Iran tension will have ripple effect

Published on: Monday, June 23, 2025
Published on: Mon, Jun 23, 2025 Text Size: According to Nordin, the government should also take a more proactive role in providing up-to-date information, financial support, and technical assistance to affected industry players. Kota Kinabalu: The escalating tensions between Iran and Israel have raised concerns among industry players and economic analysts, particularly entrepreneurs involved in international trade. President of the Asean Chamber of Commerce & Industry (ACCI) Sabah Chapter, Datuk Nordin Ening, said the situation could trigger a ripple effect on global economic stability and impact local businesses connected to international markets. 'This conflict isn't just about foreign politics. It has direct implications on global oil prices, currency exchange rates, supply chains, and shipping costs. Malaysian entrepreneurs, especially in Sabah, where many rely on imports and exports, must be better prepared,' he said when commenting on the matter. He urged entrepreneurs to re-evaluate their strategies, including aspects of geopolitical risk management, market diversification, and building business resilience against global uncertainties. 'Smart entrepreneurs don't rely on a single market source or trade route. In an increasingly unpredictable world, we must have contingency and alternative plans, including strengthening regional markets such as Asean,' he added. According to Nordin, the government should also take a more proactive role in providing up-to-date information, financial support, and technical assistance to affected industry players.
Advertisement 'We need an economic response mechanism to handle external conflicts. A comprehensive framework should be established to ensure the nation's economy can withstand unexpected global shocks,' he said. He also stressed the importance of reinforcing economic cooperation among Asean nations so the region is less exposed to turbulence in the Middle East or among global powers. 'We can't face global challenges like this in isolation. Asean must act as a united economic bloc with mutual support,' he said. He further noted that such threats should also be seen as an opportunity to accelerate domestic economic empowerment and reduce reliance on external markets. 'Crises often open doors for reform. Entrepreneurs must be bold enough to adapt and move forward so their businesses can endure under any circumstances,' he concluded. * 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

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Daily Express

24 minutes ago

• Daily Express

Matta Fair Sabah 2025 announces 18 prize winners

Published on: Monday, June 23, 2025 Published on: Mon, Jun 23, 2025 By: Sisca Humphrey Text Size: Organisers and sponsor representatives pictured with the prize winners. KOTA KINABALU: Eighteen winners were announced during the Matta Fair Sabah 2025 Buyers' Contest prize ceremony on Monday, following the May 9–11 travel expo at the Sabah International Convention Centre (SICC). The grand prize, a pair of roundtrip tickets to Paris sponsored by Malaysia Airlines, was awarded to Terrence Thien Khiun Hem. Other top winners included Thien Yeck Tan Lan with tickets to Beijing and Chia Shi Quan who won a rainforest lodge stay for four, sponsored by Tropical Gateway Tours. Additional prizes included international flights to Incheon, Da Nang, Trivandrum and Chiang Mai, as well as eco-lodge stays and domestic tickets from Firefly and MASWings. The event was attended by Matta officials and sponsor representatives, with organisers thanking all partners and confirming the winners list will be posted online. * 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

Daily Express

an hour ago

• Daily Express

Sabah charts green energy path at Energy Asia 2025

Published on: Monday, June 23, 2025 Published on: Mon, Jun 23, 2025 Text Size: Abdul Nasser speaks at the event. KUALA LUMPUR: The Energy Commission of Sabah (Ecos) presented the state's energy transition roadmap at the recent Energy Asia 2025 conference, outlining key goals under the Sabah Energy Roadmap and Master Plan 2040 (SE-RAMP 2040). Ecos CEO Datuk Abdul Nasser bin Abdul Wahid joined national energy leaders on a panel discussing Malaysia's sustainable growth and detailed Sabah's target of achieving 80 per cent renewable energy by 2050, up from its current 80 per cent gas dependence. Sabah's plans include Southeast Asia's largest Battery Energy Storage System (Bess) in Lahad Datu, operational by July 2025, alongside other projects to ensure a 25 per cent reserve margin by Q3 2025. Ecos, empowered by recent State energy laws, is also pushing for universal rural electrification, carbon neutrality by 2050, and improved reliability through strategic power plant development and interconnection with Sarawak. Despite tariff pressures and subsidy burdens, Nasser said Sabah remains committed to a just and inclusive energy transition, supported by investor-friendly policies and accelerating rural electrification efforts. * 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

The Star

an hour ago

• The Star

Bursa Malaysia forms industry working group to strengthen cybersecurity in stockbroking

Bursa Malaysia chief executive officer Datuk Fad'l Mohamed KUALA LUMPUR: Bursa Malaysia Bhd has formed a dedicated industry working group to strengthen cyber resilience across the Malaysian stockbroking ecosystem. In a statement, the stock exchange operator said this coordinated effort follows the unauthorised trades incident on April 24, 2025. 'The industry working group represents a concerted effort to strengthen the cyber resiliency of our trading ecosystem. The industry recognises that cyber resiliency is not just a technology best practice — it is the cornerstone of a trusted and vibrant capital market. 'A resilient ecosystem safeguards investor confidence, upholds market integrity, and ensures that our digital infrastructure can withstand and adapt to evolving threats,' chief executive officer Datuk Fad'l Mohamed said. The industry working group, chaired by Bursa Malaysia chief regulatory officer Julian M Hashim, comprises representatives from four bank-backed participating organisations (POs), two non-bank POs, and two subject matter experts in the field of cybersecurity. The group held its inaugural meeting on June 17, 2025, during which it finalised its terms of reference. Its mandate includes assessing current cybersecurity practices and identifying systemic vulnerabilities within the stockbroking ecosystem. Additionally, the group will work on developing industry-wide standards and best practices for information and communication technology (ICT) risk management and incident response. It is also tasked with recommending enhancements to regulatory frameworks and operational protocols to strengthen overall cyber resilience. The industry working group targets to finalise its recommendation paper within four months, with the subsequent implementation phase focused on the execution of the recommendations. Acknowledging the different levels of operational complexity among stockbroking firms, industry consultations will be held to ensure the recommendations are practical and fit for purpose. Bursa Malaysia said stockbroking firms have recently implemented precautionary measures, including mandatory password resets, enhanced monitoring of unusual logins, blocking suspicious IP addresses, and issuing client alerts to safeguard login details. In line with these efforts, Bursa Malaysia had on May 21, 2025 sent out a directive to mandate that all stockbroking firms implement multi-factor authentication by the end of 2025. This requirement is a critical step towards enhancing the security of investor trading accounts and mitigating the risk of unauthorised access.