Latest news with #ZufazlinBaharuddin
Barnama
06-07-2025
- Politics
- Barnama
Timor-Leste's AMM Participation Marks Key Step Toward ASEAN Membership
GENERAL By Nurunnasihah Ahmad Rashid and Zufazlin Baharuddin KUALA LUMPUR, June 6 (Bernama) -- Timor-Leste's participation as an observer at the 58th ASEAN Foreign Ministers' Meeting (AMM) and related meetings in Kuala Lumpur starting Tuesday marks a significant step towards its full integration into the regional bloc, with membership expected to be formalised at the ASEAN Summit in October. Security and political analyst from the Centre for Media and Information Warfare Studies at Universiti Teknologi MARA (UiTM) Shah Alam, Selangor Dr Noor Nirwandy Mat Noordin, Timor-Leste's active engagement as an observer has laid a strong foundation for its eventual accession as a full ASEAN member. 'The relationship with ASEAN leaders and Timor-Leste is a very progressive transition. All the countries in ASEAN have basically agreed to the adoption of the accession of Timor-Leste since the beginning of the development of observer status in 2022,' he told Bernama. In May, ASEAN leaders have agreed to accept Timor-Leste as the 11th member of the regional bloc at the upcoming ASEAN Summit in October, subject to the fulfilment of several remaining requirements for full membership. This underscores the bloc's unified political will to welcome the country as its 11th member and support its institutional readiness. Timor-Leste, which gained independence in 2002, was granted observer status in ASEAN in 2022 and has since been working towards full membership based on a structured Roadmap endorsed by the regional bloc. At the ASEAN summit in May, ASEAN Secretary-General Dr Kao Kim Hourn highlighted Timor-Leste's growing engagement noting that the country attended about 90 per cent of ASEAN meetings in the first quarter 2025 compared to 83 per cent last year. Noor Nirwandy pointed out that ASEAN members need to continue focusing on providing technical and institutional support to ensure a smooth transition to full membership for the country.
Barnama
16-06-2025
- Business
- Barnama
CPO Futures Expected To Trade Higher Next Week On Stronger Rival Oils
By Zufazlin Baharuddin KUALA LUMPUR, June 14 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade higher next week, tracking the rise of rival oils such as soybean and crude. Palm oil trader David Ng said soybean and crude oil prices have risen due to heightened tensions in the Middle East, making palm oil more attractive, which will boost demand for the golden commodity. 'We expect prices to remain strong, driven by persistent demand from key buyers such as China and India, which should help lift market sentiment,' he told Bernama. Ng projected that CPO prices will trade between RM3,850 per tonne and RM4,000 per tonne next week. Fastmarkets Palm Oil Analytics senior analyst Dr Sathia Varqa said market participants will be closely watching Malaysia's palm oil export performance for June 1-15 and next week as the data could provide fresh leads for the market. On a Friday-to-Friday basis, the spot-month June 2025 contract shed RM64 to RM3,847 per tonne and July 2025 slid RM5 to RM3,925. The August 2025 note added RM10 to RM3,927 per tonne, September 2025 rose RM16 to RM3,922, October 2025 increased RM15 to RM3,914, and November 2025 went up RM11 to RM3,910. The weekly trading volume advanced to 339,415 lots from 290,679 lots the previous week, while open interest edged up to 244,432 contracts from 241,688 contracts. The physical CPO price for June South remained unchanged at RM3,960 per tonne.
Barnama
03-06-2025
- Business
- Barnama
Ringgit Expected To Trade In Cautious Mode Next Week Amid US Tariff Uncertainty
By Zufazlin Baharuddin KUALA LUMPUR, May 31 (Bernama) -- The ringgit is likely to be traded cautiously against the US dollar next week amid ongoing uncertainties surrounding US tariff policy developments, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid. This follows renewed market uncertainty after a US federal appeals court granted the White House's request to temporarily pause a lower-court ruling that struck down President Donald Trump's tariffs on imports into the country. Earlier, the US Court of International Trade had ruled that the tariffs announced by Trump were illegal. However, the Trump administration challenged the ruling, which has briefly restored the tariffs while the appeal process runs its course. Besides that, he said attention will also turn to the upcoming US Federal Reserve's Federal Open Market Committee (FOMC) meeting scheduled for June 16-17. 'Key US economic indicators, particularly labour market data and inflation figures, will be closely watched. 'Important data releases such as nonfarm payrolls, the unemployment rate, and the Institute for Supply Management manufacturing index will serve as critical guidance for investors and traders,' he told Bernama, adding that current data suggests a moderating growth outlook. Hence, Mohd Afzanizam said the FOMC is likely to maintain its interest rate stance, given that tariff-related policies could pose future inflationary risks. Given these developments, he opined that the USD/MYR is expected to remain within the RM4.22–RM4.24 range in the coming week.
Barnama
26-05-2025
- Business
- Barnama
ADB, World Bank To Unveil ASEAN Power Grid Financing Plan At 47th ASEAN Summit In October
By Zufazlin Baharuddin KUALA LUMPUR, May 26 (Bernama) -- The Asian Development Bank (ADB) and the World Bank will jointly launch the ASEAN Power Grid (APG) Finance Facility Framework at the ASEAN Summit with Dialogue Partners in late October, a major step towards accelerating regional energy integration. ASEAN Deputy Secretary-General for ASEAN Economic Community (AEC) Satvinder Singh said the facility is to support the development and deployment of cross-border energy infrastructure under the APG initiative. 'There is going to be a major announcement on their APG Finance Facility Framework, probably in October when the major summit takes place,' he said, referring to the 47th ASEAN Summit scheduled in October. 'In that framework, they are going to be addressing the ability to come in, in terms of more funding on the table for member states to deploy,' he told reporters during the pre-event briefing on the AEC Strategic Plan 2026-2030 on Friday. In addition to financing, Satvinder said the framework will also offer capacity-building support, including grants, free feasibility studies, and financing facilities. It will also feature improved loan terms such as moratoriums for deserving projects and protection against political uncertainties aiming to accelerate cross-border electricity projects under the APG, many of which have struggled to progress due to financing and investment risks. 'So, I think this is positive momentum that you are going to hear about in this year's chairmanship under Malaysia,' he said. Satvinder also highlighted that the scope of the APG has significantly expanded beyond the original 18 land-based connector projects.
Barnama
30-04-2025
- Business
- Barnama
Bursa Malaysia Roars Back, CI Jumps 1.63 Pct On Bargain Hunting, Foreign Funds
By Zufazlin Baharuddin KUALA LUMPUR, April 30 (Bernama) -- Bursa Malaysia bounced back from yesterday's losses to close on a firmer footing today, with the key index gaining 1.63 per cent, buoyed by bargain hunting, renewed foreign fund inflows, and signs of easing trade-related anxieties. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 24.66 points to 1,540.22 from yesterday's close of 1,515.56. The market bellwether opened 2.51 points higher at 1,518.07, marking its intraday low, and climbed to its intraday high at closing. On the broader market, market breadth was positive with 454 gainers outpacing 347 decliners, while 475 counters were unchanged, 1,143 untraded, and 96 suspended. Turnover slid to 2.56 billion units valued at RM2.25 billion against yesterday's 3.04 billion units valued at RM1.81 billion. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the local market displayed resilience, underpinned by the influx of foreign capital and shifting sentiment. 'Notably, US President Donald Trump's tariff 2025 announcement, which initially drove the composite index to a 20-month low of 1,400.59 on April 9, ultimately proved to be a boon in disguise. 'A sectoral symphony unfolded post-tariff, with export-oriented and consumer discretionary stocks harmonising to drive gains. This dynamic emerged as investors rotated into undervalued segments of the market, positioning ahead of potential trade normalisation,' he told Bernama.
