Business groups call for stability, economic focus after Yoon Suk Yeol’s ouster

Business

April 6, 2025

ANN/THE KOREA HERALD – South Korea’s leading business groups on Friday urged political stability and the swift normalisation of state affairs to achieve an economic recovery following the Constitutional Court’s decision to remove President Yoon Suk Yeol from office.

The court’s unanimous decision came more than three months after the opposition-led National Assembly voted to impeach Yoon over his short-lived declaration of martial law on December 3. The subsequent political upheaval and leadership vacuum have rattled Korea’s financial markets and undermined economic stability.

Following the ruling, the Korea Chamber of Commerce and Industry (KCCI), the country’s largest business lobby, released a statement saying the business community respects the Constitutional Court’s decision.

The KCCI noted that the country faces complex economic challenges, including sluggish domestic demand, weakening competitiveness in major industries, United States (US) tariff measures and the spread of trade protectionism.

“Considering this grave economic situation, we hope that national affairs quickly normalise and move beyond social division and conflict,” it said. “The business community will put its utmost efforts toward the sustainable growth of our economy.”

The Federation of Korean Industries (FKI) expressed a similar sentiment, voicing hope that all citizens unite as one to overcome the current crisis.

“Our economy is facing a complex crisis marked by deteriorating trade environments, underperforming core industries and stagnant domestic consumption,” FKI said in a statement.

“Now is the time to put all our capabilities toward economic recovery and the livelihoods of ordinary citizens.” It added that the business groups will fulfil their responsibilities through investment and job creation for a new leap forward for the Korean economy.

The Korea Enterprises Federation (KEF) urged citizens to accept the court’s decision and focus on restoring social unity and stability.

“All citizens should humbly accept the court’s decision, bringing an end to the intense political and social conflict caused by the impeachment and focus on social unity and stability,” the KEF said.

The lobby also urged the government and the Parliament to show bipartisan leadership to resolve the administrative vacuum and social confusion caused by national division.

“We ask all economic actors, including labour and management, to fulfil their responsibilities and work together for social stability and economic revitalisation,” the KEF stated.

China’s domestic consumption can offset tariff risks, say economists

Business

April 6, 2025

ANN/CHINA DAILY – Despite the aggressive “reciprocal tariff” policy announced by the White House, senior economists believe that China’s strong domestic consumption potential and its people-centric investment strategies are well-positioned to offset the risks posed by these tariff hikes.

“While the Chinese economy faces challenges, the sky is not falling,” said former chief economist at the China Center for International Economic Exchanges Chen Wenling. “China’s economy is still robust and capable of weathering storms.”

President Donald Trump announced on Wednesday a 10 per cent baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States (US).

“China’s economy has maintained a steady growth trajectory over the past decades, with its massive economic scale serving as a powerful buffer against external pressures,” Chen said.

This year, China is doubling down on boosting domestic demand – both consumer spending and effective investment – to prop up its growth, with policymakers setting the country’s deficit-to-GDP ratio at the highest level on record.

By placing domestic demand at the forefront, China can create a more stable and self-sustaining economic growth model that is less vulnerable to the volatility of global trade flows, Chen said.

China’s annual economic growth rate in 2025 will “for sure be faster than that of last year”, said director of Tsinghua University’s Academic Center for Chinese Economic Practice and Thinking Li Daokui. “Policymakers still have a diverse range of policy tools at their disposal.”

“Time and time again, we have seen that any efforts by Western nations to erect trade barriers, impose technological blockades, or employ other means of pressure against China have consistently failed to achieve their desired objectives,” Li said.

Li noted AI start-up DeepSeek serve as examples of this dynamic. Far from hindering China’s progress, the external pressures have instead catalysed a surge in self-reliance and indigenous innovation.

China has the “sufficient patience and determination” to confront the shocks of the Trump administration, as US polices are hastily implemented, often without a well-thought-out strategy or a clear understanding of their broader implications, Li said.

Director of the Center for Sustainable Development at Columbia University Jeffrey Sachs said, “The US should recognise that China’s rise is not only good for China, but also good for the US and the world as a whole.”

Washington should not aspire to a world in which it alone is prosperous, while everyone else remains poor. Instead, it should strive for a world in which prosperity is widely shared, and all nations can reap the benefits of peace and openness, Sachs added.

European stocks tumble as China retaliates after Trump’s tariff moves

Business

April 6, 2025

BERNAMA-DPA-AFX – European stocks plunged sharply, and several markets tumbled to fresh multi-month lows as United States (US) President Donald Trump’s sweeping tariff moves, and the retaliatory action by China raised fears of a global trade war and recession, prompting investors to press sales across the board.

Bank, mining, energy, realty, pharmaceuticals, retail and fashion jewellery – stocks from across all these sectors tumbled on sustained selling pressure, reported dpa-AFX news.

Trump’s move prompted several European leaders to warn of retaliatory measures. French President Emmanuel Macron reportedly called on companies to suspend planned investments in the US.

Criticising Trump’s decision to impose 34 per cent of additional reciprocal levies on China, which raises total US tariffs against the country to 54 per cent, as “inconsistent with international trade rules,” China said that it will impose a 34 per cent tariff on all goods imported from the US starting on April 10.

Disappointing German factory orders data and construction sector report, as well as a drop in new car registrations, also hurt sentiment.

The pan-European Stoxx 600 fell 5.12 per cent. The UK’s FTSE 100 and Germany’s DAX both closed down 4.95 per cent, and France’s CAC 40 tumbled 4.26 per cent. Switzerland’s SMI ended 5.14 per cent down.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Italy, Netherlands, Norway, Poland, Portugal, Spain and Sweden lost three to seven per cent. Russia closed lower by about 2.5 per cent.

On the economic front, survey results from S&P Global said the United Kingdom (UK) construction sector logged a sustained downturn in March amid rising cost pressures. The construction Purchasing Managers’ Index climbed to 46.4 in March from 44.6 in February.

Among the main categories, civil engineering activity deteriorated at the steepest pace since October 2020, linked to delayed decision-making on new projects and a generally subdued pipeline of major infrastructure work. The decline in commercial building was the fastest since January 2021, while residential construction activity fell at a slower pace than in February.

Data from Destatis said German factory orders stagnated unexpectedly in February even though US importers brought forward imports to beat the impending tariffs. New orders in the manufacturing sector remained unchanged in February, reversing a 5.5 per cent drop in January, the data said.

Orders were forecast to grow 3.4 per cent. Excluding large orders, new orders were 0.2 per cent lower than in the previous month. Germany’s construction sector deteriorated at a faster pace at the end of the first quarter amid weaker order inflows, survey results from S&P Global showed. The HCOB construction Purchasing Managers’ Index registered 40.3 in March, down from 41.2 in February. New car registrations in Germany fell 3.9 per cent year-on-year to 253,497 units in March, marking the fifth consecutive period of decline.

Data from statistical office INSEE showed France’s industrial production recovered at a stronger-than-expected pace in February, growing by 0.7 per cent month-on-month, in contrast to the 0.5 per cent decrease in January. Economists had forecast output to grow 0.5 per cent.

Likewise, manufacturing output advanced 1.4 per cent after a 0.5 per cent drop in the previous month.

The upturn in output was mainly driven by the 1.2 per cent rebound in ‘other manufacturing industries’ and the 3.1 per cent increase in the manufacture of machinery and equipment goods.

Philippines seen to weather US tariff shocks

Business

April 6, 2025

ANN/INQUIRER.NET – Traders were hit with a 17-per cent tariff imposed by United States (US) President Donald Trump on goods imported from the Philippines, part of the sweeping tariffs that caused a bloodbath across global markets on Thursday.

By the end of the session, the Philippine Stock Exchange Index (PSEi) fell by 1.63 per cent, or 101.95 points, to close at 6,145.73.

This represents the PSEi’s worst performance since March 11, or the day former president Rodrigo Duterte was arrested.

Likewise, the broader All Shares Index lost 1.1 per cent, or 40.71 points, to 3,664.41.

Analysts note, however, that this may have been a knee-jerk reaction to the reciprocal tariffs rolled out by Trump, adding that the Philippine economy was still driven by domestic consumption.

“Overall, we expect some downside, but the market will likely shrug it off since we’re actually a bit better off versus our peers, and we’re not reliant on exports as they are,” AP Securities Inc research head Alfred Benjamin Garcia told the Inquirer.

“The downside will mostly come from the indirect impact on us from the global trade and economic slowdown due to the tariffs,” Garcia added.

Services firms, including International Container Terminal Services Inc. (ICTSI) and Jollibee Foods Corp., saw the steepest decline at 1.98 per cent, followed by the conglomerates at 1.76 per cent.

ICTSI and Jollibee both have sizable multinational operations.

Lead economist at Bank of the Philippine Islands Jun Neri also pointed out that the country’s trade activity with the US represented only one per cent of the Philippine gross domestic product (GDP) compared with Vietnam’s 26 per cent.

According to Neri, the Philippines may see indirect benefits from the higher US tariffs on other countries.

“Exporters from countries like China, facing higher tariffs, may redirect their goods to alternative markets, including the Philippines, which could help contain inflation,” he said.

At the same time, Neri recognised that the new duties could trigger a contraction in global trade and subsequently gnaw on the local economy and currency.

Based on BPI’s analysis, the country’s GDP growth could shave off 0.5 per cent as a result of lower demand for exports and weaker industrial output, which could slow by as much as 1.7 percentage points.

The Philippine peso could likewise reach 60.40 against the US dollar this year, Neri said.

“The peso may see more volatility due to heightened risk aversion and concerns over export performance,” he explained.

“A weaker peso could push up import costs, adding to inflationary pressures.”

As a result, this may temper the Bangko Sentral ng Pilipinas’ rate cuts for the year to maintain stability, Neri added.

Leading garment producer Bangladesh holds crisis talks on US tariffs

Business

April 6, 2025

DHAKA (AFP) – Bangladesh’s interim leader called an emergency meeting yesterday after textile leaders in the world’s second-largest garment manufacturing nation said United States (US) tariffs were a “massive blow” to the key industry. Textile and garment production accounts for about 80 per cent of exports in the South Asian country, and the industry has been rebuilding after it was hard hit in a revolution that toppled the government last year.

US President Donald Trump on Wednesday slapped punishing new tariffs of 37 per cent on Bangladesh, hiking duties from the previous 16 per cent on cotton and 32 per cent on polyester products.

Bangladesh exports USD8.4 billion of garments annually to the US, according to data from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the national trade body.

That totals around 20 per cent of Bangladesh’s total ready-made garments exports.

“Chief Adviser Professor Muhammad Yunus has convened an emergency meeting… to discuss the US tariff issue,” a government statement read, with the meeting taking place yesterday in the capital Dhaka.

Workers at a textile factory. PHOTO: AFP

Top experts, advisers and officials will attend, it added.

Bangladesh’s tax authority, the National Board of Revenue, is also expected to meet to review the fallout from the tariffs.

Chairman of RDM Group Rakibul Alam Chowdhury, a major manufacturer with an estimated USD25 million turnover, said that the industry would lose trade.

“Buyers will go to other cost-competitive markets – this is going to be a massive blow for our industry,” he said.

Several garment factories produce clothing for the US market alone.

Administrator of the BGMEA Anwar Hossain has told AFP that the industry was “not ready” for the tariff impact.

Bangladesh, the second-largest producer after China, manufactures garments for global brands – including for US firms such as Gap Inc, Tommy Hilfiger and Levi Strauss.

Musiala injury sours Bayern win at Augsburg

Sports

April 6, 2025

AUGSBURG (AFP) – Bayern Munich’s 3-1 win at 10-man Augsburg yesterday put them nine points clear of Bayer Leverkusen in the German Bundesliga table but came at a cost with midfielder Jamal Musiala injured days out from facing Inter Milan.

Dimitrios Giannoulis opened the scoring for the hosts 30 minutes in from a free kick but Musiala equalised just before half-time, collecting the ball on the spin before hammering home.

Harry Kane put Bayern in front midway through the second half with a header, his 23rd league goal of the season, and Leroy Sane forced a late own goal, but all eyes will be on Musiala.

With 54 minutes gone, the Germany midfielder tried to connect with a high pass but fell to the ground and raised his hand, motioning to the bench immediately and was subbed off.

Bayern host Inter Milan on Tuesday, with the return leg the following Wednesday in Italy after a home clash with domestic rivals Borussia Dortmund.

Bayern Munich’s Harry Kane celebrates after scoring a goal against Augsburg during the German Bundesliga match in Augsburg, Germany. PHOTO: AP

Bayern Munich’s Jamal Musiala scores the 1-1 goal during the Bundesliga football match against FC Augsburg in Augsburg, southern Germany. PHOTO: AFP

“It doesn’t look brilliant,” Bayern sporting director Max Eberl said after the win over Augsburg. “He won’t be there on Tuesday,” he added.

Bayern are in the midst of an injury crisis, missing several first teamers including Manuel Neuer, Alphonso Davies, Dayot Upamecano, Hiroki Ito, Kingsley Coman and Aleksander Pavlovic already sidelined.

“It’s disappointing to see,” Kane told DAZN.

“We’ve had a tough week with a few injuries now.

“He’ll go away and get scanned and hopefully it’s not as bad as it looks, but he’s a big player for us and we’re going to miss him for as long as he’s out for.”

Bayern captain Joshua Kimmich said: “It’s extremely bitter. It’s pretty harsh how many injuries we’ve copped at the moment.”

Augsburg came into the game on an 11-game unbeaten streak and had conceded just four goals in the league in 2025, the lowest mark of any team in the top five European leagues.

Nursing a decimated defence, Bayern decided to attack and were parked out in front of the Augsburg area for the opening half hour, albeit with few clear chances at goal.

Jeffrey Gouweleeuw spotted Giannoulis sliding through the penalty area and cut his free kick into the path of the Greece international, who blasted home off the crossbar.

Bayern hit back just before half-time, with Musiala scoring on the half-turn, surrounded by several Augsburg defenders. The 22-year-old midfielder leapt to control a high pass early in the second-half but fell to the turf and immediately signalled to the bench, needing assistance to leave the field.

Bayern’s fortunes changed shortly after when Zesinger was given a second yellow for a foul on a counter-attacking Kane.

The Switzerland defender was unlucky to be given his marching orders, with replays showing he connected with the ball before Kane fell.

From the ensuing free-kick, Kimmich found Olise who whipped the ball across the face of goal, allowing Kane to nod in through the legs of goalkeeper Finn Dahmen.

In the third minute of stoppage time, Sane unleashed a shot from the edge of the box which was turned into the goal by Chrislain Matsima, sealing the three points.

Mueller to leave Bayern Munich after 25 years

Sports

April 6, 2025

MUNICH (AFP) – Bayern Munich legend Thomas Mueller confirmed yesterday the club will not offer him a new contract bringing an end to his 25-year career with the Bundesliga giants at the end of the campaign.

The 35-year-old, whose contract was set to expire in the summer, said in a post on social media the decision was made by the club and “not what I would have wished”.

Mueller said he did not like how the contract saga played out “back and forth in public” in recent months but he “felt the appreciation from everyone involved after my long time with Bayern”.

“The special connection to the club and our fantastic fans will always remain,” he said.
Mueller came through the Bayern junior system and has won two Champions Leagues along with 12 Bundesliga titles.

His focus was now on “bringing the league title back to Munich” as well as reaching this season’s Champions League final, which will be held in Bayern’s Allianz Arena home.

Bayern yesterday also issued a statement saying Mueller would be honoured with a testimonial match and that the midfielder would play at the Club World Cup in July.

“Thomas Mueller had the definition of a Bavarian fairytale career,” club president Herbert Hainer said.

Mueller was born in the nearby Bavarian town of Weilheim and joined the club aged 10, making his debut under coach Jurgen Klinsmann in 2008 against a Hamburg side featuring current Bayern coach Vincent Kompany.

A one-club player, Mueller’s 743 matches for Bayern in all competitions is the most in the team’s history.

He has registered 247 goals and 273 assists for the club in that time.

In recent seasons, Mueller has started from the bench more regularly, leading to growing speculation he could leave the club.

The midfielder did not reveal where he would play next season, although German media has speculated he could make a late-career move to the United States (US) to play in the MLS.

Former teammate at Bayern Eric-Maxim Choupo Moting, who plays for the New York Red Bulls in the MLS, told Kicker that Mueller was “welcome here” in March.

“Thomas is a Bayern legend so I would be happy for him if he continues there. If he wants to take the step (to the US), we’ll see.

“Thomas, you already speak English… I’m watching you.”

Mueller has long been earmarked for a role in the club’s administration once his playing career ends.

A 2014 World Cup winner with Germany, Mueller retired from international duty just after Euro 2024.

He played for his country 131 times over a 14-year period, scoring 45 goals.

Bayern sporting director Max Eberl said in a statement the decision not to continue with Mueller was “anything but easy,” adding “we’re putting the focus on the future”.

2014 World Cup winner Mats Hummels to retire at season’s end

Sports

April 6, 2025

BERLIN (AFP) – Roma defender Mats Hummels, who won the 2014 World Cup with Germany, is set to retire at the end of the season, he announced on social media on Friday.

In an emotional video posted to Instagram, the 36-year-old referenced “a moment no footballer can avoid,” adding “after more than 18 years of everything football has given me, I’m ending my career this summer”.

Hummels came through Bayern Munich’s juniors and made his debut for the club aged 18, before moving to Borussia Dortmund where he became a core part of Jurgen Klopp’s two-time title winners. Playing alongside fellow centre-back Jerome Boateng, Hummels played every minute of the 2014 World Cup final, where Germany beat Argentina 1-0 at Brazil’s Maracana stadium to lift the title for the fourth time.

He later moved back to Bayern, where he won three more league titles. Hummels’ return to Bayern, seen critically by some Dortmund fans, was in pursuit of a Champions League title but the defender never managed to break through in Europe’s top competition.

Hummels returned to Dortmund in 2019, a year before Bayern beat Paris Saint-Germain in the Champions League final to lift their sixth crown. The defender twice played in the showpiece Champions League final, in 2013 and 2024, both times in a losing effort with Dortmund and both times at Wembley.

A 78-time Germany player, Hummels played 508 matches for Dortmund and a further 118 for Bayern. He moved to Serie A side Roma in 2024 and will retire having played one season for the club.

Germany coach Julian Nagelsmann praised Hummels as “a benchmark at the international level and a role model for a generation of defenders”.

Real Madrid and Barcelona respect each other: Ancelotti

Sports

April 6, 2025

MADRID (AFP) – Rivals Real Madrid and Barcelona, locked in a title battle in La Liga and set to face off in the Copa del Rey final, have “a lot of respect” for each other, said Los Blancos coach Carlo Ancelotti.

Madrid trail leaders Barcelona by three points in the Spanish top flight with nine matches remaining and reached the Copa del Rey final in midweek with a dramatic 5-4 aggregate victory over Real Sociedad.

They will face Barca in the final on April 26 after the Catalans edged past Atletico Madrid.
“Barcelona is playing well, they’re in good form,” Ancelotti told reporters on Friday ahead of his team’s game against Valencia at the weekend.

“When you play a final, you have to respect all your opponents.

“I think there’s a lot of respect for Barcelona because of their quality, and I think Barcelona also has a lot of respect for Real Madrid.”

Real Madrid and Barcelona players in action. PHOTO: AFP

Real will also face Barca at the Olympic Stadium in a crucial league match in May, while both clubs are through to the Champions League quarter-finals.

Ancelotti’s men needed extra-time against Sociedad to secure a thrilling 4-4 semi-final, second-leg draw on Tuesday.

“We have some doubts, obviously, due to the effort in extra-time,” added Ancelotti. “We are aware that Valencia are doing very well. This is an important moment of the season.”

Madrid goalkeeper Thibaut Courtois remains sidelined with a muscle injury while second-choice Andriy Lunin is also a doubt to face Valencia.

Ancelotti said he was confident Courtois will be fit to face Arsenal in the Champions League quarter-final first leg on Tuesday, but admitted 19-year-old third-choice Fran Gonzalez may make his senior debut this weekend.

“There is no concern, Courtois is much better and we think he can make it for Tuesday,” said the 65-year-old Italian coach.

“We have a doubt for tomorrow’s game with Lunin, who has a minor injury, and if he’s not fit I have total confidence in Fran.”

When asked if he would leave the club should they win the treble of La Liga, Copa del Rey and Champions League titles, Ancelotti insisted: “I won’t be the one asking to leave this club.”

Ancelotti’s tax fraud trial ended earlier this week, with Spanish public prosecutors seeking he be jailed for four years and nine months for allegedly hiding income from the tax office.

Amorim in a ‘rush’ to succeed at Man United

Sports

April 6, 2025

AFP – Manchester United boss Ruben Amorim said it would be “crazy” to consider the Red Devils Premier League contenders next season but believe he must turn around the club’s fortunes quickly.

United sit 13th in the Premier League after taking just 22 points from Amorim’s first 19 games in the English top-flight.

Amorim’s men are 36 points adrift of leaders Liverpool, who are on course to match United’s record of 20 English top-flight titles. United’s co-owners Ineos have outlined their ambition to win a 21st league crown by the club’s 150th anniversary in 2028.

However, Amorim said he has to put pressure on himself to make significant improvements heading into next season.

“It’s not that next year is our goal. I am not saying that we are going to win the title next year. I am not crazy,” the Portuguese coach said on Friday.

“What I am saying is I don’t want this conversation to be that ‘we need a lot of years, let’s keep calm’. We are in a rush.

“So, we are suffering a lot to make next year so much better and that is our goal.”

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