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New Straits Times
6 days ago
- Business
- New Straits Times
Iran-Israel conflict to drive up export costs, says Johari Ghani
KUALA LUMPUR: The escalating conflict between Iran and Israel is expected to impact the country's commodity export industry, particularly through a sharp increase in logistics and transportation costs, said Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani. He said although the demand for key commodities such as rubber and palm oil is not expected to be directly affected, as they are essential goods, disrupted shipping routes will cause export costs to soar. Johari said shipping companies are now forced to avoid risky areas and choose alternative routes that are longer, or unload goods at safe ports before transporting them by land, thus increasing costs. "When there is a war like the one between Iran and Israel, the logistics costs of products bound for the region will increase. Transportation costs can rise by up to three times. "As a country that is highly dependent on international trade, any disruption in the world's geopolitical landscape will definitely affect us. "Our GDP (Gross Domestic Product) is around RM1.9 trillion. But our trade volume with the world is almost RM2.8 trillion, almost RM3 trillion. This means we are very dependent on trade. So when international trade is affected, it will indirectly affect us," he said. Johari said this at the launch of the Industry Linkage Fund (ILF) 2.0 and the enhancement of the Automation and Green Technology Fund (FAT-G), organised by the Malaysian Rubber Council, here today. Johari said, for example, that the cost of sending a container to West Africa used to be around US$1,200 (RM5,089), but it can now reach up to US$3,000 (RM12,722) — and at one point, even hit US$6,000 (RM25,443) — due to geopolitical risks. He, however, assured that the fundamentals of the country's commodity industry remain strong because Malaysia's main markets, namely India, China, and the European Union are still stable and not directly affected by the conflict. "Demand for food and essential products such as rubber gloves will always be there. The only challenge now is to manage the increasing logistics costs so that the competitiveness of our products is not affected," he said. Recognising the increasingly complex external challenges, Johari said that local industries need to continue to strengthen their resilience through innovation and efficiency improvements. "This is why funds like the ILF and FAT-G are so important. They aim to help local companies, especially small and medium enterprises, to invest in technology, automation, and research and development to produce high-value-added products that are more competitive in the global market," he said.
See - Sada Elbalad
10-06-2025
- Business
- See - Sada Elbalad
Malaysian Jewelry Exports Surge, Boosted By Gulf ,Asian Markets
Waleed Farouk Both Singapore and the United Arab Emirates are experiencing a significant increase in their purchases of Malaysian gold jewelry, as rising global gold prices have dampened domestic demand, according to the Penang Jewellers Association. Josson Khor, an advisor to the association, said that foreign demand, coupled with strong prices, will push Malaysian gold jewelry exports this year beyond the $2.17 billion recorded in 2024. He noted that about 80% of Malaysian gold jewelry exports come from manufacturers and exporters based in Penang. Khor added, "There is stable demand from overseas markets for Malaysian gold jewelry, as the cost of local craftsmen remains competitive, despite the shortage of this specialized labor." It is worth noting that gold prices remain up more than 26% since the beginning of 2025, despite having retreated slightly from their record peak of $3,431 per ounce last month. According to data from the Malaysia External Trade Development Corporation, domestic gold jewelry exports reached $780 million (RM3.3 billion) during the period from January to April 2025, compared to approximately $6.6 million (RM2.8 billion) during the same period last year. The UAE recorded the highest purchase volume, importing jewelry worth $260 million (RM1.12 billion), a 7.4% increase, while Singapore increased its imports by nearly 16% to $240 million (RM1 billion). Conversely, domestic demand has suffered a significant decline due to high prices, with average retail gold jewelry sales halving from around 10 kg per month, according to Khor. The Penang Jewellers Association has approximately 650 members, more than 60% of whom are small and medium-sized enterprises (SMEs) with an annual turnover of less than RM25 million. Khor warned that continued high gold prices could lead to a further contraction in domestic retail sales, predicting they will fall to around 4 kg per month by 2027. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Daily Express
10-06-2025
- Politics
- Daily Express
G57 slams DAP Youth for defending activist Fahmi
Published on: Tuesday, June 10, 2025 Published on: Tue, Jun 10, 2025 Text Size: Zulkarnain (left) said Sabahans had filed numerous police reports against Fahmi (right) over the alleged insult to the Governor, but no legal action had followed so far. Kota Kinabalu: Gerakan Kuasa Rakyat Malaysia (G57) criticised DAP Youth Chief Woo Kah Leong for defending activist Fahmi Reza after he was barred from travelling abroad while remaining silent over alleged defamatory content aimed at the Sabah Governor. Its Chairman, Datuk Zulkarnain Mahdar questioned Woo's selective outrage and accused him of turning a blind eye to Fahmi's alleged insults to Yang di-Pertua Negeri Sabah, Tun Musa Aman. Advertisement 'Yes, Woo has every right to defend Fahmi, but why hasn't he questioned why no legal action has been taken against Fahmi despite multiple police reports lodged by Sabahans?' He pointed out that Fahmi had allegedly humiliated the Governor through a caricature posted online, an act Zulkarnain described as 'a deliberate and malicious attack.' 'Does Woo's silence have anything to do with the fact that Tun Musa is a Sabahan?' he asked. Zulkarnain reminded the public that the Governor's appointment was made by the Yang di-Pertuan Agong, Sultan Ibrahim, through a stringent vetting process, and that Tun Musa had never been convicted of any crime. 'Is Woo implying that His Majesty made a mistake in appointing Tun Musa?' he questioned. He further defended Tun Musa's credentials, calling him a respected corporate figure and the only Sabahan ever to own a bank prior to entering politics. G57 also took issue with what it called Fahmi's 'selective activism.' 'Why hasn't Fahmi ever named Datuk Seri Shafie Apdal as Sabah's top 'corrupt' despite Shafie having been remanded in a RM1.5 billion rural project corruption probe?' 'What about Bung Moktar's ongoing RM2.8 million graft case or Peter Anthony's conviction for cheating Universiti Malaysia Sabah?' 'Fahmi seems to be targeting only one individual. Is he being used by someone?' he questioned. Zulkarnain said Sabahans had filed numerous police reports against Fahmi over the alleged insult to the Governor, but no legal action had followed so far. 'What makes Fahmi so untouchable? Sabahans are watching. And they will make their decision when the time comes,' Zulkarnain added. * 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
New Straits Times
05-06-2025
- New Straits Times
Customs cripples vape smuggling, seizes RM5mil worth of devices and liquids
BUTTERWORTH: The Customs Department seized more than RM5 million worth of electronic cigarette (vape) devices and liquids in two major anti-smuggling operations conducted in April. These are the first such seizures involving vape products this year. The first raid took place at the North Butterworth Container Terminal (NBCT) in Penang on April 3, where enforcement officers discovered 14,200 vape devices and 210 litres of vape liquid and gel hidden in a shipping container. Penang Customs director Rohaizad Ali said the shipment, which originated from China, had been falsely declared as plastic materials. "The seized items are estimated to be worth RM1.33 million, with unpaid duties and taxes amounting to RM205,400," he said at a press conference today. Two suspects — a shipping agent and a Chinese national in their 30s — were detained. Rohaizad said the foreigner admitted that the items belonged to him. A second raid was carried out at Port Klang, Selangor, on April 10, where officers intercepted a shipment containing 71,886 vape devices and 786.5 litres of vape liquids. "The goods in this case were also undeclared, and the container was declared as carrying wallets, belts and similar items," Rohaizad said. The total value of the second seizure is estimated at RM2.8 million, with potential tax and duty losses exceeding RM830,000. A shipping agent, in his 40s, was arrested in connection with the case. Both cases are being investigated under the Customs Act 1967, which provides for fines of up to RM500,000, imprisonment for up to seven years, or both, for false declarations. Rohaizad stressed that smuggling has serious implications for the nation's economy and security. "We urge the public to play an active role in combating smuggling. "People are encouraged to report any suspicious activities related to the smuggling of cigarettes, alcoholic beverages, fireworks, drugs, vehicles, and other contraband. "We rely heavily on community support to safeguard our borders and protect the nation's interests," he said. Members of the public can provide information confidentially via the Customs Toll-Free Line at 1-800-88-8855 or by contacting their nearest customs office.
New Straits Times
29-05-2025
- Business
- New Straits Times
UEM edgenta secures order book worth RM1.1bil in Q1, bringing total to RM9.3bil
KUALA LUMPUR: UEM Edgenta Bhd has secured an order book worth RM1.1 billion in the first quarter ended March 31, 2025 (1Q FY2025), bringing the company's cumulative order book to RM9.3 billion as at March 31, 2025. Chief financial officer Ahmad Fazril Fauzi said the RM1.1 billion represents 39 per cent of the total order book secured in FY2024. "We secured RM2.8 billion for the whole of last year, and by the first quarter of this year, we have already achieved 39 per cent of that," he said during a virtual analyst and media briefing today. Of the RM9.3 billion order book, RM5.8 billion is contributed by infrastructure services, followed by healthcare solutions (RM2.5 billion), property and facility solutions (RM600 million), and asset consultancy (RM400 million). "We are bullish on the performance going forward, supported by the positive momentum of its international operations as we secured contract wins in key markets such as Saudi Arabia, the United Arab Emirates (UAE) and Singapore. "The group's operations in Saudi Arabia and the UAE achieved a strong 24 per cent year-on-year revenue growth, driven by effective integration efforts and the scaling of newly acquired entities" he added. Elaborating further, he added that in Singapore, new contract wins amounting to RM462.8 million within the Healthcare Solutions division contributed to an encouraging order book, while additional wins in Taiwan (RM328.7 million) are also supporting the group's efforts to stabilise and strengthen its business performance. Commenting on its financial results ended March 31, 2025, Ahmad Fazril said the company is expected to return to profitability as early as the second quarter after recording losses in 1Q FY2025. He attributed the losses to cyclical factors. UEM Edgenta turned red in 1QFY2025, registering a net loss of RM17.95 million compared with RM9.77 million in the same quarter a year ago, while revenue declined to RM646.06 million versus RM677.6 million recorded previously.
