2026 presents a landscape of mixed signals for Asia-Pacific: US tariffs are at their highest levels since the 1930s (effective rate of 13.6%), and China’s growth is projected to slow to 4.1%. Yet, Fitch Ratings has maintained a Neutral outlook for the sector.



Thomas Rookmaaker, Head of APAC Sovereigns at Fitch Ratings, joins BFM to break down the region's "two-speed recovery", where AI-driven economies surge while traditional exporters lag, and warns that fiscal buffers are slowly eroding as government debt climbs.



We discuss:.




The "Neutral" Verdict: Why Fitch maintains a stable sector outlook despite geopolitical headwinds, citing strong FX reserves and credit buffers in developed markets.


The "Two-Speed" Recovery: How the AI boom is shielding tech-heavy nations while non-tech exporters face dampened demand from the US and China.


The China Slowdown: The impact of China’s downgrade to 'A' and the property slump on the broader region, with spillover effects hitting commodity prices and consumption.


Fiscal Erosions & Social Unrest: With median government debt-to-GDP rising to 50.1%, we discuss why fiscal consolidation is stalling and how social unrest (e.g., Nepal, Indonesia) is forcing governments to spend more.


Country Watchlist:


Malaysia: Rated 'BBB+' (Stable) supported by political stability and 4% growth, though debt reduction remains gradual.


Thailand: The outlier with a Negative outlook due to delayed tourism recovery and high household debt.


The Danger Zone: Why the Maldives ('CC') faces a critical test with a $500m Sukuk repayment in April.

2026 presents a landscape of mixed signals for Asia-Pacific: US tariffs are at their highest levels since the 1930s (effective rate of 13.6%), and China’s growth is projected to slow to 4.1%. Yet, Fitch Ratings has maintained a Neutral outlook for the sector.Thomas Rookmaaker, Head of APAC Sovereigns at Fitch Ratings, joins BFM to break down the region's "two-speed recovery", where AI-driven economies surge while traditional exporters lag, and warns that fiscal buffers are slowly eroding as government debt climbs.We discuss:.<ul><li>The "Neutral" Verdict: Why Fitch maintains a stable sector outlook despite geopolitical headwinds, citing strong FX reserves and credit buffers in developed markets.</li><li>The "Two-Speed" Recovery: How the AI boom is shielding tech-heavy nations while non-tech exporters face dampened demand from the US and China.</li><li>The China Slowdown: The impact of China’s downgrade to 'A' and the property slump on the broader region, with spillover effects hitting commodity prices and consumption.</li><li>Fiscal Erosions &amp; Social Unrest: With median government debt-to-GDP rising to 50.1%, we discuss why fiscal consolidation is stalling and how social unrest (e.g., Nepal, Indonesia) is forcing governments to spend more.</li><li>Country Watchlist:<ul><li>Malaysia: Rated 'BBB+' (Stable) supported by political stability and 4% growth, though debt reduction remains gradual.</li><li>Thailand: The outlier with a Negative outlook due to delayed tourism recovery and high household debt.</li><li>The Danger Zone: Why the Maldives ('CC') faces a critical test with a $500m Sukuk repayment in April.</li></ul></li></ul>

Helping you navigate the ever-changing universe of business, from headlines to the bottom line

Helping you navigate the ever-changing universe of business, from headlines to the bottom line

Enterprise Explores

When China Sneezes: The Slowdown Spillover Across APAC

In late November, Costco filed a lawsuit against the Trump administration over the “Liberation Day tariffs", and the White House remained surprisingly silent.



BFM speaks with Bryan DeAngelis of Penta Group to decode this "quiet rebellion." Corporate America is finally "unbending the knee," but they are doing it with a new playbook: filing lawsuits based strictly on business logic while avoiding the public shaming that bruises the President's ego.



We discuss:




The Costco Strategy: Why the retailer’s decision to sue quietly after Thanksgiving, relying on "brand math" rather than PR stunts, possibly saved them from a Truth Social firestorm.


The "Business Lane": How companies are learning to push back against policies like tariffs by framing them strictly as shareholder protection rather than political opposition.


Political Volatility & Populism: With the President's poll numbers sinking, Bryan explains why the administration is leaning harder into populist rhetoric (like the attack on institutional housing investors) to regain momentum.


The 2026 Midterm Outlook: Why "razor-thin" margins in Congress mean Democrats could flip the House even before November, and how this gridlock will force the President to rule almost exclusively through Executive Orders.

The Erosion of Authority: From GOP resignations to state-level defiance on redistricting, we analyse whether the White House is losing its grip on its own party.

In late November, Costco filed a lawsuit against the Trump administration over the “Liberation Day tariffs", and the White House remained surprisingly silent.BFM speaks with Bryan DeAngelis of Penta Group to decode this "quiet rebellion." Corporate America is finally "unbending the knee," but they are doing it with a new playbook: filing lawsuits based strictly on business logic while avoiding the public shaming that bruises the President's ego.We discuss:<ul><li>The Costco Strategy: Why the retailer’s decision to sue quietly after Thanksgiving, relying on "brand math" rather than PR stunts, possibly saved them from a Truth Social firestorm.</li><li>The "Business Lane": How companies are learning to push back against policies like tariffs by framing them strictly as shareholder protection rather than political opposition.</li><li>Political Volatility &amp; Populism: With the President's poll numbers sinking, Bryan explains why the administration is leaning harder into populist rhetoric (like the attack on institutional housing investors) to regain momentum.</li><li>The 2026 Midterm Outlook: Why "razor-thin" margins in Congress mean Democrats could flip the House even before November, and how this gridlock will force the President to rule almost exclusively through Executive Orders.</li></ul>The Erosion of Authority: From GOP resignations to state-level defiance on redistricting, we analyse whether the White House is losing its grip on its own party.

Suing Trump’s White House: Has Costco Cracked the Code?

The "buy and wait" era is over. According to Knight Frank Malaysia, 2026 marks a shift toward "value hunting amid volatility." Amy Wong, Executive Director of Research & Consultancy at Knight Frank Malaysia, joins BFM to decode the 2026 outlook. 



With office supply set to drop by 11% this year and over a third in 2027, the market is approaching a critical "decision year" where tenants lose their leverage. We discuss the rise of a "two-tier market," why industrial rents are staying disciplined despite the China+1 boom, and how investors must now manufacture "alpha" through active asset management.



We discuss:




The 2025 Scorecard: How front-loaded global trade and domestic consumption kept the market resilient, and why the 2026 "cool-down" is normalisation, not a hangover.


Industrial "Smarter Space": Why manufacturers are buying land to build rather than renting. Amy explains the shift from sheer scale to high-spec facilities (higher floor loading, automation readiness) to support supply chain diversification.


The Two-Tier Market: How the tech boom and Gen AI are creating a polarisation across sectors. Green, efficient buildings are winning, while older stock faces obsolescence.


The Office "Decision Year": With new office supply dropping sharply in 2026 and 2027, the window for tenants to lock in favorable terms is closing. We discuss the "Stay vs. Go" debate for companies in aging buildings.


Asset Level Alpha: Why market-driven growth is gone. Amy argues that returns must now be "earned" through active retrofitting and repositioning of older assets, rather than passive holding.

The "buy and wait" era is over. According to Knight Frank Malaysia, 2026 marks a shift toward "value hunting amid volatility." Amy Wong, Executive Director of Research &amp; Consultancy at Knight Frank Malaysia, joins BFM to decode the 2026 outlook.&nbsp;With office supply set to drop by 11% this year and over a third in 2027, the market is approaching a critical "decision year" where tenants lose their leverage. We discuss the rise of a "two-tier market," why industrial rents are staying disciplined despite the China+1 boom, and how investors must now manufacture "alpha" through active asset management.We discuss:<ul><li>The 2025 Scorecard: How front-loaded global trade and domestic consumption kept the market resilient, and why the 2026 "cool-down" is normalisation, not a hangover.</li><li>Industrial "Smarter Space": Why manufacturers are buying land to build rather than renting. Amy explains the shift from sheer scale to high-spec facilities (higher floor loading, automation readiness) to support supply chain diversification.</li><li>The Two-Tier Market: How the tech boom and Gen AI are creating a polarisation across sectors. Green, efficient buildings are winning, while older stock faces obsolescence.</li><li>The Office "Decision Year": With new office supply dropping sharply in 2026 and 2027, the window for tenants to lock in favorable terms is closing. We discuss the "Stay vs. Go" debate for companies in aging buildings.</li><li>Asset Level Alpha: Why market-driven growth is gone. Amy argues that returns must now be "earned" through active retrofitting and repositioning of older assets, rather than passive holding.</li></ul>

Lock In or Lose Out? The Looming Office Supply Crunch

According to the Risk in Focus 2026 report, organisations in Southeast Asia correctly rank cybersecurity, business resilience, and digital disruption as their top priorities. Yet, with cybercrime losses in Malaysia crossing RM1 billion, there is a glaring gap between risk awareness and real-world preparedness.



BFM explores this "implementation gap" with Suhailah Abdulla and Philip Satish Rao from the Institute of Internal Auditors Malaysia. They argue that risk policies often look good on paper ("form over substance") but fail because organisations treat cybersecurity as a backroom function rather than "organisational DNA."



We also discuss why Internal Auditors must evolve from financial checkers into "nervous system sensors" for the board, and how to navigate the specific dangers of "Agentic AI" while keeping humans in the loop.



We discuss:




The Preparedness Paradox: Why high risk awareness hasn't translated into fewer breaches, and the danger of "compliance on paper" versus actual implementation.


Cybersecurity as DNA: Why treating cyber risk as IT's problem is a fatal error. Philip gets into the need for adaptive controls that evolve as fast as the hackers do.


AI Governance & "Human in the Loop": How to balance the opportunity of AI with the risk of "Agentic Enterprises." We discuss the necessity of establishing governance frameworks that prevent over-reliance on algorithms.


The Auditor as "Nervous System Sensor": Moving beyond the independent mask. Why modern auditors need engineering and supply chain skills to provide true risk intelligence to the board.


Interconnected Risks: Lessons from COVID-19 on why siloed risk management fails, and why boards must view supply chain, geopolitical, and digital risks through a single Enterprise Risk lens.

According to the Risk in Focus 2026 report, organisations in Southeast Asia correctly rank cybersecurity, business resilience, and digital disruption as their top priorities. Yet, with cybercrime losses in Malaysia crossing RM1 billion, there is a glaring gap between risk awareness and real-world preparedness.BFM explores this "implementation gap" with Suhailah Abdulla and Philip Satish Rao from the Institute of Internal Auditors Malaysia. They argue that risk policies often look good on paper ("form over substance") but fail because organisations treat cybersecurity as a backroom function rather than "organisational DNA."We also discuss why Internal Auditors must evolve from financial checkers into "nervous system sensors" for the board, and how to navigate the specific dangers of "Agentic AI" while keeping humans in the loop.We discuss:<ul><li>The Preparedness Paradox: Why high risk awareness hasn't translated into fewer breaches, and the danger of "compliance on paper" versus actual implementation.</li><li>Cybersecurity as DNA: Why treating cyber risk as IT's problem is a fatal error. Philip gets into the need for adaptive controls that evolve as fast as the hackers do.</li><li>AI Governance &amp; "Human in the Loop": How to balance the opportunity of AI with the risk of "Agentic Enterprises." We discuss the necessity of establishing governance frameworks that prevent over-reliance on algorithms.</li><li>The Auditor as "Nervous System Sensor": Moving beyond the independent mask. Why modern auditors need engineering and supply chain skills to provide true risk intelligence to the board.</li><li>Interconnected Risks: Lessons from COVID-19 on why siloed risk management fails, and why boards must view supply chain, geopolitical, and digital risks through a single Enterprise Risk lens.</li></ul>

When China Sneezes: The Slowdown Spillover Across APAC

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