A. O. Smith to Sell Majority Stake in China Business China: A. O. Smith has entered into definitive agreements with China-based alternative asset manager CPE for the sale of an approximately 81% stake in its China business. Announced on 27 October 2026, the transaction values the business at approximately USD 400 million on a cash-free, debt-free basis. A. O. Smith will retain a 19% minority interest and continue to license its brand in China under a long-term agreement. Comp

Indonesia Considers Halting Natural Gas Exports to Prioritise Domestic Demand Indonesia: Indonesia's government is considering halting natural gas exports to neighbouring countries to prioritise domestic demand amid concerns over supply constraints and high domestic gas prices. Energy and Mineral Resources Minister Bahlil Lahadalia said the proposal reflects the need to address domestic requirements before supplying international markets. The proposal has received support fro

AC VIETNAM: Panasonic Corporation has initiated pilot projects in Vietnam and the Philippines to collect used air conditioners and explore opportunities for recycling and refurbishment. Scheduled to run from October 2026 to March 2027, the initiatives aim to develop collection systems through retail networks and assess the feasibility of recovering materials for reuse in Panasonic products. The company plans to collect 500–1,000 used air conditioners in each country, includin

China’s Fiscal Revenue Growth Eases as Land-Sale Income Remains Under Pressure China: China’s fiscal revenue increased by 5.1% year-on-year to 17.2 trillion yuan (USD 2.58 trillion) in January-September 2026, compared with 5.7% growth in the January-August period, according to the Ministry of Finance. Tax revenue rose by 6.1%, while non-tax revenue increased by 1.2%. Fiscal expenditure grew by 1.0% during the first nine months, down from 1.2% growth in the first eight months.

Panasonic Targets Two Million AC Units in India by FY28 After 50% Sales Growth India: Panasonic Life Solutions India reported a 50% year-on-year increase in residential air conditioner sales during summer 2026 and aims to expand manufacturing capacity to two million units by FY28. According to Yoshiyuki Kato, Managing Director and CEO, growth was supported by rising temperatures, increasing adoption of inverter technology and demand from tier II and tier III cities. The compa

Milano by Danube Reports 250% Growth in International Sales UAE: Milano by Danube reported a 250% year-on-year increase in international sales and is targeting USD25 million in quarterly international revenue. The sanitaryware and building materials brand is expanding its distribution through its Global Direct strategy, introduced at the Canton Fair in April 2026. The strategy allows customers to place orders through Dubai and receive products directly from the company’s faci

President Lee Calls for Accelerated Public Housing Construction to Address Housing Shortages SOUTH KOREA: South Korean President Lee Jae Myung has directed government agencies to accelerate public housing development, aiming to begin construction on approximately 90% of planned homes in third generation new towns by 2030. The initiative seeks to shorten land preparation, permitting, compensation and construction timelines amid rising apartment prices and declining housing per

Economic Growth Accelerates CHINA: China's economy grew by 4.5% year on year in the third quarter of 2026, exceeding expectations as strong exports offset weak domestic consumption. Growth reached 4.6% during the first nine months, keeping the country on track to achieve its annual target of 4.5% to 5.0%. Industrial output increased 5.5% in September, supported by high technology manufacturing, electric vehicles and digital industries. However, retail sales rose only 1.1%, wh

Second-Hand Air Conditioners Gain Popularity in the Philippines Ahead of El Niño PHILIPPINES: Demand for second-hand air conditioners is rising in the Philippines ahead of an expected strong El Niño, as consumers seek affordable cooling options. According to the ninth ASEAN Energy Outlook, up to 300,000 used units are sold annually, equivalent to roughly one-third of new-unit sales. Most are window-type models, often purchased because of their lower upfront cost. However, poo

Hitachi and Nojima Name New Home Appliance Company KADENOVA JAPAN: Hitachi Global Life Solutions has announced that its new home appliance company, established through a strategic partnership with Japan’s Nojima Corporation, will be named KADENOVA Corporation. Mikio Yamada, currently an executive managing director at Hitachi GLS, has been selected as its representative director. The company aims to begin operations during the fiscal year ending March 2027, subject to regulato

Malaysia’s Economy Grows 5.3% as Government Advances Fiscal Reforms MALAYSIA: Malaysia’s economy is estimated to have grown 5.3% in the third quarter of 2026, following 6.0% growth in the previous quarter, according to the Department of Statistics Malaysia. Prime Minister Anwar Ibrahim attributed the country’s resilience to fiscal reforms, targeted subsidies and improved governance, with cumulative growth reaching 5.5% in the first three quarters. However, rising global oil p

Urban Company Receives Approval to Explore Residential Air Conditioner Market India: Urban Company has received in-principal approval from its board to explore residential air conditioners as a new business under its Native brand. The company, which already offers water purifiers and smart locks under the brand, plans to assess opportunities in the residential cooling market. The proposed entry would place it in a segment served by established manufacturers, including Samsung

TCL Hosts Philippine Dealers at Guangzhou Air Conditioning Facility China: TCL has hosted business-to-business dealers from the Philippines on a two-day tour of its Guangzhou Intelligent Manufacturing Base, providing an overview of its residential and commercial air conditioning production processes. The facility includes three automated factories, 15 research and development laboratories and 10 intelligent production lines. During the visit, dealers observed manufacturing op

warehouse INDIA: Soni Polyplas Private Limited, a distributor of consumer products and water heaters, has inaugurated a new warehouse in Gangyal, Jammu. The facility features a wide range of products, including Milton thermoware, Decopride crockery and glassware, premium bone china gift items, Racold water heaters, and SANSO geysers. The warehouse aims to offer customers and dealers a broader product selection at competitive prices. The company has also introduced Duralux app

Air conditioner SINGAPORE: Demand for air conditioner servicing in Singapore more than doubled in September 2026 compared with the same month in 2025, as worsening haze and hot weather prompted households and businesses to seek maintenance services. According to The Straits Times, home services platform StringsSG recorded 792 servicing requests during September, up from 297 a year earlier. Demand continued to rise in October, with requests between October 1 and 10 increasing

HVAC production INDIA: Shree Refrigerations Limited incorporated Aquilon Limited on October 15, 2026, as a wholly owned subsidiary focused on the design and manufacture of HVAC systems. The parent company invested ₹2.5 crore in cash to subscribe to 100% of the subsidiary’s initial paid-up share capital, comprising 250,000 equity shares of ₹100 each. Aquilon Limited will manufacture, assemble, supply, install, and service a range of heating and cooling solutions, including air

Samsung Broadens Southeast Asia Focus with AI Home and Climate Solutions Southeast Asia: Samsung Electronics presented its AI-enabled home appliances and heating, ventilation and air conditioning (HVAC) solutions at a technology seminar held in Hanoi, Vietnam, on 14 October 2026. The event showcased refrigerator features such as AI Vision for food inventory management, Food Note for consumption tracking and recipe recommendations based on available ingredients. The company al

Haier India Sets Festive Sales Growth Target Amid Plans to Expand Its Retail Footprint India: Haier Appliances India expects sales growth of approximately 30% by volume and 35% by value during the 2026 festive season, according to CEO N S Satish. The company reported annual growth of 28–30%, while sales during the Navratri period increased by 60–70% year-on-year. Demand for refrigerators, televisions and air conditioners has supported sales, with consumer financing options su

China's Producer Prices Rise 5% as Energy Costs Drive Annual Inflation China: China's producer price index (PPI) increased by 5.0% year-on-year in September 2026, marking its highest annual growth rate since June 2022, according to the National Bureau of Statistics (NBS). The increase exceeded the 4.5% forecast by economists surveyed by Reuters and was driven by higher fuel costs and coal prices. Coal prices were influenced by demand for winter heating, supply constraints in

LG Electronics Expands Chiller Production PHILIPPINES: LG Electronics Philippines opened a new HVAC Academy and Business Innovation Centre at Silver City in Pasig City. The facility will provide technical training for engineers, consultants, contractors and other industry professionals, covering HVAC system design, installation, commissioning, troubleshooting and smart building controls. It will also demonstrate energy efficient solutions, including VRF systems, heat pumps, c