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Focus Malaysia
2 hours ago
- Business
- Focus Malaysia
Aluminium prices hold strong despite US tariff concerns
DESPITE ongoing uncertainties due to the US tariffs, we believe aluminium prices will remain supportive amid the tight global supply, albeit offset by moderating demand. 'We remain positive on the outlook for aluminium smelters mainly due to easing alumina costs,' said RHB. LME aluminium prices have been more volatile with the imposition of US tariffs, dropping to a low of USD2,300/tonne in April, but prices have since recovered to USD2,600/tonne. While the tariffs have raised concerns on slower demand for aluminium, LME aluminium prices are supported as the overall global supply remains tight amid delays in the ramping up of new smelting capacity in Europe due to high energy costs, and limited room to grow in China as it nears the 45m tonne annual production cap. That said, the Main Japanese Port (MJP) premium has fallen by 58% year-to-date (YTD) due to the higher supply in Asia following reduced interest in exporting to the US, whereas the US Midwest premium has risen 200% YTD. On the cost side, alumina prices have decreased 46% YTD, accounting for only 14% of LME aluminium prices, down from a peak of 31% in Dec 2024, as supply chain disruptions from Guinea eased. This bodes well for aluminium smelters, with a ramp-up in new refinery capacities in Asia. In the longer term, we remain positive on PMAH as it targets increasing alumina self-sufficiency from 23% currently to c.99% by 2027, with the new refinery project in Indonesia. Even if alumina prices fall further, Indonesia remains costcompetitive for alumina refineries due to its bauxite export ban. Conversely, carbon anode costs have risen 23% YTD, driven by higher petroleum coke prices, following supply disruptions. That said, margin should still be supported as carbon anodes make up a relatively small portion of smelting costs. Last week, the Transport Ministry formally approved the scheme for MRT Circle Line, or also known as MRT 3. Land acquisition is expected to be completed by end-2026, with contract awards and construction of the 51.6km line to begin in 2027. We believe this will boost demand for cement in the midlong term, and anticipate LMC to be one of the biggest beneficiaries, given its huge market share of 60-70%. Additionally, while LMC's cement supply contract for the East Coast Rail Link Phase 1 ended in 2024, management guided that it is still supplying cement for Phase 2, albeit without an exclusive contract. We note that bulk cement prices have remained stable at MYR380/tonne since Jul 2023, while coal prices have declined by 12% YTD, easing cost pressures for cement producers. Key downside risks are rising input costs and a global slowdown, which could tamper construction activity and weaken demand for aluminium and cement. —July 23, 2025 Main image: Aluminium Online
Business Recorder
9 hours ago
- Business
- Business Recorder
European shares end lower as trade anxiety weigh
FRANKFURT: European shares settled lower on Tuesday, with German equities logging their biggest one-day drop in two months as a batch of disappointing corporate reports and dimming prospects of a US-European Union trade deal weighed on sentiment. The pan-European STOXX 600 index closed 0.46% lower, with Germany's DAX logging a 1.1% drop, easing further from a recent record high. This earnings season is especially of interest for investors as they look for clues on how trade uncertainty and the euro's recent surge are impacting European export-heavy corporates. Latest earnings forecasts showed the outlook for European corporate health has slightly improved, although they are still expected to drop 0.3% on average, according to data compiled by LSEG. A year ago, STOXX 600 companies on average delivered a 3.0% increase in second-quarter earnings. On Monday, Sartorius Stedim Biotech was among top losers on the STOXX 600, down 8.1% after the French lab supplies manufacturer reported its half-year results. Switzerland's Givaudan lost 5.4% after missing half-year sales forecast due to the Swiss franc's 14% surge this major lenders, Julius Baer's first half profit took a hit, pressured by loan loss provisions and a charge from the sale of its Brazilian wealth management arm, sending shares of the Swiss bank down 2.1%. Keeping investors wary was also the lack of progress on prolonged negotiations between the US and Europe as they brace for the EU potentially announcing a broader range of counter-measures against Washington and could escalate trade tensions. 'If we see that 30% (US) tariff implemented, followed by potential countermeasures from the European Union, it would significantly hurt the growth outlook for the eurozone—a region where growth is already in a very fragile position,' Fiona Cincotta, senior market analyst at City Index said. Top on the radar for investors is a business activity survey and the European Central Bank's monetary policy verdict later in the week. Markets broadly anticipate that the central bank would leave interest rates unchanged.
The Star
9 hours ago
- The Star
Man charged with laundering RM933k
SHAH ALAM: A Johor Immigration Department senior officer is facing five money laundering charges involving a total of RM933,295. Nas Suffian Nasrun, 41, pleaded not guilty to committing the offences between 2022 and 2024. He entered the plea before Sessions court judge Datuk Mohd Nasir Nordin after the charges were read to him. According to the first charge, Nas Suffian has directly engaged in money laundering transactions involving RM224,840, transferred from a man's account to his mother's bank account through 29 online transactions between Nov 1, 2023 and May 29, 2024. He is also accused of receiving RM297,600 in proceeds from unlawful activities, transferred from the same individual's bank account to his personal account through 29 transactions between Oct 19, 2022 and Aug 8, 2024. The man is also charged with transferring RM113,375 from his account to an account of another individual in 32 transactions between April 16, 2023 and Nov 2, 2023. The accused is also charged with transferring RM209,080 from the bank account of a company he operates to his personal account through 55 online transactions between July 29, 2022 and July 1, 2024. He is also accused of transferring RM88,400 from his mother's account to his own through 17 transactions between Nov 5, 2023 and Sept 23, 2024. All five offences are alleged to have been committed at two bank branches in Kota Damansara and Kajang. The first charge falls under Section 4(1)(a) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613), while the remaining charges are under Section 4(1)(b) of the same Act. If found guilty, the accused can be jailed up to 15 years and fined at least five times the amount of the laundered money, the value of the proceeds from unlawful activities at the time the offence was committed, or RM5mil, whichever is higher. Deputy Public Prosecutor of the Malaysian Anti-Corruption Commission (MACC), Siti Amirah Muhammad Ali, proposed bail at RM800,000 with additional conditions imposed. However, lawyer Muhammad Zaim Rosli requested a lower amount, citing that his client has to support five school-going children, Bernama reported. The court then set bail at RM100,000 for all charges, with conditions, requiring the accused to report monthly to the MACC, surrender his passport and refrain from interfering with prosecution witnesses. The case will be mentioned on Sept 12. Bernama also reported that a security manager pleaded not guilty in the Kuantan Sessions court here to a charge of using a false document in a procurement process in 2022. Nur Mohamad Fariz Abu Bakar, 36, from Petaling Jaya, Selangor, entered the plea before judge Sazlina Safie. He is accused of using a forged quotation for RM29,000, dated Aug 26, 2022, as genuine in a procurement application to supply cleaning products to the Rubber Industry Smallholders Development Authority (Risda) in Pahang, Terengganu and Kelantan for one year. The offence allegedly took place at Risda Security and Services Sdn Bhd here on Aug 30, 2022. The charge, under Section 471 of the Penal Code and punishable under Section 465, carries a maximum sentence of two years' jail, a fine, or both, if convicted. During proceedings, Malaysian Anti-Corruption Commission (MACC) prosecuting officer Suriawani Abdul Rahim proposed bail at RM12,000 with one surety. However, the accused, who was unrepresented, requested a lower amount, saying that he was the sole breadwinner for his wife, three children and mother. The court set bail at RM5,000 with one surety and fixed Aug 25 for document submission and the appointment of a lawyer.
Daily Maverick
18 hours ago
- Politics
- Daily Maverick
DA to support Appropriation Bill ‘in the national interest' after Nkabane axed
DA leader John Steenhuisen has announced the party will support the passing of the Appropriation Bill now that Nobuhle Nkabane is out of Cabinet. The DA has confirmed it will support the passing of the Appropriation Bill in the National Assembly on Wednesday, 22 July, now that Nobuhle Nkabane has been fired as higher education minister. Following a party caucus meeting on Tuesday, DA leader John Steenhuisen said the party would vote for the Bill 'in the national interest'. 'The Democratic Alliance will support the 2024/25 Appropriation Bill following the president's decision to dismiss Minister Nkabane after sustained DA pressure. This decision is the crucial first step in holding compromised ministers accountable,' said Steenhuisen. The Appropriation Bill, a key part of the national Budget that allocates departmental spending, will be considered and then debated on Wednesday. Every department's vote must be passed for the Bill to pass. DA spokesperson Willie Aucamp told Daily Maverick on Tuesday morning that the party's support for the budget vote of the Department of Higher Education was solidified after Nkabane's firing. 'The Democratic Alliance will now support the budget vote on higher education because she is not there anymore,' he said. However, he said the DA's caucus would decide whether to support the Department of Human Settlements budget: 'We will discuss this and we will then decide on a way forward with regards to which other budgets we will support. 'So, I think the only one in question [that] still remains is Human Settlements, and that I can't give you an answer on. Our caucus will decide on that.' The DA has decided to move forward with the Appropriation Bill while continuing to push Ramaphosa to act against ministers implicated in wrongdoing. 'We now welcome the president's decision to act against [Nkabane]. But this must be the beginning, not the end. There are still individuals in the executive facing serious allegations. If the president is serious about restoring public trust, he must act decisively and consistently, not only when under pressure,' said Steenhuisen. ANC parliamentary chief whip Mdumiseni Ntuli was not immediately available for comment on Tuesday. DA's ultimatum After President Cyril Ramaphosa fired the DA's deputy minister of trade and industry, Andrew Whitfield, in June, the party said it would not support the Higher Education and Human Settlements budget votes while Ramaphosa retained ministers Nkabane and Thembi Simelane. The party opposed Nkabane's vote due to the scandal around the Seta board appointments, which had included individuals aligned to the ANC. For Simelane, it was down to her involvement in the ongoing VBS scandal. Daily Maverick and News24 reported that she received a R575,600 'loan' from VBS fixer Gundo Wealth Solutions. Following Nkabane's axing, on Monday the DA's Karabo Khakhau said the party's position on the issue was unchanged. The 'only way' the DA could support the budget votes was if Nkabane and Simelane were removed, said Khakhau. 'Not always easy as the GNU' Build One South Africa (Bosa) leader and chairperson of Parliament's Appropriations Committee, Mmusi Maimane, has been critical of the DA's stance on the Appropriation Bill, claiming it was playing politics with crucial government services. If the National Assembly fails to pass the Appropriation Bill, the Public Finance Management Act allows departments to spend up to 45% of the previous year's allocation in the first four months. Those four months will be up at the end of July. Thereafter, they can spend 10% of the allocation a month, capped at the previous year's total and limited to previously approved services. On Tuesday, Aucamp said Maimane did not understand the dynamics of the Government of National Unity (GNU) since his party was outside of the GNU. 'He does not understand the dynamics that we have got to deal with in the GNU. We have always managed to get to where we need to be, even if it was the fiscal framework that the Democratic Alliance went to court with,' said Aucamp. 'It's very easy to stand on the sidelines and give criticism if you are not on the field,' said Aucamp. He added: 'As the GNU, it's not always easy, but we do get where we want to be and hopefully we will be able to sort out all the issues with regards to all the different budgets and go forward from there. So yeah, it's easy for Mr Maimane to give criticism.' The DA spokesperson said the party's approach was 'yielding results'. 'If it was not for the pressure that the Democratic Alliance has been applying, we would still have sat with Nkabane.' DM
Business Recorder
a day ago
- Business
- Business Recorder
Gold unchanged at Rs309,671 per tola in Pakistan
Gold prices in Pakistan remained unchanged on Tuesday as gold per tola clocked in at Rs361,200. As per rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold also remained the same as it was sold at Rs309,671. On Monday, gold price per tola increased by Rs3,600 to settle at Rs361,200. The international rate of gold also remained the same on Tuesday. As per APGJSA, the rate was at $3,387 per ounce (with a premium of $20). Meanwhile, silver price clocked in at Rs4,035 per tola, registering an increase of Rs23.
