AGP Executive Report

AI Infrastructure Funding: Alphabet plans to raise $80bn via equity offerings, including a $10bn private deal with Berkshire Hathaway, as it boosts AI capex to $180–$190bn. Berkshire Moves to Deploy Cash: Berkshire committed $16.8bn over two days, including backing Alphabet’s AI push. Fund Flows & Market Mood: May’s best-performing funds and trusts leaned heavily on AI themes, even as investors worried about geopolitics and stagflation. India Market Outlook: Aberdeen’s James Thom told CNBC India’s fundamentals remain stronger than past stress, despite outflows, currency pressure and geopolitics. Data Centre Expansion (India): Anant Raj signed a Haryana MoU to invest Rs 20,000 crore in data centres, targeting 307MW by 2031–32. AI Factory Launch (Armenia): Eleveight AI opened a $70m AI data centre, planning another $50m this year. Packaging Policy Risk (NY): New York’s PRRIA would shift recycling costs to manufacturers and limit recycling tech to mechanical, likely lifting consumer prices. Telecom Oversight (Pakistan): A parliamentary panel grilled IT and telecom officials over poor mobile and internet service quality. Real Estate Distress (UK/NI): Belfast Commercial Funding stepped in to refinance debt tied to Newry’s Quays Shopping Centre, ending administration.

AI & Markets: Macron’s “Choose France” is targeting record foreign investment of €93B, with SoftBank pledging €45B for AI/data-center buildout—another signal that AI infrastructure spending is driving cross-border capital flows. India Data Centers: AirTrunk plans a $21B, 3GW data-center investment near Mumbai, while SEBI cancelled registrations of five AIFs for repeated quarterly-reporting failures, underscoring tighter compliance pressure. Banking & Investing Access: Binance is rolling out zero-commission trading for 7,000+ U.S. equities/ETFs for non-U.S. users, using stablecoins and fractional shares—pushing “crypto-style” equity access further mainstream. Healthcare M&A & Jobs: Novant Health completed its Stokes hospital acquisition and plans $50M investment in the county. Real Estate & Housing Policy: Chicago launched a $21M HomeGrown grant program offering eligible buyers up to $70,000 toward down payments as prices stay elevated. Corporate Expansion: Barilla will invest $170M to expand its New York pasta facility, adding 90 jobs. Retirement Watch: Fidelity says 401(k) balances fell about 4% in early 2026, even as “401(k)-created millionaires” rose year over year. Regulatory/Investor Risk: A Medpace securities-fraud class action deadline is June 8 for eligible investors.

Banking Stocks: Westpac shares edged up 0.42% to $36.15 on June 1 as investors weighed rate uncertainty, with the bank pointing to stable margins, disciplined costs, and a higher interim dividend. Digital Finance & Policy: Ghana’s tax system is getting more data-driven as the GRA rolls out ITAS from April 1, aiming for automated registration, filing, payments, and tighter audit targeting ahead of the IMF programme’s end. Climate & Energy Finance: Swiss finance is under fresh scrutiny for funding fossil fuel projects abroad, with activists pushing for tougher rules on emissions and nature impacts. UK Saver Tax Watch: UK plans to cut the cash ISA allowance and consider a 22% charge on cash interest inside stocks and shares ISAs are drawing backlash, though the effective hit may be small for many savers. Market Infrastructure: India’s MCX launched “Silver 100” futures to help silver buyers and traders hedge volatility in smaller, more practical contract sizes. Renewables on the Ground: Kelantan’s solar potential is high, but household uptake stays slow due to upfront costs—though leasing schemes could lower barriers. Smart City Metrics: Dubai’s RTA reported Dhs5.3bn revenue via digital channels in 2025, with 628m+ transactions and 96% digital adoption.

AI Infrastructure Investment: SoftBank plans up to €75B to build 5GW of AI data-center capacity in France, starting with €45B for 3.1GW in Hauts-de-France by 2031, with Schneider Electric expected as a partner—shares fell 2.35% on the news. Housing & Rates: Melbourne’s median house price slipped below $1m to $995k in May, while Australia’s broader market showed flat national values as higher rates, weak confidence, and proposed tax changes weigh on demand. Policy & Markets: A debate over Labor’s capital gains tax focus and housing affordability is intensifying, with concerns that affordability gains could hit recent buyers’ equity. Banking Flows: Bangladesh bank deposits grew 11.76% y/y in March, helped by remittances and higher deposit rates. Shipping & Regulation: A Jones Act waiver discussion is expanding beyond logistics into tax and regulatory distortions that may disadvantage U.S. shipping and mariners. Defense Spending: U.S. Defense Secretary Pete Hegseth urged Asia-Pacific allies to spend 3.5% of GDP on security, signaling more conditional support. SME Finance: Fidelity Bank Nigeria will launch a quarterly business forum to support SME growth, starting June 3 in Port Harcourt.

AI Infrastructure Push: SoftBank plans to invest €45B over five years to build AI data centres in France, with sites in Hauts-de-France expected to start operating in 2028 and 2031, as energy supply becomes a key selling point. ETF Retirement Planning: Vanguard and Schwab strategists highlight how ETFs can fit retirees’ needs, focusing on diversification, costs, and risk tolerance. SpaceX IPO Hype: Aussie investors are piling into SpaceX ahead of its Nasdaq listing, driven by soaring private valuations and retail access via an ASX trust. Defence Tech & Subsea Security: The UK, US and Australia unveiled an AUKUS underwater drone program aimed at protecting critical subsea cables and boosting deterrence. Energy Costs Watch: Moody’s Analytics estimates US households have already paid about $60B more due to the Iran-related energy shock, with gasoline the biggest driver. Local Power Reliability: Kavango West leaders in Namibia complain electricity distribution progress is far behind targets, hurting livelihoods and business. Women’s Health at Work: New reporting quantifies how menstrual symptoms translate into lost workdays and productivity drag, adding pressure for better workplace support. Market Structure: Taiwan overtakes India as the world’s fifth-largest stock market, largely powered by AI-linked semiconductor demand.

Banking & Community Grants: Red River Credit Union’s RRCU Gives opens grant applications June 1, funding nonprofits tackling hunger, housing and financial education across five states. Housing Supply Pressure: London’s housing delivery is stalling, with only 6,325 private homes starting in early 2026 and 22,000 properties sitting unsold or under construction, blamed on high newbuild premiums and service charges. Energy & Infrastructure Investment: Sumitomo-backed STP plans a 694 MW UK battery storage portfolio with construction starting on 397 MW this fiscal year, while TotalEnergies filed for a 1.5 GW offshore wind farm off Normandy. Climate Policy Update: California’s Air Resources Board adopted Cap-and-Invest updates aimed at keeping emissions targets on track while easing near-term affordability concerns. Fintech/Banking Product Launch: Uralsib Bank launched car loans for used cars bought from individuals on Avito, using an end-to-end anti-fraud and vehicle assessment process. Geopolitics & Risk: Rwanda’s nuclear cooperation deal with Russia signals shifting African power dynamics as Kigali pursues nuclear medicine and potential SMR research capacity.

AI Infrastructure & Energy: Telus’ Vancouver “AI Factory” data centres face sustainability scrutiny as protesters target the environmental and jobs impact of expanding AI compute. EU Finance: The European Commission agreed a plan to unblock up to €16bn in frozen funds to Hungary, a major test of EU rule-of-law conditions. Property Tax Shock (Australia): PropTrack modelling shows Brisbane investors could face CGT bills up to $1.4m under proposed inflation-indexed reforms, while Sydney and Melbourne analyses highlight how inflation-adjusted home-price growth changes the story for buyers and investors. Tax Policy (Australia): Pauline Hanson floated a negative-gearing alternative that keeps it for investors but caps it at two properties. Capital Markets / Fundraising: D. Boral Capital acted as exclusive placement agent for Global Mofy AI’s ~$8m registered direct offering. Logistics & Payments: USPS signed a multi-year, $10bn+ last-mile partnership with DHL eCommerce, boosting DHL scale while supporting USPS finances. AI & Education Investment: Firebird Labs launches in Armenia to invest, incubate and co-develop AI-native education ventures, with OpenAI support for 50,000 learners. Corporate/Deal Watch: China’s SAIC plans to sell another 10% stake in JSW MG Motor to JSW, increasing JSW’s control. ETF/Retirement Angle: A piece on how ETFs can serve as building blocks for retirees ties product selection to risk, costs and tax efficiency.

Banking & Markets: Maybank edged up despite softer 1Q 2026 earnings, with RHB keeping a “buy” and citing net interest margin support and a focus on higher-yield lending. Banking Policy: APRA kept key mortgage buffers and DTI limits unchanged, signaling steady macroprudential settings amid uncertainty. Real Assets & Private Capital: Stoneshield Capital closed Opportunity Fund IV at a hard cap of €1.5bn, betting on control-oriented European real assets and operational upgrades. AI Funding Surge: Anthropic’s Series H lifted its valuation to $965bn, overtaking OpenAI and intensifying the AI compute race. AI Infrastructure & Chips: Samsung and SK hynix took stakes in Anthropic, raising expectations for future AI chip demand. Global Investment Climate: Japan passed tougher foreign investment screening to protect critical tech, while Wales is pushing for a dedicated investment promotion agency to improve foreign deal flow. Property & Corporate Actions: Melbourne Airport’s owner forced Dexus to sell a major stake after confidential info was leaked during a sale process. Fraud Watch: Police booked suspects over a gold investment scheme that allegedly cheated investors of over Rs 13.19 lakh. Macro/Markets Pulse: S&P 500 optimism is being tested by oil and Treasury yield pressure, with analysts warning rally momentum may be weakening. Energy/Telecom Capex: Namibia’s MTC committed N$624.9m to expand digital infrastructure and network resilience.

Renewables & Utilities: Golden Valley Electric Association’s board approved a non-binding term sheet for the Ameresco Delta Wind project, aiming to add at least 36MW despite the loss of key wind/solar tax credits. AI Risk & Insurance: Willis warns AI adoption is outpacing governance, with AI already embedded across underwriting, claims, and cyber—raising accountability and insurability questions. Markets & Big Tech IPO Watch: BlackRock’s global investing chief says US equities can stay risk-on on AI buildout, but flags rising rates and geopolitical stress as potential red flags. AI Chips Funding: South Korea’s government-led national growth fund plans about $533m to take a stake in FuriosaAI ahead of a pre-IPO round. Logistics Deal: US Postal Service signed a multi-year last-mile deal with DHL eCommerce worth over $10bn, a move that could help USPS stabilize finances. ETF/Wealth Flows: Ninepoint Partners announced final May cash distributions for its cash management ETF series, payable June 5. Digital Assets: Block (Jack Dorsey) enabled stablecoin send/receive on Cash App transfers, signaling broader mainstream push despite prior skepticism. Student Debt Pressure: A Fed-linked report highlights how student-loan defaults are starting to hit credit outcomes as protections fade. Data Center Backlash: Pennsylvania released new GRID data center standards after community concerns over power and water demands. Carbon Pricing: California and Quebec published results from their 47th cap-and-trade allowance auction.

AI Security Funding: Geordie AI raised $30M Series A (total $36.5M) to secure and govern agentic AI deployments, citing 1,300% ARR growth in five months. Enterprise Payroll Growth: Payslip secured new financing from Salica Investments to scale its AI-led payroll control platform, touting 60% CAGR and EBITDA positivity. Banking & Deals: JPMorgan CEO Jamie Dimon said the bank could spend $10B–$20B on an acquisition, pointing to excess capital after deregulation. Housing & Tax Policy: Australia’s Budget 2026 targets housing distortions tied to the 1999 capital gains discount, with claims it pushed older investors into property and worsened affordability. Local Finance Clash: St. Louis faces a legal fight over a state board demanding an extra $69M for police, raising fears for community anti-violence funding. Development Finance: BII and Laxmi Sunrise Bank launched a $25M facility for Nepal’s MSMEs, with ~30% aimed at women-led businesses. Infrastructure Push (NZ): Budget 2026 backs council growth infrastructure with up to $400M over four years, but industry warns spending speed matters.

Banking & Markets: Goldman Sachs lifted its 2026 S&P 500 target to 8,000, citing accelerating earnings growth tied to AI infrastructure spending. AI & Jobs: The OpenAI Foundation pledged an initial $250M to help workers and communities respond to AI-driven disruption, including labor-market research and direct programs. Banking Operations: BMO said its U.S. segment reconfiguration is complete and it’s targeting 12% return on equity for its U.S. business in 2027. Real Estate Finance: Interest-only home lending in Australia hit an eight-year high (21.2% of loans), largely driven by investor demand, with policy changes expected to cool activity. Private Markets: Apex Service Partners is nearing a minority stake sale that could value the company at about $10B, with Goldman Sachs involved. Policy & Infrastructure: Pennsylvania unveiled its GRID data-center standards plus a local toolkit to guide permitting and accountability. Education & AI: A study found only 18% of U.S. teachers get formal guidance on AI use, leaving most to figure it out alone.

Stablecoin payments expansion: Reap just secured Visa Principal Issuer membership in Mexico, adding to its existing Hong Kong license and aiming to scale card issuance across the Americas. AI chips momentum: Samsung is pushing further into the memory supply chain with a $1.8b Vietnam chip testing plant (start-up targeted for Nov 2027), while SK Hynix crossed the $1T market-cap mark on AI-driven memory demand. Markets & dealflow: SCOR launched a cash tender offer for €250m notes and signaled plans to issue new subordinated notes. Energy transition watch: A BloombergNEF report argues electrification can cut fossil-fuel import dependence, but only if grid investment keeps up. Housing debate: Labor’s negative gearing/capital gains changes won’t fix affordability, with the housing minister calling the driver a mismatch in supply vs demand. Logistics capex: DHL opened a new $42m Christchurch facility to boost South Island sorting capacity. Workforce/tech shift: JPMorgan’s CEO says it will hire more AI specialists and fewer traditional bankers.

Energy Deal Shift: Petronas is set to take full ownership of the Pengerang Integrated Complex’s refining and petrochemical operations from Saudi Aramco, ending an eight-year downstream partnership—framed as strategic “resilience and optionality” rather than a rupture, with crude supply arrangements said to remain intact. Venture Capital (Maritime/Logistics): TMV launches a $200M maritime and logistics venture fund with ABS and Prologis Ventures as anchor partners, targeting pre-seed to Series A tech for ports, vessels, intermodal systems, and energy-transition use cases. Regulation & Finance: UK financial services face a faster, broader 2026 compliance push—especially around AI governance, cyber resilience, data protection, and third-party risk. Jobs & Skills: Indeed warns the bigger long-term labor risk is a skills-and-location mismatch as baby-boomer retirement and slower immigration collide with AI-driven white-collar change. Local Economy: North Carolina’s BorgWarner announces a $100M Hendersonville expansion adding 378 jobs, while Ontario puts $14M into a modern digital forest inventory system to help the forestry sector invest and grow.

Private Credit Spotlight: American IRA is hosting a webinar with Michael Ciaburri on how reduced bank lending is opening doors for private real estate loans—and how investors can access that via self-directed IRAs. Housing Bottlenecks: In Northern Ireland, more than 40% of planned social homes face delays because wastewater capacity can’t keep up, with nearly 2,000 units effectively blocked. UK Dividend Watch: Dividend Kings coverage highlights selective outperformance and faster dividend growth for some “Kings,” while separate notes push income ideas like Aviva’s ~6.6% yield and NatWest’s strong recent total return. Market Structure: A quick explainer compares ETFs vs CEFs as investors weigh leverage and yield mechanics. Smart-City Growth: Malaysia’s ITMAX shares jump after Q1 profit and revenue rise on digital infrastructure rollouts. Defense/Geopolitics: South Korea’s president urged faster progress on nuclear-powered submarine plans and quicker OPCON transfer, keeping defense spending in focus. Deal Flow: Fairdeal.Market raises $15m to expand B2B quick commerce across India.

Digital Banking Update: National Bank of Kuwait rolled out an NBK Mobile Banking app upgrade, adding easier navigation plus a new prepaid-card top-up and credit-card bill-pay feature that lets customers use any NBK account. Trade Policy: The Philippines urged APEC to curb arbitrary non-tariff measures to protect supply chains, warning such rules are rising and hitting export costs hard. Debt Watch: Uzbekistan’s state debt hit $47.0B in Q1 2026, with external debt at 85%—led by multilateral lenders like the World Bank and ADB. Personal Finance: New Zealand’s KiwiSaver averages climbed to $41,286 overall, but low-income savers still lag and may rely on NZ Super. Infrastructure & Jobs: South Africa’s infrastructure debate is shifting toward a “bankability gap” for PPPs, while Texas counties weigh tax breaks for H-E-B’s $636M Houston-area logistics expansion. Aviation Shock: Dubai International Airport is set to close permanently in 2035 as operations move to Al Maktoum’s £28B expansion.

Market Mood Shift (Australia): Sydney and Melbourne auctions are clearing weakly again, with “almost half” of listings unsold last week—now set to get worse as Budget changes hit property investors, and some banks are even floating a worst-case 40-year-style correction. Policy & Energy (NZ): New Zealand unveiled a Gas Transition Loan Guarantee Scheme to help firms cut gas dependence, with the Crown guaranteeing 80% of loans and $48m set aside for losses. Corporate Earnings (Malaysia): Farm Fresh shares jumped after FY2026 profit rose to RM129.61m on revenue up to RM1.12b, helped by mini-markets, e-commerce and school milk. Tech/Media (China): Alibaba’s Hujing is leaning harder into long-form and serialized IP as a counterweight to short-form. Global Finance Flows (Malaysia): Local institutions kept buying for a sixth week, while foreigners extended selling. Health/Legacy: AFL legend Neale Daniher died at 65 after a long MND fight.