Latest news with #RM460

Asian markets slip as rate cut hopes dim, trade rally loses steam

Malay Mail

25-07-2025

Business
Malay Mail

Asian markets slip as rate cut hopes dim, trade rally loses steam

HONG KONG, July 25 — Asian stocks fell Friday as their latest rally ran out of legs, with sentiment weighed by strong US jobs data that saw investors row back their expectations for interest rate cuts. With Japan's trade deal with Washington out of the way for now, attention was also turning to European Union attempts to reach an agreement to pare down Donald Trump's threatened tariffs before next Friday's deadline. Equities have enjoyed a strong run-up for much of July on expectations governments will hammer out pacts, pushing some markets past or close to record highs. However, while Wall Street hit new records Thursday — S&P 500 chalked up its 10th in 19 sessions — another round of strong jobs data suggested the Federal Reserve might have to wait longer than hoped to cut borrowing costs. The 217,000 initial claims for unemployment benefits in the week to July 19 was the lowest since mid-April and suggested the labour market remains tight. The figures followed forecast-topping non-farm payrolls in June and come as inflation shows signs of picking up as Trump's tariffs begin to bite. Traders are now betting on 42 basis points of rate cuts by the end of the year, according to Bloomberg News. That's down from more than 50 previously. Meanwhile, a manufacturing survey showed US business confidence deteriorated in July for the second successive month, with companies worried about tariffs and cuts to federal spending. Trump continued to press Fed chief Jerome Powell to slash interest rates during a visit to its headquarters on Thursday, where they bickered over its renovation cost. The president, who wants to oust Powell over his refusal to cut, took a fresh dig during the trip, telling reporters: 'As good as we're doing, we'd do better if we had lower interest rates.' Trump's anger at the Fed and his calls for officials to lower rates has raised concerns about the independence of the central bank. 'While unlikely to yield anything concrete, the optics of a president storming the temple of monetary orthodoxy is enough to put Powell watchers on edge,' said SPI Asset Management's Stephen Innes. 'The risk isn't immediate policy change — it's longer-term erosion of independence, and the signal that Powell may not be sitting as comfortably as markets assume.' Trade hopes remain elevated, with Brussels and Washington appearing close to a deal that would halve Trump's threatened 30 per cent levy, with a European Commission spokesman saying he believed an agreement was 'within reach'. The bloc, however, is still forging ahead with contingency plans in case talks fail, with member states approving a €93 billion (RM460 billion) package of counter-tariffs. With few positive catalysts to drive buying, Asian markets turned lower heading into the weekend. Tokyo dipped after putting on around five per cent in the previous two days, while Hong Kong retreated following five days of gains. There were also losses in Shanghai, Sydney, Singapore, Manila and Jakarta. Seoul and Wellington edged up. The dollar extended gains against its peers as investors pared their rate forecasts. — AFP

MACC To Review LKAN 2/2025 To Identify Governance Weaknesses And Potential Misconduct

Barnama

24-07-2025

Business
Barnama

MACC To Review LKAN 2/2025 To Identify Governance Weaknesses And Potential Misconduct

PUTRAJAYA, July 24 (Bernama) -- The Malaysian Anti-Corruption Commission (MACC) will conduct a thorough review of the Auditor-General's Report (LKAN) Series 2/2025 to identify governance weaknesses and potential misconduct involving government agencies and government-linked companies (GLCs). In a statement today, the MACC said the review would include follow-up action on any issues suspected of involving criminal offences under the MACC Act 2009 (Act 694), and would not be limited to governance lapses alone. 'The MACC takes note of the LKAN recently tabled in Parliament, particularly issues involving governance weaknesses and potential misconduct in agencies and GLCs. The MACC fully supports the Auditor-General's disclosures,' the statement read. The commission will work closely with the National Audit Department to obtain relevant information and supporting documents to facilitate swift investigations and follow-up action. The MACC reaffirmed its commitment to tackling abuse of power, misappropriation, and corruption firmly and transparently, to uphold the highest standards of governance and restore public confidence in the integrity of public institutions. The LKAN 2/2025, tabled in the Dewan Rakyat yesterday, revealed serious irregularities identified in three audits, involving over RM460 million. Auditor-General Datuk Seri Wan Suraya Wan Mohd Radzi listed one of them as involving FELCRA Bhd, showing governance weaknesses in the lease procurement of four oil palm estates worth RM241.76 million between 2022 and 2024. She added that Universiti Kebangsaan Malaysia was found to have serious procurement irregularities involving three tenders worth RM58.45 million. The other irregularities involved uncollected late penalty charges amounting to RM162.75 million and yet to be imposed late penalty charges amounting to RM1.42 million for the GEMPITA supply contract.

New Straits Times

10-06-2025

Business
New Straits Times

MARKET PULSE PM JUNE 10, 2025 [WATCH]

KUALA LUMPUR: News on stock, crypto and ringgit moves. Bursa Malaysia closed lower today, reversing earlier gains as selling pressure emerged in the final hour of trading. The weakness in the broader index was largely attributed to cautious investor positioning ahead of further developments in the ongoing US-China trade negotiations, now entering their second day. Market participants are adopting a wait-and-see approach, with risk appetite tempered by uncertainty over the outcome and timeline of any potential tariff relief. Meanwhile, the ringgit strengthened against the US dollar to 4.2350. In the crypto market, Bitcoin traded higher at RM460,771. Ethereum rose to RM11,311 while Solana was up at RM667. That wraps up today's Market Pulse.

New Straits Times

29-05-2025

Business
New Straits Times

MARKET PULSE PM MAY 29, 2025 [WATCH]

KUALA LUMPUR: News on stock, crypto and ringgit moves. Bursa Malaysia's 30-stock index ended lower, dragged by profit-taking in heavyweight banking counters amid subdued market sentiment, despite strong gains across North Asian markets and Australia. The ringgit also weakened against the US dollar, slipping to 4.2370. In the cryptocurrency market, Bitcoin maintained its upward momentum, reaching RM460,576. Ethereum and Solana also followed the positive trend, rising to RM11,570 and RM734, respectively. That wraps up today's Market Pulse.

2 nabbed in KLIA trying to smuggle over 300 exotic animals

Daily Express

23-05-2025

Daily Express

2 nabbed in KLIA trying to smuggle over 300 exotic animals

Published on: Friday, May 23, 2025 Published on: Fri, May 23, 2025 By: FMT Reporters Text Size: The animals included blue iguanas, red-eared sliders, savannah monitors, nile monitors, common spotted cuscus, black-throated monitors, and others. PETALING JAYA: The Malaysian Border Control and Protection Agency has arrested two Malaysian men at KLIA Terminal 1 as they tried to smuggle hundreds of exotic animals out of the country on Wednesday. The agency said checks conducted at 6.30am uncovered more than 300 exotic wildlife that were hidden in several bags belonging to the duo. The animals included blue iguanas, red-eared sliders, savannah monitors, nile monitors, common spotted cuscus, black-throated monitors, and others. They had an estimated total value of about RM460,000 and were confiscated for further action. It said the two suspects did not have any documents or permits allowing them to transport the animals out of the country. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia