Bloomberg India increased a special tax on gasoline and diesel as pressure builds on Prime Minister Narendra Modi’s government to bridge a ballooning budget deficit. Additional levies on gasoline were raised by 10 rupees ($0.13) a litre effective on Wednesday and that on diesel by 13 rupees, according to government statements. Pump prices will, however, not change, the government said. ...

Bloomberg Hong Kong’s retailers will need to get creative to survive the deepening recession that’s enveloped the city as tourists from the mainland who fuelled past rebounds are unlikely to come to the rescue this time. The city’s retail sales by value in March sank 42% from a year earlier to HK$23 billion ($2.97 billion), according to a government release. ...

Bloomberg JPMorgan Asset Management’s alternative investment arm has struck a joint venture with New Ease China to capitalise on the nation’s booming logistics sector as online shopping skyrockets. JPMorgan Global Alternatives will partner with Shanghai-based logistics real estate investor New Ease to invest in properties across China, according to a statement on Wednesday. The initial portfolio consists of logistics facilities ...