
German businesses remain confident in M'sia amid global uncertainties
The survey, conducted by the Malaysian-German Chamber of Commerce and Industry (MGCC) revealed that 91 percent of German businesses rate their current business situation in Malaysia as 'good' or 'satisfactory', underscoring sustained optimism despite a volatile global economic landscape.
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Malaysian Reserve
36 minutes ago
- Malaysian Reserve
Trump sends tariff letter to PM Anwar, King
IF you were wondering if that weirdly worded letter came from President Donald Trump, doubt no more. The United States president has just released a batch of letters to about a dozen countries, including Malaysia, inviting them to 'participate in the extraordinary Economy of the United States, the Number One Market in the World, by far.' Malaysia has been slapped a 25% tariff rate. The letters were addressed to Prime Minister Datuk Seri Anwar Ibrahim and His Majesty Sultan Ibrahim, King of Malaysia. Similarly, the letter to Thailand was also addressed to its PM and monarch. In the almost identical letters, Trump unveiled the first in a wave of promised letters that threaten to impose higher tariff rates on key trading partners, including levies of 25% on goods from Japan and South Korea, and signed an executive order holding off the new duties until Aug. 1. Trump also announced 25% rates on Malaysia, Kazakhstan and Tunisia, while South Africa would see a 30% tariff and Laos and Myanmar would face a 40% levy. Other nations hit with levies included Indonesia with a 32% rate, Bangladesh with 35%, and Thailand and Cambodia with duties of 36%. Bosnia received a 30% levy, while Serbia faces a 35% rate. On Monday, he signed an executive order that delays the new rates until Aug. 1 for all nations facing the reciprocal tariffs, effectively buying each affected nation an extra three weeks to cut a deal with the White House, reported Bloomberg. The first batch of letters went out to Japanese PM Shigeru Ishiba at about 1am, today. Two hours later, at about 3am Malaysian time (according to the time stamp on the letter), the second batch started going out, with Malaysia leading the group. It included Kazakhstan, South Africa, Laos and Myanmar. And another two hours later, came the next batch of letters for Tunisia, Indonesia, Bangladesh, Serbia, Cambodia and Thailand. At about 7am, Monday (Malaysian time), Trump posted this on his Truth Social account: 'I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th. Thank you for your attention to this matter! DONALD J. TRUMP, President of The United States of America.' This was followed by this: 'Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!' Here is the letter in full: His Excellency Dato' Seri Anwar bin Ibrahim Prime Minister of Malaysia Kuala Lumpur Dear Mr. Prime Minister: It is a Great Honor for me to send you this letter in that it demonstrates the strength and commitment of our Trading Relationship, and the fact that the United States of America has agreed to continue working with Malaysia, despite having a significant Trade Deficit with your great Country. Nevertheless, we have decided to move forward with you, but only with more balanced, and fair, TRADE. Therefore, we invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far. We have had years to discuss our Trading Relationship with Malaysia, and have concluded that we must move away from these longterm, and very persistent, Trade Deficits engendered by Malaysia's Tariff, and Non Tariff, Policies and Trade Barriers. Our relationship has been, unfortunately, far from Reciprocal. Starting on August 1, 2025, we will charge Malaysia a Tariff of only 25% on any and all Malaysian products sent into the United States, separate from all Sectoral Tariffs. Goods transshipped to evade a higher Tariff will be subject to that higher Tariff. Please understand that the 25% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country. As you are aware, there will be no Tariff if Malaysia, or companies within your Country, decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely — In other words, in a matter of weeks. If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge. Please understand that these Tariffs are necessary to correct the many years of Malaysia's Tariff, and Non Tariff, Policies and Trade Barriers, causing these unsustainable Trade Deficits against the United States. This Deficit is a major threat to our Economy and, indeed, our National Security! We look forward to working with you as your Trading Partner for many years to come. If you wish to open your heretofore closed Trading Markets to the United States, and eliminate your Tariff, and Non Tariff, Policies and Trade Barriers, we will, perhaps, consider an adjustment to this letter. These Tariffs may be modified, upward or downward, depending on our relationship with your Country. You will never be disappointed with The United States of America. Thank you for your attention to this matter! With best wishes, I am, Sincerely, DONALD J. TRUMP PRESIDENT OF THE UNITED STATES OF AMERICA


The Sun
42 minutes ago
- The Sun
PM Anwar highlights success of visits to Italy, France, Brazil
RIO DE JANEIRO: Prime Minister Datuk Seri Anwar Ibrahim declared his official visits to Italy, France, and Brazil a success, achieving key objectives in trade, investment, and diplomatic relations. The visits, which began on July 1, reinforced bilateral ties and positioned Malaysia as a competitive player ahead of its ASEAN Chairmanship in 2025. Anwar highlighted that the trip generated over RM12 billion in potential investments, with Italy contributing RM8 billion and France RM4 billion. The delegation included five Cabinet ministers and representatives from major Malaysian corporations such as Petronas, Maybank, and Tenaga Nasional Berhad (TNB). In Italy, discussions with Prime Minister Giorgia Meloni focused on expanding economic cooperation, while geopolitical concerns, including the crisis in Gaza, were also addressed. Anwar noted that Meloni, French President Emmanuel Macron, and Brazilian President Luiz Inacio Lula da Silva shared Malaysia's stance on ending violence in Palestine. Responding to criticism over aircraft purchases benefiting European manufacturers, Anwar clarified that Malaysia aims to become a regional hub for aviation services, including maintenance and training. The government seeks long-term gains from partnerships with Airbus and Embraer. In Brazil, Anwar was invited to speak at the BRICS Business Forum, where he advocated for fairer global economic policies and raised concerns about AI governance. He also met leaders from India, Vietnam, Egypt, and South Africa, discussing potential collaborations. Malaysia's potential membership in the New Development Bank was also explored following talks with its president, Dilma Rousseff. Anwar stated that Bank Negara Malaysia would assess the benefits before any decision is made. - Bernama


The Star
an hour ago
- The Star
Khazanah eyes AI deals with French, Italian sovereign funds
Khazanah managing director Datuk Amirul Feisal Wan Zahir KUALA LUMPUR: Khazanah Nasional Bhd has held a series of productive meetings with the French and Italian sovereign wealth funds to explore cross-border collaboration, particularly in the field of artificial intelligence (AI). Managing director Datuk Amirul Feisal Wan Zahir said the discussions focused on how Malaysian, French and Italian companies could work together amid shifting global geopolitical dynamics. "We looked at how we can collaborate (with them) when it comes to technology innovation, and even some of the mid-tier companies that they have and that we have, and see how we can collaborate further. "We realised that we were facing the same issues: how do we look at being globally competitive using artificial intelligence and innovation, and how can we find new markets,' he told reporters in Brazil at the conclusion of Prime Minister Datuk Seri Anwar Ibrahim's official visits to Italy, France and Brazil. Khazanah was part of the Malaysian delegation on the official visits, which began on July 1 and were aimed at strengthening bilateral relations and boosting trade and economic cooperation. Other major Malaysian participants included Petroliam Nasional Bhd, Tenaga Nasional Bhd , Malayan Banking Bhd , FGV Holdings Bhd and YTL Power International Bhd . Amirul Feisal said Khazanah has partnered with Cassa Depositi e Prestiti, Italy's national promotional institution, for two years, and with Bpifrance, also known as Banque Publique d'Investissement, for three years. The visits to Rome, Paris and Rio de Janeiro were also part of efforts to reinforce diplomatic and commercial ties with key economic partners. Collectively, bilateral trade with Italy, France and Brazil amounted to RM50.91 billion (US$11.14 billion) last year. Khazanah posted its highest-ever annual return in 2024, achieving a net asset value (NAV) time-weighted rate of return (TWRR) of 24.6 per cent, a sharp increase from 5.7 per cent the year before. Its total portfolio, or realisable asset value (RAV), rose to RM151.3 billion, while operating profit reached RM5.1 billion. - Bernama