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Tariff escalations are expected to weigh on Singapore’s growth in 2025, but strong domestic data and above-average inflation may prompt the MAS to maintain its current policy stance. Based on its report “Asia’s Roadmap to Trump 2.025,” Deutsche Bank Research said while US growth may improve under President Trump’s fiscal policies, the benefits are unlikely to reach export-reliant economies like Singapore. It stated that Singapore’s GDP could shrink by 0.4 percentage points annually through 2028 under a severe scenario of 60% US tariffs on Chinese goods and a 10% universal tariff, the report noted. In comparison, a milder scenario with 20% tariffs on Chinese goods and a 5% universal tariff would have a more moderate effect. Meanwhile, it said Singapore’s external outlook remains uncertain as exports peak and potential US tariffs, along with weak Chinese stimulus, weigh on trade prospects. “We lean towards our prevailing call to ease earlier rather than later (i.e., January 2025), especially since what could play out in global trade and foreign policy has been largely anticipated, coupled with expected disinflation path and the lagged impact of monetary policy,” the firm stated. “However, we acknowledge that the MAS may want to wait for more certainty on both the domestic and external fronts. That is, domestic price pressures showing sustained signs of easing and economic activity weakening, as well as details of the roll-out of potential tariffs globally,” it added, revising its forecast for MAS rate cuts to April and July, instead of the earlier projection of January and April.–SINGAPORE BUSINESS REVIEW 

In a historical move, Samsung has announced the appointment of Kim Kyung Ah as the Chief Executive Officer (CEO) of Samsung Bioepis Co. This makes her the first woman outside the Samsung founding family to lead a group company in its 86-year existence. The landmark decision comes amidst a broader leadership reshuffle within the South Korean conglomerate and is seen as a significant step toward enhancing gender diversity in corporate leadership. At 56, Kim Kyung-Ah brings a wealth of academic and professional expertise to her new role. Holding a Ph.D. in neurotoxicology from Johns Hopkins University, she has specialized in studying the impacts of chemical and biological agents on the nervous system. Her two-decade-long career in biologics development includes notable achievements at Samsung Bioepis since 2015, where she has driven innovations in biosimilar drugs and expanded the company’s product portfolio. Kim’s earlier tenure at the Samsung Advanced Institute of Technology further underscores her leadership credentials. As a principal scientist and later as vice president, she spearheaded the development of antibody therapies targeting cancer. Kim’s appointment aligns with efforts to address gender disparities in South Korea’s corporate sector. Women have historically been underrepresented in leadership roles within the nation, holding just 10% of board seats at 269 major listed firms as of 2023. As Samsung Bioepis continues to innovate in biosimilars and biologics, Kim Kyung-Ah’s visionary leadership is expected to redefine the company’s trajectory while also setting a powerful example for gender inclusivity in global business.–APAC NEWS NETWORK

The Bumiputera Business Excellence Awards (BBEA) 2024, a hallmark event now in its 4th edition, took center stage today at the Sheraton Imperial Kuala Lumpur, celebrating the achievements of Malaysia’s Bumiputera entrepreneurs, businesses, and corporate luminaries. Officiated by Deputy Prime Minister YB Datuk Seri Fadillah Yusof, the grand gala honored over 60 entrepreneurs and corporate leaders from diverse industries, applauding their outstanding contributions to innovation, excellence, and economic growth. In his keynote address, Datuk Seri Fadillah Yusof emphasized the vital role Bumiputera businesses play in driving the nation’s prosperity. He remarked, “The prosperity and strength of our nation are inseparable from the significant contributions of Bumiputera businesses. Millions of Malaysians benefit from these efforts through the creation of jobs and the growth of the local economy. Platforms like BBEA recognize and empower Bumiputera entrepreneurs to build confidence, credibility, and robust networks with their peers.” The gala saw a VIP guest list, including YAM Tengku Syarif Temenggong Perlis Dato’ Seri Diraja Syed Amir Abidin Jamalullail, Yang Mulia Che Puan Temenggong Perlis Datin Seri Diraja Farinawati Datuk Mohd Din, Datuk Jalilah Baba, and Rizal Nainy, CEO of SME Corporation Malaysia. Renowned Malaysian singer Ning Baizura also graced the occasion, alongside iconic artists Dato’ Awie, Noreen Aziz, and Nor Aniza Idris, who performed their timeless hits in celebration of Bumiputera excellence.   Awarding Business and Corporate Excellence This year, the Excellence in ESG Award was presented to Bank Rakyat and Media Prima Television Networks, recognizing their exceptional environmental, social and governance (ESG) initiatives in environmental and social sustainability. BBEA Chairman, Dato’ Dr. Mohamad Iqbal, highlighted the program’s mission to recognize and celebrate Bumiputera achievements, stating, “We envisioned BBEA as a platform that not only celebrates the successes of Bumiputera businesses but also empowers and inspires them to reach greater heights. Today, BBEA stands as a critical support system for Bumiputera entrepreneurship.” The event hosted over 300 guests, including rising Bumiputera entrepreneurs, small and medium enterprises (SMEs), and established corporate leaders. Each honoree was commended for their dedication to driving Malaysia’s economic growth and for embodying innovation and resilience in an ever-evolving business landscape. Expanding Horizons: Launch of BBEA East Malaysia 2025 In a landmark announcement, Dato’ Dr. Mohamad Iqbal revealed the launch of the Bumiputera Business Excellence Awards East Malaysia 2025, an expansion of the program aimed at recognizing the dynamic business communities in Sabah and Sarawak. He noted, “This milestone underscores our commitment to inclusivity and highlights the vital role East Malaysia plays in driving the nation’s economic growth. By extending this platform, we aim to honor the unique entrepreneurial achievements of East Malaysia and further strengthen the collective prosperity of the Bumiputera business community.”   Nominations for BBEA 2025 will officially open on 1 December 2024, culminating in a grand gala scheduled for April 2025. This expansion offers businesses across the country an opportunity to gain recognition and elevate their presence on a national and international stage. For further information please visit https://www.bbea.com.my/.

KUALA LUMPUR: Tools for Humanity (TFH), a company building technologies to support World Network, announced the appointment of Nick Pickles as its Chief Policy Officer, a new role at the organization reporting to TFH co-founder and CEO, Alex Blania. TFH also announced that Damien Kieran, who joined the organization as Chief Privacy Officer earlier this year, has been elevated to Chief Privacy and Chief Legal Officer. Previously Vice President of Global Affairs at X (formerly Twitter), Pickles brings more than fourteen years of experience in navigating complex policy environments and shaping global regulation of cutting-edge technologies. His expertise in privacy, geopolitics and technology policy will be instrumental in TFH’s mission to scale the infrastructure and tools needed for the coming age of AI. World Network (formerly Worldcoin) is a privacy-preserving proof of human and globally-inclusive financial network. It is built to connect, empower and be owned by everyone. With its three key pillars (World Chain, World ID and the WLD token) and the World App (developed and managed by Tools for Humanity), World is a network of real, verified humans built to enable an optimistic future in which humans will continue to be at the center of Al progress. Pickles’ first priority supporting World Network will be to continue scaling World’s global footprint through direct engagement with regional leaders, policymakers and regulators. He is expected to build and supplement teams of seasoned policy hands globally across Asia, Africa, Europe, North and South America and the Middle East. During his ten years at X and Twitter, Pickles served most recently as the company’s top ambassador to heads of state across the globe. In that capacity, he worked closely with policymakers and regulators to shape regulatory proposals, negotiate compliance and represent the company in global forums. As Chief Policy Officer at TFH, Pickles will head a team that will engage with regulators, policymakers and civil society groups to rapidly scale World around the globe and establish collaborative relationships with key policy stakeholders. “Joining Tools for Humanity at this transformative juncture is a remarkable opportunity,” said Nick Pickles. “I’m eager to bring my global experience and perspective to a team focused on the most pressing policy challenges at the intersection of technology and society. Tools for Humanity and World are uniquely positioned to lead critical policy conversations as AI begins to impact more of our lives, and I look forward to helping shape a responsible future for the critical technologies at the heart of World Network.” This appointment underscores TFH’s investment in regulatory compliance and responsible technology deployment, and follows other leadership hires including Chief Legal and Privacy Officer Damien Kieran, Chief Information Security Officer Adrian Ludwig, Chief Device Officer Rich Heley and Head of World ID Ajay Patel.