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Indonesia's central bank, Bank Indonesia, has defended its Quick Response Code Indonesia Standard (QRIS) against U.S. criticism, asserting it aligns with global standards and promotes financial inclusion. Despite concerns raised in the U.S. National Trade Estimate Report, QRIS has become integral to regional payment integration, facilitating cross-border transactions and reflecting a shift towards digital payment systems in Southeast Asia. With significant user adoption and merchant participation, QRIS aims to enhance Indonesia's role in international payment networks while navigating pressures from established global payment providers.
Indonesia's senior economic minister, Airlangga Hartarto, emphasized the nation's commitment to fair trade during tariff negotiations with the U.S., proposing to increase imports by up to $19 billion in goods like wheat and liquefied petroleum gas. This cooperative approach contrasts with other nations' retaliatory measures, as Indonesia aims to mitigate potential economic growth losses of 0.3-0.5 percentage points due to U.S. tariffs. The discussions encompass energy supply, market access, and regulatory harmonization, reflecting Indonesia's strategic focus on diplomacy and economic opportunity amidst tariff pressures.
UBS has upgraded its outlook on India and Indonesia, citing their status as safer, locally driven emerging markets amid global trade tensions. Indonesia is now rated "overweight" due to attractive stock valuations and local support, while India remains "neutral" due to stable earnings but concerns over recent downgrades and policy uncertainty. The bank has downgraded South Africa and Hong Kong to "neutral," emphasizing a cautious approach focused on defensive and domestic themes in emerging markets.
Saudia Group has secured an agreement with Airbus for up to 20 A330neo jets, including 10 firm orders for its low-cost subsidiary, flyadeal, with deliveries set between 2027 and 2029. This order follows a previous commitment for 105 A320neo family aircraft and supports Saudi Arabia's Vision 2030 by enabling flyadeal to enter long-haul operations to Southeast Asia. The A330neo, powered by Rolls-Royce Trent 7000 engines, can fly up to 7,200 nautical miles, enhancing Saudia Group's fleet of 194 aircraft and its global reach.
UBS has upgraded India's status to 'Neutral' from 'Underweight' in its emerging markets equity strategy, favoring a defensive, domestically-oriented approach amid trade uncertainties. Despite India's strong domestic focus and robust earnings, UBS prefers China due to concerns over weak corporate performance, uncertainty in the reform agenda, challenges in global supply chain positioning, and high valuation levels compared to regional alternatives.
UBS has upgraded India to 'Neutral' but prefers China due to better risk-reward dynamics, citing China's defensiveness, lower valuations, and potential stimulus benefits. While India shows positives like high domestic focus and EPS resilience, concerns over stock market fundamentals and high valuations persist. UBS is shifting its portfolio towards domestic and defensive markets, emphasizing sectors that historically withstand economic downturns.
UBS has upgraded its rating on Indian equities to "neutral" from "underweight," citing India's strong domestic focus and resilience in earnings, particularly benefiting from lower oil prices. However, the firm refrains from an "overweight" upgrade due to lackluster stock fundamentals and uncertainty regarding government growth initiatives. UBS continues to favor China for better risk-reward dynamics, highlighting its defensiveness and potential upside from stimulus.
Zus Coffee plans to open nearly 200 new stores in Southeast Asia by 2025, including 107 in Malaysia, 80 in the Philippines, and its first locations in Thailand and Indonesia. The chain has surpassed Starbucks as Malaysia’s largest coffee operator, capitalizing on Starbucks' recent decline due to geopolitical tensions affecting its local operator.With a technology-driven model, Zus Coffee reported a threefold increase in net income to 37 million ringgit (US$8.4 million) in 2024, with 70% of sales from online orders. Their strategy of localizing flavors and reducing operational costs allows them to offer products over 20% cheaper than Starbucks, effectively creating a new market segment in Malaysia.
UBS has upgraded India's market rating to 'Neutral' from 'Underweight' while maintaining a preference for China, citing India's strong domestic focus and earnings resilience. However, concerns over lackluster corporate earnings, policy ambiguity, trade negotiations, and high valuations prevent a more favorable rating. In contrast, China and Indonesia are seen as more attractive due to better fundamentals and lower valuations.
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