‘We want to build China's L'Oreal': Founder of Judydoll and Joocyee on S'pore expansion
SINGAPORE – When former consumer investor Allan Liu started his beauty company Joy Group in 2016, he had only one thing on his mind: to be the L'Oreal of China.
The China-born 37-year-old seems to be on track. After all, he has got the staggering sales revenue and global expansion down pat.
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Straits Times
a few seconds ago
- Straits Times
Malaysia's export-oriented businesses fret as deadline for US tariff deal draws near
– As Malaysian trade negotiators race against the clock to seal a deal that could reduce the 25 per cent Trump administration tariffs before the Aug 1 deadline, the business community, especially those in export-oriented sectors, continues to grapple with uncertainty of the American levies . Given the economy is heavily reliant on exports – with export figures at RM1.5 trillion (S$460 million) in 2024 – local manufacturers such as those in the electrical and electronic and furniture sectors are particularly worried about US President Donald Trump's threat to impose higher tariffs on 'transshipped goods'. This is the Trump administration's attempt to curb the practice of rerouting Chinese products through a third country before they are exported to the US in order to disguise their true origin and evade US duties. This common practice is legal in global supply chains under regulations issued by individual countries. But it can and has been abused to evade duties. Washington had earlier said it would impose an unspecified additional levy on transshipment goods via Malaysia . It has not yet defined what percentage of Chinese inputs would classify goods as transshipment. The threat of US enforcement actions that target China-based supply chains will weigh down the competitiveness of Malaysia's exports as the country is a regional manufacturing hub and is deeply integrated with Chinese intermediate goods, said Mr Soh Thian Lai, president of the Federation of Malaysian Manufacturing. An intermediate good is a product (for example, steel) used in the production of a finished or final good (a stainless steel wok) . Although there are no available figures for intermediate goods imported from China, Malaysia recorded imports of intermediate goods totalling RM748.9 billion in 2024, representing a 74 per cent increase since 2020. Separately, Malaysia imported RM296.5 billion worth of goods from China in 2024 , a 72 per cent increase from 2020. Tan Sri Soh said that in recent years, global supply chains have shifted or expanded out of China. This has made the regional value chains all the more complex, and will make decoupling from China difficult. Mr Soh said Malaysian manufacturers in sectors such as electronics, medical devices and engineered parts, who are locked into long-term contracts and operate on tight margins, will be especially hurt by the upcoming 25 per cent tariff imposed by the US. Malaysia's electrical and electronic sector is also heavily reliant on sourcing silicon from China. But Mr Keat Yap of global management consultancy Kearney is of the belief that these Malaysia-made goods should not be categorised as transshipment products. In 2024, China accounted for 80 per cent of global silico n production. 'Even if the silicon comes from China, it cannot function as a chip unless it is diced into pieces, assembled with electrical connectivity, encapsulated for protection against elements, and then tested... In reality, there is no transshipment but significant value additions in Malaysia,' Mr Yap told ST. Malaysia ships a significant portion of its electrical and electronic sector products to the US. In 2024, such goods, including semiconductor and telecommunication equipment, made up 60 per cent of its exports to the US and were valued at RM119.86 billion. To address Washington's concerns regarding transshipments and increasing scrutiny over allegedly fraudulent origin claims of Malaysian products , the Ministry of Investment, Trade and Industry (Miti) in May revoked the authority of other organisations like local business councils, chambers or association , to issue non-preferential certificates of origin (NPCOs) for US-bound cargo. Industry sources whom ST spoke to in May , said there have been cases of Chinese manufacturers using Malaysia as a transshipment hub, allegedly going as far as to falsify certificates of origin in an effort to bypass US tariffs. The ministry is now the sole body authorised to issue NPCOs. These documents are used to certify the origin of goods for international shipments, helping to fulfil customs or trade requirements in the destination country. Muar Furniture Association chairman Steve Ong welcomed Miti's stricter move on NPCOs, saying that it would protect Malaysia's wooden furniture export industry, which is valued at RM9.89 billion in 2024 , half of which was shipped to the US. 'It's now harder for exporters to obtain fake certificates of origin for transshipment,' he told ST. 'However, Malaysia still faces higher tariffs compared with neighbours like Indonesia, which enjoys a 19 per cent rate, so there's a risk transshipment could shift there instead.' Miti on July 14 also tightened the oversight of the movement high-end chips from the US by imposing a strategic trade permit requirement, a move analysts say is part of the government's negotiation tactic to lower the tariff rate. Regionally, the US levied a tariff of 36 per cent against Thailand's exports , and 20 per cent against the Philippines, and 10 per cent on Singapore in a July 18 announcement. Vietnam secured a deal for a 20 per cent tariff rate and 40 per cent rate on goods deemed to be transshipped. Earlier in May, the US Department of Justice's (DoJ) criminal division issued a memo detailing the ' threats to the US economy' where it listed 'tariff evasion ' as a priority area it must tackle as part of combatting white-collar crime. Washington later in June reached a trade deal with China , which saw duties on Chinese goods cut to around 55 per cent – down sharply from a previous 145 per cent. AmBank Group Chief Economist Mr Firdaos Rosli said that comparing tariff rates between countries should not be the main focus for Malaysia , given the broader uncertainty posed by Mr Trump's trade policies. ' Although the US is a major global consumer market, the world is bigger ... Perhaps we should focus more on trading among ourselves rather than relying so heavily on a single nation,' he said. A former US DOJ prosecutor turned consultant Mr Artie McConnell said the lack of a common definition and the high burden of proof by prosecution to show that transshipping has occurred could hinder Mr Trump's efforts to criminalise the practice . 'When you have, say, a chemical mixture or a high-end electronic item, and there's no precedent under the (World Trade Organisation's) Harmonised Tariff Schedule (HTS), classifying the item can be very difficult,' Mr McConnell, now a partner at US lawfirm BakerHostetler told a forum on July 15. He advised firms to implement basic compliance programmes, such as having essential paperwork in order. With these processes in place, he said 'you've already completed 90 per cent of the work' to ready oneself for the new era of tariffs.
CNA
31 minutes ago
- CNA
China quietly issues 2025 rare earth quotas, sources say
China has quietly issued its first 2025 rare earth mining and smelting quotas without the typical public statement, sources with knowledge of the matter said this week, another sign of Beijing tightening its control over the crucial sector. The quotas are closely monitored as a barometer for the global supply of rare earths, a group of 17 elements used in electric vehicles, wind turbines, robots and missiles. China is the world's largest producer of the minerals and the government typically issues them twice a year to state-owned companies but they have been delayed this year. The government issued the first set of quotas for the year only last month, without the usual public statement, said the sources, with one of them saying the companies were told not to share the numbers for security reasons. These details are being reported here for the first time. The sources did not give the quota volumes. China is increasingly sensitive about rare earths and its control over the supply, which it has been willing to assert amid its trade discussions with the US and European Union. Beijing added several of the elements and related magnets to its export restriction list in retaliation for US tariff hikes, cutting off supply and forcing some automakers outside China to partially shutter production. In the previous four years, China's Ministry of Industry and Information Technology issued the first batch of quotas in the first quarter of the year in an announcement on its website. The Ministry did not immediately reply to a request sent by fax for a comment on why the information has not been publicly issued. Last year, China issued two batches of mining quotas for 270,000 metric tons, with annual supply growth slowing to 5.9 per cent from 21.4 per cent in 2023. The smelting and separation quota in 2024 was also in two batches, totalling 254,000 tons, up 4.2 per cent from 2023. Beijing has used the quota system, first introduced in 2006, and corporate consolidation to tame the industry and give officials control over output. Beijing has narrowed access to the quotas, with only two state-owned groups - China Rare Earth Group and China Northern Rare Earth Group High-Tech - eligible last year, down from six previously. The quotas were delayed this year partly because of a proposal in February to add imported ore into the quota system, which sparked opposition from companies that rely on imports and were concerned they could lose access to feedstock, according to the two sources and an additional source with knowledge of the matter.
CNA
3 hours ago
- CNA
Hong Kong's heritage trades are vanishing. How is it looking to preserve them?
HONG KONG: Cheung Shun King can carve and chisel out a character on a mahjong tile within seconds. The 72-year-old, also known as Uncle King, is among the third generations of artisans in his native Hong Kong making such hand-carved mahjong tiles. 'I think (it) will disappear. It's just a matter of how long it will last. For masters in our generation, there aren't many left in Hong Kong,' he told CNA. The owner of Biu Kee Mahjong, who has been practising his craft since he was 10, said that none of his three children - who have their own careers - will be taking over his business. He did not teach them the skills as he said he does not see a future in the trade. Uncle King added that the younger generation are also not too bothered about the quality of the mahjong tiles. Only the older generation are more particular about buying quality hand-carved mahjong sets, he said. 'Hand-carved mahjong is starting to decline in my generation. That's why the government designated our craft as intangible cultural heritage. If we don't continue doing it, the skill will be lost. I find this very regrettable to witness its disappearance because I am in this field, but the reality is such that I can only accept it,' added Uncle King. Traditional handmade crafts in the city are slowly giving way to technological modernity, as Hong Kong ramps up efforts to transform itself by placing an emphasis on advanced technologies like artificial intelligence. Businesses, practitioners and local authorities are now coming up with ways to preserve and pass on these vanishing crafts to the next generation. PRESERVING CULTURAL HERITAGE In 2014, hand-carved mahjong tiles were recognised as one of Hong Kong's 'Intangible Cultural Heritage' items. Hong Kong's Intangible Cultural Heritage Centre was set up in 2016 to exhibit a variety of traditional crafts. Last year, it organised 1,400 activities such as performances, demonstrations and seminars both within and outside of the premises. Such programmes have attracted more than 130,000 visitors to the centre last year. t hopes to enhance visitors' understanding of Hong Kong's traditional crafts and preserve invaluable pieces of the city's history. 'Intangible cultural heritage is an important part of Chinese history and also (their) tradition, so we want to arouse the people's awareness and their interest in this aspect,' said Celia Shum, a curator at the Intangible Cultural Heritage Office. REVIVING HERITAGE CRAFTS Apart from increasing public awareness of heritage crafts, traditional artisans are also passing on their skills. One traditional craft business that has a succession plan is Yuet Tung China Works, hand-painted porcelain ware shop that is almost a century old. 66-year-old Ruby Tso and her husband, who inherited the family business from his father, currently operate the shop with the help of their daughter Martina. "We depend on her … She's doing many programmes and creating many events,' said Ruby Tso. She added that her daughter also handles the business' social media accounts on Instagram and Facebook, helping with its marketing efforts. 'She promotes the best things of our factory, she encourages young people to visit, to learn,' added the older woman. Forty years ago, the business had about 20 masters drawing and painting porcelain ware, but there are only two artisans left. Martina Tso, who only joined the family business six years ago, said she was not initially keen on continuing the craft as she was pursuing a different career. 'In the past, I felt these were old fashioned. After I went to an exhibition held by the government about this industry, I started to appreciate the business and the craftsmanship in Hong Kong, as this is fading away. I think that is (my) responsibility,' she added. LEAVING A LEGACY FOR THE NEXT GENERATION That sense of responsibility has also prompted birdcage maker Chan Lok Choi, or Master Chan, to conduct workshops and take on apprentices. The 83-year-old craftsman is believed to be the only master left in this trade in Hong Kong. He said he is willing to teach as much of his craft as he can. '(I'm) unlike the old masters in the past, who would keep some tricks to themselves and won't teach their students, as they worry (students would) take away business from them,' added Chan. His students noted that it is important to preserve the craft. Student Elaine Wong said: 'My friends think I am odd when they find out that I am learning how to make birdcages. They think this is something only the older generation would be interested in.' Handmade items have essence and soul, unlike things made with AI, she added. '(The) items carry messages that the craftsman wants to convey and that's something that's irreplaceable,' said Wong. Fellow student Chow Hau Chung said he wishes to impart the traditions to the next generation. 'I may not be the best person to promote and advocate this skill, but I (wish to) teach the next generation … that we once had such a craft,' he added. Yuet Tung's Martina Tso is hoping she can eventually pass on her family's porcelain ware business to her daughter. But challenges remain. When asked by her mother if she was interested in doing so, the 10-year-old's reply was, 'I want to be a YouTuber.'
