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The two leaders met on Saturday on the sidelines of the BRICS summit in New Delhi and welcomed what the Prime Minister’s Office described as steady progress in ties since their meeting in Tianjin in August 2025. They agreed that relations should be approached from a strategic and long-term perspective and that differences should not be allowed to become disputes.

Modi said peace and tranquillity in border areas remained an essential basis for further development of the relationship. He called for both sides to observe existing agreements and understandings on frontier issues and said engagement should be guided by “mutual respect, mutual sensitivity and mutual interest”.

Both leaders committed themselves to seeking a fair, reasonable and mutually acceptable settlement of the boundary question, while expanding cooperation in areas where their interests converge. They also backed stronger cultural exchanges, business links and mobility, alongside efforts to resolve economic frictions.

Trade featured prominently in the discussions. The two sides agreed on the need to address concerns over the structural trade imbalance, supply-chain issues and access to each other’s markets. Bilateral trade reached a record $155.6 billion in 2025, while India’s imports from China were about $132 billion, leaving a large deficit that New Delhi has repeatedly sought to narrow.

The meeting marked Xi’s first trip to India since 2019, when he travelled to Tamil Nadu for an informal summit with Modi. Relations deteriorated sharply after the 2020 military confrontation in eastern Ladakh, including the Galwan Valley clash that killed 20 soldiers from India and four from China.

A disengagement agreement reached in October 2024 helped end key points of the military standoff and opened the way for higher-level political contacts. Modi and Xi then held a substantive bilateral meeting during the BRICS summit in Kazan that month, followed by another meeting in Tianjin in August 2025.

Diplomatic and military mechanisms have since been revived. At the 25th round of Special Representatives’ talks in Beijing on August 25, National Security Adviser Ajit Doval and China’s Wang Yi agreed on eight measures covering border management, military communication, boundary negotiations, trade routes, pilgrimage arrangements and cooperation on trans-border rivers.

Among those steps were two additional channels for military hotlines in the eastern and middle sectors and two additional meeting points for senior commanders. The two sides also agreed to continue work towards a framework for settling the boundary dispute and to use existing diplomatic and military channels to deal promptly with incidents along the Line of Actual Control.

Practical links have also begun returning. Direct passenger flights have resumed, business visa processing has improved and the Kailash Mansarovar pilgrimage has restarted, while three traditional border trading points have reopened. Those measures have not removed the deeper trust deficit, but they have restored channels that were largely frozen after 2020. Officials on both sides have indicated that further easing will depend on predictable border management and progress on commercial concerns over the coming months.

Despite the thaw, major differences remain. Large troop deployments continue along sections of the Himalayan frontier, and the boundary itself has not been settled. Economic engagement is also constrained by investment screening, regulatory barriers, visa delays and security concerns affecting sectors considered sensitive by either government.

Xi’s visit nevertheless gave both governments an opportunity to demonstrate that political contacts are becoming more regular after years of strained relations. Beijing has repeatedly said the two countries should view each other as partners rather than rivals, while New Delhi has maintained that normal relations require durable peace at the border.

By R Suryamurthy The latest BRICS financial agenda is ambitious enough to suggest that the grouping is no longer content merely to complain about the inequities of the global economic order; it wants to build pieces of an alternative. But ambition, particularly in a grouping as diverse as BRICS, is cheap. The harder question is […]

The article Brics has a financial roadmap: The hard part is making it work appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

The Board of Investment approved the measures at a meeting chaired by Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas, expanding the Thailand FastPass mechanism and launching a BOI-to-IPO programme with the Securities and Exchange Commission and the Stock Exchange of Thailand.

The 17 projects, submitted by 15 companies, are expected to create more than 14,000 jobs. Electronics and electrical manufacturers account for 10 projects worth 83.92 billion baht, close to 70 per cent of the latest batch, according to the BOI.

Two processed-food projects represent investment of 24.34 billion baht, two pet nutrition projects total 8.80 billion baht, and three precision machinery and automotive component projects amount to 4.36 billion baht.

The additions take the FastPass portfolio to 42 strategic projects across three rounds, with planned investment exceeding 344 billion baht and projected employment of more than 27,000 people. The scheme uses service-level agreements across state agencies to shorten licensing timelines, address approval bottlenecks and move projects more quickly from investment applications to construction and operation.

The first two FastPass rounds covered 25 projects from 23 companies worth more than 223 billion baht and were expected to generate over 13,000 jobs. All 25 have received investment-promotion approval, 19 have been issued investment certificates and 11 have completed all required permits within the prescribed service-level deadlines. Actual investment by projects in the programme has exceeded 21 billion baht.

Alongside the approval drive, the BOI said it was shifting the way it evaluates investment promotion, placing greater weight on realised investment, domestic value added, links with small and medium-sized suppliers, high-skilled employment, research and development, technology transfer and capital-market participation.

The policy overhaul also narrows support for activities that contribute limited local value, with the BOI saying incentives will increasingly favour advanced manufacturing, technology transfer and deeper integration of domestic vendors. New operational indicators will measure how many approved projects become investments and how quickly agencies process approvals.

Narit said the policy seeks to lift investment to 30 per cent of gross domestic product, support annual economic growth above 3 per cent and improve Thailand’s competitiveness ranking. Those objectives are government targets rather than assured outcomes and will depend on investment execution, productivity gains and economic conditions.

BOI secretary-general Narit Therdsteerasukdi said the agency was moving towards measuring the quality and domestic value generated by investment rather than focusing mainly on application volumes. He said the government wanted targeted measures in strategic sectors to support higher investment and productivity.

The BOI-to-IPO programme is designed to help promoted companies, particularly businesses in sectors classified as part of the New Economy, raise capital through Thailand’s exchanges and expand their operations. The SEC has shortened its IPO approval process, while the stock exchange is easing certain market-capitalisation and operating-track-record requirements for qualifying New Economy companies.

A special listing pathway is also being provided for companies promoted by the BOI or the Eastern Economic Corridor, linking investment incentives with access to equity financing.

Promoted companies that list on the Stock Exchange of Thailand, the Market for Alternative Investment or the LiVEx board can qualify for additional tax relief. SET-certified New Economy companies may receive up to three additional years of corporate income-tax exemption, or a 50 per cent reduction for five years.

Other promoted companies that list can receive up to two additional tax-free years, or a 50 per cent reduction in corporate income tax for three years, subject to the programme’s conditions.

Narit said the policy was intended to allow companies that had established successful operations in Thailand to finance new plants and production lines, invest in research and technology, and expand overseas while retaining Thailand as a business base.

The Vietnamese electric-vehicle maker said the proposed outlets would span Luzon, Visayas and Mindanao, extending its reach beyond major centres such as Metro Manila and Cebu into markets including Cagayan de Oro, Tacloban and Subic Bay. The sites are expected to combine vehicle display, customer consultations, sales and after-sales services under VinFast’s global showroom standards.

The agreements, announced on September 11, bring together Elite North Auto Cars Inc., MG Gateway Mantrade Corp., Grand Canyon Multi Holdings Inc., Britannica United Motors Incorporated, VF Auto Sto Tomas Inc., GR8 Marketing Motors Inc., ARCMA Motors Corporation, Autonomics Motor Corp., Gershom Car Trading Corp., Areza Motor Sales Inc., Central Auto Resources Inc., Autolink Global Motors Inc. and Greenport Mobility Inc.

VinFast said the partners’ distribution experience and regional networks would help accelerate expansion and improve access to its electric cars and support services. The company did not disclose investment values, opening dates for individual locations or how many of the 27 sites would provide full workshop facilities.

Antonio Zara, chief executive of VinFast Southeast Asia, said the Philippines remained a key market in the company’s longer-term regional and global plans. He said VinFast was seeking to develop not only its retail footprint but also products, services, infrastructure and the wider electric-vehicle ecosystem, working with local partners to make battery-powered mobility more accessible.

The latest dealer push builds on a network expansion already under way. VinFast said in April 2025 that it had reached agreements with six Philippine dealers to establish more than 60 new showrooms, including planned locations in Metro Manila, Quezon City and other urban centres. Its third-quarter 2025 financial disclosure later said the company had nine showrooms operating nationwide, underscoring the gap between announced development plans and sites actually opened.

That distinction remains important for the new programme: the 27 outlets are covered by memoranda of understanding and are expected to be developed, rather than being newly opened locations. VinFast’s stated target is to develop a total network of 60 dealerships in the Philippines in 2026.

The company has also been adding after-sales and charging capacity as it seeks to reduce practical barriers to electric-vehicle ownership. VinFast previously signed an agreement with Motech aimed at bringing up to 63 service workshops into its authorised repair, warranty and maintenance network. It has also worked with other service partners and has promoted charging infrastructure through V-Green, the charging-network business associated with the wider Vingroup ecosystem.

VinFast entered the Philippine passenger-vehicle market with a battery-electric range that has included the VF 3, VF 5, VF 6, VF 7 and VF 9. At the Philippine International Motor Show in June 2026, the company displayed its broader mobility offering and highlighted programmes combining vehicle access, charging and transport services.

Its expansion comes as carmakers compete for position in a Philippine electric-vehicle market supported by government measures intended to encourage cleaner transport. The Electric Vehicle Industry Development Act established a national policy framework for EV adoption, charging infrastructure and industry development, while tariff measures have lowered import costs for qualifying electric vehicles and components.

Dealer coverage is a central challenge for newer entrants because buyers expect servicing, spare parts and warranty support alongside vehicle sales. VinFast has increasingly used local dealer partnerships across Southeast Asia and other markets rather than relying solely on company-owned retail outlets, allowing it to add sales points faster while drawing on established operators’ local knowledge.

The 13 new partners are expected to help VinFast reach customers across several island groups, where distribution and after-sales logistics can be more complicated than in a single contiguous market. VinFast has separately worked with logistics providers in the Philippines to support vehicle inspection, distribution and servicing as its product range expands.

Under the agreements, the 27 VinFast showrooms are expected to be developed across all three major geographical regions of the Philippines: Luzon in the north, Visayas in the central region, and Mindanao in the south. The network will strengthen VinFast’s presence in major urban centers such as Metro Manila and Cebu, while extending its reach to new, high-potential areas including Cagayan de Oro, Tacloban, and Subic Bay. This will bring VinFast’s electric vehicles and services closer to customers nationwide.

Developed in line with VinFast’s global standards, the showrooms will offer modern and convenient spaces where customers can learn about and experience the brand’s products, as well as access sales and after-sales services. The expanded network will also improve access to electric vehicles and related services, helping meet the growing demand for EVs in the Philippine market.

Supporting VinFast in the development of its new showroom network are 13 established local partners: Elite North Auto Cars Inc., MG Gateway Mantrade Corp., Grand Canyon Multi Holdings Inc., Britannica United Motors Incorporated, VF Auto Sto Tomas Inc., GR8 Marketing Motors Inc., ARCMA Motors Corporation, Autonomics Motor Corp., Gershom Car Trading Corp., Areza Motor Sales Inc., Central Auto Resources Inc., Autolink Global Motors Inc., and Greenport Mobility Inc.

These 13 companies bring extensive experience in automotive distribution in the Philippines and share VinFast’s commitment to advancing the green transition. Their market knowledge, operational capabilities, and extensive networks will provide additional momentum for VinFast to accelerate the development of its distribution system, expand customer access, and enhance service quality across the country.

Mr. Antonio Zara, CEO of VinFast Southest Asia, said: “The Philippines is one of the key markets in VinFast’s long-term growth strategy in the region and globally. Here, we are not only focused on expanding our sales network, but also on building a sustainable foundation for growth spanning products, services, infrastructure, and the broader EV ecosystem. With the support of our local partners, VinFast will continue to expand our operations in the years ahead, gradually making green mobility a more accessible and convenient choice for Filipino consumers.”

VinFast is steadily building a comprehensive “For a Green Future” electric vehicle ecosystem across key markets in Southeast Asia. In the Philippines, VinFast continues to invest in products, services, and infrastructure to make EV ownership as convenient as possible for customers. Alongside a diverse EV lineup and attractive customer support policies, VinFast is placing a strong focus on expanding its after-sales service network and charging infrastructure with the support of V-Green and local partners. Through these efforts, the brand reaffirms its long-term commitment to investing in the Philippines and supporting the country’s transition to green mobility.

Hashtag: #VinFast

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By Dr. Gyan Pathak With all talks between the United Forum of Banks Unions (UFBU) and Indian Banks’ Association (IBA), Department of Financial Services (DFS), and Central Labour Commissioner under the Union Ministry of Labour and Employment failed, the Public Sector Banks in India have issued alerts for possible disruption of banking operations during all […]

The article Banks issue alerts: Operations may face disruption on Sep 11 appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

A National Barometer Survey released Thursday showed 43 per cent of respondents approved of Lee’s handling of state affairs, down seven percentage points from two weeks earlier, while 48 per cent disapproved. It was the first time disapproval exceeded approval in the biweekly poll since Lee took office in June 2025.

The same survey found 45 per cent opposed deploying military assets, including maritime patrol aircraft and support ships, to Hormuz, compared with 36 per cent who supported such a move. Opposition was strongest among respondents in their 40s and 50s and among supporters of Lee’s ruling Democratic Party, underscoring the domestic political risk surrounding any military contribution.

Seoul has repeatedly said no final decision has been made. Seong Ghi-hong, senior presidential secretary for public relations and communication, said Wednesday that the government had not finalised its policy and was “cautiously assessing” the issue. A Defence Ministry inspection team sent to the United Arab Emirates to examine conditions returned on Thursday.

The government has described the mission as an assessment rather than preparation for deployment. National Security Adviser Wi Sung-lac also said talks between Lee and French President Emmanuel Macron in Paris focused on possible contributions to maritime security and freedom of navigation, not on an agreement to send troops.

The debate has sharpened as US President Donald Trump presses allies to help secure Hormuz during the prolonged conflict with Iran. Trump has publicly criticised Seoul over its reluctance to support US efforts in the waterway, which carries a major share of the energy supplies used by South Korea and other Asian economies.

South Korean officials have denied that Washington imposed a deadline for a deployment. The presidential office has said Seoul is discussing practical ways to support peace, stability and free navigation with international partners, while weighing military readiness, legal requirements and the risks of deeper involvement in the conflict.

Any dispatch of troops would require approval from the National Assembly, where Lee’s Democratic Party holds a majority. That gives the government procedural room but does not remove the political cost of acting against a sizeable share of public opinion, including voters aligned with the ruling camp.

A separate Hangil Research survey conducted from September 5 to 7 found 47.1 per cent opposed deployment and 43 per cent supported it, a difference within the poll’s margin of error. Opposition rose to 55.5 per cent among Democratic Party supporters and 62.4 per cent among self-described liberals.

Lee’s broader ratings have also weakened for domestic reasons. A Realmeter survey released Monday put his approval at 37.4 per cent, down 1.5 percentage points over the week and the eighth consecutive weekly decline. The pollster linked the fall primarily to disputes over a cabinet reshuffle and housing-related policy changes rather than the Hormuz question alone.

Gallup Korea last week placed Lee’s approval at 40 per cent, with 51 per cent disapproving. Respondents who viewed him negatively most often cited real estate policy, followed by concerns about the economy and livelihoods and dissatisfaction with personnel appointments.

The Hormuz issue nevertheless adds a foreign-policy dilemma at a sensitive moment. South Korea depends heavily on imported energy, and disruption in the strait has already increased the strategic importance of keeping shipping routes open. At the same time, Iran has warned Seoul against military participation, saying such a move could be viewed as siding with US military action.

Shipping through Hormuz remains sharply below pre-war levels as the United States and Iran continue military and economic pressure around the waterway. The conflict has pushed oil prices higher and complicated supply planning across Asia, giving Seoul a direct economic interest in restoring safer passage without becoming drawn further into hostilities.

Lam admitted one count of participating in a racketeering conspiracy before US District Judge Colleen Kollar-Kotelly on Tuesday, September 8. Prosecutors said he organised a network that targeted cryptocurrency holders through social engineering scams, online intrusions and, on some occasions, break-ins at victims’ homes.

The US Attorney’s Office for the District of Columbia said the criminal enterprise operated from at least October 2023 until May 2025 and included participants based in California, Connecticut, New York, Florida and overseas. Lam, who also used several online aliases, identified targets and coordinated roles among members of the group.

One of the organisation’s largest thefts occurred in August 2024, when Lam and associates obtained more than 4,100 bitcoin from a victim in Washington. Court records say conspirators impersonated representatives of trusted companies, including Google and cryptocurrency exchange Gemini, and persuaded the victim to provide access information and authentication codes.

Those details allowed the group to gain control of the victim’s cryptocurrency holdings and transfer the bitcoin. Prosecutors have placed the value of that theft at more than $245 million for the purposes of the case, while earlier court filings valued the same 4,100 bitcoin at about $263 million at the time of the alleged transaction.

The broader racketeering case involves 18 defendants, with Lam becoming the 11th to plead guilty. Prosecutors described him as an organiser who played several roles in the enterprise and directed associates involved in obtaining credentials, moving stolen assets and laundering cryptocurrency through exchanges and other channels.

The plea marks a step in the prosecution of a network that authorities say grew out of contacts made through online gaming communities. Investigators allege members specialised in different parts of the operation, including identifying wealthy holders, impersonating corporate security staff, gaining account access and converting stolen cryptocurrency into cash or goods.

Federal authorities have pursued the case under the Racketeer Influenced and Corrupt Organizations Act, a statute more commonly associated with organised criminal enterprises. The charge allows prosecutors to treat coordinated fraud, laundering and related acts as part of one conspiracy rather than as isolated offences.

Court documents also describe occasional home invasions or break-ins used to obtain information from cryptocurrency holders. The Justice Department said the group combined those physical intrusions with deceptive calls and other social engineering methods designed to gain passwords, seed phrases, security codes and related information needed to access digital wallets.

The stolen proceeds financed extensive spending by members of the group. Authorities said the conspiracy paid for private jets, rental properties in Miami, Los Angeles and the Hamptons, luxury clothing, handbags, watches, private security and a fleet of exotic cars. Some vehicles were valued at as much as $3.8 million.

Nightclub spending was another major outlet for the proceeds. Court records cited services costing as much as $500,000 per evening, while Lam was linked to a $569,000 bill during one night at a Los Angeles club. Luxury watches purchased by members of the group were valued from about $100,000 to more than $500,000.

Lam was arrested in Miami after the August 2024 bitcoin theft. The guilty plea followed months of negotiations over whether he would accept an agreement or proceed to trial. Several alleged co-conspirators had indicated they were prepared to testify if the case went before a jury.

At the plea hearing, Lam acknowledged the prosecution’s account and entered his guilty plea to the RICO conspiracy charge. The offence carries a maximum prison term of 20 years, although the sentence will be determined later under federal law and sentencing guidelines.

Judge Kollar-Kotelly scheduled a status hearing for December 8, when the court is expected to address the next steps towards sentencing. Lam and other participants have also been ordered to repay more than $245 million in stolen funds to victims.

The proposal is expected to feature at the BRICS leaders’ summit in New Delhi on September 12 and 13, where India, as this year’s chair, is seeking agreement on ways to lower the cost and speed up the settlement of trade, tourism and remittance payments among member states.

Reserve Bank of India Governor Sanjay Malhotra said last month that BRICS members were examining links between their fast-payment systems and central bank digital currencies, with a payments task force considering several options. He stressed that discussions remained at an exploratory stage and that no model had been agreed.

India’s preference is for interoperable national systems rather than either a common currency or centrally controlled BRICS payments architecture. Officials have framed the initiative around efficiency, cheaper transactions and use of sovereign currencies, distancing it from proposals that could be interpreted as an organised campaign to displace the US dollar.

That distinction has become politically important as BRICS members debate how far financial cooperation should go. Russia and some other members have advocated stronger alternatives to Western-dominated payment channels, while India has repeatedly ruled out backing a common BRICS currency and has resisted presenting financial initiatives as a de-dollarisation project.

The RBI earlier recommended that linking BRICS members’ digital currencies be placed on the summit agenda. Such an arrangement could allow transactions to be settled directly through participating central banks or financial institutions, reducing dependence on multiple correspondent banks and potentially cutting foreign-exchange and processing costs.

Central bank digital currencies are electronic forms of sovereign money issued by monetary authorities. Unlike privately issued stablecoins, their value and settlement are backed by central banks. India has been testing the digital rupee since 2022 and has added features including programmability and offline functionality as the RBI studies how it can complement payment methods.

Malhotra has said cross-border payments offer scope for lower costs, particularly in retail transactions. He has also said the RBI will continue efforts to promote greater international use of the rupee and encourage settlement in local currencies where commercially viable.

India is pursuing payment connectivity on a parallel track through the Unified Payments Interface, its instant retail payments platform. Prime Minister Narendra Modi this week called for UPI to be connected with payment systems in more countries. UPI is already available or linked with services in several overseas markets, including Singapore and the United Arab Emirates.

The BRICS discussions nevertheless extend beyond retail payment links. Officials have also been examining whether digital currencies issued by central banks can provide a secure settlement layer for transactions between member economies without requiring the creation of a shared currency or new supranational monetary authority.

Technical and policy obstacles remain. CBDC systems across BRICS countries are at different stages of development, and any cross-border arrangement would require agreement on interoperability, cybersecurity, data standards, foreign-exchange conversion, liquidity, governance and legal responsibility when transactions fail or disputes arise.

Trade imbalances pose another complication because a country receiving more of another member’s currency than it can use may be reluctant to accumulate balances. Policymakers have therefore also discussed mechanisms involving currency swaps and other settlement arrangements to deal with mismatches in bilateral trade.

The BRICS grouping now comprises 11 members, making consensus more difficult than when it consisted only of Brazil, Russia, India, China and South Africa. The expanded membership includes Egypt, Ethiopia, Iran, the United Arab Emirates and Indonesia, while Saudi Arabia has participated in BRICS meetings as its membership status has remained subject to clarification.