Asia Roundup
Fault Lines Show Up in India’s $25 Billion Private Credit Market
Fault lines are beginning to show up in India’s fast-growing private credit market that has expanded to about USD 25 billion in size, The Economic Times reported.
Industry executives say a few private credit deals are already showing early signs of stress. Light-touch regulations have meant that unlike banks or non-bank lenders that must periodically disclose their suspect-loans data, lenders in these markets do not need to disclose asset-level performance.
Delhi High Court Rejects SpiceJet’s Plea to Attach Property Instead of Depositing Cash
The Delhi High Court has rejected a plea by Indian airline SpiceJet and its managing director, Ajay Singh, to attach a property belonging to Singh instead of requiring the carrier to deposit INR 1.44 billion (USD 15.5 million), Bar and Bench reported.
Justice Subramonium Prasad directed SpiceJet and Singh to pay the deposit within four weeks, in connection with a long-running arbitration dispute with Kalanithi Maran and KAL Airways.
The matter is rooted in a dispute from 2015, involving the rescue of SpiceJet when it was facing severe financial distress and risked shutting down operations.
VinFast Sees EV Demand Tailwinds from Fuel Prices, Ramps Up Charging Network
VinFast, the EV subsidiary of Vietnamese conglomerate Vingroup, expects rising fuel prices and global geopolitical tensions to support long-term demand for electric vehicles, as it strengthens its charging infrastructure, The Investor reported.
The EV maker is expected to rely heavily on financial backing from its founder and parent company Vingroup. As of the end of 2025, VinFast had access to nearly VND 80 trillion (USD 3.04 billion) in available liquidity, according to The Investor.
Indonesia Roundup
Economists Urge Indonesia to Downsize Free Meals Program as Oil Prices Soar
Some experts are urging the Indonesian government to scale back President Prabowo Subianto’s signature free nutritious meals (MBG) program, which would help pare back government spending at a time of soaring energy prices, The Straits Times reported.
Nailul Huda, an economist with the Jakarta-based Centre of Economic and Law Studies (CELIOS), acknowledged that it would not be easy to scale down or halt the MBG program, but insisted it is necessary.
“This is a political rather than economic program,” he said. “It involves kitchens run by individuals affiliated with political parties that back Prabowo.”
He also pointed out that foundations run by the police and the military have been given a slice of the kitchen business. Each MBG kitchen receives regular fund disbursements from the government and is allowed a profit margin for processing and delivering food to schools.
Danantara to Issue Long-Term Notes After Patriot Bonds
Indonesia’s sovereign wealth fund Danantara is planning to issue long-term notes after the sale of its so-called patriot bonds, Jakarta Globe reported.
In March 2026, the Indonesia Central Securities Depository (KSEI) disclosed Danantara’s plans to raise more funds via long-term debt securities worth IDR 7 trillion (USD 412 million).
Michael Hartono, Billionaire Indonesian Bank Owner, Dies at 86
Michael Hartono, an Indonesian billionaire and major shareholder of the country’s largest lender by market value, Bank Central Asia, has died at 86, Bloomberg reported.
Hartono passed away in Singapore on Thursday afternoon, according to Budi Darmawan, corporate secretary of Djarum Group, one of Hartono’s companies.
Hartono’s death comes as Indonesian President Prabowo Subianto steps up government scrutiny of the nation’s richest families. Last year, Hartono’s nephew, Victor Hartono, was temporarily barred from leaving the country in connection with a tax-related corruption probe.