Singapore's Defence Minister, Ng Eng Hen, emphasises the increasing global risks, prompting the nation to uphold defence spending at 3% of GDP to fortify the Singapore Armed Forces (SAF) against potential aggression. Despite potential conflicts, Singapore commits to maintaining military spending over the next decade, aiming to boost the SAF's capabilities. Ng Eng Hen highlighted ongoing global tensions, citing the Russia-Ukraine conflict and the Israel-Hamas conflict spreading. There has been an escalation of tensions between the US and China, particularly over Taiwan, showing a shift from
Egypt has signed seven Memoranda of Understanding (MoUs) with global developers for green hydrogen and renewable energy ventures in the Suez Canal Economic Zone (SCZONE). It promises investments surpassing $40 billion over the next decade. The Egyptian government signed agreements with international developers, anticipating investments of about $12 billion for a preliminary pilot programme and an additional $29 billion for the first phase. Ayman Suleiman, CEO of the Sovereign Fund of Egypt, emphasised the growing interest from investors in green hydrogen projects, highlighting the programm
On Wednesday, Namibia's finance minister announced its economic growth forecasts for 2023 and 2024. He further announced a reduced budget deficit, primarily driven by robust performance in the oil and mining sectors. Forecasts predict a 5.6% growth rate for the previous year and 4.0% for the current year, up from earlier estimates of 3.5% and 2.9%, respectively. Growth is expected to moderate to 3.9% in 2025, as per Ipumbu Shiimi’s budget speech. The budget deficit for 2023–24 is estimated at 3.2% of GDP, down from 4.2%, and is forecast to remain at 3.2% of GDP in 2024–25. Shiimi
Indonesia and South Africa, leading coal exporters, target expanding thermal coal sales to India to regain lost market share. The competition intensified with the United States, Russia, and Australia seizing ground due to geopolitical shifts in trade routes. South Africa, leveraging its low sulphur, high calorific value coal, eyes India's growing steel industry. Kgabi Masia from Exxaro Resources anticipates supplying 60 million metric tonnes by March 2025. However, South Africa's share in India's thermal coal imports dropped to 16% in 2023 from 22% pre-pandemic, while Indonesia's declined
Brazil's Finance Minister Fernando Haddad warned about global economic challenges as G20 finance leaders convened in Sao Paulo, grappling with divisions over Ukraine and Gaza conflicts. Haddad emphasized the need for G20 action on climate change and poverty amidst a "challenging" global economic environment. Regarding the economic part of the communiqué, Tatiana Rosito, the coordinator for Brazil's G20 financial track, reported successful discussions. Meanwhile, for Germany to agree to the statement, German Finance Minister Christian Lindner insisted on discussing geopolitical matters suc
Abu Dhabi’s Mubadala Investment Co. plans significant investments in artificial intelligence and space technology this year, prioritizing the United States. Managing director Khaldoon Mubarak emphasized the shift from mere asset investment to fostering global progress at an investor conference in Abu Dhabi. They intend to deepen strategic investments in the UK, Europe, and France while expanding into healthcare, digital infrastructure, and financing, with an increased focus on Asia. Mubadala, controlling $276 billion of assets, aims to drive progress by investing in solutions for glob
Vietnam intends to ratify the UN's Free Trade Union Convention this year, aiming to prevent trade disputes but possibly unsettling some foreign firms. The move addresses labour rights concerns, crucial for its extensive trade partnerships. Currently, Vietnam's sole national union operates within the Communist Party framework. The country, a manufacturing hub hosting major international corporations like Samsung and Intel, heavily relies on commerce, surpassing its domestic economy by 160%. By ratifying Convention 87, Vietnam aligns itself with global labour standards. While government o
On Monday, Brazil joined forces with the world's largest financial climate coalition, the Glasgow Financial Alliance for Net Zero (GFANZ), to support funding for clean energy and environmental restoration projects, including reforestation efforts in the Amazon rainforest. The Brazilian development bank BNDES will collaborate with GFANZ to mobilise public and private financing for these initiatives, marking a significant step towards green growth. While specific investment figures and timelines were not disclosed, BNDES President Aloizio Mercadante emphasised the government's commitment
On Monday, trade ministers from around the world gathered in Abu Dhabi for a World Trade Organisation (WTO) meeting amidst challenges for global trade. Headed by Ngozi Okonjo-Iweala, the WTO aimed for new commerce rules but downplayed expectations due to geopolitical tensions. More than three decades into its existence, the esteemed global supervisor is the cornerstone of 75% of global trade, working to create accords by consensus. Okonjo-Iweala urged ministers to intensify negotiations, yet dismissed expectations of a deal on reforming the appeals court. Concerns arose over India
Prior to the 13th WTO ministerial conference, the G-33, representing countries like India, China, and Indonesia, emphasised the necessity for a lasting solution concerning public stockholding for food security. This coalition dubbed the "Friends of Special Products," highlights the crucial role of public stockholding in ensuring food security and bolstering rural development, particularly in developing nations. Comprising 47 member nations, the G-33 advocates for flexibility in agricultural market access. With the commencement of WTO MC13 in Abu Dhabi, trade ministers from 164 countries ar