Latest news with #RM424
The Sun
16-07-2025
- Automotive
- The Sun
MAA: Impact of US tariffs on local auto parts industry yet to be felt
KUALA LUMPUR: The domestic automotive industry has yet to feel the impact of US tariffs on vehicle parts, according to Malaysian Automotive Association (MAA) president Mohd Shamsor Mohd Zain. He said any potential cost increases or supply disruptions would likely only begin to materialise in about six months. 'We haven't seen any impact so far. If anything, it may not be felt for six months. At this point, we don't have any clear indication yet,' he told a press conference today. Mohd Shamsor noted that the primary concern centres around motor vehicle parts and accessories, which account for nearly US$100 million (RM424 million) in trade. 'This segment makes up about 80% of Malaysia's total vehicle-related exports to the US, excluding those related to railway and tramway systems,' he added. Mohd Shamsor said the main concerns are centred around imported completely knocked down (CKD) vehicle parts, which could be subject to US tariffs when sourced from multiple countries. 'This impact may eventually filter down and affect us, potentially leading to slightly higher costs for parts,' he said. As for direct vehicle exports, Mohd Shamsor noted that volumes remain minimal, amounting to only about US$142,000 in 2024. 'It's minimal, mainly due to the differences between left-hand and right-hand drive vehicle specifications.' According to MAA, new vehicle sales in Malaysia fell 4.6% in the first half of 2025 compared to the same period last year. A total of 373,636 units were sold between January and June, down from 391,451 units in the corresponding period of 2024. MAA attributed the decline to a high base effect following last year's record-breaking total industry volume (TIV) of 816,747 units, alongside a sharp drop in January 2025 sales, which followed a surge in advance purchases in December 2024. 'Advance purchases in December 2024 affected sales in January 2025,' MAA said, highlighting that the highest monthly TIV was recorded in December 2024 with 81,735 units sold, compared to just 50,397 units in January 2025. Commercial vehicle demand also weakened, partly due to the termination of diesel subsidies in June 2024. Sales in this segment fell 21% to 26,552 units. Meanwhile, passenger vehicle sales dipped 3% to 347,084 units.
The Sun
09-07-2025
- Business
- The Sun
Trump signals sharp copper tariffs as he expands trade war
WASHINGTON: US President Donald Trump on Tuesday said he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening his trade war that has rattled markets worldwide. One day after he pressured 14 trading partners, including powerhouse US suppliers like South Korea and Japan with fresh tariff letters, Trump reiterated his threat of 10% tariffs on products from Brazil, India and other members of the BRICS group of countries. He also said trade talks have been going well with the European Union and China, though he added he is only days away from sending a tariff letter to the EU. Trump's remarks, made during a White House cabinet meeting, could inject further instability into a global economy that has been shaken by the tariffs he has imposed or threatened on imports to the world's largest consumer market. US copper futures jumped more than 10% after Trump's announcement of new duties on a metal that is critical to electric vehicles, military hardware, the power grid and many consumer goods. They would join duties already in place for steel, aluminum and automobile imports, though it was unclear when the new tariffs might take effect. US pharmaceutical stocks also slid following Trump's threat of 200% tariffs on drug imports, which he said could be delayed by about a year. Other countries, meanwhile, said they would try to soften the impact of Trump's threatened duties after he pushed back a Wednesday deadline to Aug 1. Trump's administration promised '90 deals in 90 days' after he unveiled an array of country-specific duties in early April. So far only two agreements have been reached, with the UK and Vietnam. Trump has said a deal with India is close. Trump said countries have been clamouring to negotiate. 'It's about time the United States of America started collecting money from countries that were ripping us off ... and laughing behind our back at how stupid we were,' he said. He said late Tuesday that 'a minimum of seven' tariff notices would be released on Wednesday morning, and more in the afternoon. He gave no other details in his Truth Social post. Trading partners across the globe say it has been difficult to negotiate even framework agreements with the US given the haphazard way new tariffs are announced, complicating their internal discussions about concessions. Following Trump's announcement of higher tariffs for imports from the 14 countries, US research group Yale Budget Lab estimated consumers face an effective US tariff rate of 17.6%, up from 15.8% previously and the highest in nine decades. Trump's administration has been touting those tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington has taken in about US$100 billion (RM424 billion) so far and could collect US$300 billion by the end of the year. The US has taken in about US$80 billion annually in tariff revenue in recent years. The S&P 500 finished slightly lower on Tuesday, a day after Wall Street markets sold off sharply following Trump's new tariffs announcement. – Reuters
The Star
01-06-2025
- Health
- The Star
Selangor schools to rep Malaysia in regional challenge
TWO schools in Selangor will represent Malaysia at the upcoming AIA Healthiest Schools (AHS) Regional Awards in Da Nang, Vietnam, where they will compete with winners from other nations for prizes totalling US$100,000 (RM424,500). SJK (C) Hwa Lien and SMK Saujana Utama, the national-level primary and secondary champions, will compete alongside winning schools from Indonesia, Thailand, Hong Kong, Australia, Vietnam, Sri Lanka and the Philippines in the regional round of the competition next month. During the AHS Awards ceremony at a hotel in Kuala Lumpur on May 22, SJK (C) Hwa Lien and SMK Saujana Utama received US$10,000 (RM42,450) each for coming out on top in their respective categories of the AHS national-level competition. The awards ceremony celebrated the achievements of 18 primary and secondary schools, recognising their innovative and impactful efforts in promoting student well-being and driving meaningful change within school communities. The winning schools were selected based on project scope and execution, level of engagement with teachers, students and the wider community, overall impact as well as long-term sustainability. At this year's ceremony, which marked the culmination of the second edition of the AHS Competition – a key highlight of the AHS programme – primary and secondary schools received prize money totalling US$100,000 (RM424,500). Held from October last year to March this year, the competition received over 60 entries from government, private and international schools across Malaysia. SJK (C) Hwa Lien, a small island school located on Pulau Ketam, was awarded the top prize for its My School, My Home 2.0 initiative. Congratulations: (Left) Chee and Education Ministry daily school management division senior deputy director Abidin Marjan (sixth and seventh from right) presenting the award to SMK Saujana Utama principal Noor Hayati Embong (centre), project coordinator Hamidah Mukhtar (far right) and teachers. (Right) Nine primary schools were honoured for promoting health and well-being. Designed to address mental health challenges stemming from digital stress, social isolation and language barriers among students, the school introduced inclusive modules focusing on emotional well-being, cultural celebration, physical activity, and language support. The initiative successfully fostered a more connected and resilient student body with the support of parents, the Orang Asli community and neighbouring schools. The second, third and fourth place winners in the primary school category were SK Jalan Empat in Selangor, and SK Oran and SK Kuala Perlis in Perlis, respectively. SJK (C) Pui Ying in Selangor, SK Padang Temu in Melaka, SJK (C) Lawan Kuda Baru in Perak, SJK (C) Han Chiang in Penang and SK Changkat Jawi in Perlis received the Highly Commended Award. In the secondary school category, SMK Saujana Utama in Sungai Buloh clinched first place for Canscape, a creative art-therapy programme under its Terapi Seni Ekspresi mental health initiative, which saw students using recycled tin cans as canvases to express their emotions, turning a simple and low-cost artistic outlet into a powerful tool for emotional regulation. The initiative helped reduce stress and negative behaviours such as vandalism while promoting emotional awareness and empathy. SMK Kuala Jenderis and SMK Kampung Baru Kerteh in Terengganu, and SMK Bukit Baru in Melaka came in second, third and fourth place, respectively, in the secondary school category. SMK (P) Treacher Methodist in Perak, SMK Telok Gadong in Selangor, Sayfol International School in Kuala Lumpur, SMK Paya Rumput in Melaka and SMK Kijal in Terengganu were all presented with the Highly Commended Award. Each of the second, third and fourth prize winners in both the primary and secondary school categories took home US$7,500 (RM31,838), while recipients of the Highly Commended Award received a cash prize of US$3,500 (RM14,858) each. AIA Malaysia chief marketing officer Chee Foong Wai said the AHS programme is part of the company's aim to nurture a culture of health and well-being from an early age. 'We believe real change can start in the classroom. In just two years, what began as a simple vision has made progressive strides. The programme has sparked creativity and passion and empowered the next generation to take charge of their physical, mental and environmental well-being. 'We're incredibly encouraged by the response to this year's competition, which saw twice as many entries compared to last year. It's a positive sign that the momentum is growing – with more schools taking proactive steps to create healthier and happier learning environments for their students,' she said during the awards ceremony. Thanking its partners, she said AIA was proud to celebrate the remarkable efforts of children and educators who are driving real change and making a difference in their schools. Endorsed by the Education Ministry, the AHS programme, launched in 2023, is designed to empower schools to promote healthy eating, active lifestyles, mental well-being and sustainability among students aged five to 16. The programme provides free multilingual teaching resources in English, Bahasa Malaysia and Mandarin, as well as hands-on teacher workshops to equip teachers to effectively introduce health and well-being concepts in the classrooms. Schools interested in registering for the AHS programme can find more information at where teaching resources are also available. Entries for the third edition of the AHS competition can be submitted from October this year.
New Straits Times
01-05-2025
- Business
- New Straits Times
Public Bank may face credit cost upside amid softer outlook: CIMB
KUALA LUMPUR: Public Bank Bhd (PBB) could face upward pressure on credit costs beginning April 2025, driven by a softer macroeconomic environment and uncertainties linked to global trade tensions, according to a note by CIMB Securities Sdn Bhd. CIMB Securities said it expects adjustments in PBB's general provisioning for Stage 1 and Stage 2 loans in response to changes in macroeconomic variables, particularly lower gross domestic product (GDP) forecasts. These revisions could be reflected in PBB's upcoming first quarter of financial year 2025 (1QFY25) results briefing scheduled for May 21, 21,2025. "Therefore, we believe there may be some upward revision to PBB's credit cost target," CIMB Securities stated, noting that PBB had previously guided for credit costs to remain at the low single-digit level for FY25, with a gradual write-back of overlay provisions. CIMB Securities has already revised its credit cost forecast for PBB to 22 basis points, up from 15 basis points, following the Liberation Day tariff announcement, which heightened concerns around global trade disruptions. Despite this, PBB's direct exposure to potentially vulnerable trade sectors remains limited. Based on CIMB Securities' checks, the bank's exposure to domestic trade-related loans, including both exports and imports, stands at RM5 billion — just 1.2 per cent of its total loan portfolio of RM424 billion. In the electrical and electronics sector, PBB's loan exposure is even smaller, amounting to RM0.5 billion, or 0.1 per cent of total loans. Within this, loans specifically tied to the semiconductor segment represent just RM36 million, or 0.01 per cent of total loans. PBB had indicated that potential second-order ripple effects from the tariffs are difficult to gauge at this juncture. As for its Indochina operations, PBB hinted that it is watchful of exposures in Cambodia and Vietnam, which may hit a soft patch if the US proceeds with the 49 per cent and 46 per cent reciprocal tariffs on Cambodia and Vietnam, respectively, after the 90-day pause. Given that pre-tax contributions from the Cambodia and Vietnam operations are not large, CIMB Securities do not expect a significant change to its credit cost assumption of 22 basis points in FY25. Overall, CIMB Securities has maintained a "Buy" call on PBB with an unchanged target price of RM5.10. The firm said key catalysts for PBB include resilient asset quality, decent dividend yield, and release of capital from Basel III changes next year, while downside risks include higher-than-expected credit costs, lower-than-expected loan growth, and elevated cost of funds.
Malay Mail
25-04-2025
- Automotive
- Malay Mail
Elon Musk's Tesla quietly left off US$97m Bitcoin loss in earnings report
NEW YORK, April 25 — Tesla Inc. concealed a US$97 million (RM424 million) loss from cryptocurrency holdings in its latest earnings report, using accounting adjustments that boosted its non-GAAP earnings by roughly 12 per cent. The electric vehicle maker reported adjusted earnings of about US$900 million — more than twice its official net income of US$400 million — after excluding the crypto-related loss and a much larger expense tied to stock compensation. According to a Bloomberg report, this approach helped offset what was otherwise Tesla's weakest quarterly performance in years. Such practices fall under the watch of the US Securities and Exchange Commission (SEC), which reviews unofficial earnings figures to ensure companies are not presenting an overly optimistic picture to investors. In April 2024, the SEC reprimanded Bitcoin miner Marathon Digital Holdings Inc. for omitting the value increase of its crypto assets from adjusted earnings. Marathon later agreed to comply with the regulator's expectations. Though digital assets are no longer central to Tesla's business, the company still adjusts for gains and losses in crypto valuations. In late 2024, when Bitcoin prices surged, Tesla reported a US$600 million benefit and included it in its non-GAAP earnings. The inconsistency in treatment could invite scrutiny from regulators if market trends reverse, said Olga Usvyatsky, an accounting analyst. 'If they suddenly eliminate the adjustment during a quarter when Bitcoin shows gains, that would be a red flag,' she said. Companies are permitted to use non-GAAP metrics to clarify underlying business performance, excluding irregular or non-operating costs. However, the SEC warns firms against presenting figures some critics label 'earnings before bad stuff.' A new rule issued by the Financial Accounting Standards Board in December 2023 requires companies to report crypto assets at fair value, reflecting their market volatility. Tesla's chief financial officer, Vaibhav Taneja, acknowledged the impact of the accounting change during an analyst call on Tuesday. 'With the adoption of the new mark-to-market standard for Bitcoin, we expect increased volatility in our other income in addition to the FX equivalent,' Taneja said. Tesla declined to comment on the specific treatment of the crypto loss in its latest earnings report.
