AGP Executive Report

Jobs and AI: Amazon says it will create 30,000 entry-level UK jobs by 2030, even as it restructures around AI after cutting 30,000 corporate roles over the past year. Meta and Publishers: Meta delayed contentious commercial terms until Nov. 20 after publishers, advertisers and lawmakers raised concerns about how its AI services could use online content. Clean Energy: Aether Fuels produced synthetic aviation fuel that met an industry standard, a step toward commercial-scale production. Separately, lenders backed a $350 million Indiana solar project supported by a long-term power agreement with Meta. India’s Digital Economy: Simplified GST registration for small e-commerce sellers is due to start Nov. 1, while Swiggy’s quick-commerce losses widened to ₹895 crore in the second quarter.

Maritime Logistics: Labuan port operator Megah Port Management says ending cargo transit through Kota Kinabalu could strengthen direct shipping, but success will depend on coordination among port authorities, customs and industry. Digital Commerce: Qatar is offering a new e-commerce licence that lets eligible businesses operate approved online activities from home, an office or another suitable location. China has also issued its first policy package focused on technology-driven commerce, aiming to bring digital innovation into supply, sales and logistics. Small Business: From November 1, India’s simplified GST registration will let eligible small e-commerce sellers use platform warehouses as their principal place of business when expanding across state lines. Corporate Health: South Korea’s recovery remains uneven: a record 42.9% of non-financial firms could not cover interest costs with operating earnings in 2025, while new business creation fell for a fifth straight year. Investment: Georgian non-financial corporations’ assets rose 12% in 2025 to 168.7 billion lari. Australia’s expanded solar incentives, meanwhile, now cover commercial and agricultural systems up to one megawatt, cutting qualifying installation costs by about 20%.

Banking: Chemung Financial reported third-quarter net income of $12.7 million, up from $7.8 million a year earlier, citing steady commercial lending and lower funding costs. Northrim Bancorp and PBCO Financial shareholders also approved their proposed merger, advancing a deal aimed at expanding community-bank services. Corporate Taxes: A new study found 706 major U.S. companies paid an effective federal tax rate of 10.4% on $1.88 trillion in 2025 profits; 114 paid no federal income tax. Trade: U.S. investment in China rose 7.7% in the first nine months of 2026, according to China’s Commerce Ministry. India plans district-level action plans and workshops to help exporters, especially smaller firms, use its free-trade agreements. E-Commerce: India’s GST reforms set for Nov. 1 will simplify registration and speed refunds for small online sellers. Market Watch: Atlantic American faces a Nasdaq delisting process after missing required financial filings, though it says it will appeal and is working to submit the outstanding reports.

Banking: Commercial Bank of Dubai’s third-quarter after-tax profit rose 9.4% from the previous quarter to Dh969 million, helped by stronger lending and lower provisions. Business Costs: New Zealand’s Commerce Commission has capped commercial card interchange fees, a move expected to save businesses $40 million a year. Energy: Uttar Pradesh businesses could cut power costs with rooftop solar, estimated at ₹2–2.10 per kWh versus grid tariffs of ₹7.20–₹7.90; financing and system size will shape actual savings. Trade: India’s commerce minister is visiting Germany and the Netherlands with representatives of more than 100 firms to pursue investment and cooperation in manufacturing, clean energy and technology. Logistics: East Midlands Airport cargo volumes rose 6.3% year on year last month, with January–September traffic up 5% as e-commerce shipments drive growth. Corporate Accountability: Indonesian police named 11 companies, including three foreign-invested firms, as suspects in forest-fire investigations; authorities have also suspended permits for six more forestry businesses. Farm Support: Trump’s $8 billion Harvest Fuel Relief program will include commercial fishers facing higher operating costs, though payment amounts and timing have not been announced.

Business Costs: New Zealand’s Commerce Commission will cap interchange fees on Mastercard and Visa commercial cards, saving businesses an estimated $40 million a year; earlier personal-card cuts bring projected annual savings to $290 million. Trade and Investment: India’s commerce minister met representatives from Scotland and Chile to explore trade and investment, including cooperation with Scotland on semiconductors, renewable energy and data centres under the India-UK trade agreement. Technology Investment: China is pushing to link research more closely with industry, speeding commercialization and encouraging enterprise-led R&D. Battery Manufacturing: QuantumScape plans a 100-megawatt-hour solid-state battery production line, targeting 2028 startup and demand from AI data centres, aerospace and defense. Banking: First Merchants reported third-quarter net income of $67.8 million, up from $56.3 million a year earlier, alongside loan and deposit growth. Chicago Budget: Business groups are lining up against Mayor Brandon Johnson’s renewed corporate head-tax proposal, arguing it could hinder growth as the city debates its $17.6 billion budget.

Investment: Ares and Norges Bank Investment Management are launching a European logistics partnership backed by a €1.5 billion equity commitment, targeting assets tied to supply chains, distribution and e-commerce. Banking: Qatar’s Commercial Bank reported QR1.64 billion in nine-month profit before Pillar Two tax, with operating income up 2.9%; its balance sheet shrank 4.4% year on year. Industry: Sherritt won a US licence to supply fuel to its Cuba nickel operations, an initial step toward restarting production. Battery developer Gelion reported £9.6 million in cash and new automotive partnerships as it advances commercialisation. Credit & Earnings: Nigerian firms raised N1.3 trillion through commercial paper as they cut bank borrowing. South Korean corporate profits and debt improved in 2025, though profitability remains uneven. Business Risks: NATO plans to bolster Black Sea monitoring after drone attacks on commercial ships, raising concerns for shipping security. Policy: South African business leaders say fiscal discipline, reliable infrastructure and consistent policy are essential to unlock investment and jobs.

Manufacturing: Chinese-owned SBS Zipper has begun production at its $15.5 million plant in Mirsharai, Bangladesh, and expects its workforce to exceed 2,000 at full capacity. Antitrust: Wisconsin’s DOJ joined the FTC and other states in seeking to block PlayPower’s acquisition of BCI Burke, saying the deal could raise prices in a market where five companies control 85%–90% of U.S. playground-equipment sales. Chicago Budget: Mayor Brandon Johnson is again proposing a $25 monthly levy on companies with more than 125 employees, alongside a higher lease tax projected to raise $234 million, while avoiding property-tax hikes and broad layoffs. Fintech: Ramp applied for a national trust-bank charter to offer investment management and digital-asset custody, days after raising $1.85 billion at a $60 billion valuation. Aerospace: RTX and Northrop Grumman raised 2026 profit forecasts on strong defense demand; RTX’s backlog hit a record $340 billion. Utilities: Ghana’s ECG plans a nationwide meter audit to curb electricity theft and reduce commercial losses.

Banking: National Australia Bank plans to cut up to 2,500 jobs as it restructures, with 1,500 roles expected to go by year-end, mainly in corporate functions. It will also reduce its use of consultants and contractors. Corporate Enforcement: Malaysian Prime Minister Anwar Ibrahim says authorities froze RM4.3 billion and seized RM1 billion in assets linked to alleged corporate crimes between late 2022 and September 2026; enforcement also produced RM1.1 billion in compounds. Economic Outlook: Rising inflation, a weaker rupee and crude above $109 a barrel are squeezing Indian households and threatening business demand and margins. September consumer inflation reached 5.54%, while wholesale inflation climbed to 11.39%. Energy Investment: Eni has started start-up activities at Egypt’s Meleiha gas project, designed to process up to 100 million cubic feet a day. In Libya, its completed Bouri project is expected to recover 700 million cubic metres of gas annually, for domestic use and possible exports. Trade: The India–New Zealand free trade agreement takes effect, offering zero-duty access for exports and new visa categories for Indian nationals.

Banking: Wintrust Financial reported record third-quarter net income of $239.1 million, lifting nine-month earnings 17% to $700.1 million. Clean Energy: Carbon Clean commissioned a 2-tonne-a-day carbon-capture pilot in Navi Mumbai and has captured its first CO₂, advancing technology testing ahead of commercial deployment. Trade and Investment: US Secretary of State Marco Rubio says a US-India trade deal is close to completion, as both sides weigh supply-chain diversification. Corporate Finance: Integra LifeSciences refinanced its debt with a $450 million notes offering and a revamped $1.65 billion credit facility. Business Risks: Attacks on commercial shipping in the Strait of Hormuz have hit a record, raising fresh concerns about energy prices and trade disruption. The US Justice Department has also issued a corporate enforcement directive, signaling continued scrutiny of companies over fraud.

China’s Digital-Commerce Push: Beijing’s nine-agency plan sets 18 measures to embed AI across manufacturing, retail and logistics, while speeding development of smart products and AI agents. AI Export Rules: China has proposed controls covering 23 AI technologies; covered exports must be registered as public consultation runs to Nov. 15. Research to Market: Malaysia’s UKM launched six initiatives to connect researchers with industry and investors and boost commercialisation. Investment: Allied Blenders began operating a Moradabad bottling plant, adding 6 million cases of annual capacity to a Uttar Pradesh expansion worth more than ₹600 crore. Business Credit: Loan enquiries rose 10.8% in production industries, but small firms are stretching supplier payments; invoices 1–30 days overdue climbed to 7.9% from 6%. Trade Risk: Attacks in the Strait of Hormuz and the Black Sea are raising shipping, crew-safety and insurance concerns on key commodity routes.

Corporate Climate: Australian workers support business action, but only 14% believe their employer is making meaningful progress on climate commitments, a new survey found. Nearly all respondents said large companies have a responsibility to act, and researchers called for stronger accountability. Livestock Risks: Namibia’s chamber of commerce warns ongoing foot-and-mouth restrictions could cost the livestock sector N$1.6 billion in the final quarter of 2026; prolonged export suspensions could put 15,000 to 20,000 agricultural jobs at risk. Trade: Vietnam signed a free-trade deal with Iceland, Liechtenstein, Norway and Switzerland, aiming to diversify markets and deepen its role in global supply chains as trade uncertainty grows. Investment: India’s private capital spending is expected to gain momentum as corporate and small-business lending rises, Jefferies says. Corporate Debt: Financially weak companies account for 21.4% of corporate debt across 10 Asian economies, the IMF reports. Restructuring: Kroger plans 3,000 corporate job cuts as its new CEO uses AI to reduce duplicated work.

Online Commerce: Malaysia plans to table an E-Commerce Bill next year to strengthen platform and seller accountability; a business-matching programme has helped 1,862 entrepreneurs seek retail access. Trade: Vietnam signed a free-trade pact with Norway, Switzerland, Iceland and Liechtenstein, widening market access as global tariff tensions reshape trade. Corporate Finance: More than 40 Nigerian companies raised N2.45 trillion on the stock exchange in the first nine months of 2026, turning to markets for growth capital. Strategic Investment: Korea Eximbank and the IFC plan to expand financing ties into critical minerals, AI and green industries. Supply Chains: China proposed export controls on 12 solar-manufacturing technologies, a move that could affect overseas efforts to build solar capacity. Retail Operations: A reported drone strike sparked a fire at Ozon’s 79,000-square-metre warehouse near St. Petersburg, a major distribution hub; the extent of damage was not yet clear.

Energy & AI: The U.S. is backing the restart of three shuttered nuclear plants with up to $4.4 billion in loans, restoring 2.25 gigawatts of power as data-centre demand rises. Trade & Exports: India has made its first commercial liquid-glucose export to Vietnam, while the Commerce Ministry is promoting free-trade agreements to expand exports, including diamonds and gems. Pakistan and Iran have suspended commercial activity at the Rimdan–Gabd crossing, with Iranian exporters citing banking sanctions. Space Economy: India’s space industry is projected to top $40 billion by 2030, driven by commercialisation and policy reforms. Finance: United Nigeria Airlines is targeting ₦20 billion through commercial paper, part of a planned ₦100 billion programme. Commercial Property: Japan’s Sumitomo Mitsui Banking Corporation has leased 50,000 square feet in Mumbai’s BKC for five years, at a reported total rent of ₹189 crore.

Airline Funding: United Nigeria Airlines plans a ₦20 billion first tranche of commercial paper, part of a ₦100 billion programme to support expansion. Retail & Consumer Spending: U.S. e-commerce reached a record 20.9% of grocery spending; Bengal’s Durga Puja trade was uneven, with big organisers and retailers gaining while smaller committees and traditional traders struggled. Corporate Outlook: Bankruptcies remain above historical norms despite easing from a recent peak, while Kroger plans to cut 37% of its corporate workforce as it leans on technology. Trade & Innovation: India and Canada signed commercial deals as they pursue a trade pact by year-end. Separately, EU auditors said Horizon 2020’s €17 billion in close-to-market research funding did not consistently translate into commercial impact. Supply Chain Risks: Black Sea shipping concerns are raising freight and insurance costs for grain exporters, with five million tonnes of Bulgarian wheat awaiting export. Circular Economy: Textile recycling could create new revenue and reduce supply risks, but high recycled-fibre costs and limited collection and processing infrastructure continue to impede commercial scale.

Retail Shift: U.S. online grocery reached a record 20.9% of grocery spending in the third quarter, up 20.7% year over year, with delivery driving most of the growth as in-store sales declined. Workforce Changes: Kroger plans to cut 3,000 corporate jobs—about 37% of its head-office workforce—over three years, citing organizational complexity and technology changes. Digital Finance: Japan’s three largest banks completed a yen stablecoin trial for cross-border corporate payments, testing transfers and compliance; no commercial launch has been announced. Trade: India and Canada signed commercial agreements and are targeting a broader trade pact by year-end, while a U.S.-Mexico tariff deal faces uncertainty amid opposition to major tariff cuts. Real Estate Finance: Apollo Commercial Real Estate Finance expects to delist on Nov. 6 and transfer remaining assets and liabilities to a trust as it winds down.

Trade Deals: India and Canada signed commercial agreements in Karnataka as they work toward a trade pact by 2026; negotiations are due to resume in early November, with bilateral trade potentially growing by $4.4 billion to $6.5 billion. Trade Policy: India launched a National Strategic Trade Command Centre to consolidate trade data and improve monitoring, export support and clearance decisions. Banking: Commercial banks’ nonperforming-loan ratio fell to 3.6% in June 2026 from 9.4% in December 2024, signaling stronger asset quality. China Market: Apple Executive Chairman Tim Cook told China’s commerce minister the company plans to expand its business in the country, amid wider U.S.-China trade tensions. Infrastructure: The U.S. is putting $200 million toward truck-parking projects in 12 states, aiming to ease a persistent safety and supply-chain bottleneck.