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Southeast Asia faces significant economic challenges following the new trade tariffs imposed by the US, with analysts predicting a sharp decline in exports and reduced attractiveness for global businesses. Countries like Vietnam and Thailand, which exported over US$70 billion in tech products to the US, are particularly affected, as higher tariffs diminish their appeal as manufacturing alternatives for Chinese companies. Meanwhile, the Indian government is scrutinizing Ola Electric Mobility's sales figures, highlighting discrepancies in reported orders versus registered units.
Asian shares and U.S. futures rose, led by a 6% jump in Tokyo's Nikkei 225, as markets reacted to President Trump's tariff threats. The S&P 500 and Dow futures gained 1.5% and 1.9%, respectively, while concerns over global trade continued to impact oil prices, which dipped below $60 a barrel. The U.S. dollar weakened against the yen, and gold prices surged, reflecting investor anxiety amid ongoing trade tensions.
Hoopi Holdings Pte Ltd, a collectibles and trading card platform, has secured its first institutional funding round led by Creative Gorilla Capital in Jakarta. The investment will facilitate Hoopi's expansion into Southeast Asia, with launches planned in Indonesia and Thailand later this year. Since its September 2024 launch, Hoopi has generated nearly US$2.25 million in gross merchandise value through over 40,000 paid orders, currently serving more than 20,000 active users and 3,000 registered sellers in Malaysia and Singapore.
Thailand is proactively preparing for the potential economic impacts of proposed tariffs by the Trump administration, with Prime Minister Paetongtarn Shinawatra emphasizing the importance of negotiation and quick adaptation. The government anticipates significant sector-specific losses, with projections indicating a potential GDP reduction of nearly 2%, particularly affecting high-value exports like electronics and agricultural products. However, Thailand's strategic position in global supply chains may offer opportunities as manufacturers seek alternatives to China, despite risks of trade circumvention.
Asian markets showed signs of recovery, with Japan's Nikkei 225 surging over 6% amid easing tensions following President Trump's tariff threats. The S&P 500 and Dow futures also rose, while the Hang Seng and Shanghai Composite gained modestly. However, markets in Thailand and Indonesia faced significant declines, reflecting ongoing global trade concerns.
Hi-Tech Thailand has laid the foundation for a USD 20 million sportswear factory in Qantara West, Egypt, which will create 2,000 jobs and produce 6 million garments annually. This investment marks Thailand's first in Egypt and strengthens economic ties between the two nations, enhancing the region's role in global supply chains. The factory is expected to open early next year, contributing to the localization of industries and supporting Egyptian exports amidst global supply chain challenges.
Grab has launched new features at its GrabX showcase, including "Grab for Family | Teens" for independent ride booking by teenagers, "GrabFood for One" with no minimum order, and a "Shared Saver" option to reduce delivery costs. Additionally, an "Advance Booking" feature for airport pickups and a "Travel Pass" for rides and dining were introduced, reflecting Grab's evolution into a comprehensive lifestyle platform. These innovations aim to enhance user engagement and address the needs of Southeast Asia's underbanked population amid increasing regional competition.
The inaugural Asia Economic Summit aims to address the complexities of doing business in Asia, featuring leaders from various sectors, including Grab's return to the taxi market after securing a license. Meanwhile, Japan's Nikkei index hits an eight-month low due to US tariffs, and Gulf Development debuts on Thailand's stock exchange amid mixed market reactions. Baidu faces declining market share and revenue challenges despite efforts to enhance its search capabilities with AI.
Toyota plans to develop around 15 electric vehicle models by 2027, aiming for an annual production of 1 million units. Currently, the company has five in-house EV models, produced only in Japan and China, with expansion to the U.S., Thailand, and Argentina to mitigate risks and improve delivery times. Despite a revised production target of 800,000 units for 2026, Toyota previously aimed for 1.5 million EVs annually by 2026 and 3.5 million by 2030.
The Indonesian rupiah opened at a record low of 16,898 per US dollar on April 7, falling 1.47%. It led declines among Asian currencies, with the Taiwan dollar, Malaysian ringgit, and Philippine peso also weakening. In contrast, the Japanese yen gained 0.49% against the dollar.
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