The Brief: Asia's economy, 28 August 2026

Economies

India's EPFO Opens Compliance Window for Uncovered Workers: India's Employees’ Provident Fund Organisation (EPFO) launched a temporary scheme. It allows companies to formalise past employment records and enrol previously uncovered staff for social security benefits. The campaign runs until October 31, 2026.

Markets

SDC Capital Weighs US$1 Billion Singapore Reit IPO: US digital infrastructure firm SDC Capital Partners is reportedly planning a significant Real Estate Investment Trust (Reit) listing on the Singapore Exchange. The potential initial public offering (IPO) could raise about US$1 billion.

US Treasury Yields Hit 20-Year High, Pushing Up Asia's Borrowing Costs: US 30-year Treasury bond yields hit a near 20-year high last week. This rise pushes up Asian bond yields, increasing borrowing costs for regional households and businesses. The US Treasury doubled bond buybacks to support market liquidity.

US, Japan May Need New Yen Intervention as Rate Gap Persists: A joint US-Japan intervention weeks ago failed to shore up the yen. Another effort may be needed as US Treasury yields fuel the global yen carry trade, analysts say.

Banking & Fintech

Indian Banks Face Up To Four-Day Closures This Week: India's banks will close for up to four days between 24 and 30 August, according to the Reserve Bank of India. Digital banking services remain operational, mitigating disruption.

Industries

StarHub, Singtel Earnings Squeezed; Analysts Push Singapore Telco Consolidation: StarHub and Singtel Singapore reported weaker earnings, with mobile service revenues declining amid aggressive price competition. Analysts suggest industry consolidation is crucial for a sustained recovery.

Hong Kong Northern Metropolis Displaces Tenants, Lifts Industrial Property Demand: Hong Kong's Northern Metropolis development forces brownfield businesses to relocate. This drives demand for industrial floor space, supporting rental prices across the city.

China's Record EV Recall Hits Tesla, Xiaomi; Concealed Door Handles Banned From 2027: China's State Administration for Market Regulation initiated the nation's largest automotive recall, affecting 4.3 million electric vehicles from Tesla, Xiaomi, and other manufacturers. The move addresses emergency door access concerns, prompting a 2027 ban on concealed door handles.

Nvidia AI Server Chip Prices Soar 15%+ for 2027 Shipments; Asia Faces Fallout: Nvidia will increase prices for servers containing its advanced AI chips by more than 15 percent. Major customers have received notifications. These changes affect systems shipped from early 2027.

Thailand Boosts Rooftop Solar for Energy Independence After Fiscal Pressure: Thailand accelerates its clean energy transition, prioritising rooftop solar. The move follows a significant current account deficit earlier this year, driven by rising oil prices. Government incentives aim to transform households into energy producers, bolstering national energy security.

Oil Prices React to Hormuz Shipping Talks, Ukraine Conflict Risks: Oil prices saw mixed trading as market participants assessed ongoing diplomatic efforts regarding Strait of Hormuz shipping. Concerns over Ukraine conflict escalation also influenced sentiment, alongside persistent diesel market strain. Asian economies face higher import costs from this volatility.

Wealth

India's ITR Deadlines Approach: Penalties for Missed August 31 Filing: India's income tax return (ITR) filing deadline for business and professional income is August 31, 2026. Missing this date triggers penalties and interest, though options for belated returns remain until December 31, 2026. Specific deadlines vary by taxpayer category.