logo

ASEAN Summit opens in Malaysia with focus on integration, resilience

Malaysia Sun27-05-2025
The 46th Association of Southeast Asian Nations (ASEAN) Summit and related meetings kicked off on Monday in Kuala Lumpur, the capital of Malaysia, with greater regional integration and resilience against trade and economic disruptions high on the agenda.
Speaking at the opening ceremony of the plenary session, Malaysian Prime Minister Anwar Ibrahim urged ASEAN members to work together to face the challenges brought about by a changing world order, to ensure the agenda of sustainable and equitable development is not sidelined.
"For ASEAN, our peace, stability and prosperity have often depended on an open, inclusive, rules-based international order, anchored in the free flow of trade, capital and people. These foundations are now being dismantled under the force of arbitrary action," he said.
"Indeed, a transition in the geopolitical order is underway and the global trading system is under further strain, with the recent imposition of U.S. unilateral tariffs. Protectionism is resurging as we bear witness to multilateralism breaking apart at the seams," he added.
Anwar also stressed the importance of strengthening cooperation with friendly partners of the grouping, noting the significance of the first-ever ASEAN-China-GCC summit, which brings together the grouping along with China - the region's biggest economic partner - and the Gulf Cooperation Council (GCC).
Malaysia is the chair of ASEAN for 2025 and is hosting the ASEAN Summit and related meetings under the theme "Inclusivity and Sustainability."
Established in 1967, the grouping includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
(Cover via CMG)
Source: CGTN
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Thailand, Cambodia exchange heavy artillery as fighting rages for a second day
Thailand, Cambodia exchange heavy artillery as fighting rages for a second day

The Star

time23 minutes ago

  • The Star

Thailand, Cambodia exchange heavy artillery as fighting rages for a second day

SURIN, Thailand (Reuters) -Thailand and Cambodia exchanged heavy artillery on Friday as their worst fighting in more than a decade stretched for a second day, despite calls from the region and beyond for an immediate ceasefire in an escalating border conflict that has killed at least 15 people. Thailand's military reported clashes from before dawn in the Ubon Ratchathani and Surin provinces and said Cambodia had used artillery and Russian-made BM-21 rocket systems. Authorities said 100,000 people had been evacuated from conflict areas on the Thai side. "Cambodian forces have conducted sustained bombardment utilising heavy weapons, field artillery, and BM-21 rocket systems," the Thai military said in a statement. "Thai forces have responded with appropriate supporting fire in accordance with the tactical situation." Both sides blamed each other for starting the conflict on Thursday at a disputed border area, which quickly escalated from small arms fire to heavy shelling in at least six locations 209 km (130 miles) apart along a frontier where sovereignty has been disputedfor more than a century. Reuters journalists in Surin province reported hearing intermittent bursts of explosions on Friday, amid a heavy presence of armed Thai soldiers along roads and gas stations in the largely agrarian area. A Thai military convoy, including around a dozen trucks, armoured vehicles and tanks, cut across provincial roads ringed by paddy fields and moved toward the border. The fighting erupted on Thursday just hours after Thailand recalled its ambassadorto Phnom Penh the previous night and expelled Cambodia's envoy, in response to a second Thai soldier losing a limb to a landmine that Bangkok alleged had been laid recently by rival troops. Cambodia has dismissed that as baseless. DEATH TOLL RISES The Thai death toll had risen to 14 as of late Thursday, 13 of them civilians, according to the health ministry. It said 46 people were wounded, including 14 soldiers. Cambodia's national government has not provided details of any casualties or evacuations of civilians. A government spokesperson did not immediately respond to a request for comment on the latest clashes. Meth Meas Pheakdey, spokesperson for the provincial administration of Cambodia's Oddar Meanchey province, said one civilian had been killed and five were wounded, with 1,500 families evacuated. Thailand had positioned six F-16 fighter jets on Thursday in a rare combat deployment, one of which was mobilised to strike a Cambodian military target, among measures Cambodia called "reckless and brutal military aggression". The United States, a long-time treaty ally of Thailand, called for an "immediate cessation of hostilities, protection of civilians and a peaceful resolution." Malaysian Prime Minister Anwar Ibrahim, the chair of the Association of Southeast Asian Nations, of which Thailand and Cambodia are members, said he had spoken to leaders of both countries and urged them to find a peaceful way out. "I welcome the positive signals and willingness shown by both Bangkok and Phnom Penh to consider this path forward. Malaysia stands ready to assist and facilitate this process in the spirit of ASEAN unity and shared responsibility," he said in a social media post late on Thursday. (Reporting by Shoon Naing and Artorn Pookasook in Surin, Panarat Thepgumpanat and Panu Wongcha-um in Bangkok and Francesco Guarascio in Hanoi and Rozanna Latiff in Kuala Lumpur; Writing by Martin Petty; Editing by David Stanway / John Mair)

MDEC, BSN team up to boost youth digital talent, financial literacy
MDEC, BSN team up to boost youth digital talent, financial literacy

New Straits Times

time23 minutes ago

  • New Straits Times

MDEC, BSN team up to boost youth digital talent, financial literacy

KUALA LUMPUR: The Malaysia Digital Economy Corporation (MDEC) has teamed up with Bank Simpanan Nasional (BSN) to strengthen digital talent development and entrepreneurship among Malaysian youth. This collaboration includes the implementation of the Next Gen TeenXChange programme, a continuation of the Digital Ninja programme that has been running since 2016. It is one of the key components under MDEC's MyDigitalMaker initiative and is open to students aged 15 to 20 who show high potential in digital technology and leadership. In a statement, MDEC chief executive officer Anuar Fariz Fadzil said beyond talent development programme, Next Gen TeenXChange is an investment in the nation's future. He said with Malaysia's digital economy projected to contribute 25.5 per cent to gross domestic product by 2025, digital talent development has become a national priority. "Through this initiative, we can equip the younger generation with future-ready skills and ensure they are prepared to drive inclusive, sustainable and globally competitive digital economic growth," he added. BSN chief executive Jay Khairil said the partnership reflects the bank's continued commitment to empowering the younger generation through education and financial literacy. "By supporting digital talent development, we are not only investing in the country's future but also strengthening the foundation of a digitally and financially literate society," he said. The programme will be able to broaden its reach and target more students from diverse backgrounds. The programme provides a platform for students to master the latest technologies, develop digital and soft skills. It will also enhances their financial literacy that ultimately shaping a new generation of competitive digital leaders who can contribute to the nation's digital transformation. Since its inception, the programme has trained over 675 students, including 250 girls who are now actively engaged in innovation at university and industry levels.

CPO prices to stay resilient amid inventory stabilisation, PIB maintains neutral outlook
CPO prices to stay resilient amid inventory stabilisation, PIB maintains neutral outlook

Focus Malaysia

time23 minutes ago

  • Focus Malaysia

CPO prices to stay resilient amid inventory stabilisation, PIB maintains neutral outlook

PUBLIC Investment Bank (PIB) expect crude palm oil (CPO) prices in the second half of 2025 (2H25) to remain within the RM4,000–4,300/mt range, supported by a stabilising inventory trend after surpassing the 2 mil mt level. At the point of writing, CPO futures hit RM4,330/mt. Export momentum, particularly to India, is expected to improve, driven by the wide palm oil–soybean oil price differential and low inventory in the country. 'In the absence of new catalysts, we maintain a Neutral outlook on the sector, with a full-year CPO price forecast of RM4,200/mt,' said PIB. Indonesia consumed approximately 7.42 mil kilolitres of biodiesel as of 16 July, representing 47.5% of its full-year target of 15.62 mil kilolitres. This is projected to boost domestic palm oil usage by 2 mil mt, tightening export availability. The BPDP Agency's estimated collection of 30tln rupiah in export levies is sufficient to fund the B40 programme. The potential rollout of a B50 mandate could serve as a key catalyst in 2026, potentially increasing domestic consumption by an additional 3 mil mt and mitigating the negative impact of higher US tariffs. Forest and land fires in Indonesia's Sumatra region have surged, with 1,292 hot spots detected by the Meteorology, Climatology, and Geophysics Agency (BMKG), a 14-fold increase in 10 days. Riau province is the worst hit, with 582 hot spots. While the extent of plantation land affected remains unknown, prolonged dry weather could negatively impact fresh fruit bunch (FFB) output over the next 1–2 years. Palm olein continues to trade at a premium of 454 yuan/mt to soybean oil on the Dalian Commodity Exchange, despite palm oil's current discount of USD222/mt to Argentine soybean oil. This pricing misalignment discourages Chinese buyers from switching to palm oil, prompting increased soybean crushing. Based on our calculations, palm olein prices would need to drop by at least USD63/mt to reach parity. Historically, palm oil has traded at a USD91–184/mt discount to soybean oil over the past decade. Brazil, Argentina, and the US collectively account for 80% of global soybean production. Output is expected to rise 6% YoY to 421m mt in 2024/25, with Brazil contributing a record 169m mt and expected to reach 175m mt in 2025/26. Global production is forecasted to grow another 1.3% to a record 427m mt in 2025/26. The US has imposed a 25% tariff on Malaysian palm oil products, compared to 19% for Indonesian exports. While this makes Malaysian products less competitive, the US accounted for less than 3% of Malaysia's palm oil exports in 2024, limiting the impact. The US Environmental Protection Agency (EPA)'s proposal to cut the renewable identification number by 50% for fuels made from foreign feedstocks, as part of 2026-2027 renewable volume obligations could artificially drive up the soybean oil and biofuel prices in the country. Soybean oil price currently trade at USD1,223/mt on Chicago Board of Trade compared to Brazil's USD1,167/mt and Argentina's USD1,112/mt. According to the GlobalData Agri report, there is sufficient domestic feedstock to meet the EPA's projected production volumes of 4.3 bil gallons in 2026 and 4.6bn gallons in 2027 while the US biomass-based diesel demand is expected to reach 7 bil gallons by 2027 and grow to 9bn gallons by 2030. Meeting that demand, however, will require continued access to global feedstock markets. EPA's proposal to cut the renewable identification number value by half fo fuels made with imported feedstocks would limit overall biomass-based diesel market growth, threaten future investments and limit consumer access to American-made fuels. Various study estimate that the policy shift would introduce significant cost pressures across the renewable fuel supply chain. By reducing the imported feedstocks, it would effectively create a USD250-400/mt premium for domestic feedstocks. These price pressures are expected to draw more domestic feedstocks away from food and other non-biofuel uses. Despite higher minimum wages and fertiliser prices in 1H25, we anticipate lower production costs in 2H, aided by increased FFB yields and palm kernel credits. The mandatory 2% EPF contribution for foreign workers effective October 2025 is expected to trim plantation earnings by less than 1%. Malaysian oleochemical producers face mounting pressure from higher input costs as palm kernel oil is now subject to a 5% sales and service tax under the expanded SST regime. This applies to refined, bleached, and deodorised (RBD) palm kernel oil and palm kernel shell. Price volatility in palm kernel oil further complicates cost hedging, while the stronger Ringgit negatively affects revenue. We expect CPO prices to trade in the range of RM4,000-4,300/mt level for the 2H, driven by aggressive restocking activities ahead of the Diwali festival celebration amid current low inventory levels. Year-to-date (YTD), CPO price averaged at RM4,350/mt while CPO futures currently traded at RM4,330/mt. We maintain our 2025 CPO price forecast at RM4,200/mt. —July 25, 2025 Main image: Green Queen

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store