Global business risk is being pulled in several directions at once. In Asia, India and New Zealand tried to project stability, unveiling a strategic partnership aimed at doubling trade to NZ$7 billion by 2030 while expanding maritime and security cooperation. China, meanwhile, faced a more immediate economic threat as Typhoon Bavi forced the evacuation of well over a million people along the eastern coast, underscoring how climate shocks can disrupt industry, logistics, and consumption overnight. Geopolitical strain also deepened: Iran’s new supreme leader vowed revenge for his father’s killing, adding another layer of uncertainty for energy markets and regional commerce, while fresh Russian missile and drone strikes on Ukraine highlighted the continuing toll of war on infrastructure and supply chains. In trade policy, South Africa is pressing Washington for an exemption from possible forced-labor-related tariffs, reflecting how compliance and geopolitics are increasingly shaping market access.