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New Straits Times
04-08-2025
- Business
- New Straits Times
Tariff cut offers some relief but not without trade-offs
KUALA LUMPUR: Malaysia's successful push to reduce punitive United States (US) tariffs from 25 to 19 per cent offers partial relief to exporters and calms fears of a steeper economic fallout. But the reprieve, economists say, is no cause for celebration, as it is "modest at best", and likely came in exchange for Malaysia holding the line on sensitive domestic policies. COST REMAINS HIGH Economist Dr Geoffrey Williams said the revised tariff, although pitched as a win, continues to impose a heavy cost. "It just puts Malaysia in line with Indonesia and the Philippines and only marginally below Vietnam. Singapore has no reciprocal tariffs, so is way ahead of other Asean countries," he told Business Times. Williams estimated that a 10 per cent reduction in Malaysian exports to the US, the world's largest consumer market, could cost the economy RM20 billion or RM670 per person. "This is the cost of protecting Malaysian markets with non-tariff barriers and Bumiputera preference schemes," he added. POLICY RED LINE Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz said Malaysia stood firm during negotiations by drawing a "red line" on domestic economic policies. He said the 19 per cent tariff rate was achieved without compromising the nation's sovereign right to implement key policies to support socio-economic stability and growth. Williams described these trade-offs as "a huge cost" to maintaining what he called Malaysia's protectionist policies. "If the 19 per cent tariff is due to refusal to remove barriers, cut Bumiputera preferences and improve trade access, then there is a huge cost to maintaining these Malaysian protectionist policies." GEOPOLITICAL RECALIBRATION Center for Market Education chief executive Dr Carmelo Ferlito said the US tariff regime should be seen as part of a broader geopolitical recalibration. He said it had become clear early on that US President Donald Trump was not aiming for high tariffs per se, but rather to compel various players to come to the negotiating table and secure broader advantages for the US. "And of course, re-affirming that the US is the biggest consumer in the world and it's important not to get out of their influence area." While short-term impacts may take time to materialise, Ferlito pointed to deeper structural consequences. "Tariffs do not directly translate into higher prices. But the medium-run outcome will be fewer occasions for trade, fewer products in the market and potentially job losses." He urged Malaysia to strengthen its structural competitiveness instead of relying on reactive government support. "The only useful government support comes from regulation that makes business easier, limiting compliance and administrative duties and slashing anything that hinders competitiveness." CAUTIOUS OPTIMISM Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the tariff reduction signals Washington's openness to negotiation. "As a result of recent discussions, the previously imposed retaliatory tariffs of 25 per cent have now been reduced to 19 per cent. Consequently, the negative impact on Malaysia's economy is expected to be slightly mitigated," he said. Even so, Afzanizam noted that external headwinds remain a concern. Bank Negara Malaysia has revised its gross domestic product (GDP) growth forecast for 2025 to a more cautious range of 4.0 to 4.8 per cent, down from an earlier projection of 4.5 to 5.5 per cent. The revised outlook was announced ahead of the 13th Malaysia Plan (13MP), which sets an annual growth target of 4.5 to 5.5 per cent between 2026 and 2030. Meanwhile, CIMB Treasury and Markets Research and Hong Leong Investment Bank (HLIB) viewed the tariff outcome as a mixed but ultimately strategic result for Malaysia. STRATEGIC COMPROMISE While CIMB Research noted that Malaysia stood firm on protecting key domestic policies, which led to a mid-tier 19 per cent rate, it also highlighted that the country still lags behind Singapore, which remains exempt. HLIB, meanwhile, described the reduction as broadly positive, saying it enhances Malaysia's competitiveness in attracting foreign investment and reinforces its role in global supply chain diversification. STAYING RESILIENT As Malaysia begins implementing the 13MP, which includes RM611 billion in total planned funding and RM430 billion in development expenditure, economists agree that long-term strategies to enhance resilience will be critical. Afzanizam said the country must invest in productivity and forge new global partnerships, particularly with Europe, the BRICS bloc and Asean neighbours. "These measures will reinforce investor and business confidence, underpinned by pragmatic policies and the government's proactive response to emerging challenges," he said. Still, external risks persist. Afzanizam said the 19 per cent US tariff could weaken consumer purchasing power in the world's largest economy, potentially dragging on global demand and growth. Williams, meanwhile, said the timing of the announcement could not have been worse. "This will certainly take the shine off the RMK13 launch on Friday and will be the immediate focus of concern," he said.
Borneo Post
12-07-2025
- Business
- Borneo Post
Opar constituency gets RM670,000 boost for RTP projects
Billy (fifth left) and other officials gather for a group photo during the site visit. – Ukas photo LUNDU (July 12): A total of RM670,000 has been allocated for five Rural Transformation Programme (RTP) projects in the Opar constituency, following the official site handover ceremony yesterday conducted by Opar assemblyman Billy Sujang. According to a report by the Sarawak Public Communications Unit (Ukas), the site visits were organised by the Lundu District Public Works Department and involved Kampung Temaga Dayak, Kampung Temaga Melayu, SMK Lundu, Kampung Raso 1, and Kampung Raso 2. The site handovers marked the beginning of implementation works for each RTP initiative, aimed at fulfilling the needs and expectations of the local communities. Among the projects is a RM250,000 upgrading of the Kampung Temaga Dayak community hall and RM70,000 for upgrading works at Masjid Darul Iman in Kampung Temaga Melayu. In addition, RM200,000 has been allocated for the second-phase upgrading of the dining hall at SMK Lundu. Two other projects include the RM50,000 repair works for the Women's Bureau kitchen building in Kampung Raso 1 and RM100,000 to upgrade the parking area at the multipurpose hall in Kampung Raso 2. The total value of the five RTP projects handed over during the visit is RM670,000. Billy Sujang lead Opar projects RTP
New Straits Times
03-06-2025
- Business
- New Straits Times
From a RM250 salary to Malaysia's Top 50 richest list
JOHOR BARU: A modest RM250 monthly salary selling cars marked the beginning of Lim Han Weng's career, decades before his name joined the ranks of Malaysia's 50 richest. Then, Lim was just a Kedah lad trying to land a job with his high school certification, as he knew his results would not secure his passage to university. So, the best next option, was to get a job, - any job in fact. Lim applied for a series of vacancies advertised, including to be a steward with the national airline company. But all he got was a string of job rejection letters to his name. Today, at 73, Lim is the founder of Causeway Link—the iconic yellow buses that ferry thousands across the Johor-Singapore border. But his rise to the top did not come from privilege. His first break came when he landed a job at Wearne Brothers, earning RM250 a month selling cars. The company operated in Singapore and later expanded into Malaya, with dealerships for various premium brands. Lim had to pitch high-end models to small-town buyers who mostly preferred Japanese cars. His sales target: two cars a month. The tycoon said meeting the target taught him discipline, perseverance, and mostl importantly the art of selling. He later joined Lori Malaysia, a logistics company that sent him around the country before assigning him to its Johor branch—a turning point in his life. "A driver told me… Johor is where the money can be made, given its proximity to Singapore, and he was right. I stayed," the tycoon told a Singapore-based publication. By 1984, he and his wife Bah Kim Lian launched Yinson Transport, a small trucking business moving goods across the border. That venture would morph into Yinson Holdings - a global energy logistics giant and a major player in offshore oil and gas supplies. In 1996, Yinson was listed on Bursa Malaysia but Lim didn't stop there. He diversified into renewables, marine support, and later electric vehicle charging. In Singapore, he founded Liannex Corporation in 1993, expanding into marine logistics, port operations, and construction supplies. Earlier this year, Liannex acquired Icon Offshore and rebranded it as Lianson Fleet Group. By June 2, its market value had soared past RM670 million. But what cemented his legacy for ordinary Malaysians was the launch of Causeway Link in 2003. Spotting a need among cross-border commuters, Lim built the service from scratch. "There were so many hurdles - permits, finance, manpower. But we pushed through," he was quoted by Singapore's the Straits Times. The company was listed this year as HI Mobility, with expansion plans into smart transport systems. Despite a reported family fortune of US$480 million (RM2.3 billion), Lim remains directly involved in operations, even answering WhatsApp messages from angry passengers or the Johor Menteri Besar Datuk Onn Hafiz Ghazi, himself. His son, Lim Chern Chuen, now CEO of HI Mobility, admitted: "It's hard for him to retire. Our dinner chats are mostly work-related. For him, business is also joy." Lim's children - Chern Yuan (Yinson), Chern Wooi (Lianson), and Chern Fang alongside Chern Chuen (HI Mobility), now run the family's public-listed portfolio. Lim raised them independently, sending them to Australia under age 10. "No helpers, no mollycoddling. Let them survive. If parents keep feeding them, they'll never learn to stand up." He's still involved in business deals, particularly in Indonesia. "My kids don't speak the language, so I handle it. If you retire, your brain will rust," he said. A firm believer in entrepreneurship, Lim often encourages others to strike out. "Some bankers I've dealt with are now business owners. I told them, take the risk."
Straits Times
02-06-2025
- Automotive
- Straits Times
From car salesman to Malaysia's 50 richest: The rise and rise of Causeway Link founder Lim Han Weng
Mr Lim Han Weng, founder of the Causeway Link brand, has handed the reins of his three listed companies to his children. PHOTO: HI MOBILITY From car salesman to Malaysia's 50 richest: The rise and rise of Causeway Link founder Lim Han Weng SINGAPORE – Before he made it to Forbes Malaysia's 50 richest list, Mr Lim Han Weng – the founder behind the Causeway Link buses that ferry thousands of cross-border commuters daily – was once a young man with a simple dream: landing a stable job. Born in Kedah, he graduated with a Higher School Certificate but figured his results were not good enough for university. So he started applying for any job he could find listed in the local classifieds, including an air steward role with Malaysia Airlines. Rejection letters dashed his hopes of getting an office job or a jet-setting career. 'Every time I'm on an airplane, I'm reminded of this,' the 73-year-old laughed when recounting his challenging job hunt in an interview with The Straits Times in his Kranji Green office. Eventually, he became a car salesman for Wearne Brothers, earning a basic salary of just RM250 . His monthly target was to sell two cars – no easy feat in a small town where the big, expensive Jaguar, Holden and Opel models he sold were less popular than Japanese cars. Still, he met his target and appreciated the sales training. Next, he joined Lori Malaysia, a semi-government-owned logistics company, where he was posted to different parts of the country. When he arrived at the Johor branch, a driver commented that this was the best place to make money because of its proximity to Singapore. He stayed for the next five years, and when it was time to return to the Kuala Lumpur headquarters, he chose to resign. In 1984, Mr Lim co-founded his first company, Yinson Transport, with his wife Bah Kim Lian, moving goods across the border for businesses using a small fleet of lorries. That modest trucking company would evolve into something far bigger after he diversified into marine logistics, supplying ships and offshore support vessels to oil and gas companies. In 1996, Yinson Holdings went public, and continued to expand its global presence. It is now one of the world's biggest providers of floating production, storage and offloading vessels, which are used to extract and store crude oil. According to Forbes, the company has US$21 billion (S$27 billion) worth of leasing contracts extending till 2048. Yinson is also in the business of producing renewable energy and building electric vehicle charging networks. In Singapore, Mr Lim set up Liannex Corporation in 1993, and the company now offers services in bus modification, marine logistics, port operation and the supply of construction materials. In 2024, through Liannex Corporation, he bought a controlling stake in marine logistics company Icon Offshore, and turned it into Lianson Fleet Group, which has a market capitalisation of more than RM670 million (S$ 202 million) as at June 2. The serial entrepreneur also saw the pain point of cross-border commuters, and launched Causeway Link bus rides in 2003 after overcoming political red tape, financing and recruitment challenges. On March 28, this company went public as HI Mobility, and has plans to pioneer more smart mobility solutions on both sides of the Causeway. A younger Mr Lim Han Weng posing in front of his fleet after securing a licence in 2003 to run cross-border bus rides under the Causeway Link brand. ST PHOTO: JAMES JACKSON CROUCHER Even as a tycoon with a family net worth of US$480 million, according to Forbes, Mr Lim remains remarkably hands-on, taking calls and responding to WhatsApp messages from irate passengers, concerned parents and the Johor Menteri Besar Onn Hafiz Ghazi, known for his frequent trips to the land checkpoints to address congestion issues. Now, Mr Lim has handed the reins of his three listed companies to his children, with Mr Lim Chern Chuen and Ms Lim Chern Fang overseeing HI Mobility, Mr Lim Chern Yuan helming Yinson Holdings, and Mr Lim Chern Wooi heading Lianson Fleet Group. He sent his children to Australia for their studies when they were still under 10 years old. With no relatives around and their mother unable to be with them all the time, they had to learn to fend for themselves from a young age. 'When you help them too much, they don't want to think for themselves,' said Mr Lim, who has never believed in overparenting. He said young people have to learn to survive in an uncertain world, unless their parents are prepared to feed them forever. Mr Lim Han Weng (left) with his son Lim Chern Chuen, the current chief executive of HI Mobility. ST PHOTO: SHINTARO TAY He remains actively involved in growing his other businesses, especially when it comes to managing deals in Indonesia, as his children do not speak the local language. 'If you retire, your brain will go haywire,' he quipped. His son, Mr Lim Chern Chuen, agreed that it is difficult for his parents, especially his father, to retire. 'Our dinner conversations usually revolve around work,' the HI Mobility chief executive said. 'For him, it's not really work. It's like a passion as well, so it's difficult to take the two apart.' Mr Lim is a big advocate of entrepreneurship. He is proud to have nudged some of the bankers he has met in the past into striking out on their own – and watched them succeed. He said aspiring entrepreneurs do not have to look far. 'Singapore has a financial centre, Malaysia has land and resources. When we look at these two countries, there are plenty of opportunities.' For him, global ambitions start from home, and there is no better launch pad than Singapore and Malaysia. Cheong Poh Kwan is Assistant Business Editor at The Straits Times. Join ST's WhatsApp Channel and get the latest news and must-reads.
The Star
20-05-2025
- The Star
Former students gift school new bus on Teachers Day
Compiled by C. ARUNO, JUNAID IBRAHIM and R. ARAVINTHAN PENS, notebooks and chocolates were among the popular items gifted by students during Teachers Day, but not for the alumni of Sekolah Menengah Sains Sultan Mahmud (Sesma) in Terengganu. In a heartwarming tribute to educators, the alumni group gifted the school with a brand new bus worth over half a million ringgit. Harian Metro reported that the bus, priced at RM670,000, was funded through a donation drive launched in February 2023. Sesma alumni (MySesma) president Datuk Mohd Zuber Embong, who had previously served as the Terengganu State Legislative Assembly Speaker, handed over the memorable gift to school principal Hayati A Rahman. 'The initial proposal by the MySesma committee was to launch a donation drive, including organising a gala night for the construction of a new prayer hall that can accommodate 250 congregants,' he said. Mohd Zuber said they later received a request from the school management for the purchase of a new bus. 'Although part of the funds was used to buy the new bus, it does not affect the construction of the new prayer hall, which is expected to be completed and operational by August,' he added. > Smugglers' attempt to bring in illegal firearms using trucks carrying fish and vegetables were foiled by authorities in Perlis. Utusan Malaysia reported that the smugglers were also detected to have used cargo services, trains, maritime routes and undocumented migrants via illegal routes along the Malaysia-Thailand borders. According to Perlis police chief Datuk Muhammad Abdul Halim, interrogation of several suspects previously detained revealed that most of the firearms seized were believed to be for personal use in criminal activities. The above articles are compiled from the vernacular newspapers (Bahasa Malaysia, Chinese and Tamil dailies). As such, stories are grouped according to the respective language/medium. Where a paragraph begins with a >, it denotes a separate news item.
