China-Led Development Lender Plans to Open Singapore, HK Offices
The Asian Infrastructure Investment Bank is looking to open new offices in Hong Kong and Singapore, according to people familiar with the matter, in a plan that would mark its biggest expansion since beginning operations in Beijing almost a decade ago.
The multilateral lender, which had more than $57 billion in assets at the end of last year, is currently negotiating with relevant parties in the cities to open the offices, the people said, asking not to be named discussing non-public information. The bank may announce the move at its annual meeting in June if it can finalize the host member agreements with their respective governments, according to one person.
Set up by China as an alternative to other international financial institutions such as the World Bank, the AIIB is increasingly seeking out a greater presence beyond its base in Beijing to get closer to capital markets. It opened its first overseas office in September 2023 in the United Arab Emirates' capital of Abu Dhabi.
During the Covid pandemic, when China effectively closed its borders, the bank found it hard to manage its overseas projects and faced challenges in getting people to move to Beijing to work at the headquarters.
The AIIB has roughly doubled the number of member countries to over 100 since being established in 2016. While the US and Japan both declined to join due to concerns that the bank would be controlled by China, American allies in Europe — as well as Canada, Australia and New Zealand — all became members.
The Asian Infrastructure Investment Bank's spokesman said the lender is 'exploring options for potentially opening a small number of additional hub offices in Asia and elsewhere' but it hasn't 'made any final decisions.'
The AIIB has committed almost $52 billion in funding to 38 member countries, according to its website, with India the largest single recipient. It reported net profit of more than $1.1 billion last year and had approved 252 separate projects as of the end of 2023, according to its website.
The bank will also elect a new president at the annual meeting in Beijing, with China nominating former Vice Finance Minister Zou Jiayi for the post.
During the inauguration of its outpost in Abu Dhabi, the bank's officials hinted at broader ambitions in expanding its footprint around the world.
That new office 'builds proximity to our clients, projects and sustainable development colleagues and allows us to gain valuable experience as we endeavor to expand our offices worldwide,' Laval Wong Sick Wah, head of office of AIIB's Interim Operational Hub, said at the time.
With assistance from Jing Li.
This article was generated from an automated news agency feed without modifications to text.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
2 hours ago
- Mint
Samsonite backs India's premium shift, resists e-commerce discount battles
Mumbai: India's booming travel market has ignited a fierce luggage war, pitting established brands against aggressive direct-to-consumer (D2C) newcomers and budget-focused e-commerce platforms. Amidst this intense competition, Samsonite, the global travel gear giant, is leveraging its premium positioning, overhauling its brand strategy and doubling down on its India-specific playbook. In this interview, Anushree Tainwala, vice-president—marketing, Samsonite South Asia, breaks down the company's multi-brand strategy, its refusal to join the discount race, and why a 'tested like Samsonite' pitch is resonating more than flashy advertising. Edited excerpts: Samsonite has a global supply chain. What's India's role in the overall mix? We manufacture in China, Vietnam, Thailand, Myanmar and Europe—but India is a core hub. Samsonite has just three owned factories globally: two in Europe and one in Nashik. Our Indian factory alone produces over 5 lakh pieces monthly, serving both domestic and global subsidiaries. Hard luggage is largely made in-house; soft luggage leverages vendor networks. But everything is engineered and designed internally—no off-the-shelf trading. Also read: Monsoon & Musings: India's ad brains ponder Goafest's future Post-Covid, your India portfolio looks more layered, premium, but also broader. Is it intentional? The brand's positioning hasn't changed—we've always been premium. But what's changed is the Indian consumer. People now buy high-end products here instead of picking them up abroad. While our entry pricing stays at ₹10,000, we now offer ₹30,000– ₹40,000 collections, too. And it's not just metros; demand is strong from Indore, Bhopal and Jaipur. Consumers are seeking both functionality and status. After the post-pandemic boom, has travel demand stabilized? It has normalized, yes, but on a higher base. There's a structural shift, more frequent short breaks, and blended business-leisure trips. New D2C brands are adding momentum, even if their scale remains modest. Mokobara often gets mentioned in the same breath now. They've built awareness and helped grow the category, especially among younger audiences. But long-term performance still matters. Globally, we've seen similar brands rise fast and plateau. We're not chasing acquisitions in India. We already have a strong multi-brand play. Also read: Third time's the charm for this startup looking to ride India's gaming frenzy How is that portfolio segmented? Three main brands—Samsonite, American Tourister (AT), Kamiliant. Each has a clear role. Samsonite is for the engineering-obsessed frequent flyer. American Tourister is energetic, colourful and more mass-premium. Kamiliant targets value-conscious first-time buyers. Then there's Tumi, managed by Reliance Brands. We've built Kamiliant to stand on its own now; earlier, it was 'Kamiliant by AT", but that tie is gradually fading. Your campaign for Samsonite 'Tested Like Samsonite' felt like a shift. That campaign was rooted in consumer research. Loyalists told us they loved our deep product engineering. Things like 32-part wheels and drop-test sensors. So we leaned in. We showed boxer Mary Kom smashing bags, an F1 driver towing one and Amitabh Raj's story of resilience. Instead of glamour, we focused on trust and testing. For AT, we created a music video with Siddhant Chaturvedi. Kamiliant, meanwhile, took the comic route—Ganji Chudail and Komolika-style content. Each brand has its own creative lane. With so many campaigns, how do you assess RoI? Celebrities bring reach; influencers build authenticity. We measure not just conversions, but engagement and long-term equity. Ganji Chudail's Kamiliant video, for example, got over a lakh shares—organic reach like that is gold. What's your marketing spend as a percentage of sales? Around 6–7% of topline. What role does quick commerce play now? We're live on Q-commerce with AT and Kamiliant. There are logistical hurdles, delivering luggage on a two-wheeler isn't easy, but we see use cases like urgent last-minute orders. It's still early days. But you also hinted at pulling back on e-commerce. E-commerce has become a bidding war. It's less about brand discovery and more about algorithmic placement. We've chosen to focus on sustainable growth and profitability. We're present online but don't overinvest in chasing ranks. What about sustainability? Every bag we sell now has a lining made from recycled PET bottles. Globally, we follow strict green norms, even if we don't actively market it in India yet. Indian consumers aren't demanding it yet, but the shift will come. Gen Alpha may grow up with it as a default expectation. Also read: From milk delivery to FMCG - Chitale Bandhu now seeks to make a mark with snacks What's the current retail footprint? Over 15,000–20,000 touchpoints. Samsonite is sold mostly through company stores; AT is franchise-driven; Kamiliant is via multi-brand retail and e-commerce. We have deep reach across all districts. How big is India in Samsonite's global mix? Among the top markets, and one of the fastest-growing. Our R&D centre is in Nashik. The factory there just expanded, now up to 7 lakh units per month. We've invested millions over two phases already. India is not just large, it's strategic. Are exports growing too? We export to Europe, Australia, the Middle East, Africa, and parts of Asia. Not to the US yet. But with shifting global tariffs, that may change. You've been busy with collaborations lately. Yes—across all brands. With Masaba, Manish Malhotra, Netflix (Stranger Things, Squid Game), Hugo Boss, Laura Ashley and Smurfs. Collaborations help us reach niche audiences, spark buzz, and keep the brands culturally relevant.
Mint
2 hours ago
- Mint
Markets with Bertie: The upsides of Liberation Day
Last week, Bertie found himself in Delhi meeting bureaucrats, journalists and politicians of all stripes. In the formal sessions, political correctness reigned, but Bertie has been doing policy trips long enough to know that the real juice starts flowing only during the cocktail hour. Unsurprisingly, President Trump's Liberation Day tariffs and how soon India could do a trade deal were the centrepiece of discussions. Bertie was told in hushed tones that the American trade negotiators were staying in the same hotel as the policy tour participants, as if physical proximity to them would also mean a faster flow of information. This, thought Bertie, was taking the concept of co-location too far, but it did make him peer at every Westerner at the hotel a few seconds longer than he normally would in the hope of guessing who the constituents of the negotiating party were. Also read: Donald Trump warns of 'economic ruination' if courts block his tariff authority In the evening, a small informal group gathered around a former senior bureaucrat, where again the topic of tariffs came up. The general tone was one of ruefulness, with some members of the group lamenting the spectre of lower export growth from India and a possible increase in unemployment. The old bureaucrat took all this in but, in his famous measured tone, countered that it was not all gloom and doom. 'There is a silver lining. Pretty big one at that." The chatter at the table died down, and an air of anticipation hung. The former mandarin did not disappoint. 'Trade barriers in India have been going up for the past few years. There is a reason why the US President calls us tariff king." Everyone agreed that tariffs had indeed been going up. The bureaucrat tilted his head slightly towards a few Americans hanging at the bar and said, 'If the deal means that tariff barriers come down, if not completely, at least in line with the rest of the world, that would be an important reform." There were thoughtful nods around the table. Also read: 'Provide your best offer…': Trump admin pushes countries to seal the trade deal as tariff deadline looms The official went on to highlight the second silver lining. 'Everyone is talking to us, and we are talking to everyone for a trade deal." He explained that these deals had been meandering through a thicket of red tape on both sides for years, but if US actions injected a sense of urgency in these negotiations, it would be a welcome change. 'We could have an agreement with EU (the European Union) within a year. Who would have thought?" he said happily. 'And finally, we might save some foreign exchange," he said with a twinkle in the eye. 'If the US President stops Ivy League colleges from taking in foreign students, we might save some dollars." Bertie, who has no kids, guffawed at this but wasn't joined by the group of his middle-aged peers whose kids' American dreams were now under a cloud. Every silver lining, Bertie thought, has a cloud. Also read: Trump says Xi agreed to restart the flow of rare earth minerals. Why are rare earths important for Chinese economy?
The Hindu
2 hours ago
- The Hindu
The rise and fall of Trump and Musk's partnership
Last week, the Internet witnessed the spectacular implosion of one of the most unconventional alliances in modern American politics. What had once been an uneasy partnership between the billionaire CEO of Tesla and X, Elon Musk, and U.S. President Donald Trump, blew into a full-blown public feud. Mr. Musk accused the 78-year-old President of 'total ingratitude', posting on X: 'Without me, Trump would have lost the election. Dems would control the House and the Republicans would be 51–49 in the Senate.' To this, Mr. Trump shot back on Truth Social, saying, 'I would have won Pennsylvania regardless of Elon. I'm very disappointed with Elon.' But the rift had not appeared overnight. Their relationship had been fraying for months — quietly at first, then more openly, until it finally collapsed. A rocky start Mr. Musk was never a fan of Mr. Trump. In the lead-up to the 2016 election, Mr. Musk openly supported Democratic presidential nominee Hillary Clinton. 'I feel a bit stronger that he is not the right guy,' he said of Mr. Trump at the time in an interview with CNBC. 'He doesn't seem to have the sort of character that reflects well on the United States.' Yet, after Mr. Trump won the election, Mr. Musk joined a handful of White House advisory boards, including Mr. Trump's 'manufacturing jobs council'. The alliance did not last long. Mr. Musk left those roles just months later, citing Mr. Trump's withdrawal from the Paris Climate Accords. 'Climate change is real. Leaving Paris is not good for America or the world,' he tweeted in June 2017. Over the years, their paths occasionally crossed, but the relationship remained distant. In 2020, Mr. Trump, at the SpaceX launch in Florida, praised Mr. Musk, saying: 'I speak to him all the time. Great guy. He's one of our great brains. We like great brains. And Elon has done a fantastic job.' Mr. Musk, however, did not reciprocate the praise. Later in 2022, Mr. Musk purchased Twitter and later rebranded it as 'X' in July 2023. One of his first moves was to reinstate Mr. Trump's previously banned account (after finding his tweets were 'highly likely to encourage and inspire people to replicate the criminal acts' that took place in the January 6 Capitol attack.) Though Mr. Trump did not immediately return to posting on X, Mr. Musk's move was largely seen as pro-Trump. Around the same time, he also began aligning more openly with Republicans. 'In the past I voted Democrat, because they were (mostly) the kindness party. But they have become the party of division & hate, so I can no longer support them,' Mr. Musk tweeted. Growing camaraderie By 2024, as Mr. Trump prepared for a second term in the White House, their camaraderie deepened, with Mr. Musk playing an increasingly visible role in backing Mr. Trump's campaign and policies. He officially endorsed the Republican candidate, following an assassination attempt on Mr. Trump in Butler, Pennsylvania. 'I fully endorse President Trump and hope for his rapid recovery,' Mr. Musk had tweeted. It was seen as a striking moment of public solidarity. Not only did Mr. Musk use his X social media platform to boost Mr. Trump's efforts to get re-elected, but also offered financial support. Mr. Musk's pro-Trump spending group America PAC also played a major role in helping mobilise and register voters in battleground States that could decide the election. The Guardian reported that Mr. Musk spent almost $300 million in support of Mr. Trump. On the night of the election victory, Mr. Trump had said, 'A star is born', referring to Mr. Musk. And days later, the Tesla CEO emerged as a key ally of the President. He was appointed to lead a newly created government cutting agency, called the Department of Government Efficiency (DOGE). Two weeks into the job, Mr. Musk said he loved Mr. Trump 'as much as a straight man can love another man'. Their closeness was on full display from flying together on Air Force One to dancing together on New Year's Eve to the disco hit YMCA. Democrats jokingly even referred to Mr. Musk as 'President Elon.' In a joint interview with Fox News in February, both heaped praise on each other. Mr. Trump said that Mr. Musk and his '100 geniuses' were ensuring his executive orders got implemented to avoid the experience of past administrations that were frustrated by bureaucracy. 'He has got some very brilliant young people working for him that dress much worse than him actually. They dress in just t-shirts; you would not know they have 180 IQ,' Mr. Trump said, praising Mr. Musk as a 'leader' who 'gets it done'. Mr. Musk, in return, praised the leader. And in March, the White House lawn was turned into a Tesla showroom. Mr. Trump stepped out from a shiny red Model S instead of his usual black Limousine, and later he even purchased the car. However, seven months later, the bromance began to cool. In April, Mr. Musk said he would be spending less time at the DOGE. The Wall Street Journal reported that Mr. Musk's White House visits declined towards the end of his tenure. At first, he was there five to seven days a week. Then three. By the end, only occasionally. Tensions boil In May, tension started to simmer. Mr. Musk criticised the White House-backed tax and budget proposal, known as the 'One Big Beautiful Bill' Act. 'I was, like, disappointed to see the massive spending Bill, frankly, which increases the budget deficit, not decreases it, and undermines the work that the DOGE team is doing,' Mr. Musk told the TV programme CBS Sunday Morning. Mr. Trump, however, was reportedly less angry than some of his advisers about Mr. Musk's criticism, according to The Wall Street Journal. On May 31, the two men made a public appearance together in the Oval Office to mark the end of the tech billionaire's tenure as a special government employee, after 138 days in the office. Even then, Mr. Trump insisted that Mr. Musk was 'not really leaving' his team. Breaking point But once out, the billionaire resumed his criticism against the 'Big Beautiful Bill', saying it would drive up the federal budget deficit and undo the cost-cutting work of DOGE. 'I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,' Mr. Musk wrote on X on June 1. Mr. Trump responded sharply days later, expressing dismay. ' I'm very disappointed because Elon knew the inner workings of this Bill better than almost anybody sitting here,' he said. ' He had no problem with it. All of a sudden, he had a problem.' The spat intensified to a level that Mr. Musk even floated the idea of launching a new political party in America in a poll on X, that would represent 'the 80% in the middle'. He also levelled major allegations against Mr. Trump, saying the President was named in the unreleased Epstein files, a reference to documents linked to the late convicted sex offender Jeffrey Epstein. He later deleted this tweet. To this, Mr. Trump went on his Truth Social platform on Friday and posted a statement attributed to the Epstein criminal defence attorney David Schoen that vehemently denied Mr. Musk's accusation. Mr. Trump, meanwhile, also threatened to cancel Mr. Musk's U.S. government contracts, and the President's ally Steve Bannon suggested that the South African-born American citizen 'should be deported from the country immediately'. The financial fallout was swift and severe. Tesla's shares tumbled 14.2%, wiping approximately $152 billion off its market value. Mr. Musk's personal net worth plunged by $33 billion on June 6 alone. By the end of the week, the usually outspoken billionaire had gone quiet — sidelined, isolated, and, some say, stunned. The Trump campaign, meanwhile, has reportedly begun exploring alternative tech partnerships, with names like Peter Thiel and Palantir-linked firms. Whether this is a temporary rift or the final chapter in their alliance remains to be seen. But for now, the bromance is over.
