Business

World Bank sees Malaysia’s 2025 GDP growth at 3.9% (Fri, 25 Apr 2025)
KUALA LUMPUR: The World Bank has projected Malaysia’s economic growth rate for this year at 3.9 per cent, citing global challenges. In a post on his X account (@ApurvaSanghi), the World Bank’s Lead Economist for Malaysia, Dr Apurva Sanghi, stated: “With all possible caveats, we (the World Bank) project Malaysia’s 2025 growth rate at 3.9 per cent.” The World Bank has also revealed growth projections for other ASEAN countries, with Vietnam expected to lead at 5.8 per cent, followed by Indonesia at 4.7 per cent, the Philippines at 5.3 per cent, Cambodia at 4 per cent, and Thailand at 1.6 per cent. Additionally, China’s projected growth rate is 4 per cent. Yesterday (April 24), Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour said Malaysia’s GDP growth forecast for 2025, currently projected between 4.5 per cent and 5.5 per cent, may need to be revised downward due to the impact of tariffs. However, Ghaffour added that the central bank is not rushing to adjust the forecast, as the situation is still evolving. A day earlier, the IMF downgraded Malaysia’s real GDP growth forecast for 2025 to 4.1 per cent, down from 4.7 per cent, reflecting a broader downward revision across the region.
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Intel shares fall as dour forecasts overshadow CEO's turnaround promises (ven, 25 apr 2025)
INTEL'S shares fell more than 8% on Friday as the company's weak revenue and profit forecasts overshadowed new CEO Lip-Bu Tan's strategy to revitalise the embattled chipmaker. Years of bad decisions have left the struggling American chipmaking icon trailing in the lucrative artificial intelligence industry, while a raging Sino-U.S. trade war casts doubt on near-term demand for its PC processors. Tan on Thursday gave glimpses of his plans to reanimate Intel's culture of innovation by focusing on core engineering, stripping away unnecessary administrative work and cutting workforce. “Intel is so huge that shifting its course is like turning a battleship – it cannot be done on a dime,“ Evercore ISI analysts said. Tan did not provide much detail on how he will restore Intel's leadership position in manufacturing, nor on his plans to attract more external customers to the company's foundry, J.P.Morgan analysts said. Tan remains focused on the contract manufacturing business and has recently met rival TSMC'S CEO to discuss how the two companies could collaborate. Executives said first-quarter sales were boosted by customers stockpiling chips as growing tariff tensions between the U.S. and China have made buyers wary of future purchases. Intel could also stand to benefit if China introduces certain exemptions on U.S. imports given the company's large presence in the Asian country, Ben Barringer, global technology analyst at Quilter Cheviot, said. AI STRATEGY IN QUESTION Tan's comments about sharpening Intel's existing products to best suit emerging AI trends have sparked questions on how the company plans to get ahead in the booming artificial intelligence sector and challenge market leader Nvidia. “Intel needs to streamline fast – they have a lot of investments to make to catch up in AI,“ Stifel analyst Ruben Roy said. Historically, Intel has relied on buying startups to further its AI ambitions. Other than Mobileye which Intel spun out a few years ago, the other deals didn't help the company gain much traction. “Intel should have always had its own internal solution, but it missed the boat and tried to acquire its way into AI,“ Anshel Sag, principal analyst at Moor Insights & Strategy, said. One of Intel's biggest missteps was failing to capitalize on the booming demand for AI chips, allowing Nvidia to dominate the market. Intel now faces an uphill battle in challenging AI heavyweights as it lacks the same level of GPU intellectual property which is essential for AI workloads, Barringer added. The company's stock has gained 7.2% so far this year, outperforming Nvidia and Advanced Micro Devices, which have fallen nearly 20% each. Intel, however, trades at a higher 12-month forward price-to-earnings ratio of 31.37 versus 22.70 for Nvidia and 19.24 for AMD.
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Gold slips amid hopes of easing US-China trade tensions (ven, 25 apr 2025)
GOLD declined more than 1% on Friday and was headed for a weekly fall as news that China has exempted some U.S. goods from its tariffs raised hopes of a de-escalation in trade tensions. Spot gold was down 1.5% at $3,296.19 an ounce as of 1136 GMT. It hit a record high earlier this week. U.S. gold futures shed 1.3% to $3,306.50. “Gold is facing challenges in sustaining its upward momentum as optimism around a potential U.S.-China trade agreement grows,“ said Zain Vawda, analyst at MarketPulse by OANDA. China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified. China has not yet communicated publicly on any exemptions. The U.S. dollar jumped, making bullion more expensive for overseas buyers. “A U.S.-China trade agreement could push gold down toward $3,000/oz or lower, depending on other influencing factors,“ Vawda said. Gold, traditionally seen as a hedge against geopolitical and economic uncertainties has gained more than 25% so far this year. It also touched a record high of $3,500.05 on Tuesday. Meanwhile, Federal Reserve officials indicated they saw no urgency in revising U.S. monetary policy as they sought more information to determine how Trump's tariffs were affecting the economy. Non-yielding bullion tends to thrive in a low interest rate environment. Meanwhile, gold discounts in India jumped this week to the highest level in nearly nine years as high prices deterred buyers, while premiums in China rose to a more than one-year peak. Spot silver fell 0.8% to $33.31 an ounce, platinum also dropped 0.8% at $962.91 and palladium shed 2.1% to $933.67. Silver was headed for weekly gains, while both platinum and palladium were seen falling for the week.
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Ringgit ends lower as greenback gains on hopes of easing trade war (ven, 25 apr 2025)
KUALA LUMPUR: The ringgit ended the week lower as the greenback gains on hopes of an easing US-China trade war. At 6 pm, the local unit fell to 4.3705/3770 against the greenback, compared with Thursday’s close of 4.3695/3750. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit versus the US dollar was in a tight range today, hovering between RM4.3715 and RM4.3823. “The tariff spat between the US and China continues to hog the limelight with market sentiments remaining cautious,” he told Bernama. He said there were reports that China might exempt import tariff on certain items levied against the US as rising cost has weighed heavily on their businesses. Back home, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 3.0431/0481 from 3.0670/0710 at Thursday’s close, gained on the euro to 4.9596/9670 from 4.9738/9801 but was almost flat versus the British pound at 5.8128/8214 from 5.8127/8201 yesterday. Against regional currencies, the ringgit traded mixed. It firmed against the Singapore dollar to 3.3228/3280 from 3.3307/3354, and strengthened versus the Thai baht to 13.0195/0450 from 13.0632/0874. The local note, however, decreased against the Philippine peso to 7.77/7.78 from 7.72/7.74 and depreciated against the Indonesian rupiah to 259.6/260.2 from 258.9/259.4.
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Malaysia open to negotiate with US on reducing trade deficit, non-tariff barriers (ven, 25 apr 2025)
KUALA LUMPUR: Malaysia is open to negotiate with the United States on non-tariff barriers and reducing its trade deficit and will explore a bilateral trade agreement, the Ministry of Investment, Trade and Industry said today. Malaysia will explore alternative ways to address US concerns and will ensure that the mutually beneficial trade flows between both countries continue, it said in a statement following Investment, Trade and Industry Minister Tengku Zafrul Aziz’s visit to the United States this week. Malaysia is facing the imposition of a 24% tariff rate in July for its goods exported to the US, unless an agreement is struck between both countries. Tengku Zafrul met with US Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer in Washington, the ministry said. Countries in export-driven Southeast Asia have been hit with steep tariffs, with six of 10 listed nations from the region slapped with levies of between 32% and 49%. Malaysia has said that it will not take retaliatory action against Washington and is ready to collaborate to address its concerns. “These meetings are a step in the right direction. We will continue to keep the momentum by following up urgently on some of the key issues discussed within the 90-day period since the pause started,” Tengku Zafrul said. “We also stressed that all communication lines remain open and we will continue to work towards an amicable solution to this reciprocal tariff matter,” he added. Malaysia’s central bank governor said on Wednesday his country would need to mark down its growth forecast of 4.5% to 5.5% for the year due to trade and tariff uncertainties, but was in no rush to do so. The ministry said the Washington discussions also centred on how the United States can work more closely with the Asean, especially in view of Malaysia chairing the 10-member bloc this year. – Reuters
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Tariff cuts possible after Malaysia, US begin talks – Economist (ven, 25 apr 2025)
KUALA LUMPUR: Zero or reduced reciprocal tariffs for Malaysia could emerge as one of the key positive outcomes from the discussions by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz with the United States Trade Representative (USTR), Jamieson Greer, yesterday. Economist Professor Dr Geoffrey Williams said the recent 90-day pause presents a window of opportunity for Malaysia to negotiate better trade terms, potentially boosting the country’s global trade competitiveness. “The executive order signed by US President Donald Trump on Liberation Day explicitly allows for negotiations that could lead to the reduction or removal of the reciprocal tariffs, and this is what the US has been promising and promoting. “If the outcome is successful and a commitment to reduce or remove both tariffs and non-tariff barriers is achieved, then the reciprocal tariffs can be lifted or reduced,” he told Bernama. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid also sees the possibility of securing an exemption or lower tariff following the talks, as Malaysia continues its diplomatic efforts on the matter. “Given that the current reciprocal tariff is 24 per cent, while Malaysia’s average tariff based on World Trade Organisation (WTO) data is 5.6 per cent, we might reach a compromise in between – or potentially receive exemptions,” he said. He noted that Malaysia remains committed to fair bilateral trade with the US and is keen to see the trade balance between the two countries move towards a more favourable trajectory. On April 2, 2025, the US President announced a series of reciprocal tariffs affecting multiple countries, including a 24 per cent tariff on Malaysian goods, which is currently on pause. The sectors most vulnerable to these tariffs include electrical and electronics (E&E) – accounting for over half of Malaysia’s exports to the US – along with rubber products, machinery and furniture. Apart from Greer, Tengku Zafrul also met Secretary of Commerce Howard Lutnick in Washington, DC, on Thursday to discuss trade-related issues. According to the Ministry of Investment, Trade and Industry (MITI), Malaysia stands ready to continue working with the US towards mutually agreeable solutions on the reciprocal tariff issue announced by Trump’s administration. Malaysia has indicated its willingness to negotiate with the US on four key areas: reducing the trade deficit, addressing non-tariff barriers, strengthening technological safeguards and security, and exploring a potential bilateral trade agreement. Addressing US concern MITI also noted that Malaysia will seek alternative approaches to address the US’s concerns, while ensuring that mutually beneficial trade continues. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said that with Malaysia chairing ASEAN this year, it is well-positioned to lead the US-ASEAN trade dialogue to address bilateral concerns within a regional framework. “This platform would facilitate discussions on market access, tariff relief and trade liberalisation, leveraging ASEAN’s US$3.1 trillion market to find balanced solutions. “This not only reduces trade tensions but also enhances US-ASEAN economic ties and reaffirms Malaysia’s status as a trusted global trade partner,” he said. Besides, he said there are other alternative ways for Malaysia to address US concerns, with one promising approach being a targeted Technology Safeguards Agreement focused on semiconductors, aerospace, and digital economy sectors. “Such an agreement would strengthen intellectual property protections and secure critical supply chains, meeting US priorities while advancing Malaysia’s National Semiconductor Strategy,” he added. The US remains Malaysia’s second-largest export destination, accounting for 13.2 per cent of total exports in 2024. According to Malaysia’s Trade Performance report, trade with the US rose by 29.9 per cent in 2024 to RM324.91 billion compared to 2023. Trade with the US accounted for 11.3 per cent of Malaysia’s total trade, with exports to the US in 2024 reaching a new record high, surging 23.2 per cent to RM198.65 billion.
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Google: Britain can gain £400b if it trains workforce in AI (ven, 25 apr 2025)
LONDON: Britain could gain £400 billion (RM2.3 trillion) from AI-driven growth if it trained its workforce, Google said, after a pilot scheme in the UK showed workers could save more than 120 hours a year by using AI in administrative tasks. Simple steps such as giving workers permission to use AI and a few hours of training to get them started could help double the adoption of the new technology, and in turn boost economic growth, Google said in a report on its pilot scheme, published on Friday. The US tech giant, which developed the Gemini AI chatbot, said that according to analysis by Public First, its partner in the scheme, two thirds of workers – particularly older women from lower socio-economic backgrounds – had never used generative AI at work. Debbie Weinstein, Google’s Europe, Middle East and Africa president, said the AI Works pilots – conducted in a small business network, educational trusts and a union – showed workers could save on average 122 hours a year by using AI in administrative tasks. But one barrier stopping some from dipping a toe into the water was a concern that using AI in their job was not legitimate nor fair. “People wanted ‘permission to prompt’”, Weinstein said in an interview. “’Is it okay for me to be doing this?’ And so giving them that reassurance was really important.” Once they started, a few hours of AI training to build their confidence resulted in them using the technology twice as much, she said, and they were still using it several months later. These simple interventions helped to narrow the AI adoption gap amongst the participants in the pilot studies, Google said in its AI Works report. Before training, for example, only 17% of women aged above 55 in its cohorts used AI weekly and only 9% daily. Three months later, 56% were using it weekly and 29% had made it a daily habit. – Reuters
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Cloud and AI operations lift Alphabet quarterly earnings (ven, 25 apr 2025)
SAN FRANCISCO: Google parent Alphabet on Thursday reported profit of US$34.5 billion (RM151 billion) in the recently ended quarter, powered by its cloud computing and artificial intelligence (AI) operations. Overall revenue at Alphabet grew 12% to US$90.2 billion compared to the same period a year earlier, while revenue for the cloud unit grew 28% to US$12.3 billion, according to the tech giant. Alphabet CEO Sundar Pichai said the strong quarterly results reflect healthy growth and momentum across the business. “Underpinning this growth is our unique full stack approach to AI,” Pichai said in an earnings release. He touted the latest Gemini software as Alphabet’s most intelligent AI model and an “extraordinary foundation” for the Silicon Valley company’s innovation. Alphabet shares were up more than 3% in after-market trades that followed the release of the earnings figures. “Cloud grew rapidly with significant demand for our solutions,” Pichai said of Alphabet’s services and tools hosted at data centres. Investors have been watching closely to see whether the tech giant may be pouring too much money into artificial intelligence. “Cloud’s growth indicates that Google AI product mix continues to thrive despite heightened competition,” said Emarketer principal analyst Yory Wurmser. Google and rivals are spending billions of dollars on data centers and more for AI, while the rise of lower-cost model DeepSeek from China raises questions about how much needs to be spent. Meanwhile the online ad business that churns out the cash Google invests in its future could be neutered due to a defeat in a US antitrust case. US government attorneys are urging a federal judge to make Google spin off its Chrome browser, arguing artificial intelligence is poised to ramp up the company’s online search dominance. The Department of Justice (DOJ) is arguing its position before District Judge Amit Mehta, who is considering “remedies” after making a landmark decision last year that Google maintained an illegal monopoly in online search. “Nothing less than the future of the internet is at stake here,” assistant attorney-general Gail Slater said prior to the start of the hearings this week in Washington. “If Google’s conduct is not remedied, it will control much of the internet for the next decade and not just in internet search, but in new technologies like artificial intelligence.” Google countered in the case that the US has gone way beyond the scope of the suit by recommending a spinoff of its widely used Chrome, and holding open the option to force a sale of its Android mobile operating system. The legal case focused on Google’s agreements with partners such as Apple and Samsung to distribute its search tools, noted Google president of global affairs Kent Walker. “The DOJ chose to push a radical interventionist agenda that would harm Americans and America’s global technology leadership,” Walker wrote in a blog post. In another legal battle, a different US judge ruled this month that Google wielded monopoly power in the online ad technology market in a legal blow that could rattle the tech giant’s revenue engine. The US government and over a dozen states sued Google, claiming it broke the law to control key parts of digital advertising. District Court Judge Leonie Brinkema ruled that Google built an illegal monopoly over ad software and tools used by publishers. Online ads are the main source of Google’s wealth and fund free services like Maps, Gmail, and Search. – AFP
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Cars with mini kitchens, other gadgets on show in Shanghai (ven, 25 apr 2025)
SHANGHAI: Car manufacturers looking to stand out in China’s constantly innovating auto market unveiled cars at Shanghai’s auto show this week featuring immersive entertainment, fragrance control, in-car refrigerators and even hot pot cooking equipment. The world’s largest and most electrified auto market is mired in a brutal price war, just as a trade spat with the US and electric vehicle tariffs in Europe heighten focus on the domestic market where gadgets are major selling points. “Chinese customers are expecting a very high level of novelty and new technologies,“ said Li Xiang, a marketing expert at EV maker Nio, while demonstrating the “4D digital cockpit” of its 780,000 yuan (RM468,401) ET9 crossover coupe. When watching movies or playing games while parked, the ET9 will move and shake in conjunction with action on the screen. Massage seats and fragrance settings enhance the multi-sensory experience. “The speed of product enhancement is very, very fast in the Chinese market. So our product launch cadence is actually two or three times faster than the legacy brands,“ Li said, adding that he demonstrated the ET9’s features to many foreign auto executives throughout the first two days of the Shanghai show. Over 100 models and concept vehicles have been unveiled at the show, with crowds flocking to see Xpeng’s experimental “flying car” – a passenger-carrying drone. In-car fragrance settings were a popular addition to several models, including those of Toyota Motor’s premium Lexus brand. The Japanese marque’s new ES includes a fragrance system featuring bamboo scent. “With each breath, it feels as if one is in the depths of a bamboo forest on the outskirts of Kyoto,“ Toyota’s China general manager Li Hui, said at a press briefing. Perhaps the most unusual feature came from Rox Motor. The Rox 01, an all-terrain luxury SUV priced from 299,900 yuan, aims to capitalise on a trend for camping and outdoor pursuits with a tailgate kitchen extension at 4,999 yuan. The in-car kitchen on display included a refrigerator, a system for heating water in just three seconds and facilities for making tea, coffee and hot pot – a Chinese staple. “In China, we like hot water, hot tea, and even a hot pot,“ Rox’s chief strategy officer David Wu explained. Chinese consumers are looking to experience the great outdoors without compromising comfort, Wu said. – Reuters
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Oasis Home prices IPO shares at 28 sen each, expects to raise RM28m (ven, 25 apr 2025)
KUALA LUMPUR: Consumer lifestyle products marketer and distributor Oasis Home Holding Bhd expects to raise RM28 million from its initial public offering (IPO) on the ACE Market of Bursa Malaysia. Out of the RM28 million, RM13.7 million (48.93%) is for the expansion of its live commerce sales channels, RM3.6 million (12.86%) for setting up its fulfilment centre and RM4.3 million (15.36%)for working capital. Additionally, the company will use RM2 million (7.14%) to establish a new headquarters and allocate the remaining RM4.4 million (15.71%) for listing expenses. The group leverages a mix of online and offline platforms to drive sales and consumer engagement. Its primary digital sales channels include live commerce platforms, its proprietary mobile application, and its website – Oasis Home – which together serve as the group’s core e-commerce hubs. Additionally, Oasis Home extends its digital footprint through e-commerce marketplaces such as Lazada, Shopee, and TikTok Shop. As part of its digital marketing initiatives, the group employs targeted advertising across social media platforms to boost visibility and connect with a broader audience. To complement its online presence, the group also integrates an online-to-offline strategy by offering in-person experiences through its product experience centres located in Bukit Jalil, Kuala Lumpur, and Johor Bahru, Johor. At the launch of the prospectus today, CEO Datuk Teoh Yee Seang said it signals a new chapter of growth for Oasis Home. “The proceeds from our IPO will play a key role in accelerating our expansion plans, particularly in strengthening our live commerce presence.” Teoh said it plans to introduce five new live commerce channels across Facebook and TikTok to connect with more customers through real-time experiences. “In parallel, we will be setting up our fulfillment center to support this growth. This will reduce costs and enhance profit margins as our live commerce footprint expands.” Looking ahead, Teoh said the live commerce space continues to gain momentum, especially in Southeast Asia, where the market is projected to see strong growth over the next two years. “Malaysian consumers are among the top three globally in terms of livestream viewership and purchasing activity, with more than half of viewers making purchases during sessions. Our strategic focus on live commerce is aligned with these evolving consumer behaviours, and we are confident in our ability to seize the opportunities ahead and further grow our market presence.” Teoh said Oasis Home targets to pay at least 30% of its consolidated profit after tax as a dividend, subject to the group’s financial position and other financing requirements. The group’s IPO involves the public issuance of 100 million new ordinary shares, representing 20% of the group’s enlarged number of issued shares, as well as an offer for sale of 50 million existing shares, or 10% of the enlarged issued share capital. Of the public issue of 100 million shares, 25 million will be made available to the Malaysian public via balloting and 10 million issue shares to its directors and employees who are eligible to participate in the IPO. The remaining 62.5 million issue shares and 2.5 million issue shares will be made by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry and to selected investors, respectively. Select investors will have access to 50 million offer shares through a private placement. Based on the IPO price of 28 sen per share and its enlarged share capital of 500 million shares, Oasis Home will have a market capitalisation of RM140 million upon listing. For the financial year ended June 30, 2024, Oasis Home’s revenue grew to RM54.82 million from RM40.88 million recorded in the financial year ended June 30, 2022, reflecting a two-year compound annual growth rate (CAGR) of 15.8%. Notably, the live commerce segment contributed 75.65% of total revenue for FY24. Over the same period, net profit saw a CAGR of 22.93%, rising from RM5.34 million to RM8.07 million in FY24. The group is scheduled to be listed on the ACE Market of Bursa Malaysia on May 28. MIDF Amanah Investment Bank Bhd is the principal adviser, sponsor, underwriter, and placement agent for the IPO.
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China mulls exempting some US goods from tariffs (ven, 25 apr 2025)
SHANGHAI: China is considering exempting some US imports from its 125% tariffs and is asking businesses to identify goods that could be eligible in the biggest sign yet that Beijing is worried about the economic fallout from its trade war with Washington. A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a source who spoke on condition of anonymity. Financial news magazine Caijing reported yesterday citing sources that Beijing was preparing to include eight semiconductor-related items, although not memory chips. “The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the US that you cannot find anywhere else and so would shut down your supply chain,” American Chamber of Commerce in China president Michael Hart said yesterday. Some chamber members say they have imported goods in the past week without the new tariffs being applied, Hart added. A list of 131 categories of products eligible for exemptions was circulating widely on social media and among businesses and trade groups yesterday. Reuters could not verify the list, whose items ranged from vaccines and chemicals to jet engines. While Beijing’s ultimate course of action remains unknown, Huatai Securities analysed the list circulating in trade groups and said it corresponded to US$45 billion (RM197 billion) worth of imports last year. Repeated phone calls to China’s customs department were not answered. Customs and the Ministry of Commerce did not respond to faxed questions. While Washington has said the current status quo is economically untenable and already offered tariff exemptions to some electronic goods, China has repeatedly said it is willing to fight to the end unless the US lifts its tariffs. But beneath the bombast, China’s economy is entering the trade war flirting with deflation. Demand is weak and consumer spending and sentiment have never properly recovered from the pandemic levels. The government is pushing tariff-hit exporters to pivot to local markets, but companies say profits are lower, demand weaker and customers less reliable. Exemptions are a bigger gesture of support, although by allowing some trade to resume, they also reduce the pain for the US economy and take some pressure off the White House. Many imports, ranging from petrochemical ethane to pharmaceuticals have few easy alternatives or could take years to manufacture outside the US. Big pharmaceutical companies including AstraZeneca and GSK have at least one manufacturing site in the US for drugs sold in China, according to Chinese government data. Major ethane processors have already sought tariff waivers from Beijing because the US is the only supplier. – Reuters
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California overtakes Japan as world’s fourth-largest economy (ven, 25 apr 2025)
ISTANBUL: California has overtaken Japan to become the world’s fourth-largest economy, Governor Gavin Newsom announced, citing data from the International Monetary Fund (IMF) and the US Bureau of Economic Analysis. The state’s nominal gross domestic product (GDP) reached US$4.1 trillion in 2024, surpassing Japan’s US$4.02 trillion, according to Anadolu Ajansi (AA). California now trails behind only the United States (US$29.18 trillion), China (US$18.74 trillion) and Germany (US$4.65 trillion). “California isn’t just keeping pace with the world -- we’re setting the pace. Our economy is thriving because we invest in people, prioritise sustainability, and believe in the power of innovation,” Newsom said in a statement on Thursday. However, he warned that the state’s progress was at risk due to what he called the “reckless” tariff policies of the Trump administration, stressing that “California’s economy powers the nation, and it must be protected.” California’s economy grew by 6 per cent in 2024, outpacing the US (5.3 per cent), China (2.6 per cent), and Germany (2.9 per cent). Home to 40 million people, California is a leading hub for technology and entertainment, while also topping the US in manufacturing output and agricultural production.
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Malaysia well-positioned to drive decarbonisation in global aviation: Nik Nazmi (ven, 25 apr 2025)
KUALA LUMPUR: Malaysia stands to be the future global hub for clean aviation fuel as there is a growing global urgency for decarbonisation and Malaysia’s untapped potential. Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad said with global aviation shifting towards green solutions, Malaysia is seizing the opportunity to lead by building on its strengths in logistics, infrastructure, and policy. “I urge Malaysian entities to step up and explore synergistic collaborations that will strengthen Malaysia’s position in the global green energy landscape,” he said during the signing ceremony between Bin Zayed International (M) Bhd (BZI) and Malaysia-based FatHopes Energy (FHE) today. BZI and FHE have affirmed their commitment to invest RM2.19 billion (US$500 million) to develop the world’s first integrated sustainable aviation fuel (SAF) refinery in Port Klang. According to Nik Nazmi, the strategic partnership between BZI and FHE signals Malaysia’s emergence as a significant player in the global clean energy and low-carbon economy. “The development of a world-scale SAF refinery in Malaysia is of immense strategic importance. This investment will serve as a catalyst for far-reaching transformation across our energy and aviation sectors.” Nik Nazmi said that by reducing reliance on imported SAF and unlocking Malaysia’s potential as a regional producer and exporter, the country is paving the way for a more self-reliant and competitive green economy. This project addresses one of the most pressing challenges – decarbonising the aviation sector, he added. “The development of the SAF refinery will contribute meaningfully to decarbonise the aviation sector, enabling the aviation company to meet their emissions reduction target, supporting energy transition and contributing towards Malaysia’s net-zero aspiration,” Nik Nazmi said. BZI managing director and Bin Zayed (S) Pte Ltd executive director Datuk Seri Shamir Kumar Nandy said the partnership with FHE is more than a business venture. “It is a statement of our long-term commitment to Malaysia and the region. We believe this project can anchor Malaysia’s leadership in the global SAF economy while supporting regional decarbonisation goals and ESG-aligned industrial growth,“ he said. Although the percentage of equity BZI will hold in FHE is still being finalised, Shamir Kumar confirmed that the company will be underwriting the full RM2.19 billion cost of the refinery. “We are fully committed to getting this refinery up and running – whatever it takes. With solid financial backing, we are moving forward confidently, driven by our belief in the project’s long-term sustainability and commercial potential,“ he said. Construction is expected to begin within the next 12 months, pending regulatory approvals and environmental clearances. The project targets a final investment decision by mid-2026, with commercial operations set to begin by 2029. According to FHE CEO Vinesh Sinha, the refinery, which is currently in the feasibility stage, could produce up to 300,000 tons of SAF annually. This will require an estimated 330,000 tonnes of feedstock, predominantly waste-based oils such as used cooking oil and other residual fats, sourced through FHE’s extensive network across Southeast Asia and India. The refinery will adopt a multi-feedstock approach, supported by FHE’s proprietary digital traceability platform that ensures supply chain integrity and emissions transparency from collection to production. “This is not just about building a plant. It is about creating an ecosystem that transforms waste into value, enables industrial decarbonisation, and propels Malaysia into the next era of clean aviation,” Vinesh said. Malaysia’s domestic feedstock alone would not be sufficient to sustain the plant’s operations, he added, hence the importance of regional sourcing. “Malaysia is a small country in terms of population, and we do not generate the required volume of waste oils locally. Our supply chain has grown over the last 15 years to cover most of Southeast Asia and parts of India,” he said. Vinesh acknowledged the project will face technical and regulatory challenges, including major infrastructure upgrades at Port Klang and securing key inputs such as hydrogen and nitrogen. “As the first facility of its kind in Malaysia and the region, we’re working closely with authorities to chart the way forward,” he said. While the long-term vision is for SAF to be produced in Port Klang to serve Malaysia’s domestic aviation sector, he said the refinery is being designed with flexibility in mind to accommodate both local and export markets. “We are hopeful that Malaysia will adopt stronger SAF mandates, which would allow all the fuel to be consumed locally. But initially, we will balance domestic supply with export demand, depending on policy frameworks and offtake agreements.” While the long-term goal is to serve Malaysia’s domestic SAF demand, contingent on future government mandates, Vinesh said the facility will initially balance both local and export markets, adjusting as the regulatory environment evolves. “If the 47% mandate comes into play, we could see all of it used domestically.”
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Asia stocks rise in wake of Wall Street rally (ven, 25 apr 2025)
HONG KONG: Asian stocks climbed on Friday, buoyed by a rally on Wall Street and the prospect of trade deals progressing between the United States and some of its economic partners. US stocks rallied for a third straight session on Thursday, shrugging off signs that US trade deals with China and the European Union aren't imminent despite promising signs elsewhere. Beijing said on Thursday any claims of ongoing trade talks with Washington were “groundless” after US President Donald Trump played up the prospects of a deal to lower the 145 percent tariffs he imposed on most Chinese exports. France's economy minister Eric Lombard said a trade deal between the United States and the European Union was also a way off. However, global markets appear to have brushed aside the lack of progress. “There are mixed signals about whether there have been some talks about trade between the US and China,“ said Lloyd Chan, a senior currency analyst at MUFG. “Nonetheless, the trade war and US policy-related uncertainty have persisted. Asian economies still face the risk of higher reciprocal tariffs.” China’s top leaders urged more support for the economy and opposed “unilateral bullying” in global trade, according to a readout of a meeting published by state media on Friday. Tokyo jumped 1.9 percent and Hong Kong was up 0.5 percent, while Shanghai was flat. The Nikkei rise came despite struggling Japanese auto giant Nissan issuing a stark profit warning on Thursday, forecasting a huge loss of up to $5.3 billion in the 2024-25 financial year. The markets see that the company “is moving ahead toward turnaround”, said Bloomberg Intelligence analyst Tatsuo Yoshida, as Nissan shares climbed more than 1.6 percent on Friday. “Booking significant impairment losses and restructuring charges is a necessary step toward Nissan Motor’s turnaround.” Japanese media reported on Thursday that a second round of trade talks in Washington was set for May 1, which will be closely watched as a barometer for efforts by other countries seeking tariff relief. Seoul jumped one percent after US Treasury Secretary Scott Bessent said a trade “understanding” between South Korea and the United States could be reached by next week. Taipei, Wellington, Singapore, Manila, Bangkok and Jakarta also climbed. Markets were also responding to strong earnings from Google parent Alphabet, which reported on Thursday a profit of $34.5 billion in the recently ended quarter. Overall revenue at Alphabet grew 12 percent to $90.2 billion compared with the same period a year earlier, while revenue for its cloud unit grew 28 percent to $12.3 billion, according to the tech giant. MUFG's Chan also pointed to the Federal Reserve possibly cutting interest rates sooner than expected. Fed Governor Christopher Waller said during an interview with Bloomberg Television that he would support interest rate cuts if harsh tariffs hurt the jobs market. “In terms of the latest Fed speak, Fed’s Waller has said he would support rate cuts should there be a significant deterioration in the labour market,“ Chan said.
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Nearly 95% of online sellers aware of mandatory e-invoicing seek exemption: DARE survey (ven, 25 apr 2025)
PETALING JAYA: About 94.7% of Malaysia’s online business owners who are aware of mandatory e-invoicing are seeking exemption, with 87.3% citing the process as too tedious and the remaining 12.7% finding it too confusing. A recent survey conducted by think tank Datametrics Research and Information Centre (DARE), which polled 516 micro online entrepreneurs earning less than RM150,000 a year over a two-week period through online and on-ground channels, also found that only 40.1% of respondents were aware of e-invoicing. The situation points to a significant gap in outreach and readiness as the government plans to enforce mandatory e-invoicing for all businesses, including low-revenue online sellers, starting Jan 1, 2026. DARE managing director Pankaj Kumar said the government’s push for e-invoicing is part of a broader effort to digitalise the economy but imposing this uniformly across all business types, without exception, risks overwhelming the smallest players. “This poll was a two-week pulse check to capture the sentiment of micro online entrepreneurs, particularly in light of the growing number of news reports and public attention on e-invoicing. And the sentiment is clear – many are confused, concerned and feeling unprepared,“ he said in a statement. The findings, according to Pankaj, indicate a pressing need for the government to undertake a comprehensive investigation into the impact of these policies on the micro-digital economy. “Simultaneously, small online sellers must be educated and supported to understand and comply with requirements. Without this, we risk making compliance unnecessarily difficult for the very group we should be supporting,“ he said. The survey found that overall awareness and understanding of e-invoicing requirements are low. More than half of the respondents (59.9%) had never heard of e-invoicing, and 78.1% expressed concern over how the new mandate would affect their day-to-day operations. As for likely actions in response to the requirement, the poll found that 22.7% of respondents would attempt to comply, while a larger portion, 31.6%, said they would stop selling online altogether. Another 21.1% planned to adopt a “wait and see” approach, and 24.6% said they would not comply at all, signalling significant potential for non-compliance and disruption to the micro-digital economy. Pankaj said these results point to a pressing need for policymakers to revisit the current approach, especially for micro online sellers operating at the margins of the digital economy. “These are not large-scale enterprises with teams of accountants or digital infrastructure. Many of these online sellers are individuals trying to earn supplementary income through informal digital channels. For them, implementing an unfamiliar, often technical system like e-invoicing is not just a procedural adjustment; it is a significant operational disruption. “We risk pushing this group out of the digital economy entirely if we force them to comply without adequate support or exemptions. It contradicts the very spirit of empowering micro-entrepreneurs and broadening economic participation through digital platforms. “The government must rethink its one-size-fits-all approach and instead consider a phased, tiered or exempted model that protects and supports Malaysia’s smallest online sellers,” he said. Pankaj said DARE is ready to engage with the government through consultation sessions and policy discussions to ensure that the implementation of e-invoicing supports national digitalisation goals without disproportionately burdening micro online entrepreneurs.
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Malaysia Airlines, Melbourne Airport sign MoU to enhance connectivity (ven, 25 apr 2025)
PETALING JAYA: Malaysia Airlines Bhd and Melbourne Airport have formalised a memorandum of understanding (MoU) to support the carrier’s strategic expansion into Victoria, representing a key milestone in enhancing air connectivity and ties between Malaysia and Australia. The collaboration signifies the commencement of an enhanced strategic partnership aimed at expanding Malaysia Airlines’ network and strengthening its position as a pivotal transit hub in Kuala Lumpur for travellers from Victoria to Malaysia and other international destinations. As part of its expansion strategy, Malaysia Airlines will introduce a third daily service to Melbourne starting October, increasing its total frequency to 21 weekly flights from 14 currently. This enhanced connectivity underscores the airline’s commitment to the Australian market and solidifies its position as the preferred carrier between Malaysia and Victoria. Malaysia Aviation Group chief commercial officer of airlines Dersenish Aresandiran said this collaboration marks an exciting new chapter for Malaysia Airlines as the carrier expands its network with the introduction of a third daily service to Melbourne. “Through our partnership with Melbourne Airport, we aim to enhance connectivity, drive demand, and reinforce our position as the gateway to Asia and beyond. This initiative will strengthen ties between Malaysia and Australia, supporting cultural, business, and tourism exchanges, and creating new opportunities for both regions,” he said in a statement. To support this growth, Malaysia Airlines will progressively deploy its brand-new A330neo aircraft on the Kuala Lumpur–Melbourne route, aiming to operate all 21 weekly flights using the new fleet by the end of the year. Travellers can look forward to greater flexibility and improved connections via Kuala Lumpur to key destinations across Southeast Asia, India, and Europe. Melbourne Airport CEO Lorie Argus said the increase in Malaysia Airlines services would be welcomed by travellers and exporters. “Malaysia Airlines has been serving Victoria for decades, and this capacity increase underscores the airline’s ongoing commitment to our city and state. It speaks to the importance of the Victorian market that Malaysia Airlines plans Malaysia Airlines plans to use its newest aircraft, featuring the latest onboard product, for its enhanced Melbourne services.” The MoU also sets the stage for joint promotional campaigns aimed at increasing travel demand and boosting passenger numbers between Malaysia and Victoria. Through targeted marketing efforts, both parties aim to raise awareness, drive revenue, and further strengthen the partnership. The collaboration is aligned with Malaysia Airlines’ strategy to expand its international presence and deliver a seamless, premium travel experience, promoting tourism, business, and cultural exchange between Malaysia and Australia.
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Claim Your Golden Delights With DFS (gio, 24 apr 2025)
HONG KONG SAR - Media OutReach Newswire - 24 April 2025 - This May Golden Week, let DFS —the world’s leading luxury travel retailer, elevate your shopping journey with curated moments of self-delight. From tranquil moments in our Fragrance Wonderland and family adventures in teamLab Future Park, to exquisite gifts for loved ones and unique treasures that reflect your personal style, every experience across DFS network is designed to surprise and inspire. Enjoy exclusive rewards, limited-time perks, and joyful discoveries from April 25 to May 6— only at DFS. Hong Kong & Macau: A World of Multi-Sensational Delights Immerse yourself in a symphony of sensations at DFS Hong Kong and Macau, where every moment is designed to ignite your senses and create lasting memories. · Time It Right To Win: Turn your shopping into a winning moment. Spend HK$888 or MOP 888 in a single net transaction and take on the “Time It Right To Win” challenge. Experience the adrenaline rush as you stop the digital screen at “8888” for your chance to win a 999.9 gold ingot or one of many fabulous prizes worth over HK$1,000,000 or MOP 2,500,000! * · Beauty In Play: Discover where luxury beauty meets light-hearted fun. With the purchase of the exclusive Lancôme Absolue set at DFS Macau, Shoppes at Four Seasons, receive a limited-edition Lancôme x Monopoly game set. Experience a different dimension of beauty through luxurious sensations and a new playful take on our beauty counters. · Explore Your One-Stop Fragrance Wonderland: Treat yourself to a sensory journey with over 900 curated fragrance selections. Whether you’re layering signature blends or discovering your next signature fragrance, let our fragrance experts guide you through an experience that’s uniquely yours. · Glow With Confidence: Transform your look with complimentary makeup demonstrations by our expert beauty advisors. Let us help you discover your radiant best! Join us at DFS Macau, Shoppes at Four Seasons, City of Dreams or Galaxy (Beauty), from April 25 to May 5, at 3 PM, 4 PM and 5 PM, or DFS Hong Kong, Canton Road at 3:30pm on April 20 and May 4+. From now until May 5, enjoy up to 65% off on beauty products at DFS Hong Kong, Canton Road, Tsim Sha Tsui East or Causeway Bay (Beauty)! Plus, receive a Beauty Blind Box (valued at HK900) with a minimum purchase of HK$1,888*. · Savor Local Delights: Complete your golden journey with a taste of Hong Kong’s most beloved flavors. Indulge in crispy French toast, freshly baked egg tarts, and velvety milk tea at Men Wah Bing Teng, or unwind with a perfectly brewed coffee at NOC in DFS Hong Kong, Canton Road. Pause, relax, and savor a day filled with flavor and delight. Okinawa: Discover Your Island Delights! Enjoy everything that Okinawa has to offer as we celebrate the 20th anniversary of DFS Okinawa, Naha City. Join us in marking this milestone with unique experiences, curated treasures, and moments that honor two decades of unforgettable journeys. · A Taste of Celebration: Step into an exclusive marché curated by DFS Okinawa Naha City and THE MARKET, where local flavors meet artisanal crafts. Savor authentic Okinawan delicacies and explore traditional handmade creations, offering you a unique taste of the island’s rich culture. · Welcome to Le Labo: Be among the first to experience our newly opened Le Labo pop up store — where artisanal perfumery meets soulful craftmanship. Receive a complimentary gift with your purchase and step into the exclusive world of fine perfumery, available exclusively only at DFS Okinawa. · Family Adventure Time: Make magical memories at teamLab Future Park, where interactive digital art brings wonder to life. From lights to laughter, it’s a playful experience not to be missed for kids and kids at heart. · Sweet Celebratory Treats: Add a sprinkle of fun to your visit! From May 1–5, try our bubble catcher and receive complimentary gifts with a JPY 50,000 purchase in kids’ fashion. Plus, visit two or more departments and join our Fukubiki lucky draw for a chance to win even more celebratory prizes*! North America: Turn Airport Time into Me-Time Make the most of your pre-flight moments at DFS stores in John F. Kennedy International Airport, Los Angeles International Airport, and San Francisco International Airport—where airport time becomes your time. From last-minute indulgences to thoughtful pre-planned picks, discover a travel retail experience designed around you. · Smart Shopping, More Time for You: Simplify your journey with our convenient pre-order service: browse and shop online, then collect your items at the terminal before departure. Enjoy duty-free privileges and more time to relax before takeoff. · A Taste of New York Excellence: At JFK Terminal 4, discover the exclusive Maker’s Mark Wood Finishing City Series – New York. Enjoy a Gold Rush cocktail and receive a special NYC-exclusive gift—crafted to elevate your New York send-off. · Treasures for Your Journey: Find your perfect travel companions—from hot fragrance deals starting at US$29 to destination-exclusive souvenirs and gifts. Whether it’s a new signature scent or a keepsake to remember your trip, DFS has your journey covered. Make Your Golden Week Shopping More Rewarding This Golden Week, enjoy more value with every purchase at DFS. We have partnered with leading payment providers to bring you exclusive offers across our global destinations—designed to make your travel shopping even more delightful. DFS CIRCLE Members, Enjoy Even More Feel extra special as a DFS CIRCLE member with exclusive benefits including bonus points, member-only offers, and elevated experiences across all DFS locations. Not yet a member? Sign up at DFS.com to unlock a world of privileges. * Terms & Conditions apply. Prizes vary between stores and are of limited quantities only, while stocks last. Visit DFS.com for more details. + Payment promotions and in-store happenings schedule vary between stores, please see store for details.
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Promotional Event of CIFTIS Successfully Held in Singapore (gio, 24 apr 2025)
SINGAPORE - Media OutReach Newswire - 24 April 2025 - On April 23rd, a promotional event organized by a delegation from the China International Fair for Trade in Services (CIFTIS) was successfully held in Singapore, expanding new frontiers for the digital economy in Southeast Asia and promoting in-depth regional cooperation. On April 23rd, the Singapore Promotion Event of CIFTIS, the China-Southeast Asia Digital Infrastructure Cooperation Forum, and the Seminar on the Construction of an International Cooperation Ecosystem for the Digital Economy were successfully held in Singapore. During the opening ceremonies of the two meetings, Yin Liang, Deputy Director of the Beijing International Trade in Services Affairs Center, stated that the digital economy in Southeast Asia is developing rapidly. China and Singapore have achieved fruitful cooperation in the digital economy, and digital infrastructure construction is poised for an exponential growth opportunities. He expressed hope that both sides will further utilize the CIFTIS platform in the future to deepen cooperation and explore business opportunities together. The Singapore Promotion Event of CIFTIS and the China-Southeast Asia Digital Infrastructure Cooperation Forum (DITF) deeply explored how AI computing power can empower industrial transformation and how China’s experience can help Southeast Asia initiate a new era of AI infrastructure construction. Yin Liang, Deputy Director of the Beijing International Trade in Services Affairs Center, said that as an important window for China’s opening up to the outside world, Beijing is committed to advancing the construction of the National Comprehensive Pilot Zone for the Expansion of Opening-up in the Service Sector and the China (Beijing) Pilot Free Trade Zone, as well as improving the international service system. In his address, Huang Chao, Executive Chairman of DITC for China, stated that the digital economy in Southeast Asia is experiencing takeoff, attracting investment from the international community, including China. He emphasized that only through ecosystem co-construction and localized practice can the investment boom be transformed into genuine industrial upgrading. During the keynote session, Lin Chaoting, Vice President of Zhipu AI (a leading Chinese AI company), highlighted China’s digital globalization efforts, showcasing Zhipu’s AI agent products and flexible deployment solutions. She called for the creation of global joint labs and innovation hubs to advance AI industry development worldwide. Industry experts from Midea and Tencent Cloud also delivered thematic presentations. The workshop session, themed “Focusing on Ecosystem Co-construction and Localized Practice: How Investment Booms and Transnational Strategies Accelerate Southeast Asia’s Industrial Restructuring,“ explored core topics such as the digital industry’s key pillars (data centers, cloud networks), localized cloud service development, AI advancements, and collaborative digital ecosystem building. They explored how local enterprises in Southeast Asia and multinational corporations, especially Chinese companies expanding globally, can build cross-cultural market competitiveness through strategies such as ecosystem building, localization of teams, cultivation of strategic partner ecosystems, and deployment of cutting-edge technologies, thereby accelerating the development of digital infrastructure in Southeast Asia and achieving a win-win path of regional collaborative development. During the Seminar on the Construction of an International Cooperation Ecosystem for the Digital Economy, industry experts and entrepreneur representatives from China and Singapore engaged in a heated discussion on topics such as Singapore’s “Smart Nation” experience and how Beijing’s digital economy enterprises can expand into the Singaporean international market. At the global technology event—GITEX ASIA 2025, a delegation composed of several leading Chinese digital service trade enterprises made a collective appearance, showcasing China’s innovative achievements and impressive capabilities in the digital economy. In addition to the forums and exhibitions, an international exchange event titled “Digital Luminary: Southeast Asia’s Future Night” was also held, with the participation of many technology companies, including China Telecom International, Alibaba Cloud, Laihua Technology, and Zhipu AI. The successful holding and exhibition of the Singapore Promotion Event of CIFTIS and the Digital Service Trade Delegation have demonstrated China’s strong strength and innovative achievements in the digital economy, providing an important platform for digital economy cooperation between China and Singapore, as well as the broader Southeast Asian region.
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Iskandar Malaysia records committed investments of RM41.4b in 2024 (gio, 24 apr 2025)
KUALA LUMPUR: Iskandar Malaysia has recorded committed investments totalling RM41.4 billion in 2024, an 11 per cent increase compared to RM37.2 billion in 2023, said Prime Minister Datuk Seri Anwar Ibrahim. Anwar, who is also the Finance Minister, said the value marks the highest achievement since Iskandar Malaysia was established. “Realised investment value reached RM26.7 billion last year. Foreign investments amounted to RM36.1 billion while domestic investments totalled RM5.3 billion. “In fact, this achievement proves that investor confidence in Iskandar Malaysia continues to grow,“ he said in a post on Facebook today. Anwar said he was informed of this matter during his chairing of the 34th meeting of the Members of Authority, Iskandar Regional Development Authority (IRDA), today. In this regard, Anwar emphasised the importance of developing economic corridors such as Iskandar Malaysia to navigate the increasingly challenging and uncertain global economic and trade conditions.
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Possible plant closures, relocations in M’sian solar sector if US imposes tariffs: TERA VA business development manager (ven, 25 apr 2025)
KUALA LUMPUR: If the United States imposes tariffs on solar imports from Southeast Asia, Malaysia’s solar manufacturing sector may face plant closures or relocations as producers reassess the cost of operating locally, said TERA VA Sdn Bhd business development manager JP Leong. He said some solar companies such as Jinko in Penang are slowing or shutting down production, so if the tariff environment remains harsh, manufacturers could leave Malaysia for other lower-cost, high-demand countries. “If the tariffs are firmly enforced, it could lead some manufacturers to shut down or relocate to other countries. That is a big possibility. There is no edge for them to continue producing in Malaysia because the cost to produce in Malaysia is higher and the machinery is older compared to China,” he told SunBiz in an interview at the sidelines of Bursa Malaysia Earth Week yesterday. Although solar energy player TERA VA does not source panels from Malaysian factories, Leong said production at some local sites has been slowing “for quite some time already”. He added that many of TERA VA’s clients are in manufacturing, with some exporting to the US. “For sure, this US tariff will affect their plans, as a result, some are pausing solar installation projects while awaiting clarity on tariff impacts or potential Malaysian policy responses. So they hold a bit. But some already have budgets approved or are in progress - they’ll still go ahead, especially with a possible electricity tariff hike in July. They want to take countermeasures first,” he said. For a big portion of its clients, Leong said they will still proceed with their solar installation plans because it is regulated, so it’s not something companies can rush into without proper planning or guidance. “We update them on what is the latest regulation and what will be the regulation, so they can make a more accurate decision,” he added. However, Leong said the broader solar sector in Malaysia, particularly installation and EPC (engineering, procurement and construction) activities will remain largely unaffected. “Most local installers source panels directly from China, not from Malaysian-based factories affected by the new US trade restrictions. So the recent duty imposed on Malaysia is unlikely to impact Malaysia’s solar sector,” he added. As for TERA VA, Leong said the recent tariffs won’t affect its solar installation work in Malaysia because it imports panels directly from China. “There is also a lot of misunderstanding that there will be oversupply of panels. No. All this while, we get from China. Panels made in Malaysia are usually for export, to the US, Europe or other regions, not for domestic use.” He said Malaysia’s domestic solar demand is small so if it becomes unprofitable, they will just shut down and relocate elsewhere. “Other countries like Vietnam and Indonesia have much higher energy needs and bigger markets, more attractive for manufacturers.” On Monday, the US Department of Commerce announced that it has finalised antidumping and countervailing duties on solar imports from Cambodia, Vietnam, Malaysia and Thailand, as high as 3,521%. Malaysia faces 34.4% country-wide duties, and specific firms like Jinko are hit with 40%. The decision followed a year-long trade investigation prompted by the American Alliance for Solar Manufacturing Trade Committee. These duties are on top of US President Donald Trump’s tariffs and aim to protect US manufacturers from alleged unfair foreign pricing/subsidies. The solar tariffs will not come into effect until the International Trade Commission votes on whether the US industry was materially harmed by the imports. The vote must take place by June 2. The four nations account for 77% of US solar module imports, worth US$12.9 billion (RM56.6 billion) in 2023. US developers depend on affordable Southeast Asian modules, so duties raise costs, slow rollout and increase project risk. But it is a win for US manufacturers (First Solar, Hanwha Q Cells), who say Chinese firms bypassed past tariffs by relocating to Southeast Asia.
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