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...