AGP Executive Report

Philippines Energy Investment: The Marcos administration is pushing the 901MW San Miguel Bay offshore wind project forward after talks with Copenhagen Infrastructure Partners, focusing on milestones and financing ahead of a green energy auction. Anti–Money Laundering Cooperation: Qatar’s QFIU signed an MoU with Canada’s FINTRAC to boost cross-border financial intelligence sharing as FATF meetings continue in Paris. Iraq Governance Scrutiny: A former Iraqi deputy finance minister is urging a review of decisions and spending under the al-Sudani government, as security forces carry out arrests tied to financial and administrative corruption cases. US Trade & Finance Policy: Treasury Secretary Scott Bessent unveiled a stricter “economic statecraft” framework linking foreign trade and financial dominance to national security. Nepal Tax & Fuel Outlook: Nepal’s House passed Finance Bill 2083 while Finance Minister Swarnim Wagle said education/health taxes will support marginalised groups and that fuel prices should ease as Middle East tensions cool. India Debt Market Warning: Deloitte says India’s debt market isn’t ready for the next growth phase, calling for reforms to improve liquidity, price discovery and investor participation. Africa Trade Finance Gap: Afreximbank puts Africa’s trade finance shortfall at about $74bn in 2025, with small firms hardest hit. Iraq Infrastructure Fund Plan: Iraq is discussing a US-linked Energy and Development Fund that could mobilise up to $400bn over 30 years for infrastructure and power projects.

UK Market Mood: Europe slipped as oil fell and investors digested hotter US inflation; London’s FTSE 100 edged down, while defensives gained and Sainsbury’s rose ahead of its Q1 update. Banking & Deals: XPS Group agreed to buy Austin Professional Resourcing for £3.3m cash plus £10m contingent on performance; Tate & Lyle and Moonpig drew broker attention as deal and earnings narratives shifted. Fraud & Consumer Protection: San Antonio ordered warning signs at all 193 Bitcoin ATMs after $39m in scam losses, while local US agencies flagged rising electronic fraud targeting older residents. Public Finance & Scrutiny: Ontario’s Finance Ministry spent $21.4m on “Protect Ontario” and affordability ads; Kenya’s Ndindi Nyoro apologized for missing the Finance Bill vote. Islamic Finance & Literacy: Bank Muamalat launched women-focused takaful and a digital faraid calculator to boost Shariah-compliant estate planning. Crypto & Policy: Pakistan urged emerging economies to shape tokenized-finance standards; Ripple’s Garlinghouse renewed the “financial engineering” debate around Bitcoin buying models. Corporate Finance: BitGo cut nearly 15% of staff as it pivots toward stablecoins, security, settlement and AI.

Middle East Recovery Finance: Lebanon’s Finance Minister Yassine Jaber toured South Lebanon after the ceasefire, assessing damage in Tyre and Nabatieh and pushing reconstruction plans—rubble clearing, telecom repairs, and options like prefabs and rental help to enable residents’ return. Capital Markets & Inclusion: Oman said its capital market raised over OMR7bn in financing from 2021–2025, while Deloitte warned India’s MSME credit access remains stuck at just 14% despite digital finance growth. Public Finance & Policy: Bulgaria’s Finance Minister called the 2026 state budget draft “realistic,” and Pakistan’s finance adviser said central government debt growth slowed to 5% in FY26, citing improved sustainability. Corporate/Market Moves: Info Edge named veteran CFO Himanshu Agarwal as its new finance chief; Geojit reiterated BUY calls on Bharti Airtel and DMart. Risk & Regulation: FATF flagged rising terrorist financing risks via social media and messaging platforms, and Saudi approved a law to manage seized and confiscated assets in money-laundering and terrorism cases. Personal Finance & Consumer Impact: Heathrow cut profit forecasts by nearly £150m as Middle East conflict hits travel demand; India also flagged July 1 changes for ITR deadlines, Aadhaar email updates, and SBI credit card reward tweaks.

Public Budgets: Some U.S. school districts are approving 2026-27 financial plans with tax increases as costs rise and revenue softens, while Rawlins, Wyoming weighs replacing aging police and maintenance vehicles to avoid service strain. Government Finance Oversight: Bangladesh formed a 12-member committee to tighten transparency over Hazrat Shahjalal shrine donation funds after controversy over locked collection boxes. Consumer Protection & Fraud: North Carolina bans third-party civil litigation financing, and a Minnesota op-ed urges Congress to pass the TRAPS Act to coordinate anti-scam enforcement. Royal Finances: King Charles became the first reigning monarch to publish his personal tax bill (£12.9m for 2024-25), drawing criticism from anti-monarchy campaigners. Digital Finance Infrastructure: Major UK banks back a reusable digital ID verification network for financial services, aiming to streamline identity checks for online transactions and account opening. Energy & Development Finance: The World Bank approved $60m for Sierra Leone to expand clean electricity access via solar home systems and mini-grids.

Visa & Student Funding: France raised the proof-of-funds requirement for non-EU students (including Moroccans) applying for long-stay study visas and residence permits, effective Aug. 1, lifting the monthly threshold to about €878 from €615 and indexing it to inflation. Public Money Oversight: Indonesia’s Finance Ministry plans nationwide teams to monitor its Free Nutritious Meals (MBG) program, with evaluations every two months to curb “vested interests.” AI vs Cybersecurity: Switzerland’s FINMA urged banks and regulators to adopt new tech fast as AI boosts cyber risks, including faster patching and safeguards for digital systems. EU Crypto Crackdown: Binance says it will stop serving EU customers after failing to secure a MiCA licence by June 30, with users told to withdraw funds. Terror Financing Sanctions: Nigeria’s central bank ordered banks to freeze accounts and assets tied to six individuals and four BDCs linked to terrorism financing. Portfolio Investing Tools: Google Finance exited beta with an AI-powered Android app and a redesigned portfolio tracker plus conversational research and briefings. Energy Finance: EBRD plans up to $170m for Egypt’s Nefer Minya solar-plus-storage project.

Corporate Earnings & Calls: Zoetis set an Aug. 6 webcast for its Q2 2026 results, with CEO Kristin Peck and CFO Wetteny Joseph taking questions. SME Lending: Kingsmen Capital expanded flexible financing for Canadian small businesses, adding options like asset-based and revenue-based lines of credit. Public Finance—Pakistan: President Asif Ali Zardari signed Finance Bill 2026-27, with the new act and tax/duty measures kicking in July 1. Business Reaction—Pakistan: Pakistan’s LCCI held a post-budget session on amendments in the Finance Bill 2026, urging coordination so revenue moves don’t choke growth. Debt Warning—Fiji: Fiji’s finance ministry warned the government to avoid new borrowing, saying fiscal space is nearly exhausted. Infrastructure Finance—Thailand: Thailand plans up to 200 billion baht to buy back Greater Bangkok electric rail concessions, funded via an infrastructure fund rather than public debt. Regulation—US Data Standards: The CFPB finalized joint technical standards for financial regulatory data reporting to improve interoperability. Fintech & Consumer Tools: Google launched a dedicated Android Google Finance app with AI “Key Moments,” aiming to explain stock moves in plain terms. Local Development Finance—US: Kentucky approved $62M in state TIF support for Louisville’s One Park project.

Housing Finance: New Zealand’s Labour is pushing a Crown guarantee to cut borrowing costs for community housing providers, building on the CHFA’s move from ~8.5% bank rates to ~4% fixed for 3–5 years, with claims it could boost the housing pipeline without extra taxpayer cost. Corporate & Public Finance: South Africa’s Auditor-General warns municipalities spent R1.61bn on consultants in 2024/25 while financial health deteriorated, with many consultant-supported statements still showing material misstatements. Fintech & Wealth Access: Malaysia’s TNG eWallet launches ASB Financing with CIMB, letting users make monthly commitments toward Amanah Saham Bumiputera via the app. AI in Finance Ops: Dash.fi rolls out an AI audit feature for ad, shipping and AI spend, aiming to flag overcharges and waste. Capital Markets & Deals: Enlight Renewable Energy secured debt financing for Arizona’s CO Bar solar-plus-storage complex (up to ~$3.0bn total investment). Funding Rounds: Lycia Therapeutics closes an oversubscribed $75m Series D to advance autoimmune drug candidates, while Alan raises €480m for prevention insurance. Risk & Compliance: India’s SEBI proposes expanding “celebrity” rules for financial ads to social influencers with 5 lakh+ followers. Geopolitics & Energy Costs: US-Iran talks and Strait of Hormuz reopening are tied to inflation pressure via energy prices.

Islamic Finance Push: Malaysia’s finance ministry says it’s working with the Securities Commission to build a broader Islamic finance ecosystem and attract investors, including an exploratory push aimed at Russia and Central Asia. Household Finance Pressure: Indonesia’s financial resilience is improving but still fragile, with only 14% of people reporting high financial security as living costs and family obligations weigh on long-term planning. Energy Transition Funding: DBS has provided a $210m senior facility for Singapore’s ETAFCo to back Asia’s clean-energy and grid projects under the FAST-P blended finance push. UK Graduate Pay Hit: The UK’s Institute for Fiscal Studies estimates around a quarter of graduates could be financially worse off after university, especially in creative and performing arts. USPS Cash Strain: The US Postal Service delayed retirement-plan payments to avoid an immediate cash crisis, but warns a deeper cash crunch is still coming between 2031 and 2035. Terror Finance Crackdown: Nigeria’s sanctions committee welcomed new US OFAC designations targeting ISIS-linked bureau de change firms and an individual. Cloud Cost Controls: IBM’s FinOps message: financial institutions are still overspending in newer, less-governed cloud areas like AI and migrated legacy systems. Superannuation Timing (Australia): A survey finds nearly half of Australians won’t top up super this financial year, citing affordability and low awareness of tax benefits. New Zealand Business Snapshot: Stats NZ’s annual enterprise survey shows total income down to $976b and operating surplus falling, while assets rose to $3.1t.

EIB Agriculture Financing: Moldova is set to negotiate €150m with the European Investment Bank for Livada Moldovei II, aiming to boost farm competitiveness, cut rural poverty, and align agri-food with EU standards. Household Pressure Watch (UK): Asda’s Income Tracker shows households have £258 per week left after essentials in May—slightly up year-on-year—but low earners still face big shortfalls as wages lag and costs bite. Romania Solar Project Finance: R.Power closed a €42m project finance facility for a 75MWp Romanian PV portfolio, adding to a 2GW pipeline and pushing financed capacity forward. Banking & Cash Management: CIBC was named Canada’s Best Overall Cash Management Bank by Global Finance, highlighting digital-first treasury and cash-flow solutions. AI in Health Funding (Zimbabwe): Zimbabwe’s finance minister says AI could reduce leakages and improve transparency in health financing, while noting skills gaps remain a hurdle. EU Budget Framework: Romania’s Economic and Social Council backs the EU’s new Multiannual Financial Framework as key to competitiveness, cohesion, and labour-market change. Climate Finance Push: Barbados and the OPEC Fund launched the V2V Compact to help climate-vulnerable countries access cheaper, more stable development and resilience funding. Digital Finance Regulation (UAE/Europe): A survey finds 83% of UAE investors use AI in finance decisions, while OpenPayd secured MiCA authorization to expand regulated stablecoin infrastructure across Europe. Private Credit Spotlight: A Berlin summit piece argues private credit is becoming central to infrastructure finance, with regulators increasingly focused on opacity and resilience. Auto Insurance Relief (US): COUNTRY Financial cut auto rates in 11 states, with reductions up to 10% in Colorado. Bangladesh Banking Support: The World Bank approved $450m to strengthen Bangladesh’s banking sector, including deposit protection and bank resolution capacity. US Counter-Terror Finance: The US announced new designations targeting ISIS-linked financiers across Europe, the Middle East, and West Africa.

Regulatory Watch: Australia’s ASIC flagged car finance providers over third-party distributor oversight, sales practices and weak monitoring of borrower outcomes after reviewing 350,000+ loans, warning that responsibility for consumer harm can’t be outsourced. Public Finance: Kenya’s President William Ruto signed the Finance Bill 2026 into law, unlocking a Sh4.8tn budget and setting education, health and agriculture priorities while pushing tax compliance and closing loopholes. Housing Finance: North Carolina’s NC Housing Finance Agency raised income and sales price limits for first-time and move-up buyers under its affordable mortgage programs, aiming to widen access. Fraud & Enforcement: A Chicago “Mr. Finance” businessman faces a Ponzi-scheme lawsuit alleging retirement-account liquidations and high-interest loan pitches that left victims out hundreds of thousands; separately, the U.S. designated Nigerian-linked ISIS financial facilitators and froze assets. Household Pressure: Michigan will forgive $74m in medical debt for 71,871 residents, continuing its broader relief push. Corporate & Markets: Micron struck a strategic memory and storage supply deal with Anthropic and invested in its Series H as the AI firm prepares for an IPO.

Public Finance Watch: Liberia’s finance minister tied budget expansion to decentralization and stronger public financial management, arguing results must be judged against tough starting conditions. Local Governance & Controls: Nepal police arrested former finance minister Bishnu Paudel in a money-laundering probe amid broader anti-corruption pressure. Banking & Compliance: HKMA set AI expectations for banks’ financial crime controls, signaling tighter supervision over AI-driven risk work. Trade & Risk Tech: Research says tariff volatility is pushing firms to expand Foreign-Trade Zones, but fragmented FTZ software is driving failed audits and financial losses. AI in Finance Ops: Emagia launched the Gia Inbox Agent to automate finance email triage across order-to-cash and beyond. Digital Payments Spotlight: Queen Máxima reviewed India’s UPI and AI-driven fraud and lending tools, highlighting real-time inclusion gains. Corporate Moves: Provident Bank appointed Adriano Duarte as CFO; Square Yards raised $95m ahead of an IPO push. Workplace & Culture: A Businessolver study links toxic cultures to faster financial growth for CXOs, while employee reports of toxicity and intimidation keep rising.

Monetary Outlook: Bank of America says the Fed under Kevin Warsh will hike rates three times this year and won’t cut until 2028, citing sticky inflation. Central Banking: Brazil’s central bank raised its 2026 Selic forecast to 14% as inflation expectations climbed. Crypto Security: Q2 2026 logged crypto’s worst-ever hacking quarter, with 80+ exploits and about $775M stolen, led by KelpDAO and Drift. Payments & Crypto Rails: MoneyGram joined Solana as a validator to expand on-chain payments, while Mollie rolled out across the EEA and committed €350M to scale cross-border services. Corporate Finance: Best Buy CFO Matt Bilunas will step down July 31; Air Canada ratified new finance and clerical labor contracts. Banking & Compliance: OFAC sanctioned ISIS facilitators across Europe, the Middle East and West Africa; Halifax’s auditor flagged mayor’s office procurement violations and RCMP is investigating. Energy Project Finance: OCI Energy closed ~$130M tax equity for a Texas battery storage project. Personal Finance & Fraud: Bangladesh Bank will liquidate five bankrupt NBFIs and refund small depositors up to Tk 10 lakh.

UK Politics & Markets: Keir Starmer resigned as PM, triggering a leadership race and renewed investor focus on Labour’s fiscal direction; sterling and gilt yields moved on the uncertainty. Royal Finance Transparency: King Charles will publish his personal tax bill for 2024-25, a first for a UK monarch, as scrutiny of royal finances continues. Banking Regulation: India’s RBI imposed a ₹12 lakh penalty on Can Fin Homes and two NBFCs for compliance lapses, while another cooperative bank faced a ₹3 lakh penalty after NABARD inspection findings. Credit Crunch for SMEs: Kenya’s MSMEs face a Sh3.3 trillion credit gap, with banks lending only about Sh700 billion versus the sector’s estimated Sh4 trillion need. Climate Finance Pressure: Moody’s warned India’s fragmented water governance could strain public finances as demand rises and infrastructure ages. Corporate/Deal News: Avendus elevated Karan Sharma to head investment banking; Ligand plans a $550m convertible notes offering; SEBI approved simplified securities transmission rules for heirs. Tech & Finance: ESMA published its register of external reviewers for EU green bonds, tightening oversight under the EuGB rules. Financial Inclusion: Sri Lanka’s Seylan Bank launched “Seylan Athwela” concessionary agri financing at 5% interest.

Kenya Finance Bill push: Siaya Gov. James Orengo urged President Ruto to reconsider assenting to Finance Bill 2026, arguing MPs “voted with their feet” by skipping the key vote, while Ruto is set to sign the bill—raising fresh questions on tax timing and parliamentary legitimacy. Crypto tax reform: The US Senate Finance Committee is making bipartisan progress on digital asset tax clarity, but is waiting for the House to act first on reporting and staking/mining rules. Emerging-market funding: Pakistan plans a major pivot toward more market borrowing in FY26-27, targeting about $4.5bn via bonds and foreign commercial loans to cut reliance on bilateral lenders. China-linked capital: Hong Kong will expand measures to boost offshore yuan trading next month, as Brazil’s finance minister reportedly heads to China to advance panda bond issuance. Financial crime & scams: Philippines police launched a follow-up manhunt for alleged scam hub masterminds and financiers in Muntinlupa after arrests tied to offshore gaming operations. Regulation & transparency: RBI overhauled India’s Lead Bank Scheme to tighten accountability and improve priority lending and inclusion. Corporate finance watch: NHB is probing Aavas Financiers over loan classification irregularities, triggering leadership churn. Personal finance strain: KiwiSaver hardship withdrawals are surging, and Public Trust rolled out a faster online system to process claims.

Crypto & Institutions: Japan’s National Business Enterprise Pension Fund says it will allocate about 1% of assets to crypto via a passive basket starting FY2026, a move seen as another step toward mainstream pension exposure. Public Finance Reform: Bangladesh’s finance minister says the government will overhaul public finance architecture to cut debt pressure, shifting toward market-based financing as bank borrowing costs stay high. FATF Watch: Namibia is removed from the FATF grey list after reforms to strengthen anti–money laundering and counter-terror financing, while FATF also adds Iraq and Bosnia & Herzegovina. Banking Stress: Sierra Leone’s central bank details why Union Trust Bank was liquidated, citing years of weak capital and failure to meet prudential requirements. SME Credit Push: Malaysia’s TEKUN Nasional targets approvals under RM20,000 within 24 hours and launches a one-stop portal to speed applications. Energy Transition Funding: Tenaga Nasional’s 2026 sukuk (RM2.5bn total) for solar and hydro was oversubscribed, signaling strong investor appetite for bankable renewables. Tech IPOs: OpenAI and Anthropic both filed for U.S. IPOs, setting up a major AI listing showdown. Markets Macro: QNB flags rising sovereign yields in advanced economies as inflation, policy-rate repricing, and fiscal borrowing needs reshape bond pricing. Crypto Markets Risk: Brazil’s crypto market tops $318bn in on-chain value over a year, but Chainalysis warns of growing local money-laundering risks. Policy/Politics: Kenya’s Finance Bill 2026 vote sparks backlash over MP Ndindi Nyoro’s absence, reigniting debate over tax governance. Infrastructure Finance (Asia): South Korea’s Eximbank and KIND plan to expand financing and PPP-style projects in Uzbekistan, including major airport and smart-city initiatives. Personal Finance/Planning: Retirement planning coverage highlights the need for structured income approaches beyond simple rules of thumb.

UK Regulation Watch: Britain’s FCA is cutting back “deep-dive” secret probes into financial firms, with skilled-person investigations falling to 31 in the year to March—raising fresh debate over whether regulation is getting too light as ministers push for growth. Public Finance Pressure: UK borrowing jumped to £23.3bn in May, pushing total borrowing to £46.3bn so far this fiscal year and putting fiscal-rule compliance under strain. Royal Tax Transparency: King Charles will become the first head of state to reveal his personal tax bill, aiming to boost clarity around royal finances. Parliament & Tax Politics (Kenya): Kiharu MP Ndindi Nyoro admitted missing the Finance Bill 2026 vote and accepted criticism, as lawmakers’ turnout was low. Islamic Finance Numbers: ITFC reported $9.35bn in 2025 trade-finance approvals, while ICIEC and ATFP deepened their Islamic insurance partnership. Crypto/Markets: Wall Street’s push toward blockchain “plumbing” continues, with stablecoin settlement and tokenized deposits moving from pilots toward broader rollout plans. Local Finance (US): Lodi, California faces a projected general-fund deficit by 2030 as reserves are depleted. Fraud & Controls: A prosecutor is investigating Portneuf Valley Soccer Club after a forensic review found over $100,000 unaccounted for.