Asia Roundup
China Imposes Lifetime Accountability for Officials’ Investment Decisions
China has introduced a lifetime accountability system for officials responsible for government investment decisions, aiming to curb local debt risks and improve capital efficiency as part of a sweeping overhaul of the country’s project approval process, Caixin reported.
The guidelines, released by the State Council, underscore Beijing’s efforts to tighten control over state spending and address industrial overcapacity amid weak domestic demand and persistent local government debt pressures.
Evergrande’s EV Bankruptcies Leave Over $2 Billion in Debt
The three primary manufacturing bases of Hong Kong-listed China Evergrande New Energy Vehicle Group have all entered bankruptcy proceedings, with nearly CNY 18 billion (USD 2.6 billion) in confirmed debt, Caixin reported.
Bondholders Seek Sweeteners as Shapoorji Unit Pushes Extension
Bondholders in a unit of India’s Shapoorji Pallonji Group are asking for compensation after the construction conglomerate sought a two-month extension to repay its debt, Bloomberg reported, citing people familiar with the matter.
Investors are bracing for tough negotiations. They plan to push for better terms in exchange for agreeing to the delay, such as higher yields, extra collateral, or a fee.
Indonesia Roundup
Hajj Costs Jump 26.5% as Oil Prices Surge, Government to Cover Gap
Indonesia will absorb a sharp increase in Hajj costs for 2026, as surging global oil prices and heightened geopolitical risks in the Middle East drive up travel expenses, Jakarta Globe reported.
Hajj and Umrah Minister Mochamad Irfan Yusuf said total Hajj-related costs have climbed by 26.5% or IDR 1.77 trillion (USD 103 million). The spike is largely tied to higher aviation fuel prices and additional risk-related charges.
Startup Founder Faces Decade in Jail After $300 Million Meltdown
Indonesian prosecutors demanded a 10-year prison sentence for the founder of eFishery, who admitted to inflating revenues after his company racked up some USD 300 million of investor losses to become one of Southeast Asia’s biggest startup failures, Bloomberg reported.
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