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Zawya
07-05-2025
- Business
- Zawya
Muscat rises to 87th in IMD Smart City Index
Muscat – Muscat has improved its standing in the global IMD Smart City Index, rising to 87th place out of 142 cities ranked worldwide in the 2025 edition. Muscat was ranked 88th in 2024 and 96th in 2023. The index, developed by World Competitiveness Center (WCC) of IMD Business School, assesses cities on how they balance economic and technological development with quality of life indicators such as housing, healthcare, mobility, governance and inclusiveness. Muscat's overall performance earned it a 'B' grade, with strong scores in areas such as access to green spaces, public safety, online access to services and healthcare provision. However, the survey highlighted housing affordability as the leading concern among residents. More than 60% of respondents in Muscat identified affordable housing and unemployment as the top priorities for the city's future development, reflecting a global trend where housing emerged as the dominant issue in 110 out of 146 cities surveyed. The survey noted that access to affordable housing has become a global challenge, driven by rising prices and supply shortages, a situation impacting cities as diverse as Dublin, Vancouver and Dubai. Commenting on the broader findings, Arturo Bris, Director of WCC, said, 'Access to housing is a global issue, driven by three major factors – population moves and immigration reducing the supply of affordable housing, overall price increases, and increasing prices of certain commodities.' Muscat also scored positively in public safety, basic sanitation services and air quality, with residents expressing satisfaction in these areas. The city's initiatives in digital governance – including online public services and platforms for civic engagement – were highlighted as contributors to improved trust in local authorities. Globally, Zurich topped the 2025 Smart City Index, followed by Oslo and Geneva. Within the region, Dubai (4th) and Abu Dhabi (5th) both entered the top ten for the first time, reflecting their progress in healthcare, public spaces and environmental management. Jeddah is ranked 27th, Doha 33rd, Manama 36th and Mecca 39th. Experts noted that sustaining growth requires addressing urban challenges through strategic planning. 'Smart cities succeed when they prioritise liveability, sustainability and governance, using technology as a tool to empower residents,' said Christos Cabolis, Chief Economist at WCC. The IMD survey emphasised the fact that there is no 'one-size-fits-all' formula for becoming a smart city. Instead, success depends on building strong foundations of quality basic services, leveraging technology to address local needs and ensuring inclusive growth. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Muscat Daily
06-05-2025
- Business
- Muscat Daily
Muscat rises to 87th in IMD Smart City Index
Muscat – Muscat has improved its standing in the global IMD Smart City Index, rising to 87th place out of 142 cities ranked worldwide in the 2025 edition. Muscat was ranked 88th in 2024 and 96th in 2023. The index, developed by World Competitiveness Center (WCC) of IMD Business School, assesses cities on how they balance economic and technological development with quality of life indicators such as housing, healthcare, mobility, governance and inclusiveness. Muscat's overall performance earned it a 'B' grade, with strong scores in areas such as access to green spaces, public safety, online access to services and healthcare provision. However, the survey highlighted housing affordability as the leading concern among residents. More than 60% of respondents in Muscat identified affordable housing and unemployment as the top priorities for the city's future development, reflecting a global trend where housing emerged as the dominant issue in 110 out of 146 cities surveyed. The survey noted that access to affordable housing has become a global challenge, driven by rising prices and supply shortages, a situation impacting cities as diverse as Dublin, Vancouver and Dubai. Commenting on the broader findings, Arturo Bris, Director of WCC, said, 'Access to housing is a global issue, driven by three major factors – population moves and immigration reducing the supply of affordable housing, overall price increases, and increasing prices of certain commodities.' Muscat also scored positively in public safety, basic sanitation services and air quality, with residents expressing satisfaction in these areas. The city's initiatives in digital governance – including online public services and platforms for civic engagement – were highlighted as contributors to improved trust in local authorities. Globally, Zurich topped the 2025 Smart City Index, followed by Oslo and Geneva. Within the region, Dubai (4th) and Abu Dhabi (5th) both entered the top ten for the first time, reflecting their progress in healthcare, public spaces and environmental management. Jeddah is ranked 27th, Doha 33rd, Manama 36th and Mecca 39th. Experts noted that sustaining growth requires addressing urban challenges through strategic planning. 'Smart cities succeed when they prioritise liveability, sustainability and governance, using technology as a tool to empower residents,' said Christos Cabolis, Chief Economist at WCC. The IMD survey emphasised the fact that there is no 'one-size-fits-all' formula for becoming a smart city. Instead, success depends on building strong foundations of quality basic services, leveraging technology to address local needs and ensuring inclusive growth.
Indian Express
26-04-2025
- Business
- Indian Express
India could have its ‘Latin America moment' amid ongoing US–China trade war, says Richard Baldwin
Drawing a parallel with post-World War Latin America, which had very little manufacturing but began industrialising as Britain — then the global manufacturing powerhouse — weakened, RICHARD BALDWIN, Professor of International Economics at IMD Business School, said in an interview with RAVI DUTTA MISHRA that middle powers like India could similarly secure a foothold in global supply chains amid the ongoing US-China trade war. Baldwin suggested that India should, on the one hand, use WTO compliant measures to curb dumping of Chinese goods into its borders — an inevitable consequence of the trade war — and, on the other, pursue more trade agreements, as the US accounts for only 15 per cent of global imports, leaving 85 per cent of the global market still open for Indian goods where trade liberalisation will benefit trade. Edited excerpts: Trade deals are increasingly being negotiated along geo-political lines. The US is in talks with India, Japan, South Korea, and China is reaching out to Vietnam and Cambodia. How are you reading this? This is all about the strategic competition between the US and China. In the US, globalisation and automation have hit the middle class, and the middle class is now angry, having elected a populist who happens to favour protectionism. The entire American elite blames foreigners. But this is not a new story and it is going to persist because the middle-class fury in the US will continue — these tariffs will not fix it. That's the first thing. The second is that China has changed its role in the world over these 20 years, becoming a manufacturing superpower that has threatened the manufacturing base everywhere. The US is reacting strongly, but even Japan, Korea, and the EU are responding to China's quick rise. China has also become more aggressive in the South China Sea, for example, with its military bases and confrontations with the Philippine Navy. So both the US and China have changed the way they deal with the world, and the rest of the world must adapt. Where do you see India in the global trade war? If high tariffs on China stay, it's advantageous for large emerging markets because China was a big competitor and has been hobbled. Companies will diversify into India to manage risk. However, note that the April 2 tariffs did not apply to pharmaceuticals and electronics. So perhaps the two sectors where India could have benefited most from China being hindered in the US have been exempted. Thus, the advantage India might have gained from the April 2 tariffs is modest — but this could change. From a geo-economic perspective, anything that is bad for China is good for India. Having this kind of trade war, where both the US and China are disrupting supply chains, helps other countries get a foot in the door. Let me give you an analogy. In the 19th century, Latin America had very little manufacturing because British dominance in manufacturing effectively de-industrialised much of the world, including India. Britain was so powerful that it prevented many regions from developing their own industries. However, World Wars I and II disrupted global sea trade and opened the door for Latin America to start industrialising. War disruptions can help secondary producers find opportunities. Similarly, when it comes to global value chains today, companies are now looking to diversify out of China, and India is one of the destinations they are considering. How should India tackle dumping while making use of opportunities for free trade agreements at the same time? You do both — and you are doing both. Imposing tariffs against dumped goods is entirely WTO-consistent, and all countries do it routinely. It is almost inevitable that China will dump manufactured goods globally, leading to cascading tariffs, as seen in the case of steel. When the US raises tariffs, Europe follows, and the same is happening now more broadly with manufactured goods. This cascade leads to selective tariff increases, mostly against China. Then there is the domino effect — you tend to sign trade agreements with major partners. As the US and China close off with tariff wars, third countries become closer trading partners. For instance, the EU is increasingly interested in signing agreements with India. Thus, more bilateral anti-dumping duties combined with more bilateral free trade agreements is the right path. Remember, the US accounts for less than 15 per cent of world imports — 85 per cent of the global market remains accessible. Maintaining access through smart FTAs while managing dumping risks is crucial. A section of policymakers believes the China-led RCEP is good for India, while others think FTAs with Western countries make more sense. From a geo-economic perspective, what's the right balance? The US–China trade war hasn't fundamentally changed India's political calculus on Regional Comprehensive Economic Partnership (RCEP) or other trade alliances. India previously assumed that the US would broadly support it against China. That assumption is now less reliable. Under Trump, the US appears less interested in being a dependable ally. Thus, the Regional Comprehensive Economic Partnership may now seem geopolitically less risky than before. However, fundamentally, these are political-economic choices. The bigger picture hasn't shifted dramatically due to the US–China rivalry. The priority should be managing dumping risks, signing smart FTAs, and committing to a rules-based system. Whether India joins RCEP or leans West is a secondary calculation.
South China Morning Post
19-03-2025
- Business
- South China Morning Post
Lee Shau-kee leaves behind his legacy with a smooth succession at Henderson
When Lee Shau-kee 's two sons, Peter Lee Ka-kit and Martin Lee Ka-shing, took over the reins of a multibillion-dollar business empire in 2019, the event was remarkable for being uneventful. Advertisement Before the elder Lee formally stepped down in May that year, Henderson Land Development , which directly or indirectly controls six listed units in Hong Kong, had announced months earlier the appointment of his two sons as joint chairmen and managing directors. This ensured the transition was less disruptive as the changes had been clearly telegraphed, giving the market enough time to digest the leadership reshuffle. The elder Lee, who died on Monday at the age of 97, has left behind a group that he founded with a combined market value of HK$551 billion (US$71 billion). 'Family business successions are never easy, but we must remember that we are more likely to see [succession] failures in the news,' said Marleen Dieleman, who leads research at the IMD Business School in Singapore. 'Uneventful and smooth successions are common too, but are less talked about.' Peter Lee Ka-kit, the elder son of Lee Shau-kee, pictured in October 2024. Photo: Dickson Lee From the get-go, the demarcation between the brothers was clear. Lee announced that Peter, the older of the two, would be responsible for Henderson's business in mainland China, while Martin would take care of the Hong Kong affairs.
Observer
22-02-2025
- Business
- Observer
How Trump's tariffs could reorder Asia trade
HONG KONG — As President Donald Trump uses tariffs as a weapon in his quest to even the score on trade with the world, Asia is emerging as target No. 1. And it's not just because of China. Asia is home to seven countries that run the biggest trade surpluses with the United States, Trump's go-to yardstick. It has some of the biggest exporters of goods that Trump promised to tax, like Japanese and South Korean cars, Taiwanese chips and Indian drugs. Many of the region's countries have become top destinations for Chinese goods and investment, evidence that Trump cites to accuse China of using a backdoor into the U.S. market. Trump's plan to upend the rules of world trade could hurt Asia because the region relies so much on the global economy. But it will also scramble supply chains and trade flows that are already undergoing change as companies have sought alternatives to China as the source of their goods. The result could be a domino effect of protectionism, with countries turning inward and raising tariffs in response to U.S. trade barriers, experts said. The upheaval could also generate a new cast of regional alliances and ultimately a reduction in the importance of the United States in trade with Asia. 'There is a risk that the U.S. really overplays its leverage,' said Simon Evenett, a professor at IMD Business School in Switzerland. 'The U.S. market is still the biggest in the world, but proportionally, it is lower than it was 20 years ago.' Since taking office a month ago, Trump has enacted a 10% tariff on imports from China and is poised in coming weeks to add wider import taxes of 25% or higher on cars, steel and aluminum, semiconductors, pharmaceuticals and lumber. He is also holding tariffs over Mexico and Canada, both of which have been stitched into U.S. trade for decades by treaties, most recently by one signed by Trump in his first term. Most strikingly, Trump has also promised 'reciprocal tariffs,' which typically refer to one-for-one taxes on individual countries. He has said he will also base those tariffs on other factors that he says hurt the United States, such as a country's currency exchange rates, tax policies and domestic subsidies to business. The damage, economists warn, would be severe. Tariffs that have been announced on autos, semiconductors, energy and pharmaceuticals account for a quarter of the total exports from Asia, according to Morgan Stanley. Economic growth in the region will slow to 3.7% this year from 4% last year, according to Moody's. The outcome of Trump's threat of 'reciprocal tariffs' is less certain, because his proposal is potentially so far-reaching and depends on which misdemeanors the administration chooses to home in on for any particular country. The United States last year placed China, Japan, South Korea, Singapore, Taiwan and Vietnam on a watch list of countries believed to be manipulating their currencies, typically by keeping them low to bolster their exports at the expense of the United States, which last year imported a record $1.2 trillion more than it exported. Indonesia, Japan and Malaysia have tariffs on imported goods in certain sectors that are higher than U.S. tariffs on those same goods. When it comes to Chinese investment in another Asian country, Vietnam sticks out. It has been one of the world's biggest beneficiaries of factories moving out of China in recent years. Some countries are responding by trying to soften the blow and, in some cases, lay the groundwork for deals with Washington. Vietnam has floated the possibility of importing more U.S. soybeans and other agricultural products. India has cut its tariffs on bourbon. In South Korea, the government pledged $249.3 billion of trade financing to help its exporters that are hit by tariffs. In the background is the constant threat of a new tariff from Trump — keeping governments, companies and experts on edge and potentially paralyzing global commerce. Markets have lurched up and down. Wall Street banks have diverted teams to run different tariff scenarios, spit out figures and quantify future risks. Economists are pulling their hair out; one likened the uncertainty to the early days of the global financial crisis, when policymakers would wake to find that Washington had made major decisions like financial bailouts overnight. As if these pressures were not enough, many Southeast Asian countries are contending with the fallout of a bruising, yearslong trade war between the United States and China that has shut out much of the U.S. market for Chinese goods, resulting in Chinese goods flooding into other markets. From Thailand to Indonesia, thousands of factories and firms have been put out of business by Chinese competitors. Some countries have responded with tariffs aimed at stemming the flood of goods from China. 'Now we have the biggest rival in our backyard, and we have to worry about what are the reciprocal measures that are coming from the United States,' said Priyanka Kishore, an economist in Singapore and the founder of Asia Decoded, a consulting firm. But the presence of cheap Chinese goods can also help Southeast Asian businesses reduce their costs while providing an option for cheaper components than are available locally. Along the way, Chinese factories are setting up supply chains, hiring local employees and paying taxes in those countries. The risk is that Chinese companies end up dominating industries like Thailand's electric vehicle sector. Countries like Malaysia, Thailand and Vietnam, which have signed trade agreements with multiple countries, might even benefit from having Chinese companies move in to set up manufacturing bases, said Manu Bhaskaran, a partner at Centennial Group, a policy advisory group. It could risk the ire of Trump, who has railed against countries that are serving as a backdoor into the United States, but these concerns are overblown, he said. 'If it is the case that a Chinese producer brings goods into a warehouse in Vietnam and then changes the labels, that is blatant bypassing of trade rules,' said Bhaskaran, who is based in Singapore. On the other hand, he added, a company from China that opens a factory in a country like Vietnam and buys a large chunk of its goods locally is not typically seen as 'bypassing tariffs.' Some clear winners are emerging from the existing realignments of trade. A recent economic trade zone established between Singapore and Malaysia has attracted both U.S. and Chinese companies that can no longer manufacture in China because of tariffs. But if other countries choose to turn inward as Trump is doing with the United States, throwing up trade barriers and tariffs, things will get more complicated. 'In Asia, we're seeing supply chains becoming more regional,' said Albert Park, chief economist for the Asian Development Bank in Manila, Philippines. 'So if countries in the region stay open to trade and investment amongst themselves, then that's a measure of safety or protection.' These countries are growing the fastest and account for a much larger share of the global economy than before, he added. 'You may just see more focus on investments catering to those markets, because they're more stable.' This article originally appeared in
