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The Star
20 hours ago
- Business
- The Star
FBM KLCI marginally higher at midday as tariff anxieties weigh on gobal markets
KUALA LUMPUR: The Malaysian benchmark stock index was little changed at midday after paring earlier gains as anxiety grew over the impact of US tariffs on global trade and economic growth. As regional markets turned lower, the FBM KLCI managed to stay positive, albeit a marginal 0.67 points at 1,540.05. The biggest lift was seen in stocks such as Press Metal up 13 sen to RM5.48, PETRONAS Chemicals gaining 17 sne to RM3.78, PETRONAS Dagangan up 18 sen to RM21.62 and Sunway rising six sen to RM4.88. IOI Corp, meanwhile, weighed on the index after falling 11 sen to RM3.76 and Nestle shed 70 sen to RM87.30 following the recent rally. Outside of the blue chips, however, sentiment was dour with the number of declining issues nearly double the the number of advancing. Trading volume was 2.25 billion shares valued at RM1.08bil. Some stand out performancer included British American Tobacco , surging 33 sen to RM4.90 following a positive quarterly result. Westports jumped seven sen to RM5.69 while Malayan Cement climbed seven sen to RM5.41. Of actives, Focus was down 0.5 sen to 0.5 sen. ACE Market debutant Oxford Innotech ended 9.5 sen higher at 38.5 sen, while Ekovest slumped 5.5 sen to 38.5 sen following the failure of its merger with Knusford. In key Asian markets, Japan's Nikkei was down 0.95% to 26,154 and South Korea's Kospi rose 0.65% to 3,230. China's composite index was 0.01% down to 3,595 and Hong Kong's Hang Seng slid 0.95% to 25,319.
Daily Express
06-06-2025
- Business
- Daily Express
Malaysia Productivity Corporation, BIMP–EAGA Business Council partnership to boost logistics productivity
Published on: Friday, June 06, 2025 Published on: Fri, Jun 06, 2025 By: Bernama Text Size: The signing ceremony of the strategic cooperation document by Pengiran (Dr.) Haji Haris Pg Haji Duraman, Chairman of BEBC (right), with the Chairman of LPN, Dato Seri Michael Tio (left), witnessed by the Director General of MPC, Datuk Zahid Ismail (centre). MIRI: Malaysia Productivity Corporation (MPC) and BIMP–EAGA Business Council (BEBC) have officially signed a Letter of Collaboration, marking a pivotal step toward enhancing productivity and efficiency in the logistics sector. The partnership focuses on strengthening cross-border trade and connectivity between Malaysia (Sabah and Sarawak) and Brunei. Advertisement The collaboration signing ceremony was held in Miri, Sarawak, with YBhg. Datuk Zahid Ismail, Director General of MPC, and YBhg. Pengiran (Dr.) Haji Haris Pg Haji Duraman, Chairman of BEBC, representing their respective organisations. Both parties share a unified vision to future-proof the logistics industry by implementing targeted programmes that address key challenges and streamline operations to reduce costs. Representing BEBC Brunei as Country Directors, Thomas Koh and Haji Alimen Haji Jaafar were present to witness the signing demonstrating BEBC Brunei's active and direct involvement in driving cross-border connectivity efforts among Brunei, Sabah, and Sarawak under the BIMP-EAGA framework. Cross-border trade between Sarawak and Brunei increased by 23.8pc in 2023, reaching RM3.76 billion. This significant growth underscores the urgent need for reforms to eliminate regulatory and logistical barriers such as permit duplications, inconsistent transit fees, and manual customs procedures that have traditionally impeded smooth goods movement. Key focus areas of the collaboration include; Streamlining regulatory frameworks and closing infrastructure gaps to improve connectivity; Driving digital integration and productivity frameworks, led by MPC, including digitised permit systems and harmonised customs processes; Simplifying processes to reduce clearance times; Strengthening business partnerships to connect value chains and unlock new economic opportunities; and Promoting sustainable and resilient trade practices to ensure long-term competitiveness. The partnership aims to reduce transport costs by up to 50pc through the removal of redundant permits and improved procedures. By 2030, the collaboration targets a 25– 30pc increase in trade volume, a reduction in clearance times, and the creation of over 15,000 new jobs in the logistics sector. MPC will lead the development of productivity frameworks and digital reforms, while BEBC will ensure the industry's needs are effectively represented. The sustained cooperation among Sabah, Sarawak, Brunei, and related authorities is vital to maintain efficient, secure, and future-ready trade flows. This initiative positions BIMP-EAGA as a competitive economic corridor in the ASEAN and Indo-Pacific regions, contributing significantly to Malaysia's national productivity and economic growth. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
