Latest news with #EricLian
Business Times
2 days ago
- Business
- Business Times
Less than half of small and mid-sized regional firms upbeat about business outlook post-US tariffs: UOB study
[SINGAPORE] Business sentiment in the region has declined sharply following the announcement of US tariffs, with only 48 per cent of firms positive about the business outlook, down from 77 per cent before. The study, titled UOB Business Outlook Study 2025 (SMEs and Large Enterprises), was conducted in January; about 4,200 businesses in Asean and Greater China were polled, including 900 from Singapore. Following the announcement of US President Donald Trump's 'Liberation Day' tariffs on Apr 2, a dipstick study of 800 businesses was next conducted from Apr 9 to 12. The survey found under half (48 per cent) of companies in the region 'positive' or 'very positive' about the business environment, down from just over three-quarters (77 per cent) in 2024 and 2023. In Singapore alone, 53 per cent of businesses are 'positive' or 'very positive' about the business environment, down from 82 per cent before the tariff announcements. The study noted heightened concerns around increased business costs and inflation. The study also found that companies are facing significant supply-chain disruptions – especially those in Indonesia and Hong Kong. In supply-chain management, 41 per cent of businesses cited rising supply costs due to high inflation as the top challenge; 36 per cent attributed rising supply costs to high interest rates, and 31 per cent flagged difficulties in procuring supplies and raw materials. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up Adjusting business strategies Nevertheless, the study revealed that businesses in the region are adjusting their strategies accordingly, to cope with tariff developments. In response to supply-chain challenges, UOB noted that many companies are adopting a localisation strategy, and aiming to improve the stability and resilience of their supply networks by sourcing and operating closer to home. Singapore companies are adopting better inventory-management practices, investing in stronger supplier relationships and digitalising supply-chain management. Based on the study, about 67 per cent of respondents in Asean expect intra-Asean trade to grow, following the announcement of the tariffs; 47 per cent expect to quicken the pace of overseas expansion. Other strategies to respond to the US tariffs included stepping up the pace of digital adoption to improve productivity and customer experience. This was named by 60 per cent of the respondents. About 56 per cent plan to adopt sustainable practices more quickly, in order to improve the company's reputation and become more attractive to investors. UOB's head of group commercial banking Eric Lian said: 'Businesses are actively planning their next steps following the US tariff announcements. Nearshoring looks set to be a longer-term trend as companies rebalance their supply chains within Asean.' Tackling workforce challenges Businesses expect manpower challenges to escalate following the announcements of US tariffs, said UOB. The study revealed that close to six in 10 respondents are affected by workforce or manpower-related issues. Among the top three workforce challenges flagged were higher expectations from employees on pay and remote working (45 per cent), talent retention (42 per cent) and talent attraction (40 per cent). To address these issues, 47 per cent of businesses are offering higher pay and benefits, and 44 per cent are providing reskilling and upskilling to staff. About 39 per cent are embarking on digital transformation; 37 per cent are offering flexi-work arrangements; and 36 per cent are offering job-rotation opportunities across departments or markets.
Business Times
2 days ago
- Business
- Business Times
Half of small and mid-sized regional firms upbeat about business outlook post-US tariffs: UOB study
[SINGAPORE] Business sentiment in the region has declined sharply following the announcement of US tariffs, with only 48 per cent of firms positive about the business outlook, down from 77 per cent before. The study, titled UOB Business Outlook Study 2025 (SMEs and Large Enterprises), was conducted in January; about 4,200 businesses in Asean and Greater China were polled, including 900 from Singapore. Following the announcement of US President Donald Trump's 'Liberation Day' tariffs on Apr 2, a dipstick study of 800 businesses was next conducted from Apr 9 to 12. The survey found under half (48 per cent) of companies in the region 'positive' or 'very positive' about the business environment, down from just over three-quarters (77 per cent) in 2024 and 2023. In Singapore alone, 53 per cent of businesses are 'positive' or 'very positive' about the business environment, down from 82 per cent before the tariff announcements. The study noted heightened concerns around increased business costs and inflation. The study also found that companies are facing significant supply-chain disruptions – especially those in Indonesia and Hong Kong. In supply-chain management, 41 per cent of businesses cited rising supply costs due to high inflation as the top challenge; 36 per cent attributed rising supply costs to high interest rates, and 31 per cent flagged difficulties in procuring supplies and raw materials. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up Adjusting business strategies Nevertheless, the study revealed that businesses in the region are adjusting their strategies accordingly, to cope with tariff developments. In response to supply-chain challenges, UOB noted that many companies are adopting a localisation strategy, and aiming to improve the stability and resilience of their supply networks by sourcing and operating closer to home. Singapore companies are adopting better inventory-management practices, investing in stronger supplier relationships and digitalising supply-chain management. Based on the study, about 67 per cent of respondents in Asean expect intra-Asean trade to grow, following the announcement of the tariffs; 47 per cent expect to quicken the pace of overseas expansion. Other strategies to respond to the US tariffs included stepping up the pace of digital adoption to improve productivity and customer experience. This was named by 60 per cent of the respondents. About 56 per cent plan to adopt sustainable practices more quickly, in order to improve the company's reputation and become more attractive to investors. UOB's head of group commercial banking Eric Lian said: 'Businesses are actively planning their next steps following the US tariff announcements. Nearshoring looks set to be a longer-term trend as companies rebalance their supply chains within Asean.' Tackling workforce challenges Businesses expect manpower challenges to escalate following the announcements of US tariffs, said UOB. The study revealed that close to six in 10 respondents are affected by workforce or manpower-related issues. Among the top three workforce challenges flagged were higher expectations from employees on pay and remote working (45 per cent), talent retention (42 per cent) and talent attraction (40 per cent). To address these issues, 47 per cent of businesses are offering higher pay and benefits, and 44 per cent are providing reskilling and upskilling to staff. About 39 per cent are embarking on digital transformation; 37 per cent are offering flexi-work arrangements; and 36 per cent are offering job-rotation opportunities across departments or markets.
Business Times
2 days ago
- Business
- Business Times
About 1 in 2 SMEs in region positive about business outlook post-US tariffs, down from 77%: UOB study
[SINGAPORE] Business sentiment in the region has declined sharply following the announcement of US tariffs, with only 48 per cent of firms positive about business outlook, down from 77 per cent before, based on the UOB Business Outlook Study 2025 (SMEs and Large Enterprises). The study was conducted in January and polled about 4,200 businesses in Asean and Greater China, including 900 from Singapore. Following the announcement of US President Donald Trump's 'Liberation Day' tariffs on Apr 2, a dipstick study of 800 businesses was conducted from Apr 9 to 12. Based on survey findings, only 48 per cent of companies in the region are 'positive' or 'very positive' about the business environment. This was down from 77 per cent in 2024 and 2023. Zooming into Singapore, only 53 per cent of businesses in the Republic are 'positive' or 'very positive' about the business environment. This was down from 82 per cent before the tariff announcements, with UOB noting heightened concerns around increased business costs and inflation. The study also found that companies are facing significant supply chain disruptions – especially firms from Indonesia and Hong Kong. In supply chain management, 41 per cent of businesses cited rising supply costs due to high inflation as the top challenge, while 36 per cent cited rising supply costs due to high interest rates. Finally, 31 per cent flagged difficulties in procuring supplies and raw materials. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up Adjusting business strategies Nevertheless, the study revealed that businesses in the region are adjusting their strategies accordingly to cope with tariff developments. In response to supply chain challenges, UOB noted that many companies are adopting a localisation strategy and aim to increase the stability and resilience of their supply networks by sourcing and operating closer to home. Meanwhile, Singapore companies are adopting better inventory management practices, investing in stronger supplier relationships and digitalising supply chain management. Based on the study, about 67 per cent of respondents in Asean expect intra-Asean trade to increase following the US tariffs. In addition, 47 per cent expect to quicken the pace of overseas expansion. Other strategies to respond to the US tariffs were also highlighted. About 60 per cent plan to increase the pace of digital adoption to improve productivity and customer experience. About 56 per cent plan to adopt sustainable practices more quickly, in order to improve company reputation and become more attractive to investors. UOB head of group commercial banking Eric Lian said: 'Businesses are actively planning their next steps following the US tariff announcements. Nearshoring looks set to be a longer-term trend as companies rebalance their supply chains within Asean.' Tackling workforce challenges Businesses expect manpower challenges to escalate following the announcements of US tariffs, said UOB. The study revealed that close to six in 10 respondents are affected by workforce or manpower-related issues. Among the top three workforce challenges flagged were higher expectations from employees on pay and remote working (45 per cent), talent retention (42 per cent) and talent attraction (40 per cent) To address these issues, 47 per cent of businesses are offering higher pay and benefits, while 44 per cent are providing reskilling and upskilling to staff. About 39 per cent are embarking on digital transformation; 37 per cent are offering flexi-work arrangements; and 36 per cent are offering job rotation opportunities across departments or markets.
South China Morning Post
28-03-2025
- Business
- South China Morning Post
How UOB partnered with Oceanus Group on its journey to become a food security expert in Asia
03:56 UOB partners with Oceanus Group on its journey to become an Asian food security expert UOB partners with Oceanus Group on its journey to become an Asian food security expert With its strong franchise in the Asean bloc of Southeast Asian nations and extensive range of services, United Overseas Bank's (UOB) Group Wholesale Banking (GWB) division has much to offer businesses looking to leverage opportunities for growth in some of the world's most dynamic markets. Advertisement A winning combination of sector expertise, deep local knowledge and strong regional connectivity make it possible to provide companies with strategic advice and tailor-made solutions at every stage of the business cycle. UOB partners with its clients to continually progress towards sustainable growth in various ways, including timely investment in upgrades or acquisitions, or new forays into cross-border trade within the Asean region as well as with Greater China and beyond. Peter Koh (right), group CEO of Oceanus Group, and Eric Lian, UOB's managing director and head of group commercial banking, reflect on the Singaporean food tech company's journey to become a food security expert in Asia. It also helps small and medium-sized enterprises (SMEs) navigate economically difficult times before setting them on the path to success with a firmer financial footing. UOB has been doing so for decades, and its key to helping clients succeed is by gaining a deep understanding of their businesses. That is how it builds the kind of long-term relationships which create value for companies and communities, and sustains the continuous process of adapting to change and identifying opportunities for growth. One prime example is the bank's long-standing relationship with Oceanus Group, a Singapore-headquartered food technology company founded in 1998. Advertisement Originally specialising in abalone farming, Oceanus now has a diverse business portfolio built on four pillars: food production, distribution, services and innovation.
