Biden, Kishida and Marcos hold first trilateral summit, top cenbanks pilot tokenized money led by BIS and Temasek opens Paris office
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The first?trilateral meeting between the US, Philippines and Japan has been making headlines, with around 70 new agreements signed between the US and Japan on AI, defence, fusion energy and economic security. The three countries?also announced the first Partnership for Global Infrastructure and Investment (PGI) corridor in the Indo-Pacific—the Luzon Economic Corridor—where the partners will coordinate accelerated investment in high-impact infrastructure projects, including rail, port modernisation, clean energy and semiconductor supply chains.?
In South Korea, a defeat faced by the ruling party may delay capital markets reforms with experts anticipating obstacles despite bipartisan support for efforts to make Korean equities more attractive to global investors.?
Singapore’s state investor, Temasek, has set its sights on collaboration with wealthy families and European companies, according to Bloomberg, as it seeks to deploy $18 billion in investments in Europe over the next five years. ?
In the technology world, central banks including those in the UK, US, South Korea and Japan have joined forces to collaborate with private lenders on Project Agora, which aims to test out ‘tokenized’ money for faster cross-border transactions.?
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?US-Japan-Philippines hold first trilateral, with ‘many more’ to come?
The inaugural trilateral summit among the United States, Japan, and the Philippines convened at the White House, highlighting a unified commitment to fostering a free and open Indi-Pacific region amid escalating tensions. Leaders underscored their shared vision through a joint statement, emphasising the importance of democracy, good governance and the rule of law. Specific initiatives unveiled include joint patrols in the Indo-Pacific, establishment of disaster relief hubs, and the launch of the PGI Luzon Economic Corridor to bolster infrastructure connectivity. Moreover, economic collaboration extends to telecommunications with a focus on Open RAN technology, supported by substantial investments. The summit signals a pivotal moment in trilateral cooperation, ushering in a new phase of collaboration to address regional challenges collectively.?
South Korea election a minor setback for capital market reform?
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South Korea's efforts to boost corporate valuations may see minor delays after the ruling party's significant defeat in legislative elections. The opposition's landslide victory signals challenges ahead for pro-business policies, potentially hindering initiatives like the Corporate Value-up Program. Market experts anticipate obstacles despite bipartisan support for market attractiveness. While immediate investor reaction was muted, concerns persist over potential gridlock in passing key legislation and addressing economic challenges. Initiatives such as tax incentives for the program face uncertainty in a left-wing-dominant National Assembly. Despite these hurdles, certain aspects of the program, such as improving transparency and shareholder rights, remain on track.?
Temasek eyes rich family businesses in $18 billion Europe push?
Singapore’s state investor Temasek plans to significantly increase investments in Europe, aiming for S$25 billion over five years. The firm said that sees potential in partnerships with European companies and wealthy families. While facing challenges with some investments, Temasek emphasizes collaborative, behind-the-scenes engagement rather than activism. With Europe offering stability amid global uncertainty, Temasek aims for resilience in its returns. The focus will be on companies with strong cash flows and pricing power, along with partnerships with European families. Additionally, interest in sectors like renewables and technology persists, with a cautious approach to Middle Eastern markets.?
Top central banks to lay groundwork for instant digital cross-border payments?
Seven central banks, including those of Japan, South Korea, the UK and the US are collaborating with private lenders to test ‘tokenized’ money for faster cross-border transactions. Project Agora, led by the Bank for International Settlements, aims to develop an alternative to the SWIFT network, potentially utilising blockchain technology. With China advancing its digital yuan, this initiative seeks to balance global CBDC efforts. The project targets reducing transaction times and costs, addressing challenges in the current payment networks. Central bank involvement is aimed at transparency and setting international standards in cross-border settlements using CBDCs.?
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