Zaid decries 'Trumpian politics' in Malaysia
'Trumpian politics', a term derived from US President Donald Trump, is characterised by the distortion of truth, the abuse of power, and the manipulation of public perception.
According to former law minister Zaid Ibrahim, this is no longer an American phenomenon.
'It has...
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The Star
an hour ago
- The Star
Saudi Arabia tightens grip on Opec+ by pushing through oil surge
RIYADH: When Prince Abdulaziz bin Salman was appointed Saudi Arabia's Energy Minister six years ago, he vowed to heed even the smallest of the Organisation of the Petroleum Exporting Countries and its allies (Opec+). But at the cartel's meeting last weekend, even the most powerful members couldn't block Riyadh's designs. The kingdom steered the group to agree the third super-sized monthly output hike in a row, despite dissent from a faction led by Russia. The Saudis are doubling down on a historic shift, driving oil prices lower as they seek to punish the alliance's quota cheats and reclaim their share of global markets. The policy change dragged crude futures to a four-year low below US$60 a barrel in April, affecting everyone from American drivers to petrochemical users in Asia. It's forcing oil producers to confront an alarming prospect: Just how quickly might the kingdom restart millions more idled barrels? The meeting's outcome marks a new peak in the Saudis' long-running dominance of the Opec+. It raised questions over the future of the alliance and the complex web of relations between Crown Prince Mohammed bin Salman and Russia's Vladimir Putin, as well as US President Donald Trump. 'Saudi Arabia is playing a big role,' Thamir Ghadhban, Iraq's former Deputy Prime Minister for Energy Affairs and Oil Minister from 2018 to 2020, said in an interview before Saturday's meeting. 'There is a sort of power now for the Saudis within Oprc+.' This story is based on conversations with current and former delegates from the organisation and its partners, industry experts and government officials. The latest Opec+ policy shift began on April 3, when Saudi Arabia and seven other Opec+ nations stunned oil markets with the announcement of a supply hike for May of 411,000 barrels a day – triple the scheduled amount. The decision came even as global markets buckled amid faltering Chinese demand and Trump's trade war, causing oil prices to plunge briefly below US$60 a barrel. Rather than build consensus for this reversal, the Saudis had summoned members to an impromptu video conference and unveiled their plans with just days – or in some cases hours – of notice. Officials said they were left in the dark about what was driving the U-turn, offering a range of motives to explain why the world's most stalwart defender of high oil prices was now labouring to sink them. Some representatives said Riyadh simply wanted to appease Trump, who has urged Opec to lower fuel costs and toured Gulf states last month amid a cascade of multi-billion dollar deals. Others believed the kingdom had lost patience with overproduction by Kazakhstan and Iraq, and intended to discipline them through the 'controlled sweating' of lower prices. People familiar with the matter said Riyadh is motivated by the desire to claw back the market share it has relinquished over the years to US shale drillers. The internal confusion persisted when the Saudis convened another video conference in May, resulting in an agreement for a second production surge the following month. This unilateralism contrasts with the early years of Opec+, when negotiations at its headquarters in Vienna could sprawl into the night, or subsequent days, until a compromise between the position of different members was reached. Even though Riyadh typically won, there was at least room for debate. 'Definitely the bigger producer wielded more power, but they were aware that other members have a say and have a role to play,' said Iraq's Ghadhban. 'We had a say. We used to discuss, we used to disagree.' By the time key Opec+ members held their latest monthly video-conference last Saturday, fissures were emerging. Russia, the only member with comparable oil production and geopolitical clout to Saudi Arabia, was supported by Oman and Algeria as it argued for Opec+ to hold output steady in July and wait to assess the impact of earlier increases. But with no other opposition, the Saudi proposal for to another 411,000 barrels a day was approved. While Russia and its allies acquiesced, and delegates denied there was any real split, there was no doubt who carried the day. — Bloomberg
Free Malaysia Today
2 hours ago
- Free Malaysia Today
S. Korea's central bank cuts rate, slashes 2025 growth forecast
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Free Malaysia Today
2 hours ago
- Free Malaysia Today
Stocks mixed, oil up on rising trade tensions, geopolitical risks
Fresh US-China tensions led to mixed stock market performance, while renewed concerns about Russia's war in Ukraine lifted oil prices. (AFP pic) NEW YORK : Oil prices surged Monday over renewed concerns about Russia's war in Ukraine and relief over Opec+ production, while stock markets were mixed as US-China trade tensions resurfaced after a brief lull. The dollar was under renewed pressure as traders digested US President Donald Trump's recent threats to double steel and aluminum tariffs, while Wall Street's main stock indices closed higher as traders looked through the trade turbulence to the strong earnings from US tech titans including Nvidia. 'I think we are seeing a bit of continuation of the positive interpretation of the market from Nvidia's earnings,' Angelo Kourkafas from Edward Jones told AFP, referring to the chip firm's recent strong results. 'Artificial intelligence remains a powerful driver for earnings,' he continued, adding that the financial markets had become 'a little insensitive' to the constant tariff threats from the White House. European stock markets finished mostly in the red, though London ended the day up less than 0.1%. Fresh US-China tensions Trump reignited tensions with China last week when he accused the world's second-largest economy of violating a deal that had led both countries to temporarily reduce huge tit-for-tat tariffs. Beijing rejected the 'bogus' US claims on Monday and accused Washington of introducing 'a number of discriminatory restrictive measures' against China in the weeks since the two sides brokered a trade truce in Geneva last month. Trump also ramped up tensions with other trade partners, including the European Union, by vowing to double global tariffs on steel and aluminum to 50% from Wednesday. 'Trump's pledge to double steel and aluminium import tariffs have caused fresh uncertainty, especially with the European Union vowing to retaliate against the measures,' said Susannah Streeter, head of money and markets at Hargreaves Lansdown. 'Negotiations between the US and China also appear to be in disarray,' she added. The two sides are set for talks on the sidelines of an Organisation for Economic Co-Operation and Development (OECD) ministerial meeting in Paris on Wednesday. The Hong Kong and Tokyo stock markets both ended with sizeable losses Monday. Shanghai was shut for a Chinese public holiday. Oil rises Oil prices surged Monday, with the main US contract, the West Texas Intermediate (WTI), briefly jumping 5% before settling up 2.9% on the news that the Opec+ producers' grouping – Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman – agreed on a smaller-than-expected increase in crude production. 'Prices were also lifted by the increased military activity between Ukraine and Russia reported over the weekend,' said David Morrison, senior market analyst at financial services firm Trade Nation. 'In addition, there were reports that the US may impose stricter sanctions on Moscow, and this helped boost prices,' he added. Ukraine said Sunday that it hit dozens of strategic Russian bombers parked at airbases far behind the front line. Traders were also monitoring tensions over Iran's nuclear programme after Tehran said it would not accept an agreement that deprives it of what it calls 'peaceful activities.'
