COOFANDY Marks 10th Anniversary with Dual Silver Awards at Berlin and New York Product Design Competitions
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Free Malaysia Today
2 hours ago
- Free Malaysia Today
RM8.13bil in potential investments from Italy trip, says Anwar
Prime Minister Anwar Ibrahim with Italian prime minister Giorgia Meloni at Chigi Palace in Rome. (Bernama pic) PETALING JAYA : Prime Minister Anwar Ibrahim said Malaysia has secured RM8.13 billion in potential investments following an economic roundtable and meetings during his three-day official visit to Italy which concluded today. Bernama reported that the potential investments span the petrochemical, machinery and equipment, electrical and electronics, and oil and gas services sectors. Anwar met representatives from 23 companies in manufacturing, nine in services, five government agencies, two industry groups, and two trade organisations during his trip. The engagements are expected to generate RM425 million in potential exports involving oleochemical products, renewable energy, biofuel feedstock, animal feed additives, and food products. During a bilateral meeting with Italian prime minister Giorgia Meloni, both leaders agreed to strengthen cooperation in energy, solar power, geothermal, and hydrogen sectors. Notable collaborations include a Petronas–Eni SpA joint venture in Johor on sustainable aviation fuel (SAF), a partnership between Perodua and Magna Steyr on electric vehicle batteries, and investment in modernising Malaysia's electricity grid, including links to the Asean Power Grid. Anwar also urged Italy to recognise the Malaysian Sustainable Palm Oil (MSPO) certification, requested Italian support for a fairer implementation of the EU Deforestation-Free Products Regulation (EUDR), and expressed Malaysia's aim to be classified as 'low risk' in the EU's deforestation benchmark by 2026. He also sought Italy's support to conclude the Malaysia-EU Free Trade Agreement (FTA) negotiations. Malaysia–Italy trade rose 2% to US$3.18 billion (RM14.61 billion) last year. Meanwhile, Anwar said Malaysia intends to purchase maritime patrol aircraft, helicopters and naval vessels from Italy to bolster its national security capabilities. Bernama reported that the acquisition would include two maritime patrol aircraft, as well as 28 Leonardo AW149 helicopters, while Italian shipbuilder Fincantieri is expected to supply multi-role support ships and littoral mission ships. Anwar said these defence assets would help strengthen Malaysia's long-standing bilateral ties with Italy, which is renowned for its advanced military industry. Anwar arrived in Rome on Tuesday for a maiden official visit at Meloni's invitation. Anwar is also visiting France and Brazil, as part of Malaysia's ongoing efforts to strengthen bilateral relations and promote economic cooperation at the global level. Among others, Anwar is scheduled to meet with French president Emmanuel Macron.
Free Malaysia Today
7 hours ago
- Free Malaysia Today
Trump tax bill stalled by Republican rebellion in Congress
US President Donald Trump pressured House Republicans to get the bill over the line in a private White House meeting with several holdouts yesterday. (AP pic) WASHINGTON : Donald Trump's signature tax and spending bill was in limbo early today as Republican leaders in the US Congress scrambled to win over a group of rebels threatening to torpedo the centerpiece of the president's domestic agenda. Trump is seeking final approval in the House of Representatives for his Senate-passed 'One Big Beautiful Bill' – but faces opposition on all sides of his fractious party over provisions set to balloon the national debt while launching a historic assault on the social safety net. As midnight (4am) struck, house speaker Mike Johnson was still holding open a key procedural vote – the bill's last hurdle before it can advance to be considered for final approval – more than two hours after it was first called. With no clear sign of the stalemate breaking, his lieutenants huddled in tense meetings behind the scenes with the rebels who had either voted no or had yet to come to the house floor. 'We're going to get there tonight. We're working on it and very, very positive about our progress,' Johnson told reporters at the Capitol, according to Politico. Originally approved by the house in May, Trump's sprawling legislation squeezed through the Senate on Tuesday by a solitary vote but had to return to the lower chamber yesterday for a rubber stamp of the Senate's revisions. The package honors many of Trump's campaign promises, boosting military spending, funding a mass migrant deportation drive and committing US$4.5 trillion to extend his first-term tax relief. However, it is expected to pile an extra US$3.4 trillion over a decade onto the country's fast-growing deficits, while forcing through the largest cuts to the Medicaid health insurance program since its 1960s launch. While moderates in the house are anxious that the cuts will damage their prospects of reelection, fiscal hawks are chafing over savings that they say fall short of what they were promised by hundreds of billions of dollars. Johnson has to negotiate incredibly tight margins, and can likely only lose three lawmakers among more than two dozen who have declared themselves open to rejecting Trump's bill. 'Abomination' Republican leaders had been hoping to spend just a few hours yesterday afternoon green-lighting the package, although they have a cushion of two days before Trump's self-imposed July 4 deadline. The 887-page text only passed in the Senate after a flurry of tweaks that pulled the house-passed text further to the right. Republicans lost one conservative who was angry about adding to the country's US$37 trillion debt burden and two moderates worried about almost US$1 trillion in health care cuts. Some estimates put the total number of recipients set to lose their health insurance at 17 million, while scores of rural hospitals are expected to close. Legislation in the house has to go through multiple 'test' votes before it can come up for final approval, and a majority must wave it through at each of these stages. There were warning signs early in the day as the package stumbled at one of the first steps, with a straightforward vote that ought to have taken minutes remaining open for seven hours and 31 minutes -making it the longest House vote in history. Johnson had made clear that he was banking on Trump leaning on waverers, as he has in the past to turn around contentious house votes that were headed for failure. The president has spent weeks cajoling Republicans torn between angering welfare recipients at home and incurring his wrath. Trump pressured House Republicans to get the bill over the line in a private White House meeting with several holdouts yesterday. 'What are the Republicans waiting for?,' he posted on his Truth Social platform just after midnight. 'What are you trying to prove??? MAGA IS NOT HAPPY, AND IT'S COSTING YOU VOTES!!!' House Democrats have signaled that they plan to campaign on the bill to flip the chamber in the 2026 midterm elections, pointing to analyses showing that it represents a historic redistribution of wealth from the poorest Americans to the richest. 'Shame on Senate Republicans for passing this disgusting abomination,' house minority leader Hakeem Jeffries told reporters.
Free Malaysia Today
7 hours ago
- Free Malaysia Today
US futures inch higher as investors eye trade deals, payrolls data
Nasdaq 100 e-minis climbed 22.5 points, or 0.1%, and Dow e-minis added 72 points, or 0.16%. (AP pic) NEW YORK : Wall Street stock index futures edged higher today, as investors monitored US trade negotiations ahead of President Donald Trump's July 9 deadline and looked ahead to payrolls data for clues on the monetary policy path. The Nasdaq and the S&P 500 closed lower in the previous session, pausing after a record run that was driven by optimism over the US striking trade deals with its key partners and by expectations of deeper interest-rate cuts. Yesterday, Trump said he was not thinking of extending the July 9 deadline for imposing tariffs and cast doubts that an agreement could be reached with Japan, although he expects a deal with India. The EU's trade chief is expected to hold talks this week with peers in Washington. Tech stocks came under selling pressure a day earlier, as Treasury yields climbed after data showed stronger-than-expected job openings in May, signaling a resilient labour market and confirming the Federal Reserve's stance of being patient on cutting interest rates. Focus is now on the monthly non-farm payrolls report, due on Thursday, as markets are closed on Friday for Independence Day. The data is expected to show US job growth cooled in June and the unemployment rate ticked up to 4.3%, per a Reuters poll of economists. ADP's private payrolls data for June is due at 8.15am. Meanwhile, US Senate Republicans passed Trump's massive tax-and-spending bill yesterday by the narrowest of margins, advancing a package that would slash taxes, reduce social safety net programmes and boost military and immigration enforcement spending while adding US$3.3 trillion to the national debt. The legislation now heads to the House of Representatives for possible final approval, though a handful of Republicans have already voiced opposition to some of the Senate provisions. By 5.53am, S&P 500 e-minis were up 8.5 points, or 0.14%. Nasdaq 100 e-minis climbed 22.5 points, or 0.1%, and Dow e-minis added 72 points, or 0.16%. The blue-chip Dow closed 1.3% below its record high touched in December. Among single stocks, Centene tumbled 26.6% premarket after the health insurer said it had withdrawn its 2025 earnings forecast after data showed a significant drop in expected revenue from its marketplace health insurance plans. Shares of peers including Elevance Health and UnitedHealth dipped 3.8% and 1.2%, respectively. US banking giants including JPMorgan Chase, Bank of America and Wells Fargo edged up after they announced plans to raise their third-quarter dividends after clearing the Fed's annual health check last week. Verint Systems soared 12.7% after Bloomberg News reported buyout firm Thoma Bravo was in talks to buy the call-centre software maker.
