Miti urged to ramp up anti-graft meetings with business community
This was among the priorities identified in a meeting of the Corruption Perceptions Index (CPI) Special Task Force, chaired by Chief Secretary to the Government Shamsul Azri Abdul Bakar in Putrajaya yesterday.
In a statement issued after the meeting, the task force said...
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The Star
2 hours ago
- The Star
Ringgit closes slightly lower vs US$, stays defensive despite Fed concerns
KUALA LUMPUR: The ringgit slipped 0.01 per cent against the US dollar at the close, as the local note continued trading on the defensive today, which offered some technical comfort for the ringgit. At 6 pm, the local note was traded at 4.2400/2490 from 4.2395/2440 at Wednesday's close. SPI Asset Management managing partner Stephen Innes said the ringgit is under pressure mainly because of concerns that the United States (US) Federal Reserve (Fed) might keep interest rates higher for longer, as markets reassess the inflation outlook. He added that the US dollar has strengthened recently as investors are becoming less certain that the Fed will cut rates in September. Innes also said that the dollar's recent bid reflected a subtle but growing shift in sentiment, which markets are slowly walking back their conviction that the Fed will cut the interest rate in September. "Sticky core inflation, fueled in part by service-sector dynamics and the slow-burn impact of tariffs, is keeping the Fed in a wait-and-see mode. "The ringgit remains vulnerable to a temporary widening in the US-Malaysia exchange rate spread. This does not necessarily break the broader 4.20-4.30 range, and we are still inside expected bands for now, but it does create a bias for further weakness,' he added. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that the ringgit weakened against the US dollar in the early morning session to 4.2575 in response to the US Consumer Price Index, which continued to increase in June to 2.7 per cent from 2.4 per cent previously. "The latest CPI print appears to give the impression that the Fed may not be inclined to cut the Fed Fund Rate in the upcoming meeting in July. "In a nutshell, the ringgit maintained its narrow-range trade in light of the ongoing uncertainties over the US tariffs,' Mohd Afzanizam said. At the close, the ringgit was traded higher against a basket of major currencies. It strengthened against the British pound to 5.6786/6907 from yesterday's close of 5.7047/7107, improved against the Japanese yen to 2.8508/8569 compared with 2.8702/8734, and was up versus the euro at 4.9248/9352 versus 4.9539/9591. The local note also trended higher against ASEAN currencies. It traded higher vis-a-vis the Singapore dollar at 3.2999/3071 from 3.3095/3133 yesterday, inched up against the Indonesian rupiah to 260.3/260.9 from 260.6/261.0, and strengthened versus the Philippine peso to 7.43/7.45 from 7.47/7.49. It also gained against the Thai baht to 13.0301/0630 from 13.0784/0988. - Bernama
The Star
2 hours ago
- The Star
Bursa Malaysia extends downtrend to close lower
KUALA LUMPUR: Bursa Malaysia closed lower on Wednesday on continuous profit-taking in selected heavyweights led by the financial services and utilities sectors. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 13.90 points or 0.91 per cent to 1,511.50 from Tuesday's close of 1,525.40 The benchmark index opened 1.63 points lower at 1,523.77 and moved between 1,510.14 and 1,526.29 throughout the session. The market breadth was negative, with 727 decliners outpacing 335 gainers and 432 counters unchanged, while 951 were untraded and eight suspended. Turnover improved to 3.18 billion shares worth RM2.44 billion, compared with 3.07 billion shares worth RM2.36 billion on Tuesday UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said telecommunications counters led gains among FBM KLCI constituents, while consumer discretionary names bore the brunt of the sell-off. However, across the broader market, all indices closed in negative territory, reflecting the cautious mood despite recent domestic interest rate cuts, he added. "Adding to the subdued tone, Indonesia's successful negotiation of a 19 per cent tariff rate with the United States (US) further dampened sentiment as Malaysia awaits clarity on its tariff status, currently set at 25%. "This development highlights Malaysia's diminishing competitive edge in regional trade, particularly against Vietnam and Indonesia,' he told Bernama. Mohd Sedek also said market jitters intensified over US President Donald Trump's proposed tariffs on the European Union (EU) and Mexico, stoking concerns that such measures could rekindle inflationary pressures following the stronger consumer price index (CPI) readings. "US headline CPI accelerated to 2.7 per cent year-on-year in June, up from 2.4 per cent in May, prompting investors to reassess expectations for Federal Reserve rate cuts. "A steady flow of negative tariff headlines, coupled with waning hopes for near-term monetary easing in the US, continued to weigh on risk sentiment,' he added. Among the heavyweight counters, Maybank fell 12 sen to RM9.53, Public Bank slipped three sen to RM4.23, Tenaga Nasional shed 22 sen to RM13.68, CIMB lost 13 sen to RM6.50 and IHH Healthcare dropped six sen to RM6.52. In active trade, NexG gained one sen to 48.5 sen, Zetrix AI added two sen to 95 sen, TWL inched up half-a-sen to three sen, while Green Ocean Corporation went down 1.5 sen to 11 sen and Tanco was one sen lower to 89.5 sen. On the index board, the FBM Emas Index declined 105.05 points to 11,371.03, the FBMT 100 Index sank 104.96 points to 11,132.65, and the FBM Emas Shariah Index fell 79.23 points to 11,403.95. The FBM 70 Index dropped 167.01 points to 16,521.39, while the FBM ACE Index went down 5.54 points to 4,582.08. By sector, the Financial Services Index dipped 258.89 points to 17,243.76, the Industrial Products and Services Index shaved 0.76 of a point to 152.63, and the Plantation Index eased 11.63 points to 7,406.79. The Energy Index inched down 3.25 points to 735.67. The Main Market volume retreated to 1.38 billion units worth RM2.11 billion from 1.44 billion units valued at RM2.07 billion on Tuesday. Warrant turnover rose to 1.49 billion units valued at RM213.66 million from 1.28 billion units worth RM172.45 million previously. The ACE Market volume decreased to 304.96 million units valued at RM112.71 million, versus 347.59 million units worth RM122.67 million yesterday. Consumer products and services counters accounted for 206.34 million shares traded on the Main Market; industrial products and services (201.02 million), construction (73.57 million), technology (293.92 million), SPAC (nil), financial services (88.88 million), property (206.53 million), plantation (12.92 million), REITs (21.71 million), closed-end fund (12,600), energy (78.45 million), healthcare (112.27 million), telecommunications and media (33.65 million), transportation and logistics (18.68 million), utilities (30.12 million), and business trusts (51,100). - Bernama
The Star
3 hours ago
- The Star
Boeing opens KL office to support Malaysia's aerospace aspirations
KUALA LUMPUR: Boeing's new office in the heart of Kuala Lumpur will serve as a pivotal hub to strengthen the aerospace company's customer support, aviation safety, sustainability and supply chain in Malaysia, according to its president, Penny Burtt. In a statement today, she said the company is honoured to support the nation's vision of becoming a key aerospace node in the region as outlined in the country's Aerospace Blueprint 2030, noting that Malaysia is home to one of the largest aviation markets in Asia-Pacific "The opening of Boeing's new expanded corporate office in Kuala Lumpur reflects our deep commitment to the Malaysian government, our employees, customers and partners in the country," she said. The opening ceremony of the aviation giant's corporate office in Menara Hap Seng 3 here today was officiated by the Deputy Minister of Investment, Trade and Industry (MITI) Liew Chin Tong, United States Ambassador to Malaysia Edgard D. Kagan and National Aerospace Industry Coordinating Office (NAICO) chief executive officer Shamsul Kamar Abu Samah. In his opening remarks, Liew said the new office is a testament to Boeing's commitment to Malaysia as a part of the nation's aerospace journey. "Boeing's journey with Malaysia spans over 70 years, beginning with the delivery of the Douglas DC-3 aircraft in 1947. "Since then, Boeing has played an important role in supporting our aviation and aerospace growth," he said. Liew added that to date, more than 140 Boeing aircraft have been delivered to Malaysian carriers, including over 100 Boeing 737s to Malaysia Airlines. "The Malaysia Aviation Group (MAG) has also announced its intention to purchase 30 Boeing 737 MAX 8s and an option to procure 30 more. "This provides Boeing and Malaysia the opportunity to collaborate on the next phase of aerospace development, from local supply chain expansion to talent upskilling and sustainability leadership," he said. The New Industrial Master Plan 2030 (NIMP 2030) lists aerospace as a priority sector to drive innovation, deepen economic complexity, and achieve net-zero ambitions. The initiatives for the aerospace industry under NIMP 2030 are spearheaded by the National Aerospace Industry Corporation Malaysia, the key implementing agency. Liew noted that Boeing's presence in Malaysia goes beyond aircraft sales, as the company has also set up its sole wholly owned manufacturing facility in Southeast Asia in Bukit Kayu Hitam, Kedah. "With a workforce of nearly 1,000 Malaysians, the Boeing Composites Malaysia has an impeccable record in producing composite parts for the 737, 767, 777, and 787 programmes-contributing directly to Boeing's global production network," he added. - Bernama
