Latest news with #Asia-Pacific
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Business Standard
a day ago
- Business
- Business Standard
DHL Express top-line is growing at 12% CAGR in India: SVP-South Asia
DHL Express India is growing at 11-12 per cent CAGR and has expanded its Bengaluru airport footprint with a Rs 34 crore investment to handle SME shipment volumes Aneeka Chatterjee Bengaluru Listen to This Article Germany-headquartered logistics major DHL Express is growing at a compound annual growth rate (CAGR) of 11–12 per cent in India, R S Subramanian, senior vice-president, South Asia, told Business Standard. The top executive noted that India continues to contribute 10 per cent by value to the overall Asia-Pacific portfolio. 'Growth is our big focus. The express industry grows at 1.5 times the Gross Domestic Product (GDP) and every year we have surpassed the mark. Hence, our CAGR in topline in India is growing nearly about 11-12 per cent,' Subramanian said. Eyeing the continued growth momentum, DHL Express has announced the
The Star
a day ago
- Business
- The Star
Asia shares hit over three-year high; dollar struggles on Fed concerns
SINGAPORE: Asia shares hit their highest level in more than three years on Friday as they tracked a Wall Street rally, but the U.S. dollar struggled on concerns about the Federal Reserve's independence and expectations for early rate cuts. Stock indexes worldwide look set to end the week on a positive note, with worries about tensions in the Middle East and uncertainty over tariffs and trade deals on the backburner for now. MSCI's broadest index of Asia-Pacific shares outside Japan hit its highest level since November 2021 early in the session, while the gauge of stocks across the globe hit another record high for the fourth straight session. EUROSTOXX 50 futures and DAX futures were both up more than 0.5%, while FTSE futures were little changed. S&P 500 futures and Nasdaq futures tacked on 0.1% each. Reasons for the upbeat mood included news that Washington has reached an agreement with Beijing on how to expedite rare earth shipments to the United States. U.S. Treasury Secretary Scott Bessent also said on Thursday that he had asked Republicans in Congress to scrap the Section 899 retaliatory tax proposal from their tax and spending bill after Washington reached an agreement with Group of Seven industrial countries. "That was something that had been making some investors, especially foreign investors, nervous when that provision was passed by the House. So if that provision gets removed, then that allays one of the concerns from foreign investors," said Khoon Goh, head of Asia research at ANZ. "The cumuluation of these various ... positive developments all helped to contribute to the buoyant market mood we're seeing." Japan's Nikkei jumped 1.4% and surpassed the 40,000 mark for the first time in five months. Stocks in Hong Kong and mainland China traded marginally lower, though the CSI 300 index was on track for a 2.6% gain for the week, which would be the largest since November 2024. FED CUTS COMING Much of the focus for markets over the past two sessions has been on the prospect of an early change of guard at the Fed, after the Wall Street Journal reported that U.S. President Donald Trump had toyed with the idea of selecting and announcing Fed Chair Jerome Powell's replacement by September or October. That knocked an already battered dollar even lower as traders fretted about an erosion of Fed independence and as they moved to price in more U.S. rate cuts this year. The dollar languished near a 3-1/2-year low on Friday and was headed for a 1.4% weekly loss, its largest decline in over a month. For the year, the greenback is already down more than 10% and if it stays that way in the next few days, that will mark its biggest first half-of-a-year fall since the start of the era of free-floating currencies in the early 1970s. Against a weaker dollar, the euro was perched near its highest in over three years at $1.1688. Sterling last bought $1.3725. "Trump's desire to 'shadow' the Fed using a designated replacement for Chair Jay Powell isn't a good way to promote the perceptions of integrity and autonomy in U.S. policymaking and, by extension, that of the reserve currency status of the U.S. dollar," said Thierry Wizman, global FX and rates strategist at Macquarie Group. Adding to the Fed cut bets has been a raft of weaker-than-expected U.S. economic data, with attention now shifting to Friday's release of the core PCE price index, the U.S. central bank's preferred measure of inflation. U.S. Treasury yields were steady in Asia after falling the previous session, with the two-year yield at 3.7418% and the benchmark 10-year yield last at 4.2573%. In commodities, oil prices were set for a weekly decline with the Iran-Israel ceasefire holding and easing concerns over Middle East supply risks. Brent crude futures were up 0.58% at $68.12 a barrel while U.S. crude rose 0.6% to $65.63 per barrel on Friday, but both were headed for a fall of more than 10% for the week. Spot gold fell 1% to $3,294.50 an ounce. - Reuters
The Star
a day ago
- Business
- The Star
Shares rally but dollar weakens with Fed independence seen under threat
SINGAPORE: Asia shares hit their highest level in more than three years on Friday as they tracked a Wall Street rally, though the dollar struggled on concerns about the Federal Reserve's independence and expectations for early rate cuts. Stock indexes worldwide look set to end the week on a positive note, with worries about tensions in the Middle East and uncertainty over tariffs and trade deals on the backburner for now. MSCI's broadest index of Asia-Pacific shares outside Japan touched its strongest level since November 2021 early in the session. It last traded 0.2% higher and is set to clock a 3% gain for the week. Japan's Nikkei jumped 1.5% and surpassed the 40,000 mark for the first time in five months. Reasons for the upbeat mood included news that Washington has reached an agreement with Beijing on how to expedite rare earth shipments to the United States. U.S. Treasury Secretary Scott Bessent also said on Thursday that he has asked Republicans in Congress to scrap the Section 899 retaliatory tax proposal from their tax and spending bill after Washington reached an agreement with Group of Seven industrial countries. "That was something that had been making some investors, especially foreign investors, nervous when that provision was passed by the House. So if that provision gets removed, then that allays one of the concerns from foreign investors," said Khoon Goh, head of Asia research at ANZ. "The cumuluation of these various... positive developments all helped to contribute to the buoyant market mood we're seeing." European futures also gained, with EUROSTOXX 50 futures and DAX futures both up 0.6%, while FTSE futures advanced 0.16%. U.S. stock futures were little changed, though Wall Street had on Thursday closed near record highs, further supported by expectations of imminent Fed rate cuts. FED CUTS COMING Much of the focus for markets over the past two sessions has been on the prospect of an early change of guard at the Fed, after the Wall Street Journal reported that U.S. President Donald Trump has toyed with the idea of selecting and announcing Fed Chair Jerome Powell's replacement by September or October. That knocked an already battered dollar even lower as traders fretted about an erosion of Fed independence and as they moved to price in more U.S. rate cuts this year. The dollar languished near a 3-1/2-year low on Friday and was headed for a 1.4% weekly loss, its largest decline in over a month. For the year, the greenback is already down more than 10% and if it stays that way in the next few days, that will mark its biggest first half-of-a-year fall since the start of the era of free-floating currencies in the early 1970s. Against a weaker dollar, the euro was perched near its highest in over three years at $1.1688. Sterling rose 0.03% to $1.3730. "Trump's desire to 'shadow' the Fed using a designated replacement for Chair Jay Powell isn't a good way to promote the perceptions of integrity and autonomy in U.S. policymaking and, by extension, that of the reserve currency status of the U.S. dollar," said Thierry Wizman, global FX and rates strategist at Macquarie Group. Adding to the Fed cut bets has been a raft of weaker-than-expected U.S. economic data, with attention now shifting to Friday's release of the core PCE price index, the U.S. central bank's preferred measure of inflation. U.S. Treasury yields were steady in Asia after falling the previous session, with the two-year yield at 3.7418% and the benchmark 10-year yield last at 4.2554%. In commodities, oil prices were set for a weekly decline with the Iran-Israel ceasefire holding and easing concerns over Middle East supply risks. Brent crude futures were up 0.41% at $68.01 a barrel while U.S. crude rose 0.46% to $65.53 per barrel on Friday, but both were headed for a fall of more than 10% for the week. Spot gold fell 0.23% to $3,320.25 an ounce. - Reuters
Arabian Post
a day ago
- Politics
- Arabian Post
UNESCO Champions Ethics as AI Race Intensifies
UNESCO has mobilised global policymakers, academics and civil society leaders in Bangkok to cement the adoption of its 2021 Recommendation on the Ethics of Artificial Intelligence, the world's only universal AI ethics framework endorsed by all 194 member states. With over 1,200 delegates from 88 nations and more than 35 ministers present, the third Global Forum on the Ethics of AI underlined the urgency of embedding ethics into AI governance amid growing geopolitical tension between the United States and China. UNESCO Director-General Audrey Azoulay urged attendees to forge multilateral cooperation. 'Preparing the world for AI and preparing AI for the world,' she said, must ensure AI 'serves the common good'. She announced the launch of a Global Network of AI Supervisory Authorities alongside a Global Network of Civil Society and Academic Organisations, aiming to support national regulators and promote public participation in AI policymaking. Prime Minister Paetongtarn Shinawatra of Thailand, the first Asia-Pacific host of this forum, confirmed the country's neutral stance in the intensifying AI rivalry. She emphasised transparency, responsibility and ethical foundations as Bangkok seeks to develop its own domestic AI ecosystem. ADVERTISEMENT Industry heavyweights such as OpenAI, Google and China's DeepSeek were conspicuously absent, highlighting the challenge of securing tech-sector buy-in despite mounting tensions in tech diplomacy. Analysts note that US congressional proposals to ban federal use of China-linked AI tools reflect a broader decoupling trend, complicating efforts to forge a global consensus. UNESCO's Readiness Assessment Methodology, applied across 70 countries—including seven ASEAN nations—was showcased as a diagnostic tool to bridge ethical principles and domestic policy. The forum featured 22 thematic sessions and 11 side events exploring AI's intersection with gender, environmental sustainability, health, education, neurotechnology, quantum computing and judicial systems. Participants stressed that ethical governance need not hamper innovation. As one policy advisor noted, a rights-based approach is key to building public trust and preventing inequalities. Commentators also drew attention to the absence of senior officials from the US—a potential signal that Washington is prioritising tech protection over global ethics cooperation. Experts at the forum compared the regulatory philosophies of the US and China. A recent academic analysis highlights divergences: the US has focused on export controls and safety standards, whereas China emphasises state-led data governance and mandatory ethics guidelines domestically. Participants warned that such divergent domestic approaches risk widening the digital divide and obstructing international regulatory coherence. UNESCO also unveiled a new Global AI Ethics Observatory and an 'Ethics Experts without Borders' network to promote knowledge-sharing and rapid deployment of best practices. Civil society groups welcomed the establishment of a global network linking NGOs and academic institutions, noting it as a vital step toward inclusive governance. Thailand's cultural prominence was also noted. Azoulay praised its heritage—from UNESCO World Heritage sites to intangible cultural landmarks like Tom Yum Kung—as a backdrop that reinforces the need to respect diversity when crafting AI policy. Despite strong momentum, analysts caution that global fragmentation remains a major threat. The absence of major private tech firms and widening geopolitical divides limit the prospects for a truly universal ethics framework. Success will depend on translating global principles into enforceable national regulations and aligning competing visions from Washington, Beijing and Brussels.
Business Times
a day ago
- Business
- Business Times
BlackRock, Mubadala unwind partnership for Asia private credit: sources
[HONG KONG] BlackRock and Mubadala Investment have mutually agreed to unwind their Asian private credit partnership that focuses on investments in China and Indonesia due to challenges in sourcing deals, according to people familiar with the matter. Under the partnership, which started in 2023, the Abu Dhabi state-owned investment firm was to match every US dollar that BlackRock agreed to put in, said the people, who requested not to be named because the information is private. The world's largest asset allocators are forging alliances with private credit funds to capitalise on the rapidly expanding US$1.7 trillion private credit market. Mubadala is one of the most active investors in the space, building a portfolio of 73.5 billion dirhams (S$25.5 billion), backed by collaborations with firms including Apollo Global Management, Carlyle Group, and KKR. BlackRock did not respond to a request for comment. Mubadala declined to comment. The partnership has deployed only a limited amount of capital. Originating deals in China is proving difficult given the mid-teens return profile it's targeting, said the people. The head of private credit in Indonesia, Christopher Ganis, left in the early days of the collaboration for sovereign wealth fund Indonesia Investment Authority. That's made it difficult for deal origination in the country, the people added. BlackRock's head of Asia-Pacific private credit, Celia Yan, also left to join Apollo recently, just as the firm is finalising its integration with HPS Investment Partners. BlackRock last year agreed to buy HPS in an all-stock deal valued at about US$12 billion. The transaction is expected to be completed in the middle of this year, pending regulatory approval. The combined platform will expand to a team of 22 private market investment professionals with senior investor additions in Singapore and Sydney, according to an internal memo. BLOOMBERG
