News

DHAKA: Japan has pledged US$1.063 billion in support to Bangladesh, encompassing budget assistance, railway infrastructure upgrades, and educational grants, according to a statement from Dhaka. The announcement comes during a visit to Tokyo by Bangladesh’s interim leader, Nobel Peace laureate Muhammad Yunus, who met with Japanese Prime Minister Shigeru Ishiba to strengthen bilateral relations. The aid package includes a US$418 million development policy loan aimed at supporting economic reforms and enhancing climate resilience. An additional US$641 million will go towards upgrading a key railway line, while US$4.2 million has been allocated as grants for Bangladeshi students to pursue higher education in Japan. Yunus assumed interim leadership in August 2024 following mass student-led protests that led to the departure of former prime minister Sheikh Hasina.

RIYADH: Saudi Arabia’s Acwa Power Co has signed non-binding agreements with Malaysian partners to explore up to US$10 billion in investments by 2040, focused on renewable energy, green hydrogen, and advanced water solutions. The agreements include plans to jointly develop approximately 13GW of power generation capacity and conduct feasibility studies for floating solar farms and large-scale water desalination projects. State-owned utility Tenaga Nasional Bhd is among the Malaysian parties involved. The initiative aligns with Malaysia’s ambition to increase renewable energy capacity to 70% by mid-century, phase out coal by 2044, and achieve net zero by 2050. Acwa’s partnership was formalised through an MoU with the Malaysian Investment Development Authority. As Malaysia continues its transition from coal and gas to cleaner energy sources, the collaboration signals growing foreign investor interest in the country’s decarbonisation pathway. Acwa Power is one of the world’s leading private water desalination companies and a key player in sustainable energy infrastructure.

BEIJING: US semiconductor software giant Synopsys has suspended all product sales, services, and new orders in China, following new export restrictions issued by the US Department of Commerce’s Bureau of Industry and Security. According to an internal letter seen by Reuters, the company has halted fulfilment and access to its support platform SolvNetPlus for Chinese customers, including employees of global clients based in China and military-related users globally. The restrictions, effective immediately, impact electronic design automation (EDA) tools and other semiconductor-related products. The move comes after Synopsys received formal notice of the restrictions on May 28 and subsequently withdrew its financial forecasts for the year. Alongside Cadence and Siemens EDA, Synopsys controls a majority of China’s EDA software market—critical tools used in chip design for everything from smartphones to vehicles. The suspension poses a significant setback for China’s semiconductor sector, which relies heavily on advanced US software. Chinese design firms like Brite Semiconductor, Zhuhai Jieli, and VeriSilicon are among the users of Synopsys tools. Synopsys declined to comment on the development.–REUTERS

RIO DE JANEIRO: Brazilian prosecutors have filed a civil suit against Chinese electric vehicle giant BYD and two of its contractors, alleging human trafficking and “slavery-like” labour conditions involving 220 Chinese workers at a construction site in Bahia. Authorities found degrading conditions at BYD’s under-construction plant in Camaçari—its largest electric vehicle facility outside Asia—including workers living without mattresses, sharing bathrooms among 31 people, and suffering visible sun-related skin damage from long work hours. Reports also cite passport confiscations, withheld wages of up to 70%, and surveillance by armed guards. Brazil’s Labour Prosecutor’s Office (MPT) is seeking R$257 million (US$45.3 million) in collective moral damages, in addition to compensation for affected individuals. The lawsuit follows failed negotiations for a conduct adjustment agreement. BYD has since cut ties with Jinjiang, the contractor overseeing the site. However, Jinjiang denies the allegations. China’s foreign ministry stated that it expects its companies to operate legally and protect workers’ rights.-AFP

BARCELONA: China Airlines has partnered with Freightos to launch digital air cargo bookings on the WebCargo and 7LFreight platforms, enabling instant access to rates, capacity and eBookings across major global trade lanes. Starting next week, freight forwarders will be able to digitally book shipments on China Airlines’ network of 85 aircraft serving 192 destinations in 29 countries. The integration supports bookings from key hubs in the US, Canada, Europe, Greater China, and Southeast Asia. The collaboration comes as the industry grapples with market volatility, offering a solution for faster, more transparent transactions. China Airlines joins other major carriers embracing digital transformation to meet growing demand for real-time logistics solutions. “This marks a pivotal step in our strategy to enhance service for our forwarder partners and simplify air cargo operations,” said Eddy Liu, Senior Vice President of China Airlines. Freightos CEO Zvi Schreiber noted the move will help keep global trade flowing amid tariff uncertainties, reinforcing digitalisation as a key enabler of supply chain resilience.

SINGAPORE / HONG KONG: SingWealth Holdings has officially expanded into Hong Kong SAR with the launch of PFPFA HK Limited, following its successful acquisition of an insurance brokerage licence. This marks a key milestone in the group’s regional growth strategy and commitment to delivering integrated wealth management solutions across Asia. The grand launch, held at Gonpachi Restaurant in Tsim Sha Tsui, was attended by senior leaders from SingWealth Holdings and PFP Group Services. Among them were Director Jeffrey Chow and Non-Executive Chairman Peter Huber, who emphasised the group’s “Think Global, Act Local” approach and its focus on providing high-quality, client-centric financial services. PFPFA HK Limited will now offer SingWealth’s full suite of services to clients in the Greater Bay Area, underscoring the firm’s ambition to strengthen its footprint in Asia’s key financial markets.