INSIGHTS
Seizing the critical minerals moment will be Africa’s path to industrialisation
Sulaiman Cisse
31 October 2026
Research and commentary on geopolitics, economy, the markets and technology in Asia
REPORTS
“A warning to the world”
On 26 August, a wall of ice, rock and water tore through the Tibet-Nepal border and ran 72 kilometres down the Trishuli valley. It killed more than 1,400 people and damaged 12 hydropower plants, knocking out about a tenth of Nepal’s generating capacity. The country had spent a decade turning its glacier-fed rivers into an ... “A warning to the world”
19 October 2026
INSIGHTS
When the smoke comes before the help: ASEAN’s haze dilemma
This piece by Pushpanathan Sundram, CEO, PublicPolicyAsia Advisors and former Deputy Secretary-General of ASEAN, looks at what the ASEAN Agreement on Transboundary Haze Pollution requires and what could change before ASEAN Leaders meet in Manila for their regular summit from 16 to 18 November 2026. At its centre is Indonesia’s consent to specific, advance help, so no one has to ask in public when the smoke is at its worst
17 October 2026
Latest perspectives
THE BUILD-OUT (ISSUE 4)
The Build-Out (Issue 4)
It’s been over a decade since Tesla revealed its Model S and changed how the world viewed electric vehicles. Once considered a luxury product for a select few, the arrival of affordable Chinese models and increased volatility in the crude oil market has turned the EV tide, with consumers now regarding these vehicles as truly ... The Build-Out (Issue 4)
15 October 2026
CARGO & CAPITAL (ISSUE 4)
Cargo & Capital (Issue 4)
The September 2026 edition of our Cargo & Capital newsletter examines the impact of the US’ ongoing retreat from global alliances, in particular, Asia-Pacific and its Quad Alliance partners. The US’ retreat is resulting in efforts by non-American members, Japan, India and Australia to deepen bilateral trade and defence. The US’ departure from Quad holds ... Cargo & Capital (Issue 4)
30 September 2026
REPORTS
Capital controls: a catch-22 for Asian private equity
Outbound investment screening impacted corporate investment and M&A activity in recent years, but it now is also fundamentally altering how private capital operates across Asia. With strict legislative screening targeting critical technology sectors—including artificial intelligence, quantum information technologies, and semiconductors—private equity fund managers face a trade-off: offer binding covenants that restrict investment discretion or face ... Capital controls: a catch-22 for Asian private equity
28 September 2026
CARGO & CAPITAL (ISSUE 3)
Cargo & Capital (Issue 3)
As the US-Iran conflict enters its sixth month, the fallout across the region is redrawing Asia’s economic map. Shipping bottlenecks, grounded air corridors and energy shocks are no longer transient disruptions but deeply impacting regional trade, technology and capital flows. In this August 2026 edition of Cargo & Capital, we examine how geopolitical fragmentation is ... Cargo & Capital (Issue 3)
2 September 2026
REPORTS
Asia’s coal conundrum
Asia was supposed to be weaning itself off coal. Instead, it is buying more of it. Seaborne thermal coal imports across the region recorded its highest level in July since the Middle East conflict disrupted global energy supply chains in March. China, India and Indonesia are all leaning harder on coal, even as they continue ... Asia’s coal conundrum
27 August 2026
THE BUILD-OUT (ISSUE 3)
The Build-Out (Issue 3)
Rising geopolitical aggression is reshaping global energy, digital infrastructure and industry. Military spending in Asia is climbing at its fastest pace since 2009, as the region braces for a world of deepening conflict and geopolitical rivalry. Japan has stepped away from decades of post-war pacifism, drawing closer to the US, Australia and India to develop ... The Build-Out (Issue 3)
26 August 2026
THE BUILD-OUT (ISSUE 2)
The Build-Out (Issue 2)
Resource nationalism is reshaping the physical foundations of the global economy. Export controls, production quotas and processing mandates have become de rigueur as governments assert control over the critical minerals powering AI and the energy transition. Southeast Asian economies are moving to insulate themselves. Governments are accelerating domestic energy build-outs—from Indonesia’s UNOPS partnership on coal ... The Build-Out (Issue 2)
26 July 2026
REPORTS
Asia’s sovereign debt burden
Asia’s sovereign debt burden is not a background concern any longer. A volatile mix of the Iran war energy shock, a higher global rate environment and localised currency stress has drained fiscal headroom across the region just when the governments require more of it. This report examines the fallout, why this shock looks different from ... Asia’s sovereign debt burden
23 July 2026
CARGO & CAPITAL (ISSUE 2)
Cargo & Capital (Issue 2)
In this edition of StoneBench’s Cargo & Capital newsletter, we take a closer look at how new routes are being carved in and around Asia, influenced by a convergence of geopolitical shocks and policy moves. The Hormuz crisis has highlighted the cracks in Asia’s energy priorities. Click below to read more.
3 July 2026
REPORTS
Water, water, everywhere?
Asia is pouring hundreds of billions into chip fabs and data centres, but building them on a foundation that is quietly running dry. Around 70% of the world’s major aquifers are in long-term decline, and by 2050, a third of global GDP could be under high water stress. From Taiwan’s drought-exposed fabs to India’s competing ... Water, water, everywhere?
3 July 2026
THE BUILD-OUT (ISSUE 1)
The Build-Out (Issue 1)
The Build-Out is StoneBench’s new monthly bulletin on the infrastructure of the digital economy—critical minerals, chips, energy and the supply chains that carry them. This first edition examines the era of chokepoints, and how Asia is responding
12 June 2026
CARGO & CAPITAL (ISSUE 1)
Cargo & Capital (Issue 1)
Cargo & Capital is StoneBench’s new monthly bulletin on how geopolitics and policy are redrawing Asia’s trade, capital and wealth flows. This first edition examines the Hormuz Shock—and the gold rushes, capital flight and realignments it has set in motion
12 June 2026
INSIGHTS
Greening Asia’s supply chains
It is imperative that Asia Pacific’s supply chains transition to more sustainable practices
2 January 2026
REPORTS
Southeast Asia in the shadow of an AI bubble
Amid growing fears of an AI bubble, the possible impacts for Southeast Asia could be significant. This paper by Samantha Cheh, senior editor at StoneBench, looks at who wins — and who loses — if the AI crash does come to fruition
8 December 2025
REPORTS
Critical minerals and rare earths: ASEAN’s new moment?
In the global rush to secure critical minerals supply and rare earth supply chains, ASEAN has entered the limelight as an alternative source, a new position that could position the region as a new geopolitical powerbroker, but at what cost? This paper by Samantha Cheh, senior editor at StoneBench, explores how these shifting dynamics could have a transformative impact on the region
26 November 2025
REPORTS
Small steps, big gains: Nepal’s puzzling pace of poverty reduction
Nepal’s dramatic fall in poverty defies conventional wisdom, driven less by growth or remittances than by hundreds of small, community-level interventions. This StoneBench paper, written in partnership with John Donaldson, associate professor of political science at Singapore Management University, explores the issue
14 October 2025
REPORTS
ACFTA 3.0: Greater integration likely, but who benefits?
Given the current macroeconomic and geopolitical backdrop, what are the implications of the upgraded ASEAN-China Free Trade Agreement? This StoneBench whitepaper, written in partnership with Priyanka Kishore, founder of Asia Decoded and Stephen Olson, visiting senior fellow at ISEAS, explores
10 October 2025
INSIGHTS
How is the shift from a unipolar to multipolar world impacting business?
An interview with Andrew Cainey, RUSI Senior Associate Fellow, International Security and Co-founder of the UK National Committee on China
25 September 2025
INSIGHTS
America’s new rules are redefining global trade and finance
An interview with Andrew Cainey, RUSI Senior Associate Fellow, International Security, and Co-founder of the UK National Committee on China
23 September 2025
INSIGHTS
Is China’s industrial policy working?
China's industrial policy has been very successful in producing innovation, but the economic value created by these “new” industries is still limited
6 August 2025
REPORTS
What the new geoeconomics means for ASEAN
The Association of Southeast Asian Nations (ASEAN) is at an inflection point. This StoneBench white paper, written in partnership with Public Policy Advisory Asia, looks at the challenges ASEAN faces, and provides strategic recommendations
5 August 2025
INSIGHTS
How are Asian businesses responding to economic uncertainty?
An interview with Michael Walsh, executive director of Pacific Basin Economic Council and managing director, Aer Mobi
4 August 2025
INSIGHTS
The tariff war is about power, not globalisation
The tariff tantrums of the past weeks might have shaken the global economy, but their true impact will be seen in a pivotal shift in global power dynamics
14 April 2025
INSIGHTS
BP’s reversal from renewables a sign of the times
BP’s stunning reversal on its renewable energy commitments is a direct result of President Doland Trump’s energy rhetoric—think “drill baby drill”. The oil giant will cut its planned funding for renewables by $5 billion and instead focus on oil and gas production. While sources attribute BP’s u-turn to investor concern stemming from poor financial performance, the political context ... BP’s reversal from renewables a sign of the times
3 March 2025
INSIGHTS
The Indonesia that America created
Donald Trump’s administration seems to be unaware that modern day Indonesia is in many ways an American creation
24 February 2025
INSIGHTS
Globalisation, but of a different kind
We are witnessing a curious predicament—a shift from the globalisation of prosperity to the globalisation of challenges confronting the world
17 February 2025
INSIGHTS
Trump’s return and the rekindling of economic fears in Asia
Security concerns aside, Trump's re-election as president will impact the fortunes of Asian economies in more ways than one
13 November 2024
INSIGHTS
Asia at the energy crossroads
No conversation around the future of energy is complete without a discussion on Asia
11 November 2024
INSIGHTS
With EV affordability on the rise, where is focus needed the most?
EV not just about cars, but also two- and three-wheelers in Asia
3 June 2024
INSIGHTS
The end of the China miracle?
Guest writer and political commentator John West writes about the choices China’s faced with given Xi Jinping’s leadership objectives
4 April 2024
REPORTS
The (re)emergence of the Global South: Consensus in discontent
The Global South is gaining currency once again. This StoneBench white paper looks at why, and what its implications could be on global policymaking.
19 February 2024
INSIGHTS
The effects of Japan’s public markets surge are being felt in the private market
Japan’s stock market is reaching post-bubble economy highs, and this is benefiting the private market too, writes Motoya Kitamura, co-founder/ director of LUCA Japan
13 February 2024
REPORTS
Playground for innovation: Fintech regulatory sandboxes in Southeast Asia
A StoneBench report that discusses the adoption of regulatory sandboxes against the backdrop of accelerated fintech growth in Southeast Asia
7 December 2023
INSIGHTS
The European Cold War never really ended!
We speak with John West, executive director of the Asian Century Institute, who shares his views on how the current events in Europe suggests that the first European Cold War may never have really ended
1 August 2023
INSIGHTS
How is Southeast Asia dealing with changing trade dynamics?
We speak with Stephen Olson, trade expert and senior research fellow at the Hinrich Foundation, about geopolitical trends resulting in the shifting global trade landscape and Southeast Asian economies' response
25 April 2023
INSIGHTS
Digitalisation for financial inclusion
Rosy Khanna, Asia-Pacific regional industry director for financial institutions at International Finance Corporation, talks to us about the digitalisation of finance and accompanying trends
23 March 2021
INSIGHTS
The end of liberal hegemony, and not of history
We speak with John West, executive director of the Asian Century Institute on how the US has made a giant mess of much of its foreign policy since the end of the Cold War, three decades ago
13 October 2020
INSIGHTS
Digital banks must become lifestyle partners
We speak with Darren Thayre, director of innovation and digital transformation, Global Strategic Initiatives at Google, about the importance of culture and the consumer in digital banking
6 October 2020