Latest news with #Tengku Zafrul Aziz
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
Ringgit ends higher on Malaysia-US trade deal optimism
KUALA LUMPUR : The ringgit ended higher against the US dollar, buoyed by optimism that Malaysia could secure more favourable trade negotiations with the US, said an analyst. The local currency has traded higher versus the US dollar for the fifth consecutive day. Investment, trade and industry minister Tengku Zafrul Aziz said Malaysia is actively engaging in discussions with the US over the impending 25% tariff rate set to take effect on Aug 1, aiming to secure a rate below 20%. SPI Asset Management managing partner Stephen Innes said regional tailwinds further lifted sentiment after US president Donald Trump concluded a trade deal with Japan on Tuesday, which included reducing tariffs on the import of Japanese goods into the US to 15% from 25%. 'These developments are fuelling hopes that Washington's broader tariff strategy is shifting from confrontation to compromise. 'Against this backdrop, investors see Malaysia as a likely beneficiary of the next wave of bilateral deals,' he told Bernama. Innes added that the ringgit's recent gains may signal its potential to benefit from improved trade conditions following the US-Japan agreement. At 6pm, the ringgit rose to 4.2135/4.2210 against the greenback from yesterday's close of 4.2255/4.2300. At the close, the ringgit was higher against a basket of major currencies. It advanced against the Japanese yen to 2.8751/2.8804 from 2.8837/2.8870, rose against the British pound to 5.7080/5.7182 from 5.7230/5.7291, and inched up against the euro to 4.9517/4.9605 from 4.9586/4.9639. The local currency was firmer against regional peers, except the Philippine peso. It increased vis-à-vis the Singapore dollar to 3.2995/3.3057 from 3.3071/3.3109, appreciated against the Thai baht to 13.0570/13.0863 from 13.1370/13.1567, and improved versus the Indonesian rupiah to 258.5/259.1 from 259.1/259.5. However, the local currency traded slightly lower against the Philippine peso, at 7.43/7.45, compared to 7.42/7.44 at yesterday's close.
Free Malaysia Today
22-07-2025
- Business
- Free Malaysia Today
Sustainable data centre framework set for October launch
Investment, trade and industry minister Tengku Zafrul Aziz said the agreement was reached during the third meeting of the Data Centre Task Force for 2025 today. (X pic) PETALING JAYA : A framework for sustainable data centres is expected to be introduced in October, according to investment, trade and industry minister Tengku Zafrul Aziz. Tengku Zafrul said the framework, which will come under the purview of the digital ministry, will include strategic coordination with all relevant agencies and state governments regarding the implementation of data centre development projects. He said the agreement was reached during the third meeting of the Data Centre Task Force for 2025, which he co-chaired today with digital minister Gobind Singh Deo. 'The Malaysian Investment Development Authority (Mida) will serve as the focal point for all applications for new data centre projects and expansions. 'This will ensure all initiatives and projects proceed smoothly, avoid duplication of functions, and support the development of a more sustainable and strategic national data centre ecosystem,' he said in a post on X tonight. Tengku Zafrul said the meeting was crucial to ensure the development of Malaysia's data centre industry becomes more sustainable, competitive and investor-friendly. The task force is a multi-agency strategic platform led by his ministry and the digital ministry to coordinate the planning and implementation of data centre projects holistically.
South China Morning Post
15-07-2025
- Business
- South China Morning Post
Malaysia finds no sign of AI chip smuggling, asks US for help
has not yet found any evidence of illicit trade in advanced semiconductors, its trade minister said on Tuesday, adding that authorities were seeking help from the United States in its probe into alleged chip smuggling. Advertisement Malaysia has been under pressure from the US to staunch the flow to China of chips crucial to the development of artificial intelligence. The Investment, Trade and Industry Ministry last month said it was investigating reports that a Chinese company in the country was using servers equipped with Nvidia chips for AI development. On Monday, the ministry also imposed export controls on the movement of high-performance chips of US origin. 01:38 China a 'key market', says Nvidia CEO Huang during Beijing visit as US bans AI chips China a 'key market', says Nvidia CEO Huang during Beijing visit as US bans AI chips Minister Tengku Zafrul Aziz said the move was aimed at preventing the misuse of technology and ensuring that Malaysia remained in compliance with international standards and obligations.
CNA
15-07-2025
- Business
- CNA
Malaysia will focus on achieving trade target of 5% growth in 2025
KUALA LUMPUR :Malaysia is still on track to meet its economic growth target for the year, Trade Minister Tengku Zafrul Aziz said on Tuesday. The ministry will also focus on achieving its trade target of 5 per cent growth in 2025, he said in a press conference.
