A day of significant developments is underway across the Asia-Pacific, as a Wall Street giant makes a key strategic hire in Hong Kong, a top investment bank flags a bullish trend in China’s secretive oil market, and a major cyberattack in Vietnam raises fears of a massive personal data breach.
These moves are unfolding against a backdrop of delicate trade negotiations between the US and India and a major new energy policy push from Beijing.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
Goldman Sachs flags a bullish outlook on China’s oil stockpiling
China is expected to continue stockpiling crude oil at an accelerated rate through 2026, a buying spree driven by lower prices and a sharp focus on energy security, according to Goldman Sachs Group Inc.
The bank’s head of oil research, Daan Struyven, said the Asian nation is projected to add 500,000 barrels a day to its inventories over the next five quarters, a forecast that far exceeds the estimates of other market watchers.
While China’s strategic reserves are a tightly held state secret, the bank’s bullish call suggests a powerful, underlying demand that could help prop up global oil prices.
US and India are ‘not far apart’ on a trade deal, Trump’s envoy pick says
The United States and India are close to resolving their differences and securing a trade deal, according to President Donald Trump’s pick for ambassador to the country.
“We are not that far apart right now on a deal. In fact, they’re negotiating the nitty-gritty of a deal,” Sergio Gor told a Senate committee during his nomination hearing on Thursday. He added that Indian negotiators are expected to meet with their US counterparts next week.
However, he reiterated that India’s purchases of Russian oil remain a key source of tension and a “top priority” for the administration to resolve.
Vietnam confirms a major data hack, warns of personal data theft
Vietnam has confirmed that a significant cyberattack on its National Credit Information Center could have led to a major breach of personal data. In a post on its website, the government warned the public to be on alert.
The Vietnam Cyber Emergency Response Center said that emergency measures are underway after the hack was detected on September 10.
“Preliminary results show signs of intrusion aimed at stealing personal data,” the post stated, noting that the full scale of the breach remains under investigation. The credit center, which is under the State Bank of Vietnam, operates as the country’s central credit bureau.
China aims to more than double its energy storage capacity by 2027
China is planning to more than double its energy storage capacity in the next two years as it seeks to accelerate its massive deployment of renewable energy.
The country aims to have more than 180 gigawatts of battery capacity by 2027, a push that is expected to drive an investment of 250 billion yuan ($35.1 billion).
The plan, issued by the country’s top economic and energy agencies, is designed to ensure the smooth integration of power from intermittent sources like solar and wind into the national grid.
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