Finance Desk

Gilly Wright, Global Finance’s Transaction Banking Editor, talks to Melvyn Low, Group Chief Strategy and Transformation Officer & Head of Global Transaction Banking at OCBC, about how ASEAN region businesses are optimizing cash management strategies to stay competitive.

Solutions that are convenient and quick to implement are essential for businesses that need to collect payments more easily and receive real-time notifications. Further, the ever-faster application of QR codes requires merchants to keep up with expectations among customers that use payments through this channel.

Addressing these demands, OCBC OneCollect is a digital solution for merchants that enables them to accept QR-code payments via mobile, rather than requiring a physical point-of-sale terminal. Real-time notifications are then sent when payments are successful.

“We are helping our clients navigate that landscape to collect and pay better,” explained Low.

Bridging the cross-border gap

OCBC OneCollect has expanded across Southeast Asia, with unique features and capabilities available in Singapore, Malaysia and Indonesia in line with the needs and preferences of the local markets. This makes the solution suited to cross-border payments, too. For example, the PayNow QR in Malaysia can be used by Singaporeans, and vice versa.

“The regional objectives of cash management haven’t changed,” explained Low. “It’s all about visibility, mobility and optimisation of payments and cash balances.”

Notably, OCBC’s approach has been to help clients expand regionally by enabling them to see their account balances everywhere they operate. “Our e-banking platform offers a consistent view of account balances, regardless of the market,” he added.

Counting on greater connectivity

The adoption of digital tools more generally is becoming commonplace for businesses in Asia.

In turn, as they put their products and services online and make them accessible via apps, they need application programming interface (API) connectivity.

“We see three times more requests for APIs than host-to-host with the Asian clients we deal with. One of the things we’ve done to help regionalisation is create regional connectivity through a single node in Singapore, to collect the APIs and then distribute to the countries for payments for our customers. We’ve also developed a similar node in China because clients would prefer to connect onshore and then have the payment instructions distributed across Southeast Asia.”

An innovative approach

Other areas undergoing modernisation in Southeast Asia are liquidity management and account rationalisation. Given the importance of liquidity management for corporates across the region, OCBC is offering bespoke sweeping solutions in Southeast Asia and Greater China – in the form of both domestic and cross-border sweeps.

“Customers are no longer keen to open multiple bank accounts,”

Melvyn Low, Group Chief Strategy and Transformation Officer & Head of Global Transaction Banking, OCBC

OCBC, therefore, has rolled out a virtual account solution to offer ‘receive on behalf’ and ‘pay on behalf’ services to support some businesses, especially those wanting to split their funds. This also has benefits for liquidity: by only using one main account, a company can optimise its funds.

Another step forward for OCBC in Asia is its innovative approach to helping clients address anti-money laundering and sanction-screening hurdles when accessing real-time payment rails in domestic markets where they do business. “We’ve built a new way of making payments, with API in and instant payment out, so we can meet the various regulatory requirements for regional corporates,” explained Low.

More recently, OCBC also made its foray into commercialising blockchain technology in payments. The bank is working with a government entity that has many infrastructure projects to manage these through conditional payments.

“We made a tokenised deposit and wrapped it with the smart contracts they need for conditions to be met,” said Low, pointing to this first-in-market solution. “They can issue these tokens to their main contractors and subcontractors for ongoing payments in the project, which will be transformational for the way the construction industry manages payments.”

Keeping up with digital demand

The proliferation of digital solutions will likely continue to have a profound effect on cash management throughout Southeast Asia.

Low points to passage of the GENIUS Act in the U.S. as a clear regulatory framework for U.S. dollar-backed payment stablecoin issuers that can help stablecoin payment companies, traditional financial institutions and consumers navigate stablecoins with more clarity. “We anticipate stablecoins and tokenised deposits in U.S. dollars will start to come to the market.”

Two main impacts are foreseen by Low: Firstly, in supply chains as large western multinationals work with suppliers in Southeast Asia. And secondly, via the potential use of retail tokens in the region.

The key is to create a standardised way to manage regulated stablecoins and tokenised deposits within the Southeast Asian banking framework so that businesses and retail investors alike can accept and receive these tokens.

Low also expects the use of alternate currencies beyond U.S. dollars for trade transactions, such as the international processing centre for e-CNY in Shanghai, will be transformational for Asia.

Published on 10/12/2025 – 12:08 GMT+1
•Updated
12:11

Silver prices continued to rise on Wednesday, hovering at around $62 per ounce after trading at roughly $50 in late November. That represents a significant jump from the metal’s average price of around $30 at the beginning of the year.

The price jump follows news that the US administration is interviewing final candidates to replace current Federal Reserve chair Jerome Powell. Investors are also expecting the Fed to cut its benchmark rate after its meeting later on Wednesday.

The top three candidates for the chair job, and in particular the reported frontrunner Kevin Hassett, the director of Donald Trump’s National Economic Council, are expected to implement more aggressive rate cuts — while Powell has overseen a slower pace of easing.

Since January, the Fed under Powell has cut rates in two quarter-point increments, once in September and once in October.

This steady easing has pushed down returns on interest-bearing assets, increasing the attractiveness of silver as an investor alternative.

Silver, like gold, pays no interest or dividends, so it tends to fall out of favour when US interest rates are high and investors can earn more attractive returns on cash and bonds.

The metal’s value has roughly doubled this year, even surpassing gold’s 60% increase — which brought bullion to record highs.

At the same time, traders are also seeking clarity on whether the US will impose tariffs on silver.

In early November, the US government added the metal to its 2025 Critical Minerals List, a designation normally reserved for materials seen as strategically important to the economy and national security.

That new status also puts silver within the scope of possible Section 232 investigations, the same legal tool previously used to justify tariffs on steel and aluminium.

Section 232 investigations allow the US government to apply tariffs, import quotas, or other limits on products believed to create an overreliance on sources outside the country, harming national security interests.

For now, no such probe has been launched and no tariffs have been announced. Even so, the prospect alone is enough to make traders nervous, since any future duties on imported silver could disrupt trade flows and push up costs for manufacturers. Such expectations have prompted an increase in silver stockpiling.

Increased demand from certain manufacturers is pushing prices up further. Silver is a key material in the production of electric vehicles and solar panels, and industrial demand accounts for more than half of total silver consumption.

Published on 09/12/2025 – 16:37 GMT+1
•Updated
16:38

The European Commission confirmed to Euronews on Tuesday that draft legislation introducing a “buy European” approach to the single market has been delayed until January 2026.

Divisions among member states over imposing a “European preference” on non-European Union countries have prompted Commission vice president Stéphane Séjourné to postpone the proposal.

With competitors such as China and the United States putting pressure on EU industries, France launched the idea a few years ago to steer major contracts toward European industrial and tech champions, and it has since gained traction. But some governments remain concerned about its impact on EU businesses.

The issue was discussed on Monday at a meeting of industry ministers in Brussels. According to a document seen by Euronews, a group of nine countries – including Czechia, Estonia, Finland, Ireland, Latvia, Malta, Portugal, Sweden and Slovakia – warned that the plan could have “consequences for effective competition, price and quality levels, and effects on businesses”.

Poland and the Netherlands also supported calls for an impact assessment.

“‘European preference’ criteria should be used only when other instruments have been carefully analysed and proved insufficient,” the document said, adding: “When used, the potential rules on European Preference need to focus on carefully defined strategic sectors, where the EU has a high-risk strategic dependency.”

A European preference for strategic sectors

According to an agenda seen by Euronews, the Commission’s proposal has now been rescheduled for 28 January 2026.

“We don’t want to apply European preference across the board,” the French delegate industry Sébastien Martin said, adding that it was nevertheless “essential to make progress” in sectors such as cars, chemicals, steel or pharmaceuticals.

Germany appeared aligned with France, questioning whether strategic vulnerabilities, monopolies held by non-EU countries, or advantages fuelled by subsidies – such as in China – might justify a European preference.

Imports of Chinese goods into the EU continue to raise concerns. The latest Chinese customs data show flows to the EU as a whole rising over the past year by 14.8%. That figure was 15.5% in Germany, 17.5% in France and 25.4% in Italy.

Published on
09/12/2025 – 13:58 GMT+1

German manufacturer Thyssenkrupp saw its share price slide on Tuesday as it predicted a heavy loss for the current financial year.

As of around 1.30pm Frankfurt, shares had dropped 8.85%, paring more dramatic losses seen earlier in the day.

The steelmaker and engineering firm said it expects negative free cash flow between €300mn and €600mn in its fiscal year that ends on 30 September 2026. That’s before mergers and acquisitions.

Thyssenkrupp also said it expects to make a loss of between €400mn and €800mn in the current fiscal year.

“Our forecast takes account of the persistently challenging market conditions and of the efficiency and restructuring measures in our segments,” said Dr. Axel Hamann, chief financial officer of Thyssenkrupp.

“The determined implementation of our efficiency and cost-cutting programs in all segments is crucial for our earnings development.”

Hamann added that the company had met its financial targets for the year just ended, despite challenging market conditions.

Thyssenkrupp generated positive free cash flow of €363mn during this period, significantly above the prior year’s loss of €110mn. Sales came to €32.8bn, in line with expectations but marking a 6% year-on-year drop.

In the year ahead, Thyssenkrupp predicts restructuring costs at €350mn as it seeks to boost its long-term profitability.

Last week, Thyssenkrupp’s steel unit said it would start implementing job cuts after agreeing a long-awaited deal with unions. Under the terms of the agreement, the firm will eliminate 11,000 posts at its steel plants, amounting to 40% of the workforce there. Steel production will be cut by as much as 2.8 mn tonnes, a roughly 25% drop.

Thyssenkrupp has become a symbol of Germany’s ailing manufacturing industry, hit by Europe’s energy price spike and competition from cheaper Asian competitors. Lacklustre market demand, linked to weak post-pandemic growth in Europe, has also shrunk margins — with carmakers notably reducing their purchases of steel and automotive parts.

Once a powerhouse with divisions spanning from engineering to elevators and defence, Thyssenkrupp is now looking to spin off its flailing arms into separate businesses.

Indian group Jindal Steel is currently mulling a takeover of Thyssenkrupp’s steel unit, replacing contender Daniel Křetínský — a Czech billionaire who stepped back from a potential deal earlier this year. Křetínský returned the 20% stake in the steel unit he had already bought and abandoned plans to raise the holding to 50%. One key priority for the steel unit is decarbonisation, with Thyssenkrupp already investing in low-carbon manufacturing methods.

Thyssenkrupp also managed to offload its marine division TKMS earlier this year, listing it on the Frankfurt Stock Exchange.

Published on
09/12/2025 – 10:40 GMT+1

The European Commission on Tuesday launched a probe into Google over its use of web publishers’ content and YouTube material for its AI services.

The decision comes after transatlantic tensions escalated over the weekend after Brussels imposed a €120 million fine on Elon Musk’s social network X for breaching its landmark Digital Services Act (DSA), prompting a political response from the world’s richest man calling for the EU to be abolished.

“AI is bringing remarkable innovation and many benefits for people and businesses across Europe, but this progress cannot come at the expense of the principles at the heart of our societies,” EU competition Commissioner Teresa Ribera said in a statement.

“This is why we are investigating whether Google may have imposed unfair terms and conditions on publishers and content creators, while placing rival AI models developers at a disadvantage,” Ribera added.

The EU investigation will examine whether Google used web publishers’ content to provide generative-AI services on its search results pages without appropriate compensation and without giving them the option to refuse.

Many publishers depend on Google Search for user traffic.

It will also assess whether videos uploaded on YouTube were used to train Google’s generative AI models without proper compensation to creators and without giving them any choice.

The Commission’s probe is based on EU rules designed to prohibit abuses of dominant market position. However, the opening of a probe following a fine on X might trigger Washington’s ire, which has positioned itself on the side of Big American Tech.

Since Trump’s return to power in 2025, the EU and the US have been at loggerheads over the bloc’s enforcement of digital rules.

The Trump administration accuses the EU of targeting only US companies, while the EU says its legislation is non-discriminatory and reflects its sovereign right to enforce its own digital-market rules.

Euronews has reached out to Google for comment.

This is a developing story and our journalists are working on further updates.

Brookfield, a New York-based investment firm, has agreed to invest $12 billion in green energy projects in Andhra Pradesh (AP), India, over the next three years, including a clean energy-powered 3-gigawatt (GW) data center.

Brookfield’s investment, announced at the 2025 Confederation of Indian Industry (CII) Partnership Summit held in AP, is the biggest foreign investment in India’s green energy sector. It surpasses commitment from ReNew Energy Global ($6.7 billion).

This is among the largest recent investments in AP, second only to Google’s $15 billion plan to build an AI hub and India’s largest data center with Adani Group from 2026 to 2030—the biggest such project outside the US.

As a part of Brookfield’s investment commitment, in November, Evren, a clean energy platform in India, a joint venture between Brookfield and Axis Energy, launched a hybrid project. The initiative combines 640 megawatts of wind and 400 megawatts of solar capacity to form a 1.04-GW project worth $1.12 billion at Kurnool in AP.

Rural Electrification Corporation Limited (REC), a public-sector and non-banking finance company, sanctioned $846 million in funding for the project. It was the single largest sanction by REC for a private project.

Brookfield is focusing on investments across the value chain in the green energy sector. It is likely to invest in the integrated manufacturing facility of Indian solar manufacturer Indosol, India’s Navayuga renewable energy portfolio, and green hydrogen projects.

Brookfield is also planning to invest in other sectors in the state, like a satellite township and hotels under its Leela brand, and aims to expand its Indian portfolio from $30 billion to $100 billion by 2030. The company will increase investments beyond the $12 billion pledged to invest in the real estate and hospitality sectors.

The summit attracted a total of $149.83 billion in investments. AP has become the best business destination for foreign investors and multinational corporations among the southern Indian states, due to its investor-friendly government policies, including escrow account facilities and sovereign guarantees, real-time land and clearance processing, sector-specific incentives for data centers and green energy, and single window clearance.

Dutch paint maker Akzo Nobel is splashing into US with plans to buy Philadelphia-based rival Axalta Coating Systems for roughly $9.2 billion in stock. The move will create the world’s second-largest coatings company, trailing only Cleveland-based Sherwin-Williams.

The deal is part of a wave of consolidation that recently saw private equity firm Carlyle buy BASF’s coatings unit for €5.8 billion. Under the terms of the deal, Akzo Nobel will hold 55% of the combined company, with shares moving from Amsterdam to New York. The resulting company will have around $17 billion in revenue and a $25 billion enterprise value.

The companies have a history, with merger talks dating back to 2017, but they “could not negotiate a transaction” that met their “criteria,” Axalta’s then-CEO Charles Shaver said at the time.

Private equity firms circled Axalta in 2019; Clayton, Dubilier & Rice was among the firms considering a bid alongside PPG Industries. Platinum Equity reportedly partnered with Koch Industries Inc. to also make an offer.

Akzo and Axalta agreed to frame the transaction as a “merger of equals,” with Akzo Nobel investors receiving a special €2.5 billion cash dividend, while the new board will feature four directors from each company plus three independents. Current Akzo Nobel CEO Gregoire Poux-Guillaume will lead the combined firm, with Axalta Board Chair Rakesh Sachdev taking the helm at the new board.

“Management has its work cut out convincing investors this is the right step,” Bernstein analyst James Hooper noted wryly. “Revenue growth expectations need some serious color.”

The merger combines strengths in consumer brands like Dulux, Cuprinol, and Hammerite with Axalta’s industrial coatings, including powder coatings for cars. The unified company will operate in over 160 countries. It aims to realize $600 million in run-rate synergies, 90% of which are expected within three years.

The combined entity’s headquarters will remain in Amsterdam and Philadelphia.