Malaysia in a shifting world order
Today, that dominance is increasingly challenged by emerging powers and shifting global alignments. The rise of competing powers, growing distrust of US intentions, and the resurgence of nationalist economic policies, particularly under Donald Trump's second term, are accelerating the fragmentation of global power.
In place of a US-led unipolar order, a multipolar world is emerging, one increasingly defined by the rivalry between the United States, an emerging axis of Russia-China-India (RCI), and a recalibrated European Union.
Trump's recent moves to impose tariffs on a wide swath of countries, including traditional allies like the European Union, Canada, South Korea, and India, mark a decisive...
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The Star
3 hours ago
- The Star
DRB-Hicom plans to acquire Spirit Malaysia
PETALING JAYA: DRB-Hicom Bhd plans to acquire the Malaysian operations of aerospace manufacturer Spirit AeroSystems – the world's largest standalone aerostructures company with an enterprise value of US$95.2mil. In a statement, the conglomerate said its wholly-owned subsidiary, Composites Technology Research Malaysia Sdn Bhd (CTRM) had entered into a conditional share purchase agreement with Spirit AeroSystems Inc and Spirit AeroSystems International Holdings, Inc. The acquisition is expected to be completed by year-end, making Spirit AeroSystems Malaysia Sdn Bhd (Spirit Malaysia) a wholly-owned subsidiary of CTRM. The purchase consideration is set to be fully satisfied in cash, which is expected to be funded through bank borrowings. Based on the latest audited consolidated financial statements for financial year 2024, Spirit Malaysia posted a profit after tax of RM70.1mil and net assets of RM770.5mil. According to DRB-Hicom, the acquisition represents a strategic opportunity to further enhance CTRM's competitive position in the aerospace industry by enhancing its aerostructures expertise. 'This would contribute towards improved scale, efficiency, and growth in various areas that would elevate CTRM's presence in key aerospace programmes,' the company said. The conglomerate added that it would also deepen its relationships with global original equipment manufacturers, while expanding CTRM's relationships with Airbus for its A220, A320, and A350 programmes, and with Boeing on the 737 and 787 programmes. 'At the same time, CTRM will enhance its presence across the supply chain and be better positioned for long-term competitiveness and sustainable growth in an increasingly challenging and dynamic aerospace market,' DRB-Hicom said. CTRM is known for developing and producing aircraft composites components for aerospace and non aerospace applications as well as offering a range of support services such as testing laboratory facilities, composites engineering and supplier management services. Spirit Malaysia supplies key components and other assemblies for Airbus and Boeing marquee programmes, including A220, A320/A321, A350, B737 and B787. In addition to its aerospace composite and metallic assembly expertise, it also provides engineering services, supply chain management services and shared services. Spirit Malaysia is also a key customer of CTRM, contributing 54.1% towards the latter's consolidated revenue for the financial year ended Dec 31, 2024. The acquisition followed news of Boeing receiving regulatory approval from the UK's Competition and Markets Authority for its planned acquisition of Wichita-based Spirit AeroSystems. According to reports, this meant investigations will not continue on to 'phase two'. Initial investigation began in June 2025 and had a deadline for the end of this month. The deal is reportedly expected to be completed in the fourth quarter of this year. At market close yesterday, DRB-Hicom's share price was 82 sen.
The Star
3 hours ago
- The Star
PETRONAS sharpens its focus
KUALA LUMPUR: With Brent crude prices hovering around US$65 per barrel and expectations that this modest environment will linger, Petroliam Nasional Bhd (PETRONAS) is rethinking how it runs its business. For the national oil company, the challenge is as much about efficiency as it is about endurance – sustaining liquidity, funding long-term capital expenditure, and meeting hefty dividend commitments to the federal government. Executive vice-president and chief executive officer of upstream business Mohd Jukris Abdul Wahab made it clear that the company's survival and competitiveness depend on more than incremental changes. 'Looking at the outlook of the price today, it is hovering around US$64–US$65 per barrel. We expect the outlook could remain at this level for quite some time,' he said during an editors' briefing here yesterday. 'One of the things that we are currently doing is to review our operational efficiencies and cost efficiencies. The way we have done things over the past 50 years may not necessarily keep us competitive in the years ahead,' he added. That review is reaching into the very core of how PETRONAS operates. No stone is left unturned – from maintenance schedules and field operations to logistics, procurement, and the way offshore and onshore facilities are managed. 'Can we do this at a lower cost? Can we do this faster than what we did before? Can we cut the time by half?' These are the questions currently being asked, Mohd Jukris explained, signalling a willingness to dismantle decades-old processes if they no longer give the company a competitive edge. Global supply chain disruptions, exacerbated by tariff impositions, have added urgency to this exercise. 'We can't be telling people not to impose tariffs on us – it's impossible,' he said. 'The only thing that we can do is to respond internally... Some fundamental changes have to happen in terms of how we do things,' he added. Mohd Jukris pointed out that while PETRONAS remains a national oil company, it acts and competes like an international oil company (IOC). 'We have come a long way and can stand shoulder-to-shoulder with other IOCs. But to stay relevant, we must continue to review and reshape our portfolio, like other major players in the industry,' he said. For PETRONAS, every efficiency gained directly strengthens its financial resilience and its ability to invest for the future. Mohd Jukris added that PETRONAS regularly subjects its global assets to rigorous tests, requiring a break-even oil price of US$50 per barrel or less and a unit production cost below US$6. Assets that fail to meet these parameters face difficult questions about their place in the portfolio. This approach has already led to significant changes, including the sale of gas assets in Azerbaijan and the scaling back of operations in Mexico, where PETRONAS exited eight offshore exploration blocks. He emphasised that partnerships play a crucial role in this recalibration. 'Partnerships bring not only capital but also new operating philosophies and standards,' Mohd Jukris said. He said collaborating with operators who can manage certain assets more efficiently is one of the best ways to unlock value. 'We have to bring partners to collaborate with us. Make sure that the partners take some of the risk. In this industry, we can't operate in isolation.' He added that these strategic alliances not only help advance energy innovation but also strengthen PETRONAS' competitive edge while creating new growth opportunities for local energy players. 'With our CCS (carbon capture and storage) hubs gaining momentum, we are unlocking even greater potential for Malaysian businesses to lead in energy transition. 'This is how we are powering progress – building a sustainable energy ecosystem that benefits Malaysia and beyond.' Even as it trims and streamlines, PETRONAS is keeping an eye on strategic growth opportunities. Canada has become a central pillar in its liquefied natural gas (LNG) ambitions, with 50 trillion cu ft (TCF) of gas reserves. 'We are very keen on expanding our presence in Canada, as opposed to the news that we are leaving the country. 'With 50 TCF (of gas reserves), we can support several more LNG projects as the resource size is not the issue,' he added. PETRONAS is a major equity partner in LNG Canada, which has a US$40bil (RM169.38bil) LNG facility and is involved in the North Montney joint venture upstream gas project. He also noted good progress in Suriname and other markets. 'We have entered into joint study agreements in Indonesia, Vietnam, Turkmenistan and Oman. 'These are some of the work that we are currently doing to make sure that the funnel will always be filled by (new) exploration discoveries,' he explained. > TURN TO PAGE 2 For Mohd Jukris, the review exercise also aims to position PETRONAS for an energy market expected to be more complex, competitive and volatile by 2035. 'We have to be cognisant of what is happening around us, namely geopolitics, jurisdictional changes, shifting policies, and global conflicts,' he said. 'The future is going to be very complex and challenging. We need to ask ourselves how we want to position PETRONAS. 'We have to meet the targets that we set for ourselves over the next 10 years. It is then that the portfolio is going to be ready for transformation,' he added. Mohd Jukris shared that PETRONAS is embarking on an ambitious expansion that will grow its international portfolio by 60% over the next decade, building on its existing 40% to 50% global presence. He added that from its first platform in Kertih to its growing ventures in Canada and other international markets, this global network serves as a powerful engine for progress. 'Malaysia remains a core part of our investment portfolio and we are committed to this market. Our recent successful discoveries in Peninsular Malaysia further reinforce our long-term strategy and confidence in the region,' Mohd Jukris said.
The Star
3 hours ago
- The Star
Trump says Ukraine, Russia will have to swap some land for peace
U.S. President Donald Trump speaks to the press about deploying federal law enforcement agents in Washington to bolster the local police presence, in the Press Briefing Room at the White House, in Washington D.C., U.S., August 11, 2025. REUTERS/Jonathan Ernst WASHINGTON (Reuters) -U.S. President Donald Trump said on Monday that both Ukraine and Russia would have to cede land to each other to end the war and that his talks with Russian President Vladimir Putin would be aimed at taking the temperature on a possible deal. Trump told a White House press conference that his talks on Friday with Putin in Alaska would be a "feel-out meeting" to determine whether Putin was willing to make a deal. He said he could know within two minutes whether progress was possible. "So I'm going in to speak to Vladimir Putin, and I'm going to be telling him, you've got to end this war. You've got to end it," Trump told reporters. Trump also said a future meeting could include Ukrainian President Volodymyr Zelenskiy and could end up being a three-way session including himself and Putin. He said he would speak to European leaders soon after his talks with Putin and that his goal was a speedy ceasefire in the bloody conflict. Trump has in the past talked about land swaps but neither Russia nor Ukraine have been interested in ceding land to each other as part of a peace deal. Europeans worry that major concessions to Russia could create security problems for the West in the future. Ukraine has sought to push back Russian invaders ever since the largest and deadliest war in Europe since World War Two began in February 2022. Russia justifies the war on the grounds of what it calls threats to its security from a Ukrainian pivot towards the West. Kyiv and its Western allies say the invasion is an imperial-style land grab. Russia currently occupies about a fifth of Ukrainian territory, while Ukraine holds barely any Russian territory. Trump said: "There'll be some land swapping going on." "I know that through Russia and through conversations with everybody, to the good of Ukraine," he said. He said Russia had occupied some "very prime territory" but that "we're going to try to get some of that territory back". (Reporting by Trevor Hunnicutt, Nandita Bose and Steve Holland in Washington; Editing by Mark Porter)
