Asia equities rally, led by Indonesia and Singapore; currencies muted
Stocks in Jakarta gained 1.3 per cent to scale their highest since June 18. Index provider MSCI said Barito Renewables , Petrindo Kreasi Jaya and Petrosea would be eligible for future inclusions to its list.
The three firms, advancing between 15.7 per cent and 18.6 per cent, are all linked to Indonesian billionaire Prajogo Pangestu, who founded conglomerate Barito Pacific.
"Today's push is also helped by clarity from MSCI (that) Barito group stocks are no longer treated as exceptions, making them eligible for future inclusion, which unlocks passive flows," said Mohit Mirpuri, an equity fund manager at SGMC Capital.
In Singapore, the benchmark added 0.4 per cent to scale to a fresh peak for the ninth consecutive session, as investors continued to embrace high-return defensive stocks, improving inflow into the local dollar.
"Domestic liquidity and market sentiment should also be bolstered by government initiatives aimed at reviving the equity market," said Kenneth Tang, senior portfolio manager at Nikko Asset Management. Broadly, Asian equities slipped on Monday after briefly touching their highest since early 2022 in the previous session.
Shares in Taipei fell 0.7 per cent. Currency markets remained on edge but muted in response to fresh tariff threats from US President Donald Trump, who warned of a 30 per cent duty on imports from the European Union and Mexico.
The Mexican peso and the euro both weakened overnight, with the latter slipping to a three-week low. The Thai baht was the only gainer among Asian currencies, rising briefly to a six-session peak as gold prices touched a three-week high.
Thailand is one of the world's largest gold trading hubs, and fluctuations in prices can significantly impact the baht due to the volume of imports and exports. Elsewhere, the Malaysian ringgit, Philippine peso and Indonesian rupiah weakened around 0.2 per cent.
While markets remain jittery over Washington's latest protectionist signals, many investors appear to be betting on a familiar playbook — a policy reversal. Bank Indonesia (BI) is set to announce its interest rate decision on Wednesday.
The market is divided on the central bank policy call as the ongoing tariff uncertainties could possibly delay any easing of monetary policy. Radhika Rao, a senior economist with DBS, said that despite a conducive inflation environment, recent financial market action might convince policymakers to stay on pause this week.
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The Star
an hour ago
- The Star
Elegant Fine Caviar is Malaysian-owned caviar from a sturgeon farm in China
Imagine this: you have a dream and you want to do something about it. But it just so happens that dream will take up to 15 years to materialise – something that cannot be altered or changed because nature has to take its course. Would you still press ahead knowing the returns are so far down the horizon? For Malaysian entrepreneurs Dr Rainey Yan and Aaron Tong, this was a no-brainer. The couple realised there was a gap in the Malaysian market for caviar and decided to do something about it. With the help of two investors, they invested RM50mil in a sturgeon farm in China, situated along the Amur River. 'Caviar has always symbolised status, but we wanted to reimagine it: not as a product for the privileged, but as a lifestyle for those who value moments. Moments of indulgence, celebration and connection. Tong (left) and Yan are the couple behind Elegant Fine Caviar, a Malaysian caviar brand that is cultivated on a farm in China. — ART CHEN/The Star 'To do that, we needed full control – from roe to refinement. Owning part of a boutique sturgeon farm allowed us to curate quality at the source and build a brand rooted in patience, craft, and long-term vision. 'This wasn't about fast business. It was about planting the seeds of something timeless – and giving Asia a voice in the global caviar conversation,' says Yan. Last December, seven years after investing in the sturgeon farm, Yan and Tong were finally able to harvest their first batch of Malaysian-owned caviar, now sold and marketed under the Elegant Fine Caviar range. History of caviar Sturgeon are one of the oldest fish in the world, dating back over 300 million years to prehistoric times when dinosaurs roamed the Earth. Female sturgeon take anywhere from seven to 15 years to produce caviar. — Elegant Fine True caviar is attained from the roe of sturgeon fish. While there are many roe from other fish – like lumpfish – labelled as caviar, the truth is these are all merely fish roe. The term 'caviar' in its pure sense refers only to the unfertilised salt-cured roe of sturgeon in the Acipenseridae family. The word 'caviar' traces its roots to the Turkish word 'khav-jar' meaning 'cake of strength' while the first mention of caviar dates back to 350 BC when Aristotle mentioned that the Greeks ate sturgeon roe at banquets. In the 1600s, the Russians discovered caviar and soon it was enjoyed among nobility and the elite and gained a reputation as a luxury food. The most popular – and incidentally the most expensive – caviar is the Beluga, Ossetra and Sevruga caviar. In the 20th century, massive overfishing decimated the sturgeon population – the American sturgeon, for instance, was fished to the point of extinction. Beluga sturgeon stocks, meanwhile, declined by about 90% in the 20th century alone. While there were once over 30 kinds of sturgeon, it is now believed that only about nine have survived. Before partnering with the farm in China, Tong (left) and Yan (right) visited many boutique farms. They now travel to their farm multiple times a year to check on their precious fish. — Elegant Fine In 2006, the Convention on International Trade in Endangered Species (CITES) implemented worldwide restrictions on the trade of wild caviar. Now that there are quotas for wild-caught sturgeon and its roe, the domino effect has been the proliferation of aquaculture and farmed caviar, like the one Yan and Tong are so valiantly championing. Birth of Malaysian-owned caviar Yan is a culinary arts graduate, while her fiancé Tong is a businessman. Both are in hospitality and branding but were propelled to dive into the sturgeon business after discovering that there was a desire in the Malaysian market for luxury foods. Initially the two wanted to focus on sea urchin, but when they realised they would have more control, agency and ownership if they started a caviar farm, they decided to go down that route instead. 'We did a lot of research and visited a few boutique farms in China and the one that we decided to work with is the one where we believe the taste and the texture of the caviar is very suitable for the Malaysian palate,' explains Yan. When they invested in the farm in 2018, all the sturgeon were baby fish, which meant a long-haul waiting game. Because of the effects of climate change, water temperatures at the farm have to be kept below 18°C. — Elegant Fine Caviar is attained from the female sturgeon, which typically reaches sexual maturity and starts producing caviar only after seven to 15 years. Even after first producing eggs, some female sturgeon species only bear roe every three to four years. This means most caviar producers have zero yield for up to a decade and sometimes even longer! 'The main challenge of this business is the waiting time because it's all about waiting, waiting and waiting!' says Yan. The other challenge? Figuring out how to implement systems that work in tandem with the growing concerns of climate change. Many sturgeon farms around the world have discovered that as temperatures have gotten hotter over the past few years, sturgeon have simply started dropping dead. With higher heat levels, the quality of caviar has also been compromised, with some producers reporting mushier caviar that is simply not suitable for sale. To combat this, Yan and Tong have taken extra efforts to ensure the water temperature at their farm is consistent and never gets too hot. The sturgeon reared at the farm in China are grown in temperature-controlled tanks and are monitored closely at every growth stage. — Elegant Fine 'The water temperature cannot be higher than 18°C otherwise the fish will be affected. So we have a cooling system and workers at the farm 24 hours a day, working in shifts to check the water temperatures every hour. Summer time is when the weather gets hotter, so we don't really harvest the eggs much at this time,' says Yan. From fish to caviar The process of attaining caviar is a multi-year, multi-stage process that is no walk in the park. To begin with, the brood stock first has to be selected for breeding. Then the male and female sturgeon are paired together to produce fertilised eggs. When the eggs hatch, the larvae are sent to controlled-environment tanks and then divided into male and female fish. Many farms will have specific methods to try and ensure more female sturgeon are reared. When the female sturgeon starts producing caviar, the caviar is monitored through an ultrasound to determine when it is most viable for harvest. Then the eggs are extracted, often through a fine needle. To get Elegant Fine Caviar off the ground, Yan did extensive research, poring over YouTube videos and reading material to determine the means and methods of extracting the best quality caviar. Yan and Tong's farm now produces three different kinds of caviar for Malaysian consumers to enjoy. — ABIRAMI DURAI/The Star Which is why the fish at her farm go through a process of fasting before having their roe removed. 'Before we get the roe out of the sturgeon, the fish goes through a 40-day fast to clean out its system. 'So this way the caviar won't have a muddy, fishy taste or retain the flavour of its feed. What you get is cleaner caviar,' says Yan. This process isn't typically done at most caviar farms but it is an additional feature that Yan specifically requested. In actual fact, the fasting actually reduces the yield that is harvested from the sturgeon because the fish loses approximately 2% of its ratio when it undergoes the fasting process. For reference, caviar extracted from a single sturgeon is typically about 10% of its weight. So a sturgeon weighing 20kg will bear caviar that weighs in at 2kg, while Yan's caviar will have lost 2% of that ratio. Once the caviar is harvested (the rest of the fish is typically resold to the farm, which then sells it to wholesale markets), there are typically 15 to 16 steps that need to be completed before it can be consumed. These include rinsing the caviar, sieving out the membrane, selecting the best roe and discarding the ones that don't make the cut and brining the roe in a salt solution. The couple's restaurant Elegant Fine Food serves a range of curated dishes designed to complement their flagship caviar. — ART CHEN/The Star The brining solution is actually one of the most important steps in producing great-tasting caviar. Too much salt and all you can taste is well, salt. Too little and the impact is lost. Which is why Yan and Tong experimented until they discovered the perfect brining ratio. 'We experimented with a 3% to 4% brining solution and settled on a 3.3% salting percentage, which we believe is the perfect amount. We also found a salt from Germany that we feel really complements the caviar,' says Yan. The future Now that the wait is over and Yan and Tong's sturgeon are finally bearing roe (it only took seven years!), their proudly Malaysian brand produces three different kinds of caviar. Prestia is the caviar from their Kaluga hybrid sturgeon and is a firm beauty with a briny overcoat and distinctive, strong caviar pearls. It's a lovely, lighter introduction to caviar that is perfect for neophytes or newbies to the caviar game. Then there is Luxoria, which is the caviar from their Russian Ossetra sturgeon. This caviar has a rusticity to it that lends itself to a wondrously nutty, full-bodied gastronomic experience. The Imperial Astria is the caviar that has been extracted from the Amur sturgeon. This particular varietal is larger than its brethren, so each roe is plumper and more voluptuous. Flavour-wise, this is the creamiest and richest of all the three offerings in the brand's range. In the future, the couple plans to introduce another range of caviar as well as expand their reach throughout Malaysia and the region. Prices for Elegant Fine's caviar range from RM288 to RM688 for 30g tins. At the moment, Elegant Fine Caviar's yield isn't particularly high – Yan and Tong typically only get about 30kg to 50kg of caviar every four months. Yet, despite the challenges, the duo already has plans to introduce Bari, a Siberian sturgeon, by September this year to widen the range of their offerings. Moving forward, Yan and Tong's ultimate goal is to create more knowledge and appreciation for caviar in Malaysia and widen their presence in the country. 'The sturgeon may be raised in China – but the vision, philosophy, and voice of the brand are entirely Malaysian. In 2027, Yan and Tong hope to take their homegrown brand across the region once they have enough yield to sustain more growth. 'Our main focus will be the Malaysian market, but we also want to distribute across countries in Asia, like Thailand and Singapore once our caviar stock is stable,' enthuses Yan.
The Star
an hour ago
- The Star
Asian markets mixed as China's economy meets forecasts
HONG KONG: Markets were mixed Tuesday (July 15) as positive Chinese economic data was offset by weak consumer spending, while optimism that governments will hammer out deals to avoid the worst of Donald Trump's tariff threats provided support. Beijing said gross domestic product expanded 5.2 per cent in April-June thanks to a surge in exports as businesses front-loaded shipments ahead of the US president's stiff levies, and after the superpowers agreed to work on a long-term pact. While the reading was slightly slower than the first quarter, it was in line with forecasts in an AFP survey and comes after figures on Monday showed exports soared more than expected in June, including a strong recovery in goods sent to the United States. Meanwhile, industrial output came in above expectations. However, Tuesday's reports showed efforts to boost consumer activity continue to fall flat, with retail sales expanding 4.8 per cent last month, well below estimates in a Bloomberg study and highlighting the work leaders face in kickstarting the economy. China's recovery has been hamstrung by a bruising trade war with the United States, driven by Trump's sweeping tariffs, though the two de-escalated their spat with a framework for a deal at talks in London last month. But observers warn of lingering uncertainty. "The national economy withstood pressure and made steady improvement despite challenges," National Bureau of Statistics (NBS) deputy director Sheng Laiyun told a news conference. "Production and demand grew steadily, employment was generally stable, household income continued to increase, new growth drivers witnessed robust development, and high-quality development made new strides," he said. And the US president upped the ante Monday, warning Russia's trading partners - which include China - that he will impose tariffs reaching 100 per cent if Moscow fails to end its war on Ukraine within 50 days. After a strong start to the day, Hong Kong pared an early rally while Shanghai dipped into negative territory. Elsewhere, Tokyo, Sydney, Singapore, Wellington, Taipei and Jakarta rose, with Seoul and Manila in the red. Trump also Monday said he will impose antidumping duties on most imports of fresh tomatoes from Mexico, with the US Commerce Department accusing its neighbour of engaging in unfair trade. That came after he said he would hit the country and the European Union with 30 per cent levies, having announced a slew of measures against key partners last week if deals are not struck by August 1. However, analysts said investors viewed the warnings as negotiating ploys rather than a genuine move, citing previous threats that were later rowed back. The mixed performance in Asian markets followed a healthy day on Wall Street, where the Nasdaq hit another record high. Bitcoin edged down after hitting a record high above US$123,200 on Monday thanks to optimism over possible regulatory changes for crypto assets in the United States. - AFP
BusinessToday
2 hours ago
- BusinessToday
MSMEs Urge Dialogue On e-Commerce Fee Structure Plans
The Malaysian Micro Business Association (MAMBA) has urged for a more balanced and constructive conversation regarding recent fee structure adjustments by e-commerce platforms. The association believes a holistic perspective is needed, one that considers both the sustainability of digital platforms and the competitiveness of local micro, small, and medium enterprises (MSMEs). Alvin Low Wei Yan, Secretary-General of MAMBA, emphasised the need to avoid 'scare tactics and politicising important conversations that directly affect thousands of Malaysian sellers.' He stressed the importance of open discussion to ensure a win-win situation for sellers, shoppers, and platforms alike. MAMBA acknowledged that price hikes are challenging but highlighted current global dynamics, particularly the escalating US-China trade war and the imposition of tariffs. These factors are expected to trigger a surge of low-cost Chinese products being redirected into Southeast Asian markets, including Malaysia. 'We are already seeing cheap imports entering the market through new and existing e-commerce platforms targeting consumers in Malaysia, undercutting local sellers and threatening their long-term survival,' Low stated, anticipating an acceleration of this trend in the coming months. To counter these pressures, MAMBA believes it is critical for both the Government and local sellers to support and collaborate with platforms that continue to prioritize MSMEs. The association stressed that platforms must continue investing in infrastructure, tools, and services to improve customer satisfaction, such as faster delivery, reliable refund processes, better search functions, and AI-powered product recommendations. These improvements are seen as vital for attracting buyers, increasing traffic, and boosting visibility and conversion rates for sellers. Low underscored that 'good customer experience is not just a buyer issue—it's a seller issue too.' He added that platforms need significant investment to independently fund upgrades in areas like AI tools, logistics, fraud prevention, and customer support. If platforms are unable to reinvest due to pricing pressure or policy uncertainty, the entire seller ecosystem will suffer in the long run. MAMBA believes these joint investments by both sellers and platforms will ultimately yield positive returns. Citing data from GlobalData, MAMBA noted that the Malaysian e-commerce market is projected to grow at a compound annual growth rate (CAGR) of 8.5% between 2024 and 2028, reaching MYR67.1 billion (USD14.7 billion) by 2028. This outlook, they argue, reinforces the importance of reinvestment and innovation for long-term competitiveness. The association reiterated the importance of balancing MSME needs with rising customer expectations, cautioning against 'blanket criticism' of e-commerce platforms. Low warned that 'calling for authorities to threaten or punish platforms simply for raising fees is counter-productive and risks undermining the very ecosystem we are trying to strengthen.' MAMBA calls for an open dialogue between the government, platforms, and seller associations to chart a sustainable and inclusive path forward, ensuring Malaysian MSMEs continue to thrive amidst mounting global pressures. Related
