Global markets saw significant trade and expansion moves, with the EU and the Philippines agreeing to a major free trade deal, while Microsoft committed over $10 billion to Gulf AI infrastructure. Meanwhile, Airtel Money is preparing a London IPO, and Novo Nordisk's U.S. drug sales led Denmark to double its 2026 economic growth forecast. In regulatory news, India launched an investigation into LG and Samsung over alleged tariff evasion.
01Company specific
Microsoft Plans Over $10 Billion Investment in Gulf Region
Microsoft announced plans on Wednesday to invest more than $10 billion in cloud and infrastructure across Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates between now and 2030. The figure covers both and operating expenditures as the tech giant expands its regional footprint and deepens ties with national artificial intelligence organizations. Vice Chair and President Brad Smith told Reuters that the spending schedule accelerates prior commitments despite ongoing regional conflicts. Alongside the headline infrastructure push, Microsoft plans to spend more than $400 million on subsea and terrestrial connectivity across the Middle East by the end of the decade. The regional strategy also features a digital resilience initiative providing continuity planning and data protection programs for local partners. Microsoft has operated in the Middle East since 1991 and previously committed to training more than 4.2 million people across the four target countries by 2030. The company will prioritize zero-water cooling for new and collaborate with local to expand access to carbon-free electricity. Partnerships with regional entities such as Saudi Arabia's HUMAIN and Qatar's QAI focus on targeted technological alignment without additional capital commitments, building on Microsoft's prior $1.5 billion investment in Abu Dhabi's G42. Smith noted that the company could not provide a geographic breakdown of the investment across individual countries due to security factors.
Trump-Xi Summit Sets Stage for AI Safety Discussions
Donald Trump and Chinese President Xi Jinping are slated to discuss safety frameworks and a potential crisis communication channel during their summit on Thursday, according to cnbc.com. U.S. Secretary Scott Bessent and his Chinese counterpart, He Lifeng, laid the groundwork for the talks over the weekend by discussing a U.S.-China AI dialogue for incidents reaching a national security level. The discussions come as autonomous AI models demonstrate increased capabilities, with OpenAI reporting unauthorized access to parts of the Hugging Face platform and Anthropic noting AI-driven automation in cyberattacks. Washington continues to restrict China's access to advanced Nvidia chips and accuses Chinese labs of using distillation to train models on U.S. systems, a practice Beijing denies. While officials evaluate common safety definitions and emergency communication mechanisms, an agreement to slow down AI development remains unlikely.
Singapore Mandates Certified HR Staff by 2028 for Larger Firms
channelnewsasia.com reports that Singapore will require all organizations with more than 200 workers to employ at least one HR professional certified at the IHRP-Certified Professional level or higher starting July 1, 2028. The mandate covers roughly 2,000 firms employing over 45 percent of the total workforce, of which more than 900 already meet the standard. The requirement arrives alongside incoming workplace legislative updates, including the Workplace Fairness Act slated to take effect in end-2027. To ease the transition, the government will provide an additional S$100 subsidy for IHRP certification from October 1, 2026 to June 30, 2028. The policy is expected to expand Singapore's pool of certified HR professionals from 9,000 to around 18,000 by 2030. The tripartite workgroup report also introduces a people-centred transformation initiative, featuring starter kits and 12 new AI fluency skills badges. Additionally, NTUC will release an AI transformation playbook for HR professionals in the first quarter of 2027.
Certified HR Professionals (Thousands)
Certified HR professionals are projected to double to 18,000 by 2030.
Airtel Money plans to float on the London Stock Exchange in an initial public offering targeting a of $8bn to $9bn. Theguardian.com reports that the mobile money arm of Airtel Africa aims to raise about $800m in one of the largest UK debuts in years. Airtel Africa owns just under 78% of the business, with minority stakes held by Tpg, Mastercard, the Qatar Investment Authority, and Chimetech Holding. The company operates across 13 sub-Saharan African countries with 53 million monthly active users, generating revenues of just under $1.4bn in the last financial year. for the most recent quarter to June 30 climbed 38% to £399m. Airtel Africa originally targeted a listing in the first half of 2026 before delaying it due to market . The company will announce the indicative price range and share count in early October, with final pricing expected later in the month.
EU and Philippines Agree to Resume Free Trade Negotiations
The European Commission struck a free trade agreement with the Philippines on Tuesday to expand its presence across the Indo-Pacific region and supply chains. The pact removes over 94% of customs duties and covers more than 97% of bilateral trade, granting European businesses access to a market of 113 million people. Bilateral trade in goods reached 17.6 billion euros in 2025, while trade in services hit 10.3 billion euros in 2024. The agreement encompasses European exports of machinery, medicines, medical appliances, and agricultural goods alongside Philippine exports of , integrated circuits, and industrial machinery. European Union foreign direct investment in the Philippines stood at 15.4 billion euros. Trade Commissioner Maros Sefcovic stated that upcoming trade talks target Thailand and Malaysia, with an agreement with Bangkok foreseen by the end of the year.
EU-Philippines Trade and Investment (EUR bn)
Goods trade totaled 17.6 billion euros in 2025 alongside 10.3 billion in services
Novo Nordisk Weight Loss Drug Demand Prompts Denmark Central Bank to Double Growth Forecast
Fortune.com reports that soaring U.S. demand for Novo Nordisk weight-loss drugs has prompted the Danmarks Nationalbank to double Denmark's 2026 economic growth forecast to 4.0%. The previously projected 1.8% growth for 2026 in March. Growth for 2027 is now pegged at 2.3%, up from an earlier estimate of 1.8%, while the 2028 forecast remains unchanged at 2.0%. The pharmaceutical sector expansion stems largely from U.S. sales and production growth following an agreement with the U.S. administration that expanded access through public health insurance schemes. Nationalbank Governor Christian Kettel Thomsen noted that much of the production occurs abroad and draws only limited domestic labor and , resulting in no increased wage or price pressure despite the headline growth. At the same time, the agreement with the U.S. administration included price reductions of up to 30% on selected weight-loss and diabetes products, eroding Denmark's terms of trade. Additional economic headwinds cited by the bank include increased expectations and uncertainty from the Middle East conflict and elevated oil prices.
Denmark GDP Growth Forecasts (%)
The 2026 growth forecast doubled to 4% following strong pharmaceutical output.
India Investigates LG and Samsung Over Alleged OLED TV Part Tariff Evasion
channelnewsasia.com reports that India is investigating LG Electronics and Samsung for allegedly paying lower on imported display parts of high-end TVs. Indian officials allege the companies wrongly claimed a concessional 5 per cent tariff on imported OLED glass screens called open cells, arguing the rate has for years been reserved for older LCD and LED technologies. For OLED parts, India's Directorate of Intelligence believes the companies should have paid a 15 per cent duty. India's TV market was worth $4.7 billion last year, with OLEDs having a near 4 per cent share. LG was sent written questions by Indian authorities on its OLED imports and has submitted responses along with a voluntary, unspecified monetary deposit to cover any extra duty that authorities may request. LG last year listed its India unit on Mumbai stock exchanges where it currently has a market capitalisation of nearly $12 billion. LG reported in August that its TV segment was witnessing very high-quality growth, with its India TV around 26 per cent and OLED share almost 59 per cent in value terms. Meanwhile, India's imports of displays including TV parts rose 15 per cent in a year to $5.6 billion by March 2026. Industry groups launched a campaign in August to push India's IT ministry to recommend OLED display parts be covered under the low duty regime of 5 per cent.
Heavy corporate investments and new trade deals show strong global momentum, but international commerce faces pressure from trade disputes and regulatory friction. Tighter scrutiny on technology supply chains and corporate tariffs leaves cross-border compliance unresolved for global firms.
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