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The Philippine government has ordered a suspension of ticket sales via AirAsia Move, the digital booking platform affiliated with Capital A Berhad and Philippines AirAsia, following allegations of excessive and illegal airfare pricing. The Civil Aeronautics Board (CAB), under the Department of Transportation (DOTr), issued a cease-and-desist order after multiple reports indicated that the platform charged fares significantly above regulatory ceilings. The move comes amid ongoing transport disruptions in Tacloban City, where the temporary closure of a critical bridge has affected road accessibility. Transportation Secretary Vince Dizon, speaking at a press briefing on Monday, confirmed that enforcement agencies have been instructed to take down the AirAsia Move website and initiate legal proceedings. “We will enforce the full weight of the law on online platforms that exploit consumers,” Dizon stated. “We intend to pursue criminal economic sabotage charges against the operators.” Government data revealed that over the weekend, AirAsia Move listed a one-way ticket from Manila to Tacloban City via Philippine Airlines at PHP 77,000 (approximately USD 1,380 or MYR 5,874)—more than three times the price available directly from the airline’s official website. AirAsia Move attributed the incident to “temporary data synchronisation issues with flight pricing partners” and stated that it had immediately raised the matter with its third-party pricing provider. The platform also confirmed it had taken prompt corrective action. Despite the company’s response, regulators remain firm that such pricing breaches represent a serious violation of national fare policies. “What AirAsia Move is doing is criminal,” Dizon said. “This level of pricing is simply unacceptable.” -Bloomberg

SEOUL: Hanwha Ocean Co., a leading South Korean shipbuilder, has entered into a strategic partnership with British classification society Lloyd’s Register (LR), aiming to strengthen its position in the European naval defence sector. The memorandum of understanding (MoU) was signed on Friday at the International Maritime Defense Industry Exhibition (MADEX) 2025 in Busan. The agreement forms part of Hanwha Ocean’s broader strategy to enhance global competitiveness and compliance with international naval certification standards. The collaboration will enable Hanwha Ocean to integrate LR’s classification requirements—including those aligned with NATO technical standards—from the earliest stages of ship design. By doing so, the company aims to reinforce the safety and credibility of its naval vessels, positioning itself more competitively for contracts from major global navies. Lloyd’s Register, recognised as one of the world’s top three classification societies, brings to the partnership robust expertise in regulatory interpretation, quality assurance, and certification methodologies. The agreement also outlines cooperation on design reviews, quality control protocols, and joint technical marketing campaigns targeting overseas naval clients and governmental bodies. “Through this collaboration with LR, we aim to accelerate our entry into overseas naval markets, particularly in Europe,” Hanwha Ocean stated. -Yonhap

SEOUL: South Korea’s Ministry of Trade, Industry and Energy has announced its intention to actively engage with US counterparts to address the planned increase in steel tariffs, seeking to cushion the domestic industry from a potential 50% levy on exports to the United States. This response follows US President Donald Trump’s declaration on Friday to double tariffs on imported steel and aluminium—from 25% to 50%—effective Wednesday. The move intensifies global trade tensions and places additional strain on major steel-exporting nations. South Korea, ranked the fourth-largest steel exporter to the US in 2024 after Canada, Mexico, and Brazil, is particularly exposed to these tariff hikes. In an official statement, the ministry confirmed it convened an emergency session with executives from leading domestic steel manufacturers, including POSCO and Hyundai Steel, to formulate a coordinated response. Investor sentiment was immediately affected. On Monday, POSCO and Hyundai Steel shares each declined by 3%, while SeAH Steel Corp saw a sharper fall of 6.3% in early trading. An industry executive, speaking anonymously, noted that exporters have intentionally limited steel shipments to the US to avoid regulatory scrutiny despite favourable price dynamics. “If US steel prices do not rise further, these tariffs will become a substantial burden on Korean exporters,” the executive remarked. Despite the risks, South Korea’s steel exports to the US rose 12% year-on-year in April, reflecting continued demand amid elevated prices. Steel and aluminium tariffs were among the first trade measures reinstated by President Trump upon returning to office, with the initial 25% duties reimposed on 12 March. The US tariffs have driven up domestic steel prices, with downstream effects across sectors such as automotive manufacturing, home appliances, and construction. Trade Talk As a key strategic ally, South Korea has requested tariff exemptions on steel, automotive products, and other key exports during ongoing negotiations with Washington. In April, Seoul agreed to present a trade package before the conclusion of a 90-day tariff suspension in July. However, progress has been impeded by a lack of political leadership in Seoul. Amid these discussions, Hyundai Steel in late March announced plans to build a US$5.8 billion manufacturing facility in Louisiana, a move widely interpreted as an effort to mitigate tariff exposure. The plant is scheduled for completion in 2029. In April, rival firm POSCO entered into a preliminary agreement to take an equity stake in the same project. The South Korean government reiterated its commitment to protect national industrial interests and minimise trade disruption, stating that it will maintain close consultation with both domestic industry stakeholders and US officials in the coming weeks. -Reuters

Indonesia recorded a significant contraction in its trade surplus in April, registering just $160 million—the smallest monthly surplus since April 2020—according to data released by the national statistics bureau on Monday. This figure came in sharply below market expectations, with a Reuters poll of analysts forecasting a surplus of $3.04 billion. The downturn was primarily driven by a surge in imports, which rose 21.84% year-on-year to $20.59 billion. This increase, far exceeding the median estimate of 7.75%, was led predominantly by capital goods. Exports, meanwhile, rose 5.76% on an annual basis to $20.74 billion, aligning with consensus forecasts. However, the performance was weighed down by a more than 20% drop in mining product shipments, notably due to subdued coal prices. Indonesia, Southeast Asia’s largest economy, has maintained a monthly trade surplus for five consecutive years. April’s surplus, however, marks the narrowest in that timeframe, falling from $4.33 billion in March. Exports to the United States reached $2.08 billion in April, though partially impacted by a 10% tariff imposed by Washington earlier that month. Indonesia is currently in discussions with the United States to negotiate a reduction in the tariff, which is slated to increase further in July. Barra Kukuh Mamia, an economist at Bank Central Asia, attributed the higher-than-expected import figures to increased inflows from China and Singapore. “These figures reflect temporary disruptions linked to the Trump-era tariffs, which may normalise in May following the suspension of tariffs on Chinese goods,” he noted. In a separate development, the bureau reported that Indonesia’s annual inflation rate eased to 1.60% in May, down from 1.95% in April and below the Reuters poll forecast of 1.94%. Core inflation also moderated slightly, registering at 2.4% versus expectations of 2.5%. The May headline inflation rate is near the lower bound of Bank Indonesia’s 1.5%–3.5% target range. With inflationary pressures subdued, the central bank has taken the opportunity to reduce interest rates three times since September. A key factor behind the easing inflation is a notable increase in rice output. Production for the January–July period is projected to reach 21.76 million metric tonnes, reflecting a near 15% year-on-year rise, the bureau said. -Reuters

SEOUL: Hyundai Capital Services announced today that its Australian subsidiary Hyundai Capital Australia Pty. Ltd. (“HCAU” or the “Company”) launched Kia Finance and has commenced offering finance solutions for Kia customers in Australia. Last year, HCAU commenced operations in the Australian market with the launch of Genesis Finance in October, followed by Hyundai Finance in November. With the introductions of Kia Finance, HCAU now delivers comprehensive automotive finance across all three Hyundai Motor Group brands – Hyundai, Genesis, and Kia. The company is committed to supporting vehicle sales through a broad range of business initiatives, offering tailored financial solutions such as retail finance for personal and business customers, alongside stable and reliable commercial funding for dealer partners. A key offering from HCAU is the Guaranteed Future Value* (GFV) product, designed to make vehicle ownership more accessible through lower monthly repayments. HCAU secures the minimum resale value of the vehicle upfront, allowing the customer to defer this amount and make repayments based only on the balance. At the end of the loan term, customers have the flexibility to choose from the following options: 1. Trade-in: the vehicle’s value is used towards paying out the loan. If the trade-in value is higher than the GFV, the positive equity can be used towards a new vehicle. 2. Keep: pay the GFV amount to own the vehicle outright. 3. Return: return the vehicle with no further payments, provided the customer is not in default and the vehicle meets the agreed kilometre and fair wear and tear conditions. Furthermore, HCAU offers competitive interest rates to customers, leveraging the strong global credit rating of the Hyundai Motor Group. In March, the Company received an initial credit rating of ‘A-‘ with a stable outlook from S&P Global Ratings (“S&P”), a notable achievement for a relatively new entrant to the market. This rating strengthens HCAU’s funding capacity in Australia, enabling it to continue delivering highly competitive interest rates to customers while supporting sustainable growth. “With the launch of Kia Finance, HCAU is now able to offer a comprehensive range of automotive finance solutions for all Hyundai Motor Group vehicles in Australia,” said Donglim Shin, Chief Executive Officer of HCAU. He added, “HCAU will actively engage in a wide range of customer-centric marketing initiatives in partnership with Kia, Hyundai Motor and Genesis to ensure more customers can enjoy an exceptional ownership experience through our flexible finance options. *The Guaranteed Future Value (GFV) is the minimum future value of your in-stock new or approved demo Hyundai, Genesis or Kia set out in your contract. At the end of the term, you can sell your car to us, and we will pay the GFV which will be put against your final payment, provided you’re not in default under your contract and subject to fair wear and tear requirements and agreed kilometres being met. Finance is for approved applicants only. Terms, conditions, fees, charges and lending criteria applies. Hyundai Capital Australia Pty Ltd (ABN 42 611 226 316), Australian Credit Licence 554051. -PR Newswire