Today's Emerging Markets Pulse
India and U.S. forge $20 billion critical minerals framework
India and the United States signed a bilateral framework in New Delhi on May 26 to cooperate on critical minerals and rare‑earth supply chains. The pact covers mining, processing, recycling and project financing and could mobilise up to $20 billion, tapping India’s estimated 13 million tonnes of monazite deposits.
Forget U.S. Debt, China’s Total Borrowing Is in ‘a League of Its Own’—Much Worse and Deteriorating Faster, Analyst Says
China’s total debt‑to‑GDP ratio, excluding the financial sector, has surged past 300%, roughly double its 2010 level, making it the world’s most leveraged economy after Japan. The rise stems from aggressive borrowing by corporations, central and local governments, while household debt has weakened amid a real‑estate collapse. Public‑sector obligations now represent about 40% of the debt pool, and corporate debt has doubled since 2019 despite modest revenue growth. Beijing has announced a restructuring program to curb hidden borrowing and mitigate local‑government debt risk.
China's EV Exports Outpace Gasoline for First Time
China shipped more electric than gasoline cars worldwide for the first time ever in April 52.7% of 769,000 cars exported were EVs, doubling EV exports from last April. More EVs because they save consumers $20,000-$40,000 in fuel costs if driving 15 y/15,000...
Indian Oil Marketers Flag Strait of Hormuz Disruption as Top Boardroom Risk Amid $105 Brent Spike
India’s state‑run oil marketing companies disclosed under‑recoveries of roughly ₹1 lakh crore ($1.2 bn) after Brent crude surged to $105 a barrel, prompting senior executives to elevate Strait of Hormuz disruptions to a primary risk‑management focus. The move underscores a broader shift toward...
Egypt Unveils Plan to Boost Phosphate Output and Expand Fertiliser Exports
Egypt's Prime Minister Moustafa Madbouli announced a government‑led initiative to raise phosphate output and move from raw ore exports to value‑added fertiliser production. The plan targets domestic demand and a larger share of international markets, leveraging scientific research and international...
How the U.S. Is Trying to Ensure the Dollar’s Dominance During Economic Turmoil
The Trump administration is negotiating new dollar currency‑swap lines with Gulf and Asian partners to reinforce the greenback’s reserve‑currency status amid rising use of the renminbi and crypto for oil trade. Treasury Secretary Scott Bessent is leading talks with the...
Kenyan Law Society Faces Backlash After Tanzanian President’s Threatening Remarks
Kenyan Law Society (LSK) president Charles Kanjama drew criticism after Tanzanian President Samia Suluhu warned of “flogging” citizens who protest. Former LSK chief Faith Odhiambo and former chief justice David Maraga condemned the remarks as a slide toward authoritarianism, raising alarm...
Etihad Credit Insurance Boosts Risk Capacity at Lill Global Symposium
Etihad Credit Insurance (ECI) chief executive Raja Al Mazrouei told the Lill Global Symposium in Oxford that the agency has increased its risk capacity and broadened coverage limits to protect UAE exporters. The move comes as the UAE seeks to...
Fitch Raises Ghana’s Sovereign Rating to ‘B’ on Debt Cut and Reserve Gains
Fitch Ratings upgraded Ghana’s long‑term foreign‑currency sovereign rating from B‑ to B, keeping a positive outlook. The agency highlighted a 21‑percentage‑point drop in debt‑to‑GDP, a $5.4 bn rise in reserves and record fiscal surpluses as proof of a stabilising economy.
US Treasury Yields Rise as Middle East Talks Stall, Oil Near $100
US Treasury yields jumped on Monday, with the 10‑year note up 3 basis points to 4.394% after President Trump rejected Iran’s counter‑proposal and oil prices surged toward $100 a barrel. The move echoed similar spikes in Indian government bonds, underscoring...
Trump Invites Elon Musk, Tim Cook, Larry Fink and Other CEOs to Join China Trip for Xi Summit
President Donald Trump has extended invitations to CEOs of Tesla, Apple, BlackRock, Boeing and other major U.S. firms to accompany him on a diplomatic trip to China this week. The delegation will meet Chinese President Xi Jinping to discuss trade,...
Apis Partners Secures Third Fund, Size Over Double Prior Round
Apis Partners announced the closing of its third venture fund, which is more than twice the size of its predecessor. The fund’s launch underscores growing limited‑partner confidence in the Middle East’s startup ecosystem. Details on the exact capital amount were...
View From Tokyo: Has Iran War Changed Confidence in the US?
The article assesses how the U.S.‑Iran war under the Trump administration is eroding confidence in the United States among Japanese media, scholars and some policymakers, while trust in the broader U.S. government remains more resilient. Recent Japanese polls show 75‑86%...
Luzon Economic Corridor Draws in 7 New Countries
The Luzon Economic Corridor (LEC) has added seven new partners—Australia, Denmark, France, Italy, South Korea, Sweden and the United Kingdom—to the original Philippines‑U.S.-Japan coalition. Launched in April 2024 under the G7 Partnership for Global Infrastructure and Investment, the corridor targets...
Iran War Chokes ‘Major Driver’ of Global Economy
The U.S. war in Iran has choked the Strait of Hormuz, trapping roughly 15 million barrels of crude and 5 million barrels of petroleum products each day. The resulting supply squeeze pushed U.S. diesel prices 60 percent higher than a year ago, the...
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Hassett: GDP Growth “North of Four, North of Five, North of Even Six [Percent]”
National Economic Council Director Kevin Hassett told "Sunday Morning Futures" that U.S. GDP could accelerate to "north of four, north of five, north of even six percent" as a capital‑spending boom gathers pace, especially if the Iran conflict de‑escalates. He...
Daily Memo: US-China Trade Talks, Japan-Russia Relations
Chinese Vice Premier He Lifeng will travel to South Korea on May 12‑13 for economic and trade consultations with U.S. officials, a prelude to an anticipated summit between President Donald Trump and President Xi Jinping. The visit, announced by China’s Ministry...
Frontier Markets Hold the Next Wave of Growth
Frontier markets—home to a billion people and classified as the UN's Least Developed Countries—receive less than 1% of global foreign direct investment, creating a massive financing gap. British International Investment (BII) and partners have launched the African Resilience Investment Accelerator...
Trump Proposes US‑China Trade Board Ahead of Summit
The Trump administration has proposed a US-China "Board of Trade" as a deliverable for the Beijing summit between the two presidents this week. Details thus far are scant. If I were a journalist on the trip, these are the first questions...
China’s Free‑Trade Push Beats US Protectionism
My take in @FortuneMagazine on China’s FREE TRADE INITIATIVES: “China has eliminated tariffs on African partners, fast-tracking Chinese investment in India, and exporting open-source AI through DeepSeek. While Washington builds walls, Beijing opens doors." https://t.co/ylMhrtrfhr
China’s Malacca Dilemma, After Hormuz
The Iran‑Israel conflict showed that insurance premiums can choke oil flows as effectively as naval blockades. When war‑risk rates for the Strait of Hormuz spiked to double‑digit percentages, Chinese imports were hit despite diplomatic guarantees. The article argues that China’s...
Kharg Island Sees Longest Tanker‑free Stretch Since War’s Start
Kharg Island update: @CopernicusEU satellite imagery shows no supertanker loadings on May 8, May 9 and May 11 (we don't have data for May 10 from either Sentinel 1 or Sentinel-2 🛰️). It looks like the longest stretch without loadings...
IMF Model Shows Yuan Undervalued About 25‑30%
With a realistic current account surplus number (one that takes out the 22 downward adjustment in the goods surplus and uses a realistic estimate of the income balance), the IMF's model would suggest a 25-30% undervaluation
Malaysia Raises EV Tariffs, Sets $70,000 Floor to Shield Proton and Perodua
Malaysia's Ministry of Investment, Trade and Industry announced on May 2026 that imported electric vehicles will face a new minimum CIF value of RM200,000 (≈$47,000) and a retail floor of about RM300,000 (≈$70,000). The policy, aimed at shielding Proton and...
US Sanctions Nine Chinese Firms over Iran Ties
US sanctions 9 mainland China and Hong Kong entities over ‘Iran military links’ Treasury and State Department announcements come days ahead of US President Donald Trump’s expected China visit and summit with Xi Jinping https://t.co/38VPBjgWgN via @scmpnews
China Ranks Third Globally in AI-Driven Life Sciences
China ranks third in global index for AI competitiveness in life sciences China listed behind only the US and UK, reflecting the country’s ‘major scale’ in AI, biotechnology and talent, says data consortium https://t.co/IqiWdO5hea via @scmpnews
Why Is China Watching India-Vietnam Relations Carefully
India and Vietnam upgraded their ties to an Enhanced Comprehensive Strategic Partnership, expanding defense cooperation such as submarine training and a possible BrahMos missile transfer. The deeper partnership gives India a strategic foothold in Southeast Asia and the contested South...
India to Commission Third Semiconductor Fab in July, Fourth by Year‑End
Union Minister Ashwini Vaishnaw said India will bring its third semiconductor manufacturing plant online in July and a fourth by November‑December, expanding the country's chip ecosystem to 12 factories under construction and attracting $200 billion in data‑centre investment.
José Luis Escrivá: Capital Flows, Exchange Rates, and Geopolitics - the Value of Trust in a Changing Global Order
In a BIS speech, José Luis Escrivá warned that the global geoeconomic order is shifting from multilateral cooperation to the use of economic tools as instruments of pressure, while rapid technological change reshapes money and payments. He argued that tariffs...
Global Debt Surges to $353 Trillion, Debt‑to‑GDP Hits 305% Amid Rising Fiscal Strain
The Institute of International Finance’s latest Global Debt Monitor shows total sovereign and corporate debt climbing to $353 trillion, pushing the debt‑to‑GDP ratio to roughly 305%. The surge, driven largely by the United States and China, raises alarms about fiscal sustainability,...
India's Sensex Drops 1,082 Points as Oil Prices Surge and Modi Calls for Austerity
The BSE Sensex slid 1,082 points (about $13.2 bn) and the NSE Nifty fell 309 points as Brent crude breached $105 per barrel and Prime Minister Narendra Modi urged citizens to curb fuel, gold and foreign travel. The sell‑off erased roughly...
Airtel Africa Partners with SpaceX to Roll Out Starlink Direct‑to‑Cell Across 14 Markets
Airtel Africa announced a partnership with SpaceX to deploy Starlink Direct‑to‑Cell satellite connectivity across its 14‑country footprint. The move, timed with a $44 million Nairobi data‑centre build‑out, aims to extend broadband to underserved areas and intensify competition with Safaricom.
Trump's Beijing Visit Marks First US Presidential Trip in Decade
JUST IN: President Trump to arrive in Beijing on Wednesday, the first time a US President will visit China in nearly a decade
Mexico Delivers Final 15th Rate Cut to 6.50%
Global Central Bank Update: -Mexico cut rates for the 15th time in the cycle with a 25 bps move down to 6.50%. The board stated this will be the final cut in the easing cycle. https://t.co/l5IYmkeySJ https://t.co/669sf1Lo6O
Latam Producers Take Strait Shot at Investment
At the Offshore Technology Conference, Brazil, Guyana and Argentina – Latin America’s fastest‑growing crude producers – emphasized that their non‑strait exports provide a secure alternative amid the Middle‑East war. Combined output now tops 6 million barrels per day, dwarfing Venezuela and...
Iran Says Its Response to US 'Reasonable, Generous'
Iran's foreign ministry described its response to the latest U.S. peace proposal as "reasonable" and "generous," countering President Donald Trump's label of it as "totally unacceptable." Tehran emphasized safe passage through the Strait of Hormuz and broader regional security, while...
China Believes America Will Flame Out
China is quietly positioning itself to assume global leadership as the United States wrestles with internal political turmoil, strained alliances, and renewed Middle‑East conflict. Rather than confronting the U.S. directly, Beijing is pursuing a patient strategy that emphasizes self‑reliance, technological...
IFC Discloses Proposed $25m Investment in Admaius’ Virunga Africa Fund II
The International Finance Corporation disclosed a proposed equity commitment of up to $25 million to Virunga Africa Fund II, a growth‑equity vehicle managed by Kigali‑based Admaius Capital Partners. IFC also offered a co‑investment envelope of up to $10 million, expanding the fund’s...
Top Links 1099 Lopsided Stock Boom. Why UAE Exited OPEC. Mexico and Brazil Cutting the Working Day. How the Guardian...
Adam Tooze’s Chartbook newsletter spotlights four divergent developments: a sharp, technology‑driven rally that lifted U.S. equities about 10% in the first quarter of 2026, the United Arab Emirates’ decision to leave OPEC as it pivots toward renewable‑energy projects, Mexico and...
Gold’s Grim Message
Central banks are accelerating purchases and repatriation of gold, a move the author ties to rising deglobalization. Emerging‑market central banks have more than doubled their gold reserves since the 2008 financial crisis. The surge comes amid heightened geopolitical tension, notably...
Trump‑Xi Summit Targets Extension of Critical Minerals Truce Amid Trade and Geopolitical Tensions
President Donald Trump arrives in Beijing for a two‑day summit with Xi Jinping, where the leaders will negotiate an extension of the critical‑minerals truce that keeps Chinese rare‑earths flowing to the United States. The talks also cover trade, Iran, Taiwan...
Iran Ceasefire Tested as Drone Sets Cargo Ship Aflame Off Qatar, Raising Gulf Shipping Risks
A drone strike ignited a cargo ship 23 nautical miles northeast of Doha, prompting the UAE and Kuwait to shoot down additional drones. The incident underscores the fragility of the month‑old Iran‑U.S. ceasefire and threatens oil flow through the Strait...
Philippine Data Center Boom Attracts $170-Million IFC Investment
International Finance Corp. (IFC) is set to invest up to $170 million in YCO Global Cloud Centers to expand data center capacity beyond Metro Manila. The package includes a $20 million quasi‑equity stake and $150 million in senior loans for two 50 MW facilities...
Saudi Aramco Q1 Profit Jumps 25% to $32.5 Bn as East‑West Pipeline Offsets Hormuz Blockade
Saudi Aramco reported a 25% rise in first‑quarter profit to $32.5 bn, driven by higher oil prices and volumes shipped through its East‑West pipeline. The surge comes as the Strait of Hormuz remains largely closed due to the U.S.–Iran conflict, forcing...
Oil Jumps Over 4% After Trump Rejects Iran Cease‑Fire Proposal, Asian Markets Stumble
President Donald Trump called Iran's cease‑fire response "totally unacceptable," sending Brent crude up more than 4% to over $110 a barrel. The move reignited fears about the Strait of Hormuz, pushed WTI to $95, and rattled Asian stock markets, which...
The Drive to Deepen China-Africa Clean Tech Cooperation
China’s renewable sector is pivoting toward Africa, where solar panel exports rose 17% last year. The South‑South Cooperation Renewables Centre, launched by the China Renewable Energy Industries Association, facilitates matchmaking, technology showcases and skills transfer across 16 African nations. The...
Global VC Inflows Slip as Deal Volume Contracts, YourStory Reports
Venture capital funding into Indian startups fell in the first week of May as the number of deals shrank and high‑value transactions vanished. The slowdown comes even as mega‑cap players like Nvidia continue to pour tens of billions into AI...
PowerX Inks $5.5 M Equivalent MOU with Montenegro's EPCG for 500 MWh BESS Rollout
PowerX, the Japanese battery‑energy‑storage specialist, signed a memorandum of understanding with Montenegro’s national utility EPCG to deliver roughly 500 MWh of BESS capacity over three years. The deal gives PowerX a foothold in Europe and adds a strategic enterprise customer as...
Meet the LP: Schroders Capital
Schroders Capital, the UK‑based institutional investor, is ramping up its use of artificial intelligence to evaluate venture‑capital managers, according to head of global venture investments Steven Yang. The LP is especially bullish on opportunities in China and India, citing strong...
As Trump Heads to China, Here’s How Much the Dollar Is Overvalued, According to Goldman Sachs
Goldman Sachs says the Chinese renminbi is about 20% undervalued versus the dollar. The firm expects the upcoming Trump‑Xi summit and China’s expanding trade surplus to push the yuan toward 6.50 per dollar within 12 months, implying roughly 4.5% appreciation...
Andrew Bridgen on NZ-India FTA, Migration and COVID-Era Policies
In this episode, Andrew Bridgen warns that a pending New Zealand‑India free‑trade agreement will hand over immigration control and key technologies to India, undermining national sovereignty and sparking unchecked migration. He links the deal to broader globalist agendas, including digital ID...