Latest news with #SimeDarby
South China Morning Post
2 days ago
- Business
- South China Morning Post
Malaysia taps seasoned diplomat to navigate US tariff tensions
Malaysia has tapped a career diplomat as its new ambassador to the US, according to people familiar with the matter, as the Southeast Asian nation seeks tariff relief from Washington. Advertisement Shahrul Ikram Yaakob, who retired as secretary general of Malaysia's Foreign Affairs Ministry in 2022, would be the new envoy, although his appointment was yet to be ratified by Washington , the people said, asking not to be identified because they were not authorised to speak publicly. The 64-year-old is currently an independent non-executive director at state-controlled conglomerate Sime Darby. The foreign affairs ministry, the US Embassy in Kuala Lumpur and Sime Darby could not immediately comment on Friday. The position has been vacant for more than three months even as Malaysia negotiates with the US to bring levies on the Southeast Asian nation down from the 24 per cent that President Donald Trump has pledged to impose. Advertisement The previous ambassador, Mohamed Nazri Abdul Aziz, ended his two-year stint in Washington in February.
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Malaysia taps career diplomat as new US ambassador
Shahrul Ikram Yaakob served for 34 years in the diplomatic service, including two stints in the US. (Bernama pic) KUALA LUMPUR : Malaysia has tapped a career diplomat as its new ambassador to the US, according to people familiar with the matter, as the Southeast Asian nation seeks tariff relief from Washington. Shahrul Ikram Yaakob, who retired as the secretary-general of Malaysia's foreign affairs ministry in 2022, will be the new envoy, although his appointment has yet to be ratified by Washington, the people said, asking not to be identified because they're not authorised to speak publicly. The 64-year-old is currently an independent non-executive director at state-controlled conglomerate Sime Darby Bhd. The foreign affairs ministry, the US embassy in Kuala Lumpur and Sime Darby couldn't immediately comment on Friday. The position has been vacant for more than three months even as Malaysia negotiates with the US to bring levies on the Southeast Asian nation down from the 24% that President Donald Trump has pledged to impose. The previous ambassador, Nazri Aziz, ended his two-year stint in Washington in February. The outcome of the tariff talks will be crucial for trade-reliant Malaysia, which counts the US as its largest export market and China as its biggest trading partner, making it vulnerable to the trade war between the world's two largest economies. Shahrul served for 34 years in the diplomatic service, including two stints in the US. He was first secretary to the embassy in Washington in the 1990s, and was the country's permanent representative to the United Nations in New York from 2017 to 2018, according to his professional biography on Sime Darby's website. He also had stints as Malaysia's ambassador to Qatar and Austria.
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
Malaysia taps career diplomat as new US ambassador amid tariffs
MALAYSIA has tapped a career diplomat as its new ambassador to the US, according to people familiar with the matter, as the Southeast Asian nation seeks tariff relief from Washington. Shahrul Ikram Yaakob, who retired as secretary-general of Malaysia's Foreign Affairs Ministry in 2022, will be the new envoy, although his appointment has yet to be ratified by Washington, the people said, asking not to be identified because they're not authorized to speak publicly. The 64-year-old is currently an independent non-executive director at state-controlled conglomerate Sime Darby Bhd. The foreign affairs ministry, the US Embassy in Kuala Lumpur and Sime Darby couldn't immediately comment on Friday. The position has been vacant for more than three months even as Malaysia negotiates with the US to bring levies on the Southeast Asian nation down from the 24% that President Donald Trump has pledged to impose. The previous ambassador, Mohamed Nazri Abdul Aziz, ended his two-year stint in Washington in February. The outcome of the tariff talks will be crucial for trade-reliant Malaysia, which counts the US as its largest export market and China as its biggest trading partner, making it vulnerable to the trade war between the world's two largest economies. Shahrul served 34 years in diplomatic service, including two stints in the US. He was first secretary to the embassy in Washington in the 1990s, and was the country's permanent representative to the United Nations in New York from 2017 to 2018, according to his professional biography on Sime Darby's website. He also had stints as Malaysia's ambassador to Qatar and Austria. –BLOOMBERG
Malay Mail
5 days ago
- Business
- Malay Mail
Bursa Malaysia reverses gains, closes lower on late selling pressure
KUALA LUMPUR, May 28 — Bursa Malaysia failed to sustain earlier gains recorded for most part of the day to end lower on late selling, amid a mixed performance across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 2.68 points to 1,523.48 from Tuesday's close of 1,526.16. The benchmark index opened 3.98 points higher at 1,530.14, and subsequently hit the day's high of 1,532.90 in early trade before losing its steady momentum to close at its intraday low. In the broader market, decliners beat gainers 474 to 435, with 499 counters unchanged, 988 untraded and 50 suspended. Turnover declined to 2.50 billion units worth RM2.03 billion compared with Tuesday's 2.65 billion units worth RM1.85 billion. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said strong selling in Sime Darby Bhd, following its lower-than-expected quarterly earnings, also dragged the FBM KLCI into negative territory by the end of the day. Sime Darby reported a significantly lower net profit of RM193.0 million in the third quarter ended March 31, 2025 (3Q 2025) cmpared with RM340.0 million in 3Q 2024, mainly due to lower profit from all core divisions. Its revenue also slipped to RM16.31 billion from RM18.84 billion year-on-year. Thong said equity markets in the region were mostly weaker ahead of Nvidia's earnings release later today, which is expected to offer key insights into the technology sector's trajectory. 'The domestic benchmark index came under pressure amid global economic uncertainties, concerns surrounding US policy direction, and selling activity in select sectors. 'In the near term, the market is expected to stay in a consolidation phase as investors remain focused on evolving local and global developments that may influence sentiment,' he told Bernama. As such, Rakuten Trade is maintaining its weekly FBM KLCI target at between 1,520 and 1,550, representing the support and resistance levels, respectively, he added. Among heavyweights, Maybank erased one sen to RM9.84, Public Bank dropped five sen to RM4.33, CIMB fell three sen to RM6.87, Sime Darby shed nine sen to RM1.78, while Tenaga Nasional jumped 10 sen to RM14.10 and IHH Healthcare gained one sen to RM6.91. As for active stocks, Velesto added one sen to 17.5 sen, Tanco increased two sen to RM1.03, Oasis Home edged up half-a-sen to 28.5 sen, while Permaju eased half-a-sen to 1.5 sen, and Nationgate dipped one sen to RM1.58. On the index board, the FBM Emas Index inched up 0.11 of-a-point to 11,397.17, the FBMT 100 Index edged up 0.99 of-a-point to 11,161.36, but the FBM ACE Index slid 24.26 points to 4,549.34. The FBM Emas Shariah Index increased 21.39 points to 11,375.51 and the FBM 70 Index rose 83.34 points to 16,306.65. Across the sectors, the Financial Services Index tumbled 90.77 points to 17,957.90, the Industrial Products and Services Index slipped 0.74 of-a-point to 152.70, the Energy Index gained 7.85 points to 706.51, while the Plantation Index plunged 84.09 points to 7,292.55. The Main Market volume improved to 1.34 billion units valued at RM1.80 billion against Tuesday's 1.19 billion units valued at RM1.60 billion, Warrants turnover dwindled to 815.91 million units worth RM113.60 million from 1.10 billion units worth RM134.59 million previously. The ACE Market volume decreased to 346.43 million shares worth RM119.44 million from 351.78 million shares worth RM109.53 million yesterday. Consumer products and services counters accounted for 294.74 million shares traded on the Main Market, industrial products and services (197.51 million), construction (102.79 million), technology (150.98 million), SPAC (nil), financial services (68.10 million), property (154.19 million), plantation (17.34 million), REITs (19.93 million), closed/fund (3,000), energy (196.53 million), healthcare (37.25 million), telecommunications and media (46.94 million), transportation and logistics (19.95 million), utilities (36.99 million), and business trusts (7,200). — Bernama
The Star
5 days ago
- Business
- The Star
Sime Darby's 9M25 net profit rises 10% to RM1.3bil
PETALING JAYA: Sime Darby Bhd reported a net profit from continuing operations of RM1.29bil for its nine-month period ended March 31, 2025 (9M25), reflecting a growth of 9.9% from the previous corresponding period. In a statement, the conglomerate said the improved performance was mainly attributable to the higher contribution from UMW Holdings Bhd and a higher one-off gain on disposal of Malaysia Vision Valley land, despite lower profits from the industrial and motors divisions. 'The group's revenue for the nine months increased by 8.2% to RM52.3bil, compared with RM48.3bil in the previous financial year.' In a filing with Bursa Malaysia, Sime Darby said the higher profit before interest and tax (PBIT) from UMW during the nine-month period was mainly due to the consolidation of its result for the full three quarters in the current financial year, compared with less than five months in the previous corresponding period. UMW's businesses include automotive, equipment, manufacturing and engineering, as well as other segments. Meanwhile, the PBIT of the industrial division was lower by 15.6% at RM901mil, largely due to the lower profits from Australasia. Sime Darby said PBIT for the motors division decreased by 26.6% to RM422mil, primarily due to lower results from Malaysia, Hong Kong, Australia and New Zealand. 'These markets have been impacted by weaker demand, especially in the luxury segment, and fierce competition.' As for its discontinued operations, Sime Darby said the previous corresponding period included the gain on disposal of Ramsay Sime Darby Health Care of RM2bil. For the third quarter ended March 31, 2025 (3Q25), net profit saw a decrease to RM193mil, while revenue was down by 13.4% at RM16.3bil. During the quarter under review, Sime Darby said the industrial division recorded a lower PBIT of RM221mil, mainly due to reduced profits from the division's operations in Australasia. 'In Australasia, profits were impacted by a currency-related parts price adjustment, unfavourable weather conditions and a weaker Australian dollar against the ringgit.' It added that the motors division reported a reduced PBIT of RM114mil in 3Q25. This is attributed to the lower vehicle sales in most markets, as well as increased competition. For the UMW division, the group said PBIT for the quarter under review was largely contributed by the division's automotive business, particularly higher Perodua sales. 'However, the division saw a decline in PBIT to RM194mil as a result of competitive market conditions.' In the same statement, Sime Darby group chief executive officer Datuk Jeffri Salim Davidson said he expects the group to continue facing external headwinds. He said this is particularly in the motors division with ongoing economic uncertainty and the rise of Chinese automotive brands increasingly dominating the market. 'The consumer segment remains challenging amid the continuing price war and industry overproduction in China. 'For the UMW division, Toyota and Perusahaan Otomobil Kedua Sdn Bhd (Perodua) continue to perform well in Malaysia.' Perodua's sales in 2024 scaled to a record level of 358,102 units, on the back of its highest-ever production volume of 368,100. The national carmaker's 2024 sales were 8.4% higher than its previous historical high of 330,325 in 2023, while production rose 7.2% over its 2023 level of 343,400. Perodua said it captured 44% of the country's estimated total industry volume of 814,000 units last year, and was the main growth driver of Malaysian car sales in 2024. UMW announced earlier this year that its subsidiary, UMW Toyota Motor Sdn Bhd (UMWT), had concluded 2024 with a steady sales momentum, recording over 12,800 units sold in December 2024. This brought the total annual units sold to more than 102,300, marking the year 2024 as the third consecutive year for UMWT to surpass the 100,000 annual goal. Separately, Jeffri Salim said the long-term prospects for the group's industrial division remains positive on the back of robust mining demand, despite the impact of the currency-related parts price adjustment. 'Across the group, we remain focused on cost discipline, efficient inventory management and operational agility to navigate the current environment. 'As a result of our efforts, the reduction in inventories has resulted in a RM1.7bil improvement to our operating cash flow for the nine months ended March 31, 2025.' Jeffri Salim noted that while the current landscape is undoubtedly tough, he said the group's operating cash flow is positive and that its balance sheet is strong, underpinned by sustained revenue. 'These are fundamentals that will see us through during these choppy waters,' he said.
