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Malay Mail
11 minutes ago
- Malay Mail
AGC warns civil servants: Participate in rallies, face disciplinary action
KUALA LUMPUR, July 23 — The Attorney-General's Chambers (AGC) today clarified that civil servants are bound by specific directives issued by the Chief Secretary to the Government (KSN) concerning the prohibition against participating in public assemblies. In a statement, the AGC said any failure to comply with P.U. (A) 1/2012, P.U. (A) 395/1993, General Orders, circulars, service circulars, rules and other government-issued instructions could result in disciplinary action being taken against the officer under P.U. (A) 395/1993. 'Although Articles 10(1)(a) and 10(1)(b) of the Federal Constitution provide every citizen the right to freedom of speech and expression, as well as the right to assemble peaceably and without arms, these rights are not absolute,' the statement said. Last week, Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar reminded civil servants not to participate in a rally scheduled to be held in the capital this Saturday. He said it would be inappropriate for civil servants to join the assembly as doing so would go against the principle of Loyalty to the King and Country as enshrined in the Rukun Negara. Meanwhile, the AGC stated that a public officer was bound by the Letter of Undertaking as provided for under subregulation 20(3) of the Public Officers (Appointments, Promotions and Termination of Services) Regulations 2012 [P.U. (A) 1/2012]. 'Under the Letter of Undertaking, every public officer is responsible for complying with all regulations, including the Public Officers (Conduct and Discipline) Regulations 1993 [P.U. (A) 395/1993], General Orders, circulars, service circulars, rules and other directives issued by the Government from time to time during the course of their service,' it said. According to the statement, under P.U. (A) 1/2012 and P.U. (A) 395/1993, a public officer must at all times demonstrate loyalty to the King, the nation and the government. '(They must) not act in a manner that tarnishes or discredits the image of the civil service and must not make any public statement that would bring embarrassment or disrepute to the government,' it said. — Bernama
Free Malaysia Today
26 minutes ago
- Free Malaysia Today
Yen wobbles as traders process trade deal and political uncertainty
The yen was last steady on the day at ¥146.83 to the US dollar. (AP pic) TOKYO : Market focus was on the yen today, which traded choppily as traders weighed speculation about the future of Japanese Prime Minister Shigeru Ishiba against US President Donald Trump's announcement of a trade deal with Japan. The yen initially hit its strongest level since July 11 at 146.20 per dollar on the trade news but flipped to losses after reports Ishiba intends to step down next month following a bruising upper house election defeat. Ishiba said the reports he had already decided to resign were 'completely unfounded', and the yen recovered somewhat and was last steady on the day at ¥146.83 to the dollar. The trade deal – which lowers tariffs on auto imports and spares Tokyo from punishing new levies – affects the yen both because of what it means for the economy and also the Bank of Japan (BOJ), which has been cautiously raising interest rates. 'A trade deal does allow more potential for the Bank of Japan to hike interest rates this year,' said Jane Foley, head of FX strategy at Rabobank. 'That's a yen positive and clearly makes a move back to 150 (yen per dollar) harder,' Foley said. 'When there was trade and political uncertainty, clearly they weren't going to do anything. 'Of course we haven't sidestepped all the political uncertainty, and that's going to stop the BOJ from making any hasty decisions, but no one was expecting anything hasty anyway,' Foley added. Moves in other currencies were pretty muted due to the uncertainty around tariffs, as well as doubts about how currencies would react even if there were there any greater certainty. The US dollar has been one of the biggest losers since Trump announced sweeping tariffs on trading partners on April 2, weakness which continued as those duties were suspended to allow further negotiations, but which has petered out somewhat this month. The euro was last down 0.1% on the day at US$1.1744 but still near a four-year high it touched at the start of the month. Sterling was up a touch at US$1.1354. In contrast to the euro, European equities rallied on hopes the trade deal with Japan could pave the way for more deals, including with Europe. Trump said negotiators from the EU would be in Washington today. The European Central Bank meets tomorrow, but is unlikely to have a dramatic effect on the currency and is expected to hold rates steady. Improved sentiment towards the global economy from the trade deal, as well as higher metal prices, boosted the Australian dollar, although sentiment remained cautious. The Aussie firmed 0.4% to US$0.6581.
Free Malaysia Today
26 minutes ago
- Free Malaysia Today
Ringgit extends gains as govt measures, US-Japan trade deal lift sentiment
KUALA LUMPUR : The ringgit extended its gains against the US dollar at today's close, lifted by the latest fiscal support measures announced by the government, as foreign funds flocked into the local equity market, said an analyst. The local currency was also supported by optimism following the US-Japan trade deal, which boosted Asian equity and foreign exchange markets across the board. Earlier today, Prime Minister Anwar Ibrahim unveiled a new round of fiscal support measures aimed at alleviating living costs, stimulating domestic consumption and boosting household spending ahead of the upcoming National Day and Malaysia Day celebrations. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the one-off RM100 cash aid for Malaysians aged 18 and above, given through MyKad under the RM2 billion 'Sumbangan Asas Rahmah' programme, would help support economic growth in the second half of 2025. 'In a way, it's like a mini fiscal stimulus at a time when external uncertainties have become apparent. 'Such proactive move bodes well for the ringgit in the near-term,' he told Bernama. Meanwhile, SPI Asset Management managing partner Stephen Innes said the ringgit was supported by regional tailwinds after US president Donald Trump struck a 'massive' trade deal with Japan yesterday, which included cutting US tariffs on the latter to 15% from 25%. Innes noted that the deal has boosted market optimism, which lifted stocks and Asian currencies, including the ringgit. 'There is growing speculation that if Japan could secure softer terms, Malaysia might also seek similar concessions before the Aug 1 deadline,' he added. At 6pm, the ringgit rose to 4.2255/4.2300 versus the greenback compared with Tuesday's close of 4.2300/4.2370. However, the ringgit was weaker against a basket of other major currencies at the close. It slipped versus the Japanese yen to 2.8837/2.8870 from 2.8690/2.8739 at yesterday's close, weakened vis-a-vis the British pound to 5.7230/5.7291 from 5.7088/5.7183 yesterday, and fell versus the euro to 4.9586/4.9639 from 4.9512/4.9594. The local currency was also easier against some regional peers. It was flat against the Indonesian rupiah at 259.1/259.5 compared with 259.1/259.7 at yesterday's close. However, it slid vis-à-vis the Singapore dollar to 3.3071/3.3109 from 3.3011/3.3071 yesterday, depreciated versus the Thai baht to 13.1370/13.1567 from 13.0899/13.1172 previously, and inched down against the Philippine peso to 7.42/7.44 from 7.41/7.43.
