To reverse losses, Chinese airlines venture into livestreaming
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Malay Mail
2 hours ago
- Malay Mail
Asian markets mixed as Trump warns tariff letters to be sent soon
HONG KONG, July 4 — Asian investors trod cautiously today as Donald Trump's deadline to avert his steep tariffs approached, with the US president saying he planned to start sending letters informing trading partners of their rates. Uncertainty leading up to next week's cut-off tempered the positive lead from another record on Wall Street, where a forecast-busting US jobs report soothed worries about the world's top economy. Governments around the world have fought to hammer out deals with Washington ahead of the July 9 deadline, set after Trump unveiled a blitz of levies on his 'Liberation Day' in early April. He and his top officials have said several were in the pipeline, but only Britain and Vietnam have signed pacts while China has agreed to a framework for it and the United States to slash tit-for-tat tolls and ship certain products. While negotiators continue to seek ways to avert the worst of the White House's measures, Trump warned Thursday he would soon be issuing his messages to capitals. 'My inclination is to send a letter out and say what tariff they're going to be paying,' he told reporters. 'It's just much easier.' He added: 'We're going to be sending some letters out, starting probably tomorrow, maybe 10 a day to various countries saying what they're going to pay to do business with the US.' The prospect that trading partners from Japan and South Korea to India and Taiwan could be hit with stiff tariffs fuelled fresh worries about the global economy. Tokyo edged up with Shanghai, Sydney, Wellington and Jakarta but Hong Kong, Seoul, Singapore, Taipei and Manila fell. Traders were unable to pick up the baton from their New York colleagues, who sent the S&P 500 and Nasdaq to more record closes ahead of the Independence Day break. Those gains followed data showing the US economy topped expectations to add 147,000 jobs in June while unemployment dipped to 4.1 per cent from 4.2 per cent, which was also better than estimated. The reading was taken as a sign the labour market remained in rude health despite warnings about the impact of Trump's tariffs. It also dented hopes that the Federal Reserve will cut interest rates at its next meeting this month, with bets now on two reductions before the end of the year -- the first likely in September. However, analysts suggested that all was not what it seemed, pointing to softness in the private sector. 'We think that private-sector hiring has stalled, and we may see sporadic layoffs in some industries in the coming months,' warned analysts at MUFG. 'Despite the unemployment rate having fallen... the flow of potential workers that remained out of the labour force rose sharply in June (and over 750k have dropped out of the labour force over the past two months), further highlighting the weak hiring environment. 'We continue to view labour demand as being fundamentally weak relative to the past several years.' The passage of Trump's 'Big, Beautiful Bill' also left investors in a quandary as they weighed the extension of huge tax and spending cuts with forecasts that it will add around US$3 trillion to the already ballooning national debt. Still, it included a US$5 trillion increase in the debt limit, removing the risk the country could default on its bond payments. — AFP
New Straits Times
3 hours ago
- New Straits Times
OCBC Malaysia recognised as best bank for SMEs
KUALA LUMPUR: OCBC Malaysia has received top honours as the best SME bank by Alpha Southeast Asia and best commercial bank for small and medium enterprises (SMEs) by Finance Asia. Marking the second consecutive year it has been recognised by the latter, the accolades recognise the bank for its innovative offerings and digital enhancements specifically designed for SMEs to help them run their businesses more efficiently. OCBC Malaysia managing director and head of emerging business Chan Kok Leong said the bank maintains a strong focus on digital innovation and optimal convenience for its SME customers. "With our customer-centricity approach, we look forward to providing even more cutting-edge solutions to help our SME customers flourish," he said. The bank pioneered a robust digital onboarding process, enabling its customers to experience a faster turnaround time and operate seamlessly in a digital environment. With a focus on delivering convenience to SMEs, it designed a straight-through processing system to achieve a high level of convenience that resulted in a remarkable 90 per cent increase in digital account openings. Among the noteworthy initiatives of the bank in gaining the awards were its support of over 100 China-based enterprises operating in Malaysia's Food and Beverage sector last year. OCBC Malaysia comprises OCBC Bank (Malaysia) Bhd and OCBC Al-Amin Bank Bhd.
New Straits Times
4 hours ago
- New Straits Times
Port charges hike, container volume growth to boost Westports' Q3 earnings
KUALA LUMPUR: Westports Holdings Bhd's third-quarter 2025 (3Q25) results are expected to benefit from the 15 per cent increase in port charges effective July 15, according to CGS International. In a note, the firm said the anticipated year-on-year (YoY) growth in average revenue per twenty-foot equivalent unit (ARPT), coupled with sequentially stronger container volumes in 2Q25, could serve as potential share price re-rating catalysts for Westports. "The 15 per cent rise in port charges from July 15 will also boost 3Q25 results, which is why we reiterate 'Add' on Westports," it said. CGS has raised its target price to RM6.41, citing expectations of stronger storage income amid sustained high yard utilisation. It also noted that Westports' yard utilisation remained elevated at 90 per cent or higher during the first half of 2025 (1H25). This was partly due to a government crackdown on illegal e-waste and metal waste imports since 2024. The stricter customs checks have caused an estimated 5,000 to 6,000 containers to remain stranded at Westports' yard, some for up to 60 days. These containers are expected to either be cleared for entry into Malaysia or re-exported to their ports of origin. If importers cannot be identified, Westports will recover storage charges from the shipping lines. CGS said this backlog contributed to a 4.3 per cent YoY increase in ARPT in 1Q25 and expects the positive trajectory to have continued into 2Q25. Meanwhile, CGS also believes that container volume growth in 2Q25 likely exceeded the modest 0.6 per cent YoY growth seen in 1Q25. This was driven by the launch of the Gemini Cooperation shipping alliance on Feb 1, which led to changes in shipping routes and cargo flows that boosted Westports' transshipment volumes. In April, Evergreen shifted two of its container services from Port of Tanjung Pelepas to Westports, contributing further to sustained volume gains. On the impact of the US-China trade war, CGS said shipping lines had initially diverted vessels to alternative routes, but restored capacity between the two countries as US demand rebounded after mid-May. These abrupt changes in vessel deployment contributed to higher transshipment activity at Port Klang and Singapore, according to Westports. Despite the positive developments, CGS cautioned that downside risks remain for the group. These include the threat of a global recession that could weigh on container trade volumes, and the possibility of the US reintroducing punitive trade tariffs on global economies, excluding China, once the current 90-day reprieve ends on July 8. CGS has lowered its cost of equity assumption for Westports to 8.2 per cent from 9.4 per cent, citing a lower risk profile for the group following improved clarity on future port charges.
