XINHUA – Singapore’s manufacturing output fell 1.3 per cent year-on-year in February, reversing a seven-month growth trend, the Singapore Economic Development Board said in a report released.
Meanwhile, excluding biomedical manufacturing, output saw a slight increase of 0.3 per cent. On a seasonally adjusted month-on-month basis, manufacturing output declined 7.5 per cent in February, with a sharper drop of 7.9 per cent when excluding biomedical manufacturing.
The decline was primarily driven by the electronics and biomedical manufacturing sectors, which saw year-on-year output contractions of 6.4 per cent and 14.3 per cent, respectively.
Within the electronics cluster, the infocomms and consumer electronics segment expanded significantly by 32.2 per cent. However, other segments saw declines, including computer peripherals and data storage by 1.5 per cent, other electronics modules and components by 7.3 per cent, and semiconductors by 9.5 per cent.
In biomedical manufacturing, the medical technology segment grew 12.4 per cent on the back of strong export demand for medical devices. Conversely, pharmaceutical output plummeted 30.0 per cent due to a different mix of active pharmaceutical ingredients and lower production of biological products compared to a year ago.
Among other sectors, precision engineering and transport engineering posted growth, while chemicals and general manufacturing saw slight declines.
File photo shows workers set up scaffolding at the Padang in Singapore. PHOTO: XINHUA
BERNAMA – The Malaysian ringgit traded marginally higher against the US dollar at the opening amidst intensifying market talks on the impact of the United States’ (US) tariff on the global economy, said Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid.
At 8am, the ringgit stood at 4.4275/4335 against the greenback, up from Wednesday’s close of 4.4280/4315.
“The US dollar-ringgit pair would be languishing around MYR4.42-MYR4.44 as traders and investors are anxious about the impact of the US tariff on the global economy,” he told Bernama when contacted yesterday.
He explained that US President Donald Trump’s tariff is taking the centre stage again following his latest move to impose a 25-per-cent tariff on automotive imports to the US.
“Such a measure is likely to result in thousands of US dollar increase in prices for vehicles sold in the US. Mexico, Japan, South Korea, Canada and Germany are the major sources of imports for the US automotive sector,” he added. In the latest news update this morning, Trump said he would be willing to reduce tariffs to get a deal done with TikTok’s Chinese parent, ByteDance, to sell the short video app used by 170 million Americans.
ByteDance has an April 5 deadline to find a non-Chinese buyer for TikTok or face a US ban on national security grounds.
Meanwhile, the ringgit was traded higher against a basket of major currencies. It appreciated against the euro to 4.7560/7625 from Wednesday’s closing of 4.7805/7842, went up against the British pound to 5.7013/7090 from 5.7161/7206 on Wednesday, and rose against the Japanese yen to 2.9428/9470 from 2.9498/9524 previously.
At the same time, the Malaysian note was traded mixed against ASEAN currencies.
It strengthened against the Thai baht to 13.0102/0359 from 13.0277/0453 on Wednesday, advanced against the Singapore dollar to 3.3009/3056 from 3.3104/3133 and inched up against the Indonesian rupiah to 266.8/267.4 as compared with 266.9/267.2 previously.
However, it was almost unchanged against the Philippines’ peso at 7.67/7.69 from 7.67/7.68 at the close on Wednesday.
XINHUA – Chinese stocks closed higher yesterday, with the benchmark Shanghai Composite Index up 0.15 per cent to 3,373.75 points.
The Shenzhen Component Index closed 0.23 per cent higher at 10,668.1 points.
The combined turnover of the two indices stood at about CNY1.19 trillion (roughly USD165.82 billion), slightly up from CNY1.15 trillion on the previous trading day.
Shares related to textile machinery and medical equipment led the gains, while those in the power generation sector suffered big losses.
The ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, gained 0.24 per cent to close at 2,145.1 points.
File photo shows the Shenzhen Stock Exchange in Shenzhen, south China’s Guangdong Province. PHOTO: XINHUA
XINHUA – The combined profit of China’s major industrial enterprises went down 0.3 per cent year on year in the first two months of 2025, the National Bureau of Statistics (NBS) said yesterday.
Industrial firms with an annual main business revenue of at least CNY20 million (about USD2.79 million) saw their combined profits reach CNY910.99 billion during this period.
In the first two months of the year, China’s manufacturing sector reported a total profit of CNY639.51 billion, a year-on-year increase of 4.8 per cent. Electricity, heat, gas, and water production and supply companies achieved a total profit of CNY130.45 billion, increasing by 13.5 per cent year on year.
The mining industry reported a total profit of CNY141.03 billion during the January-February period, a year-on-year decrease of 25.2 per cent, data showed.
Meanwhile, the combined business revenue of China’s major industrial firms went up 2.8 per cent year on year in this period, 0.7 percentage points faster than the 2024 whole-year growth rate.
Members of the R&D team of Wuhan Glory Road Intelligent Technology Co Ltd debug a humanoid robot at the company in Wuhan, central China’s Hubei province. PHOTO: XINHUA
Industrial enterprises continued to see a sustained growth in revenue in the first two months of 2025, creating favourable conditions for the recovery of corporate profits, NBS statistician Yu Weining said.
Driven by supportive policies related to large-scale equipment upgrades and trade-in of consumer goods, profitability in certain industries was improved in the first two months of the year, according to Yu.
Total profit of the equipment manufacturing industry went up 5.4 per cent during the January-February period, reversing a 0.2-per-cent drop in 2024, while that of the raw materials manufacturing sector increased by 15.3 per cent, reversing a 22.9-per cent decline last year.
In the first two months of 2025, total profit of the automobile manufacturing industry rose by 11.7 per cent year on year, boosted by the automobile replacement and renewal subsidy policy.
However, some industrial enterprises still face challenges in terms of production and operation, as the external environment is becoming increasingly complex, Yu said, while adding that efforts will be made to elevate domestic consumption and strengthen innovation to boost the profit recovery of industrial firms.
ANN/VIETNAM NEWS – A business meeting connecting Vietnamese and Indian enterprises was held in New Delhi on March 26. The event’s primary objective was to empower Vietnamese businesses to enhance their competitiveness and increase their presence in India, ultimately fostering stronger bilateral trade and investment relations.
Speaking at the event, Secretary-General and CEO of the PHD Chamber of Commerce and Industry (PHDCCI) Ranjeet Mehta highlighted the significant trade potential between Vietnamese and Indian businesses, particularly in agriculture, information technology, artificial intelligence and robotics. He noted that the PHDCCI provides multi-sectoral platforms across India, helping to facilitate business exchanges between the two countries.
Director of the Investment Promotion Centre for Industry and Trade under Vietnam’s Ministry of Industry and Trade Le Hong Minh suggested several measures for boosting business collaboration.
He emphasised the importance of maximising trade opportunities under existing deals such as the Vietnam – India economic and trade cooperation agreements and the ASEAN – India Trade in Services Agreement, as well as enhancing trade promotion efforts through digital transformation and information technology application.
It is necessary to step up trade promotion across various stages, from product development, investment promotion, brand building, to export market expansion, while increasing information sharing by keeping businesses updated on each country’s trade and investment policies. Mechanisms for mutual visits and networking initiatives should also be established to foster deeper and more productive partnerships, he added.
Minh expressed confidence that Vietnamese and Indian businesses will continue to leverage their strengths and unlock new opportunities for economic cooperation, contributing to the sustainable development of the two countries’ Comprehensive Strategic Partnership.
Vietnam’s Trade Counsellor in India Bui Trung Thuong described the meeting as a practical step to implement the outcomes of Prime Minister Pham Minh Chinh’s visit to India, during which the two sides agreed to raise bilateral trade to USD20 billion by 2030.
The nearly 30 Vietnamese companies present at the event represented key industries with strong growth potential in India such as food processing, light industry, agricultural products, electronics and textile – garment.
AFP – A plunge in automakers hit Asia equities yesterday after United States (US) President Donald Trump announced painful tariffs on all imported vehicles and parts as he presses hardball trade policies many fear will spark a recession.
Indications that levies lined up for the president’s ‘Liberation Day’ on April 2 would be less severe than feared had given investors a little hope, and helped markets chalk up much needed gains.
However, the White House’s habit of alternating between tough talk and leniency has fanned uncertainty and the latest announcement did little to soothe nerves.
“What we’re going to be doing is a 25-per-cent tariff on all cars that are not made in the US,” Trump said as he signed an order in the Oval Office.
The move takes effect at 12.01am Eastern time (0400 GMT) on April 3 and affects foreign-made cars and light trucks.
Key automobile parts will also be hit within the month.
About half of the cars sold in the US are made within the country. Of the imported vehicles, about half come from Mexico and Canada, with Japan, South Korea and Germany also major suppliers.
Japan’s government called the tariffs “extremely regrettable”, while Canadian Prime Minister Mark Carney called it a “direct attack” on his country’s workers.
Currency traders at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea. PHOTO: APVehicles at an imports processing facility in North America, at the Port of Long Beach in Long Beach, California, United States. PHOTO: AP
There was little comfort in Trump’s comments that reciprocal measures lined up for next week could be “very lenient”.
The auto news hammered carmakers in Asia.
In Tokyo, Toyota – the world’s top-selling carmaker – fell two per cent, Honda shed 2.5 per cent while Nissan was off 1.7 per cent. Mitsubishi gave up more than three per cent, while Mazda dived six per cent and Subaru five per cent.
Seoul-listed Hyundai gave up more than four per cent.
In Mumbai, India’s Tata Motors, which exports Jaguar Land Rovers to the US, lost more than five per cent.
US-listed car giants also tumbled with General Motors, Ford and Stellantis all deep in the red in after-hours trade.
“It’s a stark reminder: Trump’s not bluffing – or at least he’s doing a good job pretending he’s not,” said SPI Asset Management’s Stephen Innes.
“And if he goes full throttle with this round of tariffs – especially the reciprocal measures slated for April 2 – markets are staring down the barrel of the worst-case macro mix: faster inflation, slower growth and a fresh wave of volatility.”
The retreat in the auto sector hit broader markets, which were already shaky owing to worries over Trump’s trade agenda.
Tokyo, Sydney, Seoul, Wellington, Taipei, Bangkok and Manila all fell. However, Hong Kong and Shanghai eked out gains with Singapore and Mumbai.
Traders were given some cheer after Trump told reporters at the White House that he might offer to reduce tariffs on China to get Beijing’s approval for the sale of popular social media platform TikTok.
Trump said this month Washington was in talks with four groups interested in buying TikTok, which has been in limbo after a US law ordered it to divest from its owner ByteDance or be banned in the country owing to national security concerns.
The broadly negative day followed losses on all three of Wall Street’s main indexes ahead of the president’s announcement, with the CBOE Volatility Index – or “fear gauge” – jumping almost seven per cent.
Market jitters were compounded by data on Tuesday showing consumer sentiment had fallen to its lowest level since 2021 as concerns about higher prices increase.
AFP – United States (US) President Donald Trump’s tariffs on car imports are “very bad news” and an “uncooperative act”, leaving the European Union (EU) little choice but to retaliate, French Finance Minister Eric Lombard said yesterday.
“The hostility is increasing,” Lombard told France Inter radio.
“It’s very bad news and it’s an obviously uncooperative act in a situation where cooperation is what will allow us to resolve the problem,” he added.
Trump on Wednesday announced 25-per-cent tariffs on all foreign-made cars, which will take effect next week.
“We are in a situation where aggressive measures are being taken and it is the EU that is negotiating,” Lombard said. “The only solution for the EU will be to raise tariffs on American products in response.”
Lombard said the European Commission – the EU’s executive arm – was drawing up a list of US products that would be hit by tariffs.
“We are in a situation where we are being targeted. Either we accept it, in which case this will never stop, or we respond. Unfortunately, that is the reality of the rules imposed by the Americans,” Lombard said.
But he voiced hope that talks could begin as soon as possible with US counterparts to lower tariffs.
“We want to rebalance the playing field so that the Americans, too, are forced to negotiate with us to bring tariffs down,” he said.
File photo shows French Finance Minister Eric Lombard. PHOTO: AP
AFP – Brazil’s President Luiz Inacio Lula da Silva told reporters in Tokyo, Japan yesterday that his country “cannot stand still” in response to Untied States (US) President Donald Trump’s trade tariffs.
The South American powerhouse is the second-largest exporter of steel to the US after Canada, shipping four million tonnes of the metal in 2024.
In February, Lula vowed “reciprocity” in response to a 25-per-cent levy on steel imports announced by Trump.
But after the policy came into effect on March 12, the Brazilian finance minister said Lula had decided not to retaliate and instead called for “calm”.
Yesterday, the last day of a state visit to Japan, Lula said Trump needs to “measure the consequences” of his tariffs on the US, such as inflation.
Brazil’s President Luiz Inacio Lula da Silva during a meeting at the Akasaka Palace State Guest House in Tokyo, Japan. PHOTO: AP
“We are going to take the approach that we think will be good for Brazil,” he said.
“We have two options: one is to resort to the World Trade Organization, which we are going to do, and the other is to overtax the American products that we import – that is, to put the law of reciprocity into practice,” he said.
“We cannot stand still believing that only they are right and that only they can tax other products.”
Lula, 79, had said on Wednesday that he expects talks between South America’s Mercosur bloc and Japan on a trade deal to begin in the second half of the year.
Lula has portrayed such an agreement as a way for the two economies to boost trade in the face of growing protectionism under Trump.
Four Mercosur members – Argentina, Brazil, Paraguay and Uruguay – in December struck a free-trade deal with the European Union although it still faces hurdles before final approval.
Bank Islam Brunei Darussalam (BIBD) held a Khatam Al-Quran ceremony, bringing together staff from across the BIBD Group and students from its flagship corporate social responsibility initiative, BIBD Advocating Life-Long Learning for an Aspiring Future (ALAF).
Held at the Omar ‘Ali Saifuddien Mosque, the event began with mass Zohor prayer, followed by the Khatam Al-Quran ceremony.
Over 200 BIBD staff and 200 BIBD ALAF students participated in the event.
Minister of Home Affairs and Chairman of BIBD Dato Seri Setia Awang Haji Ahmaddin bin Haji Abdul Rahman was the guest of honour. The ceremony began with the recitation of Surah Al-Fatihah, followed by the Khatam Al-Quran proceedings led by BIBD staff and ALAF students. The event continued with the presentation of gifts to the participating students, personally handed over by Dato Seri Setia Awang Haji Ahmaddin as a token of appreciation for their spiritual accomplishment and commitment.
BIBD Managing Director and Chief Executive Officer Junaidi bin Haji Masri, Assistant State Mufti (Buhuth) Dato Seri Setia Dr Haji Mazanan bin Haji Yusuf, BIBD Board of Directors, BIBD Shariah Advisory Body and members of BIBD’s management and staff were also present. – James Kon
Over 200 Bank Islam Brunei Darussalam Advocating Life-long Learning for an Aspiring Future (BIBD ALAF) students participated in a Khatam Al-Quran ceremony at the Omar ‘Ali Saifuddien Mosque yesterday. PHOTO: MUIZ MATDANIMinister of Home Affairs Dato Seri Setia Awang Haji Ahmaddin bin Haji Abdul Rahman at Omar ‘Ali Saifuddien Mosque. PHOTO: MUIZ MATDANIABOVE & BELOW: Photos show participants at the religious event. PHOTO: MUIZ MATDANIPHOTO: MUIZ MATDANI
The Fuzhou Shiyyi Association of Brunei Darussalam handed over BND40,750 to the Pengiran Muda Mahkota Al-Muhtadee Billah Fund for Orphans (DANA) in a ceremony held at the multi-purpose hall of Yayasan Sultan Haji Hassanal Bolkiah Complex yesterday.
President of the Fuzhou Shiyyi Association of Brunei Darussalam Dr Andy Lau with Advisor Datuk Tiong Ing Ping, Advisor Datuk Wong Chi Yiing, Vice President Wong Nan Luk, Vice President Vincent Pao and Secretary-General Luke Lau handed over the donation to Minister at the Prime Minister’s Office and Minister of Defence II Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Awang Haji Halbi bin Haji Mohd Yussof as the Chairman of the DANA Board of Trustees.
Permanent Secretary (Planning, Land Use and Environment) at the Ministry of Development Dr Nor Imtihan binti Haji Abdul Razak as the Acting Chief Executive officer of DANA was present.
The donation came from some 54 donors comprising companies and individuals from the Fuzhou Shiyyi Association of Brunei Darussalam.
Dr Andy Lau highlighted that the association has donated to DANA during Ramadhan every year since 2014, demonstrating the association’s care and love for the local community, especially those in need. – James Kon
Minister at the Prime Minister’s Office and Minister of Defence II Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Awang Haji Halbi bin Haji Mohd Yussof receives the donation from the Fuzhou Shiyyi Association of Brunei Darussalam. PHOTO: MUIZ MATDANI
