Hong Kong Firms Face Profit Squeeze Amid Middle East Conflict and Oil Crisis

Hong Kong firms face profit squeeze as US importers cut orders amid oil crisis

Some United States importers have cut orders and shifted to short-term contracts after the Middle East conflict triggered a global oil crisis, according to Hong Kong business leaders, who warned of eroding profit margins and strained liquidity. Jeffrey Lam Kin-fung, an Executive Council member and businessman, said on Sunday that the US-Israel war on Iran had driven up fuel costs, which in turn raised operating expenses for local enterprises. He urged the Hong Kong government to bolster ties...

By Kevin Li