AGP Executive Report

APEC Trade Talks in Suzhou: Ministers opened the 32nd APEC meeting in east China, urging open, rules-based trade as protectionism and Middle East-linked supply shocks raise the risk of fragmentation. Digital Finance Push: Singapore’s Digital Edge secured a US$575m loan to expand data centres across APAC, while self-storage firm SSM rolled out an automated IVR payments system to speed collections. Payments & Growth Outlook: New market forecasts flag card payments surging toward $56.4tn by 2033 and cross-border payments reaching $414.6bn by 2034, reflecting faster digital adoption. Energy Corridors & Missile Tensions: Türkiye unveiled plans for new oil, gas and power routes to reduce chokepoint risk; China also condemned US midrange missile deployments in Asia. Cambodia at ATxSG: Cambodia’s minister highlighted a national AI strategy, data centre build-out and AI literacy efforts. Sports (Philippines): Meralco beat TNT 87-76 in Game 2 of the PBA semis, tying the series 1-1 after TNT’s Bol Bol exited early with an Achilles injury.

Markets & Oil Watch: Asia stocks edged up as investors clung to hopes of US-Iran talks, even as oil stayed jumpy and the Strait of Hormuz threat kept rates and inflation fears in focus. AI & Data Centres: Singapore’s AI push got a boost with NVIDIA opening a research hub, while Digital Edge closed a US$575m loan to expand AI-ready data centres across South Korea, Japan, India and Southeast Asia. Health & Biotech: Genmab will spotlight new oncology data at ASCO and EHA, including Phase 3 results for epcoritamab in lymphoma trials. Trade & Infrastructure: China’s Pinglu Canal is nearing trial operations, with a first route to Hainan expected as early as September to speed inland access to sea lanes and ASEAN trade. Regional Business: Pakistan won a seat on the WCO Policy Commission, a major customs governance milestone. People & Work: In the Philippines, JobStreet by SEEK found 77% of workers report being happy at work, tied to purpose and feeling valued—alongside ongoing burnout and AI anxiety.

West Asia Diplomacy: China’s Xi warned against a slide into “law of the jungle” as Beijing hosts Putin, while the US and Iran are reported to be nearing a ceasefire framework—yet Iran has rejected Trump’s enriched-uranium demands, keeping markets jumpy. Geopolitics & Markets: Futures slid after the Iran response; oil and bond yields moved higher, and Asia traders watched for spillover into inflation and rates. Energy & Daily Life in India: India hit a record power peak of 260.45 GW during the heatwave, while the government says petrol, diesel and LPG supplies are adequate and fuel distribution enforcement is underway. Currency Pressure: The rupee’s slide toward fresh lows remains a key worry for import costs. Tech & Industry: Novacium and GH Technologies signed an LOI to supply GEN4 lithium-ion cells for Asia-Pacific; Dell’Oro forecasts optical transport equipment growth on AI data-center demand. Migration Rights: Uzbekistan and the IOM discussed protecting migrant workers’ rights.

Markets Rally on AI + Oil Relief: Asian shares jumped as Wall Street resumed its AI push after Nvidia’s stronger-than-expected results, while oil eased after Strait of Hormuz passage headlines. Tech Hiring & Data Rules: Citadel Securities added 60+ staff across Asia, with nearly half in Hong Kong, and Jamf is launching a high-compliance cloud for Apple management in India to meet DPDP-style requirements. Energy Shock Meets Investment: Vietnam solar startup Stride raised $15m despite a “funding winter,” betting rooftop power can blunt Middle East-linked energy stress. Regional Security Cooperation: Coast guard agencies agreed on tighter multilateral maritime enforcement in Quanzhou. Geopolitics Tightens: Xi and Putin doubled down on a multi-polar order and urged an end to West Asia hostilities, while satellite imagery shows a new North Korea–Russia bridge nearing completion. Business & Lifestyle: Chanel returned to growth on Blazy’s fresh designs, and Singapore kept its top spot for meetings. Sports: PNG’s Barramundis returned home after winning the East Asia-Pacific T20 qualifier.

Google Search Overhaul: Google rolled out its biggest Search upgrade in 25 years, replacing the static box with an AI-powered conversational interface that can handle longer questions and search across text, images, files, video and even Chrome tabs. China-Russia Summit: Xi Jinping and Vladimir Putin hailed “historic” China-Russia ties in Beijing, signing 40+ cooperation deals and stressing energy trade while calling for an end to hostilities in the Middle East. APAC Real Estate Bounce: MSCI says Asia-Pacific commercial real estate investment rose 22% in Q1 2026, with Singapore deal volume jumping five-fold. Sweet Protein Breakthrough: Israeli Amai Proteins’ sweelin won Singapore regulatory approval, following US GRAS status, pushing sweet-protein expansion across APAC. Ebola Preparedness: Asia-Pacific countries tightened screening and quarantine readiness as Ebola spreads in central Africa, with no confirmed cases reported in Asia. Transport/Industry: Wrightbus landed a £7m Hong Kong order for zero-emission buses built in Malaysia, while AAR expanded A320 slat repair services in Thailand.

Markets & Energy Shock: Asian stocks slid for a 4th straight day as higher bond yields spooked investors and attention turned to Nvidia; oil stayed above $110 with the Strait of Hormuz still effectively disrupted, keeping travel and broader costs under pressure. APEC Practical Push: Ahead of APEC trade talks in Shanghai, economies focused on ECOTECH delivery—digital transformation, skills, energy and inclusion—while Indonesia backed China’s APEC chairmanship and stressed benefits for MSMEs and women and youth. Infrastructure Sprint: Hanoi broke ground on a $6.4b, 90m-wide National Highway 1A spatial corridor with an elevated urban rail line, aiming to reshape urban renewal along a 36km stretch. Geopolitics Watch: Xi’s Taiwan warning to Trump stayed front and centre, while Russia flagged concern over US/EU moves to secure Central Asian rare earths. Deals & Capital: Temasek-backed GenZero bought AIIB’s stake in Seraya’s infrastructure fund, and Singapore’s stock market overtook Indonesia’s as capital chased stability. Transport Tech: Kazakhstan launched Central Asia’s first automated driverless LRT phase in Astana, built with Chinese equipment.

Basketball & Youth Sport: The Philippines’ Gilas Women U-18 program has named veteran coach Sandy Arespacochaga as head coach for the 2026 FIBA Women’s U-18 Asia Cup SEABA Qualifiers in Bacolod (June 2–6), aiming to build a development pool beyond just the tournament. FX & Risk Mood: MUFG says the Philippine peso is Asia’s worst-hit currency since late February, down 6.6% vs the US dollar as investors flee risk amid US-Iran tensions and higher global rates. Health & Nutrition: A George Mason-led study in PLOS Medicine finds food-based prenatal supplements (energy and protein) improve birth weights and reduce high-risk newborn outcomes across Africa and South Asia. Digital Radio Policy: WorldDAB released a DAB+ Public Policy Toolbox to help governments speed digital radio migration as FM spectrum tightens. AI & Industry: China and Singapore urged deeper AI cooperation to turn AI into a regional “public good,” with ASEAN-ready use cases like smart healthcare and manufacturing.

Markets & geopolitics: Asia stocks wobbled as investors digested Trump’s Iran comments and a fresh bout of Middle East jitters, keeping oil and bond moves in focus. Energy pressure: The Strait of Hormuz disruption risk is still reshaping costs across Southeast Asia, while Russia’s LNG pivot to Asia is already hitting revenues as shipping gets pricier. Sino-US framing: China is pushing a “constructive strategic stability” roadmap after the Xi–Trump summit, aiming to calm risk even as trade and the Iran war remain unresolved. Philippines domestic squeeze: President Marcos ordered a 10% cut to government expenses, citing the Iran war’s economic hit. ASEAN climate reality: Bangkok is forecast to become the hottest major SE Asian city by 2050, with extreme-heat days set to surge. Business & tech: Dell is bringing OpenAI’s Codex into on-prem enterprise setups, while Standard Chartered targets deep headcount cuts and wealth expansion. Health & society: Hong Kong approved a Phase 2 trial for an EGCg-based HPV therapy, and South Asia’s intimate partner violence remains alarmingly high.

Diplomacy to cool West Asia tensions: Iran’s FM Abbas Araghchi spoke by phone with Türkiye’s Hakan Fidan, discussing “ongoing diplomatic developments” as Washington pressures Iran and Strait of Hormuz restrictions remain a flashpoint. Markets under oil-and-rate pressure: Asia markets mostly closed lower as Iran risk lifted crude and bond yields, with India’s rupee sliding to a record low near 96.39 per dollar. India’s cost shock spreads: India’s fertiliser subsidy bill is set to rise by about Rs 15,000 crore in the April–June quarter, blamed on import costs tied to the West Asia crisis. Trade corridor boost: Singapore’s SM Lee visited China’s Guangxi as the Pinglu Canal opens in September, cutting shipping distance to Southeast Asia by up to 740km. Capital raising: Bain Capital announced the final close of Asia Fund VI at $10.5b, exceeding its $7b target. Regional spotlight: Amnesty says only Singapore and Vietnam still carry out executions in Southeast Asia, with Singapore nearly doubling executions in 2025. Culture & business: Qatar Airways and Philippine Airlines expand codeshare and loyalty links from June 1.

West Asia Shock Hits Markets: Asian shares slipped and bond yields jumped as fresh Gulf drone attacks pushed oil higher, with the Strait of Hormuz still moving only a trickle of shipping and fears growing that the disruption could become structural. India Currency Under Pressure: The rupee slid past 96 per dollar again, with traders watching for a move toward 100 while bonds are expected to keep falling on growth-inflation worries tied to the Iran war. Energy Logistics Watch: An LPG tanker carrying 20,000 tonnes safely reached Gujarat after crossing the Strait, underscoring how critical rerouting and insurance costs are becoming. Policy Diplomacy: BRICS foreign ministers in New Delhi issued a chair’s statement calling for dialogue and safe maritime commerce, but divisions over West Asia prevented a joint push. APAC Business Moves: Asana named Jo Gaines GM for APAC; Sompo Asia Pacific hired Megan Yeung as senior casualty underwriter for Hong Kong/Macau/Taiwan; and Jane Street doubled its Singapore capacity as it ramps up across Asia.

West Asia Energy Shock: A 20,000-tonne LPG tanker safely docked at India’s Kandla port after crossing the Strait of Hormuz, as New Delhi again warned that attacks on commercial shipping and freedom of navigation are “unacceptable.” Trade & Industry: India’s gems and jewellery exports fell 9% in April to $2.2bn, with West Asia disruptions and uncertainty over US tariffs blamed for the drop. Space & Security: ICEYE will open its first India satellite production facility within 6–12 months, aiming to make small SAR satellites for defence, surveillance and environmental monitoring—its Asia-Pacific manufacturing hub. APEC Diplomacy: APEC economies met in Shanghai to push trade and investment priorities, including digital trade and reducing cross-border barriers, while a women-and-economy forum focused on entrepreneurship and digital transformation. Regional Resilience: Kazakhstan launched its first rain-making project to boost reservoir filling and water supply for agriculture. Business & Finance: Prudential agreed to buy a 75% stake in Bharti Life Insurance for Rs 3,500 crore, reshaping India’s life insurance JV landscape.

Urban Diplomacy: Malaysia’s Housing and Local Government Minister Nga Kor Ming is in Baku to push UN-Habitat cooperation on urban liveability, digital urbanisation and Voluntary Local Reviews, including plans for a Malaysia-based “Global Centre of Excellence” and a UN-Habitat digital lab for AI in local governance. Cybercrime Shift: Sri Lanka is seeing a spike in arrests of foreign scam suspects, as networks pushed out of Cambodia and Myanmar reportedly relocate to Sri Lanka for easier visas and strong internet. Energy & Shipping Shock: India and the Netherlands discussed the Strait of Hormuz closure and the need to end the West Asia conflict, while experts warn drone warfare is worsening civilian harm in Sudan. Trade & Money: India tightened rules on some silver bar imports amid rupee pressure and West Asia-linked uncertainty. Tech & Capital: Indonesia is moving to turn Bali’s KEK Kura Kura SEZ into an international financial hub, pitching digital and sustainable finance.

Markets & Inflation Shock: Global equities slid as bond yields jumped on renewed Middle East oil-supply worries and Japan’s inflation warning, snapping an AI-led rally and hitting tech-heavy sentiment across Asia. West Asia Energy Fallout: India’s retail inflation inched up to 3.48% in April, while analysts flag tighter financial conditions and fuel-linked risks; India also resumed Iranian crude imports after a seven-year gap, underscoring how Hormuz disruptions are reshaping energy flows. Policy Moves: India revised petroleum export taxes—cutting diesel and ATF duties while adding a Rs 3/litre petrol export levy—aimed at protecting domestic supply. Press Freedom: Bangladesh faces fresh international pressure as CPJ urges authorities to release journalists Farzana Rupa and Mozammel Babu, arrested in an ICT case tied to the 2013 Shapla Chattar crackdown. Sports: Philippines’ Karate One-Youth League medal hopes ended on Day 3 as Ysabella Varias and Carl Caruana lost their bronze bouts in Manila. Wildlife & Culture: China reintroduced 900+ wild horses to the steppes, while Emirates rolled out Starlink high-speed Wi‑Fi on its first A380.

West Asia Energy Shock on the Ground: In Mumbai, fuel hikes after the Strait of Hormuz disruption are already feeding into higher transport costs and even vegetable prices, with CNG and petrol/diesel increases sparking calls for fare rises and more expensive trucking. India-UAE Energy Security: India and the UAE moved to deepen energy ties, including expanding UAE storage in India’s strategic reserves—aimed at buffering future supply shocks. BRICS Split Over West Asia: BRICS foreign ministers in New Delhi failed to agree on a joint declaration, with Iran and the UAE at odds; India still pushed for broader global governance reforms in a chair’s statement. Diplomacy Push: Iran’s FM told BRICS that India can play a “greater role” in de-escalation, while PM Modi reiterated India’s willingness to support peace. Markets Jolt: Global stocks slid as bond yields surged and inflation fears returned, while Tech/Connectivity: Hong Kong marked a major milestone as the Asia Link submarine cable landed.

Digital Seoul Upgrade: Naver is turning all of Seoul into a swipeable 3D “Flying View” digital twin, expanding its earlier tourist-only rollout and aiming to pull both locals and foreign visitors deeper into Naver Map. West Asia Diplomacy Split at BRICS: BRICS foreign ministers in New Delhi failed to agree on a joint statement over the Iran war; India issued a chair’s statement citing “differing views,” while BRICS also condemned unilateral sanctions. US-China Truce, Still No Joint Line: Trump and Xi met in Beijing with talk focused on Iran, Taiwan and trade, including calls to keep the Strait of Hormuz open—but no joint statement. Markets Hit by Oil and FX Pressure: India’s rupee slid past 96 per US dollar for the first time as crude prices rose on West Asia tensions; exports still grew 14% in April to $43.6bn. Science Spotlight: Thailand announced a new giant dinosaur species, Nagatitan, estimated at 27 meters long and 27 tons.

Energy Shock in India: Petrol and diesel prices were hiked again—by ₹3 across variants—while Delhi CNG jumped by ₹2 per kg as the Strait of Hormuz blockade and West Asia war keep cranking up crude costs. Inflation Pressure: Wholesale inflation surged to a 42-month high of 8.3% in April, with fuel and power inflation jumping sharply. Policy Pushback: India’s RBI and government messaging is turning into “save fuel, cut spending” mode as banks and NBFCs brace for West Asia spillovers. Trade Diplomacy: Korea’s trade minister kicked off Korea–Mexico FTA push, proposing a strategic dialogue and working group to tackle tariff and quota frictions. APEC Focus: APEC met in Shanghai on expanding women’s participation in the digital economy and green transition. US–China Talks: Trump and Xi head into the final day of talks in Beijing, with Taiwan tensions still the big risk point.