AGP Executive Report

Securities & Governance: Shareholder-rights firms renewed pressure on Intuit and Futu with class-action reminders, while Erasca faces a separate probe into alleged misleading statements about its cancer drug candidate. Local Business Survival: An East London bookshop says a Newham council rent demand of £20,000 upfront could force closure, a direct hit to a long-running independent. SME Tax Relief: The UAE extended Small Business Relief for corporate tax compliance through tax periods ending by Dec. 31, 2029, keeping simplified rules for firms under AED 3m revenue. Credit & Banking: India’s SBI reported record quarterly profit and strong loan growth, highlighting SME-focused credit decision tools; meanwhile, NFIB data shows small-business hiring index rebounding and owners still struggling to fill roles. Payments & Regulation: India’s UPI MDR debate heats up after the Lok Sabha passed a bill creating a framework for possible future merchant charges, with banks and fintech investment cited as the rationale. Shipping Costs: A new report warns small shippers are getting squeezed from tariffs, fuel, last-mile pricing, and sudden carrier rule changes. Labor Market: US employers shed 23,000 jobs in July and unemployment ticked down to 4.1%, signaling a softer labor backdrop for small firms.

Industrial Policy & One-Stop Support: Pakistan’s Sindh is pushing industrialization with a tax-free package for Dhabeji SEZ, no duty on imported machinery, grants for new units, and a one-window system to speed investor access. Small-Business Cash-Flow Relief: Pakistan’s Karachi Tax Bar Association is urging the FBR to simplify and automate Section 7E refund processing after portal issues and looming filing deadlines threaten compliance. Disaster Recovery Funding: Los Angeles County approved a Small Business Interruption Fund for businesses hit by the Boyle Heights warehouse fire, with payments targeted within 45 days. Hiring Signals for Main Street: NFIB reports small business employment improved in July, but owners still struggle to fill openings—especially skilled roles. Energy Costs for SMBs: Australia expands commercial rooftop solar rebates from Oct. 1, potentially cutting upfront costs by ~20% for eligible businesses. Work-From-Home Rules: Victoria (Australia) is moving ahead with tweaked laws granting eligible workers the right to work from home two days a week, including employer cost coverage. Fraud Crackdown: DOJ-backed state AG efforts target fraud across SNAP, SBA loans, housing benefits, and tax fraud, including cases tied to small-business programs. Trade & Export Pressure: An Indian parliamentary panel urges a fast US trade deal while protecting labor-intensive exports and calling for targeted support for small businesses facing tariff disruptions.

UPI Fees in the Spotlight (India): India’s Lok Sabha passed a bill that would let banks and payment providers charge Merchant Discount Rate (MDR) on UPI and other notified digital payments—ending UPI’s current exemption and raising new cost questions for merchants and small businesses. Power Costs & Grid Rules (US): Virginia’s State Corporation Commission ordered data centers to pay for transmission infrastructure built for their load, a move aimed at keeping those costs off residential and small-business ratepayers. Workforce Funding (US): The SBA is offering up to $10M in grants to tribal colleges and tribal-serving institutions to expand hands-on manufacturing training that supports 8(a) and HUBZone-eligible small businesses. Fraud Pressure on Ecommerce (US): Signifyd’s 2026 report says ecommerce fraud pressure jumped 33% year over year, with AI-linked attacks rising across account takeover and card-testing. Paid Leave Training for Employers (Minnesota): A no-cost SBDC webinar series targets small employers on Minnesota Paid Leave and how to plan for hiring, staffing, and financing as they grow. Manufacturing & Compliance Tech (Global): RedCloud joined an open-weights AI industry push, signaling more demand for AI tools that can run on customer infrastructure.

Small-Business Tax & Cash-Flow Relief (New Zealand): Labour unveiled a small-business package aimed at faster payments from big firms (15-day terms for invoices up to NZ$25,000), a higher instant asset write-off threshold (NZ$1,000 to NZ$10,000 for turnover under NZ$10m), and a higher GST registration cutoff (NZ$60,000 to NZ$80,000), positioning it as a “fair go” to help owners invest and keep more of what they earn. Energy Bills & Utility Costs (Philippines): Lawmakers pushed for a measured review of the “system loss” charge removal from electricity bills, arguing the policy should cut consumer costs without hurting reliability—an issue hitting families, public facilities, and small businesses. Retirement Security for Small Workers (South Korea): Korea’s Blue Seed expanded eligibility for small workplaces and added a “Blue Seed IRP” option for self-employed and platform workers, aiming to broaden the retirement safety net. Local Policy Pressure (U.S.): St. Louis County voters rejected an online sales tax measure that would have extended the local sales tax to out-of-state purchases, with retailers warning it could affect their ability to compete. SME Financing & Compliance Tech (Global): EZContact launched an AI WhatsApp/voice receptionist for U.S. Hispanic small businesses, while multiple finance-focused updates highlighted continued push toward faster, more accessible lending tools. Business Costs Rising (Australia): A new index found small-business operating costs up nearly 25% since COVID, driven by wages, rent, power, fuel, insurance, and payment costs. Banking Consolidation (Sri Lanka): DFCC completed its acquisition of Standard Chartered Sri Lanka’s wealth and retail banking, including SME portfolios, with a transition plan designed to preserve customer arrangements. Regulatory/Legal Risk (Canada): ARCpoint received a failure-to-file cease trade order after missing audited annual filings, suspending trading in its shares.

SBA Manufacturing Boost: The U.S. Small Business Administration awarded $50M in grants to 11 organizations under its Empower to Grow program, aiming to give small manufacturers hands-on training and technical help to compete and win contracts. SME Credit & Hiring Signals: ADP says private employers added 44,000 jobs in July, below expectations, with hiring concentrated in education/health and financial activities—an early read on a choppier labor market for small firms. Consumer Pressure on Finances: Australia’s AFCA reported rising complaints, with banking/credit reporting up sharply and scam complaints increasing, highlighting how cost-of-living stress is spilling into small-business-adjacent financial systems. Tax Relief vs. Tax Rules: Philippines President Marcos pushed a tax reform push to ease burdens on micro and small enterprises, while the UK warns HMRC’s new close-company director reporting rules could trigger £60 fines for missed disclosures. Payments & Working Capital Tech: Fiserv and Stuut are partnering to automate B2B receivables and collections, targeting less manual work and better cash-flow visibility for businesses. Energy Resilience for Shops: Tata Power is promoting rooftop solar plus battery storage to cut bills and reduce outage risk for homes and businesses.

Tax Reform Push (Philippines): President Marcos urged Congress to pass the “Progress” bill this year, aiming to ease burdens on micro and small enterprises while the finance department weighs expanding “sin” and wealth taxes to offset revenue gaps. Minimum Wage (South Korea): Next year’s minimum wage was set at 10,700 won/hour, with unions and microenterprise groups clashing over whether the hike threatens small business livelihoods. Payments Regulation (India): India’s government moved to reopen the door to Merchant Discount Rate charges on UPI, with proposals suggesting MDR could apply first to large merchants on higher-value transactions. Property Tax Ballot Fight (Florida): A judge ordered Florida’s Amendment 3 ballot title and summary rewritten, calling the current language misleading—an issue that directly affects small business owners worried about local budget impacts. SME Policy (Cambodia): Cambodia is rolling out a National SME Development Strategy 2026–2030 to support firms across their full life cycle, from creation to restructuring and closure. Solar Incentives (Australia): Australia plans to expand a national small-scale solar program, targeting small businesses with incentives that could cut installation costs and lower power bills. Local Business Relief (U.S.): Los Angeles County approved a Small Business Interruption Fund tied to the Lineage warehouse fire, with faster payouts and future policy changes for disaster-impacted businesses.

Tax Relief vs. Tax Hikes (Philippines): Marcos’ 2026 “Progress Bill” would exempt workers earning up to P350,000 from income tax, while the government weighs offsetting higher taxes on sweetened drinks, tobacco, alcohol, single-use plastics, and wealth—aiming to ease pressure on micro-enterprises even as lawmakers finalize details. Policy Process Watch (Philippines): Malacañang says Senate infighting and leadership churn have slowed priority bill passage, adding uncertainty for small-business tax relief timelines. Rates & Inflation (US): Philly Fed President Anna Paulson backed holding rates steady and is “keeping an open mind” on next steps, focusing on persistent inflation and how tariffs and energy shocks may be distorting the picture for households and small firms. Payments Costs (India): Parliament is considering amendments that could allow a Merchant Discount Rate on UPI transactions—potentially changing the economics for merchants that currently pay nothing on UPI. Retirement Penalties (US): A new push targets steep Form 5500 late-filing penalties, warning small employers can face penalties that escalate quickly into six or seven figures. Property Tax Ballot Fight (Florida): A judge ordered Florida to rewrite Amendment 3 ballot title/summary as misleading, keeping the measure on the November ballot but forcing clearer language. SMB Credit & Stress (US): Credit demand is softening and liquidations remain elevated in hospitality and retail, though business defaults are improving and new applicants look stronger. SME Financing Boost (West Africa): ECOWAS Bank for Investment and Development approved €80M to Coris Holding to expand lending for SMEs and SMIs across agriculture, agribusiness, and energy value chains. Small Business Hiring Snapshot (US): Paychex reports steady small-business job growth, with hours worked rising and weekly earnings growth strengthening—signaling stable demand.

Trade & Tariffs: A coalition of 25 mostly Democratic-led U.S. states sued the Trump administration in the Court of International Trade to block new 10%–12.5% tariffs on imports from 60 trading partners, arguing the move is illegal and a “pretext” to restart duties previously struck down by the Supreme Court—an issue that hits small businesses through higher input and consumer costs. SME Credit & Inclusion: In the Philippines, coverage highlights how “digital credit” can help micro and nanoentrepreneurs who are “invisible” to traditional lenders due to thin credit histories and lack of collateral. MSME Tax Relief: Philippines Sen. Mark Villar filed a bill to exempt MSMEs from the Minimum Corporate Income Tax, aiming to ease pressure from inflation and rising costs. Local Business Costs: Sarasota, Florida paused expanded downtown paid parking enforcement after merchants pushed back, while citation and revenue trends were rising. SME Financing Push (Global): Liberia’s central bank licensed a new commercial bank, with an emphasis on serving underserved groups, including small businesses. Workforce Pipeline: New Zealand’s “Earn as You Learn” program is expanding to more regions to feed manufacturing employers with paid training and mentoring.

MSME Tax Relief (Philippines): Sen. Mark Villar launched a bill to exempt micro, small and medium enterprises from the Minimum Corporate Income Tax, arguing MSMEs drive 35.7% of GDP and employ most of the workforce, but are squeezed by inflation and rising costs. MSME Payment & Compliance Reform (India): India’s Rajya Sabha passed the MSME Development (Amendment) Bill, 2026, aimed at improving cash flow, reducing payment delays, and simplifying compliance. Turnover Tax Debate (Bangladesh): A new mandatory 1% turnover tax on non-corporate businesses is drawing pushback because it taxes gross receipts even when firms are loss-making, hitting low-margin SMEs hardest. Sales Tax Holiday Changes (Ohio, US): Ohio’s Aug. 7–9 sales tax holiday returns but is narrower than last year, with lawmakers citing property-tax relief as the trade-off. Card Fees Pressure (US): A Federal Reserve survey highlights payment processing fees as a top small-business pain point; owners say fees can wipe out profits on low-ticket items. Affordable Housing Funding (US): JPMorgan plans to issue $750B through 2035 to build or preserve about 1M affordable homes and expand home lending. SME Credit & Lending (India/Policy): Regulators and policy coverage continues to focus on easing MSME access to credit and reducing compliance friction.

Native Entrepreneurship Policy: The U.S. House unanimously passed the Native American Entrepreneurial Opportunity Act, permanently creating an SBA Office of Native American Affairs and pushing more support for tribal consultation, contracting, training, and access to capital. SME Compliance & Capital Markets: The Philippines’ SEC urged micro, small and medium enterprises to incorporate, offering hands-on help on registration, corporate housekeeping, and regulatory compliance with promised cost discounts. Social Media Legal Risk: A UK study found 52% of small businesses using social media see it as their top marketing channel, but 47% lack insurance for social-media-related legal claims—plus many don’t always get client permission to post work. Quick Commerce Watch: Swiggy’s Instamart hit contribution-margin break-even, but guidance on profitability timing remains choppy as competition heats up. Fuel Price Enforcement: Australia warned fuel retailers about price-gouging fines up to $100M as a temporary fuel excise cut ends and prices rise. Power Costs Reality Check: A Philippine debate over scrapping “system loss” charges highlights how costs can reappear under other tariff lines—watch the fine print. Cross-Border Payments: Mongolia’s Golomt Bank says 96% of yuan transactions moved to CIPS after six months, cutting settlement time and costs for importers and small firms trading with China. Local Commerce Boost: South Korea’s Pentaport Rock Festival is being positioned as an “economic platform,” with spillover sales for nearby small businesses. Supply Chain Visibility Tech: MG Ship launched an AI multimodal tracking platform aimed at retailers and manufacturers to reduce disruptions and improve inventory planning.

Local Business Policy: Quezon City in the Philippines enacted a new Cooperative Code to lock in long-term support for cooperatives, covering everything from registration and training to financing and market expansion. Cost-of-Living Pressure: Ghana’s 2026 minimum wage rose to GH¢21.77 a day, but workers say it still can’t cover rent, transport, food, utilities, and school costs. SME Finance & Fraud: Nigeria’s CBN reported a jump to 13,117 fraud-linked BVNs in 2025 as banks tighten crackdowns, while consumer credit shrank amid high borrowing costs. Banking Rules That Shape Access: A U.S. proposal to weaken the Community Reinvestment Act could reduce bank obligations to fund affordable housing and small-business needs in low- and moderate-income neighborhoods. Trade & Tariffs: A Michigan border community feels the drag of Trump’s tariff war with Canada, while one analysis says many U.S. small businesses aren’t treating the latest tariff moves as their main problem. Digital & AI for SMBs: The EU AI Act starts requiring AI-use transparency from Aug. 2, with knock-on implications for employers and businesses using AI in hiring and customer-facing work. SME Growth Signals: Oman’s Al Wusta Governorate hit nearly 7,000 commercial registrations, showing rising investor confidence. Tech for Operations: Safaricom cut M-Pesa business till transfer fees by up to 50%, aiming to lower costs for small traders moving daily collections.

Scam Watch for SMBs: Tasmania is urging small businesses and customers to stay alert during Scams Awareness Week, warning scammers are shifting tactics and hitting older residents hardest, with investment scams driving the biggest losses. Cost-of-living pressure on retail: Greater Sydney retail theft hit a 10-year high, with alcohol the most stolen item, and store policies reportedly discouraging staff intervention—an operational risk for cash-strapped retailers. Local infrastructure that affects small business: Boston and the MBTA are holding community meetings on the Blue Hill Avenue Transportation Action Plan, including how the redesign will handle parking, lighting, green space, and support for small businesses. SMB cash-flow and credit rules: A Delaware realtor warns proposed credit card interest-rate caps could reduce access to credit for small businesses and working families, arguing card borrowing is often essential for day-to-day operations. Grants vs customers: A business column argues some founders are optimizing for grants instead of paying customers, risking failure when subsidies end. Health insurance affordability: Oregon’s individual market is seeing another round of steep premium hikes for 2027 after enhanced tax credits expired, pushing some people out of coverage—bad news for SMBs tied to local labor and consumer spending. Tariffs and refunds: Amazon says it received $600M in tariff refunds and may pass some to customers, but details on timing and amounts remain unclear. AI marketing for small shops: Local businesses are using AI video tools to cut marketing costs, making it easier to keep up with customer expectations without hiring full production crews. Paid leave funding strain: Minnesota’s new paid leave program is already running short on funds, with payouts outpacing forecasts—another cost pressure on employers and self-declared caretakers. Credit card swipe-fee fight: A separate report highlights the growing “swipe fee” battle, with rewards on the line for merchants and consumers. SME survival and incentives: Lahore auto-sector SMEs warn documented industrial units are migrating due to weak incentives and lack of “plug-and-play” facilities, threatening jobs and livelihoods.

Local Tax Fight: Lee County voters will decide whether to raise the homeowner property tax exemption, with supporters citing relief from rising bills and opponents warning it could squeeze funding for services. Small-Business Capital Access: Ulster County is launching a revolving loan fund for small businesses and nonprofits, offering low-interest fixed-rate loans from $7,500 to $150,000 for expansion and working capital. Cost Pressure on Main Street: Commercial LPG prices are being cut in India (including Rs 202 in Delhi and Rs 209 in Kolkata), giving traders and shopkeepers a rare operating-cost breather. Regulation & Licensing Changes: Ohio’s HB611 expands adult-use cannabis opportunities for qualifying medical operators, creating new cultivator/dispensary licensing pathways. Digital Tools for SMBs: WhatsApp is testing an “Offers & Updates” folder that could automatically move business messages out of users’ main inbox after a set period. SME Growth & Inclusion: Bangladesh Bank reports women and rural entrepreneurs lead sustainable finance disbursements, with MSMEs taking a large share of funding. Business Support Networks: Jamaica’s Kingston Creative is joining the SBDC network, bringing free/low-cost coaching to creative micro, small and medium enterprises.

SME Finance Boost (Guyana): President Irfaan Ali signed the Guyana Development Bank Act, setting up a new bank to offer up to $3M loans to small and medium-sized enterprises without collateral or interest, plus business planning and financial management support. SBA & Lending (Illinois): Midland States Bank won the U.S. SBA 504 Third-Party Lender of the Year award, highlighting continued push to expand long-term financing for commercial real estate and equipment. Credit Access Warning (U.S.): Regulators in the Trump administration proposed changes to the Community Reinvestment Act, with critics saying it’s being reshaped to steer funds away from community lending toward advocacy groups. Local Business Support (Delaware): Delaware launched the Office of Small Business Access as a single contact point to cut red tape and route licensing, permitting, and regulatory problems to the right agencies. Rising Costs (California): California’s minimum wage will jump to $17.40 in 2027, adding another pressure point for small employers. Risk & Liability (U.S.): A reminder for owners: corporate “shield” protections may not fully protect personal assets in serious vehicle accident claims. Energy Infrastructure Debate (Texas): Texas lawmakers are weighing who pays for grid upgrades needed for data centers, with protections for residents and small businesses still being finalized. Payments M&A (U.S.): Deluxe closed its acquisition of Celero Commerce, aiming to expand payment processing for SMBs and partners.

SME Lending & Credit Access: The EBRD launched a $100mn financing facility with KCB Bank Kenya to expand SME credit, with 30% earmarked for women-led firms and 30% for green investments, plus support to help smaller businesses become more bankable. Regulation & Red Tape: U.S. Sen. Rick Scott introduced the Small Business Regulatory Flexibility Improvements Act, pushing agencies to better weigh rule costs and consider alternatives that reduce burdens on small firms. Labor Disruption Risk: Canada’s WestJet issued a 72-hour lockout notice ahead of a possible Aug. 2 work stoppage, warning small businesses that rely on summer tourism could face major revenue hits if travel is disrupted. Tax Policy Pressure: In the Philippines, government is studying excise and health tax changes to offset an estimated P66bn revenue gap from President Marcos’ tax relief plan. Cost of Doing Business: Nigeria’s FCCPC warned electricity DisCos not to pass the cost of replacing obsolete prepaid meters to customers, signaling potential sanctions. Local Business Impact: Florida’s proposed property tax amendment is set to force trade-offs that could raise costs for some homeowners. Energy Reliability: The Bahamas is facing continued power failures, with outages disrupting daily life and business operations.

Trust Tax Backlash (Australia): COSBOA calls a proposed “grossly unfair” trust tax change a penalty on long-used family business structures, urging Treasury to publish modelling and show costs and who would be hit. Trade & Tariffs Pressure (US): Trump’s Section 301 forced-labor tariffs replaced a prior temporary round, with rates reported at 10%–12.5% across at least half of imports from dozens of countries—prompting fresh business uncertainty and planning. Fraud Crackdown (US): DOJ announced a $350M regional fraud sweep with South Carolina among the states sharing data, including major Medicaid fraud and alleged forged Medicare forms; officials call fraud an “invisible tax.” Credit & Lending Access (SME focus): A study on Peru’s automated SME lending finds well-designed loan automation can reduce gender gaps in loan take-up and size without raising default risk. AI for SMBs: OpenAI’s GPT-5.6 price cuts signal a fast-moving AI “price war,” likely lowering costs for small businesses adding AI features. Local Business Hit by Disruption (US): Road construction near Rochester’s Route 68/Adams Street is blamed for steep sales drops for nearby restaurants and diners, showing how slowdowns can quickly strain payrolls. SBA Update (US): SBA launched a modernized SBA.gov aimed at faster access to capital, counseling, and contracting.