SMM claims jet photo re-emergence tied to legal retaliation campaign
In a statement today, the state-owned company described the media reports that followed as 'false, misleading and defamatory'.
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The Star
2 hours ago
- The Star
Ringgit ends higher ahead of US tariff negotiation deadline
KUALA LUMPUR: The ringgit closed higher against the US dollar on Tuesday, amid a mixed performance in regional currencies, as investors adopted a wait-and-see approach ahead of the United States (US) tariff negotiation deadline, an analyst said. At 6 pm, the ringgit rose to 4.2300/2370 against the greenback, compared with Monday's close of 4.2320/2365. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said there is an impression that the tariff negotiations could extend beyond the Aug 1 deadline. "Asian currency performance against the US dollar was rather mixed, as the Chinese yuan, Thai baht and Korean won depreciated, while the Indonesian rupiah and the Philippines peso strengthened. "The ringgit opened on a stronger footing in the morning session, rising to as high as RM4.2273 against the US dollar. However, it hovered around RM4.2325 during the afternoon session," he told Bernama. Meanwhile, SPI Asset Management managing partner Stephen Innes said the ringgit traded sideways as local traders remained cautious, noting that a negotiated compromise with Washington could pave the way for modest gains, especially if the tariff rate comes in below expectations. "For now, traders are marking time. But this calm will not last forever. Aug 1 is not just a tariff deadline, it is the next macro landmine on Asia's summer calendar," he added. At the close, the ringgit traded lower against a basket of major currencies. It dipped against the Japanese yen to 2.8690/8739 from 2.8612/8644, fell against the British pound to 5.7088/7183 from 5.6954/7015 and declined versus the euro to 4.9512/9594 from 4.9277/9330 at Monday's close. The local note also traded mostly lower against most ASEAN currencies. It depreciated vis-à-vis the Singapore dollar to 3.3011/3071 from 3.2990/3028, weakened against the Thai baht to 13.0899/1172 from 13.0754/0954, and edged down versus the Philippine peso to 7.41/7.43 from 7.40/7.41. The ringgit, however, traded slightly higher against the Indonesian rupiah at 259.1/259.7 from 259.2/259.6. - Bernama
Malaysiakini
6 hours ago
- Malaysiakini
Amid criticism, PM to bring Sabah CM to Jakarta for talks over Ambalat
PARLIAMENT | Prime Minister Anwar Ibrahim (Harapan-Tambun) clarified that no official agreement was reached with Indonesia on a proposal to jointly develop economic potential in the Sulawesi Sea. Noting that formal bilateral talks on the matter are set for next Tuesday (July 29), Anwar assured the discussions will also include Sabah Chief Minister Hajiji Noor as the state's maritime boundaries will be raised during the meetings. Anwar also affirmed that he and Indonesian President Prabowo...
The Star
6 hours ago
- The Star
T Rowe favours Thailand, Malaysia bonds on scope for rate cuts
T. Rowe Price Group Inc. likes local bonds in Thailand and Malaysia, betting that further monetary easing will outweigh currency gains as a key driver of investor returns. Malaysia's central bank has potential to deliver several more interest rate cuts after its first policy easing in five years earlier this month, while persistent deflation in Thailand should extend support for its debt despite already-low yields, said Leonard Kwan, a Hong Kong-based portfolio manager at the US asset manager. Kwan, who manages the firm's Emerging Markets Bond Strategy fund, added he prefers medium-term Thai bonds and longer-dated notes in Malaysia. The fund had assets worth $581 million as of June 30. Tailwinds from the dollar's weakness against the Asian currencies will be "less powerful than what we saw year to date,' Kwan said. He expects a "consolidative period for the dollar over the next three to six months' as bearish wagers on the greenback appear excessive. Kwan's comments signal a rethink among investors as the dollar has rebounded in the past two weeks, clawing back some of this year's steep losses as fresh inflation data cast doubts on the outlook of US rate cuts. Meanwhile, signs of strong consumption and a resilient labor market also helped ease concerns about a tariff-induced recession and a sustained decline of American exceptionalism. Despite the latest gain, the Bloomberg Dollar Spot Index is down 8% this year. Joining a broader Asian currency rally against the greenback, both the Thai baht and Malaysian ringgit have risen over 5% since 2025 began. The currency gains have been a key catalyst of the performance of the two nations' local-currency bonds. Thai debt has generated year-to-date total returns of 13.8% this year, with 10.2% for their Malaysian counterpart, Bloomberg data show. Elsewhere in the region, Kwan said he also likes Indonesian bonds of medium-term maturities, as the firm sees another two-to-three 25-basis-point rate cuts in Southeast Asia's biggest economy. The Indonesian rupiah, in contrast, is Asia's worst-performing currency this year, down 1.3% versus the dollar. - Bloomberg
