Bangladesh seeks Malaysia's support in rebuilding efforts post-uprising
Chief Adviser Dr Muhammad Yunus stated that Bangladesh is now on the right track towards progress.
He thanked Malaysia and Prime Minister Datuk Seri Anwar Ibrahim for their support during the nation's difficult period.
Speaking at a joint press conference with Anwar, Yunus noted that Anwar was the first foreign leader to visit Bangladesh after his return to office last year.
Yunus described Anwar as a reliable ally, saying, 'It was a wonderful feeling to find a friend to come in time of need when we're desperately looking for support somewhere.'
He added, 'We are happy to have that and we strengthen our resolve to making sure Bangladesh is moving in the right ways.'
Since assuming leadership, Yunus said his government has worked to restore stability in the country.
'We are happy we restore order in the country, we restore the economy, the institutions and functions,' he said.
He confirmed that Bangladesh is preparing for elections in February to establish a new government.
'Now we are ready for elections that will be called in coming February to create new government,' Yunus stated.
He emphasised Bangladesh's need for international backing, saying, 'So we need a lot of support. We are looking to Malaysia's support, always.'
During his meeting with Anwar, Yunus expressed optimism about strengthening bilateral and multilateral cooperation.
Yunus, on a three-day official visit, also encouraged Malaysian businesses to invest in Bangladesh, calling it a land of 'tremendous opportunity.'
He highlighted Bangladesh's request for Malaysia's assistance, as ASEAN Chair, in resolving Rohingya refugee issues.
'So we need all the help we can get. And Malaysia is a good friend,' Yunus added.
Malaysia-Bangladesh trade grew by 5.1 per cent in 2024, reaching RM13.35 billion (US$2.92 billion).
Bangladesh is Malaysia's second-largest trading partner in South Asia, exporting textiles and footwear while importing petroleum and palm oil.
Diplomatic relations between the two nations were established in 1972. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
6 minutes ago
- New Straits Times
Plan to safeguard digital transformation
KUALA LUMPUR: The Digital Trust and Data Security Strategy 2026-2030 and Data Commission will safeguard national digital transformation through a comprehensive national ecosystem, said Digital Minister Gobind Singh Deo. He said these measures were aimed at strengthening data protection and governance, enhancing cyber resilience and upholding the integrity of Malaysia's digital ecosystem. The strategy sets a long-term roadmap for building resilience against emerging threats, advancing data integrity and strengthening public confidence in the country's digital future. "Complementing this, the Data Commission will function as an independent oversight body, tasked with safeguarding and ensuring robust data governance while promoting ethical artificial intelligence (AI) practices. "Its frameworks will be designed for interoperability across Asean, enabling Malaysia to contribute meaningfully to a region-wide trust architecture," he said at the opening of Asean AI Malaysia Summit 2025 here yesterday. Gobind said Malaysia's proactive, future-oriented approach aimed to tackle current challenges while leading in setting regional and global standards for trustworthy AI and digital systems. "Our efforts to build trust — through the forthcoming Digital Trust and Data Security Strategy and the establishment of the Data Commission — are designed to complement and strengthen Asean's collective frameworks." He said these domestic initiatives would serve as building blocks for a wider Asean trust architecture capable of protecting data, ensuring AI safety and fostering public confidence across borders, especially in the agentic age of AI. Gobind said Malaysia was contributing to a region-wide trust architecture by aligning with Asean initiatives such as the Asean Guide on AI Governance and Ethics, the Asean AI Safety Network and the Asean Cybersecurity Cooperation Strategy 2026-2030. He said this would enable AI to operate safely across jurisdictions, ensure consistent data governance and extend public confidence beyond national borders. He urged Asean state members to work together to close the AI gap and build regional trust so no community is left behind.
The Star
18 minutes ago
- The Star
Hedge funds flip on green energy, start betting against oil stocks
The analysis showed that more hedge funds were, on average, net short stocks in the S&P Global Oil Index than net long for seven of the nine months starting October 2024. — Bloomberg NEW YORK: Hedge funds are betting against oil stocks and winding back shorts on solar in a reversal of positions that dominated their energy strategies over the past four years. Since the beginning of October and through the second quarter, equity-focused hedge funds have – on average – been mostly short oil stocks, according to a Bloomberg Green analysis of positions on companies in global indexes for sectors spanning oil, wind, solar and electric vehicles. That's a reversal of bets that had dominated since 2021, according to the data, which are based on fund disclosures to Hazeltree, an alternative-investment data specialist. Over the same period, funds have unwound short bets against solar stocks. The analysis, which is based on a universe of some 700 hedge funds representing about US$700bil in gross assets, also showed that portfolio managers have stayed net long in the period. There has been 'a bottoming out with some of these clean energy plays', said Todd Warren, portfolio manager at Tribeca Investment Partners Pty. That trend has 'really occurred at the same time as we've seen – in the oil patch – some concerns with regards to supply and demand balance,' he said. The analysis showed that more hedge funds were, on average, net short stocks in the S&P Global Oil Index than net long for seven of the nine months starting October 2024. By contrast, net longs exceeded net shorts in all but eight of the 45 months from January 2021 through September 2024. The development coincides with a rise in oil supply as some the Organisation of the Petroleum Exporting Countries and its allies (Opec+) member nations act to preserve their market share. Joe Mares, a portfolio manager at Trium Capital, a hedge fund managing about US$3.5bil, noted that ratcheting up output has 'not historically been great' for the oil industry. Evidence of an economic slowdown in the United States and China, combined with an expectation that global oil inventories will continue to rise through the rest of 2025, means there's growing scepticism towards the sector. Once investors take in 'the general slowdown in everything', the question then becomes: 'Who's buying the oil?' said Kerry Goh, Singapore-based chief investment officer at Kamet Capital Partners Pte. Greenwich, Connecticut-based Tall Trees Capital Management LP is short oil stocks because 'we see much lower oil prices, especially in 2026', said Lisa Audet, the fund's founder and chief investment officer. Investors may get further insight into the supply-demand balance as early as this week, with Opec set to release its monthly market analysis. Updates are also due from the US Energy Information Administration and the International Energy Agency. On Monday, oil held close to two-month lows. In the United States, meanwhile, President Donald Trump's quest to add supply in an effort to bring down the price of oil has unsettled local producers. The Dallas Federal Reserve's latest quarterly energy survey, published on July 2, showed negative sentiment among oil companies towards the Trump administration's policy on the fossil fuel. One respondent in the anonymised study said the administration's implied price target of US$50 a barrel is simply unsustainable for the industry. Another spoke of the 'chaos' caused by current US trade policies, adding the volatility will drive companies to 'lay down rigs'. Meanwhile, the outlook for solar and wind stocks is starting to improve. The analysis of Hazeltree's data showed that the average share of funds that were net short stocks in the Invesco Solar ETF dropped to 3% in June. That's the lowest percentage since April 2021, when green equities were trading near record highs. The number of funds net long stocks in the First Trust Global Wind Energy ETF reached a 30-month high in February this year. Those positions fell back in June, but net longs still dominated shorts overall. — Bloomberg
The Star
an hour ago
- The Star
HSS clears Baghdad Metro hurdle, cashflow improves
CGSI Research also noted that Iraq's infrastructure market offered opportunities and the Najat-Karbala rail project could be the next project win. PETALING JAYA: A major hurdle has been cleared for HSS Engineers Bhd 's Baghdad Metro project, paving the way for earnings recovery and improving operating cashflows in the second half of this year. In a report to clients, CGS International (CGSI) Research also noted that Iraq's infrastructure market offered opportunities and the Najat-Karbala rail project could be the next project win. 'Despite the geopolitical conflict in the Middle East, HSS believes the market represents an opportunity. It is looking to entrench its exposure in Iraq with the formalisation of another project, the Najaf-Karbala rail project, worth US$5.35bil. 'The company said it has learned from the initial teething problems for the Baghdad Metro and will ensure all processes are in place and will raise the performance bond within 21 days from the signing of the contract,' said the research house. Meanwhile, the railway scheme approval for Malaysia's Mass Rapid Transit 3 (MRT 3) in July and should pave the way for civil package awards in late 2026, it added. Citing an analyst meeting on Aug 8, CGSI Research said it learned that a major hurdle to its Baghdad Metro project had been cleared as it received the completion certificate, officially issued by the mayoralty of Baghdad, for the first 10% milestone payment of RM10mil on July 16. After Baghdad's Planning Ministry's approval, the research house said the next steps would be more commercial in nature while the timeline for the monies to be paid may range from 21 to 41 days. It viewed this positively as this has been the key overhang for the share price, leading to a 47% derating over a 12-month period. 'As such, we expect better earnings delivery in the second half of this year and, more importantly, operating cash flow should swing back to the black in the fourth quarter of 2025 after showing negative RM12.6mil in the first quarter. 'Additionally, with all the requirements met in order to receive this first payment (performance bond, opening of branch office and registration of local company), we expect the subsequent milestone payments to be much quicker.' it said. CGSI Research noted until June 25, the project management consultancy work for the Baghdad project had reached 45% and is slated for completion by end-2025.
