international

HD Hyundai XiteSolution has announced the merger of its two construction subsidiaries, HD Hyundai Construction Equipment and HD Hyundai Infracore, as part of a strategic initiative to reinforce competitiveness amid evolving industry dynamics. The consolidated entity, provisionally named HD Construction Equipment, is expected to launch on 1 January, following necessary regulatory procedures. The boards of directors of both companies have formally approved the merger in separate meetings, with a temporary shareholders’ meeting scheduled for 16 September and a subsequent review by authorities. HD Hyundai Construction Equipment will serve as the surviving corporation in the transaction. This move reflects HD Hyundai XiteSolution’s strategic response to intensifying global market competition and persistent economic uncertainty. The company emphasised the importance of the merger in securing technological leadership and cost efficiency, essential for long-term sustainability in the construction equipment sector. Currently, the combined annual revenue of the two affiliates stands at approximately ₩8 trillion. The newly merged entity aims to achieve ₩14.8 trillion in annual revenue by 2030. HD Construction Equipment will manage and grow the two flagship brands, Hyundai and Develon, pursuing balanced expansion across core segments including construction machinery manufacturing, engine systems, and aftermarket services. The company will implement a unified decision-making framework to optimise its regional product portfolio and production capabilities. It also plans to expand its presence in the compact equipment segment to offer a full spectrum of construction solutions, further strengthening its market position. Future growth will be underpinned by investments in automation, smart machinery, and integrated solutions enabled through consolidated research and development. This will support HD Construction Equipment’s ambition to lead innovation in construction technologies. As part of the merger agreement, shareholders of HD Hyundai Infracore will receive newly issued shares of HD Hyundai Construction Equipment. Under the approved merger ratio, each common share of HD Hyundai Infracore will be exchanged for 0.16 shares of the surviving company. “This merger will drive sustainable growth for the construction equipment division of HD Hyundai, helping us strengthen our position in the global market and serving as a significant entity in advancing South Korea’s construction equipment industry,” said Cho Young-cheul, Chief Executive Officer of HD Hyundai XiteSolution. -The Korea Herald

MMC Port Holdings has taken a significant step toward executing what could become Malaysia’s largest initial public offering (IPO) in 13 years, following the submission of its draft prospectus to the Securities Commission Malaysia, as reflected on the regulator’s website on Wednesday. The listing, which will see MMC Corp—the parent company and sole shareholder—divest up to 30 per cent of its stake in MMC Port, could potentially raise more than RM6 billion (approximately US$1.43 billion), according to earlier reporting by Reuters. If realised, this would mark the country’s most substantial IPO since IHH Healthcare’s US$2.1 billion listing in 2012. Details outlined in the draft prospectus reveal that the IPO comprises up to 4.27 billion shares, including 3.99 billion allocated for institutional investors and 286.1 million for retail participation. However, the document does not specify an expected launch date or a final valuation. The proposed offering will not generate proceeds for MMC Port itself. The company, however, has indicated a strong capital position and does not anticipate the need for fresh equity funding. “Our board is of the view that our company presently does not require additional equity funding for our business,” the company stated in the prospectus. Despite a 9.2 per cent decline in net profit—falling from RM701.13 million in 2023 to RM636.56 million in 2024—MMC Port’s revenue climbed nearly 10 per cent year-on-year, reaching RM4.36 billion. The company has yet to issue an official comment regarding the filing. -Reuters

The Laos government has issued a renewed call for greater international cooperation to enhance domestic resource mobilisation, positioning it as a critical pillar for achieving sustainable development and reducing dependency on foreign assistance. At the 4th International Conference on Financing for Development, held in Seville, Spain from 30 June to 3 July, Deputy Prime Minister Saleumxay Kommasith outlined Laos’ ongoing reforms aimed at improving public financial management. Addressing a high-level roundtable on domestic resource mobilisation and allocation, he emphasised the importance of robust national revenue systems—particularly for least developed countries like Laos. Saleumxay stated that Laos is undertaking comprehensive reforms of its public finance system. These include expanding the use of digital technologies to improve tax collection, investing in human capital, and tightening budget oversight. The government has set a strategic objective to raise tax revenue to 20 percent of gross domestic product (GDP) by 2030. Recent performance data, shared during the National Assembly’s ordinary session, shows early momentum: in the first half of the year, tax collection increased by 4.3 percent, accounting for 11.7 percent of GDP. He also used the forum to urge development partners and international institutions to step up financial and technical assistance to countries like Laos. Specific appeals included enhanced support for capacity building, particularly in human resources, and stronger international cooperation on tax matters. In the general debate session, Saleumxay addressed the conference on behalf of both Laos and the Association of Southeast Asian Nations (ASEAN). He reaffirmed ASEAN’s collective commitment to building resilient, future-ready economies grounded in inclusivity and sustainability. He further highlighted the bloc’s support for multilateral trade frameworks under World Trade Organization (WTO) rules, as well as its focus on advancing industrial development and energy integration within the region. The deputy prime minister underscored Laos’ national priority of graduating from Least Developed Country (LDC) status. He said the government is aligning domestic development strategies with international frameworks, particularly the 2030 Agenda for Sustainable Development, and called for continued global support to sustain long-term progress. The Seville meeting convened representatives from 179 countries. It marked the fourth edition of the conference, following earlier gatherings in Mexico (2002), Qatar (2008), and Ethiopia (2015). The opening ceremony on 30 June featured an address by His Majesty King Felipe VI of Spain. Subsequent sessions were co-chaired by Spanish Prime Minister Pedro Sanchez and United Nations Secretary-General António Guterres. A key outcome of the conference was the adoption of the Seville Commitment, a forward-looking document that sets shared objectives to close financing gaps, combat inequality, and accelerate progress on the Sustainable Development Goals (SDGs). This commitment will now guide future global cooperation on financing for development. -ANN

Vietnam’s agro-forestry-fishery trade reached an estimated US$57 billion in the first half of 2025, with exports contributing US$33.5 billion, reflecting a year-on-year increase of 14.3%, according to the Ministry of Agriculture and Environment (MAE). Imports for the same period rose by 12.8%, totalling US$23.5 billion. The ministry acknowledged that 2025 continues to present significant global economic and political volatility. In particular, recent changes in US tariff policy have exerted a notable impact on Vietnam’s agricultural export sectors. Despite these challenges, the MAE remains committed to achieving its annual export target of US$65 billion by the end of the year. To meet this goal, the ministry has outlined specific growth scenarios and quarterly objectives. It aims to reach between US$14 billion and US$15 billion in exports during the third quarter of 2025. For the final quarter, it plans to leverage seasonal demand during the year-end holidays, setting an ambitious target of at least US$16 billion in exports. Vietnam’s key export products—coffee, tea, pepper, cashew nuts, rubber, and livestock—are expected to maintain strong momentum and play a critical role in achieving the national export target. The coffee sector in particular has shown exceptional performance in the first half of 2025, with export earnings estimated at US$5.5 billion, already equalling its annual target. Despite limited supply in the second half of the year due to the main harvest season falling between December and April, the industry is on track to reach a projected US$7.5 billion by year-end. This would represent a 36.9% increase compared to 2024. To sustain growth, Vietnamese coffee exporters are intensifying efforts to expand into new markets, particularly within the European Union, where interest in strengthening trade relations with Asia and the Middle East is growing. Exporters are also targeting major robusta-consuming markets including China, Japan, South Korea, the Philippines and Thailand. In the long term, north-east Asia is identified as a strategically important region that could offset any potential decline in market share in the United States. Meanwhile, the cashew sector has set a modest but positive export goal of US$4.5 billion for 2025, up 2.7% from the previous year. To meet this objective, the industry aims to consolidate its presence in traditional markets such as the United States and China, while expanding into high-potential markets with currently low penetration. The Middle East, particularly the United Arab Emirates and Saudi Arabia, has been identified as a priority for trade promotion and strategic realignment. The MAE’s focus remains on proactive policy adjustments and market diversification to navigate global uncertainties while sustaining export growth across the agricultural sector. -Viet Nam News

Liquid Group, CEO, Jeremy Tan, has been appointed to the inaugural board of the Singapore Payments Network (SPaN) — a new entity established by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) to drive the next stage of growth for national payment schemes like PayNow. As Chair of the Singapore FinTech Association (SFA) Payments Subcommittee, Tan will represent the payments industry, ensuring that the perspectives of non-bank financial institutions are part of shaping Singapore’s future payments landscape.

Luckin Coffee Inc, the Chinese coffee chain that overtook Starbucks in its home market, has officially launched its first United States locations in New York City. The openings, which took place on Monday, mark a bold step in the company’s global expansion strategy as it intensifies competition with Starbucks Corp, particularly as the latter faces weakening domestic sales. The two New York outlets signal Luckin’s intent to broaden its international footprint beyond Asia. Its inaugural US store, located at 800 6th Avenue, drew considerable footfall on launch day, with customers taking advantage of a US$1.99 drink promotion available via the company’s mobile app. In the run-up to its New York debut, Luckin built anticipation by hosting a pop-up event offering product tastings and giveaways. Its US-facing Instagram account has already garnered over 2,000 followers, underscoring the brand’s efforts to cultivate a local customer base through targeted digital engagement. The brand’s re-emergence on the global stage comes after a turbulent period. Following a high-profile accounting scandal, Luckin was delisted from the Nasdaq in 2020. However, under new leadership and an aggressive store rollout strategy, it rebounded to become China’s largest coffee chain by store count in 2023, surpassing Starbucks. Luckin currently operates more than 24,000 locations globally. Meanwhile, Starbucks has struggled to regain momentum in the post-pandemic Chinese market, where price-sensitive consumers have increasingly turned to domestic alternatives like Luckin. In response, the Seattle-based giant has ramped up hiring efforts in the US to speed up service and bolster in-store performance, though the brand declined to comment on Luckin’s US entry. Luckin’s digital ecosystem mirrors that of Starbucks, featuring mobile ordering, in-store pickup, and a loyalty programme offering discount incentives and the chance to win a year of free coffee. -Bloomberg

Standard Chartered Plc is facing a US$2.7 billion lawsuit filed by liquidators in Singapore, who allege the bank facilitated the laundering of misappropriated funds linked to Malaysia’s scandal-hit sovereign wealth fund, 1Malaysia Development Berhad (1MDB). Legal proceedings have been initiated in Singapore, according to a statement released on Tuesday. The Financial Times first reported the development, noting that Standard Chartered had not yet received the claim documents at the time of publication. The claimants assert that between 2009 and 2013, Standard Chartered permitted over 100 intrabank transfers which allegedly aided in concealing the flow of illicit funds. The transfers, according to the plaintiffs, resulted in losses exceeding US$2.7 billion and involved S$20 million in public funds. In response to the allegations, Standard Chartered issued a statement to the Financial Times, emphatically denying any wrongdoing. The bank stated it “emphatically rejects any claims” brought forward by the 1MDB-linked entities. It also noted that the liquidators had previously acknowledged these companies were “shell companies with no legitimate business,” as reported by the FT. The 1MDB affair has had wide-reaching consequences, previously implicating Goldman Sachs Group Inc and contributing to the imprisonment of former Malaysian Prime Minister Najib Razak. In 2016, Singapore’s financial authorities imposed a S$5.2 million penalty on Standard Chartered for breaches of anti-money laundering regulations related to the 1MDB scandal. Several other financial institutions were also sanctioned in connection with the matter. -Bloomberg