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Asian economies are set to face sweeping new U.S. tariffs as President Donald Trump introduces “reciprocal tariffs” targeting nearly 90 countries. The new policy, announced on Wednesday and branded as “Liberation Day,” aims to address trade imbalances by imposing duties equivalent to what the U.S. claims other nations charge American exports. Starting April 5, a universal 10% tariff will be applied to all imports entering the U.S. However, dozens of countries, particularly in Asia, will face significantly higher tariffs from April 9, with some rates reaching nearly 50%. Asian Nations Face Steep Tariffs The hardest-hit nations are largely in Asia, with countries such as Cambodia, Vietnam, and Laos facing tariffs of over 45%. The full list of tariffs on key Asian exporters includes: Country New U.S. Tariff Rate Cambodia 49% Laos 48% Vietnam 46% Thailand 36% Bangladesh 37% Taiwan 32% China 34% (plus an existing 20%) India 26% South Korea 25% Japan 24% The Trump administration stated that these rates are based on the import duties and trade restrictions these nations impose on U.S. goods. “Reciprocal. That means they do it to us, and we do it to them,” Trump said during his announcement. Impact on Trade and Inflation Risks Asian economies, many of which rely on exports to the U.S., could experience significant disruptions. Economists warn that the tariffs could raise costs for American businesses and consumers while destabilizing supply chains. “Countries like Vietnam, which have been gaining traction as manufacturing hubs, will now have to rethink their competitiveness in the U.S. market,” said Dr. Lin Wei, a trade economist in Singapore. Beyond Asia, there is growing concern over potential retaliatory tariffs from affected nations, which could escalate into a broader trade war. Moody’s Analytics warns that if retaliatory measures are implemented, both the U.S. and its trade partners could face a recession. Regional Response and Uncertainty While China has hinted at possible countermeasures, other Asian nations are reviewing their trade policies. The tariffs could also shift global trade dynamics, pushing more countries to strengthen regional partnerships and seek alternative markets. “This is a major shift that will impact businesses across Asia,” said Farah Rahman, an international trade consultant. “Exporters will need to reconsider their U.S. market strategies and explore new trade alliances.” With the April 9 implementation date approaching, businesses across Asia are bracing for the economic fallout, while governments weigh their next steps.

Mitherpal Sidhu has been appointed General Manager of Payments at Funding Societies Modalku Group. In his new role, he is responsible for leading CardUp’s operations across Singapore and Indonesia, overseeing full profit and loss management in both markets. Sidhu brings a wealth of experience to the role, having previously served as Group Chief Operating Officer at BigPay, the fintech arm of Capital A. His career also includes notable stints at KPMG, the Singapore Economic Development Board (EDB), Lazada, and payments platform Opn. His appointment comes amid a period of leadership transition at BigPay. In recent months, the company has seen the departure of several top executives, including CEO Zubin Rada Krishnan, Chief Growth and Commercial Officer Chris Manguera, and Chief of Staff and Head of Strategy Meirisha Berisdha. All three co-founders—Salim Dhanani, Chris Davison, and Navin Rajagopalan—had also exited at various points, with Salim’s departure being the most recent in 2023. Capital A CEO Tan Sri Tony Fernandes recently revealed plans to divest a majority stake in BigPay to a major regional bank. The move comes as the company seeks to meet capital requirements. As of the end of 2024, BigPay reported over 1.6 million cardholders, up from 1.5 million the previous year, although it remains the only loss-making entity among Capital A’s non-aviation businesses.

SINGAPORE: RHB Singapore, a key subsidiary of Malaysia’s fourth-largest banking group, RHB Bank Bhd (KL:RHBBANK), has announced the appointment of Goh Ken-Yi as its new Chief Executive Officer, effective immediately. This change was confirmed in a statement released on Tuesday. Goh, who previously held the position of Deputy CEO at RHB Singapore, succeeds Danny Quah in the top leadership role. Quah is transitioning to a broader position as Managing Director of International Business, where he will lead the strategic expansion of RHB Banking Group’s operations in international markets. With more than two decades of experience in investment banking and the broader financial services industry, Goh is poised to drive RHB Singapore’s growth in a rapidly evolving financial landscape. His priorities as CEO will include advancing the bank’s digital capabilities, fostering innovation in financial products, and enhancing the overall customer experience, ensuring RHB Singapore remains competitive and responsive to the needs of its clients in a dynamic market environment.

UOB Kay Hian Securities (M) Sdn Bhd has appointed Anne Leh as its new and first female Chief Executive Officer, effective 28 March 2025. This milestone marks a significant chapter in the company’s leadership journey as it strengthens its position in Malaysia’s financial services sector. Anne brings over three decades of experience in banking and finance, having held senior leadership roles across multiple institutions. Prior to joining UOB Kay Hian, she served as Head of Consumer Banking at a foreign bank, where she led strategic growth initiatives and delivered exceptional business outcomes. Widely recognised for driving record-breaking financial performance, Anne has played a pivotal role in developing market-leading wealth management propositions and executing award-winning distribution strategies. Her leadership has consistently translated into outstanding results and long-term value creation. As CEO, Anne will oversee key strategic initiatives, with a stronger focus on wealth management, as the firm continues to diversify and solidify UOB Kay Hian’s position as a trusted financial partner in Malaysia and the region. The leadership transition also saw David Lim step down as CEO and assume the roles of Advisor and Chairman, effective 28 March. In this new capacity, he will provide strategic counsel to the Board of Directors, focusing on governance and strengthening board and executive management. Anne’s appointment and David’s transition reflect a carefully planned succession strategy, reinforcing UOB Kay Hian’s commitment to leadership continuity and its long-term vision for growth in Malaysia and beyond.

KUALA LUMPUR: Bursa Malaysia Berhad has announced the appointment of Tan Sri Abdul Farid Alias as its new Chairman, effective 1 May 2025. He succeeds Tan Sri Abdul Wahid Omar, who will retire on 30 April 2025 after completing a five-year tenure. The appointment was made by the Minister of Finance under Sections 10(1)(a) and (3) of the Capital Markets and Services Act 2007. Tan Sri Farid has served on Bursa Malaysia’s Board since July 2022 as a Senior Independent Non-Executive Director. His extensive experience in banking and financial services, spanning three decades, positions him well to lead the Exchange. Leadership & Industry Expertise   Previously, Tan Sri Farid was the Group President and CEO of Malayan Banking Berhad (Maybank) from 2013 to 2022. A seasoned Chartered Banker, he has held key roles in institutions such as Maybank Investment Bank, Schroders Malaysia, Malaysian International Merchant Bankers, and JP Morgan (Malaysia/Singapore). Beyond banking, he brings strong governance experience, having served on audit, risk management, technology, cybersecurity, and nomination committees of various Malaysian and international boards. He currently holds directorships at CapitaLand Investment Limited (Singapore) and CelcomDigi Berhad and is a Council Member of the Asian Institute of Chartered Bankers. Tan Sri Farid holds an MBA in Finance from the University of Denver, USA, a Bachelor’s degree in Accounting from Pennsylvania State University, and has completed the Advanced Management Program at Harvard Business School. A Vision for Bursa Malaysia’s Future   Expressing his gratitude, Tan Sri Farid stated: “I am honored to take on the role of Chairman and build upon the strong governance, customer-centric approach, and strategic foresight of Tan Sri Abdul Wahid. Bursa Malaysia stands at a pivotal moment with immense innovation potential as a multi-asset exchange. I look forward to working with the Board and Bursa Management to drive growth and create value for all stakeholders.” Honoring Tan Sri Abdul Wahid Omar’s Legacy   The Board extended its appreciation to Tan Sri Abdul Wahid Omar for his 12 years of service to Bursa Malaysia—first as an Independent Director (2004-2011) and later as Chairman (since May 2020). Under his leadership, Bursa Malaysia achieved key milestones, including: Strengthening its Islamic capital market and sustainability initiatives, notably launching: The Bursa Carbon Exchange (the world’s first Shariah-compliant multi-environmental product exchange) The Shariah-compliant Bursa Gold Dinar The world’s first Waqf-featured exchange-traded fund (ETF) Advancing corporate governance and sustainability, spearheading the Public Listed Companies Transformation Programme (2022) Leading Bursa Malaysia to a record RM2 trillion equities market capitalisation and achieving 55 IPOs in 2024, making it ASEAN’s top IPO market Establishing an independent Regulatory and Conflicts Committee, paving the way for a dedicated regulatory subsidiary The Board praised Tan Sri Abdul Wahid for his unwavering commitment to Bursa Malaysia’s growth, governance, and innovation and wished him well in his future endeavors.

TOKYO: Business sentiment among major Japanese manufacturers fell to its lowest level in a year during the first quarter of 2025, reflecting concerns over escalating trade tensions and their impact on the export-driven economy, according to a central bank survey released on Tuesday. While large manufacturers faced a downturn, the mood among major non-manufacturers improved to its highest level since 1991, supported by strong inbound tourism revenue and the ability to pass on higher costs through price hikes. However, both manufacturing and service-sector firms anticipate tougher conditions in the coming months, with concerns over soft global demand, rising costs, and uncertainty surrounding U.S. tariffs, as revealed in the Bank of Japan’s (BOJ) Tankan survey. Trade Tensions Weigh on Business Outlook The survey was conducted before U.S. President Donald Trump’s recent announcement of new tariffs on auto imports, underscoring how external risks are complicating Japan’s economic outlook. “Companies have not fully factored in the impact of U.S. tariffs, which is creating uncertainty, though their profits haven’t been directly affected yet,” said Kazutaka Maeda, an economist at Meiji Yasuda Research Institute. Despite the decline in sentiment, strong wage growth and stable business investment suggest the BOJ is unlikely to shift its stance on gradually raising interest rates, Maeda added. Key Survey Findings The business confidence index for major manufacturers dropped to +12 in March, down from +14 in December, marking the first decline in four quarters. Sentiment among steel and machinery manufacturers weakened due to sluggish overseas demand, rising material costs, and tariff-related concerns. Non-manufacturers’ confidence rose to +35, the highest level since Japan’s asset-inflation bubble in 1991, exceeding the market forecast of +33. Large companies plan to increase capital expenditure by 3.1% in the current fiscal year, surpassing the 2.9% forecast. Interest Rate Hike in May? The Tankan survey highlighted rising inflationary pressures, with companies expecting prices to increase by 2.4% over the next three years, the highest projection on record. “With inflation likely to exceed the BOJ’s forecasts, there is a strong case for an interest rate hike at its next meeting in May,” said Marcel Thieliant, head of Asia-Pacific at Capital Economics. The BOJ, which raised interest rates to 0.5% in January, is now balancing inflation concerns against potential economic risks from Trump’s tariff policies. Governor Kazuo Ueda has signaled that further rate hikes will depend on continued wage growth and consumer spending strength. However, fears of a trade-driven economic slowdown could lead policymakers to take a more cautious approach. A Reuters poll indicates that many analysts expect the BOJ’s next rate hike to occur in the third quarter of 2025, possibly in July. As Japan navigates global trade uncertainties and inflationary pressures, the BOJ’s upcoming May 1 policy meeting will be closely watched for signs of its next move.

Gold prices surged to an all-time high on Tuesday as investors sought refuge in the precious metal, driven by concerns that U.S. President Donald Trump’s proposed reciprocal tariffs could escalate inflation and slow economic growth. Spot gold climbed 0.6% to $3,142.83 per ounce as of 0310 GMT, after reaching a record peak of $3,145.38 earlier in the session. Meanwhile, U.S. gold futures advanced 0.7% to $3,171.80. This rally follows bullion’s strongest quarterly performance since 1986, marking one of the most significant price surges in gold’s history. Safe-Haven Demand Increases Amid Economic Uncertainty Market analysts attribute the price spike to growing uncertainty ahead of Trump’s April 2 announcement of sweeping reciprocal tariffs, a policy designed to counter perceived unfair global trade practices. “The anticipation of these tariffs has led investors to adopt a defensive strategy, shifting towards safe-haven assets like gold to hedge against potential market volatility,” said IG market strategist Yeap Jun Rong. While some technical indicators suggest gold may be overbought in the short term, Yeap noted that ongoing uncertainty is likely to keep demand strong, with investors eyeing a potential test of the $3,200 level. Adding to market concerns, tariffs on automobiles are scheduled to take effect on April 3, prompting further speculation about economic disruptions. Interest Rate Outlook and Economic Data Gold, often seen as a hedge against inflation and economic instability, thrives in a low-interest-rate environment. New York Federal Reserve President John Williams stated that maintaining current interest rate levels for an extended period will allow policymakers to assess economic conditions before deciding on future adjustments. Investors are also closely watching upcoming U.S. economic data, including: Job openings report (April 1) ADP employment report (April 2) Non-farm payrolls report (April 4) These indicators could offer further insights into the Federal Reserve’s rate-cut trajectory and influence gold’s price movement. Other Precious Metals Trends In addition to gold’s rally, other precious metals also showed mixed movements: Silver rose 0.2% to $34.13 per ounce Platinum remained unchanged at $992.70 per ounce Palladium gained 0.8% to $990.34 per ounce As geopolitical and economic uncertainty looms, market watchers expect gold to remain in focus as a preferred asset for investors seeking stability.

T7 Global Bhd has announced the resignation of Tan Sri Tan Kean Soon from his position as executive deputy chairman, citing personal reasons. The board of directors has accepted his resignation, effective immediately. Tan, a veteran in the oil and gas industry with over 30 years of experience, holds a direct stake of 8.215% in T7 Global, along with an indirect stake of 4.812%, as per recent Bursa Malaysia filings. Despite the leadership transition, the company has assured stakeholders that operations will continue smoothly under the leadership of Tan Sri Dr. Nik Norzrul Thani N Hassan Thani, the executive chairman and largest shareholder. “The board and management remain committed to overseeing the company’s operations, ensuring business continuity and sustained value creation for stakeholders,” T7 Global stated. Nik Norzrul Thani expressed appreciation for Tan’s contributions and reaffirmed the company’s commitment to its long-term strategic direction. Established in 2004, T7 Global is a leading provider of energy and industrial solutions, serving various industries across Asia, including oil and gas, aerospace, and general manufacturing. The company remains confident in its business fundamentals and long-term growth prospects. As T7 Global moves forward, it continues to focus on a disciplined approach to business while striving for consistent growth and value delivery.