Thailand Seeks Ways to Curb Gold Price Impact on Currency
Gold prices are among the non-fundamental factors affecting the baht's movement and authorities are looking at ways to reduce the correlation between the two, Bank of Thailand Deputy Governor Roong Mallikamas said in an interview. She declined to say what steps were being planned or how soon they will be announced.
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6 hours ago
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Trade Minister Maninder Sidhu eyes new markets, smaller trade delegations
OTTAWA — Ottawa's new trade minister says he's looking to sign deals in South America, Southeast Asia, Africa and beyond — and to convince businesses to actually use the trade agreements Canada has already signed. "My primary role as Canada's top salesman is to be out there hustling, opening doors for businesses and accessing new markets," Maninder Sidhu told The Canadian Press. "My phone has been ringing with opportunities because people want to deal with reliable, stable trading partners." Prime Minister Mark Carney has tasked Dominic LeBlanc as minister responsible for Canada-U.S. trade. Sidhu's job focuses on countries other than the U.S. Export Development Canada says Ottawa has 15 free trade agreements covering 51 countries, offering Canadian exporters preferential access to over 1.5 billion consumers. But Sidhu said Canadian businesses could be doing a lot more to look beyond the U.S., particularly as Washington threatens and imposes a range of tariffs. Sidhu served four years as a parliamentary secretary in roles reflecting all three branches of Global Affairs Canada: aid, trade and diplomacy. The job saw him represent Canada in trade promotion events in Southeast Asia and security forums in the Caribbean. Sidhu worked as a customs broker before politics — a job that focuses on navigating red tape and tariffs to secure the best rate for trading goods. Sidhu said he plans to visit Brazil soon as the South American country seeks to revive trade talks that kicked off in 2018 between the Mercosur trade bloc and Canada. His predecessor Mary Ng put an emphasis on large trade missions which took months to plan. The minister would sometimes fill a plane with corporate and business leaders, spending a substantial chunk of time in one or two countries. Sidhu said he is hoping to bring smaller delegations of companies with him on his trips abroad, with a focus on specific sectors, "whether it's South America, Indo-Pacific to Europe, to Africa." "Businesses feel like they're heard, but they're also getting higher-level meetings on the opposite side in the countries that we take them into," he said. Ottawa is navigating its trade ties with China as the two countries work to revive the decades-old Joint Economic and Trade Commission, a forum to sort out trade irritants. China has been roundly accused of engaging in coercive trade practices and of restricting certain commodities or services like tourism during political disagreements with Ottawa. Sidhu said the goal there is to offer "stability" to industry, with an emphasis on "how do we work through those challenges, and how do we make sure that those conversations are facilitated." Sidhu also downplayed the chances of a bilateral trade deal with the United Kingdom. Trade talks collapsed last year over the U.K.'s desire to sell more cheese in Canada and after Britain blocked Canadian hormone-treated beef. Both countries are using a temporary deal put in place after Britain left the European Union, and the U.K. will soon enter a trade bloc that focuses on the Pacific Rim, Sidhu noted. He said Canada would still be open to a full deal. "If U.K. and Canadian businesses already have access on 99 per cent of the items that we trade, then if we're looking at trade agreements, we need to make sure that we're getting the best value for our negotiations," Sidhu said. He also said Canada could consider "sector-specific agreements" with other countries, instead of comprehensive deals that span most industries. "We are getting very creative in how we can open up more doors," he said. Sidhu did not name specific countries where Canada might pursue sector-specific agreements. Canada had been looking at a trade agreement with India that would be limited to certain sectors — before Ottawa suspended talks in 2023 following an assassination the RCMP has linked to New Delhi. Ottawa launched security talks with India this spring and agreed to re-establish high commissioners. Sidhu was circumspect when asked when Canada might re-establish trade talks with India. "This is a step-by-step approach," he said, adding that the eventual return of top envoys will help "to carry out those very important conversations." Sidhu said Global Affairs Canada is still sorting out how Carney's decision to cut spending in all departments will affect the trade branch. "It's really going to be a focused approach, of where we can make the best impact," Sidhu said. The Business Council of Canada has urged Ottawa to expand the number of trade commissioners, who provide the contacts on the ground for Canadian companies looking for export opportunities. While Sidhu did not say whether Ottawa's cuts will mean fewer trade commissioners, he said he's heard a clear message from chambers of commerce that these positions are extremely valuable. "It comes down to return on investments, what programs are working (and) where can we get the best bang for our buck for Canadian industry and Canadian workers," he said. "A lot of the business community doesn't even know that (the Trade Commissioner Service) is there to help. And so my job is to help amplify that." This report by The Canadian Press was first published Aug. 3, 2025. Dylan Robertson, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Yahoo
Resetting Asia's Apparel Map With a New World Sourcing Order
Although the key apparel sourcing countries of Bangladesh, Cambodia, Sri Lanka and Thailand won a reprieve with the steep drop in the imposed tariff numbers in president Trump's missive close to midnight on Thursday, manufacturers from the region largely reacted Friday with a cautious, 'Lets wait and watch' attitude. Thailand and Cambodia were both assigned a 19 percent tariff—down sharply from the original April rates of 46 and 47 percent, respectively—putting them on par with Indonesia's revised rate announced in July. More from Sourcing Journal Trump Announces Dozens of New Reciprocal Tariff Rates Trump Tariffs Face Sharp Scrutiny in Appeals Court Global Air Cargo Growth Stalls as Tariffs Hammer North American Airlines Among the other countries down to 19 percent are Pakistan, Philippines and Malaysia. Bangladesh and Sri Lanka now face 20 percent, down from the earlier 37 percent and 47 percent and now comparable to that for Vietnam's 20 percent announced in July. The greatest relief manufacturers in sourcing countries from Cambodia to Thailand, Bangladesh to Sri Lanka told Sourcing Journal was that with this new reset on tariffs 'it was perhaps a relatively level playing field after all.' President Trump announced an extra week for the tariffs to go into effect, on August 7. Regional analysts echoed the cautious optimism suggesting that 'negotiations weren't quite done yet' and there might still be room to bring the rates lower. For many in countries like Bangladesh and Cambodia, there was a sense of deep relief that factory shutdowns and mass job losses might now be averted. 'We're relieved for the time being—because our tariff, and those for competing countries, is now similar, and in some cases lower. It would have been better if it was 15 percent, though,' Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) told Sourcing Journal. He added that buyers had begun reviving frozen orders, eager to restock ahead of the coming season. 'They don't want their racks empty.' Home to a $40 billion apparel export sector, Bangladesh's garment industry contributes more than 80 percent of the country's total export earnings, employing around 4 million workers. Asked if negotiations would go on in the coming days, he observed, 'We have to continue—maybe not in a formal sense but we have to continue working towards it. At this time, we are congratulating our government and those in the frontline for negotiating, and we have also been involved behind the scenes. We would like to focus on business now—it doesn't depend only on tariff—there are a lot of things that affect business—gas prices, interest rates, labor laws, law and order and the political situation—tariff is only one component.' Economists have begun weighing the long-term implications of the new tariff landscape. Mustafizur Rahman, distinguished Fellow at the Centre for Policy Dialogue (CPD), a leading think tank in South Asia in Dhaka observed, 'One way to look at it is that the tariff for Bangladesh is down from 35 percent to 20 percent. But it's still an additional cost burden. The relief for Bangladesh is that it is at least on par with Vietnam. From a competitive standpoint, that levels things.' However, he cautioned that trade-offs remain unclear. 'We know what we've received, but due to a non-disclosure clause, we don't yet know what we've given in return. While the apparel sector will benefit, it is important to know how the country itself will fare.' According to media reports, Bangladesh is expected to buy 25 Boeing aircrafts, increase wheat imports from the U.S., and amend labor laws by reducing the threshold for workers to form unions—from 30 percent to 20 percent. These developments have offered some reassurance following industry concerns raised after the 2025 Fashion Industry Benchmarking Study released by the U.S Fashion Industry Association (USFIA) earlier this week, which indicated that U.S. fashion executives plan to increase sourcing from Indonesia, India and Cambodia over the next two years, driving by a desire to diversify and mitigate risks. With India still facing 25 percent tariffs, down only by 1 percent from the earlier announcement of 26 percent – the rest of the region appears to be at an advantage. Ken Loo, secretary general of Cambodia's Textile, Apparel, Footwear and Travel Goods Association (TAFTAC), echoed regional sentiment. 'We're glad the rate has come down,' he said. 'We have no idea how this will impact buyers sourcing decisions and consumers yet. Everyone is adopting a wait-and-see approach. It is fortunate that we are all in the same ballpark. We will continue to work with the government to introduce measures that will reduce the cost of doing business and improve our competitiveness,' he added. Emerald Am, chairperson of the European Chamber of Commerce in Cambodia Garment and Manufacturing Committee said that the new rate restored the confidence and signaled a step toward renewed bilateral cooperation for manufacturers, giving them breathing room and an opportunity for brands to reinvest in Cambodian supply chains. According to media reports Cambodia will buy Boeing 737 Max aircrafts along with eliminating import tariffs, bringing them to zero. Sun Chanthol, deputy prime minister also observed that Cambodia agreed on improving labor standards and import inspection systems and U.S. concerns over non tariff barriers. Sri Lankan manufacturers likewise expressed relief at the 20 percent rate, with the Joint Apparel Association Forum (JAAF) stating it 'preserved the competitiveness of Sri Lanka's apparel industry in the key U.S. markets.' Roughly 40 percent of Sri Lanka's $4.8 billion apparel exports go to the United States. Meanwhile, government heads across the region have been much more vocal about the impact of the reduced tariffs, congratulating themselves, and claiming success. Muhammad Yunus, head of Bangladesh's interim government, described it a 'decisive diplomatic victory.' Malaysian trade and industry minister Zafrul Abdul Aziz said, 'This decision by the United States reflects the strong and enduring economic ties between our two nations.' Cambodian prime minister Hun Manet described it as a 'a great victory for Cambodia. This is great news for the people and the economy of Cambodia to continue to develop our nation,' he noted, referring to his phone call with President Trump last week. 'He told me that will make Cambodia happy (will make you happy). Today, his excellency decided to reduce the tax rate on goods imported from Cambodia to the United States to 19 percent'. Others also noted the reduction in tariffs to be 'a sign of friendship and partnership.' 'The announcement of the 19 percent tariff rate reflects the strong friendship and close partnership between Thailand and the United States. It helps maintain Thailand's competitiveness on the global stage, boosts investor confidence, and opens the door to economic growth, increased income, and new opportunities for the country,'' Thailand's deputy prime minister and finance minister Pichai Chunhavajira noted in a post on Friday. 'The outcome of this negotiation signals that Thailand must accelerate its adaptation and move forward in building a stable and resilient economy, ready to face global challenges ahead,' he said. The sticking point for much of the region remains the issue of transshipment of goods, with its 40 percent levy—with much of the region intrinsically dependent on China in a variety of ways, how this point will be interpreted—and enforced—remains unclear, as do the final levy of tariffs on China which are still under discussion. 'There are many more unanswered questions,' said one Cambodian manufacturer, speaking anonymously. 'Will this change again in one week?' He admitted that many in the industry remained confused. 'But in a way, it feels like a reset button. We're all back in the same game again—and that's a relief.'
Yahoo
a day ago
- Yahoo
Hong Kong's Stablecoin Rules Kick In as It Looks to Establish Its Crypto Credentials
Hong Kong's rules for stablecoin issuers took effect on Friday as the government pursues its ambitions for the crypto sector. The special administrative region of China has taken steps in recent years to strengthen its position in the industry en route to realising its goal of becoming a hub for crypto and Web3 in Southeast Asia. It established a regulatory framework for crypto exchanges more than two years ago, and started consulting on stablecoin rules in 2023. The law governing stablecoins, which are cryptocurrencies whose value is pegged to a real-world asset such as the dollar, passed in May. Applications for licenses can be submitted from now for the next three months, according to Hong Monetary Authority (HKMA) guidance published on Tuesday. Firms that have submitted an application will be allowed to continue while their request is being considered until Jan. 31. While some 40 companies were reportedly waiting to apply for a stablecoin license last month, many are unlikely to be successful. The market has become "overly excited," HKMA CEO Eddie Yue wrote last month. The regulator is likely to approve fewer than 10. Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
