Latest from Malaysia Sun
Malaysia Sun
6 hours ago
- Business
- Malaysia Sun
Integrated seafood, tourism hub to be developed on Malaysia's West coast
KUALA LUMPUR, June 28 (Xinhua) -- An integrated hub project for seafood production, maritime services, and sustainable tourism has been launched to uplift the region's fisheries sector and support sustainable coastal community development, Malaysia's Selangor state Chief Minister Amirudin Shari said on Saturday. The Sekinchan Integrated Landing Port will especially uplift the coastal district of Sabak Bernam, transforming it from a support district into a driver of growth, Amirudin said at the launch of the initiative. "It is about unlocking long-term value through infrastructure that empowers people, sustains livelihoods, and positions Selangor as a state that leaves no region behind. We are building a foundation that will benefit not just today's generation, but those to come," he said. An initial investment of 500 million ringgit (118.2 million U.S. dollars) has been identified for fishing-related infrastructure and improvements for the entire Sekinchan Integrated Landing Port initiative, which is set to kick off by the end of 2026. Phase 1 of the hub will be developed over five years, with 80 percent of it being built over water. It will include a centralized jetty and fisheries complex, a fish auction hall, a logistics center as well as coastal enhancements including a new public beach, retail amenities, and serviced accommodation, MBI Selangor, a body established by the state government to manage the state's assets and investments, said in a statement. The project is expected to generate direct employment opportunities through newly created economic activities, enhance the district's attractiveness as a tourism destination, and open new channels for local entrepreneurs to promote and commercialize community-based products.
Malaysia Sun
6 hours ago
- Business
- Malaysia Sun
Economic Watch: ASEAN integration drives development of independent regional financial system, analyst says
KUALA LUMPUR, June 28 (Xinhua) -- Greater economic integration among the members of the Association of Southeast Asian Nations (ASEAN) is accelerating efforts to build an independent and resilient regional financial system, aimed at reducing reliance on external currencies and enhancing monetary stability across Southeast Asia, according to a Malaysian analyst. These moves are not meant to target any specific country but rather reflect a desire to move away from external financial volatility and facilitate transactions using local currencies for intra-ASEAN trade, which will enable seamless cross-border transactions, provide greater market access for micro, small and medium enterprises (MSMEs), and also boost regional tourism, Lee Pei May, a political expert at the International Islamic University Malaysia, said in a recent interview with Xinhua. "The push for the use of local currencies has been ongoing for some time, as it helps strengthen the economic integration of ASEAN member states -- an important goal that ASEAN seeks to pursue. In fact, other regions are also moving away from relying too heavily on a single foreign currency, such as the U.S. dollar, as external interest rates and shifting government policies may cause significant volatility in currency exchange," she explained, adding that volatility is undesirable in any business. "Apart from the benefits of easier and faster transactions between businesses and banks of ASEAN countries through the use of local currencies, cross-border payments in local currencies can also help to avoid the volatility from outside the area," she said. Lee also said that allowing cross-border settlements in local currencies would be faster and cheaper, and singled out the tourism sector as a big winner, as tourists in the region will not need to go through the hassle of changing physical money when visiting other ASEAN states. "The Regional Payment Connectivity (RPC) initiative was first established to strengthen payment connectivity among the five ASEAN members, notably Malaysia, Thailand, Singapore, Indonesia and the Philippines. To date, the initiative has expanded to include central banks of Vietnam, Laos, Brunei and Cambodia," she said. "The participation would bring about seamless cross-border transactions and boost tourism in the region. Under the local currency settlement framework, many national payment systems have been linked, such as between Malaysia and Indonesia," she said. Lee also noted that the ASEAN push for local currencies and reduced dependency on external monetary systems has gained momentum amid growing awareness of the risks posed by relying on the U.S. dollar. "In the past, certain currencies were viewed as stable, but due to increasingly unpredictable global developments, this perception is shifting," Lee said, adding that if economic tools were to be used to exert pressure on policy differences, it could have negative implications. "Such risks, even if unlikely, remind us why building regional financial resilience is critical," she said.
Malaysia Sun
14 hours ago
- Malaysia Sun
Bruneian leader calls to address challenges of AI era
Xinhua 28 Jun 2025, 09:45 GMT+10 BANDAR SERI BEGAWAN, June 28 (Xinhua) -- Brunei's leader has stressed that while the use of artificial intelligence (AI) is widely viewed in a positive light, it must be approached with caution, local media reported. According to the local daily Borneo Bulletin, Sultan of Brunei Haji Hassanal Bolkiah Mu'izzaddin Waddaulah has warned that the misuse of AI could spread harmful ideas, distort thinking, and even weaken faith. The sultan stressed that the rapid development of artificial intelligence (AI) technology is akin to a form of "migration" that is now deeply embedded in daily life.
Malaysia Sun
a day ago
- Business
- Malaysia Sun
Economists foresee Malaysia's growth to moderate in 2H amid global uncertainties
KUALA LUMPUR, June 27 (Xinhua) -- Economists foresee Malaysia's economic growth to ease in the second half of 2025 amid global uncertainties, including slowing economic growth and rising geopolitical tensions. Hong Leong Investment Bank Research said in a report on Thursday that it expects Malaysia's growth to proceed at a more moderate pace in the second half, following a pullback from export orders as businesses adjust inventory levels amid elevated policy uncertainty stemming from the unpredictability of U.S. policies. "As such, we maintain our 2025 gross domestic product (GDP) forecast at 4 percent year-on-year," it said. Ta Securities also said in a report on Wednesday that Malaysia's near-term outlook remains clouded by global trade tensions and policy uncertainties. "Looking ahead, growth momentum may ease further in the second quarter amid weaker economic activity and deteriorating sentiment, particularly due to persistent global trade tensions," said the research house. Domestic demand, especially private consumption, is expected to remain the primary driver of Malaysia's economic growth, it added. Maybank Investment Bank also said in its recent report that the second quarter likely saw a continued moderate downward trajectory in growth based on the latest weak economic indicators. "External headwinds are centered around the elevated uncertainties caused by the twists and turns, as well as overhangs in U.S. trade policy and tariff actions, as well as the outcomes of Malaysia's trade and tariff negotiations with the U.S.," said the research house.
Malaysia Sun
a day ago
- Politics
- Malaysia Sun
Brunei crown prince joins new Islamic year prayer
Xinhua 27 Jun 2025, 18:45 GMT+10 BANDAR SERI BEGAWAN, June 27 (Xinhua) -- Brunei's Crown Prince and Senior Minister at the Prime Minister's Office Haji Al-Muhtadee Billah on Thursday evening graced the end of the Islamic year and new Islamic year 1447 Hijrah prayer ceremony, local media reported. According to the local daily Borneo Bulletin on Friday, the event took place at Jame'Asr Hassanil Bolkiah mosque near the capital, Bandar Seri Begawan, and the gathering served as a moment for prayerful reflection, seeking divine blessings for the nation's continued peace, prosperity, and well-being in the year ahead. The annual national-level hijrah celebration in Brunei was jointly organized by Brunei's Ministry of Religious Affairs, the Ministry of Home Affairs, and the Ministry of Primary Resources and Tourism, according to the Borneo Bulletin. Brunei is located in the northern part of Borneo Island in Southeast Asia and has a rich and long-standing Islamic cultural heritage.
