly linked to the 1Malaysia Development Bhd (1MDB) saga, blocking efforts to recoup assets lost in one of the world’s largest financial scandals, the Singapore Business Times reported.
Singapore
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Sonata Software Files Bankruptcy Petition Against U.S. Retail Client over $10.65 Million Dues

Sonata Software Ltd has filed an involuntary bankruptcy petition in a US court against a retail client over unpaid dues of about $10.65 million, an amount equivalent to roughly 6.6% of the company’s incremental revenue last fiscal, LiveMint.com reported. The claim highlights the financial exposure from a client ramp-down in Sonata’s retail segment, which contributes about $100 million, or 8% of the company’s revenue, and comes as the firm is also grappling with a reduction in business from Microsoft Corp.
India
United States
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Japan and Germany Say They Will Release Oil

World leaders announced their most forceful response to the surge in oil prices since the war in Iran began at the end of last month, with Japanese and German officials saying they would release oil from their strategic reserves, the New York Times reported. Prime Minister Sanae Takaichi said Japan would begin releasing oil as early as next Monday. Less than an hour later, Germany’s economy minister, Katherina Reiche, said her country would also release oil. Austria will also release oil from its reserves, the country’s economy minister, Wolfgang Hattmannsdorfer, said.
Japan
Germany
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China's Auto Sales Sink in February as Phase out of Subsidies for Trade-Ins Hits Demand

China’s domestic passenger car sales fell sharply in February from a year earlier, industry figures showed Wednesday, reflecting weakening demand as some trade-in subsidies are phased out, Bloomberg News reported. Only 950,000 units of passenger cars were sold in China last month, according to the China Association of Automobile Manufacturers, down from nearly 1.4 million vehicles sold in January. It was the fourth straight month of year-on-year declines.
China
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