Latest news with #OPR
The Star
7 hours ago
- Business
- The Star
Alliance Bank cautiously optimistic on FY26 performance, says group CEO
Alliance Bank Malaysia Bhd group chief executive officer Kellee Kam KUALA LUMPUR: Alliance Bank Malaysia Bhd is cautiously optimistic of its financial performance ending March 31, 2026 (FY2026) amid economic headwinds, said group chief executive officer Kellee Kam. He said the bank projects a double-digit growth rate for its loans, between 8.0 per cent and 10.0 per cent for its consumer segment in FY2026, which is lower than its previous loan growth of between 12.0 per cent and 14 per cent over the last two years. "The question is whether a combination of rising business costs as well as potential tariffs will impact business growth as well as asset quality. It is too early to tell. The expanded Sales and Service Tax was recently implemented. "The United States tariffs have not been finalised yet, so that remains a bit of a moving target,' Kam said after the bank's annual general meeting and extraordinary general meeting here today. Despite the headwinds, he noted that the liquidity position remained positive with the recent overnight policy rate (OPR) cut by 25 basis points to 2.75 per cent, a lower unemployment rate, and positive industrial and tourism figures to cushion the impact of economic headwinds. "We believe that these are compensating factors, and asset quality will be manageable this year,' Kam said. He also said that the bank projects its net interest margin to reduce by 3.0 basis points with the recent OPR cut. "It is still within our current guidance of between 2.4 per cent and 2.45 per cent. That would signal an increase in business and lending, but it has to balance prudently with the macroeconomics landscape,' Kam said. - Bernama
Politico
2 days ago
- Politics
- Politico
Federal employees can pray and preach in the workplace under new Trump rules
'Federal employees should never have to choose between their faith and their career,' OPR Director Scott Kupor said in a statement outlining the policy. 'This guidance ensures the federal workplace is not just compliant with the law but welcoming to Americans of all faiths.' The White House also pointed to a memo with similar language and protections issued under former President Bill Clinton. Still, religious liberty advocates were disturbed. Mikey Weinstein, president and founder of the Military Religious Freedom Foundation, said the guidelines appeared to be in conflict with the Constitution and the rights of workers. 'If your supervisor decides to sit down and make it very clear that it's important to her or him, that you accept this weaponized version of the gospel of Jesus Christ, what do you think your chances are for advancement?' Weinstein said. But Andrew Walker, an associate dean at the Southern Baptist Theological Seminary said the new policy merely 'resets' the rules back to neutrality. 'I have no problem with it whatsoever,' Walker said. 'To me, that's simply reaffirming the First Amendment, that has proper caveats if you're not engaging in harassing behavior. I think this is just reiterating basic principles of the First Amendment.' President Donald Trump's administration has appeared to embrace religion to a significant degree, establishing a White House Faith Office, directing State Department employees to report anti-Christian bias from colleagues and issuing an executive order to create a presidential commission on religious liberty.
Barnama
2 days ago
- Business
- Barnama
Revised GDP Growth Forecast Reflects Malaysia's Economic Realities -- Economist
BUSINESS By Harizah Hanim Mohamed KUALA LUMPUR, July 28 (Bernama) – The revised projection for Malaysia's GDP growth in 2025 by Bank Negara Malaysia (BNM) is a realistic forecast that aligns with the economy's underlying growth potential, said economist Professor Geoffrey Williams. The central bank has revised Malaysia's 2025 GDP growth projection to between 4.0 per cent and 4.8 per cent, down from its earlier projection of 4.5 per cent to 5.5 per cent. BNM's projection takes into account various tariff scenarios, ranging from continued elevation of tariffs to more favourable trade negotiation outcomes. Williams attributed the revision of the growth forecast to uncertainties surrounding the United States government's tariffs. 'However, from a local perspective, domestic demand remains strong and is expected to benefit from a lower Overnight Policy Rate (OPR) and the one-off RM100 cash handout for all citizens aged 18 and above, which is part of Prime Minister Anwar Ibrahim's series of economic measures. 'Although Malaysia's total trade and exports have been strong, it is net trade that matters for growth, and this has been squeezed by front-loading and volatility due to the delayed tariff negotiations,' he told Bernama when contacted. Williams pointed out that the downgrade in growth expectations was anticipated and widely communicated. The central forecast now stands at approximately 4.5 per cent, down from the previous forecast range of 4.5 to 5.5 per cent. 'The original forecast was optimistic even under normal circumstances, without the downside risk posed by the tariff negotiations. There are no significant concerns about growth potential, except for the direct effects of tariffs on Malaysia and major regional markets,' he added. Asked about the impact of the revised GDP forecast on job creation, household spending, and investor confidence, Williams said he expects the unemployment rate to remain low, job creation will continue as normal, and investor confidence to stay relatively unaffected.
The Star
22-07-2025
- Business
- The Star
Deposit costs to buoy Affin Bank
HLIB Research said Affin's loan pipeline remains robust at about RM9bil. PETALING JAYA: Affin Bank Bhd 's net interest income (NIM) is expected to remain resilient in the lender's upcoming second quarter (2Q25) earnings announcement, analysts say. Affin's NIM is expected to be underpinned by a solid loan base, said Hong Leong Investment Bank Research (HLIB Research). Despite some churn, the research house said Affin's loan pipeline remains robust at about RM9bil. 'Concurrently, 2Q25 NIM is expected to remain stable sequentially as proactive cost of funds optimisation efforts are set to largely offset any asset yield pressure from loan competition. 'Meanwhile, with the yields for 10-year Malaysian Government Securities currently still below 3.5%, there's significant room for Affin to capitalise on favourable trading opportunities,' HLIB Research said in a report. HLIB Research also expects the bank's gross credit cost to remain stable, supported by steady asset quality. Additionally, improved recovery momentum should help keep net credit costs within single digits for this financial year (FY25). 'We maintain our 'buy' rating on Affin, with an unchanged target price of RM3, implying a 0.60 time FY26 price-to-book value. 'We believe the bank is on the cusp of a notable enhancement in profitability, primarily driven by a fundamental shift in its funding mix, alongside a robust loan pipeline and enhanced operational efficiencies, which are set to drive return on equity.' The research house said while sector-wide asset yields have gradually declined, Affin's primary challenge and significant opportunity lie in managing its cost of deposits. It said liquidity following the cut in the Statutory Reserve Requirement could partially offset the impact of the recent 25 basis points (bps) cut in the overnight policy rate (OPR) . Deposit competition is easing and Affin is expected to benefit from an increase in low-cost current account and savings account deposits, driven by inflows from Sarawak, the bank's major shareholder. This is estimated at around RM130mil per month by 3Q25. According to HLIB Research, this allows the bank to shift from costly promotional rates for deposits to lower-cost payroll-based accounts, helping build a more stable and cheaper funding base. 'Interestingly, our tracker on retail fixed deposit (FD) promotional rates showed that after the 25bps OPR cut on July 9, Affin aggressively slashed its FD promotional rates by between 35bps and 50bps, whereas peers only cut up to 25bps. 'This steeper reduction suggests a deliberate strategy, likely driven by the anticipation of cheaper funding sources coming online, which enables Affin to reduce reliance on higher-cost deposits,' the research house said.
New York Post
22-07-2025
- Politics
- New York Post
Sorry, Jeffrey Epstein truthers, the pedophile was no spy — here's why
It's almost conventional wisdom in certain quarters that Jeffrey Epstein must have been working for the Israeli intelligence service Mossad. 'It's extremely obvious to anyone who watches that this guy,' Tucker Carlson said of Epstein the other day, 'had direct connections to a foreign government. No one is allowed to say that that foreign government is Israel because we've been somehow cowed into thinking that that's naughty.' Steve Bannon, covering all his bases, says Epstein was working for Mossad, MI6, Saudi intelligence and the CIA, while Charlie Kirk of Turning Point USA only says that Epstein may have been working for Mossad. Advertisement The first question to ask about this purported relationship is, why would Mossad want to associate itself with Epstein? He was under investigation for his sexual crimes going back to 2005 and convicted of a few of them (as part of a sweetheart plea deal) in 2008, and would be under federal investigation again about a decade later. Clearly, it would risk an enormous black eye for the state of Israel to connect itself to a known sex offender whose lifestyle was a flamboyant and ongoing crime scene. Advertisement What would be the supposed upside? Compromising information on the rich and powerful? Presumably there'd be much easier ways to honey-trap men with untoward sexual appetites than hope they become friendly with Jeffrey Epstein and compromise themselves on his private island. If the notion of Epstein as Israeli spy seems implausible, if not farcical, it's gotten some superficial plausibility from parts of the record that have been exaggerated or misinterpreted. Advertisement Perhaps most important, the US attorney for the Southern District of Florida who worked out the plea deal with Epstein, Alex Acosta, supposedly said that he was told to go easy on Epstein by higher-ups in the Bush administration at the time because Epstein was with intelligence. Acosta allegedly said this as part of his vetting process to become President Donald Trump's first-term secretary of labor. But this didn't come directly from Acosta; rather, an unnamed source told the story to a reporter. Advertisement Acosta denies he ever said it. Asked about the matter at a press conference as labor secretary when the Epstein story reemerged, Acosta seemed to deny it — admittedly, in a halting and indirect fashion. As part of an extensive 2020 Justice Department Office of Professional Responsibility report into the handling of the case by Acosta and the Southern District, Acosta told investigators that he had no information about Epstein being an intelligence asset, and that his answer at the press conference was meant to be a 'no.' The report related that OPR 'found no evidence suggesting that Epstein' was an ''intelligence asset,' or that anyone — including any of the subjects of OPR's investigation — believed that to be the case.' What about Epstein's well-documented relationship with former Israeli Prime Minister Ehud Barak? One assumes that a Mossad asset wouldn't spend inordinate time with a former high-ranking Israeli official. Get opinions and commentary from our columnists Subscribe to our daily Post Opinion newsletter! Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters Alan Dershowitz, who represented Epstein, maintains that he asked his client if he had contacts with intelligence agencies, and Epstein said 'no,' even though it would have been in his legal interest to disclose any relationships. Advertisement Regarding Epstein's death, which many believe was really a murder, the Mossad accusations get more fantastic. Israeli intelligence had to clean up after itself by killing an American citizen on US soil — in fact, while he was held in an American jail? By the way, if Mossad killed Epstein, and was capable of pulling off a no-fingerprints operation in extremely difficult circumstances on US soil, surely its agents would have killed his close associate Ghislaine Maxwell before she went to trial with an incentive to spill her guts. Advertisement All of this so beggars belief it's almost not worth addressing — except that influential voices on the right believe Israel might be behind one of the most hideous scandals in recent American life. Twitter: @RichLowry
