Latest news with #economicresilience
South China Morning Post
27-05-2025
- Business
- South China Morning Post
Moody's and S&P Global keep ‘Aa3' and ‘AA+' credit ratings for Hong Kong
Moody's and S&P Global have maintained their 'Aa3' and 'AA+' credit ratings for Hong Kong, with the former upgrading the outlook from 'negative' to 'stable'. Their grades on Tuesday came after Fitch maintained its 'AA-' credit rating and 'stable' outlook for Hong Kong last week. Both Moody's and S&P cited the city's substantial fiscal buffers and foreign exchange reserves, strong external balance sheet and high per capita income levels. Moody also pointed to the resilience of the city's economy and financial system at a time of trade tensions, while S&P noted Hong Kong's flexible and effective government policies and the linked exchange rate, which promoted monetary and financial stability. In response to the latest ratings, a government spokesman said: 'The recent affirmations of Hong Kong's credit ratings by Fitch, S&P and Moody's, all with 'stable' outlooks, demonstrate Hong Kong's resilience in maintaining stability amid increasing global economic and financial uncertainties. 'Recent data has further underscored the robustness of Hong Kong's financial system. Bank deposits have continued to grow, capital markets remain active and the IPO market is thriving, all of which signal global investors' confidence in Hong Kong.'
Bloomberg
27-05-2025
- Business
- Bloomberg
The Silver Tsunami Is Keeping the US Economy on Track
There are plenty of reasons to be concerned about the direction of the US economy right now. The hiring rate is sluggish. The housing market is dormant, with younger Americans shut out. Borrowing costs are high and moving higher as Congress pieces together a deficit-expanding fiscal package. Yet the economic data continues to paint a picture of resilience. That's thanks to older Americans, who are helping to keep the economy from falling into recession. They are less affected by labor market uncertainty, less likely to be struggling in the housing market (the average age of homebuyers is a record 56), and they will be recipients of the growth in federal spending. This group is providing fuel to the economy at a weak point in the economic cycle, something we didn't see as much in the mid-2000s or mid-2010s.
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CNA
27-05-2025
- Business
- CNA
Jeffrey Siow joins task force on US tariffs, Desmond Lee steps down after Cabinet changes
SINGAPORE: Acting Minister for Transport Jeffrey Siow will join the task force that was formed to address the impact of US tariffs, following the recent Cabinet changes. Education Minister Desmond Lee, who was Minister for National Development before the Cabinet reshuffle, will step down from the task force. Newly elected chairman of the Singapore Business Federation (SBF), Teo Siong Seng, also replaces his predecessor, Lim Ming Yan, as the SBF representative. These changes take effect immediately, said the SBF, the Ministry of Trade and Industry (MTI), the National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) in a joint media release on Tuesday (May 27). The task force, called the Singapore Economic Resilience Taskforce (SERT), was formed in April to help businesses and workers deal with the impact of tariffs imposed by the United States. Chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, it will work to address immediate challenges and develop long-term strategies. Members are split into three groups to focus on different areas, namely, sensemaking and communication, short-term support and development of additional measures and long-term strategies and responses. Apart from Mr Gan, the task force comprises seven other members: Minister for Digital Development and Information Josephine Teo Minister for Manpower and Minister-in-charge of Energy and Science & Technology Tan See Leng Minister for National Development Chee Hong Tat Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow Chairman of SBF Teo Siong Seng Secretary-general of NTUC Ng Chee Meng President of SNEF Tan Hee Teck "SERT's mandate remains unchanged," Mr Gan said on Tuesday. "We will continue to work with our tripartite partners to help our businesses and workers navigate the current uncertainties in global trade." In April, US President Donald Trump unveiled a baseline 10 per cent tariff on all imports targeting countries around the world, including Singapore. The US has recently offered to discuss concessions for Singapore on pharmaceutical exports to the US, Mr Gan said in an update on the task force efforts earlier this month. "They have offered Singapore to say that, why not, both Singapore and US can sit down and discuss some form of a concession for Singapore to have a beneficial or preferential tariff, even to the extent of zero tariff for pharmaceutical exports to the US," Mr Gan said. That would require some effort from Singapore to ensure that the supply chain is secure. "These are the details that we are discussing," he added. Pharmaceuticals make up over 10 per cent of Singapore's exports to the US. Singapore maintained its growth forecast for the year at a range of 0 to 2 per cent, but MTI cautioned of an uncertain environment ahead.
Al Arabiya
27-05-2025
- Business
- Al Arabiya
ASEAN opens tripartite summit with Gulf nations and China
A regional association of Southeast Asian nations is set to hold a tripartite summit Tuesday with China and six Gulf countries in what officials called an effort to bolster economic resilience as they grapple with global volatility and US tariffs A regional association of Southeast Asian nations is set to hold a three-way summit Tuesday with China and six Gulf countries in what officials called an effort to bolster economic resilience as they grapple with global volatility and US tariffs. Malaysian Prime Minister Anwar Ibrahim, opening a summit in Malaysia's capital Kuala Lumpur between the 10-member Association of Southeast Asian Nations and the Gulf Cooperation Council, said a stronger ASEAN-GCC relationship would be key to enhancing interregional collaboration, building resilience and securing sustainable prosperity. Chinese Premier Li Qiang will join the two blocs in their first such meeting later Tuesday, as Beijing seeks to present itself as a reliable ally to the region. 'I believe the ASEAN-GCC partnership has never been more important than it is today, as we navigate an increasingly complex global landscape marked by economic uncertainty and geopolitical challenges,' Anwar said. Malaysia is the current chair of ASEAN, which also includes Brunei, Cambodia, Laos, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Kuwait's Crown Prince Sheikh Sabah Khalid Al Sabah said the two blocs, which held their first summit in Riyadh in 2023, would build on their momentum to deepen cooperation and 'improve our ability to face crisis.' He said the GCC is ASEAN's seventh largest trade partner, with total trade reaching $130.7 billion in 2023. The GCC comprises the oil-producing nations of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Anwar said last week the GCC already has strong links with the US and 'wants to be close to China too.' ASEAN has maintained a policy of neutrality, engaging both Beijing and the United States, but US President Donald Trump's threats sweeping tariffs came as a blow. Six of the bloc's members were among the worst hit, with tariffs between 32 percent and 49 percent. Trump announced a 90-day pause on tariffs in April for most of the world, and this month struck a similar deal with key rival China, easing trade war tensions. Anwar is seeking an ASEAN summit with Trump on the tariffs. Collins Chong Yew Keat, a foreign affairs, strategy and security analyst with Universiti Malaya, said ASEAN is seen as tilting towards China and has failed to take strong action against Beijing's aggression in the disputed South China Sea. ASEAN members Vietnam, the Philippines, Malaysia and Brunei have overlapping claims with China, which asserts sovereignty over almost the entire South China Sea. While relying on US defense support, ASEAN is increasing reliance and partnership with China and other US rivals, Chong said. 'If this continues under the current Trump administration, it will create further room for Washington to distance itself from the region, which will spell disaster and create an even deeper Chinese presence,' he said.
Yahoo
27-05-2025
- Business
- Yahoo
ASEAN opens summit with Gulf nations and China amid US tariffs threat
KUALA LUMPUR, Malaysia (AP) — A regional association of Southeast Asian nations is set to hold a three-way summit Tuesday with China and six Gulf countries in what officials called an effort to bolster economic resilience as they grapple with global volatility and U.S. tariffs. Malaysian Prime Minister Anwar Ibrahim, opening a summit in Malaysia's capital Kuala Lumpur between the 10-member Association of Southeast Asian Nations and the Gulf Cooperation Council, said a stronger ASEAN-GCC relationship would be key to enhancing interregional collaboration, building resilience and securing sustainable prosperity. Chinese Premier Li Qiang will join the two blocs in their first such meeting later Tuesday, as Beijing seeks to present itself as a reliable ally to the region. 'I believe the ASEAN-GCC partnership has never been more important than it is today, as we navigate an increasingly complex global landscape marked by economic uncertainty and geopolitical challenges,' Anwar said. Malaysia is the current chair of ASEAN, which also includes Brunei, Cambodia, Laos, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Kuwait's Crown Prince Sheikh Sabah Khalid Al Sabah said the two blocs, which held their first summit in Riyadh in 2023, would build on their momentum to deepen cooperation and 'improve our ability to face crisis.' He said the GCC is ASEAN's seventh largest trade partner, with total trade reaching $130.7 billion in 2023. The GCC comprises the oil-producing nations of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Anwar said last week the GCC already has strong links with the U.S. and 'wants to be close to China too.' ASEAN has maintained a policy of neutrality, engaging both Beijing and the United States, but U.S. President Donald Trump's threats sweeping tariffs came as a blow. Six of the bloc's members were among the worst hit, with tariffs between 32% and 49%. Trump announced a 90-day pause on tariffs in April for most of the world, and this month struck a similar deal with key rival China, easing trade war tensions. Anwar is seeking an ASEAN summit with Trump on the tariffs. Collins Chong Yew Keat, a foreign affairs, strategy and security analyst with Universiti Malaya, said ASEAN is seen as tilting towards China and has failed to take strong action against Beijing's aggression in the disputed South China Sea. ASEAN members Vietnam, the Philippines, Malaysia and Brunei have overlapping claims with China, which asserts sovereignty over almost the entire South China Sea. While relying on U.S. defense support, ASEAN is increasing reliance and partnership with China and other U.S. rivals, Chong said. 'If this continues under the current Trump administration, it will create further room for Washington to distance itself from the region, which will spell disaster and create an even deeper Chinese presence,' he said.
