AGP Executive Report

Malaysia Subsidy Crackdown: Malaysia’s Domestic Trade ministry deactivated 179 firms from its cooking-oil subsidy system (eCOSS) for violations like over-selling, improper storage, expired licences, and alleged identity misuse, as complaints and users keep rising. M&A Watch: TMK Chemical proposed buying 100% of CCM (minus certain assets) for RM920m in a cash-free, debt-free deal, with BKB taking at least 20% in the enlarged TMK. Trade & Growth Outlook: Kenanga IB expects Malaysia’s distributive trade growth to reach 6.1% in 2026, warning that energy prices, geopolitics, and supply disruptions could cool demand later. Cuba Liberalization: President Díaz-Canel unveiled reforms to decentralize Cuba’s economy, expand private activity, and shift subsidies toward targeted aid amid the oil crisis and US sanctions. California Packaging Compliance: California’s landmark packaging law is off to a slow start, with fewer than half the estimated covered businesses registered before the May 31 deadline. Space & Markets: SpaceX’s IPO surged, but China/Hong Kong investors were barred on national-security grounds, reshaping who can participate as AI hype meets public-market reality. Customs Reform Input: Vietnam’s business groups fed into a draft Customs Law update aimed at cutting delays and waste for firms. Citi Exits Poland: Citi finalized the sale of its Polish consumer-banking business to Velobank as it continues simplifying away from underperforming markets. Curaçao Red Tape Push: Curaçao is rolling out reforms to cut bureaucracy and business costs, including digital government services and tourism planning. Bankruptcy Deal: Sleep Number filed for bankruptcy to merge with Sleep Country Canada via a court-supervised sale process. Corporate Tech Deal: Adyen agreed to buy Orb for $335m to strengthen AI-powered enterprise billing as it also lines up another major acquisition closing in July.

SpaceX IPO Watch: SpaceX’s Nasdaq debut follows a record $75bn float, with Japanese investors alone putting in $2.2bn—fueling fresh debate on valuation and how fast index rules could force passive buying. UK Macro: The UK economy contracted 0.1% in April as Iran-war disruptions pushed up energy costs and hit spending, even as the broader three-month trend still grew 0.7%. Sovereign AI Costs: Oxford Economics warns that strict “sovereign AI” rules in APAC—especially full self-sufficiency—could add major infrastructure and delay costs for big economies like Japan and India. APAC Investment Push: Qatar Chamber-backed deals and dialogues highlight cross-border momentum, from Qatar-China investor talks to a Sino-Qatar industrial park MoU for insulation materials manufacturing. SME Support: Cambodia is prioritizing SMEs for jobs and domestic production, while Palm Bay (Florida) opened a no-cost Small Business Development Center to boost local consulting and training. Energy Transition: Tanzania proposes EV charging VAT exemptions and cuts EV import duties to accelerate cleaner transport adoption. Corporate/Consumer: Darrell Lea launched an investigation after mould complaints in chocolate packs. China Accountability: Hunan probes expanded after a fireworks factory blast killed 37, targeting emergency management officials.

IPO Watch: Retail orders for SpaceX shares reportedly topped $100B ahead of its debut, with BlackRock seeking at least $5B and regulators facing renewed scrutiny over valuation and investor protections. Market & Policy: Bangladesh moved to speed business approvals with a proposed seven-day “Single Window” system, while keeping corporate tax rates unchanged for FY27 and rolling out tax cuts aimed at boosting the digital economy and tech manufacturing. Workforce & Growth: Massachusetts announced nearly $18M in grants to train 1,255 businesses’ workers, targeting 1,000+ jobs, as Kentucky pledged $1.8M for rail upgrades to improve industrial access. Energy & Investment Climate: Egypt cleared about $6.1B in oil and gas arrears to foreign partners to bolster investor confidence, while Malaysia and Turkmenistan are set to sign a long-term hydrocarbons deal. Small Business Support: The U.S. SBA named Rachel Perez Milam as Louisiana district director, and VizyPay partnered with Jaris to embed faster business lending for merchants. Regional Trade: The China–South Asia Expo opened in Kunming, and ASEAN diplomats visited Bangladesh’s BSEZ to explore deeper investment cooperation.

AI Capex Boom: PIMCO says AI, defense and energy security could add up to $14T in global capital spending over five years, reshaping growth and inflation. Wealth & Software Repricing: Singapore private wealth is getting selective as generative AI shifts software demand, with big swings in software ETFs prompting a rethink of exposure. IPO Sentiment Clash: Ahead of SpaceX’s record IPO, data shows financial media and X skew bullish while retail forums turn more skeptical. China Restructuring Watch: China Fortune Land shares slid after naming a tech-real estate consortium as its restructuring investor, with delisting risk looming. Regulators Tighten Sales: South Korea’s FSS warned securities firms against promoting high-risk, concentrated overseas investments. Investor Protection in Focus: India’s insurance investments topped Rs 78 lakh crore in FY25, while regulators flagged risky, concentrated securities behavior. Blue Economy & Ports: Liberia and China pledged fisheries modernization cooperation; Ghana’s Tema Port got government praise for MPS’s expansion. Local Business Climate: Romania’s business lobby urged less bureaucracy and modern administration to boost investor confidence. Macro Growth: Ghana reported 6.4% Q1 growth, led by services and mining. Fraud & Compliance: Karnataka CID served Sunny Leone notice in a ₹2.4 crore investment fraud probe; US arrested an Indian-origin financier accused of nearly $100M bank fraud. Policy & Trade: Bangladesh opposition groups called for scrapping a US trade deal as “unequal,” while Vietnam and the EU reviewed economic governance support. Tech Infrastructure: A Memphis data center operator bought Fred’s HQ for $25M, targeting major AI compute expansion.

EU Industrial Shield: The EU says it will protect firms from future carbon-cost shocks if they invest inside the bloc, aiming to keep competitiveness while tightening climate rules. Bilateral Investment Push: Malaysia’s PM Anwar Ibrahim used a Japan visit to press for more AI, high-tech and LNG-linked investment and trade. Payments Go Agentic: Getnet is building infrastructure so AI agents can initiate and complete payments using open standards with Mastercard and Visa. Small-Business Banking: Chase expanded its digital hub with tools like a business credit monitoring “journey” and deeper customer insights. Startup/Health Tech Funding: Element Biosciences raised capital including $175m from Samsung to scale sequencing and diagnostics commercialization. Energy & Exploration: Papua New Guinea’s Mailu-1 ultra-deepwater well (TotalEnergies and Petronas) could draw major foreign investment into deepwater oil. Corporate/Jobs: Ubisoft shut its Winnipeg studio, hitting about 65 workers. Market Watch: SpaceX’s IPO plan could reserve up to 30% for retail investors, but access and volatility risks remain. Food & Consumer: Campbell’s warned of tough choices in snacks as salty demand weakens. Legal/Deal Scrutiny: Paramount alleges Netflix is trying to derail the Paramount-WBD merger with a “scorched-earth” regulator campaign. Regulatory/Compliance: Italy-Cyprus cross-border investors face rising anti-avoidance scrutiny, with new guidance stressing real operational substance.

AI IPO Watch: Anthropic’s confidential filing lands as OpenAI also moves toward an IPO, adding fuel to a fast-moving AI listings race. Cybersecurity & Skills: Fortinet flags persistent cybersecurity hiring gaps and warns boards that AI-era threats need more investment in talent and training. Markets & Geopolitics: Asian stocks slide after US-Iran exchanges, with investors toggling between AI optimism and tech-fear risk. Small Business Pressure: US small business optimism hits a fresh low as fuel costs, inflation, and uncertainty bite, while capital spending plans cool. Corporate Governance Clash: Linde India minority investors accuse the company of withholding a key valuation report tied to a long dispute, as SEBI action remains in play. Fraud & Enforcement: A Manitoba man accused of container-pool fraud appears to be operating a new business under a different name, as charges proceed. Energy & Infrastructure: China’s new energy plans are expected to shift competition toward system operation capability, while the EU expands sanctions on Kazakhstan-linked firms. Dealmaking & Expansion: Arclin completes DuPont’s aramids acquisition (Kevlar/Nomex) for about $1.8bn, and NTT/partners launch a $500m fund for AI infrastructure.

Renewables & Energy Security: Morocco plans to invest about $16B over five years to add 16 GW of solar and wind, pushing renewables past 45% of its power mix while expanding self-consumption and microgrids. Global Markets & Inflation: Stocks bounced as tech buyers chased dips, but investors are watching May U.S. CPI (forecast 4.2% headline) and the risk of higher rates amid a Gulf shock. Whole-Economy Shock: Gulf leaders warn the Strait of Hormuz disruption is hitting far more than oil—spilling into food, fertilizers, helium for chips, and broader trade. Privacy Enforcement: New Zealand’s Green Party wants the Privacy Commissioner empowered to seek major court-ordered penalties for serious breaches, up to $10M for corporates. Consumer & Travel Pricing: Air India will trial cheaper domestic economy fares if passengers opt out of meals/snacks, cutting prices by Rs 500–600 on select routes. Business & Policy: San Francisco voters rejected a CEO pay-ratio tax expansion; in Australia, economists warn Labor’s CGT changes could push capital abroad. Trade & Construction: Qatar’s Project Qatar 2026 opens with 145 exhibitors, spotlighting construction materials and smart building tech. Health Tech Deals: Qatar’s QBA met Canada’s business forum on health technology and medical research ahead of a Sept. 16 investment summit. Corporate Fraud Settlements: U.S. contractors agreed to pay $21.3M to resolve allegations tied to improper use of service-disabled veteran-owned small business set-asides. Local Economy: Chattanooga’s River City Company says it has raised $13M toward a $50M riverfront parks upgrade.

AI IPO Race: OpenAI confidentially filed for a US IPO as AI rivals push toward Wall Street, testing investor appetite for high-growth tech. Space Economy Bet: SpaceX’s IPO talk is framed less as a rocket play and more as a low-Earth-orbit connectivity business, with Starlink’s scale and profits in focus. Cybersecurity for Growth Firms: MCK Network Solutions launched a unified, predictive AI security platform across network, cyber, and physical protection for US and Canada businesses. US-China Tech Tensions: The Pentagon reinstated and expanded its “Chinese military companies” list, adding major AI and EV names including Alibaba, Baidu, Tencent and BYD. Corporate Restructuring: Woolworths confirmed it is offshoring hundreds of corporate roles in finance, HR and IT to cut costs. Investment & Courts: Oman highlighted a specialised investment and trade court as a confidence booster for investors. Industrial Expansion: Grasim approved a Rs 3,094 crore Lyocell Phase II expansion in Karnataka, adding 110,000 tpa capacity. Regional Trade Links: Cambodia and Vietnam chambers pushed cross-border investment cooperation in Hanoi, targeting higher bilateral trade.

Food & Consumer Protection: Texas AG Ken Paxton opened a probe into glyphosate residue in foods, issuing Civil Investigative Demands to Bayer and PepsiCo over alleged consumer-protection violations. AI for Business: Legal teams are reporting real time savings as AI tools move routine contract work to first-pass analysis and summarization, with adoption highest among small and mid-size firms. Corporate Finance & Markets: CIRO trading activity in Canada included multiple halts and resumptions for small-cap issuers (Marimaca Copper, Anteros Metals, Keon Capital, First Atlantic Nickel & Cobalt, Buffalo Potash). Tech & Big Tech: Apple investors reacted tepidly to the next-gen Siri and AI platform, underscoring pressure for a stronger AI comeback. M&A/Investments: Intellect Design Arena carved out Purple Fabric into an independent Line of Business and appointed Deepak Dastrala as CEO; Viyash Scientific agreed to buy Italy’s BioForLife to expand European companion-animal health. Policy & Growth: India launched the BHAVYA portal to accelerate 100 investment-ready industrial parks, while Bangladesh Bank said a distressed asset management company is being formed to tackle bad loans. Regional Business: Boursa Kuwait highlighted GCC market opportunities at HSBC’s GCC Exchanges Conference in London.

EV & hydrogen push: Tata Motors’ chairman said the company will keep investing in electric and hydrogen tech for commercial vehicles, arguing cleaner mobility needs a portfolio approach. Wealth management shift: BNP Paribas Wealth Management’s Greater China chief says clients want more than product access—advice discipline and institutional-quality solutions are the new baseline. Private markets go digital: ADDX’s CFO frames tokenisation and digital workflows as the fix for high minimums, liquidity and execution friction in private investing. Pricing power debate: A Goldman note highlights how firms have raised markups while consumers keep spending, helping explain resilient profits despite inflation gripes. Mideast risk to markets: Renewed Israel-Iran fighting and stronger US jobs data are rattling equities and lifting oil, with New Zealand’s market joining a global rout. Retail investing boom around SpaceX IPO: Platforms are positioning to attract retail investors, while JPMorgan flags risks for Bitcoin-linked dividend funding. Deal & succession: Carlyle agreed to buy South Korea’s Chung Ho Group from the founding family in a reported ~$700m transaction. Tax & cash rules: India’s ITAT said ₹1.28 crore cash deposits can’t be treated as unexplained when the scrap business’ profit method was accepted in other years. Cross-border finance: Al Baraka Islamic Bank launched an easier way for customers to open accounts in Egypt. Trade ties: South Africa and the UAE reported strong momentum, with Emirati projects worth ~$22.96bn and thousands of jobs. Corporate governance warning: An OpEd criticises “corporate claptrap” and report “inflation,” arguing investors need clearer annual accounts.

Cuba Sanctions Pressure: Foreign firms are pulling out of Cuba as US sanctions risk compliance fallout, with Visa/Mastercard suspensions after a bank cut ties linked to GAESA, hitting hotels and tourism. UAE Real Estate Momentum: Dubai logged Dhs28.51bn in May property deals (Dhs22.01bn residential, Dhs6.50bn commercial), signaling continued investor confidence tied to infrastructure and growth corridors. Afghan Finance Fraud Alert: “Gold BS” faces fraud allegations as investors report blocked accounts; Da Afghanistan Bank warns online forex trading is prohibited and urges checks before investing. SpaceX IPO Retail Rush: SpaceX’s IPO is drawing unusually large retail interest across Europe, but analysts warn the small float and loss-making valuation could be bumpy for individual investors. Corporate Tax Roadmap: Bangladesh plans a five-year corporate tax framework with rates largely unchanged, aiming to give businesses predictable rules through FY30-31. AI Spending Reality Check: Freshworks says mid-market firms waste about 25% of AI budgets on complexity before seeing returns, highlighting slow deployment and integration hurdles. Public Procurement Scrutiny (Ghana): A probe into Bolgatanga Technical University recommends removing the vice-chancellor over procurement breaches tied to GH¢19.5m losses. Energy Investment Push (Iraq): Iraq’s new oil minister promises better terms for foreign firms and aims to expand production, cut flaring, and use associated gas for power.

Energy & Investment Deals: Oman’s OQEP signed an MoU with Libya’s investment authority to expand joint oil-and-gas exploration and production cooperation. AI Corporate Restructuring: Baidu reorganized its MEG by merging commerce and e-commerce into a single “Big Commerce” unit while elevating digital human work—another step in its AI-native overhaul. Media M&A & Jobs: Hollywood workers and unions rallied against Paramount’s $110B Warner Bros. Discovery merger as regulators review the deal and antitrust/labor challenges loom. Aviation Transition Reality Check: IATA says sustainable aviation fuel is still tiny—about 0.8% of aviation fuel use in 2026—calling for stronger policy and incentives to scale it. Energy Policy Backlash: West Virginia leaders praised Trump’s plan to repurpose up to $700M for coal plant upgrades under the Defense Production Act. Cost-of-Living Pressure: India raised domestic LPG cylinder prices by 29 rupees, adding to household budget strain. Data Center Boom: Global data center investment is projected to near $1.6T by 2030 as “AI factories” evolve into heavy industrial infrastructure. Local Business & Exports: Davao exported fresh MD2 pineapples to the UAE, highlighting expanding Philippine agribusiness export routes. Regional Trade Talks: Turkey and Bangladesh discussed an FTA and more Turkish investment, especially in textiles and special economic zones. Security & Disruption: Ukraine drone attacks hit the St. Petersburg International Economic Forum’s opening and closing days, underscoring geopolitical risk for investors.

Capital Markets Reform: Bangladesh’s new BSEC chairman Masud Khan vowed long-term reforms to restore investor confidence as the regulator faces a tough market moment. Corporate Governance & Legal Risk: Malaysia’s AGC is reviewing two police investigation papers tied to former MACC chief Azam Baki, including a Bloomberg.com defamation-related matter and allegations involving a businessman. Energy & Infrastructure Oversight: Philippines Senate President pro tempore Sherwin Gatchalian pushed for an inquiry into NGCP’s red/yellow grid alerts and Luzon/Visayas power interruptions, warning El Niño could worsen supply gaps. Digital Economy & AI Integration: APEC’s Eduardo Pedrosa said digital cooperation and AI are accelerating regional business integration, with SMEs benefiting from lower barriers to market entry. Tech Supply Chains: China’s optical module and chip exports are surging, reinforcing its role in sustaining global AI infrastructure buildout. MENA Business Links: Dubai Chambers and Lesotho discussed boosting trade and investment, while UAE-Russia efforts focused on women’s economic empowerment. Corporate Actions & Finance: Robbins LLP reminded investors about a SES AI class action over alleged overstated prospects; Western Asset Management faces a $100M SEC penalty for a cherry-picking scheme. Real Economy & Investment: India’s hospitality sector hit $567M in 2025 hotel deals (+67%), and Bangladesh outlined a plan to reach a $1T economy by 2034 via investment, reforms, and industrial revival.

EU–Finance: EBRD and the EU expanded InvestEU guarantees by up to €478.4mn, plus €11.4mn for advisory support, to help fund higher-risk green, digital and infrastructure projects across EBRD countries. US–Jobs: The US added 172,000 jobs in May; unemployment held at 4.3%, keeping the labor market resilient even as prices and uncertainty bite. Central Asia–Investment: Kazakhstan says it leads Central Asia in attracting foreign investment, pointing to the AIFC’s English-law court model and faster investor issue resolution. India–Digital Infrastructure: AirTrunk (backed by Blackstone and CPPIB) plans $30bn-plus to build 5GW of AI-driven data centre capacity by 2030, with PM Modi calling it a major boost to cloud and AI. Kenya–Cost Pressure vs Consumer Protection: Kenya gazetted minimum wage hikes (12% general, 15% agricultural), while regulators warn digital-economy gaps are exposing consumers to scams and unfair competition. Corporate/Local Business: A Michigan dog-training business faces customer fraud claims; in the UK, Nottingham firms report summer downturns as student footfall fades. Capital Markets: India’s NSE crossed 26 crore unique trading accounts, reflecting rapid retail participation via digitisation and simplified KYC.

Semiconductor Legal Clash: China’s court accepted Wingtech’s lawsuit aimed at restoring control of Nexperia-linked assets, escalating a dispute tied to Dutch restrictive measures. Market Plumbing: Canada’s CIRO halted trading in Supremex (SXP) pending news, then resumed later the same day. Trade Uncertainty: Canadian businesses say they need consistency in trade talks with the U.S., even as leaders split on whether to push for a quick deal or wait. Airline Fallout: Spirit Airlines’ failure is framed as a business-model squeeze worsened by fuel costs and stalled bailout efforts. AI Infrastructure Push: A new analysis says U.S. AI and data-center spending could reach about 2% of GDP in 2026, dwarfing other major countries. Jobs vs Friction: The U.S. added 172,000 jobs in May, but long-term unemployment and harder hiring for new entrants remain concerns. Africa Investment Drive: Tanzania pitched five strategic projects at SPIEF, while Zanzibar highlighted investor-friendly reforms and a cash-lite shift as digital payments double. SMB Support: Fifth Third launched a small-business banking experience focused on faster payments and easier access to capital. Corporate Governance & Risk: Australia’s ASIC faced renewed scrutiny over rising small-business insolvencies, with lawmakers challenging the blame narrative.

Energy & Infrastructure: Malaysia’s Tenaga Nasional (TNB) says regional cooperation is key to scaling energy transition projects, while also stressing talent and responsible AI adoption. Green Finance: Jordan’s banks group urged Qatari investors to back renewable energy, circular economy and low-emission infrastructure as part of the country’s modernization push. AI & Cybersecurity Investment: Panthera Growth Partners led a $30m investment in India’s Innefu Labs to expand sovereign AI security and R&D. Maritime Trade: Ghana’s GEXIM called for more maritime infrastructure, tech, logistics and financing to boost Africa’s trade competitiveness. Trade Tensions: China’s business lobby hit back at proposed US forced-labor tariffs, arguing they violate multilateral rules and lack solid grounds. Regulation & Corporate Oversight: ASIC named two KPMG auditors it is formally investigating in an audit scandal, as South Korea’s labor minister urged tech firms to share excess chip profits. Capital Markets: India’s RBI proposed doubling NRI/OCI limits to 10% per listed company and 24% aggregate to draw overseas equity flows. Business & Consumer Safety: Texas opened an investigation into Celsius/Alani Nu over youth-focused marketing of high-caffeine drinks. Dealmaking & Local Economy: Paramount’s “Mayor of Kingstown” production is boosting Cumberland, Maryland’s local businesses. Markets/Geopolitics: Russia’s Putin will address “Russian Davos” amid stagnation pressures and drone-linked risks to energy infrastructure. Tech IPO Buzz: SpaceX pitched its IPO to retail investors with a 17-minute video ahead of a record-scale listing.