China promotes business potential to Apple, Pfizer, US companies

Business

March 25, 2025

ANN/THE STRAITS TIMES – China sought to reassure foreign corporate chiefs of the country’s business potential when Vice-Premier He Lifeng met with the heads of Apple, Pfizer, Mastercard, Cargill and others on March 23.

He also met with pharmaceutical firm Eli Lilly, medical device company Medtronic and speciality glassmaker Corning, a Commerce Ministry statement said.

Beijing is keen to woo foreign investment as policymakers try to boost domestic consumption in a slowing economy to offset the impact of United States (US) tariffs.

“China will continue to improve the business environment and welcome more investment by multinational companies in China, sharing opportunities for development,” He told the business leaders, describing China’s economy as “highly resilient” and “full of vitality”.

The statement did not specify where they met. Many foreign chief executives were in Beijing to attend a business forum on March 23 and 24, with some expected to meet President Xi Jinping on March 28, sources said.

In a further push to encourage investment, the China Council for the Promotion of International Trade said smartphone maker Apple was welcome to deepen its supply-chain cooperation with China.

The council’s chairman, Ren Hongbin, met with Apple chief executive officer (CEO) Tim Cook on March 23.

Chinese Premier Li Qiang urged countries to open their markets to combat “rising instability and uncertainty”, and promised more active macroeconomic policies. PHOTO: THE STRAITS TIMES

The Trump administration has imposed 20 per cent tariffs on all Chinese goods since taking office in January, accusing Beijing of not doing enough to stem the flow of fentanyl into the US, straining relations between both.

At the China Development Forum, Chinese Premier Li Qiang on March 23 urged countries to open their markets to combat “rising instability and uncertainty”, and promised more active macroeconomic policies.

US Republican Senator Steve Daines, a staunch supporter of President Donald Trump, met Li on March 23 with seven senior executives from US companies.

Daines called the meeting a chance for them to air their views on the business environment in China directly to Li.

Some 86 company representatives from 21 countries came to the forum in 2025, with American companies making up the largest group of attendees, state broadcaster CCTV said.

A source said fewer American CEOs are attending the forum compared with 2024. But some CEOs were optimistic about investing and doing business in China, state-backed Global Times reported.

“Definitely, we have confidence for China’s development. We have been invested consistently for decades in China, and we will continue for decades to come,” Corning CEO Wendell Weeks was quoted as saying to the newspaper.

American direct-selling company Amway was monitoring the impact of US tariffs, but its CEO Michael Nelson said the company is focused on the future of the Chinese market, according to Global Times.

Markets fluctuate as traders prepare for ‘Liberation Day’

Business

March 25, 2025

HONG KONG (AFP) – Equity markets were mixed yesterday as worries about fresh United States (US) tariffs pencilled in for next week were tempered by a report that Donald Trump was considering a more targeted approach.

Investor sentiment has been jolted in recent weeks by fears that the president’s hardball policies could deal a painful blow to the global economy.

He has caused ructions on trading floors since resuming power in January by hitting out at long-standing allies and imposing or threatening swingeing tariffs on imports of an array of goods, including steel and cars.

Next Wednesday is now the focus of attention, with Trump labelling it “Liberation Day” as he prepares to unveil a raft of reciprocal measures to counter those in other countries.

“Anticipation and pre-positioning ahead of Trump’s ‘Liberation Day’ on April 2 and the impending deluge of tariff-related announcements that will follow in the days/weeks after will be a growing factor that drives price action, sentiment and liquidity in markets this week,” said Chris Weston at Pepperstone.

“As the sky begins to bruise and darken, and the atmospheric pressure builds within the capital markets, market players question if it’s time to batten down the hatches in preparation for a storm of uncertainty set to be unleashed on markets.”

Traders work on the floor of the New York Stock Exchange. PHOTO: AFP

The Federal Reserve last week warned that “uncertainty around the economic outlook has increased” while the central banks of Japan and Britain also warned about the impact of the White House’s policies.

Chinese Premier Li Qiang said at the weekend that Beijing was readying for “shocks that exceed expectations” ahead of the latest measures, adding that “instability and uncertainty are on the upswing”.

His comments came as he met heads of some of the world’s biggest companies, including Apple, Qualcomm, FedEx and Pfizer.

And Australian Treasurer Jim Chalmers told Bloomberg News the moves by Trump “are not surprising, but they are seismic”.

However, there was some hope among investors after Bloomberg News reported that the US administration was considering a more targeted approach to the tariffs, with some countries being hit harder than others, and the measures not being as severe as initially feared.

That came after the president told reporters that “there’ll be flexibility” in his plans.

Asian markets fluctuated through the day, with Tokyo falling along with Seoul, Manila and Bangkok.

Jakarta dived more than four per cent at one point, extending a recent sell-off fuelled by worries about Southeast Asia’s biggest economy that has seen the country’s main index lose around 15 per cent since the turn of the year.

Hong Kong rose 0.9 per cent after two days of losses, while Shanghai, Sydney, Singapore, Mumbai and Wellington also edged up.

London, Paris and Frankfurt opened on the front foot.

Gold held around USD3,025, having hit a series of records last week to a peak of more than USD3,057 owing to a surge in demand for safe havens.

Oil markets navigate turbulence amid ceasefire talks, OPEC+ move, tariffs

Business

March 25, 2025

ANN/THE STAR – The possibility of a Ukraine ceasefire, the move by OPEC+ to boost output and the threat of tariffs on key economies are a confluence of bearish factors for oil markets.

For now, the market is reconciling to the fact that despite expectations of a decline in supplies from Libya and Venezuela and the disruption in exports from Kazakhstan, the growth in output in other key pockets amid sluggish demand would be enough to keep a lid on prices.

S&P Global Commodity Insights forecasts that global oil and liquids production will outpace demand throughout the year. Consequently, Platts Dated Brent is projected to average USD73 per barrel in 2025, lower than the USD81 per barrel average recorded in 2024, with further declines anticipated in 2026.

Eala’s Miami victory shocks Keys, advances to Quarters

Sports

March 25, 2025

UNITED STATES (AFP) – Australian Open champion Madison Keys crashed out of the Miami Open on Sunday suffering a shock loss to 19-year-old Filipina wildcard Alexandra Eala.

Russian 17-year-old Mirra Andreeva, coming off back-to-back WTA 1000 wins in Dubai and Indian Wells, also exited in the third round, her 13 match winning streak ending with a three sets loss to American Amanda Anisimova.

The 6-4, 6-2 win for Eala over fifth-seeded American Keys prompted her to hug her team and celebrate passionately after she became the first woman from the Philippines to beat a top-10 opponent since the ranking system came into being in 1975.

The 2022 US Open girls’ singles champion Eala who has been based to the Rafael Nadal academy in Mallorca since she was 13, will now take on Spain’s Paula Badosa for a spot in the quarterfinals.

“Growing up it was tough,” she said. “You didn’t have anyone from where you’re from to pave the way. Of course you had many people to look up to around the world, but I think – I hope this takes Filipino tennis to the next step,” Eala said in her on-court interview.

Keys, who was badly beaten by Aryna Sabalenka in the Indian Wells semi-finals, conceded she was well short of her best form.

“My serve was not really there today and I just kind of felt a little flat – and when you are playing someone who makes a tonne of balls back and absorbs really well, that’s not really the keys to success,” said Keys.

Andreeva, the 11th seed, hoped to continue her rise up the rankings with a strong showing in Miami but appeared to be hampered by injury as she lost to 17th seeded Miami resident Anisimova. Andreeva received lengthy medical attention in her abdominal area when 2-1 down in the first set, which she lost 7-6 (7/5). She bounced back, dominating the second set 6-2 but Anisimova won the third set of the 2 hour and 49-minute battle 6-3.

Anisimova will face Emma Raducanu in the fourth round, after the British player advanced when her American opponent McCartney Kessler retired injured in the second set of their encounter.

Iga Swiatek overcame a determined Elise Mertens to secure a 7-6 (7/2), 6-1 victory and take her place in the last 16 at a WTA 1000 tournament for a record 25th straight event.

Second-seeded Swiatek has not lost before the last 16 at this level since Cincinnati 2021.

The Pole was 5-2 up in the first set but Mertens fought back to make it 5-5 before Swiatek was able to regain her dominance in the tie-break. Swiatek didn’t look back from that point on, making short work of the second set as her struggles on serve improved.

In the men’s draw, Novak Djokovic broke the record for the most ATP Masters 1000 match wins with his 6-1 7-6 (7/1) win over Argentine Camilo Ugo Carabelli. The Serb’s 411th win at this level takes him past the previous record set by Nadal. Belgian veteran David Goffin, who eliminated world number three Carlos Alcaraz in the previous round, fell to American Brandon Nakashima, who won 6-3 6-7 (5/7) 6-3.

Greece’s Stefanos Tsitsipas, who won his first title in over a year last month at Dubai, fell to 24th-seeded American Sebastian Korda 7-6 (7/4), 6-3. “It’s awesome. I was born in Florida. My whole family is here. It’s just a lot of fun to play here and get my first Top 10 win of the year,” said Korda.

“I tried to serve well, tried to come to the net when I could, and I’m just happy with my performance today,” he said.

Bulgaria’s Grigor Dimitrov battled to a 6-7 (3/7), 6-4, 7-5 win over Karen Khachanov in a contest in which the baseline predictably dominated.

The 33-year-old’s victory, secured over two hours and 38 minutes, made Dimitrov the fourth active player to tally 100 Masters 1000 hard-court wins. “It’s great. Last year I think I hit 100 wins indoors, now this. It’s beautiful I think every time you hit such a milestone,” said Dimitrov.

“We know each other very well, we practice with each other a lot, so there weren’t really secrets. At the end of the day, it came down to a few points.” 38-year-old Frenchman Gael Monfils delighted his supporters defeating Spaniard Jaume Munar 7-5, 5-7, 7-6 (7/1).

Alexandra Eala from the Philippines returns a shot against United States’ Madison Keys during their match at Hard Rock Stadium Miami Gardens in Florida. PHOTO: AFP

Tsunoda set to replace Lawson after struggling in Chinese Grand Prix

Sports

March 25, 2025

SHANGHAI (AFP) – Japan’s Yuki Tsunoda could be promoted from junior team RB in time for his home race weekend at Suzuka on April 4 to 6, specialist website Autosport reported after Sunday’s race.

The 23-year-old Lawson has been knocked out at the first stage of all three qualifying sessions this season after stepping up from RB. The New Zealander is yet to score a point while Max Verstappen in the other Red Bull is second in the title race with 36.

Tsunoda has shown pace on both race weekends, only finishing out of the points on Sunday because of his team’s flawed two-stop pit strategy. Even after just two weeks, Red Bull cannot afford to let McLaren, who are already 42 points ahead, run away with the constructors’ standings.

A downcast Lawson knows he is under threat. “Unfortunately I don’t really have time but it’s just one of those things,” he conceded on Saturday.

Red Bull team principal Christian Horner did not exactly give Lawson a vote of confidence. “I think Liam’s had a tough couple of races, a tough weekend here. We’ll have a good look at it,” he said, but he was more upbeat when asked about Tsunoda. “Yuki is an experienced driver now doing a great job.”

Oscar Piastri led a McLaren one-two from Lando Norris in the Chinese Grand Prix after an action-packed weekend where Lewis Hamilton won the first Saturday sprint of the season and then had a shock disqualification on Sunday, along with Ferrari teammate Charles Leclerc and Alpine’s Pierre Gasly. Ferrari experienced the highs and lows of Formula One in Shanghai with Hamilton controlling the sprint from pole for his first win in Scuderia red.

Just over 24 hours later, the team’s joy turned to despair as the seven-time world champion and his teammate Leclerc were both disqualified for technical infringements.

Hamilton was deemed to have excessive plank wear underneath his car, while Leclerc’s car was below the 800 kilogramme weight minimum. Ferrari pleaded innocence and said they had “no intention to gain any advantage”. Speculation was rife at the weekend that the under-performing Liam Lawson may lose his Red Bull seat after just two races.

Alex Albon declared he was “very happy” after celebrating his 29th birthday on Sunday with a second top-10 GP finish in this season’s vastly improved Williams.

“Considering the sprint race, today was a huge step for us and it shows the progress we’ve made,” said Albon, who lies sixth in the drivers’ championship with 16 points after two race weekends — four more than he scored in the whole of last season.

“We can fix issues that we have on our car, which is a huge improvement on where we were last year.”

New Zealand driver Liam Lawson drives during the Formula One Chinese Grand Prix at the Shanghai International Circuit. PHOTO: AFP

ABOVE & BELOW: Drivers compete during the Formula One Chinese Grand Prix at the Shanghai International Circuit in Shanghai; and New Zealand driver Liam Lawson. PHOTO: AFP

Customers in Asia race to cash in their old jewellery, coins

Business

March 25, 2025

ANN/THE STRAITS TIMES – As gold prices jump to successive highs, jewellers across Asia and the Middle East are grappling with displays losing their sparkle as customers race to cash in their old jewellery and coins.

If the rush to sell continues, it could ultimately lead to lower imports into major markets, potentially tempering gold’s rally, retailers and industry experts said.

Spot gold topped USD3,000 an ounce for the first time on March 14, and continued climbing last week to bring year-to-date gains to more than 15 per cent, driven by a powerful combination of political and financial uncertainty.

The stunning run higher follows an almost 30 per cent rise in 2024, and has driven increased business for often-overlooked scrap gold buyers in Zaveri Bazaar, India’s largest bullion market.

Textile trader Unmesh Patel said he had made a return of more than 25 per cent selling four 10-gramme (g) gold coins bought less than seven months ago after the Indian government cut import duties on the metal.

“I just decided to sell instead of waiting for prices to go up even more,” he said.

Consumers are shifting towards buying cheaper jewellery or opting to sell their existing gold or using it as loan collateral instead of making new purchases.

Managing director at GoldSilver Central based in Singapore Brian Lan said close to five shops had recently opened around Chinatown selling gold-plated silver.

“We have seen some clients who go home and look for jewellery that they don’t wear, or is broken, and bring it back to liquidate it,” Lan added.

These trends highlight the delicate balance between gold’s role as a traditional cultural commodity and its value as a financial asset.

In India, domestic gold prices have risen more than 32 per cent since it cut import duties in July, to a record high of INR89,796 per 10g.

“If prices stay this high all year, India’s overall demand could drop by more than 30 per cent in 2025,” said president of the India Bullion and Jewellers Association Prithviraj Kothari.

“Buyers are finding it hard to keep up with the price surge, and their budgets aren’t growing either,” he added.

Although India’s wedding season is in full swing, jewellers are seeing less than half their typical customer traffic, according to dealers.

Even those who are making purchases, such as bride-to-be Vaishnavi M, are opting to exchange old jewellery for new to minimise costs.

“The rates are so high that it would completely mess with my wedding budget… the plan is to exchange some of my mother’s old jewellery,” said Vaishnavi M in the southern state of Kerala.

Other major Asian markets have also seen a slump in demand for gold jewellery, with more sellers than buyers.

In China, the lacklustre retail purchasing seen in 2024 is continuing. With jewellers charging extra premiums for craftsmanship, people who just want to hold some physical gold will buy coins and bars, said head of dealing at Wing Fung Precious Metals Peter Fung.

Jewellery hubs in the Middle East are seeing a similar dip in demand, according to a Dubai-based bullion dealer. “A lot of Indian tourists usually shop in Dubai to avoid import taxes, but even they’re holding back,” the dealer said.

About 60 per cent of gold demand in the United Arab Emirates is for jewellery and when the prices are high, consumers purchase lower-weight products, said Head of Middle East and Public Policy at World Gold Council Andrew Naylor.

“However, our data shows that the value of jewellery bought last year increased, despite lower volumes,” he said.

Looking ahead, analysts say the outlook for jewellery demand remains gloomy, although investment demand for bullion is likely to remain strong.

India fulfils the majority of its gold requirement through imports, while China, the biggest consumer, also meets two-thirds of demand via imports.

From tourist town to remote work hub

Business

March 25, 2025

ST AUGUSTINE (AP) – Lori Matthias and her husband had tired of Atlanta traffic when they moved to St Augustine, Florida, in 2023. For Mike Waldron and his wife, moving from the Boston area in 2020 to a place that bills itself as “the nation’s oldest city” was motivated by a desire to be closer to their adult children.

They were among thousands of white-collar, remote workers who migrated to the St Augustine area in recent years, transforming the touristy beach town into one of the top remote work hubs in the United States (US).

Matthias fell in love with St Augustine’s small town feeling, trading the hour-long commute she had in Atlanta for bumping into friends and acquaintances while running errands.

“The whole pace here is slower and I’m attracted to that,” said Matthias, who does sales and marketing for a power tool company. “My commute is like 30 steps from my kitchen to my office. It’s just different. It’s just relaxed and friendly.”

Centuries before becoming a remote work hub, the St Augustine area was claimed by the Spanish crown in the early 16th Century after explorer Juan Ponce de Leon’s arrival. In modern times, it is best known for its Spanish architecture of terra cotta roofs and arched doorways, tourist-carrying trollies, a historic fort, an alligator farm, lighthouses and a shipwreck museum.

In St Johns County, home to St Augustine, the percentage of workers who did their jobs from home nearly tripled from 8.6 per cent in 2018 to almost 24 per cent in 2023, moving the northeast Florida county into the top ranks of US counties with the largest share of people working remotely, according to US Census Bureau figures.

Only counties with a heavy presence of tech, finance and government workers in metro Washington, Atlanta, Austin, Charlotte and Dallas, as well as two counties in North Carolina’s Research Triangle, had a larger share of their workforce working from home. But these were counties much more populous than the 335,000 residents in St Johns County, which has grown by more than a fifth during this decade.

Vice president of economic development for the county’s chamber of commerce Scott Maynard attributes the initial influx of new residents to Florida’s lifting of COVID-19 restrictions in businesses and schools in the fall of 2020 while much of the country remained locked down.

“A lot of people were relocating here from the Northeast, the Midwest and California so that their children could get back to a face-to-face education,” Maynard said. “That brought in a tremendous number of people who had the ability to work remotely and wanted their children back in a face-to-face school situation.”

Public schools in St Johns County are among the best in Florida, according to an annual report card by the state Department of Education.

The influx of new residents has brought growing pains, particularly when it comes to affordable housing since many of the new, remote workers moving into the area are wealthier than locals and able to outbid them on homes, officials said.

ABOVE & BELOW: Walkers make their way through the downtown historic district in St Augustine, Florida; and healthcare sales executive Mike Waldron works out of his home office in St Augustine. PHOTO: AP

Wood injured as New Zealand clinches World Cup spot

Sports

March 25, 2025

AUCKLAND (AFP) – New Zealand reached the World Cup for only the third time with a 3-0 win over New Caledonia yesterday but lost in-form Nottingham Forest striker Chris Wood to injury.

The All Whites join already qualified Japan and co-hosts the United States, Canada and Mexico at next year’s finals thanks to three second-half goals. But the victory in Auckland in the final of Oceania qualifying came at a cost, with skipper Wood suffering what appeared to be a hip injury.

Soon after half time at Eden Park, Wood hurt himself swivelling for a shot and required treatment before hobbling off in the 54th minute.

“It’s not great for us losing our captain and our goal scorer. It was a difficult thing for the team but they came through so well,” said New Zealand’s English coach Darren Bazeley.

The hosts looked out of ideas after dominating the first half, but then up popped veteran defender Michael Boxall on 61 minutes to head home from a corner with his first goal for his country.

Five minutes later Wood’s replacement Kosta Barbarouses chipped the ball over advancing New Caledonia goalkeeper Rocky Nyikeine. Substitute Eli Just put gloss on the scoreline from close range with 10 minutes left.

New Zealand’s Chris Wood celebrates with teammates during the World Cup 2026 Oceania qualifier semi-final football match at Sky Stadium in Wellington. PHOTO: AFP

New Caledonia’s unlikely World Cup hopes are not over and they will go into an intercontinental playoff. Next year’s World Cup has been expanded to 48 teams, meaning direct entry for the first time for the team that won the qualifying competition in Oceania.

The region’s top side previously had to go through an intercontinental playoff, with New Zealand falling at the final hurdle to Mexico, Costa Rica and Peru in recent editions. New Zealand have been to the World Cup twice before, in 1982 and 2010, but are yet to win at the competition in six matches.

“Once the World Cup expanded we expected this of ourselves,” said Boxall. “It’s not about getting there, it’s about what we do when we get there.” Facing a side ranked 152 in the world, 63 places below them, hosts New Zealand immediately went on the front foot. New Caledonia, a French Pacific territory of about 300,000 people which has never been to the World Cup, twice cleared off the line in quick succession after 20 minutes.

Wood, who is in the form of his life at Forest with 18 goals in the Premier League this season, had a chance in the 32nd minute but Nyikeine saved comfortably.

The 33-year-old Wood then headed over the bar from a corner and at the half-time whistle, with the game unexpectedly level, the New Caledonia players mobbed Nyikeine.

Bazeley had seen enough and made two changes at the break, bringing on winger Just and defender Francis de Vries.

Despite losing talisman Wood, New Zealand’s pressure eventually paid off against a rapidly tiring New Caledonia to put the All Whites into the World Cup.

Community support for orphans, single mothers

National

March 25, 2025

Some 14 orphans and single mothers from across Pekan Kuala Belait received donations as part of a get-together event at the residence of the Pekan Kuala Belait ‘B’ Village Head on Sunday.

Pekan Kuala Belait ‘B’ Village Head Mohammad Sufrizal bin Haji Hamdan led the event organised by the Village Consultative Council (MPK) of Pekan Kuala Belait.

MPK members and representatives from CIC Environmental Services Sdn Bhd also attended the event which began with the presentation of donations and visits to residences of those unable to attend, to personally hand over the donations.

The donations aimed to help lessen the recipients’ burden during Ramadhan while preparing for Hari Raya Aidilfitri celebration. – Daniel Lim

The attendees in a group photo. PHOTO: MPK PEKAN KUALA BELAIT ‘B’

ABOVE & BELOW: Photos show the presentation of donations. PHOTO: MPK PEKAN KUALA BELAIT ‘B’

LegCo members give back to KB community

National

March 25, 2025

Some 30 recipients, comprising families of those in need from Mukim Liang, Bukit Sawat and Labi received donations from Legislative Council (LegCo) members during a ceremony at Kampong Sungai Liang Mosque yesterday.

The event began with the recitation of Tahlil and Doa Arwah led by the mosque’s head imam Zulhilmi bin Jefri followed by the LegCo members handing over the donations.

Held in collaboration with the mosque’s takmir committee, the contingent was led by LegCo members Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim, Yang Berhormat Pehin Orang Kaya Johan Pahlawan Dato Seri Setia Haji Awang Adanan bin Begawan Pehin Siraja Khatib Dato Seri Setia Haji Mohd Yusof and Yang Berhormat Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Haji Awang Suyoi bin Haji Osman.

LegCo members Yang Berhormat Haji Mohd Salleh bin Haji Othman and Yang Berhormat Mohammad bin Abdullah @ Lim Swee Ann were also present.

A similar event was also held in the Temburong District on Saturday. – Daniel Lim

Borneo Bulletin OnlineThe Independent Newspaper in Brunei Darussalam, Sabah and Sarawak

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