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Business Standard
19 hours ago
- Business
- Business Standard
India key to global transition efforts, says WBCSD CEO Peter Bakker
The sheer size of the Indian economy, its demographic trends and the country's ambitions around sustainability make it a critical geography for global transition efforts, World Business Council for Sustainable Development (WBCSD) President and CEO Peter Bakker has said. Bakker said "India is a strategic focus for WBCSD," and pointed out the Council's work in areas, particularly transport and food, where the country has both major challenges and significant potential to lead. "We're also encouraged by the direction of policy in India," he told PTI in an email interview, highlighting the government's intent in the 2025 Union Budget to scale up investments in electric vehicles, renewable energy, green infrastructure, and the circular economy. Together, these developments create real momentum for business-led solutions, the Geneva-headquartered WBCSD chief said. "Our members are driving the development of data-driven infrastructure and unlocking innovative finance mechanisms to accelerate the adoption of electric vehicles," underlined Bakker during a recent visit to Singapore. "In today's world, sustainability is a strategic advantage -- and in a market as dynamic as India, those who lead on delivery will define the next era of competitive growth," he said. Further, WBCSD work in electric freight is advancing the E-FAST (Electric Freight Accelerator for Sustainable Transport) initiative, led by NITI Aayog. "Collaborating with industry stakeholders, we've aggregated demand for approximately 7,700 electric freight vehicles by 2030, he said. This collective effort includes partnerships with companies like the Aditya Birla Group, JSW, Amazon, Maersk and others, focusing on pilot deployments and scaling strategies. WBCSD is driving cross-value-chain collaboration particularly around leasing facilities to address the high upfront costs and limited credit access hindering the adoption of zero-emission trucks, especially amongst smaller fleet operators. Moreover, the council members are advancing infrastructure deployment by mapping priority locations that could catalyze investments. These actions are part of a broader effort to build an inclusive, scalable model for clean freight transition, addressing systemic financing and operational barriers through bundled solutions, Bakker said. WBCSD recently launched the Rice Action Alliance, a new business-led platform to accelerate the shift to low-emissions and climate-resilient rice production systems. As one of the world's largest rice producers and exporters, India is central to this initiative. The Alliance is built around three core action areas -- harmonizing technical guidance across low-emissions rice standards relevant to business; promoting supply chain innovation; and building impactful public-private partnerships, Bakker explained. WBCSD is mobilizing members in India to advance efforts in measuring and managing physical risk across value chains, he said. These risks arise from the physical impacts of climate change and nature loss -- such as extreme weather events, water scarcity, and biodiversity decline -- which are already being felt globally and acutely in India. He also shared the long-standing and constructive relationship with CII, particularly through their Centre of Excellence for Sustainable Development, which is the Council's Global Network partner in India. WBCSD has been involved in multiple capacities with CII over the last number of years, starting in 2018. Bakker informed that the CII Summit 2025 will serve as a launch platform for WBCSD's CEO Handbook on Physical Risk, underscoring India's strategic importance.
Business Times
26-05-2025
- Business
- Business Times
Hong Leong Bank forms private banking alliance with Lombard Odier
[SINGAPORE] Bursa-listed Hong Leong Bank (HLB) – a subsidiary of Malaysian tycoon Quek Leng Chan's Hong Leong Financial Group (HLFG) – on Monday (May 26) announced it has formed a strategic alliance with Swiss private bank Lombard Odier. Quek is chairman of both HLFG and HLB, which are part of Malaysia's Hong Leong Group that he founded together with Kwek Hong Png – the father of City Developments chairman Kwek Leng Beng. Quek and Kwek Leng Beng are cousins. The Quek/Kwek family is one of the richest clans in Singapore and Malaysia. Geneva-headquartered Lombard Odier is a global wealth and asset manager with a nearly 230-year history. Jeffery Yap, managing director and head of regional wealth management at HLB, marks this as a 'pivotal moment' in private banking, particularly in significant markets such as Malaysia and Singapore. With the partnership welding Lombard Odier's global perspectives with HLB's knowledge of Asian markets, HLB also announces its enhanced HLB Private Bank services in the region. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This allows the bank to provide a 'sophisticated and deeply personalised client experience'. Clients will also be offered bespoke advisory services such as 'Red Carpet Advisory' and 'Discretionary Portfolio Management'. Kevin Lam, group managing director and CEO of HLB, said: 'Singapore, a pivotal wealth hub in a continent experiencing unprecedented growth in affluence, presents a unique opportunity.' Lam added that the alliance provides HLB with the opportunity to elevate its private bank offering in the region. 'Together, we are charting a course for enduring wealth, providing our discerning clients in Singapore and the region with access to world-class expertise,' Lam said. Besides Singapore and Malaysia, HLB also has operations in Hong Kong, Vietnam and Cambodia. The alliance comes with the wealth expansion seen in Asia-Pacific markets, and is one of the many that Lombard Odier has been establishing throughout Asia recently. The private Swiss bank's ecosystem of strategic alliances includes those with financial institutions in Australia, Japan, Taiwan, Thailand and the Philippines. With a significant influx of high net worth individuals (HNWI) and doubling private assets in the region, demand is evolving in the rapidly growing market. Hubert Keller, senior managing partner for Lombard Odier, said: 'We are increasingly seeing significant growth opportunities in the Asia domestic markets: a clear upward trajectory in the demand and appetite for tailored wealth management, and a need for banks to meet client demands in accessing global investment opportunities onshore.' Lombard Odier also sees that a defining feature of private banking in Asia will be a mix of both onshore and offshore services. This is in line with their strategy to collaborate with leading domestic financial institutions in the region. 'We believe in working with the right partners who share our vision of the future of wealth and asset management,' said Vincent Magnenat, Asia group regional head and global head of strategies alliances of Lombard Odier. 'In HLB, we see a strong alignment on all fronts,' he added.
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Business Standard
02-05-2025
- Business
- Business Standard
Adani's Vizhinjam port to expand capacity with launch of second phase
India Prime Minister Narendra Modi is set to kick off the second phase of Adani Group's mega port in Kerala on Friday, showcasing the solid political support for billionaire Gautam Adani amid an ongoing bribery probe in the US. The Vizhinjam transshipment terminal, which began operations in July and has handled about 250 container ships so far, is forecast to attract about Rs 9,500 crore ($1.1 billion) in additional investment that would triple the port's capacity, according to people familiar with the internal plans who didn't want to be identified. Modi's endorsement not only bolsters the port-to-power Adani conglomerate, it also shows that the overhang around the US indictment could be easing for Asia's second-richest person as his group returns to aggressive growth plans in the domestic market. The Vizhinjam port that will 'be dedicated to the nation' by Modi on May 2, is just 10 nautical miles from global shipping routes and will have an annual capacity of up to 5 million TEUs, Adani Ports & Special Economic Zone Ltd. said in a full-page local newspaper advertisement on Thursday. The investment across all phases will be around 180 billion rupees, the advertisement added. Also Read Strategically positioned also near key international shipping channels with natural depths of up to 20 meters, Vizhinjam will be able to host the largest container ships, which in the past skipped India and instead docked at ports in Colombo, Dubai and Singapore. 'Given the country's growing trade volumes with the global market, the port will play a critical role in reducing supply chain risks for Indian exports and imports,' said Afaq Hussain, director at New Delhi-based consultancy Bureau of Research on Industry and Economic Fundamentals. For Modi, Adani's deepwater transshipment terminal has geopolitical significance because it puts India on the global maritime map, which is currently dominated by China. About 75 per cent of India's transshipped cargo has been being handled by ports overseas. Indian ports have been losing an estimated $220 million in potential revenue annually due to this and businesses are bearing additional costs of $80 to $100 per container, the people said. Major routes Vizhinjam is expected to facilitate the movement of transshipment traffic into India as well as on the major routes between the US, Europe, Africa and East Asia. Geneva-headquartered Mediterranean Shipping Co. in March included Vizhinjam for its Jade shipping service route from Europe to Asia, connecting ports in China, South Korea, Singapore, Spain and Italy, according to an Adani Group spokesperson. 'If full-fledged operations begin as planned by 2028–29, the facility could significantly boost cargo movement across Adani's wider network of ports and terminals along the east and west coasts' of India, Hussain said.
Business Times
02-05-2025
- Business
- Business Times
Adani Group gets Modi's blessing as it expands mega India port
INDIA Prime Minister Narendra Modi is set to flag off the second phase of Adani Group's mega port in Kerala on Friday, showcasing the solid political support for billionaire Gautam Adani amid an ongoing bribery probe in the US. The Vizhinjam transshipment terminal, which began operations in July and has handled about 250 container ships so far, is expected to see about 95 billion rupees (S$1.44 billion) in additional investment for tripling the port capacity, according to people familiar with the internal plans who did not want to be identified. Modi's endorsement not only bolsters the port-to-power Adani conglomerate, it also shows that the overhang around the US indictment could be easing for Asia's second-richest person as his group returns to its aggressive growth plans in the domestic market. Vizhinjam port that 'will be dedicated to the nation' by Modi on May 2, is just 10 nautical miles from global shipping routes and will have an annual capacity of up to 5 million TEUs, Adani Ports & Special Economic Zone said in a full page local newspaper advertisement on Thursday. The investment across all phases will be 180 billion rupees, the advertisement added. Strategically positioned near international sea routes and with shipping channels with natural depth of up to 20 m, Vizhinjam will be able to host the largest of container ships which in the past were skipping India and docking at ports in Colombo, Dubai and Singapore. 'Given the country's growing trade volumes with the global market, the port will play a critical role in reducing supply chain risks for Indian exports and imports,' said Afaq Hussain, director at New Delhi-based consultancy Bureau of Research on Industry and Economic Fundamentals. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up For Modi, the Adani's deepwater transshipment terminal has geopolitical significance as it puts India on the global maritime map, which is currently dominated by China. About 75 per cent of India's transshipped cargo has been being handled by ports overseas. Indian ports have been losing an estimated US$220 million in potential revenue annually due to this and businesses are bearing additional costs of US$80 to US$100 per container, the people said. Major routes Vizhinjam is expected to facilitate the movement of transshipment traffic into India as well as on the major routes between the US, Europe, Africa and East Asia. Hussain said a significant amount of India's cargo gets transshipped at the Colombo port. Vizhinjam has the potential to reduce India's dependence on this port with a significant Chinese presence. Geneva-headquartered Mediterranean Shipping in March included Vizhinjam for its Jade shipping service route from Europe to Asia connecting ports in China, South Korea, Singapore, Spain and Italy, according to an Adani Group spokesperson. 'If full-fledged operations begin as planned by 2028-29, the facility could significantly boost cargo movement across Adani's wider network of ports and terminals along the east and west coasts' of India, Hussain said. BLOOMERG
The Wire
21-04-2025
- Business
- The Wire
As India Bends to Trump, the WTO Paves Way for the Washington Trade Organization
In a dramatic pivot from global trade norms, US president Donald Trump appears to have unilaterally launched a parallel system to the World Trade Organization – one that some now call the Washington Trade Organization. With the original WTO – a rules-based, member-driven, consensus-oriented, Geneva-headquartered body which is nearly 80-years-old – seemingly brushed aside. Trump has strong-armed nations into negotiating directly with the US, transforming Washington into the de facto arbiter of global trade. This seismic shift was triggered by Trump's announcement of sweeping reciprocal tariffs on April 2. Though paused for 90 days amid market volatility, the threat remains potent. In the wake of the announcement, dozens of countries – starting with Japan – rushed to Washington in a bid to avoid punitive tariffs, many agreeing to quiet concessions that blur the line between diplomacy and coercion. India, for its part, proudly declared it was already initiating talks with Washington, casting aside the Geneva-based WTO – a multilateral platform where countries like China and Canada have challenged US tariff actions. So far, the WTO has handled hundreds of cases but now remains paralysed due to the unilateral US stance to remove the binding Appellate Body that ruled against Washington's allegedly illegal practices in several trade disputes. New Delhi has repeatedly suggested that its bilateral free trade agreement (BFTA) negotiations are advancing well with multiple voices from the government claiming that the BFTA with the US will result in $500 billion two-way trade by 2030. It begun talks with the Trump administration immediately after the prime minister's visit, declaring it would soon finalise the BFTA. While some nations seek a united front to resist Washington's demands, others have chosen to comply. Around 70 countries are reportedly negotiating with Trump's new trade order. 'There will be a trade deal, 100%,' Trump proclaimed during a White House meeting with Italy's prime minister Giorgia Meloni, who invited him to Europe for further talks. Trump's Washington Trade Organization has already sketched out its payment framework. Stephen Miran, Trump's chairman of the Council of Economic Advisors, outlined the rationale at the Hudson Institute: member nations must now pay for what Washington calls 'Global Public Goods.' These include: A US-provided 'security umbrella' sustaining decades of global peace, and The US dollar and treasury securities anchoring the global financial system. According to Miran, these goods come at a cost: 'Our soldiers take heroic risks to keep the world safe. Our reserve currency has distorted global trade. The resulting deficits have devastated American industry to subsidise foreign growth.' Hence, the menu of compliance is stark: Absorb US tariffs without retaliation. Flood domestic markets with American goods. Ramp up defence spending – preferably on US arms. Invest in American factories to bypass future tariffs. Or, most bluntly, write checks to the US Treasury. Accept US tariffs without retaliation, providing revenue for 'global public goods.' Open domestic markets and buy more American goods. Increase defence spending – ideally on US-made arms and equipment. Invest in US manufacturing, setting up factories to avoid future tariffs. Or, quite simply, write checks to the US Treasury. China is the only nation to openly retaliate in a tit-for-tat framework, matching every tariff increase with equal measure of retaliation. Others, like India, Japan, and several others appear to be caving, sacrificing their core interests, in areas like agriculture, at the altar of Washington's pressure tactics. India, once a vocal proponent of trade sovereignty, is reportedly complying with Washington's demands – from agreeing to purchase defence systems and nuclear reactors, to capitulating on cotton and several other agricultural items that could have damaging consequences for India's poor farmers. A recent post by US Congressman Jack Kimble suggested that if China 'is going to pivots from us, we should do the same and start selling more of our beef to India'. The shift in India's ongoing negotiations with the officials of the Trump administration is stark. In 2019, Prime Minister Narendra Modi struck a nationalist, protectionist tone. Today, he has sidestepped direct negotiations with Trump, possibly to avoid political heat. In his memoir No Trade Is Free: Changing Course, Taking on China, and Helping American Workers, the former US trade representative Robert Lighthizer recounts how Trump's team confronted Modi during G7 talks, in France in 2019, accusing India of being 'the most protectionist country in the world' and a job-killer for American workers. According to Lighthizer's account, Modi sought the restoration of the GSP benefits that were terminated in 2019 but meted with disapproval from the Trump's side. Now, that same India appears to be realigning itself with Trump's vision with breakneck speed and at a steep price . Indian negotiators are now leaving no stone unturned during the upcoming visit to draw up a ' realistic 90-day roadmap' to clinch an interim agreement covering a range of issues, including tariffs, non-tariff barriers, and services, according to a report in the Indian express. 'The Terms of Reference (ToR) have been finalised and will be further developed with the aim of moving closer to a trade deal within 90 days reciprocal tariffs pause window. Nineteen chapters are under negotiation, covering areas such as tariffs, non-tariff barriers, rules of origin, and customs facilitation.' A founding member now on the sidelines Historically, India played a foundational role in shaping the multilateral WTO. Under former prime minister Jawaharlal Nehru, India joined the GATT framework promoting non-discriminatory trade in 1948. In 1994, the Narasimha Rao government, through wide political consultation, joined the WTO's launch by signing the Marrakesh Agreement. The process included debates, dissent, and public discourse – unlike the current opaque concessions under the Modi government. Media report suggest that many of these new trade concessions – potentially worth billions – have gone unannounced in India. The only clarity comes from the verbose president of the Washington Trade Organization himself, who repeatedly touts foreign payments as validation of US might. While the original WTO was built on negotiated rights and obligations, Trump's WTO functions as a toll booth: pay up, or get shut out. China has called for reviving the Geneva-based WTO, warning that Trump's shadow organization could kill the multilateral system altogether. As India quietly drifts toward the Washington Trade Organization, it risks erasing decades of multilateral leadership. This may go down as a pivotal moment in trade history – when New Delhi, once a champion of global rules, chose silence and surrender. At a time, when BRICS – Brazil, Russia, China, India, and South Africa – whose combined trade could constitute a potential bloc against Trump's America, some black sheep seems to be holding back. Whether India's quiet alignment with the Washington Trade Organization will benefit its 1.4 billion citizens remains uncertain. History, however, will not forget which side New Delhi chose.
