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Malay Mail
05-07-2025
- Business
- Malay Mail
Anwar heads to Brazil for Brics summit, pushing inclusive global order and AI governance as Asean chair
KUALA LUMPUR, July 5 — Prime Minister Datuk Seri Anwar Ibrahim is set to reinforce the importance of multilateralism amid a rapidly polarising global landscape and Malaysia's unwavering commitment to a more balanced, inclusive world order at the 17th Brics Leaders' Summit in Rio de Janeiro, Brazil, from July 6–7. Acting Head of Mission of the Malaysian embassy in Brasilia, the capital of Brazil, Datuk Mohammad Ali Selamat, said the Prime Minister will deliver a statement entitled: 'Strengthening Multilateralism, Economic–Financial Affairs and Artificial Intelligence,' during the session for Brics partner countries on Sunday. He will also deliver another statement on 'Environment, COP30 and Global Health' on Monday. Speaking to the Malaysian press in a virtual session from Brasília, Mohammad Ali said both interventions reflect Malaysia's steadfast commitment to strengthening multilateralism and amplifying the voice and interests of developing countries, aligned with the core objectives of Brics 2025. Anwar is set to arrive in Rio de Janeiro this morning for the Brics Summit, following his official visit to France, which ended yesterday. This marks his second visit to Brazil, after attending the G20 Summit as a guest last year. Both visits are on the invitation of Brazilian President Luiz Inacio Lula da Silva. 'The Prime Minister will emphasise the importance of multilateralism through constructive dialogue and inclusive collaboration, as Malaysia firmly believes that platforms such as Brics play a vital role in enabling the international community, particularly developing countries of the Global South, to collectively address shared challenges that threaten sustainable development, equitable growth and global stability. 'Malaysia, as Asean Chair, promotes regional cooperation through digital transformation, Artificial Intelligence (AI) governance and more inclusive trade. 'In the second session, the Prime Minister will focus on the challenges of addressing global health issues and climate change through international cooperation, while also emphasising efforts to strengthen climate financing towards a sustainable transition,' he said. As Chair of Asean 2025, Mohammad Ali said Malaysia is also looking forward to strengthening ties between the two groupings to enhance regional economic cooperation that contributes to collective efforts toward building a more inclusive, equitable and sustainable global economy during the Brics Leaders' Summit, themed 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.' Anwar, who is currently undertaking a visit to three countries — Italy, France, and Brazil — from July 1 to 7, is scheduled to arrive in Rio this morning for the summit. Malaysia's participation in the summit is in its capacity as a Brics Partner Country and as Chair of Asean 2025. Malaysia officially became a Brics Partner Country on January 1 this year. The Brics group — which serves as a political and diplomatic coordination forum for countries of the Global South and collaboration across diverse sectors — was initially established by Brazil, Russia, India and China. It later expanded with the inclusion of South Africa in 2011, followed by Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) in 2023, and Indonesia in 2024. Malaysia, as well as Belarus, Bolivia, Kazakhstan, Cuba, Nigeria, Thailand, Vietnam, Uganda and Uzbekistan, were accepted as Brics partner countries. Meanwhile, during his visit to Rio de Janeiro, Anwar, who is also the Finance Minister, is scheduled to have a business meeting with Brazil's multinational aerospace corporation, Embraer. The Prime Minister's delegation here includes Transport Minister Anthony Loke, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Deputy Minister of Energy Transition and Water Transformation Akmal Nasrullah Mohd Nasir, senior government officials and representatives from Malaysian companies. Mohammad Ali also highlighted that bilateral trade between Malaysia and Brazil increased by 14.6 per cent to RM20.35 billion (US$4.38 billion) in 2024, rising from RM17.43 billion recorded in the previous year, maintaining Brazil as one of Malaysia's main trading partners in Latin America. Among Malaysia's exports to Brazil are electrical and electronic products (E&E), rubber products, petroleum products, chemicals and chemical products and palm oil-based manufactured products, while imports from the South American country include metalliferous ores and metal scrap, meat, coffee, and crude petroleum. 'Brazil is among the main markets for E&E and rubber products, while we import halal meat and raw sugar from Brazil, which contributes to Malaysia's food security,' he added. 'The oil and gas sector is Malaysia's largest investment through Petronas, while we will also hold discussions on semiconductors, food security, and green energy from time to time.' Rio de Janeiro is a vibrant coastal city in Brazil, renowned for its iconic beaches like Copacabana and Ipanema, the towering 38-metre Christ the Redeemer statue atop Mount Corcovado, and the stunning Sugarloaf Mountain, accessible by cable car. The city is also famous for its vast favelas, or shantytowns, and its world-famous 'Carnaval do Rio de Janeiro', a dazzling celebration with elaborate parade floats, colourful costumes, and lively samba dancers, which is widely regarded as the largest in the world. — Bernama
Reuters
24-06-2025
- Business
- Reuters
Swiss parliamentary committee backs motion that may delay some UBS capital rules
ZURICH, June 24 (Reuters) - A Swiss parliamentary committee on Tuesday passed a motion that could delay some tougher new banking rules proposed for UBS(UBSG.S), opens new tab, potentially giving the bank more time to find around $3 billion in added capital. On June 6, the Swiss government presented a long-awaited plan to tighten the rules in Switzerland after Credit Suisse collapsed in 2023, leading to its takeover by its rival UBS. The motion narrowly passed by the economic affairs and taxation committee instructs the Swiss government to submit all of its planned banking stability measures to parliament rather than issuing some directly via so-called ordinance measures. The motion still needs to be adopted by both houses of parliament to become binding. Among the proposed ordinance measures were stricter provisions for the valuation of assets like software or deferred tax assets, which had been expected for 2027. They could now be pushed on to the legislative track, where rules are expected to come into force in 2028 at the earliest. Overall, the government said UBS would need to find up to $26 billion in additional core capital under its raft of measures. It estimated that the ordinance measures in the package could account for around $3 billion of the total. The demise of Credit Suisse shocked Switzerland and the government pledged to overhaul banking rules in order to ensure there would be no repeat meltdown. UBS is highly critical of the new banking proposals, arguing they are not proportionate and risk putting the bank at a disadvantage against international competitors.
Arab News
16-05-2025
- Business
- Arab News
Pakistan's financial regulator alerts firms to cyber risks after conflict with India
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) on Friday cautioned local companies about heightened cybersecurity risks, days after a brief but intense conflict with India that, for the first time, saw both nations engage in cyber warfare alongside traditional military exchanges. The recent hostilities, which included missile and artillery fire, also featured the deployment of drones and coordinated cyberattacks, an unprecedented escalation in the long-standing rivalry between the two nuclear-armed neighbors. A ceasefire was brokered and announced on May 10, though the digital threat persists. 'The Securities and Exchange Commission of Pakistan (SECP) has issued an advisory to all the companies, in light of the recent geopolitical situation and resultant heightened cybersecurity threat alerts, urging companies to adopt cybersecurity best practices,' the regulator said in a statement. The advisory outlined potential risks such as operational disruptions, data loss and reputational damage, recommending measures including stricter access controls, vulnerability assessments, incident response planning and user awareness training. During the conflict with India, Pakistan's economic affairs ministry and the Karachi Port Trust (KPT) reported that their official X accounts had been compromised. The KPT account briefly posted claims of significant damage from an Indian naval strike before the post was deleted and the agency stated its account had been hacked. Pakistani officials also acknowledged launching retaliatory cyber operations targeting Indian government and financial websites. Indian authorities reported over 1.5 million attempted cyber intrusions during the conflict, primarily attributed to Pakistan-based hacker groups. The SECP's advisory highlighted the ongoing digital risks in the aftermath of the ceasefire, urging companies to bolster their cybersecurity defenses to protect critical infrastructure and sensitive data.
