Ringgit extends gain vs US dollar in opening trade
Malaysia's economy is forecast to grow by 4.5 per cent in the second quarter based on advance gross domestic product (GDP) estimates last Friday, slightly outpacing the previous quarter's 4.4 per cent.
At 8 am, the ringgit rose to 4.2330/2540 against the greenback, compared to Friday's close of 4.2410/2455.
However, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid sees the ringgit remaining in a narrow range as concerns over US tariffs continue to affect market sentiment as the Aug 1 deadline looms
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
2 hours ago
- Barnama
Malaysia Highlights Higher Education At Expo 2025 Osaka
PUTRAJAYA, July 22 (Bernama) -- Malaysia is promoting its higher education capabilities at Expo 2025 Osaka, with the Ministry of Higher Education (KPT) hosting Higher Education Week at the Malaysia Pavilion from July 21 to 26. In a statement, KPT said that more than 20 universities and agencies are participating to showcase the country's academic strengths, research excellence and openness to international collaboration under the theme 'Study in Malaysia'. The programme was officially launched online today by Higher Education Minister Datuk Seri Dr Zambry Abd Kadir. KPT said the initiative aims to attract more international students while highlighting the global impact of Malaysian institutions through high-impact research and innovation. Malaysia's presence at the Pavilion, coordinated by the Ministry of Investment, Trade and Industry (MITI), reinforces its position as a regional education hub offering internationally recognised programmes with local relevance. In his speech, Zambry said Malaysia's higher education landscape continues to evolve as a regional hub offering internationally recognised programmes enriched with local strengths. KPT also introduced the Edutourism Gateway, a digital platform that combines learning and tourism to enhance Malaysia's appeal as a study-abroad destination. It noted that Malaysia remains a top study destination for international students due to globally accredited programmes, highly ranked institutions, affordable education and living costs, safety and its unique multicultural society. Activities during the week include exhibitions, innovation showcases, sharing sessions and the signing of strategic partnerships involving public and private higher learning institutions.
The Sun
2 hours ago
- The Sun
Bursa Malaysia IPO pipeline healthy, on track to hit 60 new listings target for 2025
KUALA LUMPUR: Bursa Malaysia is on track to achieve its target of 60 initial public offerings by the end of 2025, with 37 companies already listed this year despite ongoing global uncertainties, said CEO Datuk Fad'l Mohamed. He noted that the Malaysian stock exchange continues to serve as a robust platform for capital raising, with sustained interest from both prospective issuers and investors. He said to date, no companies have withdrawn their listing plans, and the IPO pipeline remains healthy. 'As it stands today, we still see companies exploring IPO opportunities on Bursa Malaysia. With 37 listings to date, we are well-positioned to meet our target of 60 IPOs by year-end,' he told reporters after the signing of a memorandum of collaboration (MoC) between Bursa Carbon Exchange (BCX) and UEM Lestra Bhd today. Looking ahead, Fad'l said mid-cap companies are expected to continue leading the listing activity. He added that there are indications that several large IPOs may also materialise. Issuers will need to carefully consider pricing and sizing strategies to align with prevailing market conditions, ensuring that their offerings are well-structured for investor uptake, Fad'l said. Meanwhile, BCX, a wholly owned subsidiary of Bursa Malaysia, entered into a strategic collaboration with UEM Lestra, the energy transition arm of UEM Group Bhd. The partnership will pilot Malaysia's first Bilateral Energy Supply Contract (BESC) auction under the government's Corporate Renewable Energy Supply Scheme (CRESS). This auction will enable buyers to submit competitive bids for green electricity generated from UEM Lestra's large-scale hybrid solar photovoltaic (PV) projects, based on their individual electricity demand. Under the MoC, BCX will offer its Auction-as-a-Service solution to facilitate an open and transparent bidding process for renewable energy, in line with the CRESS framework. The initiative is expected to enhance liquidity on BCX, particularly through the eventual clearing and settlement of renewable energy certificates once the solar projects reach commercial operation. Fad'l emphasised that the success of the pilot auction will depend on securing credible offtakers through a fair and competitive process. He highlighted BCX's role in enabling efficient price discovery and in supporting national efforts to reform the electricity market via market-driven mechanisms. UEM Lestra CEO Harman Faiz Habib Muhammad noted that the auction provides the company with an efficient platform to seek optimal offers for its BESC initiative. He said BCX meets the company's core criteria for a price discovery platform – namely, its credibility, independence, and impartiality, particularly in avoiding competition within the same business space. UEM Lestra is currently developing several large-scale hybrid solar PV projects, including its flagship 1-gigawatt facility in Segamat, Johor. Slated for commissioning in the first quarter of 2028, the project is expected to generate over one million megawatt-hours of clean electricity annually, offsetting nearly 800,000 tonnes of carbon dioxide emissions each year.
Focus Malaysia
3 hours ago
- Focus Malaysia
Balance of trade between nations need to reflect parity and equality
ONE of the reasons cited by US President Donald Trump in increasing trade tariffs with Malaysia is that the balance of trade has been in Malaysia's favour for many years, and that the Malaysian government has not seriously addressed the problem. Trump had expressed hopes that higher tariffs could redress the situation and expects Malaysia to purchase a more wider range of American goods and products. Many nations too have lopsided balance of trade with the US and this is one of the reasons for the much-feared Trump's tariffs worldwide which will begin to be implemented from Aug 1. Numerous countries have taken advantage of the large unrestricted open US market to increase exports exponentially but buy back less in imports leading to an unfavourable balance of trade. The US has lost out to many countries in the trade of agricultural and manufactured goods as well as services. This is the reason why the US is now the world's biggest debtor nation. Many American multi-national have also added to the problems by opening new manufacturing centres outside the US to take advantage of lower labour costs and other incentives and exporting their products to the US for higher profits. This has led to the famous 'rust belt', a vast number of US factories that had been shuttered down due to economic changes. This became a major socio-economic issue during the presidential elections. The range of products and services the US depends on worldwide especially from the European Union (EU) and Asean countries has increased manyfold over the last few decade and is straining the US economy with the huge range imports which are not matched with imports by these countries. This has been cited as one of the reasons for the much talked about decline of the US as a superpower. Trump is imposing punitive tariffs on nation he feels are restricting US imports through restrictions, regulations and import substitution. The entry of China as a big time trading nation has upset the balance of trade internationally. China's economy of scale has led to cheaper and competitive prices and many nations have lost their erstwhile monopoly. Previously, Malaysia trade with the US was more balanced as Malaysia used to buy a large range of manufactured products and other goods and services from the US. However, the situation has drastically changed when China began flooding its products in Malaysia. This led to Malaysia buying less from not only the US but also the EU, among others. Malaysia often lauds its favourable trade balance as an economic achievement and advantage but does not take into account the disadvantage it causes to others. For a healthy trading relationship there should not be a very wide gulf or deficit between trading partners. Another country with a perennially lopsided balance of trade with Malaysia is India. India has had an unfavourable balance of trade with Malaysia for decades. India is Malaysia's largest importer of palm oil and is one of the main countries Malaysia considers to sell off any glut arising in palm oil. This enables palm oil prices to be kept high and well above production costs. The palm oil sector has been one of the most profitable and Malaysia reaps billions of ringgit due to high prices fuelled by large scale imports by India. In fact whenever palm oil exporters get wind of prospective large scale purchase of palm oil from India due to domestic vegetable oil shortage or demand for festivals many of these exporters and speculators jack up the prices. The situation became so exploitative more than a decade ago when India decided to have a more stable palm oil pricing with a government to government arrangement with Indonesia. Needless to say Malaysia-India trade ties need to become more balanced and fair to both sides. Malaysia needs to import more from India considering the presently wide range of manufactured as well as tradition products from India. Indian investors and businesses need to reciprocate by increasing their economic activities in Malaysia and their involvement in the IT and related sectors is one way to improve the balance of trade. The Malaysian Indian community should look into good investment opportunities in Tamil Nadu as the government is providing various incentives for export-related manufacturing for small and medium enterprises (SMEs) and larger firms. Alternatively, joint ventures between India and Malaysia need to be increased .This will also help redress the gap between imports and exports. Governments worldwide need to ensure that the balance of trade is fair and amicable for both sides and ensure that exploitative restrictions, over-regulation and domestic discrimination as well as unfair practices do not lead to countries reacting with higher tariffs and taxes. Trump's tariffs show how the US now unilaterally reacts to stop the disadvantages to the US economy. He has shown the way as to how to redress unfavourable trade balances with tariffs and other restrictions to save a country's economy. Tariffs will be a feature of the future with more nations feeling they are being exploited through unfair and discriminatory trade practices. Suffice to say, the days of unrestricted open markets are officially over. ‒ July 22, 2025 V. Thomas is a Focus Malaysia viewer. The views expressed are solely of the author and do not necessarily reflect those of Focus Malaysia. Main image: AFP/Andrew Hanik
