Singapore Post said on Monday (Dec 2) it is selling its Australian business, Freight Management Holdings (FMH), to private equity firm Pacific Equity Partners for a cash consideration of A$775.9 million (US$504.1 million). The sale is expected to generate a gain on disposal of S$312.1 million (US$232.1 million), the companyContinue Reading
Elon Musk, the driving force behind Tesla and SpaceX, has consistently disrupted traditional industries with his relentless focus on innovation, efficiency and radical change.
Now, as co-head of the newly established Department of Government Efficiency (DOGE) in Donald Trump’s incoming administration, Musk is poised to reshape not just the US government but potentially the global economic landscape.
While the overarching goal of DOGE is to cut bureaucratic waste and streamline public services, Musk’s involvement signals a more ambitious agenda: a fundamental rethinking of how technology and government intersect, with significant implications for Asia’s economies.
The world’s richest man’s influence in the new administration is not merely symbolic. His reputation as a disruptor suggests he will bring a Silicon Valley mindset to Washington, advocating for aggressive digitization, automation and the adoption of emerging technologies across government operations.
This approach, however, is far from straightforward, especially when viewed through the lens of Trump’s threatened new tariffs. These protectionist measures, designed to bolster domestic industries, add a layer of complexity to Musk’s efficiency mission.
For Asian economies, which are deeply integrated into global supply chains and heavily reliant on trade with the US, the combination of Musk’s efficiency drive and Trump’s tariffs presents both risks and opportunities.
One of the immediate effects of Musk’s leadership within DOGE could be the acceleration of technological adoption in areas like customs and border control.
Streamlined processes powered by artificial intelligence and blockchain could reduce administrative bottlenecks, making trade faster and more transparent. This would be a welcome development for exporters across Asia, particularly in countries like South Korea, Japan, and Vietnam, where delays and inefficiencies often add significant costs.
But these procedural improvements may be offset by the financial burden of higher tariffs, particularly in key sectors such as electronics, automotive parts and machinery.
For example, South Korea’s semiconductor industry, which plays a crucial role in the global tech supply chain, will face increased costs due to the new tariffs. While Musk’s push for efficiency might lower non-tariff barriers, the direct impact of higher duties cannot be ignored.
Similarly, Japan’s automotive sector, a major exporter to the US, will need to tackle this challenging landscape. Musk’s known advocacy for electric vehicles (EVs) and sustainable technologies could open doors for collaboration in these areas, but traditional manufacturers may find themselves under pressure to adapt quickly or risk losing market share.
China, the primary target of Trump’s tariffs, faces a particularly nuanced challenge. While the tariffs themselves are a clear obstacle, Musk’s efficiency reforms could paradoxically benefit Chinese exporters by simplifying compliance and reducing bureaucratic hurdles.
Tesla’s significant presence in China, exemplified by its Gigafactory in Shanghai, positions the country as a potential partner in Musk’s broader vision of government efficiency and technological integration.
However, the geopolitical tensions underpinning US-China relations complicate this dynamic. Beijing’s response will likely involve a careful balancing act, seeking to leverage any benefits from Musk’s reforms while countering the broader impact of higher tariffs.
India, on the other hand, may find itself in a more advantageous position. With its growing emphasis on digital infrastructure and renewable energy, India aligns well with Musk’s priorities. If DOGE promotes closer US-India cooperation in these areas, it could catalyze significant investment and innovation.
Tesla’s long-anticipated entry into the Indian market could finally materialize, driven by a more favorable regulatory environment shaped by DOGE’s initiatives. Beyond Tesla, the broader renewable energy sector stands to gain, with potential collaborations in solar power, battery storage and electric mobility.
The financial markets are already reacting to the twin forces of Musk’s appointment and Trump’s tariffs. Investor sentiment in Asia is mixed, reflecting both optimism about efficiency gains and concern over protectionist policies.
Currencies in export-dependent economies like South Korea and Japan are under pressure, while equity markets are closely monitoring developments. In the medium term, much will depend on the extent to which Musk’s reforms can offset the trade frictions caused by tariffs.
If DOGE succeeds in making the US government more agile and responsive, the resulting improvements in trade logistics could mitigate some of the negative impacts on Asian exporters.
However, it would be a mistake to view Musk’s role purely through an economic lens. His broader vision encompasses a reimagining of governance itself, with implications that extend beyond trade and tariffs.
Musk’s commitment to sustainability, for instance, is likely to influence DOGE’s priorities, potentially leading to increased support for clean energy initiatives. This could create new opportunities for Asian countries that are leaders in renewable energy technologies.
Japan’s investment in hydrogen, South Korea’s leadership in solar manufacturing and India’s ambitious renewable targets all position these nations as potential partners in a global shift toward sustainability, driven in part by Musk’s influence.
In this context, Musk’s impact on US-Asia relations will be profound but not uniform. Countries that can align with his efficiency agenda and invest in next-generation technologies will likely emerge as winners.
Those who remain reliant on traditional export models may struggle to adapt. The key for Asian economies will be agility and innovation—traits that Musk himself embodies. Ultimately, Musk’s leadership of the new DOGE represents a bold experiment in governance. For Asia, the stakes are high, but arguably so are the opportunities.
FinanceAsia ‘s , annual Achievement Awards recognise excellence across the divers financial markets of Asia Pacific ( Apac ) and the Middle East.
The Achievement Awards, which span five distinct categories, include Deal Honors for Apac and the Middle East, House Awards for Apac and the Middle East, and our Dealmaker Poll, show the achievements of major players in these areas as well as those who have shown commitment to their industry.
We’re pleased to announce that the judging process for this year’s awards has now come to an end after receiving almost 1, 000 submissions from our Advisory Board of external specialists and the help of our editorial staff.
Below are the types and winners’ respective links.  ,
The logic behind success collection will get published in our upcoming , FinanceAsia , reports. Please call the , FinanceAsia staff if you have any concerns.  ,
You see all the winners below:  ,
FinanceAsia Achievement Awards 2024: Apac’s best talks
FinanceAsia Achievement Awards 2024: Middle East’s best offers
FinanceAsia Achievement Awards 2024: Dealmaker Poll finalists
FinanceAsia , Achievement Awards 2024: Apac’s best funding homes
FinanceAsia , Achievement Awards 2024: Middle East’s best funding houses
¬ Capitol Media Limited. All rights reserved.
For their alleged roles in a US$ 265 million program to reward American officials to secure energy supply deals, businessman Gautam Adani, the team’s creator, his nephew Sagar Adani, and six others have been charged by US prosecutors. The Adani Group has dismissed as “baseless and denied” the charges, alongContinue Reading
Excellence in Asia’s financial markets is recognized annually with our Success Awards. Our Achievement Awards, which span two crucial categories– Package Awards and House Awards– emphasize the achievements of key players in the Asia-Pacific and Middle East who have demonstrated dedication to their industry.
We’re pleased to announce that the judging process for this year’s awards has now come to an end after receiving almost 1, 000 submissions from our Advisory Board of external specialists and the help of our editorial staff.
Please consider below a list of this week’s victors of the , Deal Awards- Apac , type.
The logic behind success collection will get published in our upcoming , FinanceAsia reports. It is not a comprehensive list because we have listed the participants who participated based on research and awards entries. Please call the , FinanceAsia group if you have any concerns.  ,
North Asia = Japan, South Korea, Taiwan ,
South Asia = India, Pakistan, Bangladesh, Sri Lanka
Southeast Asia = Indonesia, Malaysia, Philippines, Thailand, Vietnam
>, BEST BOND DEALS <,
AUSTRALIA / NEW ZEALAND
CSL Financial’s$ 1.25 billion dual-tranche 144A/Reg S top giving
Members: Citi, Bank of America, JP Morgan, HSBC
Highly commended: AOFM’s invitational$ 7 billion efficient government bond
Members:  , Commonwealth Bank of Australia, Deutsche Bank, National Australia Bank, UBS, Australia Branch, Westpac Banking Corporation
Chinese- Abroad
3-year, responsible dim-sum bond issued by Jingzhou Municipal Urban Development Holding Group
Members:  , Bank of China, Caitong International, Industrial Securities, CSC Financial, CITIC Securities, CMB Wing Lung Bank, CMBC Capital, CNCB Investment, Guolian Securities, Guoyuan International, Haitong International, ICBC International, Shanghai Pudong Development Bank, Shenwan Hongyuan Securities, SPDB International, TF worldwide, CICC
Chinese- Inland
National Bank of Canada’s Rmb5 billion 2-year tiger relationship release
Members: Standard Chartered, Deutsche Bank, DBS, CITIC Securities, CMB Securities
Highly commended: China Baowu Steel Group’s Rmb10 billion business relationship release
Members: CITIC Securities, Guotai Junan Securities, Shenwan Hongyuan Securities, CICC
 , HONG KONG Radar / APAC
HKSAR’s USD&, EUR&, CNH multi-currency natural tie giving
Members: Crédit Agricole, HSBC, Citi, JP Morgan, BNP Paribas, BofA, Morgan Stanley, UBS, Mizuho, Bank of China Hong Kong, ICBC Asia, Bank of Communications, Standard Chartered
Highly commended: ILBS 2 by Bauhinia
Members: Hong Kong Mortgage Corporation, CICC, ING Bank, MUFG, Natixis, Standard Chartered
NORTH ASIA
LG Electronic’s$ 500 million 144A/Reg S 3-year and$ 300 million 5-year two round
Members: BNP Paribas, Citi, HSBC, JP Morgan, Korea Development Bank, Standard Chartered
SINGAPORE
Exams ‘$ 500 million unprotected fixed rate documents due 2029
Members: DBS, BNP Paribas, MUFG, OCBC, HSBC
Highly commended: Yinson Production’s$ 500 million older secured 5-year relationship release
Members: Standard Chartered, Holman Fenwick Willan, Stephenson Harwood, collaboration of 13 loans
SOUTH ASIA
Kashf’s PKR2.5 billion female connection release
Members: Infra Zamin Pakistan, Arif Habib, Pakistan Credit Rating Agency, Vellani &, Vellani, Pak Brunei Investment Company, Bank Alfalah, Bank of Pubjab, Standard Chartered Pakistan
SOUTHEAST ASIA
SOUTHEAST ASIA/ PHILIPPINES
Maynilad Water Services PHP15 billion orange ties
Members: BPI Capital, BDO Capital &, Investment, First Metro Investment, East West Banking
 , MALAYSIA / HIGHLY COMMENDED ( SOUTHEAST ASIA)
Asean Green moderate term papers under RM500 million Exio Logistics clean centers
Members: Hong Leong Investment Bank
HIGHLY RECOMMENDED ( SOUTHEAST ASIA) THAILAND
Minor International’s THB billion securities via private location
Members: Standard Chartered, Bangkok Bank, Bank of Ayudhya Public Company, Kasikornbank, Krungthai Bank, Kiatnakin Phatra Securities, The Siam Commercial Bank
INDONESIA
Republic of Indonesia$ 2.05 billion international bond giving
Participants: ANZ, BofA Securities, Deutsche Bank ( Singapore ), Morgan Stanley, UBS ( Singapore ), BRI Danereksa Sekuritas, Trimegah Sekuritas Indonesia, Mayer Brown
VIETNAM
Hai An Transport and Stevedoring JSC’s VND500 billion foldable relationship
Members: SSI Securities
>, BEST EQUITY DEALS <,
AUSTRALIA / NEW ZEALAND
A$ 1.435 billion block trade in Worley
Members: Citi, Goldman Sachs, Allens
Highly commended: Treasury Wine Estate’s A$ 825 million Paitreo to support get DAOU Vineyards
Members: UBS, Macquarie Capital
Chinese- Abroad / APAC
Alibaba’s$ 5 billion convertible bond  ,$ 1.2 billion parallel stock purchase
Members: Citi, JP Morgan, Morgan Stanley, Barclays, HSBC
Highly commended:  , Lotus Tech’s company mixture with L Catterton, people listing in the US through a De-SPAC design, approximately$ 880 million of personal investment in public equity funding and convertible information
Members: Han Kun Law, Skadden, Kirkland &, Ellis, Fangda Partners ,
Chinese- Inland
Sinopec’s A-share personal position
Members: CICC, Guangfa Securities, CITIC Securities
HONG KONG Radar
Zhejiang Expressway’s HK$ 6.7 billion  , right issue
Members: BNP Paribas, DBS, CLSA, CICC, Zheshang International
Alibaba’s$ 5 billion convertible bond $ 1.2 billion parallel share buyback
Members: Citi, JP Morgan, Morgan Stanley, Barclays, HSBC
SINGAPORE
Personal position and preferred giving for CapitaLand Integrated Commercial REIT for S$ 1.1 billion
Members: United Overseas Bank, JP Morgan, Venture Law, Allen &, Gledhill
Highly commended: Reverse , takover of 3Cnergy by DTP Inter Holdings Corporation for a consideration of approximately S$ 443.8 million  ,
Members: PrimePartners Corporation Finance, Allen &, Gledhill LLP
SOUTH ASIA
JSW Energy’s$ 600 million qualified administrative position
Members: Jefferies India, Khaitan &, Co, Shardul Amarchand Mangaldas &, Co
Highly commended:  , Vodafone Idea’s$ 2.15 billion follow-on open offering of capital stock
Members: Axis Capital, Jefferies, SBI Capital, Sidley Austin, Cyril Amarchand Mangaldas &, Co, AZB &, Lovers
SOUTHEAST ASIA
Bursa Malaysia Offering for Johor Plantations Group
Members: RHB Investment Bank, AmInvestment Bank, CIMB Investment Bank, CLSA Singapore, CLSA Securities Malaysia, Affin Hwang Investment Bank
Highly commended:  , San Miguel Corporation’s PHP34 billion preferred shares ,
Members:  , SB Capital, Bank of Commerce, BDO Capital &, Investment, China Bank Capital, Asia United Bank, Bank of Commerce, BPI Capital, Land Bank of the Philippines, PNB Capital and Investment, RCBC Capital, Union Bank of the Philippines
>, BEST INFRASTRUCTURE DEALS <,
AUSTRALIA / NEW ZEALAND
Blackstone’s merger of Airtrunk
Members: Deutsche Bank, Morgan Stanley, RCBC Capital Markets, Macquarie Capital, Goldman Sachs
Highly commended: Contact Energy’s suggested merger of Manawa Energy
Members: UBS New Zealand, Cameron Partners/Rothschild &, Co, Lazard Australia, Bell Gully, Harmos Horton Lusk
Chinese- Inland
CAMC-China Resources TBEA Renewable Energy’s Closed-end Infrastructure Securities Investment Fund
Members: CITIC Securities, China Asset Management, Agricultural Bank of China, Zhong Lun Law Firm
HONG KONG Radar
ILBS 2 by Bauhinia
Members: CICC, ING Bank, MUFG, Natixis, Standard Chartered
SINGAPORE / APAC
Yinson Boronia Movie’s annual project relationship with a$ 1.035 billion Top Secured Notes expected 2042
Members: Santander, Citi, Norton Rose Fulrbright, Cescon Barrieu
Highly commended: Stonepeak’s very structured preferred corporate investment into AGP Sustainable Real Assets
Members: Sidley Austin, Clifford Chance, King &, Wood Mallesons, Shardul Amarchand Mangaldas &, Co, NautaDutilh, Burness Paull, WongPartnership, Setterwalls Advokatbyra ,
SOUTH ASIA
AdaniConneX’s$ 1.44 billion Sustainability-Linked Project Finance for an under-construction information centre investment in India
Members: ING Bank, Intesa Sanpaolo, KfW IPEX, MUFG, Natixis, Standard Chartered, Societe Generale, SMBC
SOUTHEAST ASIA
SOUTHEAST ASIA/ INDONESIA
ADIA and APG’s acquisition of a 53.5 % stake in Rafflesia Investasi ,
Members: Rothschild &, Co
 , PHILIPPINES / HIGHLY COMMENDED ( SOUTHEAST ASIA)
New NAIA Infrastructure Corporation’s PHP80 billion syndicated name loan service
Participants: Bank of Commerce, BDO Capital &, Investment, Asia United Bank, China Bank Capital, SB Capital Investment, BDO Unibank, China Banking, Development Bank of the Philippines, Security Bank
MALAYSIA
Worldwide Holdings ‘ RM999 million syndicated clean leasing facility
Members: Maybank Investment Bank
VIETNAM
Petrovietnam Power’s XNhon Trach 3&, 4 Energy Flower
Members: Citi, ING
>, BEST Offering <,
Chinese- Abroad
J&, T Express ‘$ 500 million identifying on HKEX
Participants: CICC, Morgan Stanley, Bank of America Securities, UBS AG ( HK), CCB International Capital, CMB International Capital, Huatai Financial, BOCI Asia, ABCI Capital
Chinese- Inland
Grandtop Yongxing’s Rmb2.43 billion Offering
Members: CITIC Securities, Guotai Junan Securities
HONG KONG Radar /APAC
Super Hi’s double list on Nasdaq
Members: Kirkland &, Ellis, Skadden, Arendt, Loyens, Freshfields, Linklaters and Fried Frank, White &, Event
Highly commended:  , QuantumPharm’s identifying on HKEX
Members: CLSA, CITIC Securities, CICC, Jefferies, Deutsche Bank, CMB International, Sidley Austin, Fangda Partners, Herbert Smith Freehills, JunHe, PwC
NORTH ASIA
Kokusai Electric ‘s , ¥124.5 billion ($ 831.7 million )  , listing on Tokyo Stock Exchange
Participants: KKR ( GP), Mitsubishi UFJ Securities
SOUTH ASIA
NRB Bank’s BDT1 billion naming in Bangladesh
Members: UCB Investment, Shahjalal Equity Management
Highly commended: OLA Electronic’s list in India
Members: Kotak Mahindra Capital, Citi, BofA Securities, Goldman Sachs, Axis Capital, ICICI Securities, SBI Capital Markets, BOB Capital Markets
SOUTHEAST ASIA
Speed Mart Retail Holdings RM13.9 billion Investor on Bursa Malaysia
Members: CIMB, Affin Hwang Investment Bank, RHB Investment Bank, Lee Choon Wan &, Co
Highlgy commended: Johor Plantations Group’s RM735 million Offering on Bursa Malaysia
Members: RHB Investment Bank, Latham &, Watkins, AmInvestment Bank, CIMBC Investment Bank, CLSA Singapore, CLSA Securities Malaysia, Affin Hwang Investment Bank
>, BEST ISLAMIC FINANCE DEALS <,
SINGAPORE
Wealthy Pink’s S$ 2.7 billion normal expression product and Muslim Murabahah features
Members: DBS Bank, Malayan Banking Singapore branch, Sumitomo Mitsui Banking Corporation Singapore branch, United Overseas Bank ( UOB), Allen &, Gledhill
SOUTH ASIA
Islamic Bank Bangladesh ‘s , BDT8 billion Mudaraba convertible, non-convertible, unsecured subordinated bond
Members: UCB Investment
SOUTHEAST ASIA
SOUTHEAST ASIA/ APAC / INDONESIA
Republic of Indonesia’s$ 2.35 billion 144A sukuk offering
Members: MUFG, Citi, Dubai Islamic Bank, HSBC, Mandiri Securities, BRI Danareksa Sekurta, PR Trimegah Sekuritas Indonesia
Extremely RECOMMENDED ( SOUTHEAST ASIA)/ MALAYSIA
Gold Formula ABS’s sukuk, up to RM94.81 million in differenent tranches
Members: New Paradigm Securities, Silver Formula Capital, Public Investment Bank, Adnan Sundra &, Low
PHILIPPINES
Republic of Philippines ‘ Sukuk Trust’s$ 1 billion issuing
Members: Citi, Deutsche Bank, Dubai Islamic Bank, HSBC, MUFG, Standard Chartered
>, BEST M&, A DEALS <,
AUSTRALIA / NEW ZEALAND / APAC
Obayashi Corporation acquires 50 % of Eastland Generation for a$ 503 million implied business benefit.
Members: Forsyth Barr, Chapman Tripp
Highly commended: PSP Consortium’s A$ 2.5 billion merger of Costa Group
Members: Citi, JP Morgan, Allen &, Gledhill, Kirkland &, Ellis
Chinese- Abroad
Grifols ‘ Sale of 20 % stake in Shanghai RAAS to Haier for$ 1.8 billion
Members: Nomura Securties, CICC, Osborne Clarke, JunHe, Clifford Chance, King &, Wood Mallesons
Highly commended:  , Royal Golden Eagle’s CNH15 billion syndicated payment for the acquisition of Vinda International Holdings
Participants: Bank of China Macau, BNP Paribas, CICC, Linklaters
Chinese- Inland
$ 8.3 billion sale of 60 % stake in Zhuhai Wanda to PAG-led consortium
Members: Deutsche Bank
Highly commended:  , NISCO merger by CITIC Pacific ,
Members: CITIC Securities
HONG KONG Radar
Asia Pacific Resources International’s HK$ 21.6 billion volunteer public present for Vinda International Holdings
Members: HSBC, Norton Rose Fulbright, Bank of America, BNP Paribas, CICC
Highly commended:  , HKT price of 40 % stake in its silent community resources to China Merchants Capital
Members: Deutsche Bank, Clifford Chance
NORTH ASIA
Renesas Electronics ‘ 100 % merger of Altium
Members:  , Deutsche Bank, JP Morgan, King &, Wood Mallesons, Reed Smith, DLA Piper, Covington &, Burling, Nagashima Ohno &, Tsunematsu ,
Highly commended:  , WT Microelectronics ‘$ 3.8 billion merger of Future Electronics ,
Members:  , Citi, Canaccord Genuity Corp., Skadden, Arps, Slate, Meagher &, Flom, Osler, Hoskin &, Harcourt, Tsar &, Tsai Law Firm, Mintz, Levin, Cohn, Ferris, Glocsky and Popeo, P. C.
SINGAPORE
Purchase of Eu Yan Sang to a consortium led by Mitsui & Co. and Rohto Pharmaceutical
Members: Deutsche Bank, UBS, Wong Partnership
SOUTH ASIA
MHIL’s consolidation of Sahara Hospital
Members: Standard Chartered
Highly commended:  , Acquisition by Saudi Aramco Oil Company of a 40 % stake in Gas and Oil Pakistan ,
Members: Standard Chartered
SOUTHEAST ASIA
SOUTHEAST ASIA/ THAILAND
Acquisition of 65.99 % shares in Esso ( Thailand ) Public Company by Bangchak Corporation Public Company
Members: Kiatnakin Phatra Securities, JP Morgan, DLA Piper
Highly commended: ThaiBev return from home business via promote transfer
Members: DBS, WongPartnership
INDONESIA
 , Medco Energi Internasional’s$ 713 million acquisition of a 20 % interest in each of Block 60 and Block 48
Members: Standard Chartered
MALAYSIA
Purchase of Ramsay Sime Darby Health CA by Columbia Asset Healthcate and Sime Darby Healthcare
Members: Deutsche Bank
PHILIPPINES
Merger between Robinsons Bank and Bank of the Philippine Islands
Members: BPI Corporation
VIETNAM
Thomson Medical Group’s merger of FV Hospital
Members: Maybank Investment Bank
>, BEST PRIVATE EQUITY DEALS <,
AUSTRALIA / NEW ZEALAND / APAC
Blackstone’s merger of Airtrunk
Members: Deutsche Bank, Morgan Stanley, RCBC Capital Markets, Macquarie Capital, Goldman Sachs
Chinese- Abroad
Carlyle on sales of curiosity in McDonald’s China to McDonald’s Company
Members:  , Kirkland &, Ellis, JunHe, Jones Day
Highly commended:  , Advent International’s acquisition of a 29 % interest in Seek Pet Food
Participants: Boyu Capital ( investor )
HONG KONG Radar
PAG’s$ 8.3 billion Joint Investment in Newland Commercial Management
Members: Simpson Thacher &, Bartlett, A&, O Shearman
NORTH ASIA
Carlyle Group’s merger of KFC Holdings Japan
Members: Kirkland &, Ellis, Nishimura &, Asahi, Linklaters, Mori Hamada &, Matsumoto, Nagashima Ohno &, Tsunematsu ,
Highly commended:  , Blackstone’s sales of Geo-Young to MBK lovers
Members:  , Deutsche Bank, Morgan Stanley, Goldman Sachs, Samsung Securities, K&, C Cleary Gottlieb, Steen &, Hamilton LLP, Ropes &, Gray
SOUTH ASIA
ani’s Ispahani’s acquisition of a small interest in Tampaco Sheets
Members: UCB Investment, Farooq & Associates
SOUTHEAST ASIA
Asia Pacific Education Holdings ‘ sale of the APIIT Education Group to TPG’s The Rise Funds ( stake sold by KV Asia Capital )
Members: Rahmat Lim &, Partners,  ,
Highly commended: BlackRock’s Climate Finance Partnership’s funding in Ditrolic Energy
Members: Clifford Chance
>, BEST PROJECT FINANCE DEALS <,
AUSTRALIA / NEW ZEALAND
MREH’s A$ 400 million debt funding
Members:  , Société Générale, Westpac, Standard Chartered, Export Development Canada, White &, Case, Ashurst
Chinese- Inland
CSPC’s$ 5.5 billion term loan and a$ 450 million working capital facility
Members: CNOOC Finance Corporation, Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, Zhong Lun Law Company
NORTH ASIA
 , ARE’s 20-year c. TWD8.25 billion job financing
Members: CTBC Bank, MUFG, E. SUN Bank, SMBC, Standard Chartered, KGI
SINGAPORE / APAC
BIC V investment size of approximately$ 508.3 million
Members: Citi, Standard Chartered, MUFG, Natixis, Overseas-Chinese Banking Corporation,  , Société Générale
SOUTH ASIA
Serentica’s venture funding of 200 MW RTC
Members: Société Générale, Cooperative Rabobank U. A., Export-Import Bank of India, India Infrastructure Finance Company, MUFG, YES Bank, KKR, Twinstar Overseas, Dentons, Luthra &, Luthra, Norton Rose Fulbright
SOUTHEAST ASIA
SOUTHEAST ASIA/ INDONESIA
Climmangis Citibung Tollways CDS hospital
Members: Indonesia Infrastructure Fund, BNI,  , Siahaan Indarmis, Andarumi &, Partners
Extremely RECOMMENDED ( SOUTHEAST ASIA)/ MALAYSIA
World Holdings ‘ spare to power project
Participants: Bank
HIGHLY RECOMMENDED ( SOUTHEAST ASIA ) PHILIPPINES
AltEnergy’s PHP8 billion top safe word product
Members: BPI Capital, Security Bank
VIETNAM
Petrovietnam Power Company’s Nohn Trach 3&, 4 Energy Flower
Members: Citi, ING
>, BEST PROPERTY DEALS <,
AUSTRALIA / NEW ZEALAND
Blackstone’s merger of Airtrunk
Members: Deutsche Bank, Morgan Stanley, RCBC Capital Markets, Macquarie Capital, Goldman Sachs
Chinese- Abroad
Bain Capital’s$ 250 million cooperative venture with DNE for China New Economy Network
Participants ( legal advisors ): Kirkland &, Ellis, King &, Wood Mallesons ,
Chinese- Inland
Link REIT’s acquisition of China Vanke’s 50 % stake in Link Plaza Qibao
Participants ( legal advisors ): Zhong Lun Law Firm, Cushman &, Wakefield
HONG KONG Radar
HK$ 14.438 billion sustainability-linked syndicated term and revolving loan facilities for 16 borrowers, sponsored by Gateway Real Estate Fund V L. P., Gateway V Co-Investment ( Doris ), L. P. (” Gaw” ), Great Wall Pan Asia Holdings Limited (” Great Wall” ) and GLQ Broad Street Holdings Ltd
Members: ANZ, Standard Chartered, UOB
SINGAPORE
Supreme JV Holding Pte Ltd | Lendlease &, Warburg Pincus ‘ S$ 1.065 billion top secured term loan and lender ensure features
Members: DBS, HSBC, UOB
Highly commended:  , Digital Core REIT’s$ 120 million personal location
Members: DBS, Citi, Bank of America, BNP Paribas, OCBC, UOB
SOUTHEAST ASIA
SOUTHEAST ASIA/ APAC / THAILAND
ThaiBev’s exit from the property business via a share swap with its parent for majority ownership in F&N
Members: DBS
 , INDONESIA / HIGHLY COMMENDED ( SOUTHEAST ASIA )
PT Putragaya Wahana has a top secured alternative payment service worth IDR 3.7 trillion and a term loan facility.
Participants: UOB
MALAYSIA
ESIM Capital’s green SRI sukuk
Participants: New Paradigm, UOB ( Malaysia )
PHILIPPINES
Vista Land’s$ 300million 9.375 % senior unsecured fixed rate notes due 2029
Members: DBS, HSBC, Union Bank of the Philippines
>, BEST STRUCTURED FINANCE DEAL <,
Chinese- Abroad
The acquisition of Hollysys Automation Technologies Ltd. by Ascendent Capital Partners ,
Participants: Industrial Bank HK
Chinese- Inland
CMB Financial Leasing Co., Ltd’s ( CMBFL ) Rmb1.6 billion Sustainable Development Loan ,
Participants: MUFG, SMBC, Fubon, Bank of China, Bank of Shanghai
Highly commended:  , Xinyue’s Rmb600 million Micro Business Loan ABN from Qifu Technology,
Participants: HSBC
HONG KONG Radar / APAC
ILBS 2 by Bauhinia
Members: CICC, ING Bank, MUFG, Natixis, Standard Chartered
Highly commended: The acquisition of Hollysys Automation Technologies Ltd. by Ascendent Capital Partners ,
Participants: Industrial Bank HK
NORTH ASIA
WT Microelectronics and Morrihan International Corp’s$ 3.8 billion Bridge Facility
Participants: Citi
Highly commended:  , Korean Airline’s$ 208 million-equivalent Samurai Sustainability-Linked Loan
Participants: MUFG, SMBC
SINGAPORE
CIS ‘ Senior Secured S$ 300 million Bridge S$ 280 million Take Out Term Loan Facility
Members: DBS, Deutsche Bank, UOB KayHian
Highly commended:  , The government of Singapore’s S$ 2.5 billion green bonds
Members: DBS, Deutsche Bank, UOB KayHian
SOUTH ASIA
Fund raise of Rs4.65 billion ($ 56 million ) for Aliens Developers Private Ltd ,
Participants: Azalea Capital Partners
SOUTHEAST ASIA ,
Ayala Land’s PHP6 billion Asean sustainability linked bond
Participants: BDO Capital, BPI Capital, China Bank Capital, Land Bank of the Phiippines, SB Capital, RCBC Capital )
Highly commended:  , Exsim Capital Resources ‘ tranche 5 Asean green SRI sukuk
Participants: New Paradigm
>, BEST SUSTAINABLE FINANCE DEALS <,
AUSTRALIA / NEW ZEALAND
Cromwell Property Group’s A$ 1.2 billion Green and Sustainability-Linked Loan ,
Participants: ANZ, Bank of China Sydney, Clean Energy Finance Corporation, CBA, Credit Agricole, ING Bank, NAB, Societe Generale
Highly commended:  , MCP Wholesale Investment Trust’s A$ 500 million Sustainability-Linked Revolving Credit Facility
Members: Standard Chartered
Chinese- Abroad
Bank of China’s CNH and USD multi-tranche BRI-partner sustainability notes
Participants: HSBC
Highly commended:  , China Construction Bank Financial Leasing’s$ 150 million Long Term Transition Shipping Finance
Members: Standard Chartered
HONG KONG Radar
West Kowloon Cultural District Authority’s HK$ 5 billion sustainability-linked term and revolving facilities
Members: Standard Chartered
NORTH ASIA
Posco’s$ 500 million 3-year Green 144A/Reg S senior unsecured bond
Participants: HSBC
Highly commended: Far Eastern New Century’s NTD2.5 billion Corporate Sustainable Exchangeable Bond
Participants: KGI Securities, SinoPac Bank, Oriental Securities
SINGAPORE
Impact Investment Exchange’s$ 88 million 4-year Women’s Livelihood Bond
Participants: ANZ, Standard Chartered
Highly commended: EJA’s$ 500 million Revolving Credit Facility
Members: Standard Chartered
SOUTH ASIA
AdaniConneX’s$ 875 million syndicated sustainability-linked loan
Members: ING Bank, Intesa Sanpaolo, KfW IPEX, MUFG, Natixis, Standard Chartered, Societe Generale, SMBC
Highly commended: Kashf’s PKR2.5 billion female connection release
Participants:  , Infra Zamin Pakistan, Arif Habib, Pakistan Credit Rating Agency, Vellani &, Vellani, Pak Brunei Investment Company, Bank Alfalah, Bank of Pubjab, Standard Chartered Pakistan
SOUTHEAST ASIA/ APAC / MALAYSIA
Exism Capital Resources ‘ special purpose funding vehicle ( RM3 billion )
Participants: NewParadigm Securities, United Overseas Bank ( UOB ) Malaysia, Adnan Sundra &, Lo
HIGHLY RECOMMENDED ( SOUTHEAST ASIA ) PHILIPPINES
partnership between Rizal Commercial Banking and Citicore Renewable Energy Corporation ( CREC )
Participants: Rizal Commercial Banking
INDONESIA
Republic of Indonesia$ 2 billion dual-tranche trust certificates
Participants: CIMB, Citigroup Global Markets, Dubai Islamic Bank, Mandiri Securities, Standard Chartered, White &, Case, Trimegah Sekuritas, BRI Danareksa Sekuritas, Thamrin &, Rekan
THAILAND
Thai Union Group’s Thb11.5 billion sustainability-linked loan
Participants: MUFG
>, BEST SYNDICATED LOAN DEALS <,
AUSTRALIA / NEW ZEALAND
Orora’s acquisition of Saverglass SAS
Participants: AFRY Capital, Citi, Macquarie Capital
Highly commended:  , Viva Energy A$ 1 billion Term Loan Facilities
Members: DBS, ANZ, Mizuho, MUFG, NAB, UOB, WBC, plus consortium of 22 lenders
Chinese- Abroad
Royal Golden Eagle’s CNH15 billion syndicated loan for the acquisition of Vinda International Holdings
Participants: Bank of China Macau Branch, BNP Paribas, CICC, Linklaters
Highly commended: Kuaishou’s 3-year CNH9 billion syndicated term loan facility
Participants: China Merchants Bank, Pudong Development Bank, CITIC Bank, Industrial Bank, Ping An Bank, HSBC China, Minsheng Bank, Bank of Beijing, Hang Seng Bank, Bank of Faba-Pakistan China, Standard Chartered China, Jiangsu Bank
HONG KONG Radar
United Asia Finance’s HK$ 3.9 million syndicated term loan and revolving credit facility
Members: Standard Chartered, China Zheshang Bank, KGI Bank, Bank Singpac, Nanyang Commercial Bank
Highly commended:  , ICBCIL Finance Company Limited’s$ 1 billion term loan facility
Participants: Industrial and Commercial Bank of China ( Asia ), Agricultural Bank of China Hong Kong, OCBC, Ping An Bank, Nanyang Commercial Bank, China Guangfa Bank, Bank of Communications, China CITIC Bank, Dah Sing Bank, DBS Bank, The Norinchukin Bank, The Korea Development Bank, Bank of China Frankfurt Branch, Chiyu Banking Corporation, Tai Fung Bank, Bank of China Rotterdam Branch, Banque Internationale a Luxembourg
SINGAPORE
Seatrium’s S$ 1.1 billion committed syndicated bank guarantee facility
Participants: Simmons &, Simmons, Standard Chartered,  , DBS Bank, Shanghai Pudong Development Bank, Mizuho Bank, Emirates NBD Bank, First Abu Dhabi Bank, Malayan Banking Berhad, Clifford Capital
Highly commended:  , Aircastle’s$ 600 million syndicated revolving credit facility
Participants: Bank of China, Caixa, CBA, SMTB, CUB, Taishin, plus lending consortium of 15 banks
SOUTH ASIA
JSW Steel Limited’s$ 900 million syndicated term loan facility
Members: DBS, BNP Paribas, CTBC, FAB, HSBC, Mashreq, Standard Chartered, SMBC, Intesa Sanpaolo, APICORP, CBD, DZ, BOT, CHCB, TIB, TBB, FCB, SBI Shinsei, BOK, LBT, TW Shin Kong, Taichung Commercial, TCB, San-in-Good, Hyakugo Bank
Highly commended:  , Beacon Pharmaceutical’s BDT3.768.8 billion syndicated term loan facility
Members: UCB Investment, Eastern Bank, Janata Bank, United Commercial Bank, Bank Asia, Jamuna Bank, ONE Bank, Rupali Bank
SOUTHEAST ASIA
SOUTHEAST ASIA/ APAC / INDONESIA
PT Mineral Industri Indonesia ( Persero )$ 1.5 billion senior unsecured term loan and revolving credit facilities
Members: DBS, Bank of China (Hong Kong), BNP Paribas, BNI, Citi, Maybank, Mizuho, MUFG, OCBC, SCB, SMBC, UOB
HIGHLY RECOMMENDED ( SOUTHEAST ASIA) THAILAND
Syndicated financing of Thb7.6 billion for Italian-Thai Development Public Company
Participants: Weerawong C&P, Bangkok Bank, Kasikornbank, Siam Commercial Bank, Krung Thai Bank
MALAYSIA
LQ Retail and LQ Hotel have secured green term loans worth MR2 billion.
Participants: UOB ,
PHILIPPINES
San Miguel Corporation’s$ 2 billion five-year syndicated term loan facility
Participants ( according to sources cited by Bloomberg ): Standard Chartered, ANZ, Bank of China ( Hong Kong ), CTBC Bank, ING, Maybank Kim Eng Securities, Mitisubishi Financial Group, Mizuho Bank, Rabobank, Sumitomo Mitsui Banking ,
VIETNAM
Techcom Securities ‘$ 175 million syndicated loan facility
Members: Standard Chartered, CTCB Bank, Taipei Fubon Commercial Bank, Taishin International Bank, KGI Bank
>, BEST VENTURE CAPITAL DEALS <,
SINGAPORE
YouTrip’s$ 50 million Series B fundraising
Participants: Lightspeed Ventures ( lead investor ), Allen &, Gledhill
SOUTHEAST ASIA/ APAC
Fano Labs investment by Openspace Ventures
Participants: Openspace Ventures ( lead investor )
>, MOST INNOVATIVE DEALS <,
AUSTRALIA / NEW ZEALAND
 , Alcoa’s$ 3 billion acquisition of Alumina
Participants: BofA Securities, Flagstaff Partners, JP Morgan, UBS
Highly commended:  , CRH’s A$ 2.9 billion acquisition of Adbr
Participants: UBS, Macquarie, Barrenjoey, Morgan Stanley, Gilbert &, Tobin, HSF
Chinese- Abroad
The acquisition of Hollysys Automation Technologies Ltd. by Ascendent Capital Partners ,
Participant ( s ): Industrial Bank Hong Kong
Highly commended: Alibaba’s$ 5 billion convertible bond  ,$ 1.2 billion parallel stock purchase
Members: Citi, JP Morgan, Morgan Stanley, Barclays, HSBC
Chinese- Inland
Nanjing Iron and Steel Group’s acquisition by CITIC Pacific ,
Members: CITIC Securities
Highly commended: State Grid Overseas Investment’s Rmb1 billion panda bond issuance
Members: CITIC Securities, ICBC, Bank of China
HONG KONG Radar / APAC
Privatisation of L’Occitane
Participants ( legal advisors ): Kirkland &, Ellis, Skadden, Arendt, Loyens, Freshfields, Linklaters and Fried Frank, White &, Case ,
Highly commended: Super Hi’s double list on Nasdaq
Participants ( legal advisors ): Kirkland &, Ellis, Skadden, Arendt, Loyens, Freshfields, Linklaters and Fried Frank, White &, Case
Highly commended: HKSAR Government’s$ 750 million equivalent digital green bonds
Participants: Bank of China Hong Kong, Credit Agricole CIB, Goldman Sachs, ICBC Asia, UBS, HSBC
NORTH ASIA
SK Bioscience’s acquisition of 60 % stake in IDT group
Participants: Deutshce Bank, Commerzbank, Norddeutsche Landesbank, Sullivan &, Cromwell ,
SINGAPORE
STT GDC’s issuance of S$ 450 million 5.70 % sustainability-linked perpetual securities
Members: Standard Chartered
SOUTH ASIA
Refinancing for East India’s LNG Regasification Terminal Project in Dhamra, Odisha
Members: Standard Chartered
Highly commended: Kashf’s PKR2.5 billion female connection release
Members: Infra Zamin Pakistan, Arif Habib, Pakistan Credit Rating Agency, Vellani &, Vellani, Pak Brunei Investment Company, Bank Alfalah, Bank of Pubjab, Standard Chartered Pakistan
SOUTHEAST ASIA
SOUTHEAST ASIA/ THAILAND
ThaiBev’s property exit and share swap
Members: DBS, WongPartnership
Highly recommended: the Filipino Aquino International Airport’s rehabilitation project, which offers PHP 80 billion syndicated term loans.
Participants: BDO Capital
HIGHLY RECOMMENDED ( SOUTHEAST ASIA ) PHILIPPINES
Ayala Land’s PHP6 billion sustainability-linked bonds
Participants: BDO Capital, BPI Capital, China Bank Capital, Land Bank of the Philippines, RCBC Capital, SB Capital Investment
INDONESIA
PT Charoen’s$ 200 million and IDR7.5 trillion senior revolving credit facilities ,
Participants: Citi, DBS, plus consortium of other banks
MALAYSIA
Bursa Malaysia Offering for Johor Plantations Group
Participants: CIMB, AM Investment Bank, Affin Hwang Investment Bank, CLSA Singapore, CLSA Securities Malaysia
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A Singapore-based company with a focus on advanced osmotic ( blue ) energy technology, MediSun Energy Pte Ltd, has successfully secured US$ 8.75 million ( RM$ 39.1 ) in funding and established a strategic partnership with Southeast Asian venture capital firm Vynn Capital Sdn Bhd. The funding consists of US$ 5 million ( RM22.34 million ) in venture debt and US$ 3.75 million in equity financing, bringing the company’s valuation to US$ 44 million.
]RM1 = US$ 0.224]
The parties stated in a joint statement that this was one of the major investments made by the Mobility and Supply Chain fund of Vynn Capital, which was supported by some institutional investors in Malaysia and other local limited partners.
The money round, led by Vynn Capital, attracted many new buyers, including MOAJ Holding, a leading Royal investment firm, Frank Phuan, TNB Aura, a Singapore-based venture capital firm participating through its Scout Initiative, and Ciri Ventures, a weather tech-focused venture capital firm. In addition, MOAJ Holding has also pledged to fund a native joint venture by putting up up to US$ 30 million into Medisun’s Saudi Arabia company.
The collaboration aims to strengthen MediSun’s research and development capabilities and expand its development into the MENA area. One facility will be set up for load generation, the other for load production, according to MediSun.
Dusun Kim, Founder &, CEO of MediSun, stated:” At MediSun, we are dedicated to making the world green and better. Our zero-brine technology not only produces fresh, clean energy, but also benefits from a more lasting future. We will be able to expand our businesses and introduce our creative alternatives to new markets thanks to our new collaboration with Vynn Capital. We are committed to utilizing this opportunity to advance our goal of addressing the most pressing economic issues.
Victor Chua, Founding &, Managing Partner of Vynn Capital, added:” MediSun’s options are essential in solving water supply chain and lack concerns while achieving net-zero coal goals by reducing energy consumption. Over the medium word, we believe such systems can also be critical for various industries, such as freedom and business sectors, that require creativity in energy management. This is especially important given the tale that Southeast Asia and Malaysia play a bigger part in the renewable energy sector.
In addition to supporting MediSun’s development, Vynn Capital is constantly exploring different options and companies in important areas such as Singapore, Thailand, and Indonesia. This agreement places both businesses at the forefront of innovation and sustainability in the region because Southeast Asia’s liquid systems market is anticipated to grow significantly.
Property ROUT AND FALLOUT Adani Group’s debt and equity have been jolted by the US accusation. Following the news, Adani Group ties dropped for a minute period. The companies ‘ stock prices stabilized on Friday, one day after almost US$ 27 billion was taken from those shares ‘ combined marketContinue Reading
The Bank of Korea is often at the center of global financial discussion.
Despite Governor Rhee Chang-yong’s leadership, the team’s focus is on the US and Chinese economies’ respected markets and their respective markets, which are the two biggest imponderables for 2025.
Of program, Donald Trump’s returning to the White House ensures these two giants may meet, maybe creating a second unknown: a massive trade conflict the likes of which the globe has never seen before.
Rhee’s BOK is already on the spot thanks to local factors in Beijing and Washington, but both are already doing so. The chances of a US Federal Reserve rate cut at its policy meeting on November 28 are fluctuating, and they are decreasing day by day.
In any case, signs that US jobs growth may be slowing and that China’s home issue is continuing to cause depreciation support the case for a Fed easing walk.
Asian prices, meanwhile, is holding well below the BOK’s 2 % destination. According to the Korea Development Institute, a state-run think tank, “it appears that easing of monetary legislation through interest rate increases has been successful in reducing high prices since 2022.”
Yet Rhee’s selection is complicated by developments at home, especially near-record home loan amounts.
According to Ashok Bhundia, an analyst at the Institute of International Finance,” the central bank is in a difficult position where domestic demand is slower and inflation is below goal.” However, the decision is influenced by concerns about economic balance caused by high household leverage.
Bhundia’s bottom line is that “delaying the second level reduce will allow more time for evaluating the approaching US administration’s policy agenda and its possible impact on global trade, which had affect , Korea’s growth and inflation outlook for 2025”.
As Trump 2.0 launches a 60 or more taxes on China, that plan may have a significant impact. And as Trump’s group slaps 20 % cover, across-the-board taxes on all products worldwide.
Trump’s government picks — including Robert , Lighthizer, past and possible future business king — are mulling moves to degrade the dollar. This could be accomplished unilaterally by using aggressive currency market intervention or another” Plaza Accord” maneuver.
The dollar-yen pact that was used in this case was referenced in 1985. The top industrialized nations worked together to create it at Trump’s former hotel, the Plaza Hotel. Trump also wants to reduce the Federal Reserve’s independence, giving his White House influence over interest rate decisions.  ,
Trump claimed in August that the Federal Reserve had “kind of gotten it wrong” in a number of ways. He continued,” I believe the president should have at least had a say, yeah. I feel that strongly. I think that, in my case, I made a lot of money. I was very successful. And I believe I have a better sense of instinct than those who would frequently serve as the chairman of the Federal Reserve.
More than a Group of Seven central bank, this is more typical of China.
Trump has previously mentioned avoiding paying the government’s debt. In 2016, while running for president the first time, Trump said this about US government debt:” I would borrow, knowing that if the economy crashed, you could make a deal. And if the economy was good, it was good. So therefore, you ca n’t lose”.
Remember that Trump filed for bankruptcy six times as a businessman. In light of trade tensions, the Trump 1.0 White House considered robbing Beijing of its debt. It is obvious why a financial earthquake of historical magnitude could result from the US national debt being twice the size of the Chinese GDP.
China, meantime, is juggling dueling crises in property, local government finances, high youth unemployment, rising in-person protests and weak retail sales. With all of this, Beijing now has a mix of both fiscal and monetary stimulus.
It’s a concern, though, that” China’s response to deflationary challenges remains cautious”, says Jonathan Garner, an equity strategist at Morgan Stanley. Even before Trump arrives, this will restore enormous trade conflicts.
How Rhee balances Korea’s current challenges with what’s to come in 2025 — whatever that might be — is an open question. And one that goes beyond the BOK headquarters ‘ decisions in Seoul.
Korea’s sizable, open and trade-reliant economy often serves as a weathervane for global inflection points. That’s why Korea’s” sandwiched” reality these days is raising more than a few red flags.
This predicament was arguably coined in 2007 by then-Samsung Group head Lee Kun-hee. At the time, Lee described Asia’s fourth-biggest economy as sandwiched between wealthy Japan and low-cost China.
Now, though, Korea is caught in the middle of something of a quadruple-decker sandwich. It’s squeezed between a Japan that’s raising rates, a China that’s slowing and an imminent” Trump trade” causing extreme dollar volatility.
Economists who are considering policy options concur that a case could be made for the BOK to ease next week but also that it should wait until January.
Recent Korean data, according to Capital Economics economist Shivaan Tandon, “was somewhat encouraging because it suggested that the worst is probably over for domestic demand.”
Others are less sanguine. Dave Chia, an economist at Moody’s Analytics, thinks soft third-quarter GDP results are” concerning and could lead to South Korea missing the BOK’s 2024 GDP growth target of 2.4 %”.
Seoul, though, must accelerate moves to batten down the hatches as the Trump vs Xi brawl begins. Korea Inc. will suffer significant collateral damage, despite China’s immediate immediate target.
A blanket global US tariff of 20 % would be disastrous for Korea, which generates 40 % of gross domestic product ( GDP ) via exports. Then there’s how the Trump revenge tour might imperil key Korean industries, not least autos.
Trump has threatened 100 % taxes on all Mexican-made vehicles. If Korean President Yoon Suk Yeol does n’t agree to big trade concessions, Trump might widen those levies to include Korean vehicles. Japanese autos, too.
In an effort to maintain the peace, Korea Inc. might try to placate Trump in the same way Japan did in 2017.
” If tariffs get raised, the first alternative firms can consider will be raising direct investment and on-site production”, Korean Trade Minister Cheong In-kyo tells Reuters. ” There are ongoing investments already, and there is a possibility that investment could accelerate, followed by an increase in US-bound exports by small and medium-sized parts manufacturers”.
Cheong emphasized that Seoul would increase efforts to foster trade diplomacy. ” We can only respond to the new administration’s policy”, Cheong noted. ” Nevertheless, we will make efforts for trade to remain smooth, with not only the United States but also China”.
In 2023, Korea’s trade surplus with Washington hit a record$ 44.4 billion, Seoul’s biggest imbalance anywhere. That’s unlikely to go unnoticed in Trump World.
With his approval rating , around 20 %  , at the halfway point of his five-year term, it’s not clear how much latitude Yoon has to cave in to Trump’s demands for trade concessions.
And what if, as many believe, Trump’s real goal with tariffs is to force China into a “grand bargain” trade deal? On the one hand, if Korea can avoid the financial havoc that will come with a new trade war, that could be good for the country. A US-China deal might, on the other hand, leave Korea with no one to watch out for.
Politically, being left out of a US-China deal could be just as bad for Yoon’s support rate as the economic hit from Trump’s tariffs.
Then there are the ways China might retaliate, including driving the yuan lower. Apple, Walmart, and other important US companies could always be subject to a manufacturing tax from Xi.
Beijing could also dump , large blocks  , of its$ 770 billion of US Treasury securities. Yes, China would be reborn as a result of the US debt yield surge. However, Xi might speculate that as Washington’s borrowing costs soar as the dollar falls, the US would lose more.
Korea— and the Kospi stock index — would be in the crossfire more than most export-driven economies. These dangers and other factors contribute to Rhee’s BOK staff’s potential dread of 2025. Yoon’s administration, too, as its lack of urgency in implementing vital reforms comes back to haunt it.
Unfortunately, Yoon is but the latest Korean leader to win power pledging a supply-side Big Bang only to fall short.  ,
Over the last 15-plus years, Korean government after government got sidetracked by political squabbling and short-term concerns. Leader after leader turned to the BOK to repair economic flaws rather than rebalancing growth engines to increase competition and productivity.
If only Yoon’s predecessor Moon Jae-in had put some notable wins on the scoreboard to rein in the family-owned conglomerates, or chaebols, towering over the economy. Moon talked a great game of pivoting toward” trickle-up economics”, but achieved little.
The same went for Park Geun-hye, president from 2013 to 2017. Korea’s first female leader promised to build a more” creative economy” and reduce the economic power of chaebols.
She made a promise to make room for startups to start generating their own economic energy instead of going the way of the top. Park, too, achieved little.
Before her, Lee Myung-bak, president from 2008 to 2013, had his own bold plan to generate 7 % growth and make Korea one of the , seven largest economies , via disruptive reforms. It was all talk.
Korea ca n’t bring bold policies to level playing fields, boost productivity, empower women, and inspire young entrepreneurs to take bold risks in the last 15 years.
Despite all the excitement surrounding Korea’s startup scene, the chaebol-heavy business climate provides only limited economic support for businesses to grow.
Korea is currently dealing with an issue with its economy’s speed at the same time. China, for all its troubles, has been speeding up Asia’s economic clock — and increasingly so.
China continues to invest big in dominating the future of semiconductors, electric vehicles, aerospace, renewable energy, biotechnology, artificial intelligence, robotics and green infrastructure.  ,
As China’s production capabilities increase, Korea is having a harder and harder time keeping pace with the region’s top export power and revamping its policy mix accordingly.
It’s not saying or articulating a precise plan for the moment if the Yoon administration understands this challenge.
Why Japan Inc. has such a difficult time adapting to rapidly changing global dynamics is if we overlook the fact that things are moving more quickly outside of its walls. Korea must do a better , job keeping an eye on the time.
Seoul wo n’t waste a second when Trump and China are scheduled to invade Asia in two months.
Follow William Pesek on X at @WilliamPesek
If you’re very sick and you do n’t have money, definitely you will be able to get treatment somewhere- it is illegal not to give you any treatment, right? And if you can pay for it, you can go for ( more expensive ) treatment.  ,
Steven Chia, network:  ,
But people will argue with you and say,” These are people versus animals, they are not the same” . ,
Angeline:
As a society, we have to decide, do we treat ( animals ) like family or commodity?  ,
Crispina Robert, network:  ,
Recalling the rising prices, we learned that centres were being repurchased by private equity firms. Thus, Mars, a chocolate manufacturer, owns Mount Pleasant Hospital and the Animal Incident and Specialty Hospital. If the large kids are in the photo, they are going to prioritise income, right? Would that be a concern?  ,
Steven:
But they could also reduce costs (using scale )?  ,
Diana Chee, chairman at AVS:  ,
Let me leap in these. I believe that most clinics offer a special rate to those who attend shelters or ( community ) cat feeders.  ,
So those who are rescuing wildlife would likely receive a specialized rate from unique clinics.  ,
Locad, a leading intelligent electronic logistics motor empowering consumer businesses with its Cloud Supply Chain-as-a-Service for international distribution, announced a US$ 9 million ( RM40 million ) Pre-Series B campaign co-led by Global Ventures and Reefknot Investments. Other traders include Sumitomo Equity Ventures, Antler Elevate, Febe Ventures, and JG Summit.
The funding may accelerate Locad’s global expansion, starting in the UAE and Saudi Arabia in Q4 2024 as part of its” Grow Global, Go Native” strategy for businesses, and further enhance its AI-driven shipping functions. Locad aims to build modern supply chain infrastructure, connecting manufacturers to customers in development areas through a integrated, cloud-based transportation system.
Through a seamless operating system and supply chain infrastructure as a support, Locad’s sky supply chain makes wise online shipping and empty trading possible for client companies. The company allows brands to join all sales channels in e-commerce and wholesale to a single share of stock and a bright logistics system, managed via its Control Tower orchestration platform, which provides real-time visibility, analytics, and AI-enhanced workflow automation.
Constantin Robertz, CEO and co-founder of Locad, said,” We are on a mission to enable smart digital logistics for consumer brands. In APAC, we have developed a cloud supply chain platform over the past four years that enables brands to integrate their omnichannel distribution and access localized fulfillment in growth markets in SEA and AU. We are now looking forward to expanding our business to other countries by expanding our footprint to the US and joining the GCC to facilitate brand distribution.
Noor Sweid, founder and managing partner of Global Ventures, said,” We are delighted to lead Locad’s funding round. With our goal of decentralized and resilient supply chains that are in line with our vision, Locad’s innovative engine is changing the way brands manage supply chains, enabling faster and more effective customer reach.
” Locad exemplifies this shift, offering localised, efficient solutions. We are confident it is well-positioned to capitalise on opportunities in evolving markets like MENA, embodying the future of agile, sustainable logistics”, he added.
Marc Dragon, managing director of Reefknot Investments, said,” We are excited to co-lead this oversubscribed round and deepen our commitment to Locad as they expand globally. Since our Series A investment, Locad has scaled its asset-light fulfilment model across Southeast Asia, Australia, and China while enhancing AI-driven features like demand, inventory, and carrier analytics &, optimisation”.
We are confident that Locad’s global expansion and innovation focus will add significant value to brands looking to expand internationally and improve customer experiences, he added.
Shrey Jain, co-founder and CTO of Locad, said,” By combining smart digital logistics with AI-driven insights, we empower brands to optimise supply chains by positioning inventory closer to demand, reducing delivery times, and improving customer satisfaction. In light of this fundraise, we can increase the efficiency and support brands in a dynamic business environment, further strengthening our tech-enabled logistics ecosystem.
Since its Series A round in 2023, Locad has grown significantly in size and scope, supporting over 300 consumer brands in Southeast Asia and Australia. The business improves customer experiences and operational efficiency by offering innovative digital logistics solutions. Its logistics engine seamlessly integrates with leading e-commerce platforms like Shopify, Shopee, Amazon, and TikTok, helping brands optimise inventory and delivery management across multiple sales channels.
Brands can expand their distribution through Locad’s platform as more markets are opened up by the GCC and the USA.