AGP Executive Report

Retail Shift: U.S. online grocery reached a record 20.9% of grocery spending in the third quarter, up 20.7% year over year, with delivery driving most of the growth as in-store sales declined. Workforce Changes: Kroger plans to cut 3,000 corporate jobs—about 37% of its head-office workforce—over three years, citing organizational complexity and technology changes. Digital Finance: Japan’s three largest banks completed a yen stablecoin trial for cross-border corporate payments, testing transfers and compliance; no commercial launch has been announced. Trade: India and Canada signed commercial agreements and are targeting a broader trade pact by year-end, while a U.S.-Mexico tariff deal faces uncertainty amid opposition to major tariff cuts. Real Estate Finance: Apollo Commercial Real Estate Finance expects to delist on Nov. 6 and transfer remaining assets and liabilities to a trust as it winds down.

Trade Deals: India and Canada signed commercial agreements in Karnataka as they work toward a trade pact by 2026; negotiations are due to resume in early November, with bilateral trade potentially growing by $4.4 billion to $6.5 billion. Trade Policy: India launched a National Strategic Trade Command Centre to consolidate trade data and improve monitoring, export support and clearance decisions. Banking: Commercial banks’ nonperforming-loan ratio fell to 3.6% in June 2026 from 9.4% in December 2024, signaling stronger asset quality. China Market: Apple Executive Chairman Tim Cook told China’s commerce minister the company plans to expand its business in the country, amid wider U.S.-China trade tensions. Infrastructure: The U.S. is putting $200 million toward truck-parking projects in 12 states, aiming to ease a persistent safety and supply-chain bottleneck.

Investment: Malaysia’s KWAP says its RM750 million allocation for student housing across six universities will be deployed gradually, with each project assessed for returns, risks and viability. Deals: Daily Journal Corporation acquired Revir Technologies, whose AI platform helps public agencies search and analyze digital records. Trade: The U.S. finalized findings that Brazilian and Norwegian dissolving pulp was sold at unfair prices, opening the way for duties; a separate DOJ directive puts tariff evasion and import fraud in prosecutors’ sights. Corporate Strategy: Kroger plans to cut 3,000 corporate jobs over three years as it expands AI use. Digital Commerce: Bluesky is exploring shop and donation links to build revenue beyond advertising, while India’s festive e-commerce orders jumped 31%, with smaller cities driving growth. Global Business: China’s commerce minister met Apple executive chairman Tim Cook to discuss trade ties, AI and Apple’s China business.

Malaysia’s Digital Economy: ICT and e-commerce contributed RM476.8 billion, or 23.5% of GDP, in 2025, growing 5.6% year on year. Growth Capital: Piramal Alternatives committed Rs150 crore to kitchen-equipment maker Kumar Equipment to expand manufacturing and its product range. AI and Jobs: Kroger plans to cut 3,000 corporate roles over three years as it ramps up AI use. E-Commerce: Alibaba has opened an invite-only beta for QwenWork, an AI tool designed to help multi-platform sellers manage operations, marketing and sales performance. Festive e-commerce orders are also up 31%, with smaller towns driving demand. Sustainable Aviation: Corporate purchases of SAF certificates could support 1 million to 1.9 million tonnes of sustainable fuel annually by 2030, up from 323,000 tonnes in 2024, though high prices and unclear carbon-accounting rules remain hurdles.

Tech Spending: CIOs expect business spending on storage, PCs and servers to accelerate in 2027, with Dell leading vendor plans as higher hardware prices help drive budgets. Retail Restructuring: Kroger plans to cut 3,000 corporate jobs over three years as it expands its use of AI. Gulf Investment: Kuwaiti investment in Oman rose 4.6% to about $3.76 billion in the first quarter, while officials see room to deepen ties in logistics, energy, industry and digital services. Africa Finance: Nigeria’s central bank governor, Olayemi Cardoso, was appointed chair of the Africa Finance Corporation, which has invested more than $20 billion in infrastructure and industrial projects across 36 countries. Banking: Nepal’s commercial banks lifted combined profits 7.32% in the first two months of the fiscal year, helped by loan recovery and fee income despite sluggish credit demand. Corporate Enforcement: A new U.S. Justice Department directive puts healthcare, procurement, tax and trade-related fraud under sharper scrutiny. Aviation: Boeing delivered 161 commercial aircraft in the third quarter, bringing its year-to-date total to 475.

Digital Services Tax: Ghanaian banks will begin collecting 20% in existing taxes on qualifying cross-border digital subscriptions from Oct. 15, potentially raising costs for customers paying with Ghana-issued cards. Corporate Restructuring: Kroger plans to cut 3,000 corporate jobs over three years as it expands its use of AI. Business Contracts: RailTel won a ₹48.97 crore order to build digital governance modules for Odisha’s higher education department. Commercial Property: Australian buyers are pulling back, with searches and listings down year on year; industrial sales remain stronger, but rising interest rates could slow yield compression. Clean-Energy Investment: Zelestra secured $350 million in financing for a 203MW Indiana solar project backed by a long-term power deal with Meta, with operations expected by the end of 2027. Corporate Energy Demand: A new WRI Indonesia paper says access to renewable electricity is increasingly shaping companies’ emissions plans, export prospects and investment decisions.

AI and Jobs: Kroger plans to cut about 3,000 corporate roles—roughly 37% of its office staff—over three years as it expands AI use, saying the savings will help lower grocery prices and fund store investment. Business Closures: Pittsburg manufacturer HIX Corporation has shut down amid financial hardship, affecting 45 employees; severance plans remain unclear. Fuel Costs: Montana is allowing logging and agriculture operators to use tax-exempt red-dyed diesel in commercial vehicles, with one industry representative estimating savings of $50 to $70 a day on long hauls. Energy Investment: The U.S. plans to use wartime production powers to expand a Texas refinery’s output of commercial and military fuels as high prices pressure households and businesses. Digital Commerce: Shopify is opening its catalog of more than a billion listings to shoppers’ AI agents, which can place orders with customer approval. Small Business: Malaysian lawmakers urged fairer e-commerce competition for local firms, citing foreign sellers’ lower regulatory burdens and rising platform fees; MSMEs provide more than 8.1 million jobs.

Small-Business Relief: Philippine senator Bam Aquino urged state lenders to suspend loan interest for small businesses and workers from January to March 2027, warning Super El Niño could raise essential costs. Tech Investment: Malaysia allocated RM1.29 billion to strengthen semiconductors, AI, startups and the commercialisation of local research. Corporate Restructuring: Kroger plans to cut about 3,000 corporate jobs over three years, redirecting resources toward lower prices and store staff as it expands AI use. Arctic Shipping: South Korea welcomed home its first container ship to complete an Arctic-Europe round trip; officials say the route could shorten sailing time by a third, but expect commercial viability around 2040. Market Pressure: Seoul shares sank more than 6% as tech stocks slumped amid AI valuation concerns and competition from China. Black Sea Trade: Drone strikes hit two commercial vessels off Bulgaria; one sank, and the attacks renewed concerns about maritime security.

Investment: GE Aerospace will put £57 million into its Prestwick engine-maintenance site, backed by public funding, with about 150 jobs expected over five years. Deals: AI developer Soul Machines, which raised more than US$135 million, has been sold to a US commerce platform for an undisclosed sum. Trade: The US confirmed a 1.76% anti-dumping duty rate on Thai Union shrimp imports, effective Oct. 6. Corporate Finance: India’s CreditAccess Grameen secured a US$175 million syndicated social loan from 10 lenders, while Strategy bought more than US$21 million in bitcoin, extending its return to corporate crypto purchases. Consumer Commerce: Indian e-commerce platforms recorded festive sales of Rs 24,000 crore in the first two days, with reports citing strong early demand. Markets: Higher mortgage rates have weakened expectations that Fannie Mae and Freddie Mac will return to private ownership, according to Mizuho, which downgraded the companies.

Export Markets: Malaysia’s Budget 2027 sets aside RM60 million to help more than 3,500 companies diversify exports, as MATRADE targets RM12 billion in sales from its 2027 export programmes. Regional Trade: Cambodia’s trade with ASEAN and the EU rose 16% and 14%, respectively, in the first nine months of 2026. Separately, China and the EU reported progress in talks on hybrid and electric vehicle trade, including a plan to moderate Chinese hybrid exports. Energy Investment: NTPC is seeking industrial and commercial partners to take 26% equity in proposed co-generation projects supplying steam and power. Corporate Finance: Tencent is preparing a dollar and offshore-yuan bond sale, while Bajaj Alts has raised Rs 950 crore in the first close of its commercial-office fund. Business Strains: US bankruptcy filings rose 11% in the first nine months of 2026; commercial filings were up 7%. Consumer Spending: India’s festive e-commerce sales reached Rs 24,000 crore in the first two days.

AI Deals: Nvidia is weighing a larger investment or possible acquisition of coding startup Reflection AI, though talks remain preliminary; the chipmaker has already invested $800 million. Chip Controls: Super Micro shares fell 2.1% after a former contractor pleaded guilty in a case tied to an alleged $2.5 billion scheme to divert restricted AI servers to China. Consumer Prices: PepsiCo plans single-digit price increases on selected snacks and drinks and corporate cost cuts, citing higher fuel, aluminum and farm-commodity costs; it also lowered its annual earnings outlook. Capital Markets: Goldman Sachs forecasts a record $600 billion in U.S. stock issuance in 2027, following a projected record $675 billion this year. Trade and Investment: Japan’s Marubeni is exploring new investment in Bangladesh, including fertilizer, IT and ship recycling. India’s festive e-commerce sales reached 240 billion rupees in the first two days, according to reports. Shipping Risks: U.S. forces disabled a commercial vessel in the Gulf of Oman after it allegedly tried to breach the Iran blockade, adding to risks for regional trade.

Investment Tools: Qatar’s commerce ministry is offering a business map with local market, demographic and location data to help investors assess opportunities. Power & Industry: NTPC is seeking industrial partners to take 26% equity stakes in co-generation projects supplying steam and electricity, with power from coal, renewables and battery storage. Markets: Indian shares rebounded after eight losing weeks, but next week’s outlook hinges on oil above $100 a barrel, inflation, the rupee and corporate earnings. Trade Routes: A South Korean container ship completed a 50-day commercial round trip to Europe via the Arctic, testing a faster alternative as risks around the Strait of Hormuz grow. Trade Deals: Afghan businesses signed nearly $400 million in agreements with Indian and Uzbek firms, while Afghanistan and Iran sealed trade MoUs worth $451.8 million. Consumer Commerce: Flipkart reported 34% more new customers at the start of its festive sale, with 6.3 million concurrent users; Cambodia’s tyre exports jumped 77% to $1.72 billion in the first nine months.

Trade: China and the EU say recent talks offer a path to contain trade tensions, with Beijing agreeing to moderate hybrid-vehicle exports to Europe. The dispute matters to automakers and supply chains as Chinese shipments add to the bloc’s trade deficit. Industrial Investment: Bahrain has opened bidding for a multi-storey factory complex in Hidd, aimed at making industrial space more accessible to manufacturers and small businesses. Business Finance: Speakers at a Bangladesh capital-markets conclave urged companies to rely less on bank loans and raise more funding through share listings and bonds, citing the country’s limited market capitalisation. Retail: India’s festive e-commerce sales are off to a strong start, with smaller towns and premium purchases contributing to demand. Energy Costs: India’s data-centre boom is putting pressure on the power grid and raising upgrade costs, sharpening questions about who will pay for new infrastructure. Economic Pressure: German business insolvencies rose 6.9%, adding to signs of strain on companies.

Rupee and Markets: The RBI will meet the daily dollar needs of three state-run oil companies from October 12 and tighten rules on rupee-linked forex derivatives, aiming to ease pressure on the currency. AI Governance: OpenAI fired three safety researchers over alleged breaches of sensitive-information policies; the researchers say the dismissals could discourage scrutiny of safety decisions. Corporate Finance: NCLT admitted an insolvency petition against Polycab India over a ₹2.79 crore supply-debt claim, which the company disputes. Expansion: Mukka Proteins’ Oman subsidiary has begun commercial production, while Kairne Capital has started operations at GIFT City and outlined plans to build an investment platform of up to $1 billion, subject to investor commitments and approvals. Contracts and Credit: IRCON won a five-year, ₹96.25 crore railway maintenance contract, and RailTel secured a ₹19.44 crore railways digital-platform order. ICRA also reaffirmed DMart operator Avenue Supermarts’ top short-term rating on an expanded ₹1,500 crore commercial-paper limit.

Cross-Border Business: Cyprus’s American Chamber wants visa-free U.S. travel, direct flights and updated tax and social-security agreements to deepen investment and trade ties. Manufacturing Investment: Nucor plans to spend $105 million expanding its Indiana plant, adding 125,000 square feet and up to 100 jobs by 2029. Healthcare Deal: McKesson and private-equity firm CD&R agreed to acquire Option Care Health in a $5.8 billion deal, extending McKesson’s push into specialty services. Energy Costs: Arizona’s attorney general is urging an investigation into claims that APS customers absorbed $587 million in costs tied to data centers and other large users, as the utility seeks a $608.7 million rate increase. Corporate Bitcoin: Businesses added 193,000 bitcoin this year while individuals sold 93,000, but purchases were highly concentrated: Strategy and Strive together bought more than the net corporate total. Startup Funding: Nigeria presented 298 innovators to investors in London, aiming to turn local technologies into commercial ventures and broaden access to global markets.

Manufacturing & Jobs: QT Corporation plans to invest $49.2 million in a North Carolina switchboard plant, creating 188 jobs as demand for energy infrastructure grows. Healthcare Technology: Ascensia Diabetes Care will partner with Sava Technologies to commercialize a wearable glucose-monitoring sensor, initially in Europe. Workforce: Amazon is cutting around 1,000 corporate jobs globally, with India, the US and UK among the affected markets. Small Business: India’s GST reforms could give 1.6 million small businesses an annual-return option and ease interstate e-commerce sales. Corporate Oversight: The US Justice Department has set new priorities for corporate fraud investigations. Industrial Investment: Nucor will spend $105 million to expand its Indiana steel facility, adding up to 100 jobs by 2029.