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New Straits Times
a day ago
- Business
- New Straits Times
Trump's steel tariff hike raises alarm for Malaysian exporters
KUALA LUMPUR: The United States' plan to double steel tariffs under President Donald Trump could have far-reaching effects on global trade and hit Malaysian steel exporters hard. Economists warn that the steep increase signals a renewed push for protectionism and could erode Malaysia's competitiveness unless exemptions or adjustments are secured. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the move reflects the Trump administration's persistent reliance on import tariffs, despite recent legal setbacks. "This clearly shows that fixation on import tariffs as a policy instrument as a way to fix industry imbalances by the Trump administration has never receded," he told Business Times. Last week, the US Court of International Trade ruled against Trump's earlier tariff move, citing inconsistencies with US trade laws. However, Afzanizam noted that the administration remains unmoved. "It remains to be seen how the domestic capacity would be able to meet the domestic demand for steel and if there is any gap, it would result in disruption to various industries that rely on steel as their input," he said. Trump is also pushing a proposed US$14 billion investment in domestic steel production through a partnership between US Steel and Japan's Nippon Steel, though the deal still awaits review. On May 30, Trump announced that tariffs on steel and aluminium imports will be doubled from 25 per cent to 50 per cent, effective this Wednesday. He said the move is meant to protect local steelmakers, ensure supply security and reduce dependence on Chinese imports. Malaysia's steel exports to the US are limited, but local players such as Ann Joo Resources Bhd and Hiap Teck Venture Bhd have warned that diverted steel could flood Southeast Asia, worsening oversupply. Prices of domestic billet and steel bar prices had already dropped to four-year lows at end-2024, with dumping risks rising, especially from China and Vietnam. Industry players fear the latest hike could deepen existing market imbalances, leaving Malaysia more exposed to price pressures and trade volatility. Looking ahead, Afzanizam said Malaysia could still work toward securing a more favourable universal tariff rate, possibly around 10 per cent. He also urged a broader review of Malaysia's growth plans to prepare for global trade instability. "In the best case perhaps Malaysia could get the universal tariff rate of 10 per cent. In a nutshell, it is best to put a higher tariff rate as a basis to recalibrate growth strategy going forward," he added. Clock ticking on 90-day window Meanwhile, the new tariff hike comes as several countries face mounting pressure under Trump's "reciprocal tariff" framework. In April, the US offered a 90-day pause to negotiate new country-specific rates based on trade imbalances. The window is expected to close early next month. With a RM136.88 billion trade surplus with the US last year, Malaysia is likely to come under review. Economist Dr Geoffrey Williams said the tariff hike shows Washington's growing impatience, especially with the European Union's reluctance to engage. "The EU in particular has been stalling, and they represent significant steel exports to the US. Unfortunately, this belligerent stance in Europe has implications for everyone else, especially in Malaysia," he said. As the 90-day pause nears its end, Williams warned that Malaysia may still be affected, even if its own talks with Washington are progressing. "We are almost halfway through the 90 day pause period and unless negotiations speed up the deadline will be missed. So the signal is to get serious or pay the consequences," he stressed.
Singapore Law Watch
6 days ago
- Business
- Singapore Law Watch
Beyond training, Singapore's legal industry needs a culture shift to curb attrition: Opinion
Beyond training, Singapore's legal industry needs a culture shift to curb attrition: Opinion Source: Business Times Article Date: 28 May 2025 Author: Tessa Oh A post-call survey found that 60% of new lawyers are likely to move out of legal practice within the next five years. As high attrition rates among young lawyers raise concern, a new structured training initiative seeks to curb the outflow of talent, among various aims. The Junior Lawyers Professional Certification Programme (JLP) by the Singapore Academy of Law (SAL) aims to help young lawyers stay ahead of the artificial intelligence (AI) curve, while also strengthening basic legal skills. Launched on May 21, the programme targets lawyers with up to five years of post-qualification experience. Yet, as SAL chief executive Yeong Zee Kin told The Business Times in an interview, the JLP focuses on skills and knowledge acquisition, while many young lawyers cite the demanding nature of legal practice as reason for leaving the industry. Said Yeong: 'The JLP can address one aspect, which is training, and hopefully also a nurturing environment in the office that supports training... 'But it won't address the workplace pressures, because clients are in competitive global markets and (local law firms) need to compete with foreign law firms for the same kind of work.' Some in this cohort have expressed disappointment via social media. Their beef is that the programme focuses on technical skills, and not solutions to address such workplace pressures. Excessive workload, poor work-life balance and negative work culture were reasons cited by young lawyers for leaving legal practice, according to a survey of post-call lawyers this year. It found that 60 per cent of respondents were likely to move out of legal practice within the next five years, to pursue an in-house career, academia or employment with other legal service providers. Slightly more than a third of the new lawyers said they are likely to leave the legal profession altogether. The reasons for such departures are cultural factors which training cannot address. Disruption To be sure, there is no denying that generative AI will disrupt the legal industry, and lawyers must prepare for that. As Yeong explained, the widespread accessibility of AI tools like ChatGPT and Microsoft Copilot means that clients can easily generate basic contracts and seek advice on legal strategies. A programme that informs lawyers of the developments and ethics of AI is thus necessary and important. Further, lawyers in smaller firms – which may have fewer resources for training – can also benefit from a structured programme that hones basic advocacy and drafting skills. One must also acknowledge that the legal industry is a challenging one. Singapore law firms face an increasingly competitive global market, and are up against international firms with significant resources. As a service industry, firms also face rising expectations from clients for better, faster and cheaper solutions. But training alone is not enough to incentivise young lawyers to stick it out in legal practice, if the more pressing push factors are not addressed. To meaningfully address attrition, the legal industry must make headway in addressing the cultural and environmental reasons pushing young lawyers away. In the long run, law firms will not be able to compete if they lack a healthy pool of new talent to refresh their ranks. It is thus in their interest to address these issues, as a dwindling workforce will hit them hardest. For instance, young lawyers have called for better protection against bullying and exploitation. Hence, it is a good start to see the SAL convening a legal profession symposium in July to discuss some of these issues. Spearheading change Still, to be fair to the SAL, as a promotion and development agency, it cannot prescribe how law firms develop and mentor their associates. It is for the senior lawyers to lead the change in the culture at their firms. As Chief Justice Sundaresh Menon said at the JLP opening conference, any solution to address the sustainability of legal practice is unlikely to be effective unless the mindsets of both young and older lawyers change. On one hand, young lawyers must appreciate that a legal career is demanding and requires long-term commitment. Meanwhile, senior lawyers 'have a duty and a responsibility to impart their knowledge and experience to their juniors'. The Chief Justice added: 'Indeed, much of a young lawyer's development comes through mentors and seniors who maintain a personal interest in their welfare, and who invest the time and the effort to guide and support them in their work.' In this regard, in addition to catering programmes for young associates, there can be initiatives to engage older lawyers on these issues and on how to cultivate better workplace practices. After all, if the legal fraternity is serious about keeping young lawyers from leaving the profession, then it is key for the law firms and their leaders to lead the cultural change. Source: The Business Times © SPH Media Limited. Permission required for reproduction. Print
New Straits Times
7 days ago
- Business
- New Straits Times
Boost Bank on reshaping banking services for everyday Malaysians
KUALA LUMPUR: Boost Bank is reshaping how banking works for everyday Malaysians by embedding financial services directly into its e-wallet platform, making access to banking faster, simpler and more inclusive. Boost Bank chief executive officer Fozia Amanulla said it began with a simple belief that banking should fit into people's lives, which inspired their move toward embedded banking. She added that for many Malaysians, especially those in underserved segments, traditional banking can feel distant with many steps, paperwork and barriers. "That's where embedded banking comes in as our goal was to reimagine this entirely to make financial tools available at the point of need, through platforms people already trust and use daily. "That's why from day one, we built Boost Bank directly into the Boost e-wallet ecosystem; a platform already used by millions of Malaysians every day. "It's about showing up in moments that matter - whether you're buying groceries, topping up mobile credit, or managing daily expenses - banking features are already there without needing to download another app or change how you live," she told Business Times in an interview. Fozia said the approach is effective, with nearly 80 per cent of users onboarding directly through the Boost e-wallet in a seamless and familiar experience. She said embedded banking goes beyond removing friction by enabling inclusion and empowerment, especially for underserved communities, through access to tools that once felt out of reach. "Take our Special Jars for example - customers can save while they shop, earning competitive rates starting from 3.3 per cent, in partnerships with names they trust like Mydin, CKS Retail, Bataras, Servay, and even through their telco usage with CelcomDigi. "We've even introduced lifestyle saving options with partners like EdgeProp (for first-time homebuyers) and ZUS Coffee (for coffee lovers looking to 'sip and save')," she added. Beyond individuals, Fozia said Boost is focused on SMEs and proud to be Malaysia's first homegrown digital bank offering direct SME financing, with close to RM150 million already disbursed. She said the company offers tailored term loan and revolving credit solutions designed for speed, flexibility, and minimal documentation. She noted that the average loan size is around RM300,000, and our customers range from hawkers to factory operators - all seeking financing that respects their time, context, and needs. Fozia said looking ahead, Boost is scaling this with a fully digital SME platform designed not just to offer financing, but to help businesses manage payments, cash flow, and operations in one place. She believes real inclusion is not just about providing access but also about ensuring continuity, sustainability and long-term success. "At the heart of everything we do is a mindset shift. Banking is no longer a place you go, but it's something embedded into your life. "When we remove friction and meet people where they are, banking transforms from a barrier into a bridge - one that empowers people and businesses to thrive. That's the future we're building at Boost Bank," she said.
Business Journals
23-05-2025
- Business
- Business Journals
Pittsburgh's largest engineering firms
More than 60 engineering firms reported local Pittsburgh-area revenue, with 28 of those having more than $10 million in local revenue, 20 topping $100 million and a dozen with more than $200 million. Engineering firms reporting local revenue totaled more than $3.5 billion in such revenue (firms based locally may count all revenue as local). Those firms had almost 7,000 employees in Allegheny, Armstrong, Beaver, Butler, Fayette, Lawrence, Washington and Westmoreland counties. All 107 firms listed, including those that did not submit revenue, had more than 285,000 companywide employees. The online version of this ranking expands beyond what appears in print; more than 60 additional engineering firms are included in our digital rankings, in addition to the 40 featured in this week's print edition. The Lists in 2025 are part of a shift in our research methodology and philosophy, one that will emphasize more data and context for readers while better coordinating the resources available to us and our 46 sister publications under the American City Business Journals flag. We anticipate this effort will identify thousands of new local records — and cumulatively, tens of thousands of new businesses across ACBJ's footprint — this year alone. Information on The List was obtained through Pittsburgh Business Times research or supplied by individual firms through questionnaires that the Business Times could not independently verify. Firms are ranked by local engineering revenue, then by total employment and then listed alphabetically if ties remain. Additionally, engineering firms that did not respond to employment surveys but were still included on this year's List are sorted by estimated total employment figures derived from Business Times archives; annual filings with the U.S. Department of Labor; and other firm-specific resources. Inclusion on this year's List required each firm to have a minimum of 25 total employees, using the methodologies described above. For information about this and other Pittsburgh Business Times Lists, please contact Data Editor Ethan Lott at elott@ or 412-208-3823.
Singapore Law Watch
22-05-2025
- Business
- Singapore Law Watch
New training programme launched for young lawyers to stay ahead of AI curve, strengthen basic advocacy and drafting skills
New training programme launched for young lawyers to stay ahead of AI curve, strengthen basic advocacy and drafting skills Source: Business Times Article Date: 22 May 2025 Author: Tessa Oh The Junior Lawyers Professional Certification Programme (JLP) will bring structure to what was previously left to chance, says Singapore Academy of Law CEO Yeong Zee Kin. In response to technological disruptions in the legal sector, a new training programme will equip young lawyers with skills and knowledge in artificial intelligence (AI), as well as strengthen proficiency in basic advocacy and drafting skills. Set up by the Singapore Academy of Law (SAL), the Junior Lawyers Professional Certification Programme (JLP) offers structured training for young lawyers in both disputes and corporate practice areas. Participants, for instance, can take courses on the ethics of generative AI, prompt engineering for lawyers and cross-boarder contract drafting, among others. The programme was launched on Wednesday (May 21), with an opening conference held at Parkroyal Collection Marina Bay. It is open to lawyers with up to five years of post-qualification experience. In addition to the mandatory opening conference and masterclass, participants are required to complete 11 more modules within two years in order to obtain certification. To earn certification in either the disputes or corporate track, lawyers are required to complete at least four modules that are specific to their chosen area of specialisation. Most of the disputes modules will be led by current or former members of the judiciary as trainers or guest speakers. In his opening address, SAL chief executive Yeong Zee Kin said the JLP will 'bring structure to what was previously left to chance', ensuring that lawyers learn fundamental legal skills in a holistic way. Participating in this programme is voluntary but recommended. Lawyers can use SkillsFuture to offset fees, while some law firms have offered to sponsor their associates. Disruptive shifts The JLP chiefly seeks to address the disruptive impact of generative AI on the legal sector, Yeong told The Business Times in an interview before the launch. The widespread accessibility of generative AI tools such as Microsoft Copilot and ChatGPT has made it possible for anyone to generate simple contracts, or even seek advice on litigation strategy – even without formal legal training, noted Yeong. 'Because all these tools are coming on stream and clients have access to them, it means that clients' expectations when they come to see a lawyer is going to be higher,' he added. In this environment, lawyers need to move beyond basic information gathering to deliver greater value to their clients. The JLP thus aims to plug this gap, by helping young lawyers keep abreast of AI advancements and strengthening their proficiency in basic legal skills. Yeong views the programme as a bridge between the Bar exams and the specialist accreditation exams that senior lawyers take when seeking to specialise in a particular field. Lawyers are required to take modules each year to fulfil continuing professional development (CPD) requirements, but these courses are usually ad hoc in nature, he said. The JLP, on the other hand, provides a more 'structured way for some of these very fundamental skills and very crucial domain knowledge' for young lawyers. And since the programme is voluntary, Yeong hopes it attracts serious participants. 'If you want to just take enough courses to fill your CPD requirements, there are a lot of free and cheap courses,' he said. 'This course is not for lawyers with that kind of mentality… it is meant for those who want to learn.' Addressing attrition While the JLP reduces attrition among young lawyers by focusing on career support, Yeong recognised that it does not resolve the perennial issue of the high work demands and long hours within the legal profession. To this, he said SAL has other plans in the works, such as the legal profession symposium in July. 'That's intended to address workplace issues, (such as) the changing expectations between different generations of lawyers, the interactions between juniors and seniors,' he said. Workplace pressures could also be an obstacle for young lawyers, who have to juggle their personal development with tight work deadlines, to take up training courses. Acknowledging this, Yeong said it would not be feasible to require all law firms to allow their associates time off to attend the programme. What SAL has done is to get law firms to sign a training pledge to demonstrate their commitment to supporting the JLP and other training initiatives. Fifty-two legal organisations have signed this pledge. SAL will work with the firms to ensure that they develop good practices over time, said Yeong. It will also monitor the programme's sign-up rates to see if its 'message is not getting through', he added. More than half of the 80 slots for the programme have been taken up thus far. 'Law is a knowledge-based profession, so the acquisition of knowledge will never end, because things change, business models change… new areas of law will come out,' said Yeong. 'We need to continue sharpening our skills and learning new things.' Source: The Business Times © SPH Media Limited. Permission required for reproduction. Print
