Maxis downgraded to Neutral, with an unchanged target price of RM3.90
(Calls by analysts tracked by Bloomberg: 9 Buy, 13 Hold, 2 Sell; Consensus target price: RM3.99)
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The Star
9 hours ago
- The Star
New Zealand to charge foreign visitors at popular tourist sites
WELLINGTON: New Zealand will begin charging foreign tourists up to NZ$40 (US$24) to visit its most popular tourist destinations such as Milford Track and Mount Cook as the government seeks ways to help spur economic growth. The country's pristine national parks and great walks are "truly special to New Zealanders' and foreigners should pay a fee at high traffic sites, Prime Minister Christopher Luxon said in a speech Saturday (Aug 2). The NZ$62 million in annual revenue generated will be re-invested into those locations, he said. "I have heard many times from friends visiting from overseas their shock that they can visit some of the most beautiful places in the world for free,' Luxon said. "It's only fair that at these special locations, foreign visitors make an additional contribution of between NZ$20 and NZ$40 per person.' New Zealand has earmarked tourism as a key avenue to generate economic growth as the nation's recovery from a recession last year gathers pace. The government from November will replace a costly transit visa for Chinese travelers in a bid to attract visitors. The government will initially consider introducing the fee at Cathedral Cove, Tongariro Crossing, Milford Track and Mount Cook, sites where foreigners often make up 80 per cent of visitors, Luxon said. "At the same time, there will be no charge for New Zealanders to access the conservation estate,' he said. "It's our collective inheritance and Kiwis shouldn't have to pay to see it.' - Bloomberg
The Star
a day ago
- The Star
Myanmar remains upbeat on trade talks despite 40% Trump tariffs
YANGON: Myanmar's military government said it remains upbeat on reaching a deal with the US to see a decrease in Trump's new tariffs of 40% on goods from the South-East Asian country. "The US continues to negotiate with us on this so it's still in a stage of negotiation,' Zaw Min Tun, chief spokesman of the ruling State Security and Peace Commission, told Bloomberg News on Saturday (Aug 2). Myanmar has offered to reduce its tariff on American goods entering the country to a range of 0%-15%, from the previous rate of 88%, and expects the ones imposed by the US to drop to a range of 0%-7%, he said. The nature and channel of ongoing discussions between the US and Myanmar is not immediately clear as Washington has imposed sanctions on most of Myanmar generals and cabinet members following a military coup that ousted Aung San Suu Kyi-led civilian government in 2021. Last month, junta chief Min Aung Hlaing (pic) praised Donald Trump in a rare letter and compared his military's coup to the American president's baseless claims of US election fraud, suggesting both leaders were victims of rigged votes. In the letter, he requested a reduced tariff rate and offered to send a high-level trade delegation to Washington. Myanmar's bilateral trade with the US is relatively small compared to other countries in the region. The value of two-way trade was US$588.3 million in the fiscal year ended March, down from $701.9 million a year earlier, while the US continued to see a trade deficit, according to government data. Myanmar has been struggling with a crippling economy and a growing civil war since the military seized power more than four years ago. Earlier this week, the regime lifted a 54-month state of emergency, paving way for long-promised general elections in December which many countries consider as a sham. - Bloomberg
The Star
a day ago
- The Star
Trump reserves harshest tariff rates for Laos, Myanmar and Syria
WASHINGTON: US President Donald Trump's revised global tariff plan unveiled Thursday (July 31) hit Laos and Myanmar hard with a 40% import duty - the second-highest rate in the world behind only Syria at 41%. The White House hasn't explained its rationale, and US trade with all three is small compared with its other partners. Myanmar remains under US sanctions following its 2021 coup, and Laos has drawn US scrutiny for deepening ties with China. Syria, meanwhile, had been penalised for human rights abuses under former President Bashar Al-Assad, but the US has sought to ease those restrictions since his overthrow last year. In Myanmar's case, trade with the US totalled US$734 million last year - yet the penalty will deepen an economic collapse that began when Min Aung Hlaing seized power in a coup more than four years ago. Washington has imposed sanctions for what it sees as the junta's use of violence against civilians and suppression of democracy activists. The tariff announcement came just a day after Myanmar's junta lifted emergency rule, paving the way for elections later this year. The US and other governments have criticised the vote as neither being free nor fair. Myanmar's junta chief praised Trump in a rare letter last month and compared his military's coup to the US president's baseless claims of election fraud, suggesting both leaders were victims of rigged votes. Min Aung Hlaing also requested a reduced tariff rate and offered to send a high-level trade delegation to Washington. Deputy Commerce Minister Min Min said by phone the government was unaware of the development and declined to comment. As for Laos, US exports to the South-East Asian nation totalled $40.4 million last year, while imports reached $803.3 million. The US has raised concern over its economic dependence on China and mounting debt tied to Chinese infrastructure projects. Trump recently signed an executive order easing sanctions on Syria to help rebuild the war-torn country and support its new government. Observers say there may be a simple reason for the high levies. "Rather than pick on these three nations, I suspect limited bandwidth in DC led officials to focus on bigger fry,' said Simon Evenett, founder of the St. Gallen Endowment for Prosperity Through Trade, a group based in Switzerland that tracks trade policies. - Bloomberg
