logo
Russia expects further development of relations with ASEAN — Putin

Russia expects further development of relations with ASEAN — Putin

The Sun14-05-2025

MOSCOW: Russia expects an expansion of ties with the Association of Southeast Asian Nations (ASEAN), Russian President Vladimir Putin said during talks with Malaysian Prime Minister Datuk Seri Anwar Ibrahim, Russian News Agency (TASS) reported.
'Malaysia is our long-standing and important partner both overall and in Southeast Asia. I know that you have been chairing ASEAN since January 1 this year. We expect our relations with this respected, solid integration bloc to develop with your help, just as the relations between our countries continue to grow,' Putin said at the beginning of the meeting.
The two countries are connected by trade and economic ties, Putin said.
'We have stable trade and economic ties,' he said. 'We have good relations in almost all areas. I think that we have maintained state diplomatic relations since 1967,' the president added.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US-China renewed dialogue seen lifting Malaysia's trade outlook
US-China renewed dialogue seen lifting Malaysia's trade outlook

New Straits Times

time33 minutes ago

  • New Straits Times

US-China renewed dialogue seen lifting Malaysia's trade outlook

KUALA LUMPUR: Renewed trade talks between the United States and China are expected to boost investor confidence and strengthen Malaysia's trade momentum, an economist said. Putra Business School economist Professor Dr Ahmed Razman Abdul Latiff said any move to reduce tariffs between the two economic giants could steady the sails for Malaysia by boosting confidence and trade visibility. "If the US and China agree to resume talks and reach a deal to reduce tariffs on each other, Malaysia's trade environment and investor sentiment will become less volatile and uncertain," he told Business Times. "This would boost investor confidence and encourage continued investment in Malaysia," Razman added, noting that while tensions persist, Malaysia is taking steps to shield its economy. Razman also expects Malaysia's export markets and supply chains to remain competitive, although growth may moderate slightly. This, he said, is supported by ongoing efforts to diversify export destinations, grow the country's trading partnerships and enhance intra-Asean trade. Should US-China negotiations break down again, he said the impact on Malaysia would likely remain limited. "There will be some negative impact but it will be minimum as majority of Malaysia's products such as semiconductor will not be subjected to higher tariffs by the US," he said. Trump and Xi held a 90-minute phone conversation on Thursday, marking their first direct dialogue since Trump resumed office. The call, widely viewed as a positive step towards easing the prolonged trade tensions between the world's two largest economies, laid the groundwork for renewed bilateral cooperation and the resumption of high-level trade negotiations. Both leaders agreed to restart trade talks, with senior US officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, expected to meet their Chinese counterparts. The timing and venue for these negotiations have yet to be finalised but are anticipated to be announced in the coming weeks. Although the call sparked market optimism, US stocks closed lower as a sharp decline in Tesla shares outweighed the positive momentum from progress in US-China tariff negotiations. Tesla shares plunged over 14 per cent in heavy trading as the escalating public feud between Trump and businessman Elon Musk rattled investors, wiping out about US$150 billion in market value. Razman downplayed concerns over the spat saying, "The impact on Malaysia will be minimal, as the fallout primarily affects the SpaceX program and Tesla production."

Ringgit set to extend gains as US fundamentals weaken
Ringgit set to extend gains as US fundamentals weaken

New Straits Times

time33 minutes ago

  • New Straits Times

Ringgit set to extend gains as US fundamentals weaken

KUALA LUMPUR: The ringgit is poised to extend its gains against the US dollar next week, buoyed by weakening US fundamentals, easing trade tensions, and stronger domestic economic resilience. The local currency has already strengthened against major and Asean currencies, and Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the trend is likely to persist as economic momentum in the US continues to lose steam. "We expect this trend to hold in the near term, driven by signs of a slowing US economy as business and consumer sentiment continue to weaken," he told Business Times. Afzanizam added that heightened uncertainty over US trade policies is further dampening confidence among businesses, prompting a reassessment of the greenback's global standing. "In some ways, the US dollar's dominance in the global economy is being revisited. This shift could favour emerging market currencies, including the ringgit, in the short to medium term," he said. Echoing this view, SPI Asset Management managing partner Stephen Innes said that foreign appetite for Malaysian assets remains strong, further supporting the local currency. "The ringgit is finally catching a break. With the US dollar on the back foot, tariffs de-escalating, and capital inflows into bonds and FX deposits rising, there is a tangible floor forming under ringgit," he said. Innes pointed to growing foreign appetite for Malaysian debt, highlighting the 3.3 times bid-to-cover ratio in May's 20-year government investment issue (GII) auction as a signal of revived confidence. He noted that foreign holdings of local government bonds have risen to 21.5 per cent, reversing a dip recorded in February. Adding to the ringgit's resilience, foreign currency deposits in local banks have climbed to a record 11.6 per cent of total deposits, offering a buffer against external shocks. Innes said that while Malaysia is not immune to global economic fragility, it is also not a sitting duck, with the domestic investment cycle now taking the lead. "If the trade war cools and global risk sentiment remains stable, Malaysia may continue to navigate the delicate balance between global volatility and domestic resilience. The ringgit, for once, has a shot at playing offence," he added. The ringgit opened higher this morning, extending its gains against the US dollar. At 8am, it stood at 4.2140/4.2335 compared with Thursday's close of 4.2245/4.2295. The local currency also traded mostly higher against major currencies, gaining ground against the Japanese yen and British pound, though it slipped slightly against the euro. Among regional peers, the ringgit appreciated across most Asean currencies, including the Singapore dollar, Thai baht, Indonesian rupiah and Philippine peso. It ended Friday's session at 4.2275 against the greenback.

Local Yields May Trade Lower On US Optimism
Local Yields May Trade Lower On US Optimism

BusinessToday

timean hour ago

  • BusinessToday

Local Yields May Trade Lower On US Optimism

Yields on Malaysian government bonds closed mixed this week, with cautious optimism around global trade and soft US economic data helping to anchor the local fixed-income market. According to Kenanga Research, yields on Malaysian Government Securities (MGS) and Government Investment Issues (GII) moved within a narrow range of -4.2 to +0.9 basis points (bps) across the curve. The benchmark 10-year MGS yield eased 1.6 bps to 3.518% The 10-year GII dipped 0.2 bps to 3.532% Global and Domestic Drivers The slight decline in long-term yields closely followed movements in US Treasuries, which reacted to positive signals in US-China trade negotiations. The improved trade outlook, combined with softer US economic data, has reinforced expectations of an earlier rate cut by the US Federal Reserve. On the domestic front, a modest improvement in Malaysia's Purchasing Managers' Index (PMI) and continued export growth to African markets have supported confidence in local bonds, contributing to the relatively stable yield environment. Outlook: Stable Yields with Eyes on US Inflation Kenanga expects local bond yields to remain stable in the near term, with upcoming economic data — including industrial production, retail sales, and labour market statistics — likely to guide investor sentiment. However, the research house cautioned that any upside surprise in US inflation data could prompt global bond yields to rise, potentially spilling over into the Malaysian market. Additionally, renewed uncertainty in US tariff policy could reintroduce volatility. 'Investors should stay alert to both domestic data and global developments, especially updates on tariff talks,' Kenanga stated. Related

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store