China's overall level of debt has topped 300% of GDP and is likely to climb further, but the central bank will continue to ease policy when needed, Xuan Changneng, deputy governor of the People's Bank of China, said on Thursday.

China's central bank says debt level rising, easing on track

Chinese Vice-Premier Ding Xuexiang on Thursday pledged stronger policy support for the world's number two economy, which he said had started 2025 well and was on track to hit this year's growth target, buoyed by advancements in AI and other technologies.

China vice-premier pledges more policy support, says economy started 2025 well

The director-general of the World Trade Organization (WTO) said new tariffs announced by the US along with those introduced at the start of the year could lead to a contraction of around 1% in global merchandise trade volumes in 2025.

WTO says tariffs could bring contraction of 1% in global merchandise trade volumes

Suppliers to Apple Inc are following the iPhone maker lower on Thursday, as the Trump administration’s tariff announcement spurs widespread selling.

Apple is seen as especially vulnerable to the tariffs given it counts China as a major manufacturing hub, and Trump’s country-specific levies included a sharp hike on China.

Apple suppliers tumble as tariffs hit iPhone supply chain

Fitch Ratings downgraded China’s sovereign rating on concerns over weakening finances and rising public debt, just one day after the US imposed higher tariffs on the country. 

The cut takes China’s long-term foreign currency default rating to "A" from "A+" with a stable outlook, Fitch said in a statement on Thursday. China’s Finance Ministry responded with a strong rebuke, describing the decision as biased and not reflective of reality.

Fitch cuts China rating on weakening finances, debt concerns

Wall Street economists said the US risks a recession this year and inflation could return to pandemic levels following the Trump administration’s announcement of major tariffs on global trading partners.

Economists slash US growth, boost inflation forecasts on tariffs

Heavyweight technology stocks led a broad selloff on Wall Street on Thursday after President Donald Trump's sweeping tariffs on major trade partners ignited fears of an all-out trade war and raised the risk of a global economic recession.

Wall Street plunges as Trump tariffs trigger recession fears

World cocoa and coffee prices fell on Wednesday as investors fretted that President Donald Trump's move to slap punishing tariffs on US imports would damage chocolate and coffee demand in the world's top consumer of the products.

Coffee and cocoa slide as Trump tariffs spark demand worries

The US stock market is down almost 10% since President Donald Trump’s inauguration, marking the worst 10-week start under a new president since George W Bush in 2001 during the height of the dot-com selloff.

Trump’s second term brings worst stock market start since 2001

French President Emmanuel Macron urged companies to pause investments in the US after President Donald Trump announced tariffs on the European Union (EU) and other regions.

France’s Macron urges EU companies to pause US investments

Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday.

Mayu Global, Tuju Setia, Iskandar Waterfront City, TNB, HHRG

The revival in small caps expected from Donald Trump’s America First agenda instead turned into a rout for shares in companies whose fortunes are most closely tied to the US economy.

The Russell 2000 Index plunged as much as 6.6% on Thursday and is now down more than 20% from its all-time high reached in late 2021.

Russell hits bear market with small caps buffeted by tariff wave

Microsoft Corp has pulled back on data centre projects around the world, suggesting the company is taking a harder look at its plans to build the server farms powering artificial intelligence and the cloud.

Microsoft pulls back on data centres from Chicago to Jakarta

Steel products maker Mayu Global Group Bhd (KL:MAYU) said its executive director Tan Kim Hee has been detained by the police.

He was held by Bukit Aman police on April 2 to assist in an ongoing investigation, said the group, formerly known as Atta Global Group Bhd, in a bourse filing.

Mayu Global executive director Tan Kim Hee detained by police

The Malaysian Rubber Glove Manufacturers Association (Margma) has called on the government to consider "emergency support measures" to help the industry weather the impact of the sweeping new duties imposed by the US.

Rubber glove makers urge govt to consider emergency support measures amid US tariffs

Heavyweight technology stocks led a broad selloff on Wall Street on Thursday after President Donald Trump's sweeping tariffs on major trade partners ignited fears of an all-out trade war and raised the risk of a global economic recession.

Loss-making LYC Healthcare Bhd’s (KL:LYC) chief financial officer (CFO) Chong Sook Peng has resigned, with effect from May 30, 2025.

LYC Healthcare CFO resigns a little over a year into service

Southeast Asian nations reeled on Thursday as they were hit with some of President Donald Trump's heftiest tariffs, which now threaten the economies that have benefited from investment since he imposed levies on China during his first term.

Vietnam, slapped with 46% tariffs, said it would set up a task force and Thailand's prime minister said she would pursue negotiations to try to reduce the 37% rate her country faces - far greater than the 11% it had expected.

Southeast Asian nations, among hardest-hit by Trump tariffs, seek talks

Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday.

Newly-listed HI Mobility Bhd (KL:HI) has secured a RM134.94 million contract to operate an intracity bus service in Johor Bahru, under the government’s Stage Bus Service Transformation programme.

Newly-listed HI Mobility secures RM134 mil bus services contract from APAD

Eight Opec+ countries unexpectedly agreed on Thursday to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day (bpd) in May, a decision that prompted oil prices to extend earlier sharp losses.

Opec+ unexpectedly speeds up oil output hikes, oil drops

Builder Tuju Setia Bhd (KL:TJSETIA) has bagged a contract worth RM264.07 million for the construction of serviced apartments in Cheras, Selangor.

Tuju Setia bags RM264 mil job from MKH to build serviced apartments

Loss-making Iskandar Waterfront City Bhd (KL:IWCITY) said it has been given a six-month extension until Sept 23 to submit its regularisation plan.

Iskandar Waterfront City gets six-month extension to submit regularisation plan

Donald Trump’s decision to boost tariffs on almost every country will deal a blow to China’s economy. But it’s also handing Xi Jinping a rare opening to deepen relationships across the board, including with key US allies in Asia and beyond.

Trump gives China’s Xi a chance to win over world hit by tariffs

Businesses around the globe on Thursday faced up to a future of higher prices and reduced access to the world's largest market after US President Donald Trump confirmed their worst fears by&nbsp;instituting broad tariffs worldwide.

Trump's tariffs to push up costs and curb exports for companies

A total of 85 houses affected by the gas pipeline fire in Putra Heights, Subang Jaya have been confirmed safe, with residents allowed to return home starting from Thursday night.

Putra Heights fire: 85 houses declared safe, residents can return home — MB

Ho Hup Construction Company Bhd (KL:HOHUP) on Thursday said its subsidiary, Ho Hup Jaya Sdn Bhd, is offloading two floors in Ho Hup Tower to its substantial shareholder Insas Bhd, for RM13 million, with the proceeds to be used to repay borrowings and for general working capital.

Ho Hup sells Bukit Jalil office units for RM13 mil in related-party transaction

Stellantis NV said on Thursday it was temporarily laying off 900 workers at five US facilities after President Donald Trump's tariffs were announced, and temporarily pausing production at an assembly plant in Mexico and one in Canada.

Stellantis says will temporarily lay off 900 US workers following tariff announcement

The tiny southern African kingdom of Lesotho has been hit with a 50% reciprocal trade tariff by US President Donald Trump, the highest levy of any single state on his long list of target economies.

Lesotho, which Trump had ridiculed in March as a country "nobody has ever heard of", is a poor and landlocked country with a gross domestic product of just over US$2 billion.

Trump slaps tiny African kingdom of Lesotho with highest tariff of all

A massive arbitrage trade that has drawn tens of billions of dollars’ worth of gold and silver to the US came to an abrupt halt with Wednesday’s announcement that precious metals would be exempt from Donald Trump’s sweeping tariffs.

Rush to get gold to the US halts abruptly with tariff exemption

Futures tracking the Nasdaq tumbled 4% on Thursday as President Donald Trump's sweeping tariffs on major trade partners sparked fears of a full-blown trade war and raised the risk of tipping the global economy into a recession.

Apple sank 7.6% in premarket trading, reeling from the impact of an aggregate 54% tariff on China, which is the base for much of Apple's manufacturing. Microsoft dropped 2.7% and Nvidia fell 6%.

Nasdaq futures plunge 4% as Trump tariffs trigger recession fears

Deutsche Bank warned on Thursday of the risk of a crisis of confidence in the US dollar, saying major shifts in capital flow allocations could take over from currency fundamentals and currency moves become disorderly.

Kevin Yao & Binbin Huang