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Hello,

Something old, something new: That’s the way global funds want to welcome the new year.

Global funds are exploring ways to blend the new-age economy and the old to shield their investments in Asia in 2025, especially from the challenges of uncertain future US trade policies and a strengthening dollar.

Select chipmakers and bank stocks have made their way on to investors’ radars, but they’re also focusing on the potential of stable returns through dollar-denominated debt. 

Meanwhile, gold is still king as an asset, especially going into next year.

Uncertainty in global trade policies is a major concern for several international organisations. World Trade Organization Director General Ngozi Okonjo-Iweala cautioned that global poverty may rise if the world does not band together to ensure a stable, open and free trading system. 

While countries like Indonesia, China and India are drawing investor interest due to their robust economic growth and stimulus efforts, other developing nations are struggling under ballooning interest payments on $29 trillion of emerging-market debt that built up over the last decade.

A record 54 countries are spending more than 10% of their revenues on interest payments, according to the United Nations. Some, including Pakistan and Nigeria, are using more than 30% of revenue just to make coupon payments on bonds.

The sum–a total of around $850 billion–is forcing countries to divert funds from domestic spending on infrastructure while raising the risk for investors. That’s steep!

Looks like it’s shaping up to be a bumpy 2025 ahead, after all. 

In today’s newsletter, we will talk about 

• Unearthing Dholavira’s buried secrets
• Journeying to the best flavours of Asia

Here’s your trivia for today: What floor number is often skipped in Chinese buildings, as the thirteenth is in the West?

Travel and Leisure

Unearthing Dholavira’s buried secrets

While the glistening white salt marshes of Kutch have attracted travellers from far and beyond, the region is home to many other sites that tell stories of yore. One such is Dholavira, once the southern centre of the Harappan civilisation on the arid island of Khadir Bet. 

Dholavira is a UNESCO World Heritage Site, listed among the most well-preserved urban settlements that existed between 3000 BCE and 1500 BCE. It is a testament to the ingenuity of Harappan city planning, even thousands of years later.

Exploring history:

• A conjectural view of the township is the first introduction to Dholavira. Another board in close proximity visually represents its magnet points, featuring an east-west arterial street, a bailey, stairways, and tanks.
• The township was also once home to a bead factory. Excavations also point to a weekly haat or bazaar that used to be held at the centre of the middle town, which was also the site for a sports stadium where bull or horse fights were held.
• While most people end up going for a day trip, one could also choose to stay back and spend more time here. There’s also a museum in Dholavira, albeit without a guide, offering insights into the civilisation that was. 

Wine and Food

Journeying to the best flavours of Asia

Originating from Mumbai’s celebrated culinary landscape, KOKO, founded by the Tham Brothers’ Pebble Street Hospitality, creates an experience from the word get-go for those looking for a fine dining experience. 

Between signature Southeast Asian inspired flavours, traditional aesthetic choices with wicker lamps, origami lights, and murals, and innovative cocktail concoctions and desserts, KOKO offers the perfect getaway for a leisurely meal away from the hustle and bustle of daily life.

Contemporary flavours:

• Lunch at KOKO offers some standout highlights, including a tender coconut carpaccio with Ponzu drizzle and crunchy quinoa, smoked Brie and scallion dumpling, Hamachi maki sushi roll with yellowtail fish and the signature Lantern chicken. Definitely don’t miss the crispy pork belly either. 
• KOKO’s celebrated cocktails are in a league of their own with the Tom Yum Cup—boozy and chilled version of the Tom Yum Soup—taking center stage with its notes of galangal, Thai chilli, lemongrass, and lime brought together with Absolut vodka. 
• The dessert selection includes classics like the coffee pecan nut mousse, the dark chocolate, truffle mousse and ice cream loaded Forest Log Law, and the innovative Who Stole My Cheese, bringing together Miso brown butter cheesecake, honeycomb, fruit sorbet with pretzels, and almond crumble. 

News & updates

• Stalemate: The US Treasury has told Nippon Steel that the panel vetting its proposed acquisition of US Steel has not reached consensus on how to mitigate security risks, raising the odds that President Joe Biden will block the $15 billion deal.
• Stable economy: South Korea’s finance ministry vowed on Sunday to continue to swiftly deploy market stabilising measures as needed to support the economy after President Yoon Suk Yeol was impeached over his brief imposition of martial law.
• Free release: Elon Musk’s artificial intelligence startup, xAI, said on Saturday that its new version of the Grok-2 chatbot will be available for free to all users of the social media platform X.

What floor number is often skipped in Chinese buildings, as the thirteenth is in the West?

Answer: Four.

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