Visa exemption for Chinese visitors extended 5 years
He said the decision to extend was part of a series of memoranda of understanding and documents signed during Chinese President Xi Jinping's recent state visit to Malaysia, covering various sectors of cooperation.
Among them was a joint visa exemption agreement for...
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The Star
23 minutes ago
- The Star
Chinese investment fuels Thailand's ambition as global export gateway: Thai official
BEIJING: Chinese investment is driving a wave of high-value projects in Thailand's Eastern Economic Corridor (EEC), focusing on advanced technology sectors and fueLling the country's ambition to become a crucial global export hub, a top EEC official has said. Initiated in 2017, the EEC is Thailand's flagship area-based development project, designed to transform three eastern provinces into a leading economic zone for high-tech industries through massive infrastructure upgrades and attractive investment incentives. As a key foreign investor, Chinese firms have brought higher-value, more complex, and novel technologies to Thailand, marking a significant strategic shift away from traditional manufacturing, said Chula Sukmanop, secretary-general of the EEC Office. The emergence of "advanced Chinese technologies made in Thailand" has strengthened the kingdom's goal to be a gateway for exporting high-tech products globally, Chula told Xinhua in a recent interview. This trend is most evident in the automotive industry, where leading Chinese brands, including BYD, Changan, GAC Aion, Great Wall Motor, and MG, have established production facilities within the EEC to serve both domestic Thai markets and export destinations. Beyond car manufacturing, Chinese investment has developed the entire supply chain and infrastructure for electric vehicles (EVs), encompassing batteries, charging stations, energy storage, and related components, Chula noted. Thailand's Board of Investment has so far approved investments totalling 137.7 billion baht ($4.25 billion) in the EV supply chain, including 21 projects for battery EV production with a combined capacity of up to 386,000 units per year. For the first half of 2025, production of passenger battery EVs increased 380% year-on-year to 23,798 units, accounting for 3.28% of total auto manufacturing in Thailand, data from the Federation of Thai Industries showed. Under the Thai government's investment promotion, the country aims to convert 30% of its annual auto production to zero-emission vehicles by 2030 as part of its transition toward green mobility. Aside from the automotive sector, Chula said two other areas of interest for Chinese investors that also align with the government's targeted industries are the digital technology sector and the Bio-Circular-Green (BCG) economy, which focuses on sustainable and circular manufacturing. Looking ahead, Chula emphasised that Thailand aims to be a strategic partner for China, filling gaps and providing a platform to showcase its advanced technology, building on the golden jubilee of Thai-Sino diplomatic relations and a strong people-to-people connection. The goal includes expanding cooperation in the broader environmentally friendly mode of transport, ranging from electric buses, trucks, and railways to the development of "green ports" with electric-based operations, many of which are expected to utilise technologies originating from China, he said. With China's substantial investment in research and development, he expressed hope that Thailand will become an ideal ground where "research-based technology" can be transformed into commercial products for the global market. - Xinhua
The Star
23 minutes ago
- The Star
Trump holds high-stakes meeting with Intel CEO after calling for his resignation
Intel chief executive officer Lip-Bu Tan — Intel U.S. President Donald Trump said he met with Intel CEO Lip-Bu Tan on Monday, days after seeking his resignation, praising Tan and calling the meeting "a very interesting one." Shares of the chipmaker rose 3% in extended trading. Last week, Trump had demanded the immediate resignation of Tan, calling him "highly conflicted" over his ties to Chinese firms, injecting uncertainty into the chipmaker's years-long turnaround effort. Trump said he met with Tan, along with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent. His cabinet members and Tan were going to bring suggestions to him next week, Trump said in a post on Truth Social. "His success and rise is an amazing story," Trump said about Tan. Tan had invested in hundreds of Chinese firms, some of which were linked to the Chinese military, Reuters reported exclusively in April. It is not illegal for U.S. citizens to hold stakes in Chinese companies unless they have been added to the U.S. Treasury's Chinese Military-Industrial Complex Companies List, which explicitly bans such investments. Tan has been tasked to undo years of missteps that left Intel struggling to make inroads in the booming AI chip industry dominated by Nvidia, while investment-heavy contract manufacturing ambitions led to hefty losses. In the roughly six months as Intel CEO, Tan made major strategic shifts that included divesting assets, laying off employees and redirecting resources. But the demand for Tan's resignation will only distract him from that task, investors and a former senior employee have told Reuters. Tan is now making an effort to reassure Trump that he remains the right person to revive the storied American chipmaker. Tan met with Trump for a candid and constructive discussion on the company's commitment to strengthening U.S. technology and manufacturing leadership, Intel said in a statement. The company said it would work closely with the administration to "restore this great American company." Trump's intervention marked a rare instance of a U.S. president publicly calling for a CEO's ouster and raised questions about his control over corporate affairs. This was also evident in an agreement calling for Nvidia and AMD to give the U.S. government 15% of revenue from China sales. - Reuters
New Straits Times
an hour ago
- New Straits Times
Asia stocks mostly higher as tariff truce supports sentiment
SINGAPORE: Most Asian stocks rose on Tuesday, buoyed by an extension of a tariff truce between the world's two largest economies, while Japanese shares hit an all-time peak, powered by tech shares after returning from a long weekend break. US President Donald Trump extended a tariff truce with China by another 90 days on Monday, staving off triple-digit duties on Chinese goods, a move that was largely expected by investors and markets. Investor sentiment in recent weeks has been supported by expectations of rate cuts by the US Federal Reserve, resilient US corporate earnings as well as clarity on US trade levies on trading partners. Japan's Nikkei climbed to a record high and was last up 2 per cent as the country's markets reopened after a public holiday on Monday, tracking other global indices this year. Australia's benchmark index also hit a record high, ahead of a monetary policy meeting at which the central bank is widely expected to cut interest rates. That left MSCI's broadest index of Asia-Pacific shares outside Japan a tad higher. China's blue-chip stocks were flat while Hong Kong's Hang Seng index eased 0.1 per cent in early trading. Markets have held modest ranges in recent weeks, waiting to see whether the world's two largest economies can agree on a durable trade deal or if global supply chains will again be upended by the return of steep import levies. The US-China tariff truce extension "preserves the status quo for now, so no immediate implications for investment markets," said Shane Oliver, chief economist and head of investment strategy at AMP in Sydney. The US and China have engaged in a tit-for-tat tariff duel throughout the year, culminating in trade talks in Geneva, London and Stockholm since May that focused on bringing retaliatory tariffs down from triple-digit levels. The latest truce extension clears the way for investors to focus on an action-packed week dominated by US inflation data, a central bank policy decision in Australia and the first summit between US and Russian leaders since June 2021. Traders are pricing in a 25 basis points rate cut later on Tuesday from the RBA with another cut expected by November. Investor attention will be on comments and forecasts from the central bank. "The uncertainties are around its guidance, in particular whether it still sees further scope to cut rates and whether it will remain gradual and measured," said AMP's Oliver. Globally, the spotlight will be on the release of US consumer price inflation data later on Tuesday. Economists polled by Reuters have forecast that month-on-month core CPI edged up 0.3 per cent in July, faster than the 0.2 per cent in the previous month. "CPI will be a key test for market tone. Softer data could give small-caps a lift, but for now, mega-caps remain firmly in control," said Marc Velan, head of investments at Lucerne Investment Management. An upside surprise on inflation may also add caution to market expectations of rate cuts by the Federal Reserve this year. Investors are currently pricing in at least two rate cuts from the Fed in 2025 while J.P. Morgan expects the Fed to deliver four successive rate cuts starting in September. In commodities, gold prices were last at US$3,354, having dropped nearly 1.6 per cent on Monday after Trump said tariffs will not be placed on imported gold bars. Oil prices were steady ahead of the August 15 meeting between Trump and Russian President Vladimir Putin, aimed at negotiating an end to the war in Ukraine. The talks follow increased US pressure on Russia, raising the prospect of penalties on Moscow if a peace deal is not reached. "The market is not pricing in significant outcomes from the meeting, but any shift in geopolitical tone could have marginal impact, particularly for commodities and certain emerging market assets," said Lucerne's Velan. Currencies were mostly calm in early trading, with the dollar steady against major peers the euro and the yen. Cryptocurrencies bitcoin and ether were a tad lower after rallying in the previous session.
