Commercial Bank of Dubai (CBD) has become the first bank outside Europe to join the Commercial Bank Money Token (CBMT) initiative. The Dubai-based bank will initially participate in the CBMT Sandbox to explore tokenised commercial bank money and cross-border settlement. CBD’s participation will connect the European CBMT ecosystem with the Europe-Gulf trade corridor. The bank will examine potential applications including cross-border corporate payments, trade settlement, treasury operations and working capital management. CBMT is a collaborative initiative led by the German
India and South Korea have agreed to strengthen cooperation in defence industries and logistics following the 10th India-Republic of Korea Joint Committee Meeting on Defence Industries and Logistics Cooperation in New Delhi on September 29. The meeting was co-chaired by Dinesh Mahur, Additional Secretary in India’s Department of Defence Production, and Kim Il Dong, Vice Minister at South Korea’s Defence Acquisition Program Administration. Both sides reviewed ongoing cooperation and discussed areas for further collaboration. The discussions focused on expanding engagement betwe
Linde has secured about eight acres of land in Sanand, Gujarat, to build a high-purity gas facility for semiconductor packaging. Company executives told The Economic Times that Sanand is becoming a growth hub for chip-packaging units and that the site will let Linde serve them directly. Sanand is home to upcoming semiconductor projects linked to Micron, CG Power and Kaynes Technology. Linde has begun what its executives described as constructive discussions with potential semiconductor customers there about long-term gas supply arrangements. The company did not disclose investment details.
Indonesia is working to turn its 100 GWp solar programme into projects that international investors can finance. The Indonesia Solar Investment Forum was held on September 24 at the Indonesian Consulate General in New York, as a parallel event during Climate Week NYC. It was organised by the Indonesian Solar Energy Association (AESI) and the Indonesia Investment Promotion Center (IIPC) New York, and drew policymakers, investors, financial institutions and development partners. AESI chairwoman Mada Ayu Habsari said the 100 GWp target is a direct working mandate and that opportunities are al
Nigerian billionaire Aliko Dangote has brought in Engineers India Ltd (EIL), an Indian government-owned engineering company, to provide services for his planned $15 billion to $16 billion oil refinery and petrochemical complex in Kenya. The project is planned for Lamu on Kenya’s coast. EIL has signed a contract worth more than $450 million to oversee engineering, procurement and construction management for the project. The company was also involved in Dangote’s refinery project in Lagos, Nigeria. The planned Kenyan refinery is expected to have a processing capacity of 70
The United Kingdom and the Philippines have signed a Government to Government partnership to strengthen cooperation on financing and infrastructure projects. The agreement gives the Philippines access to up to £5 billion in support from UK Export Finance (UKEF) for eligible government projects. The partnership was finalised on September 23 by UK Trade Minister Lord Anas Sarwar, UK Ambassador Sarah Hulton and Philippine Finance Secretary Frederick Go. It provides a framework for the two governments to work together on priority programmes and projects. The financing framework will allow
Indonesia has called for stronger cooperation among ASEAN countries through the development of an ASEAN Semiconductor Roadmap. Deputy Trade Minister Dyah Roro Esti Widya Putri raised the proposal at the 58th ASEAN Economic Ministers’ Meeting in Metro Manila on September 19. The roadmap is one of the Priority Economic Deliverables under the Philippines’ ASEAN chairmanship. ASEAN member states are still working to finalise it. Indonesia said the roadmap could strengthen the region’s semiconductor ecosystem and improve ASEAN’s position in global supply chains. Jakarta also called f
The India-New Zealand Free Trade Agreement (FTA) will come into force on October 20, Commerce and Industry Minister Piyush Goyal announced on September 21. The two countries signed the agreement on April 27 to expand trade in goods and services and encourage investment. The pact will provide 100 per cent duty-free access for Indian exports to the New Zealand market from the date it takes effect. New Zealand currently imposes tariffs of up to 10 per cent on several Indian products, including ceramics, carpets, automobiles and auto components. New Zealand has also committed to investing $
India and Canada will resume negotiations for a proposed Comprehensive Economic Partnership Agreement on October 5. The fifth round will take place in Canada as both sides move to accelerate discussions on the proposed trade agreement. Goyal said India and Canada had agreed to fast-track the negotiations and described the coming 90 days as an important period for the bilateral relationship. The two countries are working towards completing the CEPA negotiations by the end of 2026. The proposed agreement is intended to expand trade and investment between India and Canada, with negotiat
India’s exports to China, South Africa, Brazil and Russia rose 34 per cent to $19.9 billion during April-August 2026-27, compared with $14.9 billion in the same period a year earlier, according to Commerce Ministry data. China accounted for the largest share, with Indian exports to the country rising 39 per cent to $9.6 billion during the first five months of the financial year. South Africa recorded the fastest growth, with exports climbing 58 per cent. Shipments to Brazil increased 13 per cent, while those to Russia rose 11 per cent. The four markets also made up a larger share of I