Latest news with #US-tariffs
The Star
14 hours ago
- Business
- The Star
Heineken eyes opportunities in increased tourism activities
Heineken Malaysia managing director Martijn van Keulen PETALING JAYA: Heineken Malaysia Bhd is eyeing opportunities from the increased tourism activities in the country, despite concerns on soft consumer sentiment for the time being. Its managing director Martijn van Keulen in the presentation of the company's 2Q financial performance said its results were mainly due to weaker consumer sentiment, which was in part affected by the continued external trade situation. 'The geopolitical situation is not helping especially with the talk on US-tariffs. Consumers are slowing down on the amount of money they're willing to spend on luxury items. The first half was rife with some challenges - the strong Chinese New Year season this had started strongly but the consumer sentiment faded a little bit in March to May. "Hopefully we will see consumer confidence returning eventually,' Martijn said. Its finance director Jana Martine Hanneman said while the situation was difficult with the struggling consumer sentiment, the company was committed to sustaining a dividend payout. 'There was a slowdown in the consumer sentiment in the first half and the weaker consumer sentiment had hit us in our results - but despite this we are invested in the long term future of our company,' she said. In 2QFY25, Heineken recorded a revenue of RM540mil which is a 5% year-on-year decrease compared to 2024 which the company says reflects a more cautious consumer sentiment. The group's net profit decreased by 9% to RM83mil in the said quarter from RM91mil in the same quarter a year earlier. This was affected by the softer revenue and increased cost pressures, Heineken said.
eNCA
09-07-2025
- Business
- eNCA
South Africa to seek trade deal after Trump tariffs
JOHANNESBURG - South Africa will pursue a trade deal with the United States, its presidency said on Tuesday, after Donald Trump announced a tariff that threatens to cripple the African nation's vital citrus industry. Trump informed Pretoria its exports to the United States will attract a 30 percent tariff from August 1, in a wave of letters sent out Monday to more than a dozen countries. President Cyril Ramaphosa said the new rate was based on a "contested interpretation" of the two countries' trade balance and that they would continue to negotiate a trade deal. "South Africa will continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the United States," Ramaphosa said it a statement. According to South Africa, US exports average a 7.6 percent duty and 77 percent of US goods sold in Africa's most industrialised economy attract zero tariff. "This contested interpretation forms part of the issues under consideration by the negotiating teams from South Africa and the United States," Ramaphosa said, meanwhile urging South African companies to diversify and reduce reliance on US trade. The US is South Africa's second-largest trading partner after China, exporting agricultural products, precious metals and vehicles. Unless reversed, the new duty risks cutting 35,000 jobs in the local citrus industry alone, the country's Citrus Growers' Association chief Boitshoko Ntshabele told AFP. South Africa is the world's second-largest exporter of citrus fruit after Spain, and citrus is the country's top agricultural export sector. Most of the jobs will be lost in small rural communities that are particularly vulnerable to external shocks, Ntshabele said. "If we start having other markets flooded, obviously, you have oversupply, and then the likelihood of a price collapse," he said. The 30 percent tariff will be separate from those earlier announced on sectors such as cars, steel, and aluminium. The effects of the 25 percent duty on automobiles, in place since April, is already being felt. In June, exports of South African-assembled vehicles dropped by more than 12 percent year-on-year, according to the automotive industry association. The figure included a sharp drop in Mercedes-Benz's C-class model exported to the US. The German carmaker has meanwhile halted production for more than a month at one of its plants in the southeast of the country. The closure was part of a "planned non-production period" due to volume adjustments, Mercedes-Benz South Africa told AFP. "We are continuously assessing the impact of the introduced US-tariffs," it said.
