Latest news with #AZMANGHANI
The Star
12 hours ago
- Business
- The Star
Rakuten Trade lowers FBM KLCI 2025 target to 1,630 amid earnings downgrade
Bursa Malaysia building in Bukit Kewangan, KL on October 29.—AZMAN GHANI/The Star KUALA LUMPUR: Rakuten Trade Sdn Bhd has revised its year-end target for the FTSE Bursa Malaysia KLCI (FBM KLCI) to 1,630 from its earlier projection of 1,730, in line with the recent downgrades in corporate earnings, said its head of research Kenny Yee Shen Pin. He noted that foreign investors have yet to return to Malaysian equities, despite attractive valuations across Southeast Asian markets, further weighing on the overall market sentiment. "In view of the short-term stance among foreign funds, coupled with recent earnings downgrades, we have lowered our 2025 target for the FBM KLCI to the 1,630 level, based on a 16.0 times price-to-earnings ratio (PER) for the calendar year 2025 ' he said during a webinar today. He noted that at present, the FBM KLCI is trading at a PER of between 12 and 13 times, which remains below both its historical average and valuations of regional peers. He described foreign fund flows as "disappointing' after recording net outflows of RM4 billion in 2024, with the situation deteriorating further this year with net foreign outflows reaching RM11.2 billion so far. "This level (of foreign outflows) is quite perplexing, especially since Malaysia is quite steady both fundamentally and politically, yet we are seeing a diminishing foreign interest in the local market,' he said. He added that non-US-based funds are expected to gradually reduce their exposure to the US markets and shift their focus back to Asia, which could support a rebound in foreign fund inflows in the near term. Notwithstanding the massive foreign outflows, Yee highlighted that foreign shareholding in the local bourse surprising remains decent at 19.44 per cent as of June 2025. "We can only deduce that long-term foreign investors may be returning, while the majority of those who exited were short-term participants. For now, the Hong Kong market will still be their primary destination,' he said. Meanwhile, Yee projected that the US dollar will continue to weaken against the basket of major currencies, with the ringgit likely to strengthen to the 4.10-4.20 range by year-end, supported by the US recessionary concerns that could trigger interest rate cuts. "As many of you know, the US Dollar Index (DXY) has already dropped by 10 per cent year-to-date against major currencies. Hence, moving forward, many expect the dollar index to continue to weaken further --along the way, we may see the ringgit performing better against the US dollar,' he added. On domestic policy, Yee proposed that the government take a measured approach to the rationalisation of RON95 fuel subsidies, especially in light of ongoing geopolitical tensions in the Middle East. "We may see only a partial rationalisation of RON95, depending on how high or how much crude oil prices go,' he suggested. As of this morning, the ringgit traded higher at 4.2490/2700 against the US dollar, while the FBM KLCI climbed 0.22 per cent to 1,504.79 at lunch break. - Bernama
The Star
13-06-2025
- Business
- The Star
Malaysia's ties with United States and China not mutually exclusive, says US ambassador
Photo: AZMAN GHANI/The Star KUALA LUMPUR: The United States sees Malaysia as a key partner even as South-East Asia navigates growing engagement with China, citing the country's focused and professional approach to advancing bilateral trade talks, says US Ambassador to Malaysia Edgard Kagan ( pic ). He said Washington does not see growing ties with China as a threat to its own relationships in the region and that South-East Asian countries should not be forced to choose sides. "I would challenge the assertion that the region is moving closer to Beijing. "Countries in this region have long had strong ties with both the United States and China. We don't view those ties as mutually exclusive," he said during a press conference at his official residence here on Friday (June 13). Kagan was responding to a question about regional realignment in the wake of Chinese President Xi Jinping's visit to Malaysia in April. He said the United States respects the sovereign decisions of its partners and recognises that countries may engage with multiple powers based on their national interests. He added that the United States remains a significant contributor to Malaysia's development, particularly through trade and investment. American companies, he said, continue to play a vital role in the local economy and exports to the United States remain crucial for Malaysia. Kagan also emphasised that Washington is committed to strengthening its bilateral relationship with Malaysia, especially through trade cooperation. "We believe that the key is to strengthen our bilateral relationship between the United States and Malaysia," he said. He then highlighted the US government's appreciation for Malaysia's conduct in recent trade discussions, describing the country's negotiating team as professional and well prepared. "I've been very impressed with the seriousness with which Malaysia has approached the trade negotiations with the United States. "These are tough issues but the professionalism of the negotiating team and the government's commitment to reaching an agreement that facilitates trade – including greater access to Malaysian markets for American products and services – is very impressive," he said. This comes as both countries continue working-level discussions to enhance market access and remove trade barriers. The broader US-Malaysia trade relationship has faced pressure since 2018, when President Donald Trump's first administration imposed sweeping tariffs on steel, aluminium and other imports under national security provisions. Those measures, which disrupted global supply chains and raised costs for exporters in the region, including Malaysia, have continued under his current term with further tariff actions. Nevertheless, Kagan expressed optimism about current efforts to rebuild momentum, adding that the two governments are approaching the process in good faith. "There's a lot we can do together. I'm confident the relationship is strong and that it can be made even stronger," he said. Kagan also voiced support for Malaysia's chairmanship of Asean in 2025, calling it an opportunity to promote inclusive and balanced regional growth.
The Star
12-06-2025
- The Star
Mayor: DBKL plans enforcement enhancements for 2026
Photo: AZMAN GHANI/The Star KUALA LUMPUR: The Kuala Lumpur City Hall (DBKL) Enforcement Department is set to implement several proposals to enhance enforcement actions in the coming year, says mayor Datuk Seri Maimunah Mohd Sharif ( pic ). She expressed hope that incidents like the "abang belon" episode would not deter officers from performing their duties effectively. In March, a video circulated showing DBKL officers confiscating balloons from a vendor on Jalan Tuanku Abdul Rahman went viral. The incident attracted criticism from politicians who accused DBKL of being excessive in their actions. DBKL defended its officers, stating that the vendor had ignored previous warnings and continued trading. The vendor reportedly became aggressive, pushing officers after a third warning, leading to a police report being filed over injuries sustained during the altercation. 'I commend your firm and tactful enforcement against illegal hawkers, despite provocation and threats such as those seen in the 'abang belon' incident,' Maimunah said at the Parade for the Completion of the Basic Enforcement Officer Training Course 2025 this morning (June 12). This training course is compulsory for new officers under DBKL's enforcement service scheme. According to a statement, DBKL's Enforcement Department has issued over 621,000 notices for traffic offences, collecting RM2.79mil in fines as of April this year. Additionally, 19,000 notices for general offences have resulted in over RM1.56mil in fines collected.
The Star
12-06-2025
- Business
- The Star
PETRONAS ramps up global LNG push to support China's energy transition
A Petronas staff member walks past the PETRONAS logo at the Petronas Twin Towers following the group's financial results announcement on March 13. — AZMAN GHANI/The Star PETRONAS, Malaysia's State-owned energy group, will accelerate the expansion of its global liquefied natural gas (LNG) portfolio to support China's growing energy needs, as the world's second-largest economy deepens efforts to shift toward cleaner fuels and strengthen energy security, said a senior executive. In 2024, PETRONAS exported 8 million metric tons of LNG to China, accounting for about 10 percent of the country's total LNG imports for the year, according to the Kuala Lumpur-headquartered company. In addition to ensuring long-term supply capability from its LNG complex by developing several new gas fields in Malaysia, including Timi, Kasawari and Jerun, PETRONAS will advance additional upstream projects such as the Rosmari and Marjoram fields, aimed at bolstering production capacity and meeting future demand, said Shamsairi Ibrahim, vice-president of PETRONAS' LNG marketing and trading, gas and maritime business. "Internationally, we are broadening our supply network, particularly in North America. A key milestone will be the first LNG cargo from our joint venture in Alberta-based LNG Canada, expected by mid-2025," said Ibrahim. Once operational, the project is expected to add 14 million metric tons per annum to PETRONAS' global LNG portfolio, significantly strengthening its export capacity and diversifying its supply base. To better serve Chinese clients and address global LNG demand in a more sustainable way, the company is also enhancing its delivery capabilities. This includes deploying three new LNG vessels to improve shipments to Shenergy Group's Wuhaogou terminal in Shanghai and to supply inland cities along the Yangtze River via creative pipeline systems. PETRONAS' efforts are further supported by its partnership with Tiger Gas, a Shanghai-based company with multiple investments in Malaysia, including LNG filling facilities in Bintulu. The collaboration enhances cross-border LNG infrastructure and reinforces shared commitments to clean energy development. One of the key outcomes of this collaboration is the development of a specially designed LNG vessel capable of carrying around 600 containers. Unlike conventional LNG carriers that require deep-water ports, this vessel can navigate directly into the Yangtze River, expanding LNG accessibility across China's non-coastal regions. Apart from LNG, the Malaysian energy group also supplies petrochemicals, crude oil and lubricants to the Chinese market. It is advancing marine LNG solutions such as bunkering services and expanding its LNG fleet with new LNG carriers. Four of these vessels are currently under construction at Hudong-Zhonghua Shipbuilding (Group) Co Ltd, a major shipyard based in Shanghai. Ibrahim noted that geopolitical uncertainties and rising energy security concerns have prompted many countries, including China, to prioritize domestic energy sources. This trend has introduced greater caution around long-term LNG contracts and tempered appetite for new import commitments, creating a more complex and unpredictable global LNG market. "Despite these challenges, PETRONAS remains confident in the value of its differentiated LNG and clean energy portfolio," he said, stressing that the company believes its continued commitment to providing reliable, sustainable energy solutions aligns well with China's long-term energy transition strategy. - China Daily/ANN
The Star
05-06-2025
- Business
- The Star
MACC seizes Ilham Tower again
Photo: AZMAN GHANI/The Star PETALING JAYA: The Deputy Public Prosecutor's office has given the Malaysian Anti-Corruption Commission (MACC) the full legal authorisation to seize Ilham Tower again. MACC said it had since ordered the immediate seizure of the 60-storey skyscraper through its investigating officer after authorisation was given. It said that the seizure will be done under Section 51(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. 'Through a notice of seizure of immovable property under the section on June 4, the authorisation for seizure was granted pursuant to the powers conferred upon the Public Prosecutor under Section 376(3) of the Criminal Procedure Code (Act 593). 'This means the Deputy Public Prosecutor is satisfied with the information provided by the MACC related to an offence under Section 4(1) of the AMLATFPUAA 2001 for this case,' it said in a statement on Thursday (June 5). It added that all dealings related to the 274m-tall tower's transfer of ownership would be prohibited with immediate effect. This seizure comes after the tower, owned by the family of former finance minister the late Tun Daim Zainuddin, was originally seized by MACC in December 2023 due to an offence under the MACC Act 2009. This was believed to be part of an anti-money laundering probe that started in late May involving a corporate transaction valued at RM2.3bil (US$500mil) in November 1997 involving public-listed Renong Bhd and United Engineers Malaysia Bhd (UEM), which were both linked with Umno. On May 22, MACC chief commissioner Tan Sri Azam Baki said that eight investigation papers had been opened into the assets owned by Daim, his family and proxies, which had not been declared to the MACC during its initial 2023 investigation, due to having received new information from external agencies. Then on Wednesday (June 4), the High Court allowed an application by MACC to freeze assets worth £132mil in London that were allegedly linked to Toh Puan Na'imah Abdul Khalid, wife of the late Tun Daim Zainuddin, and her family.
