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CNA
5 minutes ago
- CNA
Malaysia's economy projected to grow 4% to 4.8% this year, central bank says
KUALA LUMPUR :Malaysia's economy is projected to expand by 4 per cent to 4.8 per cent in 2025, down from a previous forecast of 4.5 per cent to 5.5 per cent, its central bank said on Monday, warning that trade and tariff uncertainties could affect global growth. Headline inflation is expected to average between 1.5 per cent and 2.3 per cent this year, Bank Negara Malaysia said in a statement. The central bank said the global economic growth outlook was affected by shifting trade policies and uncertainties surrounding tariffs. It said Malaysia's "updated growth projections account for various tariff scenarios, ranging from a continued elevation of tariffs to more favourable trade negotiation outcomes." Although Malaysia's economy remains on a "strong footing", the central bank said its growth projection remains subject to uncertainties surrounding the global economy. Malaysia is facing a 25 per cent tariff on its exports to the United States unless it can reach a deal with Washington by August 1. Malaysia's trade minister said several sticking points remained in the talks with the United States, particularly on non-trade barriers, but discussions were progressing well and were on track to meet the August deadline.
Business Times
an hour ago
- Business Times
Asia: Most markets rise, euro boosted after EU strikes US trade deal
[HONG KONG] Most stock markets rose with the euro on Monday after the European Union and United States hammered out the 'biggest-ever' deal to avert a potentially damaging trade war. News of the deal, announced by Donald Trump and European Commission head Ursula von der Leyen on Sunday, followed US agreements last week, including with Japan, and comes ahead of a new round of China-US talks. Investors were also gearing up for a busy week of data, central bank decisions and earnings from some of the world's biggest companies. Trump and von der Leyen announced at his golf resort in Scotland that a baseline tariff of 15 per cent would be levied on EU exports to the United States. 'We've reached a deal. It's a good deal for everybody. This is probably the biggest deal ever reached in any capacity,' Trump said, adding that the levies would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals and semiconductors. Brussels also agreed to purchase 'US$750 billion worth of energy' from the United States, as well as make US$600 billion in additional investments. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'It's a good deal,' von der Leyen said. 'It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic.' The news boosted the euro, which jumped to US$1.1779 from Friday's close of US$1.1749. And equities built on their recent rally, fanned by relief that countries were reaching deals with Washington. Hong Kong led winners, jumping around one per cent, with Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta also up, along with European and US futures. Tokyo fell for a second day, having soared about five per cent on Wednesday and Thursday in reaction to Japan's US deal. Singapore and Seoul were also lower. The broad gains came after another record day for the S&P 500 and Nasdaq on Wall Street. 'The news flow from both the extension with China and the agreement with the EU is clearly market-friendly, and should put further upside potential into the euro... and should also put renewed upside into EU equities,' said Chris Weston at Pepperstone. Traders are gearing up for a packed week, with a delegation including US Treasury Secretary Scott Bessent holding fresh trade talks with a Chinese team headed by Vice Premier He Lifeng in Stockholm. While both countries in April imposed tariffs on each other's products that reached triple-digit levels, US duties this year have temporarily been lowered to 30 per cent and China's countermeasures slashed to 10 per cent. The 90-day truce, instituted after talks in Geneva in May, is set to expire on Aug 12. Also on the agenda are earnings from tech titans Amazon, Apple, Meta Microsoft, as well as data on US economic growth and jobs. The Federal Reserve's latest policy meeting is expected to conclude with officials standing pat on interest rates, though investors are keen to see what their views are on the outlook for the rest of the year in light of Trump's tariffs and recent trade deals. The Bank of Japan is also forecast to hold off on any big moves on borrowing costs. AFP
CNA
an hour ago
- CNA
Musk says Tesla, Samsung Electronics sign chip supply deal
SEOUL :Tesla CEO Elon Musk said on Monday that the U.S. automaker has signed a deal to source chips from Samsung Electronics, a move expected to bolster the South Korean tech giant's loss-making contract manufacturing business. On Saturday, Samsung announced a $16.5 billion chip supply deal with a major global company, without naming the client. It said the customer had requested confidentiality about the details of the deal, which will run through the end of 2033. Three sources briefed about the matter told Reuters that Tesla was the customer for the deal. The deal comes as Samsung faces mounting pressure in the race to produce artificial intelligence chips, where it trails rivals such as TSMC and SK Hynix. This lag has weighed heavily on its profits and share price. Samsung, the world's top memory chip maker, also makes logic chips designed by customers through its foundry business. Pak Yuak, an analyst at Kiwoom Securities, said the latest deal would help reduce losses at Samsung's foundry business, which he estimated exceeded 5 trillion won ($3.63 billion) in the first half of the year. Analysts say Samsung has struggled with the defection of key clients to TSMC for advanced chips. TSMC counts Apple, Nvidia and Qualcomm among its customers. The Samsung-Tesla deal is also significant for South Korea, which is seeking U.S. partnerships in chips and shipbuilding amid last-ditch efforts to reach a trade deal to eliminate or reduce potential 25 per cent U.S. tariffs. It is not clear how the order would affect Samsung's plan to start production at its new factory in Texas, which has been delayed as it struggles to win major customers. Samsung is grappling to boost production yields of its latest 2-nanometer technology, and the order is unlikely to involve the cutting-edge tech, Lee Min-hee, an analyst at BNK Investment & Securities, said. Samsung has been losing market share to TSMC in contract manufacturing, underscoring technological challenges the firm faces in mastering advanced chip manufacturing to attract clients like Apple and Nvidia, analysts said.
