Latest news with #OmarSiddiq
The Sun
16 hours ago
- Business
- The Sun
Rising costs top concern of Malaysian businesses: HSBC survey
PETALING JAYA: Malaysian businesses are grappling with rising costs and persistent supply chain disruptions, prompting them to reconsider their strategies and investment plans. According to HSBC's 2025 Global Trade Pulse Survey, the ongoing changes in tariffs and evolving trade policies continue to exert pressure on local companies, reshaping the landscape for growth and operations. Insights from the survey capture the perspectives and intentions of more than 5,700 international firms across 13 markets, including Malaysia, on the challenges and outlook related to tariffs and global trade. The survey found that, currently, the biggest concern for more than half of Malaysian businesses (55%) is rising costs due to tariffs and other trade-related factors. In response to this, 42% of Malaysian businesses have shifted their focus to domestic markets, prioritising local customers and reducing international exposure while 40% of businesses plan to do the same. In addition, the survey showed 37% of Malaysian businesses have increased their inventory levels to manage supply disruptions, with 49% planning to do so as well. Despite global uncertainties, 250 Malaysia-based companies surveyed are optimistic about their international growth but need external strategic advice on the matter, the findings showed. Furthermore, 91% of companies are confident that they can grow international trade, surpassing the 89% global average. More encouragingly, 73% believe that trade uncertainty has prompted their business to evolve and explore new opportunities, while 55% are seeking strategic advice on international expansion, restructuring or supply chain realignment. Considering current trade dynamics, Malaysia-based businesses are adapting their trade strategy to significantly increase connections with China (61%), South Asia (55%) and North Asia (44%). Beyond Asia, Malaysian businesses also plan to trade more with Europe and the United States (both 32%). HSBC Malaysia CEO and head of banking Datuk Omar Siddiq said despite the challenges posed by the uncertain tariff and trade landscape, businesses in Malaysia are demonstrating resilience and adaptability in the way they operate. 'While supply chains may be further reconfigured, there continues to be strong potential for local companies to leverage on Malaysia's strong trade ties, particularly in Asia. Having said that, it is key to note that markets like the US remain key trade destinations for Malaysia for high-value sectors such as electronics and semiconductors,' he said in a statement. While managing costs is top of mind for Malaysian businesses during this period of global uncertainty, the HSBC survey noted that companies are using the opportunity to innovate and adopt new technologies to boost operational efficiencies. It showed that 64% of Malaysian businesses have adopted new technology or digital platforms, while 48% have developed new products and services. Other growth opportunities that Malaysian businesses are considering include shifting their focus to domestic or regional growth (57%) and improving their internal efficiencies or changing their cost structures (54%). During the current period of trade disruption, Malaysian businesses find cash and liquidity management as the most helpful form of support in managing working capital (64%), followed by improved payment terms with buyers and suppliers (56%) and supply chain finance (55%). 'With over 70% of Malaysian businesses anticipating sustained cost increases from the impact of tariffs and trade uncertainty on the cost of doing business, and businesses facing an average 18% drop in revenue, the imperative for strategic adaptation is clear. 'Despite uncertainties, the world is also full of opportunities. Navigating this climate requires not only agility, but strong partnerships to ensure sustained growth in a shifting global economy,' Omar said.
New Straits Times
a day ago
- Business
- New Straits Times
HSBC Survey: Malaysian firms turn inward amid rising trade pressures
KUALA LUMPUR: Around 42 per cent of Malaysian businesses have shifted their focus to the domestic market, prioritising local customers and minimising exposure to global uncertainties, according to HSBC's 2025 Global Trade Pulse Survey. This strategic pivot reflects efforts by companies to mitigate the effects of tariffs and other trade-related challenges on their operations. Among the 250 Malaysian firms surveyed, more than half flagged rising costs from tariffs and trade barriers as a key concern. To address ongoing supply chain disruptions, 37 per cent have already increased inventory levels, while another 49 per cent plan to do the same, signalling a broader push towards strengthening supply chain resilience. Despite the global uncertainties, optimism about international growth remains high among Malaysian businesses but they need external strategic advice on the matter. 91 per cent of them expressed confidence in their ability to grow international trade, surpassing the global average of 89 per cent. Encouragingly, 73 per cent of respondents believe that trade uncertainty has prompted their businesses to evolve and seek new opportunities. Meanwhile, more than half are actively seeking strategic advice on international expansion, business restructuring or supply chain realignment. Considering current trade dynamics, 61 per cent of the local businesses are adapting their trade strategy to significantly increase connections with China, followed by South Asia (55 per cent) and North Asia (44 per cent). 32 per cent of them plan to trade more with Europe and the United States. HSBC Malaysia chief executive officer and head of banking Datuk Omar Siddiq said the businesses in Malaysia continue to show resilience and adaptability in navigating the challenges posed by the uncertain tariff and trade landscape. "While supply chains may be further reconfigured, there continues to be strong potential for local companies to leverage Malaysia's strong trade ties, particularly in Asia. "Having said that, it is key to note that markets like the US remain key trade destinations for Malaysia for high-value sectors such as electronics and semiconductors," he said in a statement. The survey also pointed out that while managing cost remains a top priority for Malaysian businesses amid global uncertainties, many are seizing the opportunity to innovate and adopt new technology to boost operational efficiencies. HSBC said 64 per cent of Malaysian businesses have adopted new technology or digital platforms, while 48 per cent have developed new products and services. Other growth opportunities that the businesses are considering include shifting their focus to domestic or regional growth (57 per cent) and improving their internal efficiencies or changing their cost structures (54 per cent). The survey also indicates that during the current period of trade disruption, Malaysian businesses find cash and liquidity management as the most helpful form of support in managing working capital (64 per cent), followed by improved payment terms with buyers and suppliers (56 per cent) and supply chain finance (55 per cent). "With over 70 per cent of Malaysian businesses anticipating sustained cost increases from the impact of tariffs and trade uncertainty on the cost of doing business and businesses facing an average 18 per cent drop in revenue, the imperative for strategic adaptation is clear." "Despite uncertainties, the world is also full of opportunities. Navigating this climate requires not only agility but strong partnerships to ensure sustained growth in a shifting global economy," Omar added.
Middle East
01-05-2025
- Politics
- Middle East
OPEN// Abdelatty phones new Sudanese FM
CAIRO, May 1 (MENA) - Minister of Foreign Affairs and Emigration Badr Abdelatty held a phone call on Thursday with Omar Siddiq, the new Sudanese Foreign Minister, to congratulate him on assuming his new post and to discuss bilateral relations between the two brotherly countries. Minister Abdelatty underlined the deeply-rooted historical and fraternal ties between the two countries. He stressed Egypt's full support for Sudan's security, stability, unity, and territorial integrity. He reiterated Egypt's solidarity with Sudan during this critical period, highlighting Egypt's commitment to engaging with regional and international efforts aimed at ending the suffering of the Sudanese people. For his part, new Sudanese Foreign Minister Siddiq voiced deep appreciation for the kind gesture upon receiving the call immediately after his appointment. He also commended the Egyptian-Sudanese relations as well as Egypt's efforts to support Sudan. The two ministers agreed to intensify communication and consultation in the coming period. (MENA) M N E/
Egypt Today
01-05-2025
- Politics
- Egypt Today
Egypt's FM phones newly-appointed Sudanese counterpart
Photo caption: Egyptian Minister of Foreign Affairs and Emigration Badr Abdelatty, on Thursday, held a telephone conversation with Omar Siddiq on May 1, 2025- press photo CAIRO – 1 May 2025: Egyptian Minister of Foreign Affairs and Emigration Badr Abdelatty held on Thursday a phone conversation with Omar Siddiq, the newly appointed Sudanese minister of foreign affairs, to congratulate him on his new role and to discuss bilateral relations between the two nations. Minister Abdelatty highlighted the deep-rooted historical and fraternal ties between Egypt and Sudan, reaffirming Egypt's unwavering support for Sudan's security, stability, unity, and territorial integrity. Abdelatty expressed Egypt's solidarity with Sudan during this critical time and reiterated the country's commitment to working with regional and international partners to help end the suffering of the Sudanese people. In response, Minister Siddiq expressed his sincere gratitude for the timely and thoughtful gesture, underscoring his appreciation for the strong bilateral relationship and Egypt's continued support for Sudan. Both ministers agreed to enhance communication and consultation in the coming period. Lieutenant General Abdel Fattah Al-Burhan, chairman of the Sudanese Sovereignty Council approved the appointment of Siddiq as the new Sudanese foreign minister after dismissing his predecessor Ali Youssif from this position on April 18, 2025. The reason behind Youssef's dismissal has not been announced yet. However, some media outlets said this came after his comments regarding an alleged prior agreement between the sudanese Army and the para-military Rapid Support Forces (RSF) to withdraw from parts in Sudan. Since the eruption of war between the Sudanese army and the RSF in April 2023, Egypt has advocated for an immediate and sustainable ceasefire to bring an end to the crisis, preventing further loss of innocent Sudanese lives and the destruction of property.
