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The Sun
5 days ago
- Business
- The Sun
MACC: RM177m seizure among largest in Azam Baki's career
PETALING JAYA: The Chief Commissioner of the Malaysian Anti-Corruption Commission (MACC), Tan Sri Azam Baki, recently confirmed that the RM177 million cash seizure in an investigation involving Malaysia's ninth Prime Minister is among the largest he has encountered in his entire career. Azam added that the RM53.3 million in cash found during the 2016 investigation into the Sabah State Water Department scandal is a close second—ranking among the largest amounts of cash seized during his 42-year tenure with the anti-graft agency. While he did not explicitly name Datuk Seri Ismail Sabri Yaakob in reference to the probe, he stated that the volume of cash seized was so substantial that it produced what he referred to as the 'scent of money', as quoted from Harian Metro. 'Money is like a magnetic force that can cause a person to lose their moral compass and integrity, because when given a choice, they will always choose money. 'I still remember during a press conference in October 2016, I saw so much cash placed in a room at the MACC office in Sabah. Even if there had been faeces there, it wouldn't have had a smell, because the scent that filled the room was the 'fragrant smell of money',' he was quoted as saying. Azam also addressed allegations of 'selective investigations', which were raised during a press conference in March regarding the Ismail Sabri case. 'I responded: just look at the cash laid out on the table—does this look like a selective investigation?' Azam was quoted as saying. At the press conference, the MACC displayed around RM170 million in cash in various international currencies, along with 16 kilogrammes of pure gold bars worth nearly RM7 million. The items were displayed following the MACC's disclosure that hundreds of millions in cash and valuables had been seized from three premises, including a 'safehouse', in connection with a corruption and money laundering case reportedly involving Ismail Sabri. The seized cash included various currencies, such as Baht, Riyal, Pound Sterling, Won, Euro, Swiss Franc, and Yuan. Azam also commented on the recent meeting of the Special Committee on Corruption (JKMR), where he acknowledged being questioned about allegations of systemic corruption in Malaysia. 'They asked me, and I responded — the corruption we are seeing today stems from past influences, such as upbringing by family members, personal attitudes, and the environments in which we were educated. In the past, we had leaders with the will to fight corruption, which led to the formation of the Anti-Corruption Agency (ACA). 'But once the national economy began to boom, and many people became wealthy through gains from the stock market, the pursuit of material wealth intensified. 'That was when integrity became a secondary concern. We also started teaching our children to chase success and wealth, rather than encouraging them to become responsible and principled individuals,' he was quoted as saying.
The Sun
5 days ago
- Business
- The Sun
RM177m seized in PM9's case was the largest amount in career, says Azam Baki
PETALING JAYA: The Chief Commissioner of the Malaysian Anti-Corruption Commission (MACC), Tan Sri Azam Baki, recently confirmed that the RM177 million cash seizure in an investigation involving Malaysia's ninth Prime Minister is among the largest he has encountered in his entire career. Azam added that the RM53.3 million in cash found during the 2016 investigation into the Sabah State Water Department scandal is a close second—ranking among the largest amounts of cash seized during his 42-year tenure with the anti-graft agency. While he did not explicitly name Datuk Seri Ismail Sabri Yaakob in reference to the probe, he stated that the volume of cash seized was so substantial that it produced what he referred to as the 'scent of money', as quoted from Harian Metro. 'Money is like a magnetic force that can cause a person to lose their moral compass and integrity, because when given a choice, they will always choose money. 'I still remember during a press conference in October 2016, I saw so much cash placed in a room at the MACC office in Sabah. Even if there had been faeces there, it wouldn't have had a smell, because the scent that filled the room was the 'fragrant smell of money',' he was quoted as saying. Azam also addressed allegations of 'selective investigations', which were raised during a press conference in March regarding the Ismail Sabri case. 'I responded: just look at the cash laid out on the table—does this look like a selective investigation?' Azam was quoted as saying. At the press conference, the MACC displayed around RM170 million in cash in various international currencies, along with 16 kilogrammes of pure gold bars worth nearly RM7 million. The items were displayed following the MACC's disclosure that hundreds of millions in cash and valuables had been seized from three premises, including a 'safehouse', in connection with a corruption and money laundering case reportedly involving Ismail Sabri. The seized cash included various currencies, such as Baht, Riyal, Pound Sterling, Won, Euro, Swiss Franc, and Yuan. Azam also commented on the recent meeting of the Special Committee on Corruption (JKMR), where he acknowledged being questioned about allegations of systemic corruption in Malaysia. 'They asked me, and I responded — the corruption we are seeing today stems from past influences, such as upbringing by family members, personal attitudes, and the environments in which we were educated. In the past, we had leaders with the will to fight corruption, which led to the formation of the Anti-Corruption Agency (ACA). 'But once the national economy began to boom, and many people became wealthy through gains from the stock market, the pursuit of material wealth intensified. 'That was when integrity became a secondary concern. We also started teaching our children to chase success and wealth, rather than encouraging them to become responsible and principled individuals,' he was quoted as saying.
See - Sada Elbalad
21-05-2025
- Business
- See - Sada Elbalad
Euro Rises against Egyptian Pound... Dollar Continues to Decline
Taarek Refaat The euro exchange rate on Wednesday recorded a noticeable increase in most Egyptian banks compared to recent trading. Buying prices ranged between EGP 55.94 at Midbank, the lowest, and EGP 56.28 at Abu Dhabi Islamic Bank, the highest. As for selling prices, Credit Agricole Bank recorded the lowest price at EGP 56.60, while the highest selling price reached EGP 56.74 at Qatar National Bank (QNB). At the Central Bank of Egypt (CBE), the euro recorded EGP 56.47 to buy and EGP 56.58 to sell. The dollar exchange rate against the Egyptian pound on Wednesday, witnessed slight variations between banks, with most registering declines. The National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB) recorded a buying price of EGP 49.80 and a selling price of EGP 49.90 per dollar. Meanwhile, Next Bank recorded the highest buying price at EGP 49.90 and the highest selling price at EGP 50. CBE Exchange Rates: US Dollar 49.80 49.90 Euro 56.47 56.58 Pound Sterling 66.79 66.93 Swiss Franc 60.42 60.55 Japanese Yen 100 34.66 34.73 Saudi Riyal 13.27 13.30 Kuwaiti Dinar 162.28 162.66 UAE Dirham 13.55 13.58 Chinese yuan 6.91 6.92 ( USD / EUR declines 0.45% to 0.8819 ) read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Business Recorder
28-04-2025
- Business
- Business Recorder
Volatility in gold prices likely to persist
The world has become increasingly aware of the economic repercussions caused by tariffs, which have unsettled global economies. The current discussions surrounding tariffs have significantly influenced economic performance and prospects, dampening business confidence and increasing market volatility. This prevailing uncertainty has made it challenging for policymakers to develop effective fiscal and monetary strategies. One of the greatest miscalculations for those shaping policy is underestimating the rising costs, which could soar to unpredictable levels. For instance, countries without a trade surplus or burdened by debt could face intense pressure from higher borrowing costs, as they rely on incoming capital. However, by the latter part of last week, global market conditions appeared to stabilise somewhat. The more stable tariff environment could suggest that there are possibly discussions taking place behind the scenes between the US and China, the leading global trading partners, along with others. Despite mixed messages, some media reports suggest that negotiations between the two nations (US and China) are already underway, although this remains unconfirmed. In light of these developments, with no major negative news surfacing, there was a degree of stability observed in global financial markets. A noteworthy positive development was the decrease in US 10-year Treasury yields to 4.27%, signaling a favourable trend for US assets. The US Dollar regained its strength, with the DXY index recovering some of its footing after being under pressure for the past six weeks. Meanwhile, the Euro, Pound Sterling, Swiss Franc, and Japanese Yen all declined. Gold prices, which had surged due to their safe-haven status amidst trade tensions, dropped significantly after reaching highs of $ 3,500 per ounce. Oil, being demand-driven, appears stable at current levels. Overall, the past week ended on a positive note. Nevertheless, investor sentiment remains jittery and cautious due to the lack of a clear outcome from ongoing negotiations. A critical point keeping the markets on edge is the timeline provided by President Donald Trump, who indicated on Friday that a trade deal might take three to four weeks. This timeframe could contribute to further uncertainty for global market participants. From an economic data standpoint, the upcoming week promises to be busy, with key figures set to be released by advanced economies, particularly from the US. There will be a keen focus on consumer confidence data, which may decline in response to rising prices and unfavorable job conditions stemming from tariffs. Discussions of a potential recession are already under way, and forthcoming data will likely offer additional insights. The first quarter GDP figures will be closely scrutinized to evaluate the tariff's impact, especially concerning potentially increased import costs. Additionally, the US jobs report will shed light on hiring trends, which may be slowing due to uncertainties surrounding trade. Last week, I made two accurate predictions, gold surpassed my target of $ 3,490, reaching a high of $ 3,500, and I anticipated it could decline to the $ 3,260-65 range, which was spot on. The volatility in gold prices is expected to persist, as market attention will be drawn to forthcoming US economic data that may provide insights regarding recession risks, inflation, and job market conditions, issues of significant concern for the US administration. That said gold, being sensitive to data, remains particularly vulnerable to news related to tariffs. The global financial markets are likely to stay volatile and continue to face challenges until there is visible progress towards a trade agreement between the US and its major trade partners, especially China. WEEKLY OUTLOOK - April 28-May 02 GOLD @ $ 3318— Expect continued volatility in gold prices, which are likely to fluctuate within a broader range. Much will hinge on progress in trade negotiations. Key levels to monitor are between $ 3335-40. A breakthrough could drive prices up to $ 3375 or $ 3410. However, I anticipate the possibility of a further drop if it falls below $ 3242, potentially reaching down to $ 3205 or $ 3175. EURO @ 1.1364— Euro finds strong support near 1.1250, which is expected to hold. A rise beyond 1.1430 will push it toward 1.1495, while failure to do so could result in a drop to 1.1170. GBP @ 1.3310— Pound Sterling has established support around 1.3220 and 1.3170, which are likely to remain intact for an upward test. However, unless it can rise above 1.3440 for 1.3510, Cable is projected to trade within this range. JPY @ 143.67— A strong USD will attempt to rise, but it must overcome the resistance at 144.80 to reach 145.50. If it fails to surpass this initial barrier, it could decline to 142.20 or even down to 141.50. Copyright Business Recorder, 2025
