What’s behind China’s Nvidia monopoly investigation? – Asia Times

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The State Administration of Market Regulation in China is looking into American tech leader Nvidia for possible anti-monopoly violations and a deal Nvidia reached with Mellanox Technologies in 2020.

The initial claim only makes sense as retribution for the most recent round of US sanctions against China, but the next one may hold up. Nvidia is disputing the claims.

Nvidia has undoubtedly refuted rumors that it intends to cutback sales to China, which generated 15 % of its revenue during the three months to October ( Nvidia’s fiscal third quarter ). Nvidia is expanding its presence in China while focusing on industries like automatic driving, which are not subject to trade settings.

Because US Commerce Secretary Gina Raimondo and her department’s Bureau of Industry and Security ( BIS ) have already prohibited China from exporting its most advanced GPU processors, it seems illogical for China to accuse Nvidia of monopoly practices.

Perhaps China should congratulate the US government for granting Huawei and another Chinese Circuit design firms the chance and a strong opportunity to launch their own AI chipset business while their most formidable rival’s hands are tied.

In 2022, the BIS banned imports of Nvidia’s top-end A100 and H100 chips to China. In 2023, it banned exports of the A800, a dumbed-down variation of the A100 designed specifically to meet BIS needs.

The A800 was a best seller in China so the BIS lowered the bar, forcing Nvidia to style another device, the H20, with even lower efficiency. But Chinese AI chips, led by Huawei’s 910B, proved to be economical with the H20, which has not sold also in China. And Huawei claims that its leader, the 910C, matches the effectiveness of Nvidia’s H100.

In any case, buyers from Baidu, Tencent, and another Chinese companies started switching to Huawei and various domestic chips once it became apparent that US sanctions were not based on strict technical standards as US federal officials claimed but could be changed at any time to just condemn China.

Export of Nvidia’s fresh and considerably more powerful Blackwell B200 AI chips to China are banned under existing punishment, but a dumbed-down type that may be called B20 is apparently being prepared. But why would it succeed as much as the H20 did?

Regarding Mellanox Technologies, the Chinese state approved the purchase under the condition that Nvidia may continue to offer its wire technology to Chinese customers without discrimination, no bundle them with its own GPUs, and guarantee interoperability of its own GPUs with another wire products.

Nikkei Asia points out that” It is unclear which of these words Nvidia is alleged to have been broken.”

InfiniBand and Ethernet connection adapters, switches, and other applications are created and provided by Mellanox, an Israeli firm focused on high-performance technology, data centers, sky storage, and financial services. Nvidia made arrangements to buy the entire company in 2019

Where might China have come up with the idea of conducting an antitrust investigation? In July, France confirmed that it was looking into Nvidia for alleged anti-competitive practices, and in September, the US Department of Justice subpoenaed the company for information regarding its potentially restrictive marketing practices. Nvidia’s share of the market for AI processors is thought to be about 90 %, aside from China.

US sanctions prevent China from purchasing EUV lithography systems made by ASML of the Netherlands, which not only restrict the export of advanced AI processors from Nvidia and its smaller rival AMD to China.

Due to this, it is impossible for Chinese designers to create integrated circuits ( ICs ) with design standards less than 5 nm, and 7 nm is the closest they can go with sufficient efficiency. Blackwell processors, on the other hand, are made by TSMC using a 4nm process. In the quest to create more sophisticated AI processors, Nvidia is currently steps ahead of the Chinese.

However, chasing Nvidia is not the only way to make AI progress. In recent months, Chinese research institutions have reportedly developed AI processors based on RISC-V ( pronounced “risk-five” ) open-architecture design standards and large language models for military use based on open-source models, including Meta’s Llama.

The Chinese aren’t the only ones using RISC-V. In February, US-based up-and-coming Nvidia competitor Tenstorrent made an announcement to license its RISC-V CPU technology to Japan’s Leading-edge Semiconductor Technology Center for the development of an AI processor made up of chiplets produced and packaged in Hokkaido by Japan’s new IC foundry Rapidus. &nbsp,

China is using chiplets to circumvent its lack of access to EUV lithography equipment. According to the MIT Technology Review, as stated:

In contrast to traditional chips, which integrate all components on a single piece of silicon, chiplets take a modular approach. Each chiplet has a dedicated function, like data processing or storage, they are then connected to become one system.

Since each chiplet is smaller and more specialized, it’s cheaper to manufacture and less likely to malfunction. In order to improve performance, individual chiplets in a system can be replaced at the same time, while other functional components remain the same.

Based on Reduced Instruction Set Computer Design Principles, RISC-V is an open standard instruction set architecture. It is a free, non-proprietary platform for the development of IC processors.

RISC-V is a great option for China as well as for the EU and to smaller companies and IC designers looking to establish a low-cost independent presence in the semiconductor and computing markets. It is an alternative to Arm, Intel, AMD, and Nvidia.

China has been forced by US sanctions to accelerate the creation of a national ecosystem for advanced ICs based on RISC-V.

The RISC concept was conceived at the University of California, Berkeley, in 2010. The Institute of Computing Technologies of the Chinese Academy of Sciences was one of the founding members of the RISC-V Foundation, which was established in 2015 to support and manage the technology. Other Chinese members of the foundation include Huawei, ZTE, Tencent and Alibaba.

The foundation left the United States in 2020 to avoid potential interference from US President Donald Trump by forming the RISC-V International Association. Beyond the reach of US sanctions, China is now estimated to account for about half RISC-V core shipments worldwide.

Meanwhile, DigiTimes reports that Nvidia has hired “hundreds” of new employees in China to work on autonomous driving. For autonomous electric vehicles, BYD and about a dozen other Chinese automakers have adopted its DRIVE Orin system-on-a-chip ( SoC), which generates annual revenues of more than$ 1 billion for Nvidia.

Looking ahead to 2025, at least five Chinese EV makers – BYD, XPeng, GAC-Aion, Li Auto and Zeekr – plan to use DRIVE Thor, the successor to DRIVE Orin. But DRIVE Thor incorporates the generative AI capabilities of Nvidia’s leading-edge Blackwell architecture. Will the US government also make an effort to stop this?

The Chinese are hedging. BYD, Li Auto, ChangAn and many other Chinese automakers are also working with Horizon Robotics, China’s leading computing solutions for advanced driver assistance systems ( ADAS ) and automated driving ( AD ) for consumer vehicles. So is Volkswagen. Horizon Robotics went public in Hong Kong’s largest IPO this year in October.

Follow this writer on&nbsp, X: @ScottFo83517667

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Trump’s BRICS salvo an exercise in dollar destruction – Asia Times

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NEW DELHI – A week after US President-elect Donald Trump threatened 100 % tariffs against any backers of a” BRICS currency”, key emerging powers such as India have quickly distanced themselves from any BRICS-led de-dollarization initiative.

” Right then, there is no plan to have a BRICS money. So I’m not quite sure what is the foundation for]Trump’s note ]”, India’s External Affairs Minister S Jaishankar said during the Doha Forum held in New Delhi this year.

The top minister of India made it clear that “each state doesn’t have an identical placement on this,” despite the fact that there are ongoing discussions about streamlining and advancing “financial transactions” among Six countries.

” ]W] these India’s involved, the United States is our largest business partner and we have no interest in weakening the dollar at all”, he added, emphasizing India’s selection of relations with the West.

Days earlier, Reserve Bank of India Governor Shaktikanta Das also clarified that” ]t ] here is no step which we have taken that specifically wants to de-dollarize]which ] certainly ]is ] not our objective” despite ongoing attempts to diversify the country’s pool of foreign currency reserves.

India’s northern banker even questioned the validity of a BRICS money given the “geographical spread of the countries…unlike]common money devices like ] the eu which has geographical contiguity”.

In his sly attempt to reestablish National supremacy, the second Trump administration may end up boosting the chances of a BRICS currency.

A ham-fisted approach to diplomatic relations with key rising powers, however, will likely just strengthen their resolve to group together and&nbsp, cooperatively undermine any US-led international order.

Not only India but another non-Western forces for Indonesia, Turkey, Malaysia and Saudi Arabia will also likely not simply join the BRICS but also more positively lead to new “de-dollarization” initiatives.

In recent years, America has attempted to win foreign support and has been slowly forming a new alliance to “de-risk” China, mainly in high-tech goods like expensive electronics and the tools used to create them.

But Trump’s good unilateralist policies, including higher blanket tariffs, could inspire rising powers, particularly those in BRICS, to double down on efforts to “de-risk” from the US, paving the way for a new world order immediately.

To be sure, de-dollarization is complicated and mostly also aspirational. For example, India has struggled to enact its more narrow, diplomatic non-dollar-denominated deal with important lovers such as Russia.

Moscow is accumulating US$ 1 billion every month that it struggles to use because of both American sanctions and India’s funds control measures, in the midst of a historically increase in India’s trade of greatly discounted Russian oil.

” This is a problem”, Russia’s Foreign Minister Sergei Lavrov told reporters during last year’s Shanghai Cooperation Organization (SCO ) meeting. ” We need to use this money. However, these rupees must be transferred to a different currency for this, and this is being discussed right now,” he continued.

Leading Russian experts, like Alexander Knobel, have warned that India’s mass of “frozen funds” will likely “reach tens of billions of dollars,” and that the” situation is aggravated by India’s historically high aggregate trade deficit, which reduces the chances of clearing settlements with third countries.”

Similar issues have previously developed as a result of a boom in non-dollar-denominated trade between major oil customers like India and China, one of the BRICS members, and Iran, another country that is also heavily sanctioned by the West.

Nevertheless, the world’s most populous nation continues to maintain robust ties with Russia, a major source of armaments and hydrocarbon goods throughout the past decades.

This week, Indian private refiner Reliance&nbsp, ( RELI. NS ) &nbsp, secured a massive deal with Russia’s state oil firm Rosneft&nbsp, ( ROSN. MM). The 10-year agreement, amounting to a whopping 0.5 % of the entire global supply, is worth roughly$ 13 billion &nbsp, a year.

The new deal notably accounts for roughly half of Rosneft’s seaborne oil exports, making Indian markets a leading customer.

As the two BRICS countries strengthen trade and energy ties, Russian President Vladimir Putin is likely to travel to New Delhi soon. India imports a third of its energy from the Eurasian nation, but the South Asian nation has replaced the European Union as Russia’s top energy client.

Trump, who is determined to keep American dominance, warned on his social media platform ( Truth Social ) that partner countries could” face 100 per cent tariffs, and should expect to say goodbye to selling into the wonderful US economy” unless they agree to “neither create a new BRICS currency, nor back any other currency to replace the mighty US Dollar.”

Harkening back to his” Make America Great Again” foreign policy mantra, the incoming US president warned any backers of a BRICS currency:” They can go find another’ sucker.’ There is no chance that the BRICS will take the place of the US dollar in global trade, and any nation trying should wave goodbye to the United States.

Some in India hope for lessening the criticism of its long-standing relations with Russia in light of Trump’s support for a peace agreement in Ukraine. Nevertheless, the South Asian powerhouse has remained staunchly non-aligned in its foreign policy, eager to exploit great power rivalries for its own national interest.

A knowledgeable New Delhi resident said,” Whenever the West bashes us, we gain credibility in Moscow,” underscoring India’s preference to play the superpowers off one another while maintaining strong ties with both Washington and Moscow.

If anything, India’s Narendra Modi-led administration is relatively bullish on relations with a second Trump administration.

” We had a strong and solid relationship with the first Trump administration…Yes, there were some issues mostly trade-related, but there were a whole lot of issues on which President Trump was actually forward-leaning”, Jaishankar said during the Doha Forum this week. &nbsp,

According to our analysis, Prime Minister Modi and President Trump have a close relationship, “in my opinion.” In terms of politics, we really don’t have divisive issues”, he added, underscoring New Delhi hopes to leverage personal diplomacy with the incoming US leader.

Given India’s economic momentum and its emerging centrality in global growth, any global de-dollarization push will benefit from its foreign policy leanings.

Currently, the US dollar accounts for more than half of the world’s trade invoices and more than 80 % of all international currency transactions. Trump’s policies, however, could unintentionally affect how much the US dollar is used in the upcoming years.

On the one hand, it is still to be seen how the upcoming US administration will deal with pending bilateral disputes with benevolent BRICS members like India.

” A major source of concern is the fate of large number of Indians illegally residing in America”, a source in India with deep ties to Washington, DC, told this writer. If Trump implements the draconian immigration policies he vowed on the campaign trail, up to 18, 000 Indians could face deportation in the coming months.

Moreover, Trump’s fiscal policies, including massive tax cuts, could add as much as$ 15 trillion to America’s already sky-high$ 36 trillion national debt. Trump’s plan to impose unprecedented tariffs across the board may, in addition, totter global trade and lower the value of foreign currency reserves held by its major trading partners.

Malaysian Prime Minister Anwar Ibrahim has &nbsp, welcomed&nbsp, the end&nbsp, of an American-led unipolar world and, accordingly, has pivoted to the BRICS and China, which he has described as a springboard for the creation of a more multipolar order.

For his part, Indonesia’s new president, Prabowo Subianto, has reversed his predecessor Joko Widodo’s policy by actively seeking membership in the BRICS. These new rising powers join the bloc to strengthen ties with Beijing, a major investor and trade partner, as well as express some unease with the US-led order.

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Trump heralds the end of dollar dominance – Asia Times

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Donald Trump’s win in November’s US presidential poll saw the US dollars improve. In less than two weeks, it reached a one-year large and has since maintained its power in comparison to its main competitors. His vote has also raised the possibility of US tariffs on goods, and notice has also been drawn to the potential disruption to international trade.

As part of this, Trump made a not-so-veiled threat of rough taxes on the&nbsp, BRICS&nbsp, team of leading emerging industry really they&nbsp, create a rival&nbsp, to the US dollar, which has been the country’s “dominant money” since the Second World War.

Dollarization refers to the use and positioning of the US dollar by different nations. It has various degrees of meaning, from places like Panama using the US dollar as their reserve and as their car money. This latter position enhances international trade.

Get Chile and Malaysia as an example. There will be a big and active marketplace for the exchange of Chilean pesos for the Indonesian rupiah, for which any industry between these two nations will be required. Pesos are rather exchanged for US money and US dollars for dinars, making business easier and less expensive.

However, the US dollar is used in more than 50 % of international business invoices, and over 80 % of all international trade deals worldwide. But, it is possible that Trump’s” America First” foreign policy may provide to hasten the end of the US currency’s dominance.

Pros and cons

Dollarization is advantageous for international business. However, it has distinct advantages for the US, as other nations require US currency to help trade and pay for a lot of commodities. This implies that the US dollar’s demand is still high, and that it does not experience depreciation force.

Perhaps the most crucial aspect is that nations don’t hang US dollars in cash when they do so. Instead, they buy US Treasury bills and thus, in effect, lend money to the US authorities. Due to the US government’s great need for US Treasury, borrowing at a lower interest rate than would otherwise be feasible.

But, there are also disadvantages. A robust US buck increases the price of dollar-denominated goods and, therefore, the cost of international trade. And for the US itself, a robust US dollars may damage its local trade organization.

These shortcomings have frequently prompted the idea of a multi-currency worldwide program, but this has never gained any traction or been a significant factor. But that could change with a following Trump administration.

When Trump takes office in January, he has threatened to impose large trade sanctions. Photo: Phil Mistry / Shutterstock via The Talk

During his first name, for enquiries grew louder. Additionally, there have been some changes to US dollars holdings since that point, causing a decline in global US dollars reserves.

Therefore, which Trump plans may hasten the end of US dollars dominance? The incoming president is viewed as pro-business, which will likely translate into laws designed to lower taxes and regulations. At a time when worldwide productivity is less than respectable, engaging private growth will result in an even stronger US dollar.

A stronger US dollars, as mentioned above, even increases the price of petrol and related supplies. Countries will certainly be asking themselves why, as crude from Saudi Arabia, for instance, may be purchased in US bucks as those dollars increase in value.

Trump’s financial plans are likely to raise US bill, which could lower the value of the significant US dollar deposits held around the world. According to one research, Trump’s plans may include as much as US$ 15 trillion to the world’s loan over a decade. Some nations may be less willing to hold US bill as a result of a decline in the value of US dollars resources.

The result of these policies may be considered unexpected. But other procedures, like as Trump’s program for higher taxes, are more consciously designed.

A robust US dollar hurts US exports because they become more expensive locally and import prices are less expensive. Taxes are a way to shield domestic producers from this global rivals.

However, raising tariffs will only serve to strengthen the US dollars if no other nation reacts, as fewer exports will result in fewer US dollars being sold on the global trade market. This does, at least in part, erase the impact of the price policy while imposing trade costs worldwide.

Countries may agree to use choices as a reserve money and a payment method for global commodities in order to prevent this. A distinct money, such as the Euro or Yuan, has been suggested by the Brics countries. Trump’s challenges may merely speed up this hunt for an option.

What would this imply for the United States?

Countries would then need to carry less US money, but may sell off their US Treasuries. The outcome will be a surge in the US’s loan and a decline in the value of the US dollar. Unfortunately, this would increase the price of goods ( the goal of Trump’s tax policy ), but it could also lead to inflation.

A work on the US dollar did have significant effects on the US and the world in the worst-case situation, if nations coordinated their offering of US dollars and Bonds. This may require the US to reduce its trade deficit and raise its loan costs.

Globally, it may disrupt industry, increase purchase costs and there would be a loss of benefit for any dollar-denominated property and resources. A major world recession would probably follow from this.

For the immediate future, the US dollar will be a world money. But Trump’s” America First” plan, as well as the greater weaponisation of the US dollars, could lead to its fall from being the only world currency.

David McMillan is doctor in finance, University of Stirling

This content was republished from The Conversation under a Creative Commons license. Read the original content.

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Trump’s BRICS threat adds fuel to de-dollarization drive – Asia Times

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Donald Trump’s resumption of electricity is regaining his trademark bluntness to the international stage of economic activity. &nbsp,

The BRICS, an economic alliance led by Brazil, Russia, India, China, and South Africa, which has information members like Saudi Arabia and the UAE, is one of his earliest targets. They are considering the development of a coin to challenge the US currency’s status as the dominant dollar. &nbsp,

Trump’s threats of 200 % taxes and a complete ban from US areas for any Multilateral member state attempting to de-dollarize have rekindled debates about the economy’s supremacy’s future.

Trump’s conservative money protection appears to strengthen its status as the world supply money, a position it has held since World War II. &nbsp,

However, a closer examination suggests that these strategies may have a negative impact, leading to efforts by nations like China to lower their emphasis on and holdings of the dollar.

China has spent the past century laying the groundwork for an alternative economic future, now wary of Washington’s commitment to use the money as a political tool. &nbsp,

Through bilateral trade treaties and expanded collaborations under its Belt and Road Initiative, it has aggressively promoted the use of its yuan abroad. &nbsp,

Also, China’s central banks has been diversifying its international resources, shifting away from dollar-denominated resources to gold and other assets. &nbsp,

For Beijing, Trump’s language is hardly a deterrent—it’s a call to action. Unexpected effects have already been a result of Trump’s preference for taxes and sanctions as financial diplomacy tools.

The extreme application of these steps has grown in distrust between the United States ‘ trade partners and enemies. &nbsp, By turning the money into a crossbow, the US mistakenly pushes regions to seek alternatives. &nbsp,

China and Russia, often targets of American sanctions, have been at the frontline of this change. They have signed deals to exchange regional economies and increased participation within organizations like the BRICS. These moves does not depose the dollar immediately, but they’re chipping away at its supremacy.

While still a distant and economically difficult proposition, the development of a BRICS currency is a sign of a general desire to create economic systems that are less vulnerable to American influence.

Trump’s risks does stifle or impede these efforts in the near future, but they also confirm the fears that the US uses its economic power without considering the security of the global financial system for the long run.

For China, this isn’t just about dollars and cents, it’s about securing its status as a worldwide power. A unipolar monetary system would lessen Beijing’s risk to the US economy, giving Beijing more freedom to pursue its strategic goals. &nbsp,

China’s digital yuan experiment—the world’s most advanced central bank digital money project—is portion of this broader motivation. If successful, it may offer an alternative to dollar-dominated cross-border pay systems, particularly in emerging markets.

Trump’s method, ironically, accelerates the styles he claims to be trying to combat. By doubling down on taxes and punishment, he amplifies the belief that the US is a liar and untrustworthy manager of the global financial system.

This view has implications for allies in Europe and Asia, many of whom have expressed concerns about over-reliance on the dollar. It also has an impact on adversaries like China and Russia. &nbsp,

This growing uneasiness is reflected in work like the European Union’s press for greater use of the euro in power industry.

In the end, the supremacy of the dollar depends on faith: confidence in the US’s ability to lead the world economy responsibly and confidence in the stability and accessibility of dollar-denominated assets. &nbsp,

By weaponizing the money, Trump risks eroding that faith, not just among America’s enemies but also its allies. And as that faith diminishes, so too will the dollar’s carry on its prized supply currency status.

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Global economy bracing for Trumpworld – Asia Times

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The world market was already under pressure as a result of Donald Trump’s victory in the November election, which also included a sluggish Europe, an ugly conflict in Ukraine, and a sluggish Chinese market. However, there was a chance that lower interest rates may encourage economic activity and the global economy in 2025 as central banks began to control higher inflation.

Trump’s triumph, however, has a number of reasons to doubt those expectations. The world’s largest economy’s economic policies are under a lot of new confusion, as is how Trump’s extreme rhetoric toward China will actually work. &nbsp,

Trump emphasized three monetary steps on the plan trail that appear more certain than others to be put into practice.

The first is density deportations of illegal immigrants, a round-up that will dent the US’s labour supply with negative consequences for progress and prices. The second is a business income reduction, which will increase the already large US fiscal deficit and national debt but will also encourage more capital to be raised.

Trump plans to increase trade taxes across the board, but to the evident greatest extent against China, in a second and more significant way for the global economy. Given all of these actions’ inflationary effects, it seems obvious that the US Federal Reserve will need to be watchful for any potential spikes or overly sticky prices.

Due to Europe’s surprisingly depressed economic situation, this risk is rarely present in that country. That in turn indicates a weaker euros in the upcoming year as the European Central Bank will be more willing to cut interest rates. &nbsp,

In other words, it seems exceedingly improbable that the fantastic dream of a quick standardization of US monetary policy and, with it, a weaker US dollar, would lead to better global financial conditions. Many developing and emerging markets with access to additional funding are particularly concerned about this Trump-driven transition in world economy expectations.

Given the unhappy financial climate in France and Germany and the good effects it would have on the eurozone’s profitability abroad, a weaker euros may be good news for Europe. That’s especially true as Trump’s taxes will also probably pin the European Union, though to what level is very questionable.

Trump’s primary tariff statements since winning the election, which targeted the US and Mexico ( to be hit with 25 % of US tariffs despite having a trade agreement with the US), may serve as a consolation for the EU that allies and friends won’t become immune to Trump’s tax assault.

Another important issue is whether Trump may impose more severe sanctions on nations that import Chinese goods for US distribution as made in their own countries, including but not limited to Vietnam, Malaysia, and Thailand.

This, among other factors, will decide whether the rest of Asia will be a relative “decoupling” success from Trump’s taxes, as has been the case with the Biden administration’s limits on China trade.

Trump’s plan to reduce US business income and the effects that will have on the relocation of US multinational profits are another important factor. More money will likely flow to the US from Asia as a result of this resettlement.

The Inflation Reduction Act, which granted grants to a limited US-based companies, has already done so. In other words, Trump’s tax plan could leave the US as the most appealing location for squandering international funds, with adverse effects for Asia and Europe. &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp,

Beyond ramped-up US protectionism and business tax cuts, both gross negative for the rest of the world, Trump had accidentally make another major problem for the world economy, especially the dollar’s collapse as the globe’s reserve currency.

Trump has repeatedly stated he craves a weak money to reduce the enormous US trade deficit, despite the fact that these three hooks of his monetary policy mentioned above may eventually enjoy the money, which is how the market responded following his victory. &nbsp,

Within Trump’s world of financial experts, there are voices proposing capital controls, which would be unthinkable of for the world’s supply money. Trump has simply added more complexity by making it seem as though Trump has just threatened BRICS people with 200 % taxes if they decide to de-dollarize their business and finances.

But the rhinoceros in the room is Trump’s program for China. On one hand, Trump has been fiercely aggressive toward Beijing, threatening 60 % tariffs on all Chinese-made products.

In a December 2019 alliance that gave China the right to purchase$ 600 billion worth of US goods and grant them preferential access to US buyers in some highly desired areas of its economy, Trump showed a commitment to strike a deal with China.

The EU may care a lot about how Trump handles China. For Western companies looking to do business with China, a new US-China trade agreement that is comparable to the one from 2019 is likely to be a net negative. Importantly, the 2019 offer saw Western businesses lose market share to American types in China.

All in all, Trump’s 2025 appearance does bring with it a quantum jump in worldwide economic uncertainty.

Trump’s guaranteed taxes and tax breaks could lead to a new rise in global inflation, worsening economic conditions for developing and emerging markets, and more inflows of cash from Asia and Europe into the US, but the effects of these measures on the money and US-China relations may be felt everywhere.

Alicia Garcia Herrero is an adjunct professor at Hong Kong University of Science and Technology and a senior researcher at the Bruegel think tank.

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China’s monetary easing shows how much it fears Trump – Asia Times

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President Xi Jinping claims to have “full trust in meeting this week’s economic growth target” and that China is continuing to play its part as the world’s largest financial growth engine.

International markets seem less certain, nevertheless. International investors were hardly interested in China’s Politburo’s striking new stimulus measures this week.

On Monday, Beijing surprised businesses with the biggest change in&nbsp, its economic position in 14 years. Xi’s coverage team is even pivoting to a “moderately free” squat from “prudent”, the first use of the terminology since the conflict of the 2008 global financial crisis.

The Politburo, the 24-member governing system led by Xi, has given the most explicit indication yet that it comprehends the enormity of the challenges affecting China.

With China’s home problems festering and private demand sweet, Beijing is bracing for Donald Trump’s inevitable trade war– and taking steps to getting ahead of the US president-elect’s affected tariffs.

According to economist Larry Hu at Macquarie Bank, Team Xi is “paving the means for a new financial easing period.” Given the slow private demand and the possibility of a new trade war, he adds,” suggests that policymakers are greatly concerned about the financial view.”

The shift to a “moderately free” fiscal policy, according to Bob Elliott, co-founder and CEO of Unlimited Funds, is “interessant to me– actually confirming the intensity and duration of the real estate economic crisis.”

It suggests, also, that more price breaks are coming. ” We do hope the People’s Bank of China to move up the pace of rate cuts following time”, says Julian Evans-Pritchard, head of China economy at Capital Economics.

Though “it’s improbable that they will cut costs anywhere near as violently” as politicians did during the Lehman Brothers problems 16 decades ago, he says, the need for more cash is clear.

More work must be done to have negative pressures, according to inflation information released on Tuesday. In November, consumer prices rose just 0.2 % year on year while dropping 0.6 % month on month, the biggest decline since March. Producer prices, meanwhile, fell for the 26th quarter in November, sliding 2.5 % year on year.

Exports fell, too, indicating that trigger efforts to date aren’t gaining the grip politicians hoped. In November, goods fell 3.9 % year-on-year.

According to economist Zhiwei Zhang of Pinpoint Asset Management,” the downturn of exports is consistent with the fragile consumer price data.” The Politburo conference provided a boost to domestic demand for the upcoming season. The market is eagerly awaiting information on what precisely the state will do.

More price reductions are both beneficial and likely. ” The People’s Bank of China has significant area to reduce the supply need ratio by at least 100 base positions in 2025″, says Carlos&nbsp, Casanova, scholar at Union Bancaire Privée.

Also, Casanova says, the PBOC may lessen the seven-day reverse mortgage rate by another 25 to 50 basis points.

He adds that “measures to increase interbank liquidity are likely to take precedence over outright rate cuts,” though. Given that M2 and credit growth are currently significantly below 2024 goals, coordinated efforts will be required to accelerate these metrics in 2025.

According to Becky Liu, a Standard Chartered Bank senior policy advisor for China, “delation pressures will continue in China,” especially as trade wars rekindle.

Brian Coulton, chief economist at Fitch Ratings, says that” for 2025 and 2026, we assume that US trade policy towards China&nbsp, will take a sharp protectionist turn”. Though there are “tentative signs of stabilization” in China’s real estate sector, it remains a clear and present danger to Asia’s biggest economy.

Wei He, economist at Gavekal Research, says that China’s growth momentum is therefore likely to remain relatively solid for the remainder&nbsp, of&nbsp, 2024 and into the new year. ” Still, the growth outlook for 2025 as a whole remains highly uncertain”, He notes. ” Some&nbsp, of&nbsp, the current supports for growth may not last”.

The front-loading&nbsp, of&nbsp, exports in anticipation&nbsp, of Trump’s tariffs will likely pull forward future demand.

” If and when higher US tariffs do arrive, exports will weaken and drag on overall economic growth”, He says. The property market’s nascent stability is still fragile and could deteriorate if government policies don’t make their mark. And since November’s stock market trading volumes have slowed, there may be a cooling in retail investor interest.

Yet for long-term government bond yields to fall much further, He adds, the PBOC would need to slash borrowing costs. ” The probability of large rate cuts is low, as lower rates would put more downward pressure on the currency even as the central&nbsp, bank&nbsp, appears likely to mount a defense&nbsp, of&nbsp, it”, He says. ” For the time being, the divergence between the bond market signals and actual economic conditions appears to be growing.”

This presents PBOC Governor Pan&nbsp, Gongsheng&nbsp, with quite a balancing act. So far, Pan has been reluctant to deploy the massive stimulus “bazooka” the PBOC did amid the 2008 global crisis.

Because Beijing is hesitant to reinflate bubbles or reward bad behavior in ways that reverse years of economic deleveraging. Additionally, it worries that property developers could default on offshore debt if the yuan falls.

China is loath, too, to provoke the Trump 2.0 White House with a weaker exchange rate. Trump might go even higher than 60 % in terms of tariffs on domestic goods, which would lessen the chances of a “grand bargain” trade agreement between Beijing and Washington.

The positive news is that China isn’t using the infrastructure apparatus it used to combat previous crises. Rather, Xi’s team and the PBOC are prioritizing increased consumer demand more directly than previously.

Xinhua news service quoted top officials as saying:” We must vigorously boost consumption, improve investment efficiency, and comprehensively expand domestic demand. We should pursue a more active fiscal and monetary policy in the coming year.

Trump’s upcoming trade war is also being aided by Xi’s Communist Party, which already has an arsenal of weapons to retaliate against the world’s largest economy.

Xi’s party launched a monopolistic behavior investigation into American Nvidia Corp. and prohibited the export of rare materials used for drones and other military applications in response to US President Joe Biden’s decision to restrict Chinese access to components for artificial intelligence chips.

Beijing’s plan to limit sales of key ingredients used to manufacture drones apply to Europe, too. China also announced this week that it is enforcing visa restrictions on some American officials who it believes are in charge of the affairs of Hong Kong.

China’s deflation dynamics aren’t all bad. Arguably, China is experiencing disinflation, not outright Japan-like deflation, and there are positives along with negatives to the phenomenon.

Chen Fengying, an ex-director of the China Institutes of Contemporary International Relations ‘ Institute of World Economic Studies, claims that this indicates that China’s economic transformation is progressing more quickly and that it is undergoing a digital economy and high-tech transformation.

Despite this, Team Xi seems determined to keep the average 5 % economic growth rate at the same level as it has been for the previous 16 years. According to Xi and Premier Li Qiang, any effort to create a more productive growth model must encourage dozens of local governments all over the country to abandon the debt-fueled infrastructure projects that are the product of previous boom-bust cycles.

The means by which local government politicians gained national respect over the past ten and a half years were generating above-trend gross domestic product ( GDP ) rates. This explains why China has too many low-vacancy skyscrapers, six-lane highways, international airports and hotels, white-elephant stadiums and ginormous apartment complexes that developers can’t complete.

This motivation partially accounts for why municipalities struggle with the burden of LGFV-related debt. Much of this borrowing is of the off-balance-sheet variety. At the start of 2024, the International Monetary Fund estimated that LGFV debt had risen to roughly&nbsp, 47.9 % of China’s GDP, or&nbsp, 60.2 trillion yuan ( US$ 8.3 trillion ).

If 2024 taught Beijing anything, it’s that certain laws of economic gravity still apply to nations transitioning from state-driven and export-led growth to services, innovation and domestic consumption.

According to one of those laws, developing economies must establish credible and reliable markets before influxes of billions of dollars from outside. Regulators also need to methodically improve transparency, encourage companies to play better governance, develop trustworthy surveillance systems like credit rating players, and strengthen the financial architecture before&nbsp, the&nbsp, world shows up.

On&nbsp, Xi’s watch, China has become less transparent and&nbsp, the&nbsp, media less free. And this is&nbsp, the&nbsp, problem facing Xiconomics: Too often China has believed it can build a world-class financial system&nbsp, after&nbsp, waves of foreign capital arrive.

Xi’s team is stepping up efforts to reverse this approach. However, the recent events in&nbsp mean Xi’s reform team is being watched as rarely as possible. With China’s$ 18 trillion economy facing turmoil in a variety of sectors, it’s vital for Xi’s technocrats to accelerate the work of building a stabler, more resilient financial system.

And for Beijing to lessen recent years ‘ erratic regulatory environment. Jack Ma, the founder of Alibaba Group, made a public appearance at an Ant Group event earlier this week.

It was his first since the company’s mammoth$ 37 billion initial public offering ( IPO ) got pulled in late 2020 amid Beijing’s crackdown on internet platforms. There, Ma said he expects “more miracles” from Chinese fintech companies and opportunities brought on by artificial intelligence.

The underlying economy matters, too. Global investors are paying close attention to whether the grand rhetoric from Xi and Li is translated into practical action. That’s particularly so for pledges to accelerate efforts to end&nbsp, the&nbsp, property crisis, stabilize local government finances and strengthen China’s capital markets.

Earlier this year, Xi’s team took a big swing for&nbsp, the&nbsp, future with plans to unleash “new productive forces” to create a more stable and productive economy. By providing targeted liquidity to troubled sectors, The PBOC has bolstered things.

Stock buying by&nbsp, the&nbsp, “national team” of state-run funds also helped stabilize things. For all China’s challenges, the CSI 300 Index is up nearly 20 % over the last 12 months.

But as Trump 2.0 arrives on January 20, 2025, Xi and Li have their work cut out to recalibrate growth engines and deleverage&nbsp, the&nbsp, economy while also ensuring Trump’s tariffs don’t slam top-line GDP rates. As global headwinds intensify, Beijing is under internal pressure to hit&nbsp, the&nbsp, gas anew&nbsp, on&nbsp, fiscal and monetary stimulus.

Recent data “are a clear sign of the fact that corporate willingness to invest has yet to be restored,” says former PBOC economist Sheng Songcheng, a professor at China Europe International Business School. We think there is still room for further RRR, or reserve requirement ratio, and interest rate cuts, given that the central bank continues to support a supportive monetary policy.

The biggest interest rate surprises may result from Beijing in the year to come in spite of the focus on the Federal Reserve in Washington and the Bank of Japan in Tokyo.

Follow William Pesek on X at @WilliamPesek

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Pakistan rolling out a green carpet for global EV makers – Asia Times

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By the end of 2030, Pakistan’s New Energy Vehicle ( NEV ) policy aims to have 30 % of new vehicles ( EV ) and envisages a gradual transition to a zero-emission road fleet by 2060, establishing itself as a new player in the global EV market. &nbsp,

In January, China’s BYD partnered with Habibullah Khan to provide Pakistan’s business. Khan’s holding company, Mega Conglomerate, owns Hub Power Company, one of the largest independent power producers ( IPPs ) in the country. The BYD cars may be imported, not produced domestically, according to the news.

An EV boomlet has followed. Pakistan’s Nishat Group announced its car division had debut an Volt with South Korea’s Hyundai, while another secret enterprise issued a statement committing a US$ 250 million investment in Pakistan’s EV market. &nbsp,

Foreign state-owned car makers Changan and MG announced plans to introduce their electric vehicles in Pakistan, while Aima, a brand of Chinese energy two-wheelers, opened an outlet in October.

Awais Leghari, Pakistan’s national energy minister, reported to Asia Times that his team was working on a draft for establishing charging points throughout the nation as part of a campaign to promote electronic cars, motorcycles, and also electrical rickshaws.

Show Dewan Companies, significant for representing BMW in Pakistan, just partnered with Taiwanese EV charger maker Donar. The joint walk aims to provide the necessary equipment for EV charging.

Other Chinese firms such as Great Wall Motors, BAIC, Changan, JAC Motors, FAW, and Chery Automobiles are likewise quickly expanding their footsteps in the country.

Pakistan has the option of reducing its reliance on imported fossil fuels, which drains foreign trade and exposes the country to the uncertainty of the world’s oil prices. By adopting Tesla, Pakistan has the opportunity to reduce its dependence on imported fossil fuels.

However, Pakistan’s success will depend on how well-known electric car manufacturers around the world answer. Despite China’s first supremacy, Pakistan’s EV industry is still largely undiscovered by Western manufacturers, including those from the US and UK. &nbsp,

In the US, the Biden administration’s Inflation Reduction Act ( IRA ) has aimed to spur green energy investments, including in EVs, through tax incentives and other measures. It’s not apparent, but, the IRA‘s EV generate will thrive under Trump 2.0.

” To further defeat inflation, my plan will terminate the Green New Deal, which I call the’ Green New Scam ‘”, Trump said in a speech to the Economic Club of New York in September. ” ]We will ] rescind all unspent funds under the misnamed IRA”, he added.

In his speech at the Republican National Convention in Milwaukee in August, Trump declared,” I will stop the electric car mandate on day one.

The Zero Emission Mandate ( ZEM) was passed into law in the UK in January, making it mandatory to go completely electric vehicles by 2035.

This time, labor leaders said it would restore the ZEV mandate’s unique purpose: 100 % zero-emission cars by 2030. The Daily Mail reported that the government’s federal set its initial mission goal of five years earlier, and that there is a demand that automakers are unable to meet.

This strategy has caused a number of automakers in the UK to be in despair setting. These businesses frequently offer discounts and promotions in exchange for meeting EV sales goals, but maintaining demand has put pressure on even the most well-established businesses.

In response, Vauxhall has announced plans to shut down its Luton mill, and Ford has announced it may reduce 800 jobs in the UK over the next three years due to tense market conditions.

Local collaborations with Pakistan-based businesses may make sense, even though US and UK EV manufacturers are increasingly faced with challenging domestic circumstances.

” We’re offering a range of bonuses, including tax cuts, subsidies, and investment in infrastructure growth”, said Minister Leghari.

Additionally, we’re establishing a one-stop factory for investors, giving them the needed guidance and support to launch their companies in Pakistan. Our goal is to create a level playing field for all owners, regardless of their country of origin”, he said.

While EV desire is stalling in some European countries, it’s growing closely in Pakistan. Additionally, Pakistan’s geographical proximity provides a gate not just to Pakistan but to many other nations just starting to adopt Batteries. It also provides a gateway to South Asia, Central Asia, and the Middle East.

” Our goal is to create a dynamic and business-friendly environment that encourages international manufacturers to establish factories in Pakistan and trade to local industry,” Leghari said. &nbsp,

The state is providing NEV-specific technologies zones at lower price space, leasing options, and natural loans to promote EV manufacturing investment. There will also be sales tax exemptions for locally produced parts, as well as a 1 % customs duty on NEV pieces and 10 % on total NEV imports until 2027, among other financial opportunities.

Other incentives include a lower electricity tariff, a lower goods and services tax rate of 1 % for EVs, and a lower import duty of only 1 % for charging equipment.

Leghari claims that his government is looking into introducing more incentives, such as lowering the express bank’s financing rates, to draw in foreign automakers with domestic market challenges.

While the hopes for Pakistan’s EV industry are promising, there are still several challenges and risks. Like elsewhere, one major obstacle is the lack of charging channels, which certainly is essential for the common EV adoption. &nbsp,

Leghari claimed that the government supports public-private alliances to support the creation of charging system. The government is also working on setting standards for EV charging stations and offering incentives for their setup.

The government and private organizations are installing more charging stations, but the rate is still delayed. Despite the various cost-savings measures, the higher upfront costs of Vehicle automobiles can also be a significant challenge for many consumers.

Pakistan has the ability to become a hotspot for South Asia, Central Asia, and the Middle East’s EV production and trade industry. And not just for Taiwanese EV makers, but also for Western and other Eastern car makers as well. &nbsp, &nbsp,

Owais Rawda is a scientist on power and technology who writes about governmental policy. He can be reached on [email protected]

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India: Is the world’s fastest-growing big economy losing steam?

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Getty Images India factory workerGetty Images

Is the country’s fastest-growing large business losing heat?

The most recent GDP figures paint a depressing image. Between July and September, India’s economy slumped to a seven-quarter low of 5.4 %, well below the Reserve Bank of India ( RBI ) forecast of 7 %.

While it is still strong compared with designed nations, the determine signals a slowdown.

Economics attribute this to a number of elements. Government spending has decreased, private investment has been slow for centuries, and consumer demand has decreased. India’s goods exports have long struggled, with their share sitting at a mere 2 % in 2023.

Fast-moving consumer goods (FMCG) companies report tepid sales, while salary bills at publicly traded firms, a proxy for urban wages, shrank last quarter. Even the previously bullish RBI has revised its growth forecast to 6.6% for the financial year 2024-2025.

” All heaven seems to have broken free after the latest GDP quantities”, says analyst Rajeshwari Sengupta. However, this has been growing steadily for some time. There’s a distinct downturn and a major demand problem”.

Finance Minister Nirmala Sitharaman paints a brighter picture. She said last week that the decline was “not systemic” but a result of reducing government spending during an election-focused quarter. She expected third-quarter growth to offset the recent decline. India will probably remain the fastest-growing major economy despite challenges like stagnant wages affecting domestic consumption, slowing global demand and climate disruptions in agriculture, Sitharaman said.

Getty Images A shop is selling vegetables at a marketplace in Kolkata, India, on July 10, 2024. Prices of tomatoes, onions, and potatoes - staples in every Indian kitchen - are surging by double digits as extreme heat and heavy floods in northern states are disrupting agricultural production, according to reportsGetty Images

Some – including a senior minister in the federal government, economists and a former member of RBI’s monetary policy group – argue that the central bank’s focus on curbing inflation has led to excessively restrictive interest rates, potentially stifling growth.

Higher prices could reduce purchases and lessen consumption, both important factors in the growth of the economy, and create borrowing more expensive for businesses and consumers. Interest rates have remained constant for almost two years thanks largely to rising prices.

India’s inflation surged to 6.2% in October, breaching the central bank’s target ceiling (4%) and reaching a 14-month high, according to official data. It was mainly driven by food prices, comprising half of the consumer price basket – vegetable prices, for example, rose to more than 40% in October. There are also growing signs that food price hikes are now influencing other everyday costs, or core inflation.

However, high interest rates by themselves may never fully account for the sluggish growth. ” Lowering costs won’t stimulate growth unless use demand is strong. Investors use and spend only when demand exists, and that’s not the case today”, says Himanshu ( he uses just one name ), a development analyst at Delhi’s Jawaharlal Nehru University.

But, RBI’s outgoing government, Shaktikanta Das, believes India’s “growth history remains intact”, adding the “balance between inflation and growth is also poised”.

Economists point out that despite record-high retail credit and rising unsecured loans – indicating people borrowing to finance consumption even amidst high rates – urban demand is weakening. Rural demand is a brighter spot, benefiting from a good monsoon and higher food prices.

AFP Pedestrians walk past the Reserve Bank of India (RBI) signage outside its headquarters ahead of the monetary policy press conference in Mumbai on December 6, 2024AFP

Ms Sengupta, an associate professor at Mumbai-based Indira Gandhi Institute of Development Research, told the BBC that the ongoing problems was borne out by the notion that India’s business was operating on a” two-speed trajectory”, driven by diverging appearances in its “old market and new business”.

The old business comprising the huge informal industry, including medium and smaller scale industries, agriculture and traditional business sector, are still waiting for long-pending reforms.

In contrast, the new economy, defined by the boom in services exports post-Covid, experienced robust growth in 2022-23. Outsourcing 2.0 has been a key driver, with India emerging as the world’s largest hub for global capability centres ( GCCs ), which do high-end offshore services work.

According to Deloitte, a consulting firm, over 50% of the world’s GCCs are now based in India. These centres focus on R&D, engineering design and consulting services, generating $46bn (£36bn) in revenue and employing up to 2 million highly skilled workers.

” This influx of GCCs fueled urban consumption by boosting the demand for SUVs, real estate, and luxury goods. For 2-2.5 years post-pandemic, this drove a surge in urban spending. With GCCs largely established and consumption patterns shifting, the urban spending lift is fading”, says Ms Sengupta.

Thus, while the new economy is sluggish, the old economy appears to lack a growth catalyst. Private investment is crucial, but without strong consumption demand, firms will not invest. Consumption demand cannot recover without investments to create jobs and increase incomes. ” It’s a vicious cycle”, says Ms Sengupta.

There are other confusing signals as well. India’s average tariffs have risen from 5% in 2013-14 to 17% now, higher than Asian peers trading with the US. In a world of global value chains, where exporters rely on imports from multiple countries, high tariffs make goods more expensive for companies to trade, making it harder for them to compete in global markets.

Getty Images The production line at the Renault Nissan Automotive India Pvt. manufacturing plant in Chennai, India, on Wednesday, March 27, 2024.Getty Images

Then there is what economist Arvind Subramanian refers to as a “new twist in the tale.”

Even as calls grow to lower interest rates and boost liquidity, the central bank is propping up a falling rupee by selling dollars, which tightens liquidity. Since October, the RBI has spent $50bn from its forex reserves to shield the rupee.

Buyers are required to pay in rupees for purchases of dollars, which lessens the amount of market liquidity. Maintaining a strong rupee through policy changes makes Indian goods more expensive on global markets, which results in a lower export demand.

” Why is the rupee being stabilized by the central bank?” The policy has negative effects on both the economy and exports. Perhaps they are doing it because of optics. They don’t want to show India’s currency is weak”, Mr Subramanian, a former economic adviser to the government, told the BBC.

Critics warn that the “hyping up the narrative” of India as the fastest-growing economy is hindering essential reforms to boost investment, exports and job creation. ” We are still a poor country. Our per capita GDP is less than$ 3, 000, while the US is at$ 86, 000. If you say we are growing faster than them, it makes no sense at all”, says Ms. Sengupta.

In other words, India needs a significantly higher and more consistent growth rate to increase its workforce and increase its income.

Short-term goals for boosting growth and consumption won’t be easy. Lacking private investment, Himanshu suggests raising wages through government-run employment schemes to increase incomes and spur consumption. For example, Ms. Sengupta advocates for lowering tariffs and attracting export investments moving away from China to nations like Vietnam.

The government remains upbeat over the India story: banks are strong, forex reserves are robust, finances stable and extreme poverty has declined. Chief economic adviser V Anantha Nageswaran says the latest GDP figure should not be over-interpreted. “We should not throw the baby out with the bathwater, as the underlying growth story remains intact,” he said at a recent meeting.

Evidently, the rate of growth could use some improvement. That is why scepticism lingers. ” There’s no nation as ambitious for so long without taking]adequate ] steps to fulfill that ambition”, says Ms Sengupta. ” Meanwhile, the headlines talk of India’s age and decade- I’m waiting for that to materialise”.

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BNY hires Apac head of global markets trading, makes UAE appointment | FinanceAsia

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Ashvin (Ash) Parkash has joined BNY on December 9 as head of global markets trading for Asia Pacific (Apac). 

The global bank has handed Parkash responsibility for accelerating its global markets trading services to clients across the Apac region, according to the a media release. 

Parkash (pictured) will continue to be based in Singapore and is joining BNY from Nomura, where he was responsible for electronic distribution across fixed income and FX. With 25 years of industry experience, in addition to Nomura, Parkash has held leadership roles at BNP Paribas, Citibank, and Lehman Brothers.

Parkash will report to Jason Vitale, BNY’s head of global markets trading, and Nelius De Groot, BNY’s head of markets international.

BNY is looking to grow its global markets trading business internationally and this latest move follows  the establishment of its EU trading desk, and the appointment of Bianca Gould as head of fixed income and equities for EMEA, earlier this year.

In the media release, Vitale commented: “A continues to present real opportunities for our business, as we see growing demand from our clients looking for differentiated execution services and high-quality solutions to streamline their operating model.”

Vitale added: “I’m thrilled to welcome Ash, whose track record in growing businesses and experience in product strategy make him an ideal fit as we deliver high-quality solutions for our clients across markets.”

UAE appointment

BNY has also appointed Madiha Sattar as managing director and Growth Ventures partner, in a newly created global role based in the United Arab Emirates (UAE).

Sattar has joined the leadership team of BNY’s Growth Ventures business, which oversees new businesses that sit between technology, data, and investment solutions.

Last year, BNY invested in Abu Dhabi-based financial tech firm Alpheya, which is developing an end-to-end wealth management platform for wealth and asset managers in the Middle East.

As Growth Ventures partner, Sattar will play a strategic role working with clients in the region to build and invest in regional and global opportunities across financial markets data and analytics, wealth technology, and alternative assets data and distribution.

With over 20 years’ experience across operating and strategy roles, Sattar joins BNY from Careem, a MENA super app sold to Uber in 2019 for $3.1 billion, where she built and led several new businesses. Prior to that, Sattar spent time at JP Morgan Chase and McKinsey in New York.

BNY has been operating in the UAE for over 26 years and was recently granted a category 4 license by the Financial Services Regulatory Authority to expand its offering to clients within the Abu Dhabi Global Market. 

Akash Shah, chief growth officer and global head of growth ventures at BNY, said, “We are excited to welcome Madiha, who brings deep experience to the business and will play a strategic role as we accelerate the GCC’s ambitions to become a global centre of technology and financial services.”

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