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BusinessToday
10 hours ago
- Business
- BusinessToday
Malaysia's Direct Investment Abroad Saw Higher Net Outflow Of RM33.9 Billion In 2024
Malaysia's Direct Investment Abroad (DIA) saw a notable increase in net outflow in 2024, reaching RM33.9 billion, up from RM30.1 billion in 2023. This marks a continued trend of Malaysian entities expanding their global footprint, although the overall DIA position experienced a slight decline. According to data released by the Department of Statistics Malaysia (DOSM) today, income generated from DIA climbed to RM43.2 billion in 2024, an improvement from RM40.9 billion in the previous year. However, the total DIA position, representing the accumulated value of Malaysian investments abroad, decreased from RM638.8 billion in 2023 to RM622.1 billion by the end of 2024. The Services sector was the primary driver of Malaysia's DIA net outflow, accounting for the largest share with RM28.7 billion. This highlights the growing internationalisation of Malaysian service-oriented businesses. Other significant contributions to outflows came from the Mining & Quarrying sector (RM4.3 billion) and the Construction sector (RM1.4 billion). Similarly, the Services sector also led in income generation from DIA, contributing a substantial RM31.4 billion. Following closely were the Mining & Quarrying sector with RM5.3 billion in income, and the Manufacturing sector, which recorded RM3.5 billion. In terms of the accumulated DIA position, DOSM said the Services sector remained the dominant contributor, totaling RM463.7 billion at the end of 2024, an increase from RM459.6 billion in 2023. This was trailed by the Mining & Quarrying sector (RM66.1 billion) and the Agriculture sector (RM46.5 billion). Geographically, Asia continued to be the largest recipient of Malaysian DIA flows, attracting RM26.5 billion. The primary destinations within Asia for these investments were Singapore and Indonesia. Asia proved to be the most lucrative region for Malaysian investments abroad, generating the highest income from DIA in 2024, amounting to RM26.6 billion. By the close of 2024, Asia maintained its lead in terms of DIA position, holding RM349.7 billion, further cementing its role as a key market for Malaysian companies venturing overseas. Related
Malay Mail
02-05-2025
- Business
- Malay Mail
Apple scales back share buybacks as trade war adds US$900m bill
SAN FRANCISCO, May 2 — Apple yesterday trimmed its share buyback programme by US$10 billion (RM43.2 billion), with CEO Tim Cook telling analysts that tariffs could add about US$900 million in costs this quarter as the iPhone maker shifts its vast supply chain to minimise the impact of President Donald Trump's trade war. Cook also said Apple's planned US$500 billion in spending to expand its US footprint would involve both capital outlays and increased operational expenses as it builds out server and chip factories with its manufacturing partners. In addition, he outlined how Apple has started to build up a stockpile of products so that the majority of its devices sold in the US this quarter will not come from China. Taken together, analysts said the moves showed one of the most profitable companies in the history of business battening its hatches as it moves into uncharted waters. 'We were expecting to see more buybacks. Knowing the company, this indicates that Tim Cook is hoarding cash for difficult times,' said Thomas Monteiro, senior analyst at 'While that's not exactly a problem in itself, it certainly suggests that the company is not as certain about its near-term future as it was in previous quarters.' Apple shares were down 4.3 per cent after the company released quarterly results. So far, the trade war has not been a problem for Apple's sales, with Cook saying the company did not see consumers rushing to stock up on Apple items. The Cupertino, California-based company said sales and profit for the fiscal second quarter ended March 29 were US$95.36 billion and US$1.65 per share, respectively, compared with analyst estimates of US$94.68 billion and US$1.63 per share, according to LSEG data. Sales of iPhones were US$46.84 billion, compared with estimates of US$46.17 billion, according to LSEG data. For the current fiscal third quarter, Apple executives said the company expects low-to-mid single-digit revenue growth, which is in line with analyst expectations of 4.28 per cent growth to US$89.45 billion, according to LSEG data. But Apple predicted a hit to gross margins, which it said will be 45.5 per cent to 46.5 per cent in its fiscal third quarter, which is below analyst estimates of 46.58 per cent, according to LSEG data. Cook said that for the quarter ending in June, 'assuming the current global tariff rates, policies and applications do not change for the balance of the quarter and no new tariffs are added, we estimate the impact to add US$900 million to our cost.'. He said the majority of iPhones sold in the US in the current quarter will come from India, and that most iPads, Macs and Apple Watches will come from Vietnam. Cook said that the vast majority of Apple products for markets outside the US will continue to come from China. 'We have a complex supply chain. There's always risk in the supply chain,' he said. 'What we learned some time ago was that having everything in one location had too much risk with it.' Cook also signalled that Apple's efforts to spend more in the US will come with real costs to Apple's balance sheet. He said the company already sources 19 billion chips from a dozen US states and will be expanding its own facilities. 'As we expand facilities in the different states — from Michigan to Texas to California and Arizona and Nevada and Iowa and Oregon and North Carolina and Washington — there will be (capital expenditures) involved in that,' Cook said. For Apple's second quarter, sales in its services business were US$26.65 billion, compared with estimates of US$26.69 billion, according to LSEG data. Apple said sales in its Greater China segment fell to US$16 billion, better than analyst expectations of US$15.9 billion, according to data from Visible Alpha. In Apple's accessories and wearables segment, which includes products such as AirPods, revenue was US$7.52 billion, compared with estimates of US$7.85 billion, according to LSEG. Sales of iPads and Macs were US$6.40 billion and US$7.95 billion, respectively, compared with analyst expectations of US$6.07 billion and US$7.92 billion. Cook said that entry-level iPads performed the best during the quarter. Apple also said it will increase its cash dividend by 4 per cent to 26 cents per share and that its board has authorized an additional US$100 billion for its stock buyback programme, down US$10 billion from the same time last year. — Reuters
Malay Mail
30-04-2025
- Business
- Malay Mail
NYT: Paramount board to settle Trump's ‘60 minutes' lawsuit
NEW YORK, April 30 — The board of Paramount Global, the parent company of CBS News, outlined acceptable financial terms for a potential settlement with US President Donald Trump on his 60 Minutes lawsuit, The New York Times reported yesterday, citing three people with knowledge of the internal discussions. Shari Redstone, the board's non-executive chair and Paramount's controlling shareholder, recused herself from the portion of the meeting in which board members discussed a settlement, one source who requested anonymity told Reuters. The exact dollar amounts remain unclear, but the board's move paves the way for an out-of-court resolution, the New York Times said. Paramount and a spokesperson for Redstone could not immediately be reached by Reuters for comment. Trump filed a US$10 billion (RM43.2 billion) lawsuit against CBS in October, alleging the network deceptively edited an interview with then-vice president and presidential candidate Kamala Harris to 'tip the scales in favor of the Democratic Party' in the November election. In an amended complaint filed in February, Trump increased his claim for damages to US$20 billion. The parties are set to begin mediation today, the New York Times reported. Bill Owens, the long-time executive producer of '60 Minutes,' earlier this month said he was stepping down over concerns about editorial independence, in a story first reported by Reuters. ¬ — Reuters
