Latest news with #tariffnegotiations
Malay Mail
a day ago
- Business
- Malay Mail
Ringgit edges higher against US dollar ahead of tariff deadline
KUALA LUMPUR, July 22 — The ringgit closed higher against the US dollar on Tuesday, amid a mixed performance in regional currencies, as investors adopted a wait-and-see approach ahead of the United States (US) tariff negotiation deadline, an analyst said. At 6 pm, the ringgit rose to 4.2300/2370 against the greenback, compared with Monday's close of 4.2320/2365. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said there is an impression that the tariff negotiations could extend beyond the Aug 1 deadline. 'Asian currency performance against the US dollar was rather mixed, as the Chinese yuan, Thai baht and Korean won depreciated, while the Indonesian rupiah and the Philippines peso strengthened. 'The ringgit opened on a stronger footing in the morning session, rising to as high as RM4.2273 against the US dollar. However, it hovered around RM4.2325 during the afternoon session,' he told Bernama. Meanwhile, SPI Asset Management managing partner Stephen Innes said the ringgit traded sideways as local traders remained cautious, noting that a negotiated compromise with Washington could pave the way for modest gains, especially if the tariff rate comes in below expectations. 'For now, traders are marking time. But this calm will not last forever. Aug 1 is not just a tariff deadline, it is the next macro landmine on Asia's summer calendar,' he added. At the close, the ringgit traded lower against a basket of major currencies. It dipped against the Japanese yen to 2.8690/8739 from 2.8612/8644, fell against the British pound to 5.7088/7183 from 5.6954/7015 and declined versus the euro to 4.9512/9594 from 4.9277/9330 at Monday's close. The local note also traded mostly lower against most Asean currencies. It depreciated vis-à-vis the Singapore dollar to 3.3011/3071 from 3.2990/3028, weakened against the Thai baht to 13.0899/1172 from 13.0754/0954, and edged down versus the Philippine peso to 7.41/7.43 from 7.40/7.41. The ringgit, however, traded slightly higher against the Indonesian rupiah at 259.1/259.7 from 259.2/259.6. — Bernama
Free Malaysia Today
15-07-2025
- Business
- Free Malaysia Today
Bursa ends at intraday low on selective heavyweight selling
KUALA LUMPUR : Bursa Malaysia ended at an intraday low today due to persistent selling in selected heavyweights, led by the financial services and construction sectors. UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Sedek Jantan said the FTSE Bursa Malaysia KLCI's (FBM KLCI) drop today reflected a cautious undertone among investors despite an improvement in broader market sentiment. 'Investor focus remains firmly on the progress of the US-Malaysia tariff negotiations, with the Aug 1 deadline for the imposition of a 25% import duty drawing near. 'The market appears to be factoring in a drawn-out negotiation process, contributing to prevailing risk aversion,' he told Bernama. Meanwhile, he said the investment, trade and industry ministry's (Miti) announcement on trade permit for artificial intelligence (AI) chips is a welcome step towards regulatory clarity, while persistent concerns over potential US export controls on AI chip shipments to Malaysia continue to cast a shadow over sentiment, particularly within the technology and semiconductor sectors. 'Nonetheless, from a medium to longer-term perspective, we see the strengthening of governance and compliance standards as a positive structural shift that may enhance Malaysia's competitive positioning within global value chains, potentially serving as a future catalyst for investor confidence,' he added. At 5pm, the FBM KLCI fell 12.11 points or 0.79% to 1,525.40 from yesterday's close of 1,537.51. Public Bank eased eight sen to RM4.26, Maybank slid seven sen to RM9.65 and Gamuda gave up 13 sen to RM4.96. These counters dragged the composite index down by 5.42 points. The benchmark index opened 1.45 points lower at 1,536.06 and hovered between 1,525.40 and 1,538.56 throughout the session. The market breadth was negative, with 601 decliners outpacing 412 gainers and 498 counters unchanged, while 918 were untraded and eight suspended. Turnover improved to 3.07 billion shares worth RM2.36 billion, compared with 2.93 billion shares worth RM1.67 billion yesterday. Among other heavyweight counters, CIMB reduced six sen to RM6.63, Hong Leong Bank lost 26 sen to RM19.30, Tenaga Nasional decreased eight sen to RM13.90, 99 Speed Mart added three sen to RM2.30 and Sunway rose four sen to RM4.92. In active trade, Zetrix AI was 5.5 sen lower at 93 sen, NationGate shed 12 sen to RM1.49, Dagang NeXchange weakened one sen to 30.5 sen, NexG gained 0.5 sen to 47.5 sen while Tanco was flat at 90.5 sen. On the index board, the FBM Emas Index declined 82.38 points to 11,476.08, the FBMT 100 Index sank 83.43 points to 11,237.61 and the FBM Emas Shariah Index fell 77.42 points to 11,483.18. The FBM 70 Index dropped 98.80 points to 16,688.40, while the FBM ACE Index improved 16.10 points to 4,587.62. By sector, the financial services index dipped 161.22 points to 17,502.65, the industrial products and services index shaved 0.48 of-a-point to 153.39 and the plantation index eased 15.68 points to 7,418.42. The energy index inched down 8.46 points to 738.92. The Main Market volume rebounded to 1.44 billion units worth RM2.07 billion from 1.13 billion units valued at RM1.35 billion yesterday. Warrants turnover slipped to 1.28 billion units valued at RM172.45 million from 1.46 billion units worth RM208.01 million previously. The ACE Market volume increased to 347.59 million units valued at RM122.67 million versus 342.18 million units worth RM113.55 million yesterday. Consumer products and services counters accounted for 171.02 million shares traded on the Main Market; industrial products and services (350.21 million), construction (107.34 million), technology (365.39 million), SPAC (nil), financial services (54.91 million), property (134.33 million), plantation (13.85 million), REITs (28.72 million), closed-end fund (3,400), energy (69.98 million), healthcare (50.38 million), telecommunications and media (30.08 million), transportation and logistics (37.56 million), utilities (28.22 million), and business trusts (24,300).
Irish Times
11-07-2025
- Business
- Irish Times
Ireland's €156bn tax corporate tax bonanza and measuring the tariff threat
Despite all the warnings about corporation tax drying up, Ireland's corporate tax boom has generated €156 billion in just 10 years, figures from the Department of Finance show. Eoin Burke-Kennedy reports. Eoin also breaks down where that corporation tax money has been spent in his column this week. Australian financial services giant Macquarie has agreed to sell Broadstone Housing Investments, its Irish social housing and mortgage-to-rent (MTR) business, to the unit's chief executive. It marks a strategy U-turn for the Australian group, having failed to build up an Irish residential portfolio of scale. Joe Brennan has the story. JP Morgan chief executive officer Jamie Dimon said in Dublin on Thursday that financial markets are too complacent about the outcome of US negotiations with trading partners on tariffs and pricing in a low probability of the Federal Reserve having to hike interest rates again. Joe Brennan was there. One of the country's best known trade unions, Mandate, has suffered a decline in membership of almost a third over five years, its latest returns to the Registry of Friendly Societies indicate. AS Emmet Malone reports, according to the figures provided by the union itself, Mandate had 20,257 members at the end of 2024, down from 29,250 in 2020 and 32,041 two years before that. READ MORE European politicians and diplomats were on standby waiting for word of a breakthrough in the tariff negotiations with the United States, which one official said had entered the 'final phase'. Jack Power reports. Staying with tariffs, in Agenda, Cliff Taylor assesses where the Trump trade policy is headed, and what are the potentail ramifications for Ireland. When Pat Casey joined ServiceNow around two decades ago, he was employee number nine at the digital workflow company. It now has than 26,000 employees worldwide. He talks to Ciara O'Brien about his experiences at the firm. DCC, the Irish conglomerate seeking to narrow its focus to energy, said it still sees its remaining businesses posting 'good operating profit growth' in the financial year to next March, even though its first-quarter earnings were ' modestly behind ' the same period last year. Joe Brennan and Ian Curran have the story. The Club Hotel at Goffs is moving this week to the global IHG franchise , giving it access to millions of potential customers around the world. Barry O'Halloran reports. Grafton shares fell the most in three years on Thursday, after the company did not reiterate its guidance for the rest of the year. Shares in the owner of the Woodies DIY chain slumped as much as 8 per cent in London before paring the loss to 5.6 per cent. Ciara O'Brien reports. In World of Work, Margaret E Ward looks at why workers should think about putting together their own personal risk register - something which companies do as a matter of course - and how it can help them to further their own careers. The main creditor of Powerscourt Distillery is opposing efforts to have an examiner appointed over the business. Hugh Dooley was in court. Irish consumers are paying €1.10 more for a pound of butter than this time last year, according to the Central Statistics Office (CSO). The figure comes as the annual rate of inflation overall edged up to 1.8 per cent in June, from 1.7 per cent the previous month, the lowest reading this year. Excluding energy and unprocessed food, prices in general were 2 per cent higher than at this time last year. Dominic Coyle has the details. The Irish arm of international property company Hines has put an indicative price tag of €64.57m on 113 apartments and studios it is planning to sell for social housing to Dublin City Council. Gordon Deegan reports. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
CNA
30-06-2025
- Business
- CNA
Indonesia to ease import restrictions ahead of US tariff deadline
JAKARTA: Indonesia will ease import restrictions and rules on many goods and raw materials in a bid to make it easier to do business in the country, officials said on Monday (Jun 30), ahead of the Jul 9 deadline for tariff negotiations set by the United States. While Indonesia is Southeast Asia's largest economy, traders have historically complained about excessive red tape. The matter was also highlighted in a recent report by the US Trade Representative on foreign trade barriers. The easing includes the removal of import licensing requirements for certain goods and the exclusion of some industrial raw materials - including plastic and chemical products - from the imports restriction list, a presentation by Indonesian officials at a press conference showed. Coordinating Minister for Economic Affairs Airlangga Hartarto, speaking at the event, said the policy actions would affect 10 groups of commodities and would come into effect in two months. Officials did not specifically say the action was linked to tariff negotiations with Washington. "President (Prabowo Subianto) instructed all ministerial bodies to ensure the process of business licensing is not hindered by a long bureaucratic process," said Satya Bhakti Parikesit, an official at Indonesia's state secretariat ministry. Trade Minister Budi Santoso said restrictions would be eased on products including those in the categories of fertilisers, forestry and plastics. He said the new policy would create more certainty for businesses by eliminating overlapping rules. The easing of import requirements and restrictions will also help industry players asking for an easier way to import raw materials, Deputy Industry Minister Faisol Reza said. The US goods trade deficit with Indonesia was US$17.9 billion in 2024, according to the US Trade Representative. Speaking separately to reporters, Airlangga said Indonesia has offered the United States the opportunity to jointly invest in a critical minerals project as part of tariff negotiations with Washington. Sovereign fund Danantara Indonesia will be involved in the project, he added.
Japan Times
30-06-2025
- Business
- Japan Times
U.S. import pressure raises concerns for Hokkaido agriculture
Recent pressure on Japan by the United States to import more American rice, soybeans and maize, which can be used as livestock feed or for bioethanol, is of special concern to Hokkaido. The Japanese government sees potential for expanding imports of these agricultural products as part of the ongoing tariff negotiations between Japan and the United States. The two sides continue to talk with no agreement in sight as of late June. But the potential expansion of U.S. rice and soybean imports could have a particularly profound impact on Hokkaido, where the crops are vital to the regional economy. Hokkaido rice, rated as some of the best in Japan, has been relatively cheaper here than in other parts of the country. But further efforts to reduce the costs in order to compete with U.S. imports will not be easy due to some basic challenges that the prefecture's agriculture sector faces. In 2024, Hokkaido utilized 27% of Japan's total arable land area to develop agriculture centered on rice cultivation, field crops, and dairy farming which play a large role in Japan's food security policies and serve as an important source of export revenue. Nationally, the food self-sufficiency rate in fiscal 2022 was 38% on a calorie basis. But Hokkaido's rate for 2022 was 218%. In 2023, Hokkaido's agricultural output value was just under ¥1.35 trillion — 14.1% of national production in a prefecture with 5.22 million people, or 4.1% of the country's population. Rice, in particular, is a major crop for Hokkaido, with 562,400 tons produced last year. That's about 7.7% of the nation's total and is second only to the output of Niigata Prefecture. But aside than rice, Japan heavily relies on Hokkaido for two other crops that could face competition from U.S. imports. The prefecture produced 44.3% of Japan's soybeans and two-thirds of its green corn (maize) in 2023. Despite Hokkaido's strength as an agricultural hub, there are deep demographic and logistical problems that make it difficult to simply lower prices. The importance of rice, soybeans and maize to the local economy and the challenges Hokkaido faces in getting all three to market is stirring concern among local officials about competition from more U.S. imports and its potential impact on farming. Hokkaido, like the rest of Japan, is facing a shortage of young agricultural workers, although the situation may not look as bad as other prefectures on paper. As of 2024, the proportion of agricultural workers age 49 or younger in Hokkaido was 24.7% (compared to the national average, excluding Hokkaido, of 10.4%). The proportion of those between the ages of 50 and 64 was 26.9% (national average excluding Hokkaido: 16.4%), and the proportion of those age 65 or older was 48.4% (national average excluding Hokkaido: 73.2%). But a declining number of able-bodied farm workers can lead to wage increases among those who remain, driving up costs for farm owners. As such, some agricultural industries are trying to fill their labor force with foreign workers. For example, social media sites are now advertising jobs in the Hokkaido dairy industry with a monthly salary of between ¥220,000 and ¥230,000. Other places are looking for short-term volunteer foreign farmers, who pick crops and do other jobs in exchange for free room and board for a week, at least. There are also logistical problems with fixed costs. Many Hokkaido farms rely on imported raw materials for fertilizer, and the weak yen means farmers have to pay more, which impacts their bottom line. The other issue is getting the crops to market once they've been harvested. The local trucking industry is facing a shortage of drivers and high gasoline prices, which drive up the final cost consumers pay at the supermarket for Hokkaido produce. Hokkaido Gov. Naomichi Suzuki has made it clear that he expects the central government to take a firm stance in its negotiations with the U.S. on rice and other agricultural products, keeping in mind the importance of Hokkaido to Japan's food policies. 'Hokkaido is a major production area for staple grains and other agricultural products. It's essential to engage in thorough discussions (with the U.S.) and to steadily advance policies that contribute to Japan's food security,' Suzuki said at an April 24 news conference. In late May, Yasutoshi Tsuchiya, a JA (Japan Agricultural Cooperatives) Hokkaido official, said his organization also called on the Japanese government to avoid any agreement with the U.S. that would create problems in the prefecture's agricultural industry, and to refrain from implementing market liberalization beyond that which the two countries agreed to in the September 2019 Japan-U.S. Trade Agreement, which does not include rice, soybeans or maize. 'It's difficult at the moment to anticipate the impact of the negotiations on Hokkaido agriculture, as we've not received any specific details about what they will entail,' he told The Japan Times. So far, Prime Minister Shigeru Ishiba's government has not formally begun negotiations with the U.S. on more rice, soybeans or maize imports. However, the question is likely to be on the minds of Hokkaido voters, especially in farming districts, in the weeks leading up to the July Upper House election.
