![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/04/db519722-us-oil.jpg\")
SINGAPORE: Oil prices hit two-week lows on Monday on optimism that the US and Iran were moving closer towards a peace deal even though they remained at odds over key issues, including blockades on the Strait of Hormuz that continued to restrict oil supply from the Middle East.
\nBrent crude futures fell US$4.71, or 4.55%, to US$98.83 a barrel by 2234 GMT, while US West Texas Intermediate was at US$92.03 a barrel, down $4.57, or 4.73%.
\nBoth contracts touched their lowest since May 7 earlier in the session.
\nOn Saturday, US president Donald Trump said that Washington and Iran had “largely negotiated” a memorandum of understanding on a peace deal that would reopen the Strait of Hormuz, which before the conflict carried one-fifth of global oil and liquefied natural gas shipments.
\nHowever, the two sides remain at odds on several difficult issues, with Trump saying on Sunday he had told his representatives not to rush into any deal with Iran.
\nMST Marquee analyst Saul Kavonic said: “Notwithstanding all the caveats and risks that remain to the peace deal and Strait of Hormuz, there is now some light at the end of the tunnel, which will bring some near-term oil price relief.”
\nHowever, analysts expect that it will take months for oil flows through the strait to return to normal and for damaged oil and gas facilities to be repaired.
\n","content_text":"SINGAPORE: Oil prices hit two-week lows on Monday on optimism that the US and Iran were moving closer towards a peace deal even though they remained at odds over key issues, including blockades on the Strait of Hormuz that continued to restrict oil supply from the Middle East.\nBrent crude futures fell US$4.71, or 4.55%, to US$98.83 a barrel by 2234 GMT, while US West Texas Intermediate was at US$92.03 a barrel, down $4.57, or 4.73%.\nBoth contracts touched their lowest since May 7 earlier in the session.\nOn Saturday, US president Donald Trump said that Washington and Iran had \"largely negotiated\" a memorandum of understanding on a peace deal that would reopen the Strait of Hormuz, which before the conflict carried one-fifth of global oil and liquefied natural gas shipments.\nHowever, the two sides remain at odds on several difficult issues, with Trump saying on Sunday he had told his representatives not to rush into any deal with Iran.\nMST Marquee analyst Saul Kavonic said: \"Notwithstanding all the caveats and risks that remain to the peace deal and Strait of Hormuz, there is now some light at the end of the tunnel, which will bring some near-term oil price relief.\"\nHowever, analysts expect that it will take months for oil flows through the strait to return to normal and for damaged oil and gas facilities to be repaired.","date_published":"2026-05-24T23:17:25.000Z","author":{"name":"Reuters"},"tags":["Business","World Business","Top Business","blockades","Iran","oil","peace","Strait of Hormuz","US","war"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/04/db519722-us-oil.jpg","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/04/db519722-us-oil.jpg"},{"id":"https://www.freemalaysiatoday.com/category/opinion/2026/05/25/silicon-surge-malaysias-chip-stocks-are-having-a-moment","url":"https://www.freemalaysiatoday.com/category/opinion/2026/05/25/silicon-surge-malaysias-chip-stocks-are-having-a-moment","title":"Silicon surge: Malaysia’s chip stocks are having a moment","summary":"The Bursa’s semiconductor counters have staged their strongest rally in nearly two years. The question is whether this is a blip or the beginning of something structural.","content_html":"![\"kathirgugan\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2024/05/2c538c42-k-kathirgugan-columnist-latest-170524-1.webp\")
Earlier this year, Malaysia’s semiconductor stocks were in the doldrums. A stronger ringgit, weakening dollar revenues, and lingering fears of a global slowdown had battered investor confidence. The Bursa Malaysia Technology Index was limping along near multi-month lows.
\nThen the floodgates opened.
\nSince early April, ViTrox’s share price has climbed over 32%. Inari Amertron has surged an astonishing 61%. Malaysian Pacific Industries (MPI) has rallied sharply, gaining over 14% in a single month.
\nThe Technology Index rocketed 22.9% in April alone, its strongest monthly performance in years, before extending gains into May to hit a 21-month high. For an exchange better known for its banking heavyweights and plantation giants, this is a seismic shift in sentiment.
\nSo what changed? Three things converged all at once.
\nFirst, TSMC lit the fuse. The Taiwanese chipmaking titan reported first-quarter 2026 revenue of RM141 billion, up 40.6% year-on-year, with net profit surging 58%. Its gross margins hit a staggering 66.2%, driven by insatiable demand for advanced AI chips. When the world’s largest contract chipmaker posts numbers like these, every semiconductor name downstream benefits.
\nMalaysia’s outsourced semiconductor assembly and test (OSAT) players, companies like Inari and Unisem, directly benefit from this.
\nSecond, the AI and data centre investment wave washing over Malaysia is no longer theoretical.
\nIt is money in the ground. Oracle has committed RM25.7 billion, the largest single technology investment ever announced in the country. Microsoft has pledged RM8.7 billion and Google RM7.9 billion.
\nJohor has emerged as Southeast Asia’s fastest-growing data centre hub, threatening to eclipse even Singapore. The total pipeline now exceeds RM144 billion across 143 approved projects. Every one of those facilities requires semiconductors, testing equipment, and the automated inspection systems that companies like ViTrox and Frontken specialise in.
\nThird, and perhaps most consequentially, Malaysia’s geopolitical neutrality is paying dividends.
\nAs the United States and China escalate their technology war, with ever-tightening export controls on advanced chips, companies across the supply chain are diversifying away from both superpowers.
\nMalaysia, with its 50-year track record in back-end semiconductor operations, its 13% share of the global packaging, assembly and testing market, and its carefully cultivated “active neutrality” stance, has emerged as the beneficiary of choice.
\nThe numbers bear this out. Malaysia is already the world’s sixth-largest semiconductor exporter.
\nIt accounts for 20% of all US semiconductor imports. First-quarter 2026 GDP came in at a robust 5.4%, with electrical and electronics exports surging sharply, led by AI and data centre-related components. The country is not starting from scratch. It is leveraging half a century of accumulated expertise, and the macro data is finally reflecting it.
\nBut here is where the story gets more complicated.
\nThe rally has been spectacular, but it masks a structural vulnerability. Most Malaysian semiconductor companies remain concentrated in legacy segments: consumer electronics, industrial applications, and automotive chips.
\nOnly a handful, ViTrox and Frontken chief among them, have meaningful exposure to the AI-specific demand driving the current upcycle. The rest are riding a rising tide, not building new boats.
\nThe government knows this. The National Semiconductor Strategy (NSS), backed by RM25 billion in incentives, is meant to push the industry up the value chain into chip design, advanced packaging, and innovation-led manufacturing.
\nThe finance ministry is now fast-tracking pathways for semiconductor firms to list on Bursa, and SkyeChip, the first Malaysian chip design company to list on Bursa, made its debut last week. Deputy finance minister Liew Chin Tong has spoken of building “a mini-Korea or mini-Taiwan within our capital market and our industry”.
\nOn paper, the ambition is real. In practice, it faces a brutal bottleneck: talent.
\nMalaysia produces roughly 5,000 engineering graduates a year. The semiconductor industry alone demands 50,000 skilled engineers. That is a tenfold shortfall. Worse still, the brain drain is relentless.
\nThe Malaysia Semiconductor Industry Association has flagged a 15% annual attrition rate, with engineers lured abroad by salaries that Malaysian firms simply cannot match.
\nYou cannot build a semiconductor powerhouse if your workforce keeps walking out the door.
\nThe RM1.2 billion earmarked for training 60,000 engineers is a start. But at RM20,000 per engineer, it amounts to little more than a subsidy for upskilling people who may promptly leave.
\nWithout a serious rethink of compensation structures, career pathways, and retention incentives, the talent gap will remain the Achilles heel of Malaysia’s semiconductor ambitions.
\nSo what does this mean for investors, and for Malaysia more broadly?
\nIn the near term, the rally has legs. TSMC is geared for full-year revenue growth of over 30%. AI capital expenditure from the hyperscalers shows no sign of slowing. Malaysia’s positioning as a neutral, cost-competitive hub for back-end operations is only becoming more valuable as supply chain fragmentation accelerates.
\nAnalysts expect stronger earnings for Malaysian semiconductor firms in the second half of 2026.
\nIn the longer term, the opportunity is genuinely transformational. If Malaysia can execute on the NSS, close the talent gap, and move beyond assembly into higher-margin design and advanced packaging, the current rally will look like a prelude rather than a peak.
\nBut execution is everything. The semiconductor industry rewards those who invest early and commit deeply. It punishes those who coast on past advantages while the world moves on.
\nMalaysia has the history, the positioning, and now the capital flowing in. The missing piece is the human capital to match the ambition. Get that right, and this silicon surge could be the beginning of something far bigger than a stock market rally.
\nGet it wrong, and we will have squandered the opportunity of a generation.
\n\n
The writer can be contacted at kathirgugan@protonmail.com.
\nThe views expressed are those of the writer and do not necessarily reflect those of FMT.
\n","content_text":"Earlier this year, Malaysia’s semiconductor stocks were in the doldrums. A stronger ringgit, weakening dollar revenues, and lingering fears of a global slowdown had battered investor confidence. The Bursa Malaysia Technology Index was limping along near multi-month lows.\nThen the floodgates opened.\nSince early April, ViTrox’s share price has climbed over 32%. Inari Amertron has surged an astonishing 61%. Malaysian Pacific Industries (MPI) has rallied sharply, gaining over 14% in a single month.\nThe Technology Index rocketed 22.9% in April alone, its strongest monthly performance in years, before extending gains into May to hit a 21-month high. For an exchange better known for its banking heavyweights and plantation giants, this is a seismic shift in sentiment.\nSo what changed? Three things converged all at once.\nFirst, TSMC lit the fuse. The Taiwanese chipmaking titan reported first-quarter 2026 revenue of RM141 billion, up 40.6% year-on-year, with net profit surging 58%. Its gross margins hit a staggering 66.2%, driven by insatiable demand for advanced AI chips. When the world’s largest contract chipmaker posts numbers like these, every semiconductor name downstream benefits.\nMalaysia’s outsourced semiconductor assembly and test (OSAT) players, companies like Inari and Unisem, directly benefit from this.\nSecond, the AI and data centre investment wave washing over Malaysia is no longer theoretical.\nIt is money in the ground. Oracle has committed RM25.7 billion, the largest single technology investment ever announced in the country. Microsoft has pledged RM8.7 billion and Google RM7.9 billion.\nJohor has emerged as Southeast Asia’s fastest-growing data centre hub, threatening to eclipse even Singapore. The total pipeline now exceeds RM144 billion across 143 approved projects. Every one of those facilities requires semiconductors, testing equipment, and the automated inspection systems that companies like ViTrox and Frontken specialise in.\nThird, and perhaps most consequentially, Malaysia’s geopolitical neutrality is paying dividends.\nAs the United States and China escalate their technology war, with ever-tightening export controls on advanced chips, companies across the supply chain are diversifying away from both superpowers.\nMalaysia, with its 50-year track record in back-end semiconductor operations, its 13% share of the global packaging, assembly and testing market, and its carefully cultivated “active neutrality” stance, has emerged as the beneficiary of choice.\nThe numbers bear this out. Malaysia is already the world’s sixth-largest semiconductor exporter.\nIt accounts for 20% of all US semiconductor imports. First-quarter 2026 GDP came in at a robust 5.4%, with electrical and electronics exports surging sharply, led by AI and data centre-related components. The country is not starting from scratch. It is leveraging half a century of accumulated expertise, and the macro data is finally reflecting it.\nBut here is where the story gets more complicated.\nThe rally has been spectacular, but it masks a structural vulnerability. Most Malaysian semiconductor companies remain concentrated in legacy segments: consumer electronics, industrial applications, and automotive chips.\nOnly a handful, ViTrox and Frontken chief among them, have meaningful exposure to the AI-specific demand driving the current upcycle. The rest are riding a rising tide, not building new boats.\nThe government knows this. The National Semiconductor Strategy (NSS), backed by RM25 billion in incentives, is meant to push the industry up the value chain into chip design, advanced packaging, and innovation-led manufacturing.\nThe finance ministry is now fast-tracking pathways for semiconductor firms to list on Bursa, and SkyeChip, the first Malaysian chip design company to list on Bursa, made its debut last week. Deputy finance minister Liew Chin Tong has spoken of building “a mini-Korea or mini-Taiwan within our capital market and our industry”.\nOn paper, the ambition is real. In practice, it faces a brutal bottleneck: talent.\nMalaysia produces roughly 5,000 engineering graduates a year. The semiconductor industry alone demands 50,000 skilled engineers. That is a tenfold shortfall. Worse still, the brain drain is relentless.\nThe Malaysia Semiconductor Industry Association has flagged a 15% annual attrition rate, with engineers lured abroad by salaries that Malaysian firms simply cannot match.\nYou cannot build a semiconductor powerhouse if your workforce keeps walking out the door.\nThe RM1.2 billion earmarked for training 60,000 engineers is a start. But at RM20,000 per engineer, it amounts to little more than a subsidy for upskilling people who may promptly leave.\nWithout a serious rethink of compensation structures, career pathways, and retention incentives, the talent gap will remain the Achilles heel of Malaysia’s semiconductor ambitions.\nSo what does this mean for investors, and for Malaysia more broadly?\nIn the near term, the rally has legs. TSMC is geared for full-year revenue growth of over 30%. AI capital expenditure from the hyperscalers shows no sign of slowing. Malaysia’s positioning as a neutral, cost-competitive hub for back-end operations is only becoming more valuable as supply chain fragmentation accelerates.\nAnalysts expect stronger earnings for Malaysian semiconductor firms in the second half of 2026.\nIn the longer term, the opportunity is genuinely transformational. If Malaysia can execute on the NSS, close the talent gap, and move beyond assembly into higher-margin design and advanced packaging, the current rally will look like a prelude rather than a peak.\nBut execution is everything. The semiconductor industry rewards those who invest early and commit deeply. It punishes those who coast on past advantages while the world moves on.\nMalaysia has the history, the positioning, and now the capital flowing in. The missing piece is the human capital to match the ambition. Get that right, and this silicon surge could be the beginning of something far bigger than a stock market rally.\nGet it wrong, and we will have squandered the opportunity of a generation.\n \nThe writer can be contacted at kathirgugan@protonmail.com.\nThe views expressed are those of the writer and do not necessarily reflect those of FMT.","date_published":"2026-05-24T23:00:15.000Z","author":{"name":"K. Kathirgugan"},"tags":["Highlight","Column","Opinion","Top Opinion","Business","Local Business","Top Business","AI","brain drain","Bursa Malaysia","capital flow","chips","engineers","geopolitical neutrality","industry","investors","semiconductors","stocks","Talents","TSMC"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/05/2c538c42-k-kathirgugan-columnist-latest-170524-1.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/05/2c538c42-k-kathirgugan-columnist-latest-170524-1.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/25/lagarde-says-ecb-inflation-forecast-likely-to-be-revised-in-june","url":"https://www.freemalaysiatoday.com/category/business/2026/05/25/lagarde-says-ecb-inflation-forecast-likely-to-be-revised-in-june","title":"Lagarde says ECB inflation forecast likely to be revised in June","summary":"Economists and investors predict a quarter-point increase amid doubts over a lasting peace deal between the US and Iran.","content_html":"![\"Christine](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/2e9fc6f3-christine-lagarde.jpg\")
BRUSSELS: The European Central Bank is set to lift its inflation outlook when policymakers meet next month, according to president Christine Lagarde.
\nA March projection that foresaw price gains of 2.6% this year “will probably be revised,” she told Italian talkshow Che Tempo Che Fa on Sunday, adding that the situation “has evolved” since then.
\nHer comments confirm what policymakers including governing council member Alexander Demarco have signalled in recent days. He told Bloomberg in an interview that the forecast – published just after the start of the Iran war – might have been too optimistic.
\nLagarde declined to elaborate on whether such a revision is putting the ECB on course for an interest-rate increase on June 11.
\n“The current situation is so uncertain, we have to look at all the data available, assess how the economy is going to develop over the course of next quarters, how to determine whether action is needed, and what impact it will have in the medium term,” she said. “Our target is 2% medium term.”
\nEconomists and investors predict a quarter-point increase, and many of Lagarde’s colleagues have suggested that such an outcome may be inevitable in the absence of a lasting peace deal between the US and Iran.
\n","content_text":"BRUSSELS: The European Central Bank is set to lift its inflation outlook when policymakers meet next month, according to president Christine Lagarde.\nA March projection that foresaw price gains of 2.6% this year “will probably be revised,” she told Italian talkshow Che Tempo Che Fa on Sunday, adding that the situation “has evolved” since then.\nHer comments confirm what policymakers including governing council member Alexander Demarco have signalled in recent days. He told Bloomberg in an interview that the forecast - published just after the start of the Iran war - might have been too optimistic.\nLagarde declined to elaborate on whether such a revision is putting the ECB on course for an interest-rate increase on June 11.\n“The current situation is so uncertain, we have to look at all the data available, assess how the economy is going to develop over the course of next quarters, how to determine whether action is needed, and what impact it will have in the medium term,” she said. “Our target is 2% medium term.”\nEconomists and investors predict a quarter-point increase, and many of Lagarde’s colleagues have suggested that such an outcome may be inevitable in the absence of a lasting peace deal between the US and Iran.","date_published":"2026-05-24T22:38:50.000Z","author":{"name":"Bloomberg"},"tags":["Business","World Business","Top Business","Christine Lagarde","ECB","inflation"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/2e9fc6f3-christine-lagarde.jpg","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/2e9fc6f3-christine-lagarde.jpg"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/25/treasury-market-ushers-in-warsh-era-with-bets-on-2026-rate-hike","url":"https://www.freemalaysiatoday.com/category/business/2026/05/25/treasury-market-ushers-in-warsh-era-with-bets-on-2026-rate-hike","title":"Treasury market ushers in Warsh era with bets on 2026 rate hike","summary":"Bond investors expect the new Federal Reserve chair to prioritise inflation control over political pressure to lower interest rates.","content_html":"![\"Kevin](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/d154ba7b-kevin-warsh.jpg\")
WASHINGTON: As Kevin Warsh takes the helm at the Federal Reserve, bond investors are betting he’ll prioritise the central bank’s inflation-fighting credibility over president Donald Trump’s push for lower interest rates.
\nWith the Iran war unleashing the biggest inflation surge since 2023, traders are pricing in that the Fed is virtually certain to start raising rates by December. That’s a sharp reversal from just three months ago, when markets were betting there were deeper cuts ahead.
\nThe shift reflects the impact of turmoil in the Middle East, the resilient US economy and an AI-investment boom pushing the stock market higher, all of which have fueled concerns that inflation could remain stuck above the Fed’s 2% target for some time.
\nIn a volatile trading week, two-year Treasury yields – the most sensitive to Fed policy expectations – climbed to as much as 4.14% Friday, the highest in more than a year and nearly 40 basis points above the top end of the Fed’s benchmark rate range. Thirty-year yields briefly touched 5.2% last week, a level last seen in 2007, before retreating to 5.06%.
\nWarsh assumes leadership as a growing number of Fed officials abandon their easing bias. Governor Christopher Waller – a Trump appointee who earlier this year advocated for rate cuts to protect the labor market – said Friday that the Fed’s next move is now just as likely to be a hike.
\nA slew of policymakers, including vice chair Philip Jefferson and New York Fed president John Williams, are scheduled to speak this week.
\nAs Warsh was sworn into office Friday, Trump, who has repeatedly pressured the Fed to lower borrowing costs, said he wants Warsh to lead the central bank independently.
\nSome investors, including Chitrang Purani, a portfolio manager at Capital Group, are turning more bullish on short-term Treasuries as yields rise and rate hikes are priced in.
\n“I do believe that the bar to hiking rates is still reasonably high because this Fed and Warsh may want to be a little bit more patient before taking that next step to fully understand how inflation is translating into labor markets and financial conditions,” Purani said.
\n“I personally don’t believe the Fed’s reaction function to economic data will be materially different under Warsh than it was in the past.”
\nIn addition to reading tea leaves of Fed speakers, bond traders will also focus this week on auctions of two-, five- and seven-year Treasury notes for signs of investor demand.
\n","content_text":"WASHINGTON: As Kevin Warsh takes the helm at the Federal Reserve, bond investors are betting he’ll prioritise the central bank’s inflation-fighting credibility over president Donald Trump’s push for lower interest rates.\nWith the Iran war unleashing the biggest inflation surge since 2023, traders are pricing in that the Fed is virtually certain to start raising rates by December. That’s a sharp reversal from just three months ago, when markets were betting there were deeper cuts ahead.\nThe shift reflects the impact of turmoil in the Middle East, the resilient US economy and an AI-investment boom pushing the stock market higher, all of which have fueled concerns that inflation could remain stuck above the Fed’s 2% target for some time.\nIn a volatile trading week, two-year Treasury yields - the most sensitive to Fed policy expectations - climbed to as much as 4.14% Friday, the highest in more than a year and nearly 40 basis points above the top end of the Fed’s benchmark rate range. Thirty-year yields briefly touched 5.2% last week, a level last seen in 2007, before retreating to 5.06%.\nWarsh assumes leadership as a growing number of Fed officials abandon their easing bias. Governor Christopher Waller - a Trump appointee who earlier this year advocated for rate cuts to protect the labor market - said Friday that the Fed’s next move is now just as likely to be a hike.\nA slew of policymakers, including vice chair Philip Jefferson and New York Fed president John Williams, are scheduled to speak this week.\nAs Warsh was sworn into office Friday, Trump, who has repeatedly pressured the Fed to lower borrowing costs, said he wants Warsh to lead the central bank independently.\nSome investors, including Chitrang Purani, a portfolio manager at Capital Group, are turning more bullish on short-term Treasuries as yields rise and rate hikes are priced in.\n“I do believe that the bar to hiking rates is still reasonably high because this Fed and Warsh may want to be a little bit more patient before taking that next step to fully understand how inflation is translating into labor markets and financial conditions,” Purani said.\n“I personally don’t believe the Fed’s reaction function to economic data will be materially different under Warsh than it was in the past.”\nIn addition to reading tea leaves of Fed speakers, bond traders will also focus this week on auctions of two-, five- and seven-year Treasury notes for signs of investor demand.","date_published":"2026-05-24T22:27:27.000Z","author":{"name":"Bloomberg"},"tags":["Business","World Business","Top Business","bond","Donald Trump","Federal Reserve","Kevin Warsh","rate hike"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/d154ba7b-kevin-warsh.jpg","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/d154ba7b-kevin-warsh.jpg"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/24/bangladesh-invites-bids-for-oil-and-gas-exploration","url":"https://www.freemalaysiatoday.com/category/business/2026/05/24/bangladesh-invites-bids-for-oil-and-gas-exploration","title":"Bangladesh invites bids for oil and gas exploration","summary":"The South Asian nation is scrambling to ease a fuel crunch as the Middle East war chokes vast quantities of global supply.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/03/2fdc1b32-oil-rigs-resize-reuters-pic-280325.webp\")
DHAKA: Bangladesh invited bids from international companies to explore oil and gas reserves on Sunday, scrambling to ease a fuel crunch as the Middle East war chokes vast quantities of global supply.
\nThe South Asian nation imports 95% of its oil and gas, much of it from the Middle East, where shipments through the crucial Strait of Hormuz have virtually ground to a halt since the war began in late February.
\nThe fuel crunch has prompted long queues at petrol stations and power cuts, with electricity demand outstripping limited generation capacity.
\n“Fuel is the main driver for development,” energy minister Iqbal Hasan Mahmud told a news conference in Dhaka, adding that contracts would be awarded “in the best interest of the country”.
\nBangladesh set out its maritime boundaries years ago but still lags behind neighbouring countries in offshore exploration.
\nAn earlier tender launched in 2024 drew limited interest, prompting the government to revise conditions this time to make them more attractive to international investors.
\nHasan Mahmudul Islam, spokesman for state-owned Petrobangla, said the new terms were shaped after consultations with global oil companies, who insisted on revising gas pricing among other issues.
\n“These issues have now been addressed,” he said.
\nThe government has also pledged investment protection and introduced gas pricing linked to Brent crude benchmarks.
\n","content_text":"DHAKA: Bangladesh invited bids from international companies to explore oil and gas reserves on Sunday, scrambling to ease a fuel crunch as the Middle East war chokes vast quantities of global supply.\nThe South Asian nation imports 95% of its oil and gas, much of it from the Middle East, where shipments through the crucial Strait of Hormuz have virtually ground to a halt since the war began in late February.\nThe fuel crunch has prompted long queues at petrol stations and power cuts, with electricity demand outstripping limited generation capacity.\n\"Fuel is the main driver for development,\" energy minister Iqbal Hasan Mahmud told a news conference in Dhaka, adding that contracts would be awarded \"in the best interest of the country\".\nBangladesh set out its maritime boundaries years ago but still lags behind neighbouring countries in offshore exploration.\nAn earlier tender launched in 2024 drew limited interest, prompting the government to revise conditions this time to make them more attractive to international investors.\nHasan Mahmudul Islam, spokesman for state-owned Petrobangla, said the new terms were shaped after consultations with global oil companies, who insisted on revising gas pricing among other issues.\n\"These issues have now been addressed,\" he said.\nThe government has also pledged investment protection and introduced gas pricing linked to Brent crude benchmarks.","date_published":"2026-05-24T11:56:23.000Z","author":{"name":"AFP"},"tags":["World","Top World","Business","World Business","Top Business","Bangladesh energy","energy security","fuel crisis","gas reserves","global supply","Middle East","offshore drilling","Oil exploration","Petrobangla","Strait Hormuz"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/03/2fdc1b32-oil-rigs-resize-reuters-pic-280325.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/03/2fdc1b32-oil-rigs-resize-reuters-pic-280325.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/23/mexico-eu-lower-tariffs-in-bid-to-grow-non-us-trade","url":"https://www.freemalaysiatoday.com/category/business/2026/05/23/mexico-eu-lower-tariffs-in-bid-to-grow-non-us-trade","title":"Mexico, EU lower tariffs in bid to grow non-US trade","summary":"The expansion of an accord dating to 2000 comes as Mexico fights hard to preserve a three-way free trade agreement with the US and Canada.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/2e685a24-14008930.webp\")
MEXICO CITY: The European Union and Mexico on Friday signed a deal reducing tariffs on each other’s goods as both seek to lessen their dependence on trade with the US.
\nThe expansion of an accord dating to 2000 comes as Mexico fights hard to preserve a three-way free trade agreement with the US and Canada, which is crucial to all three economies.
\nThe EU is Mexico’s third-largest trading partner, lagging far behind the US and China.
\nMexican President Claudia Sheinbaum has stressed the importance of “opening other horizons” at a time when both Mexico and the EU are grappling with US President Donald Trump’s tariff offensive.
\nThe updated agreement, signed by Sheinbaum and European Commission President Ursula von der Leyen during the eighth EU-Mexico Summit, removes most remaining barriers to trade and investment.
\n“At a time marked by increasing turbulence and profound transformations, we have chosen to expand, deepen and update the bonds of our Strategic Partnership,” a joint statement read.
\n‘The same objectives’
\nThe updated accord facilitates trade in auto parts, a sector particularly affected by Trump’s tariffs.
\nMexico also agreed to recognize hundreds of food and drink products from specific EU regions, such as Parma ham and Roquefort cheese.
\nThe agreement will lower tariffs on more products, and give duty-free access to pasta, chocolate, potatoes, canned peaches, eggs and certain poultry products.
\n“Mexico wants to reduce its dependence on its northern neighbor, but also on Asian, or rather, Chinese, supply chains, and in Europe we are pursuing the same objectives,” an EU official told AFP on condition of anonymity.
\nOn a visit Thursday to Mexico City, the EU’s foreign policy chief Kaja Kallas said the deal would create new opportunities for “both economies to compete globally” and build on the momentum of the past decade, which has seen a 75% leap in EU-Mexican trade.
\nEarlier this week, the EU moved to end a trade standoff with Trump by agreeing to implement a deal signed last year with the US, which sets tariffs on most European goods at 15%.
\nAverage US tariffs on Mexican goods are a quarter of that — with many avoiding levies altogether under the United States-Mexico-Canada Agreement (USMCA).
\nSheinbaum said Mexico’s respective trade agreements with the EU and the US were “not contradictory”.
\n“On the contrary, they strengthen Mexico, strengthen Europe and strengthen the United States,” she told a press conference.
\nBrussels has said the update to the pact would make it easier for “like-minded partners” to export and invest in each other’s markets.
\nThe lower tariffs enjoyed by Mexico will benefit the EU, according to Sergio Contreras, president of the Mexican Business Council for Foreign Trade.
\nMexico will be “the point of convergence, the platform for the European Union and North America to come together,” he said.
\n","content_text":"MEXICO CITY: The European Union and Mexico on Friday signed a deal reducing tariffs on each other's goods as both seek to lessen their dependence on trade with the US.\nThe expansion of an accord dating to 2000 comes as Mexico fights hard to preserve a three-way free trade agreement with the US and Canada, which is crucial to all three economies.\nThe EU is Mexico's third-largest trading partner, lagging far behind the US and China.\nMexican President Claudia Sheinbaum has stressed the importance of \"opening other horizons\" at a time when both Mexico and the EU are grappling with US President Donald Trump's tariff offensive.\nThe updated agreement, signed by Sheinbaum and European Commission President Ursula von der Leyen during the eighth EU-Mexico Summit, removes most remaining barriers to trade and investment.\n\"At a time marked by increasing turbulence and profound transformations, we have chosen to expand, deepen and update the bonds of our Strategic Partnership,\" a joint statement read.\n'The same objectives'\nThe updated accord facilitates trade in auto parts, a sector particularly affected by Trump's tariffs.\nMexico also agreed to recognize hundreds of food and drink products from specific EU regions, such as Parma ham and Roquefort cheese.\nThe agreement will lower tariffs on more products, and give duty-free access to pasta, chocolate, potatoes, canned peaches, eggs and certain poultry products.\n\"Mexico wants to reduce its dependence on its northern neighbor, but also on Asian, or rather, Chinese, supply chains, and in Europe we are pursuing the same objectives,\" an EU official told AFP on condition of anonymity.\nOn a visit Thursday to Mexico City, the EU's foreign policy chief Kaja Kallas said the deal would create new opportunities for \"both economies to compete globally\" and build on the momentum of the past decade, which has seen a 75% leap in EU-Mexican trade.\nEarlier this week, the EU moved to end a trade standoff with Trump by agreeing to implement a deal signed last year with the US, which sets tariffs on most European goods at 15%.\nAverage US tariffs on Mexican goods are a quarter of that - with many avoiding levies altogether under the United States-Mexico-Canada Agreement (USMCA).\nSheinbaum said Mexico's respective trade agreements with the EU and the US were \"not contradictory\".\n\"On the contrary, they strengthen Mexico, strengthen Europe and strengthen the United States,\" she told a press conference.\nBrussels has said the update to the pact would make it easier for \"like-minded partners\" to export and invest in each other's markets.\nThe lower tariffs enjoyed by Mexico will benefit the EU, according to Sergio Contreras, president of the Mexican Business Council for Foreign Trade.\nMexico will be \"the point of convergence, the platform for the European Union and North America to come together,\" he said.","date_published":"2026-05-22T22:52:36.000Z","author":{"name":"AFP"},"tags":["World","Top World","Business","World Business","Top Business","Claudia Sheinbaum","EU","Mexico","tariffs","trade deal","Ursula von der Leyen","USMCA"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/2e685a24-14008930.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/2e685a24-14008930.webp"},{"id":"https://www.freemalaysiatoday.com/category/highlight/2026/05/23/wall-street-rises-dow-hits-record-high-as-middle-east-hopes-lift-sentiment","url":"https://www.freemalaysiatoday.com/category/highlight/2026/05/23/wall-street-rises-dow-hits-record-high-as-middle-east-hopes-lift-sentiment","title":"Wall Street rises, Dow hits record high as Middle East hopes lift sentiment","summary":"Nine out of the 11 major S&P 500 sector indexes gained, led by healthcare, utilities, industrials and technology stocks.","content_html":"![\"S&P](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/04/7c9b9cf3-sp-500-epa-050425.webp\")
NEW YORK: US stocks rose on Friday, with the Dow reaching a record closing high, as investors cheered signs of progress in talks to end the Middle East conflict and a strong corporate earnings season.
\nThe S&P 500 notched its eighth consecutive weekly gain, its longest since a nine-week streak ended in December 2023.
\nSemiconductor stocks, which have driven recent Wall Street gains, were mostly higher. The Philadelphia Semiconductor Index rose, lifted by a 12% jump in Qualcomm, while Nvidia slipped 1.90%.
\nThe US has made some progress toward a deal with Iran, though more work remains, secretary of state Marco Rubio said on Friday. Iran’s foreign ministry spokesman said differences between the two sides remained deep.
\n“Earnings season looked really good and the economic data, save a few outliers, looked pretty solid so fundamentally the picture looks really solid,” said James St. Aubin, chief investment officer at Ocean Park Asset Management in Santa Monica, California.
\n“The war has been one major speed bump along the road for at least the equity market but I think the headlines today looked encouraging and that was probably helping at the margin.”
\nThe Dow Jones Industrial Average rose 294.04 points, or 0.58%, to 50,579.70, a record closing high. The S&P 500 rose 27.75 points, or 0.37%, to 7,473.47 and the Nasdaq Composite rose 50.87 points, or 0.19%, to 26,343.97.
\nNine out of the 11 major S&P 500 sector indexes gained, led by healthcare, utilities, industrials and technology stocks.
\nCommunications and consumer staples lost ground.
\nShares of US computer makers surged following strong results from China’s Lenovo Group, which reported a better-than-expected 27% jump in quarterly revenue. Dell Technologies hit a record high after rising 17% while HP Inc gained 15%.
\nLong-dated government bond yields were lower, having pulled back from recent highs. The yield on benchmark US 10-year notes fell 2.6 basis points to 4.558%.
\n“The bond market seems to be cooling off and yields are coming down from where they were starting to peak earlier this week and I think that’s very encouraging too,” St. Aubin said.
\nKevin Warsh was sworn in as chair of the Federal Reserve on Friday, taking the helm at a pivotal moment for the US economy as higher gasoline prices tied to the Iran conflict fuel inflation and weigh on consumer sentiment.
\nEstée Lauder rose 12% after the cosmetics maker and Spanish perfumery Puig ended talks for a potential merger.
\nWorkday gained 5% after the human resources software provider exceeded expectations for first-quarter revenue and profit.
\nAdvancing issues outnumbered decliners by a 1.68-to-1 ratio on the NYSE. There were 384 new highs and 79 new lows on the NYSE.
\nThe S&P 500 posted 29 new 52-week highs and no new lows while the Nasdaq Composite recorded 131 new highs and 71 new lows.
\nVolume on US exchanges was 17.33 billion shares, compared with the 18.54 billion average for the full session over the last 20 trading days.
\n","content_text":"NEW YORK: US stocks rose on Friday, with the Dow reaching a record closing high, as investors cheered signs of progress in talks to end the Middle East conflict and a strong corporate earnings season.\nThe S&P 500 notched its eighth consecutive weekly gain, its longest since a nine-week streak ended in December 2023.\nSemiconductor stocks, which have driven recent Wall Street gains, were mostly higher. The Philadelphia Semiconductor Index rose, lifted by a 12% jump in Qualcomm, while Nvidia slipped 1.90%.\nThe US has made some progress toward a deal with Iran, though more work remains, secretary of state Marco Rubio said on Friday. Iran’s foreign ministry spokesman said differences between the two sides remained deep.\n\"Earnings season looked really good and the economic data, save a few outliers, looked pretty solid so fundamentally the picture looks really solid,\" said James St. Aubin, chief investment officer at Ocean Park Asset Management in Santa Monica, California.\n\"The war has been one major speed bump along the road for at least the equity market but I think the headlines today looked encouraging and that was probably helping at the margin.\"\nThe Dow Jones Industrial Average rose 294.04 points, or 0.58%, to 50,579.70, a record closing high. The S&P 500 rose 27.75 points, or 0.37%, to 7,473.47 and the Nasdaq Composite rose 50.87 points, or 0.19%, to 26,343.97.\nNine out of the 11 major S&P 500 sector indexes gained, led by healthcare, utilities, industrials and technology stocks.\nCommunications and consumer staples lost ground.\nShares of US computer makers surged following strong results from China's Lenovo Group, which reported a better-than-expected 27% jump in quarterly revenue. Dell Technologies hit a record high after rising 17% while HP Inc gained 15%.\nLong-dated government bond yields were lower, having pulled back from recent highs. The yield on benchmark US 10-year notes fell 2.6 basis points to 4.558%.\n\"The bond market seems to be cooling off and yields are coming down from where they were starting to peak earlier this week and I think that's very encouraging too,\" St. Aubin said.\nKevin Warsh was sworn in as chair of the Federal Reserve on Friday, taking the helm at a pivotal moment for the US economy as higher gasoline prices tied to the Iran conflict fuel inflation and weigh on consumer sentiment.\nEstée Lauder rose 12% after the cosmetics maker and Spanish perfumery Puig ended talks for a potential merger.\nWorkday gained 5% after the human resources software provider exceeded expectations for first-quarter revenue and profit.\nAdvancing issues outnumbered decliners by a 1.68-to-1 ratio on the NYSE. There were 384 new highs and 79 new lows on the NYSE.\nThe S&P 500 posted 29 new 52-week highs and no new lows while the Nasdaq Composite recorded 131 new highs and 71 new lows.\nVolume on US exchanges was 17.33 billion shares, compared with the 18.54 billion average for the full session over the last 20 trading days.","date_published":"2026-05-22T21:38:59.000Z","author":{"name":"Reuters"},"tags":["Highlight","Business","World Business","Top Business","Dow Jones Industrial Average","Nasdaq","s&p 500","US stocks","Wall Street"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/04/7c9b9cf3-sp-500-epa-050425.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/04/7c9b9cf3-sp-500-epa-050425.webp"},{"id":"https://www.freemalaysiatoday.com/category/highlight/2026/05/23/us-fed-chair-says-will-be-reform-oriented-at-glitzy-white-house-swearing-in","url":"https://www.freemalaysiatoday.com/category/highlight/2026/05/23/us-fed-chair-says-will-be-reform-oriented-at-glitzy-white-house-swearing-in","title":"US Fed chair says will be ‘reform-oriented’ at glitzy White House swearing-in","summary":"New US Federal Reserve chair Kevin Warsh calls for central bankers to pursue their goals 'with wisdom and clarity, independence and resolve'.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/a67d30bf-14008062.webp\")
WASHINGTON: New US Federal Reserve chair Kevin Warsh vowed to be “reform-oriented” as he was sworn in at the White House on Friday, with President Donald Trump insisting the central bank chief would be “totally independent”.
\nTrump has exerted unprecedented pressure on the central bank to reduce interest rates, attempting to fire a Fed governor and pursuing a criminal probe against Warsh’s predecessor Jerome Powell.
\n“I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes both, escaping static frameworks and models, and upholding clear standards of integrity and performance,” Warsh said.
\nHe called for central bankers to pursue their goals “with wisdom and clarity, independence and resolve,” adding that “inflation can be lower, growth stronger, real take-home pay higher, and America can be more prosperous” if they did so.
\nTrump, who frequently criticised and insulted Powell, praised Warsh and said he wanted him to be fully independent, before urging the Fed chair to let the economy “boom”.
\n“Kevin understands that when the economy is booming, that’s a good thing. We want to stop inflation, but we don’t want to stop greatness,” Trump said.
\nWarsh has backed rate cuts in the past, even as the world’s largest economy faces inflation at a three-year high.
\nIt is unusual for the chief of the Fed — an independent nonpartisan body that sets monetary policy according to a dual mandate on inflation and employment — to be sworn in at the White House.
\nThe last central bank chief to do so was Alan Greenspan in 1987, under President Ronald Reagan, who Warsh referenced in his speech as a role model.
\nAt his Senate confirmation hearing, Warsh insisted that he would “absolutely not” be a puppet for Trump.
\nLavish ceremony
\nSupreme Court Justices Clarence Thomas and Brett Kavanaugh were among those in attendance at the glitzy ceremony on Friday, with the former administering the oath of office to Warsh.
\nThe court is due to rule on Trump’s attempt to fire Fed Governor Lisa Cook.
\nA lengthy list of dignitaries in attendance included former vice president Dan Quayle, former Secretary of State Condoleezza Rice, alongside a slew of serving officials — including the CIA director.
\nTrump and Warsh walked into the East Room together all smiles — a stark contrast to the Republican’s only televised meeting with Powell in his second term, where he berated the then Fed chair.
\nBalancing mandates
\nWarsh will take over a divided Fed facing high inflation — fueled by the energy price surge that resulted from Trump’s war on Iran — and a labor market showing signs of weakness.
\nThe US central bank has a dual mandate to keep inflation to its long-term target of two percent while also maintaining maximum employment.
\nUS consumer inflation in April came in at 3.8 percent, a three-year high, with American households battered by years of above-expected price increases since the pandemic.
\nAt a Fed meeting last month, a majority of policymakers indicated that rate hikes may be necessary if inflation remains above the Fed’s long-term target.
\nWarsh has argued that productivity gains from artificial intelligence-led innovation will allow the US economy to grow rapidly without adding to inflation.
\nThe US unemployment rate has remained relatively stable around 4.3% for the last year. But job growth — often used as a proxy for economic activity — has see-sawed between expansion and contraction from month to month.
\nThat situation — high inflation and inconsistent job growth — has left the Fed in a potentially sticky situation of having to choose between its mandates.
\n“Kevin Warsh will not be able to deliver the rate cuts that the president wants,” said David Wessel, senior fellow at the Brookings Institution.
\n“At some point, the president may grow impatient and will begin attacking Mr. Warsh as he did Jerome Powell.”
\nWarsh takes over at “a time of disruption and rebalancing in the overall authority of the president,” said Columbia Law professor Kathryn Judge, whose research focuses on central banking.
\nPotentially adding to Warsh’s challenges will be the fact that Powell has chosen to remain on the board as a member — an unusual but not unprecedented move for an outgoing chair.
\nPowell cited threats to the Fed’s independence as the reason for his decision.
\nOn Friday, White House economic advisor Kevin Hassett said he hoped Powell would soon “step aside” so Warsh could “have complete and easy control of the Fed.”
\n","content_text":"WASHINGTON: New US Federal Reserve chair Kevin Warsh vowed to be \"reform-oriented\" as he was sworn in at the White House on Friday, with President Donald Trump insisting the central bank chief would be \"totally independent\".\nTrump has exerted unprecedented pressure on the central bank to reduce interest rates, attempting to fire a Fed governor and pursuing a criminal probe against Warsh's predecessor Jerome Powell.\n\"I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes both, escaping static frameworks and models, and upholding clear standards of integrity and performance,\" Warsh said.\nHe called for central bankers to pursue their goals \"with wisdom and clarity, independence and resolve,\" adding that \"inflation can be lower, growth stronger, real take-home pay higher, and America can be more prosperous\" if they did so.\nTrump, who frequently criticised and insulted Powell, praised Warsh and said he wanted him to be fully independent, before urging the Fed chair to let the economy \"boom\".\n\"Kevin understands that when the economy is booming, that's a good thing. We want to stop inflation, but we don't want to stop greatness,\" Trump said.\nWarsh has backed rate cuts in the past, even as the world's largest economy faces inflation at a three-year high.\nIt is unusual for the chief of the Fed - an independent nonpartisan body that sets monetary policy according to a dual mandate on inflation and employment - to be sworn in at the White House.\nThe last central bank chief to do so was Alan Greenspan in 1987, under President Ronald Reagan, who Warsh referenced in his speech as a role model.\nAt his Senate confirmation hearing, Warsh insisted that he would \"absolutely not\" be a puppet for Trump.\nLavish ceremony\nSupreme Court Justices Clarence Thomas and Brett Kavanaugh were among those in attendance at the glitzy ceremony on Friday, with the former administering the oath of office to Warsh.\nThe court is due to rule on Trump's attempt to fire Fed Governor Lisa Cook.\nA lengthy list of dignitaries in attendance included former vice president Dan Quayle, former Secretary of State Condoleezza Rice, alongside a slew of serving officials - including the CIA director.\nTrump and Warsh walked into the East Room together all smiles - a stark contrast to the Republican's only televised meeting with Powell in his second term, where he berated the then Fed chair.\nBalancing mandates\nWarsh will take over a divided Fed facing high inflation - fueled by the energy price surge that resulted from Trump's war on Iran - and a labor market showing signs of weakness.\nThe US central bank has a dual mandate to keep inflation to its long-term target of two percent while also maintaining maximum employment.\nUS consumer inflation in April came in at 3.8 percent, a three-year high, with American households battered by years of above-expected price increases since the pandemic.\nAt a Fed meeting last month, a majority of policymakers indicated that rate hikes may be necessary if inflation remains above the Fed's long-term target.\nWarsh has argued that productivity gains from artificial intelligence-led innovation will allow the US economy to grow rapidly without adding to inflation.\nThe US unemployment rate has remained relatively stable around 4.3% for the last year. But job growth - often used as a proxy for economic activity - has see-sawed between expansion and contraction from month to month.\nThat situation - high inflation and inconsistent job growth - has left the Fed in a potentially sticky situation of having to choose between its mandates.\n\"Kevin Warsh will not be able to deliver the rate cuts that the president wants,\" said David Wessel, senior fellow at the Brookings Institution.\n\"At some point, the president may grow impatient and will begin attacking Mr. Warsh as he did Jerome Powell.\"\nWarsh takes over at \"a time of disruption and rebalancing in the overall authority of the president,\" said Columbia Law professor Kathryn Judge, whose research focuses on central banking.\nPotentially adding to Warsh's challenges will be the fact that Powell has chosen to remain on the board as a member - an unusual but not unprecedented move for an outgoing chair.\nPowell cited threats to the Fed's independence as the reason for his decision.\nOn Friday, White House economic advisor Kevin Hassett said he hoped Powell would soon \"step aside\" so Warsh could \"have complete and easy control of the Fed.\"","date_published":"2026-05-22T20:56:33.000Z","author":{"name":"AFP"},"tags":["Highlight","World","Top World","Business","World Business","Top Business","Donald Trump","Kevin Warsh","US Federal Reserve"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/a67d30bf-14008062.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/a67d30bf-14008062.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/stocks-climb-despite-iran-uncertainty-dollar-near-recent-highs","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/stocks-climb-despite-iran-uncertainty-dollar-near-recent-highs","title":"Stocks climb despite Iran uncertainty, dollar near recent highs","summary":"Oil prices have also moved higher as investors weigh the risk that US–Iran peace talks could drag on or fall apart, says analyst.","content_html":"![\"US](\"https://media.freemalaysiatoday.com/wp-content/uploads/2024/12/d1d02047-12444452.webp\")
NEW YORK: European stocks were set for their biggest weekly gain since early April, while US equities were poised to record an eighth straight weekly advance on Friday, although a great deal of uncertainty continued to surround US-Iran peace talks.
\nIran’s foreign minister met Pakistan’s interior minister on Friday to discuss proposals to end the US-Israeli war, Iranian media reported, with Tehran and Washington still at odds over Tehran’s uranium stockpile and controls on the Strait of Hormuz.
\nThe S&P 500 was on track for its eighth straight weekly gain, driven by booming demand for artificial intelligence (AI)-related stocks as investors largely downplayed the potential economic fallout from the Middle East conflict and the energy shock.
\nThat strength was only partly mirrored in major European and Asian stock indexes, which made some ground this week but lagged behind the US rally.
\n“Our view is that equities will likely move higher over the medium term, based on a combination of strong earnings, oil prices that stay contained enough to avoid a broader growth shock, and a Federal Reserve that remains supportive,” Mark Haefele, chief investment officer at UBS Global Wealth Management, said.
\nUBS forecasts Brent crude at US$105 at the end of September and US$95 at year-end and believes “that the bar for a Federal Reserve hike remains high.”
\nMSCI’s main world stocks index rose 0.21%. Europe’s STOXX 600 was up 0.43% and on track for a weekly gain of 2.8%.
\nNasdaq futures climbed 0.11% and S&P 500 futures increased 0.13%. The S&P 500 index edged 0.17% higher on Thursday at 7,445.72, after hitting 7,517.12 last week, a fresh record high.
\nMSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.74%. Japan’s Nikkei gained 2.8%, led by AI-related shares.
\n“Oil prices have also moved higher again as investors weigh the risk that talks drag on or fall apart,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.
\n“The honest answer is that nobody really knows where these negotiations are heading, but for now, markets are doing what they often do when a potential geopolitical off-ramp appears – tentatively moving as if the good news could be around the corner.”
\nOil prices up but well below recent highs
\nBrent crude futures rose 2.5% to US$105.28 a barrel but were set for a 3.8% drop for the week. They hit US$126.41 in late April.
\nProlonged energy disruptions threaten to feed through to prices across the globe, spurring traders to price in rate hikes.
\nMarkets are now pricing in a more than 50% chance of a rate hike from the US Federal Reserve by the end of the year, according to the CME FedWatch tool, versus expectations of two rate cuts before the war started.
\nThat has lifted Treasury yields and boosted the US dollar, which has also benefited from safe-haven demand.
\nThe euro was at US$1.1614, close to the six-week low it hit on Thursday, and is set for a 1% drop this month.
\nAgainst a basket of currencies, the dollar was up 0.18% at 99.37. The Japanese yen last fetched ¥159.11 per dollar, perilously close to the crucial 160 level that traders fear could bring Japanese authorities into the market again.
\n“Energy prices need to rapidly and quickly reverse, otherwise the combination of fiscal spending and a capex boom is a recipe for a lot of inflation, especially in the US,” said George Saravelos, global head of forex research at Deutsche Bank, after mentioning a global increase in fiscal spending and AI investment.
\nIncoming Federal Reserve chair Kevin Warsh “will have to pick between adding volatility to front-end rates, and help the dollar, or the back-end, and hurt the dollar, but he can’t avoid both,” Saravelos said.
\nFed rate hikes push up short-dated yields, while no action by the central bank could boost long-dated borrowing costs as markets price in more inflation over the long term.
\nThe European Central Bank has been pricing three rate hikes by year-end since March.
\nThe dollar remained firm against the yen following an intervention worth an estimated US$65 billion from Tokyo just weeks ago to shore up the currency. It was last up 0.1% at ¥159.125.
\n","content_text":"NEW YORK: European stocks were set for their biggest weekly gain since early April, while US equities were poised to record an eighth straight weekly advance on Friday, although a great deal of uncertainty continued to surround US-Iran peace talks.\nIran's foreign minister met Pakistan's interior minister on Friday to discuss proposals to end the US-Israeli war, Iranian media reported, with Tehran and Washington still at odds over Tehran's uranium stockpile and controls on the Strait of Hormuz.\nThe S&P 500 was on track for its eighth straight weekly gain, driven by booming demand for artificial intelligence (AI)-related stocks as investors largely downplayed the potential economic fallout from the Middle East conflict and the energy shock.\nThat strength was only partly mirrored in major European and Asian stock indexes, which made some ground this week but lagged behind the US rally.\n\"Our view is that equities will likely move higher over the medium term, based on a combination of strong earnings, oil prices that stay contained enough to avoid a broader growth shock, and a Federal Reserve that remains supportive,\" Mark Haefele, chief investment officer at UBS Global Wealth Management, said.\nUBS forecasts Brent crude at US$105 at the end of September and US$95 at year-end and believes \"that the bar for a Federal Reserve hike remains high.\"\nMSCI's main world stocks index rose 0.21%. Europe's STOXX 600 was up 0.43% and on track for a weekly gain of 2.8%.\nNasdaq futures climbed 0.11% and S&P 500 futures increased 0.13%. The S&P 500 index edged 0.17% higher on Thursday at 7,445.72, after hitting 7,517.12 last week, a fresh record high.\nMSCI's broadest index of Asia-Pacific shares outside Japan rose 0.74%. Japan's Nikkei gained 2.8%, led by AI-related shares.\n“Oil prices have also moved higher again as investors weigh the risk that talks drag on or fall apart,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.\n\"The honest answer is that nobody really knows where these negotiations are heading, but for now, markets are doing what they often do when a potential geopolitical off-ramp appears - tentatively moving as if the good news could be around the corner.\"\nOil prices up but well below recent highs \nBrent crude futures rose 2.5% to US$105.28 a barrel but were set for a 3.8% drop for the week. They hit US$126.41 in late April.\nProlonged energy disruptions threaten to feed through to prices across the globe, spurring traders to price in rate hikes.\nMarkets are now pricing in a more than 50% chance of a rate hike from the US Federal Reserve by the end of the year, according to the CME FedWatch tool, versus expectations of two rate cuts before the war started.\nThat has lifted Treasury yields and boosted the US dollar, which has also benefited from safe-haven demand.\nThe euro was at US$1.1614, close to the six-week low it hit on Thursday, and is set for a 1% drop this month.\nAgainst a basket of currencies, the dollar was up 0.18% at 99.37. The Japanese yen last fetched ¥159.11 per dollar, perilously close to the crucial 160 level that traders fear could bring Japanese authorities into the market again.\n\"Energy prices need to rapidly and quickly reverse, otherwise the combination of fiscal spending and a capex boom is a recipe for a lot of inflation, especially in the US,\" said George Saravelos, global head of forex research at Deutsche Bank, after mentioning a global increase in fiscal spending and AI investment.\nIncoming Federal Reserve chair Kevin Warsh \"will have to pick between adding volatility to front-end rates, and help the dollar, or the back-end, and hurt the dollar, but he can’t avoid both,\" Saravelos said.\nFed rate hikes push up short-dated yields, while no action by the central bank could boost long-dated borrowing costs as markets price in more inflation over the long term.\nThe European Central Bank has been pricing three rate hikes by year-end since March.\nThe dollar remained firm against the yen following an intervention worth an estimated US$65 billion from Tokyo just weeks ago to shore up the currency. It was last up 0.1% at ¥159.125.","date_published":"2026-05-22T12:07:31.000Z","author":{"name":"Reuters"},"tags":["Business","World Business","Top Business","Asia","Iran war","Nasdaq","oil prices","S&P","Stock Market","US dollar","US futures","US-Iran peace talks","Yen"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/12/d1d02047-12444452.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/12/d1d02047-12444452.webp"},{"id":"https://www.freemalaysiatoday.com/category/highlight/2026/05/22/drb-hicom-upgraded-after-q1-profit-soars-154","url":"https://www.freemalaysiatoday.com/category/highlight/2026/05/22/drb-hicom-upgraded-after-q1-profit-soars-154","title":"DRB-Hicom upgraded after Q1 profit soars 154%","summary":"Conglomerate’s net profit for Q1 FY2026 surged 154% to RM45 million, boosted by rising sales of Proton cars.","content_html":"![\"DRB-Hicom\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/03/8a36d30b-drb-hicom-file-pic-21325.webp\")
PETALING JAYA: DRB-Hicom Bhd has started its financial year with a bang after its first quarter net profit more than doubled, boosted primarily by higher vehicle sales by its subsidiary Proton Holdings Bhd.
\nThis has prompted Hong Leong Investment Bank (HLIB) to upgrade its call on the conglomerate controlled by tycoon Syed Mokhtar Albukhary to a “buy”, with a higher target price (TP) of RM1.40 from RM1.22 previously.
\nDRB-Hicom’s net profit for the first quarter ended March 31 (Q1 FY2026) surged 154% to RM45 million from RM17.72 million a year ago, while revenue rose 15.74% to RM4.76 billion from RM4.11 billion previously.
\nHowever, the sterling Q1 results did little to boost the company’s shares, which closed three sen or 2.6% lower at RM1.11, giving it a market capitalisation of RM2.15 billion.
\nIn its exchange filing yesterday, the group said the mobility segment’s earnings growth was supported by higher Proton sales volumes and stronger contributions from the aerospace business following the acquisition of CTRM AeroSystems Sdn Bhd in December 2025.
\nThe banking segment, via Bank Muamalat Malaysia Bhd, recorded improved performance on the back of higher financing income, driven by growth in financing volumes and an expanding customer base.
\nThe group said Proton maintained strong momentum in Q1 with sales rising 40.1% year-on-year to 49,140 units, supported by its growing electric vehicle (EV) portfolio.
\nThe recently launched e.MAS 5 emerged as Malaysia’s best-selling EV, achieving sales of 6,701 units year to date.
\nDRB-Hicom owns a 50.1% majority stake in national carmaker Proton while China’s Zhejiang Geely Holding Group holds the remaining 49.9%.
\nIn a note today, HLIB said DRB-Hicom’s Q1 core earnings came in within its expectations at 20.9% but above consensus (28.4%).
\n“Proton sales are expected to remain resilient, driven by strong demand for its recently launched models (Saga and e.MAS 5), alongside an exciting pipeline of upcoming launches,” it said, adding it anticipates stronger performances in the coming quarters.
\nHLIB noted that Zhejiang Geely is also planning to rebadge the Saga for the Philippines market, potentially expanding its regional footprint.
\nIt added that Proton will also benefit from the government’s RM4,000 grant for the car scrapping programme as well as the updated EV policy for imported completely built-up (CBU) models.
\nMeanwhile, Public Investment Bank has maintained its “underperform” call with an unchanged TP of 84 sen, citing the subdued outlook for the auto sector and absence of near to medium-term catalysts.
\n“Malaysia’s auto sector is anticipated to normalise in 2026. While mass-market national brands are expected to remain resilient, the non-national segment faces challenges from weakened consumer confidence, rising cost of living, potential excise duty changes, and a market shift towards competitively priced Chinese brands.
\n“These factors are compressing margins and constraining earnings growth throughout the industry,” it said.
\nSyed Mokhtar held a 55.9% stake in DRB-Hicom via his vehicle Etika Strategi Sdn Bhd as of March 26, 2026.
\n","content_text":"PETALING JAYA: DRB-Hicom Bhd has started its financial year with a bang after its first quarter net profit more than doubled, boosted primarily by higher vehicle sales by its subsidiary Proton Holdings Bhd.\nThis has prompted Hong Leong Investment Bank (HLIB) to upgrade its call on the conglomerate controlled by tycoon Syed Mokhtar Albukhary to a “buy”, with a higher target price (TP) of RM1.40 from RM1.22 previously.\nDRB-Hicom’s net profit for the first quarter ended March 31 (Q1 FY2026) surged 154% to RM45 million from RM17.72 million a year ago, while revenue rose 15.74% to RM4.76 billion from RM4.11 billion previously.\nHowever, the sterling Q1 results did little to boost the company’s shares, which closed three sen or 2.6% lower at RM1.11, giving it a market capitalisation of RM2.15 billion.\nIn its exchange filing yesterday, the group said the mobility segment’s earnings growth was supported by higher Proton sales volumes and stronger contributions from the aerospace business following the acquisition of CTRM AeroSystems Sdn Bhd in December 2025.\nThe banking segment, via Bank Muamalat Malaysia Bhd, recorded improved performance on the back of higher financing income, driven by growth in financing volumes and an expanding customer base.\nThe group said Proton maintained strong momentum in Q1 with sales rising 40.1% year-on-year to 49,140 units, supported by its growing electric vehicle (EV) portfolio.\nThe recently launched e.MAS 5 emerged as Malaysia’s best-selling EV, achieving sales of 6,701 units year to date.\nDRB-Hicom owns a 50.1% majority stake in national carmaker Proton while China’s Zhejiang Geely Holding Group holds the remaining 49.9%.\nIn a note today, HLIB said DRB-Hicom’s Q1 core earnings came in within its expectations at 20.9% but above consensus (28.4%).\n“Proton sales are expected to remain resilient, driven by strong demand for its recently launched models (Saga and e.MAS 5), alongside an exciting pipeline of upcoming launches,” it said, adding it anticipates stronger performances in the coming quarters.\nHLIB noted that Zhejiang Geely is also planning to rebadge the Saga for the Philippines market, potentially expanding its regional footprint.\nIt added that Proton will also benefit from the government’s RM4,000 grant for the car scrapping programme as well as the updated EV policy for imported completely built-up (CBU) models.\nMeanwhile, Public Investment Bank has maintained its “underperform” call with an unchanged TP of 84 sen, citing the subdued outlook for the auto sector and absence of near to medium-term catalysts.\n“Malaysia's auto sector is anticipated to normalise in 2026. While mass-market national brands are expected to remain resilient, the non-national segment faces challenges from weakened consumer confidence, rising cost of living, potential excise duty changes, and a market shift towards competitively priced Chinese brands.\n“These factors are compressing margins and constraining earnings growth throughout the industry,” it said.\nSyed Mokhtar held a 55.9% stake in DRB-Hicom via his vehicle Etika Strategi Sdn Bhd as of March 26, 2026.","date_published":"2026-05-22T11:26:54.000Z","author":{"name":"Lee Min Keong"},"tags":["Highlight","Business","Local Business","Top Business","Chinese car brands","DRB-Hicom","FMTBiz Corporate","Hong Leong Investment Bank","Proton","Public Investment Bank","Syed Mokhtar Albukhary"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/03/8a36d30b-drb-hicom-file-pic-21325.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/03/8a36d30b-drb-hicom-file-pic-21325.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/ringgit-ends-3-day-rally-amid-geopolitical-concerns","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/ringgit-ends-3-day-rally-amid-geopolitical-concerns","title":"Ringgit ends 3-day rally against greenback amid geopolitical concerns","summary":"Investors are focused on geopolitical tensions and the increasingly hawkish stance adopted by central banks globally, says analyst.","content_html":"![\"Money](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/062146df-money-exchange-week-2-220525.webp\")
KUALA LUMPUR: The ringgit retreated against the US dollar today, ending a three-day winning streak as investors focused on geopolitical tensions and the increasingly hawkish stance adopted by central banks globally.
\nBank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit was mostly in a narrow range with the US dollar today, languishing around RM3.9583 to RM3.9688.
\n“The ongoing negotiation between the US and Iran is still the main focus while central banks across the globe seem to be taking a more hawkish stance,” he told Bernama.
\nThe ringgit firmed against the US dollar for the past three days as market sentiment improved on the back of Malaysia’s trade performance, which rose 28.6% year-on-year (y-o-y) to a record RM336.73 billion in April 2026.
\nThe investment, trade and industry ministry (Miti) earlier this week reported that the higher export figures were driven mainly by strong exports of electrical and electronic (E&E) products.
\nMalaysia’s trade maintained strong momentum in April 2026 with exports and imports reaching record highs despite heightened global uncertainties, including geopolitical tensions in West Asia that led to higher logistics costs, supply chain disruptions and commodity price volatility.
\nMiti also said exports extended their growth momentum for the 10th consecutive month, surging 36.9% to a record RM182.74 billion, surpassing the previous high of RM152.77 billion recorded in December 2025 by RM30 billion, while imports rose 20% to RM153.99 billion.
\nAt 6pm, the ringgit fell to 3.9655/3.9700 versus the greenback from 3.9595/3.9630 at yesterday’s close.
\nAt the close, the ringgit traded mostly lower against a basket of major currencies.
\nIt weakened versus the Japanese yen to 2.4925/2.4954 from 2.4906/2.4929 at yesterday’s close, slid against the British pound to 5.3245/5.3305 from 5.3220/5.3267 previously, but gained against the euro to 4.6012/4.6064 from 4.6037/4.6078 yesterday.
\nAt the same time, the local currency was mixed against regional peers.
\nIt fell against the Singapore dollar to 3.0985/3.1023 from 3.0967/3.0997 at the close yesterday, down against the Thai baht to 12.1421/12.1611 from 12.1304/12.1468 yesterday, but edged up against the Indonesian rupiah to 223.8/224.1 from 224.1/224.4 previously.
\nIt was almost flat against the Philippine peso at 6.42/6.44 from 6.43/6.44.
\n","content_text":"KUALA LUMPUR: The ringgit retreated against the US dollar today, ending a three-day winning streak as investors focused on geopolitical tensions and the increasingly hawkish stance adopted by central banks globally.\nBank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit was mostly in a narrow range with the US dollar today, languishing around RM3.9583 to RM3.9688.\n“The ongoing negotiation between the US and Iran is still the main focus while central banks across the globe seem to be taking a more hawkish stance,” he told Bernama.\nThe ringgit firmed against the US dollar for the past three days as market sentiment improved on the back of Malaysia's trade performance, which rose 28.6% year-on-year (y-o-y) to a record RM336.73 billion in April 2026.\nThe investment, trade and industry ministry (Miti) earlier this week reported that the higher export figures were driven mainly by strong exports of electrical and electronic (E&E) products.\nMalaysia’s trade maintained strong momentum in April 2026 with exports and imports reaching record highs despite heightened global uncertainties, including geopolitical tensions in West Asia that led to higher logistics costs, supply chain disruptions and commodity price volatility.\nMiti also said exports extended their growth momentum for the 10th consecutive month, surging 36.9% to a record RM182.74 billion, surpassing the previous high of RM152.77 billion recorded in December 2025 by RM30 billion, while imports rose 20% to RM153.99 billion.\nAt 6pm, the ringgit fell to 3.9655/3.9700 versus the greenback from 3.9595/3.9630 at yesterday’s close.\nAt the close, the ringgit traded mostly lower against a basket of major currencies.\nIt weakened versus the Japanese yen to 2.4925/2.4954 from 2.4906/2.4929 at yesterday’s close, slid against the British pound to 5.3245/5.3305 from 5.3220/5.3267 previously, but gained against the euro to 4.6012/4.6064 from 4.6037/4.6078 yesterday.\nAt the same time, the local currency was mixed against regional peers.\nIt fell against the Singapore dollar to 3.0985/3.1023 from 3.0967/3.0997 at the close yesterday, down against the Thai baht to 12.1421/12.1611 from 12.1304/12.1468 yesterday, but edged up against the Indonesian rupiah to 223.8/224.1 from 224.1/224.4 previously.\nIt was almost flat against the Philippine peso at 6.42/6.44 from 6.43/6.44.","date_published":"2026-05-22T11:21:33.000Z","author":{"name":"Bernama"},"tags":["Business","Local Business","Top Business","Afzanizam Rashid","E&E","exports","FMTBizMarket","Hawkish stance","imports","Malaysia","MITI","Ringgit","trade","US dollar"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/062146df-money-exchange-week-2-220525.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/062146df-money-exchange-week-2-220525.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/bursa-ends-higher-on-bargain-hunting-11","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/bursa-ends-higher-on-bargain-hunting-11","title":"Bursa ends higher on bargain hunting","summary":"Investors remained focused on US-Iran talks that may help ease tensions in the Middle East and stabilise oil supply, says analyst.","content_html":"![\"bursa](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/e1105b5e-bursa-week-2-des-2-220526.webp\")
KUALA LUMPUR: Bursa Malaysia ended higher today as bargain hunting resurfaced following several weak trading sessions.
\nRakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said support for the FTSE Bursa Malaysia KLCI (FBM KLCI) remained firm above 1,710, but investors continue to adopt a cautious stance in the near-term as market volatility is likely to weigh on sentiment.
\n“Having said that, easing concerns in West Asia and a modest decline in Brent crude prices have improved sentiment slightly,” he told Bernama.
\nGlobally, he said major regional indices trended higher on strong performance in technology stocks, while investors remained focused on US-Iran negotiations that may help ease tensions in the Middle East and stabilise oil supply flows through the Strait of Hormuz.
\nAt 5pm, the FBM KLCI rose 4.31 points, or 0.25%, to 1,712.67, from yesterday’s close of 1,708.36.
\nThe benchmark index, which opened 3.35 points higher at 1,711.71, moved in a narrow range between 1,710.30 and 1,715.71 throughout the session.
\nMarket breadth was positive, with gainers outpacing losers 629 to 539, while 540 counters were unchanged, 1,010 untraded and 64 suspended.
\nTurnover rose to 3.68 billion units worth RM3.58 billion compared with 3.49 billion units worth RM3.70 billion yesterday.
\nAmong heavyweights, IHH Healthcare added 4 sen to RM8.96, Maybank and Tenaga Nasional eased 4 sen each to RM11 and RM14.42, respectively, while Public Bank and CIMB were flat at RM4.77 and RM7.75, respectively.
\nOn the most active list, SkyeChip jumped 37 sen to RM2.70, EI Power rose 7.5 sen to 62.5 sen, Tanco put on 2 sen to RM1.72, Zetrix AI slid 2.5 sen to 79.5 sen, while GIIB was flat at 39.5 sen.
\nAmong top gainers, Malaysian Pacific Industries advanced RM2.30 to RM48.50, Hong Leong Industries gained 84 sen to RM18.74, Vitrox Corporation jumped 44 sen to RM6.92, MI Technovation soared 38 sen to RM4.20, and BM Greentech garnered 33 sen to RM1.44.
\nAs for top losers, Petronas Dagangan lost 96 sen to RM17.84, Nestle gave up 40 sen to RM95.60, Petron Malaysia Refining & Marketing fell 26 sen to RM4.10, Ta Ann shed 23 sen to RM5.38, and Hong Leong Bank slipped 20 sen to RM22.
\nOn the index board, the FBM Emas Index gained 36.35 points to 12,706.23, the FBMT 100 Index rose 35.28 points to 12,546.76, the FBM Mid 70 Index climbed 67.48 points to 18,298.30, the FBM Emas Shariah Index increased 75.59 points to 12,644.17, and the FBM ACE Index added 47.73 points to 4,725.97.
\nSector-wise, the plantation index perked up 26.87 points to 8,584.27, the industrial products and services index went up 3.21 points to 200.63, the energy index rose 15.64 points to 792.55, and the financial services index fell 25.87 points to 19,997.10.
\nThe Main Market volume edged up to 1.85 billion units valued at RM3.27 billion from 1.84 billion units valued at RM3.31 billion yesterday.
\nWarrants turnover slipped to 876.85 million units worth RM112.65 million from 964.66 million units worth RM118.14 million yesterday.
\nThe ACE Market volume expanded to 952.73 million units valued at RM189.17 million from 679.66 million units valued at RM271.62 million previously.
\nConsumer products and services counters accounted for 216.01 million shares traded on the Main Market, industrial products and services (344.37 million), construction (120.04 million), technology (481.98 million), financial services (65.61 million), property (177.44 million), plantation (42.37 million), real estate investment trusts (15.67 million), closed-end fund (78,700), energy (153 million), healthcare (106.34 million), telecommunications and media (61.91 million), transportation and logistics (31.17 million), utilities (36.65 million), and business trusts (nil).
\n","content_text":"KUALA LUMPUR: Bursa Malaysia ended higher today as bargain hunting resurfaced following several weak trading sessions.\nRakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said support for the FTSE Bursa Malaysia KLCI (FBM KLCI) remained firm above 1,710, but investors continue to adopt a cautious stance in the near-term as market volatility is likely to weigh on sentiment.\n\"Having said that, easing concerns in West Asia and a modest decline in Brent crude prices have improved sentiment slightly,\" he told Bernama.\nGlobally, he said major regional indices trended higher on strong performance in technology stocks, while investors remained focused on US-Iran negotiations that may help ease tensions in the Middle East and stabilise oil supply flows through the Strait of Hormuz.\nAt 5pm, the FBM KLCI rose 4.31 points, or 0.25%, to 1,712.67, from yesterday's close of 1,708.36.\nThe benchmark index, which opened 3.35 points higher at 1,711.71, moved in a narrow range between 1,710.30 and 1,715.71 throughout the session.\nMarket breadth was positive, with gainers outpacing losers 629 to 539, while 540 counters were unchanged, 1,010 untraded and 64 suspended.\nTurnover rose to 3.68 billion units worth RM3.58 billion compared with 3.49 billion units worth RM3.70 billion yesterday.\nAmong heavyweights, IHH Healthcare added 4 sen to RM8.96, Maybank and Tenaga Nasional eased 4 sen each to RM11 and RM14.42, respectively, while Public Bank and CIMB were flat at RM4.77 and RM7.75, respectively.\nOn the most active list, SkyeChip jumped 37 sen to RM2.70, EI Power rose 7.5 sen to 62.5 sen, Tanco put on 2 sen to RM1.72, Zetrix AI slid 2.5 sen to 79.5 sen, while GIIB was flat at 39.5 sen.\nAmong top gainers, Malaysian Pacific Industries advanced RM2.30 to RM48.50, Hong Leong Industries gained 84 sen to RM18.74, Vitrox Corporation jumped 44 sen to RM6.92, MI Technovation soared 38 sen to RM4.20, and BM Greentech garnered 33 sen to RM1.44.\nAs for top losers, Petronas Dagangan lost 96 sen to RM17.84, Nestle gave up 40 sen to RM95.60, Petron Malaysia Refining & Marketing fell 26 sen to RM4.10, Ta Ann shed 23 sen to RM5.38, and Hong Leong Bank slipped 20 sen to RM22.\nOn the index board, the FBM Emas Index gained 36.35 points to 12,706.23, the FBMT 100 Index rose 35.28 points to 12,546.76, the FBM Mid 70 Index climbed 67.48 points to 18,298.30, the FBM Emas Shariah Index increased 75.59 points to 12,644.17, and the FBM ACE Index added 47.73 points to 4,725.97.\nSector-wise, the plantation index perked up 26.87 points to 8,584.27, the industrial products and services index went up 3.21 points to 200.63, the energy index rose 15.64 points to 792.55, and the financial services index fell 25.87 points to 19,997.10.\nThe Main Market volume edged up to 1.85 billion units valued at RM3.27 billion from 1.84 billion units valued at RM3.31 billion yesterday.\nWarrants turnover slipped to 876.85 million units worth RM112.65 million from 964.66 million units worth RM118.14 million yesterday.\nThe ACE Market volume expanded to 952.73 million units valued at RM189.17 million from 679.66 million units valued at RM271.62 million previously.\nConsumer products and services counters accounted for 216.01 million shares traded on the Main Market, industrial products and services (344.37 million), construction (120.04 million), technology (481.98 million), financial services (65.61 million), property (177.44 million), plantation (42.37 million), real estate investment trusts (15.67 million), closed-end fund (78,700), energy (153 million), healthcare (106.34 million), telecommunications and media (61.91 million), transportation and logistics (31.17 million), utilities (36.65 million), and business trusts (nil).","date_published":"2026-05-22T10:03:51.000Z","author":{"name":"Bernama"},"tags":["Business","Local Business","Top Business","Bursa Malaysia","FBM KLCI","FMTBizMarket"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/e1105b5e-bursa-week-2-des-2-220526.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/e1105b5e-bursa-week-2-des-2-220526.webp"},{"id":"https://www.freemalaysiatoday.com/category/nation/2026/05/22/banking-sector-must-continue-investing-in-people-says-aicb-chairman","url":"https://www.freemalaysiatoday.com/category/nation/2026/05/22/banking-sector-must-continue-investing-in-people-says-aicb-chairman","title":"Banking sector must continue investing in people, says AICB chairman","summary":"Azman Hashim says as AI and digital assets reshape the industry, the sector needs bankers who can apply these tools responsibly.","content_html":"![\"Azman](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/6e82b74c-azman-hashim-aicb-council-meeting-emel-pic-220526.webp\")
PETALING JAYA: Asian Institute of Chartered Bankers (AICB) chairman Azman Hashim says the sector must continue investing in people with the same urgency it invests in technology.
\nAzman said as artificial intelligence, digital assets and sustainability expectations reshape financial services, the industry needs bankers who can apply these tools responsibly, manage new risks, and uphold public confidence.
\n“AICB’s qualifications, together with initiatives such as the Future Skills Framework (FSF) and FSF Xcel, the skills assessment platform, are designed to help banks identify, build and sustain the skills needed for a resilient and future-ready workforce,” he said at AICB’s 9th Chartered Banker Conferment ceremony.
\nAccording to an AICB 2025 survey, some 57% of financial institutions remain in the early stages of AI adoption, while 62% cited technology outpacing workforce capabilities as the key barrier to closing skills gaps.
\nAICB said the statistic underscored the urgency to strengthen workforce readiness, governance capability and accelerate targeted development in critical and emerging skills as banking continues to evolve.
\nChartered Banker Institute (CBI) UK president Paul Denton said that in an increasingly complex global environment, banking professionals were not only expected to master new technologies.
\n“Banking professionals must also exercise sound judgment, ethical leadership and long‑term responsibility,” he said.
\nBank Negara Malaysia deputy governor Adnan Zaylani said the role of bankers must also evolve beyond traditional financing. They must help spur growth, he said.
\nHe said banks were not just financial intermediaries but also strategic enablers of economic transformation.
\n“As the operating landscape shifts, economic and industry growth is increasingly accompanied by complex and interconnected risks, placing greater demand on judgment, contextual understanding and forward-looking risk assessment,” he said.
\nAt the ceremony, AICB recognised more than 700 banking professionals, including some from Cambodia, the Maldives and the Philippines.
\n","content_text":"PETALING JAYA: Asian Institute of Chartered Bankers (AICB) chairman Azman Hashim says the sector must continue investing in people with the same urgency it invests in technology.\nAzman said as artificial intelligence, digital assets and sustainability expectations reshape financial services, the industry needs bankers who can apply these tools responsibly, manage new risks, and uphold public confidence.\n“AICB’s qualifications, together with initiatives such as the Future Skills Framework (FSF) and FSF Xcel, the skills assessment platform, are designed to help banks identify, build and sustain the skills needed for a resilient and future-ready workforce,” he said at AICB’s 9th Chartered Banker Conferment ceremony.\nAccording to an AICB 2025 survey, some 57% of financial institutions remain in the early stages of AI adoption, while 62% cited technology outpacing workforce capabilities as the key barrier to closing skills gaps.\nAICB said the statistic underscored the urgency to strengthen workforce readiness, governance capability and accelerate targeted development in critical and emerging skills as banking continues to evolve.\nChartered Banker Institute (CBI) UK president Paul Denton said that in an increasingly complex global environment, banking professionals were not only expected to master new technologies.\n\"Banking professionals must also exercise sound judgment, ethical leadership and long‑term responsibility,\" he said.\nBank Negara Malaysia deputy governor Adnan Zaylani said the role of bankers must also evolve beyond traditional financing. They must help spur growth, he said.\nHe said banks were not just financial intermediaries but also strategic enablers of economic transformation.\n“As the operating landscape shifts, economic and industry growth is increasingly accompanied by complex and interconnected risks, placing greater demand on judgment, contextual understanding and forward-looking risk assessment,\" he said.\nAt the ceremony, AICB recognised more than 700 banking professionals, including some from Cambodia, the Maldives and the Philippines.","date_published":"2026-05-22T09:32:42.000Z","author":{"name":"FMT Reporters"},"tags":["Top News","Malaysia","Business","Local Business","Top Business","AI","AICB","Azman Hashim","banking sector","Technology"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/6e82b74c-azman-hashim-aicb-council-meeting-emel-pic-220526.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/6e82b74c-azman-hashim-aicb-council-meeting-emel-pic-220526.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/farm-fresh-net-profit-rises-to-rm129mil-revenue-surpasses-rm1bil-mark","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/farm-fresh-net-profit-rises-to-rm129mil-revenue-surpasses-rm1bil-mark","title":"Farm Fresh net profit rises to RM129mil, revenue surpasses RM1bil mark","summary":"Revenue grew mainly due to higher sales in Malaysia, supported by stronger mini-market, e-commerce and school milk sales.","content_html":"![\"Farm](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/11/1db23063-farm-fresh.jpg\")
KUALA LUMPUR: Farm Fresh Bhd posted a higher net profit of RM129.61 million for the financial year ended March 31, 2026 (FY2026), compared with RM106.40 million in the previous financial year.
\nRevenue also increased to RM1.12 billion from RM981.18 million previously, surpassing the RM1 billion mark for the first time since the company’s listing in 2022.
\n“The group achieved a significant milestone as revenue surpassed the RM1 billion mark, rising by RM134.50 million compared with the corresponding financial period,” it said in a filing with Bursa Malaysia today.
\nFarm Fresh said revenue grew mainly due to higher sales in Malaysia, supported by stronger mini-market, e-commerce and school milk sales.
\nIt added that higher exports to Cambodia, stronger sales in the Philippines, and positive sales contributions from the launch of new products such as Butter, AusFresh and Farm Fresh Full Cream Milk Powder further supported growth.
\nThe group said revenue in Malaysia increased 20.4%, or RM179.40 million, compared with the previous financial year.
\nHowever, revenue from its Australian operations declined 44.9%, or RM44.80 million, due to lower export deliveries.
\nMeanwhile, Farm Fresh recorded a lower net profit of RM27.90 million for the fourth quarter (4Q FY2026), compared with RM28.35 million in the same quarter last year, as higher distribution and staff costs associated with business expansion weighed on earnings.
\nRevenue, however, rose to RM275.12 million from RM243.73 million previously.
\nOn prospects, Farm Fresh said it is taking proactive measures to manage challenges arising from the conflict in West Asia.
\nIt said the rapid escalation of hostilities in the region has posed significant risks to global economic stability, particularly through disruptions to key shipping routes critical to international trade and Farm Fresh’s plastic bottle supply chain.
\n“The blockade of the Strait of Hormuz has resulted in a severe supply shortage and a significant increase in plastic bottle prices due to the unavailability of high-density polyethylene (HDPE) resin, which relies on naphtha shipments from West Asia.”
\nIt said the situation has affected the supply of its flagship two-litre and one-litre fresh milk products packaged in plastic bottles.
\n“Firstly, we have increased production of gable-top paper cartons to make up for the lack of plastic bottles.
\n“Secondly, we have worked with our plastic bottle suppliers to source HDPE resin from China, which has restored our plastic bottle supplies to pre-war levels beginning May 2026, albeit at higher prices,” it said.
\n“Thirdly, to mitigate the increase in costs, we have issued notices of price increases of about 3% for selected plastic bottle products in Malaysia, while prices in Singapore will be raised by about 10%, effective early June 2026,” it added.
\n","content_text":"KUALA LUMPUR: Farm Fresh Bhd posted a higher net profit of RM129.61 million for the financial year ended March 31, 2026 (FY2026), compared with RM106.40 million in the previous financial year.\nRevenue also increased to RM1.12 billion from RM981.18 million previously, surpassing the RM1 billion mark for the first time since the company’s listing in 2022.\n“The group achieved a significant milestone as revenue surpassed the RM1 billion mark, rising by RM134.50 million compared with the corresponding financial period,” it said in a filing with Bursa Malaysia today.\nFarm Fresh said revenue grew mainly due to higher sales in Malaysia, supported by stronger mini-market, e-commerce and school milk sales.\nIt added that higher exports to Cambodia, stronger sales in the Philippines, and positive sales contributions from the launch of new products such as Butter, AusFresh and Farm Fresh Full Cream Milk Powder further supported growth.\nThe group said revenue in Malaysia increased 20.4%, or RM179.40 million, compared with the previous financial year.\nHowever, revenue from its Australian operations declined 44.9%, or RM44.80 million, due to lower export deliveries.\nMeanwhile, Farm Fresh recorded a lower net profit of RM27.90 million for the fourth quarter (4Q FY2026), compared with RM28.35 million in the same quarter last year, as higher distribution and staff costs associated with business expansion weighed on earnings.\nRevenue, however, rose to RM275.12 million from RM243.73 million previously.\nOn prospects, Farm Fresh said it is taking proactive measures to manage challenges arising from the conflict in West Asia.\nIt said the rapid escalation of hostilities in the region has posed significant risks to global economic stability, particularly through disruptions to key shipping routes critical to international trade and Farm Fresh's plastic bottle supply chain.\n“The blockade of the Strait of Hormuz has resulted in a severe supply shortage and a significant increase in plastic bottle prices due to the unavailability of high-density polyethylene (HDPE) resin, which relies on naphtha shipments from West Asia.”\nIt said the situation has affected the supply of its flagship two-litre and one-litre fresh milk products packaged in plastic bottles.\n“Firstly, we have increased production of gable-top paper cartons to make up for the lack of plastic bottles.\n“Secondly, we have worked with our plastic bottle suppliers to source HDPE resin from China, which has restored our plastic bottle supplies to pre-war levels beginning May 2026, albeit at higher prices,” it said.\n“Thirdly, to mitigate the increase in costs, we have issued notices of price increases of about 3% for selected plastic bottle products in Malaysia, while prices in Singapore will be raised by about 10%, effective early June 2026,” it added.","date_published":"2026-05-22T07:58:57.000Z","author":{"name":"Bernama"},"tags":["Business","Local Business","Top Business","Bursa Malaysia","Farm Fresh","net profit","plastic bottle","price","raise","resin","results","revenue"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/11/1db23063-farm-fresh.jpg","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/11/1db23063-farm-fresh.jpg"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/apec-trade-envoys-gather-in-china-to-discuss-trade-imbalances-supply-chain-resilience","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/apec-trade-envoys-gather-in-china-to-discuss-trade-imbalances-supply-chain-resilience","title":"Apec trade envoys gather in China to discuss trade imbalances, supply chain resilience","summary":"Officials are also expected to discuss advancing Asia-Pacific free trade, digital trade, AI readiness and inclusive growth.","content_html":"![\"Delegates](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/eeeced81-apec-suzhou-epa-22_05_26.webp\")
SUZHOU: Asia-Pacific trade envoys gathered in China are expected to discuss multilateral cooperation, trade imbalances and supply chain resilience in the face of global shocks, including the US-Israeli war on Iran.
\nTrade representatives from members of the Asia-Pacific Economic Cooperation (Apec) grouping, which together account for nearly half of global trade, will attend two days of meetings starting Friday in the eastern Chinese city of Suzhou.
\n“The more turbulent the times, the more we must adhere to seeking common ground while reserving differences, working together to overcome difficulties, striving to reach more consensus, leading the Asia-Pacific economy through the crisis and injecting confidence into the global economy,” said Li Chenggang, China’s international trade representative and vice commerce minister, in an address during the opening ceremony on Friday.
\nThe event is part of several rounds of meetings ahead of an annual Apec leaders summit later this year in Shenzhen. Officials in attendance are also expected to discuss advancing the free-trade area of the Asia-Pacific region, boosting digital trade, ramping up artificial intelligence readiness and driving sustainable, inclusive growth.
\nThe priorities of this year’s meeting, Li said, were “optimising institutional arrangements, cultivating momentum in emerging fields, jointly expanding the Asia-Pacific economic pie and ensuring fair distribution of that pie to achieve inclusive, mutually beneficial, and win-win outcomes.”
\nLast year, China posted a record trade surplus of nearly US$1.2 trillion and the gathering in Suzhou comes days after Group of Seven finance ministers agreed on the need for action to tackle trade imbalances, saying the current situation was unsustainable. US Treasury Secretary Scott Bessent, ahead of that meeting, argued for more protections against a flood of cheap Chinese imports.
\nThe Apec trade ministers meeting also closely follows back-to-back visits from US President Donald Trump and Russian President Vladimir Putin to Beijing in recent weeks. China, Russia and the US are all Apec members.
\nAlso speaking on Friday, Apec Business Advisory Council chair Li Fanrong said the global economy was under significant pressure and on behalf of the business community he urged a pause on new trade restrictions to prevent further uncertainty.
\n“The stakes could not be higher for business confidence, jobs, living standards and long-term prosperity in our region,” he said.
\nAmong the attendees representing Apec’s 21 members are Rick Switzer, the deputy US trade representative; Don Farrell, Australia’s trade minister; Kao Kim Hourn, Asean’s secretary general; and Taiwan’s top trade negotiator, Yang Jen-ni.
\nJapanese trade minister Ryosei Akazawa, also in attendance, is the most senior Japanese official to visit China since a diplomatic dispute between the two countries erupted in November.
\nA meeting between Akazawa and a senior Chinese official would mark the highest-level engagement since Japanese Prime Minister Sanae Takaichi triggered the row by saying a hypothetical Chinese attack on Taiwan could trigger a response from Tokyo.
\nSince then, Beijing has adopted a raft of retaliatory measures, urging its citizens not to travel to Japan and choking off shipments of some rare earths, which are vital in making electric cars, weapons and other products.
\n","content_text":"SUZHOU: Asia-Pacific trade envoys gathered in China are expected to discuss multilateral cooperation, trade imbalances and supply chain resilience in the face of global shocks, including the US-Israeli war on Iran.\nTrade representatives from members of the Asia-Pacific Economic Cooperation (Apec) grouping, which together account for nearly half of global trade, will attend two days of meetings starting Friday in the eastern Chinese city of Suzhou.\n\"The more turbulent the times, the more we must adhere to seeking common ground while reserving differences, working together to overcome difficulties, striving to reach more consensus, leading the Asia-Pacific economy through the crisis and injecting confidence into the global economy,\" said Li Chenggang, China's international trade representative and vice commerce minister, in an address during the opening ceremony on Friday.\nThe event is part of several rounds of meetings ahead of an annual Apec leaders summit later this year in Shenzhen. Officials in attendance are also expected to discuss advancing the free-trade area of the Asia-Pacific region, boosting digital trade, ramping up artificial intelligence readiness and driving sustainable, inclusive growth.\nThe priorities of this year's meeting, Li said, were \"optimising institutional arrangements, cultivating momentum in emerging fields, jointly expanding the Asia-Pacific economic pie and ensuring fair distribution of that pie to achieve inclusive, mutually beneficial, and win-win outcomes.\"\nLast year, China posted a record trade surplus of nearly US$1.2 trillion and the gathering in Suzhou comes days after Group of Seven finance ministers agreed on the need for action to tackle trade imbalances, saying the current situation was unsustainable. US Treasury Secretary Scott Bessent, ahead of that meeting, argued for more protections against a flood of cheap Chinese imports.\nThe Apec trade ministers meeting also closely follows back-to-back visits from US President Donald Trump and Russian President Vladimir Putin to Beijing in recent weeks. China, Russia and the US are all Apec members.\nAlso speaking on Friday, Apec Business Advisory Council chair Li Fanrong said the global economy was under significant pressure and on behalf of the business community he urged a pause on new trade restrictions to prevent further uncertainty.\n\"The stakes could not be higher for business confidence, jobs, living standards and long-term prosperity in our region,\" he said.\nAmong the attendees representing Apec's 21 members are Rick Switzer, the deputy US trade representative; Don Farrell, Australia's trade minister; Kao Kim Hourn, Asean's secretary general; and Taiwan's top trade negotiator, Yang Jen-ni.\nJapanese trade minister Ryosei Akazawa, also in attendance, is the most senior Japanese official to visit China since a diplomatic dispute between the two countries erupted in November.\nA meeting between Akazawa and a senior Chinese official would mark the highest-level engagement since Japanese Prime Minister Sanae Takaichi triggered the row by saying a hypothetical Chinese attack on Taiwan could trigger a response from Tokyo.\nSince then, Beijing has adopted a raft of retaliatory measures, urging its citizens not to travel to Japan and choking off shipments of some rare earths, which are vital in making electric cars, weapons and other products.","date_published":"2026-05-22T06:14:46.000Z","author":{"name":"Reuters"},"tags":["World","Top World","Business","World Business","Top Business","APEC","chain","China","envoys","imbalances","resilience","supply","trade"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/eeeced81-apec-suzhou-epa-22_05_26.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/eeeced81-apec-suzhou-epa-22_05_26.webp"},{"id":"https://www.freemalaysiatoday.com/category/nation/2026/05/22/businesses-brace-for-cautious-2nd-half-amid-global-uncertainty","url":"https://www.freemalaysiatoday.com/category/nation/2026/05/22/businesses-brace-for-cautious-2nd-half-amid-global-uncertainty","title":"Businesses brace for cautious 2nd half amid global uncertainty","summary":"NCCIM president N Gobalakrishnan says businesses are struggling to predict future production capacity and operating costs amid supply chain concerns.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/c144fe33-nccim-president-n-gobalakrishnan-fmt-220526.webp\")
KUALA LUMPUR: Malaysian businesses are expected to adopt a more cautious approach in the second half of 2026 amid ongoing global economic uncertainty.
\nThe National Chamber of Commerce and Industry of Malaysia (NCCIM) said firms were reassessing hiring, salary adjustments, and expansion plans as geopolitical instability, trade tensions, and rising operating costs continue to weigh on sentiment.
\nSpeaking at a press conference here, NCCIM president N Gobalakrishnan said businesses were also struggling to predict future production capacity and operating costs amid supply chain uncertainties.
\n“The impact will be there for at least the next nine months. The private sector is being very cautious about it because, obviously, we need (to maintain our) savings,” he said.
\nHe also welcomed the government’s financial support measures for businesses, including RM5 billion in financing assistance, but urged agencies to ensure that loan approvals and disbursements are carried out efficiently.
\nDespite the challenging outlook, business leaders at the press conference agreed that the current economic uncertainty could work in Malaysia’s favour.
\nMalaysian International Chamber of Commerce and Industry (Micci) executive director Lee Han Ling said Malaysia’s position between major global powers and within Asean could create opportunities, especially as multinational companies look to diversify supply chains and expand investments in the region.
\nNCCIM vice-president AT Kumarajah said Malaysian businesses had shown resilience through previous crises, including the Covid-19 pandemic and recent tariff disputes, and were likely to remain adaptable despite current pressures.
\nHe described 2026 as a “year of consolidation”, with businesses expected to focus on stabilisation rather than aggressive expansion.
\nThe press conference was held ahead of the National Economic Forum 2026 on July 2. Themed “A World in Transition: Securing Malaysia’s Economic Future in an Era of Disruptions”, the forum is expected to gather about 500 delegates from the private sector, government agencies and academia to discuss economic challenges ahead of Budget 2027.
\nLast week, Nurhisham Hussein, senior director of economy and finance at the Prime Minister’s Office, said June and July were expected to be a major turning point for the economy as businesses exhaust existing raw material stockpiles.
\n“We’re going to start seeing production stoppages. We’re going to start seeing people losing overtime and shift reductions,” he told BFM.
\n","content_text":"KUALA LUMPUR: Malaysian businesses are expected to adopt a more cautious approach in the second half of 2026 amid ongoing global economic uncertainty.\nThe National Chamber of Commerce and Industry of Malaysia (NCCIM) said firms were reassessing hiring, salary adjustments, and expansion plans as geopolitical instability, trade tensions, and rising operating costs continue to weigh on sentiment.\nSpeaking at a press conference here, NCCIM president N Gobalakrishnan said businesses were also struggling to predict future production capacity and operating costs amid supply chain uncertainties.\n\"The impact will be there for at least the next nine months. The private sector is being very cautious about it because, obviously, we need (to maintain our) savings,\" he said.\nHe also welcomed the government’s financial support measures for businesses, including RM5 billion in financing assistance, but urged agencies to ensure that loan approvals and disbursements are carried out efficiently.\nDespite the challenging outlook, business leaders at the press conference agreed that the current economic uncertainty could work in Malaysia’s favour.\nMalaysian International Chamber of Commerce and Industry (Micci) executive director Lee Han Ling said Malaysia’s position between major global powers and within Asean could create opportunities, especially as multinational companies look to diversify supply chains and expand investments in the region.\nNCCIM vice-president AT Kumarajah said Malaysian businesses had shown resilience through previous crises, including the Covid-19 pandemic and recent tariff disputes, and were likely to remain adaptable despite current pressures.\nHe described 2026 as a \"year of consolidation\", with businesses expected to focus on stabilisation rather than aggressive expansion.\nThe press conference was held ahead of the National Economic Forum 2026 on July 2. Themed \"A World in Transition: Securing Malaysia’s Economic Future in an Era of Disruptions\", the forum is expected to gather about 500 delegates from the private sector, government agencies and academia to discuss economic challenges ahead of Budget 2027.\nLast week, Nurhisham Hussein, senior director of economy and finance at the Prime Minister’s Office, said June and July were expected to be a major turning point for the economy as businesses exhaust existing raw material stockpiles.\n\"We’re going to start seeing production stoppages. We’re going to start seeing people losing overtime and shift reductions,\" he told BFM.","date_published":"2026-05-22T06:11:33.000Z","author":{"name":"Alysha Edward and Keerthi Shanggar"},"tags":["Highlight","Top News","Malaysia","Business","Local Business","Top Business","Economy","investment","National Economic Forum"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/c144fe33-nccim-president-n-gobalakrishnan-fmt-220526.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/c144fe33-nccim-president-n-gobalakrishnan-fmt-220526.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/us-accuses-singapore-shipping-tycoon-of-price-fixing-scheme","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/us-accuses-singapore-shipping-tycoon-of-price-fixing-scheme","title":"US accuses Singapore shipping tycoon of price-fixing scheme","summary":"The DOJ indicts Singamas Container Holdings CEO Teo Siong Seng over a 'global conspiracy' spanning billions in trade.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/92b38996-teo-siong-seng.jpg\")
SINGAPORE: Singapore shipping tycoon Teo Siong Seng was accused by the US of colluding to raise dry-container prices, placing one of the city-state’s most prominent business figures at the center of a sweeping antitrust case.
\nTeo and several other executives at four of the world’s largest makers of shipping containers were indicted by the US justice department in a “global conspiracy affecting billions of dollars of commerce.” The indictment was filed in January and unsealed earlier this week.
\nTeo, the chief executive officer at Singamas Container Holdings Ltd, was alleged to have joined an agreement to restrict production through quotas and introduce penalties for exceeding output limits from 2019 to at least 2024, according to a court document.
\nChina International Marine Containers, Dong Fang International Container and CXIC Group Containers and their top executives were also named in the probe.
\nThe case adds to renewed scrutiny on Singapore’s maritime industry following a series of high-profile corporate scandals over the past decade.
\nThe founder of Hin Leong Trading Pte was jailed after the oil trader hid losses from over 20 banks while Seatrium Ltd paid US$241 million to settle a long-drawn corruption probe in Brazil.
\nTeo did not reply to an email seeking comment. Hong Kong-listed Singamas said in an exchange filing on Wednesday it had engaged external legal advisers and that operations remained normal. The company added neither it nor Teo had been served by the US justice department.
\nTeo is a leading corporate figure in Singapore where he serves as the chairman of the Singapore Business Federation. He’s also a member of a government-led economic taskforce and sits on the board of a government agency. Teo was recently featured by the Maritime and Port Authority of Singapore in a social media video on his family’s shipping legacy.
\nPacific International Lines Pte, the parent of Singamas, in 2021 received a US$600 million rescue package from a unit of Singapore state investor Temasek Holdings Pte.
\nUS prosecutors said Teo was informed ahead of a December 2019 meeting in Shanghai to discuss the “healthy development” of the container industry. He was later allegedly briefed on plans to artificially curb production before a formal agreement was signed with the other alleged co-conspirators.
\nThe indictment claimed efforts were made to conceal the collusion. Teo had allegedly said “we also need to keep low key” after the 2019 meeting as it could violate monopoly laws or lead to accusations of price manipulation.
\nAnother Singamas board member said the discussion “appeared to be anti-competition” and suggested deleting the email chain after reading it. Teo responded: “Yes I feel the same.”
\n","content_text":"SINGAPORE: Singapore shipping tycoon Teo Siong Seng was accused by the US of colluding to raise dry-container prices, placing one of the city-state’s most prominent business figures at the center of a sweeping antitrust case.\nTeo and several other executives at four of the world’s largest makers of shipping containers were indicted by the US justice department in a “global conspiracy affecting billions of dollars of commerce.” The indictment was filed in January and unsealed earlier this week.\nTeo, the chief executive officer at Singamas Container Holdings Ltd, was alleged to have joined an agreement to restrict production through quotas and introduce penalties for exceeding output limits from 2019 to at least 2024, according to a court document.\nChina International Marine Containers, Dong Fang International Container and CXIC Group Containers and their top executives were also named in the probe.\nThe case adds to renewed scrutiny on Singapore’s maritime industry following a series of high-profile corporate scandals over the past decade.\nThe founder of Hin Leong Trading Pte was jailed after the oil trader hid losses from over 20 banks while Seatrium Ltd paid US$241 million to settle a long-drawn corruption probe in Brazil.\nTeo did not reply to an email seeking comment. Hong Kong-listed Singamas said in an exchange filing on Wednesday it had engaged external legal advisers and that operations remained normal. The company added neither it nor Teo had been served by the US justice department.\nTeo is a leading corporate figure in Singapore where he serves as the chairman of the Singapore Business Federation. He’s also a member of a government-led economic taskforce and sits on the board of a government agency. Teo was recently featured by the Maritime and Port Authority of Singapore in a social media video on his family’s shipping legacy.\nPacific International Lines Pte, the parent of Singamas, in 2021 received a US$600 million rescue package from a unit of Singapore state investor Temasek Holdings Pte.\nUS prosecutors said Teo was informed ahead of a December 2019 meeting in Shanghai to discuss the “healthy development” of the container industry. He was later allegedly briefed on plans to artificially curb production before a formal agreement was signed with the other alleged co-conspirators.\nThe indictment claimed efforts were made to conceal the collusion. Teo had allegedly said “we also need to keep low key” after the 2019 meeting as it could violate monopoly laws or lead to accusations of price manipulation.\nAnother Singamas board member said the discussion “appeared to be anti-competition” and suggested deleting the email chain after reading it. Teo responded: “Yes I feel the same.”","date_published":"2026-05-22T05:17:21.000Z","author":{"name":"Bloomberg"},"tags":["Business","World Business","Top Business","shipping","Singamas Container Holdings","Singapore","Teo Siong Seng"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/92b38996-teo-siong-seng.jpg","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/92b38996-teo-siong-seng.jpg"},{"id":"https://www.freemalaysiatoday.com/category/leisure/2026/05/22/netflix-disney-to-face-higher-costs-under-new-canada-streaming-rules","url":"https://www.freemalaysiatoday.com/category/leisure/2026/05/22/netflix-disney-to-face-higher-costs-under-new-canada-streaming-rules","title":"Netflix, Disney to face higher costs under Canada’s new streaming rules","summary":"The streaming giants must spend 15% of annual Canadian revenue on local content under rules flagged as a US trade issue.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/4781ad3b-netflix-disney.jpg\")
OTTAWA: Canada will require streaming giants including Netflix to spend 15% of their annual Canadian revenue on local content, moving ahead with rules that have been identified as a trade issue by the US.
\nCanada’s broadcasting regulator announced new regulations for the Online Streaming Act, a law that brings global streaming platforms under domestic rules, including a requirement to pay into funds that support Canadian shows.
\nThe rules unveiled on Thursday seek to ensure broadcasters “contribute to the creation of Canadian and Indigenous content in an equitable way that reflects their size and business models,” the Canadian Radio-television and Telecommunications Commission said in a news release.
\nTraditional broadcasters must contribute 25% of their domestic annual revenues to Canadian content, down from the current requirement range of 30% to 45%. Online broadcasters, which refers to streaming platforms, will have to contribute 15%, up from the previous 5%.
\nMore than half of the contributions required of streamers can be made directly through content, while some will go toward funds.
\nThe regulator also set out rules on the discoverability of Canadian content on platforms.
\nIn a recent report, US trade representative Jamieson Greer’s office again cited Canada’s laws about online platforms as trade barriers. Republicans in Congress also introduced a bill in March that would launch an trade investigation into the Online Streaming Act.
\nStreaming firms have been fighting the new law, and were able to obtain a temporary pause on the 5% contribution requirement from the Federal Court of Appeal in December 2024. The pause remains in effect pending a decision by the court in the case.
\nThe Motion Picture Association – which represents companies including Netflix, Paramount, Walt Disney and Amazon.com – said the new rules are unfair and claimed they violate the US-Mexico-Canada Agreement.
\n“American studios and streaming services are already the top foreign investors in Canada’s film and TV ecosystem,” Charles Rivkin, the association’s chairman and chief executive officer, said in an emailed statement.
\n“This decision triples the cost of doing business in Canada and will spark even more inflation in the market, making further investment and innovation less attractive.”
\nIn a media briefing, the regulator’s vice-president of broadcasting, Scott Shortliffe, acknowledged that streaming companies would have preferred to not pay at all for Canadian content, “much less the requirements today.”
\n“No one ever likes being regulated. No one ever likes particularly being asked that they should pay more into a system,” he said.
\n","content_text":"OTTAWA: Canada will require streaming giants including Netflix to spend 15% of their annual Canadian revenue on local content, moving ahead with rules that have been identified as a trade issue by the US.\nCanada’s broadcasting regulator announced new regulations for the Online Streaming Act, a law that brings global streaming platforms under domestic rules, including a requirement to pay into funds that support Canadian shows.\nThe rules unveiled on Thursday seek to ensure broadcasters “contribute to the creation of Canadian and Indigenous content in an equitable way that reflects their size and business models,” the Canadian Radio-television and Telecommunications Commission said in a news release.\nTraditional broadcasters must contribute 25% of their domestic annual revenues to Canadian content, down from the current requirement range of 30% to 45%. Online broadcasters, which refers to streaming platforms, will have to contribute 15%, up from the previous 5%.\nMore than half of the contributions required of streamers can be made directly through content, while some will go toward funds.\nThe regulator also set out rules on the discoverability of Canadian content on platforms.\nIn a recent report, US trade representative Jamieson Greer’s office again cited Canada’s laws about online platforms as trade barriers. Republicans in Congress also introduced a bill in March that would launch an trade investigation into the Online Streaming Act.\nStreaming firms have been fighting the new law, and were able to obtain a temporary pause on the 5% contribution requirement from the Federal Court of Appeal in December 2024. The pause remains in effect pending a decision by the court in the case.\nThe Motion Picture Association - which represents companies including Netflix, Paramount, Walt Disney and Amazon.com - said the new rules are unfair and claimed they violate the US-Mexico-Canada Agreement.\n“American studios and streaming services are already the top foreign investors in Canada’s film and TV ecosystem,” Charles Rivkin, the association’s chairman and chief executive officer, said in an emailed statement.\n“This decision triples the cost of doing business in Canada and will spark even more inflation in the market, making further investment and innovation less attractive.”\nIn a media briefing, the regulator’s vice-president of broadcasting, Scott Shortliffe, acknowledged that streaming companies would have preferred to not pay at all for Canadian content, “much less the requirements today.”\n“No one ever likes being regulated. No one ever likes particularly being asked that they should pay more into a system,” he said.","date_published":"2026-05-22T03:12:10.000Z","author":{"name":"Bloomberg"},"tags":["Lifestyle","Entertainment","Business","World Business","Top Business","Canada","costs","Disney","Netflix","rules","streaming"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/4781ad3b-netflix-disney.jpg","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/4781ad3b-netflix-disney.jpg"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/samsung-union-to-start-vote-on-tentative-wage-deal","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/samsung-union-to-start-vote-on-tentative-wage-deal","title":"Samsung union to start vote on tentative wage deal","summary":"The deal offers semiconductor employees stock bonuses worth around US$337,000, tied to 10.5% of operating profit.","content_html":"![\"Samsung](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/cfc88d9e-samsung-electronics-1.jpg\")
SEOUL: Samsung labour union members will begin voting Friday on a tentative wage deal that averted what would have been a major strike at the South Korean chip giant this week.
\nThe company and its union reached the provisional agreement late Wednesday following last-minute, government-mediated talks, avoiding a planned 18-day strike that was set to begin on Thursday.
\nThe dispute unfolded against the backdrop of a global artificial intelligence boom that has turbocharged Samsung’s chip business while lifting South Korea’s economic growth and stock market.
\nThe company and the union’s lawyer both told AFP the vote – initially scheduled to begin on Saturday – will instead start on Friday afternoon.
\nA separate union document seen by AFP said the vote will run through May 27 and be conducted online.
\nAround 70,000 members are expected to be eligible to vote, and the agreement will be “automatically ratified” if more than half cast ballots and a majority of those voting approve it, according to the union’s lawyer.
\nThe tentative deal introduces a new bonus pool for employees in the semiconductor division, equivalent to 10.5% of the division’s operating profit, to be paid in stock.
\nSamsung semiconductor employees are expected to receive around 509 million won (US$337,000) under the new deal, a company official confirmed to AFP on Thursday.
\nThe figure is a rough calculation based on an estimated 331 trillion won in operating profit – in line with market consensus reported by Yonhap News Agency – and roughly 78,000 chip employees.
\nWhile workers are expected to benefit from the deal, some shareholders voiced opposition, vowing to pursue legal action against the tentative agreement.
\nOn Thursday, a shareholders’ group staged a rally near the residence of Samsung chairman Lee Jae-yong, arguing that operating profit-linked bonuses had not been approved through a shareholder resolution and therefore lacked legal validity under the current commercial law.
\nSamsung memory chips are used in products ranging from consumer electronics to computer processors, while its next-generation high-bandwidth memory chips are key components for scaling up AI data centres.
\nThe tech giant said in April that its first-quarter operating profit jumped roughly 750% from a year earlier, while its market capitalisation topped US$1 trillion for the first time this month.
\nThe prospect of a strike had raised concerns over the potential impact on South Korea’s economy, with semiconductors accounting for around 35% of the country’s exports.
\n","content_text":"SEOUL: Samsung labour union members will begin voting Friday on a tentative wage deal that averted what would have been a major strike at the South Korean chip giant this week.\nThe company and its union reached the provisional agreement late Wednesday following last-minute, government-mediated talks, avoiding a planned 18-day strike that was set to begin on Thursday.\nThe dispute unfolded against the backdrop of a global artificial intelligence boom that has turbocharged Samsung's chip business while lifting South Korea's economic growth and stock market.\nThe company and the union's lawyer both told AFP the vote - initially scheduled to begin on Saturday - will instead start on Friday afternoon.\nA separate union document seen by AFP said the vote will run through May 27 and be conducted online.\nAround 70,000 members are expected to be eligible to vote, and the agreement will be \"automatically ratified\" if more than half cast ballots and a majority of those voting approve it, according to the union's lawyer.\nThe tentative deal introduces a new bonus pool for employees in the semiconductor division, equivalent to 10.5% of the division's operating profit, to be paid in stock.\nSamsung semiconductor employees are expected to receive around 509 million won (US$337,000) under the new deal, a company official confirmed to AFP on Thursday.\nThe figure is a rough calculation based on an estimated 331 trillion won in operating profit - in line with market consensus reported by Yonhap News Agency - and roughly 78,000 chip employees.\nWhile workers are expected to benefit from the deal, some shareholders voiced opposition, vowing to pursue legal action against the tentative agreement.\nOn Thursday, a shareholders' group staged a rally near the residence of Samsung chairman Lee Jae-yong, arguing that operating profit-linked bonuses had not been approved through a shareholder resolution and therefore lacked legal validity under the current commercial law.\nSamsung memory chips are used in products ranging from consumer electronics to computer processors, while its next-generation high-bandwidth memory chips are key components for scaling up AI data centres.\nThe tech giant said in April that its first-quarter operating profit jumped roughly 750% from a year earlier, while its market capitalisation topped US$1 trillion for the first time this month.\nThe prospect of a strike had raised concerns over the potential impact on South Korea's economy, with semiconductors accounting for around 35% of the country's exports.","date_published":"2026-05-22T02:24:53.000Z","author":{"name":"AFP"},"tags":["Business","World Business","Top Business","AI","labour","Samsung","semiconductors","skorea economy","Technology","union"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/cfc88d9e-samsung-electronics-1.jpg","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/cfc88d9e-samsung-electronics-1.jpg"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/stocks-rise-dollar-at-six-week-high-as-focus-remains-on-us-iran-talks","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/stocks-rise-dollar-at-six-week-high-as-focus-remains-on-us-iran-talks","title":"Stocks rise, dollar at six-week high as focus remains on US-Iran talks","summary":"Investor attention remains on US-Iran talks, while dollar stands tall on rate-hike wagers, safe-haven demand.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/12/ed32ae5d-nikkei-display-afp-04_12_25.webp\")
Yen at 159/dollar, keeping investors nervous about intervention
\nSINGAPORE: Asian stocks rose on Friday while the US dollar sat near six- week highs and oil prices were whipsawed as investors held on to hopes of a breakthrough in US-Iran peace talks although both sides remained at odds over key issues.
\nThe worry for investors remains the near closure of the Strait of Hormuz, a critical artery for the world’s energy supplies, that has sent oil prices soaring and rewired the global interest rate outlook because of inflationary concerns.
\nUS Secretary of State Marco Rubio said there had been “some good signs” in talks to end the nearly three month old war in the Middle East but differences remain over Tehran’s uranium stockpile and controls over the waterway.
\nIn stock markets, MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.3% higher, set for a modest weekly rise. Japan’s Nikkei gained 2%.
\nUS stocks futures EScv1 rose 0.2% and European futures STXEc1 gained 0.8%.
\nChris Weston, head of research at Pepperstone, said it increasingly feels as though the news flow is gradually trending towards something tangible that markets can ultimately price with greater conviction.
\n“Although confidence levels are still not especially high,” Weston cautioned.
\nOil prices rose in early trading on Friday after dropping sharply as conflicting messages on the talks keep investors guessing. They remain well above pre-war levels where they are expected to remain even if a resolution is announced.
\nBrent crude futures LCOc1 rose 2% to US$104.71 a barrel but were set for a 6% drop in the week. US West Texas Intermediate futures CLc1 were up 1.66% at US$98.01.
\nProlonged energy disruptions as the war drags on threaten to feed through to prices across the globe, spurring traders to price in rate hikes in developed and emerging markets.
\nMarkets are now pricing in possible rate hikes from the US Federal Reserve by the end of the year versus expectations of two rate cuts before the war.
\n“We’re seeing an unusually strong linkage between oil prices and global rates, reflecting how broad-based and borderless this shock has become,” said Mitch Reznick, Head of Fixed Income at Federated Hermes.
\n“What initially appeared to be a shift in inflation expectations is now feeding directly into realised inflation, reinforcing the view that central banks will need to keep policy tighter for longer to restore price stability.”
\nThat has lifted Treasury yields and boosted the dollar, which also benefits from safe-haven demand. The euro was at US$1.1614 in early trading, close to the six week low it hit on Thursday, set for a 1% drop this month.
\nAgainst a basket of currencies, the dollar was at 99.247. The Japanese yen last fetched 159.11 per US dollar.
\nData on Friday showed Japan’s core inflation slowed to four-year low in April, complicating the outlook for the Bank of Japan’s rate-hike path.
\n","content_text":"Yen at 159/dollar, keeping investors nervous about intervention\nSINGAPORE: Asian stocks rose on Friday while the US dollar sat near six- week highs and oil prices were whipsawed as investors held on to hopes of a breakthrough in US-Iran peace talks although both sides remained at odds over key issues.\nThe worry for investors remains the near closure of the Strait of Hormuz, a critical artery for the world's energy supplies, that has sent oil prices soaring and rewired the global interest rate outlook because of inflationary concerns.\nUS Secretary of State Marco Rubio said there had been \"some good signs\" in talks to end the nearly three month old war in the Middle East but differences remain over Tehran's uranium stockpile and controls over the waterway.\nIn stock markets, MSCI's broadest index of Asia-Pacific shares outside Japan was 0.3% higher, set for a modest weekly rise. Japan's Nikkei gained 2%.\nUS stocks futures EScv1 rose 0.2% and European futures STXEc1 gained 0.8%.\nChris Weston, head of research at Pepperstone, said it increasingly feels as though the news flow is gradually trending towards something tangible that markets can ultimately price with greater conviction.\n\"Although confidence levels are still not especially high,\" Weston cautioned.\nOil prices rose in early trading on Friday after dropping sharply as conflicting messages on the talks keep investors guessing. They remain well above pre-war levels where they are expected to remain even if a resolution is announced.\nBrent crude futures LCOc1 rose 2% to US$104.71 a barrel but were set for a 6% drop in the week. US West Texas Intermediate futures CLc1 were up 1.66% at US$98.01.\nProlonged energy disruptions as the war drags on threaten to feed through to prices across the globe, spurring traders to price in rate hikes in developed and emerging markets.\nMarkets are now pricing in possible rate hikes from the US Federal Reserve by the end of the year versus expectations of two rate cuts before the war.\n\"We’re seeing an unusually strong linkage between oil prices and global rates, reflecting how broad-based and borderless this shock has become,\" said Mitch Reznick, Head of Fixed Income at Federated Hermes.\n\"What initially appeared to be a shift in inflation expectations is now feeding directly into realised inflation, reinforcing the view that central banks will need to keep policy tighter for longer to restore price stability.\"\nThat has lifted Treasury yields and boosted the dollar, which also benefits from safe-haven demand. The euro was at US$1.1614 in early trading, close to the six week low it hit on Thursday, set for a 1% drop this month.\nAgainst a basket of currencies, the dollar was at 99.247. The Japanese yen last fetched 159.11 per US dollar.\nData on Friday showed Japan's core inflation slowed to four-year low in April, complicating the outlook for the Bank of Japan's rate-hike path.","date_published":"2026-05-22T02:08:07.000Z","author":{"name":"Reuters"},"tags":["Business","World Business","Top Business","dollar","focus","global markets","Rise","six-week high","stocks","talks","US-Iran"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/12/ed32ae5d-nikkei-display-afp-04_12_25.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/12/ed32ae5d-nikkei-display-afp-04_12_25.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/spacex-postpones-highly-anticipated-starship-launch","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/spacex-postpones-highly-anticipated-starship-launch","title":"SpaceX postpones highly anticipated Starship launch","summary":"Engineers call off the test after multiple countdown delays amid high stakes as the space company targets a blockbuster IPO.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/f54c8c28-afp__20260403__2269580650__v1__highres__spacexfilesforwhatcouldbelargestipoinhistory_cropped_1.webp\")
SOUTH PAFRE ISLAND: Elon Musk’s SpaceX postponed the highly anticipated launch of its upgraded Starship megarocket, calling off Thursday’s test after multiple countdown stops-and-starts.
\nThe company is now eyeing Friday for another take-off attempt of the third generation of its mammoth rocket, company spokesperson Dan Huot said on the launch livestream.
\nThe trial mission comes amid high stakes for the space company eyeing a blockbuster initial public offering.
\nAfter several rounds of stopping and starting the countdown clock, Huot said engineers would not be able to work through last-minute glitches in time to lift off Thursday.
\nMusk quickly posted on X that “the hydraulic pin holding the tower arm in place did not retract.”
\n“If that can be fixed tonight,” the company will make another attempt at 5.30pm local time (2230 GMT) on Friday, the tech titan added.
\nThe thwarted attempt at the south Texas launchpad comes one day after SpaceX filed with US financial regulators to go public, likely in June, in what is expected to become a record initial public offering.
\nThe IPO filing provides potential investors with detailed financial information, risk factors and business strategy.
\nThe launch will eventually offer a live-streamed look at SpaceX’s progress in developing its enormous Starship rocket, a key component of its own ambitious plans as well as US space agency Nasa’s programme to return to the Moon.
\nIt will be the 12th Starship flight, but the first in seven months.
\nThe latest design is bigger than its predecessor, standing at just over 407 feet (124m) when fully stacked.
\nThe company, which aims to make Starship a fully reusable system, says the mission’s primary goal is to demonstrate its redesigns in flight.
\nIt’s planned that the so-called “Super Heavy” booster will splash into the water off the coast.
\nThe upper stage is to deploy a payload of 20 mock satellites and two “specially modified Starlink satellites” outfitted with cameras, which will analyse the spacecraft’s heat shield.
\nThe test mission is meant to last approximately 65 minutes after liftoff, as the upper stage cruises on a suborbital trajectory and eventually splashes down in the Indian Ocean, if all goes to plan.
\nThe most recent Starship missions have gone down as successful.
\nBut previous tests have ended in spectacular explosions, including twice over the Caribbean and once after reaching space. Last June, the upper stage blew up in a ground test.
\n‘Huge’ stakes
\nThe test flight comes at a clutch moment for SpaceX, both as Musk plans the buzzy IPO and Nasa eagerly awaits development of a viable lunar lander.
\nSpaceX is under contract with Nasa to produce a modified version of Starship to serve as a landing system.
\nThe US space agency’s Artemis programme aims to return humans to the Moon, as China forges ahead with a rival effort that’s targeting 2030 for its first crewed mission.
\nAnd given private sector delays, anxiety is rising within president Donald Trump’s administration that the United States might not get there first.
\nPhysicist G. Scott Hubbard, a former director of Nasa’s Ames Research Center, told AFP “there’s a lot riding” on the latest SpaceX Starship test.
\n“The government made the decision to go with these arms-length contracts for the human landing system, and now these people have to perform.”
\nBoth SpaceX and rival Blue Origin, the Jeff Bezos-owned firm also vying to develop a lunar lander, have realigned their strategies to prioritise projects related to Moon missions.
\nNasa is aiming to test an in-orbit rendezvous between the spacecraft and one or two lunar landers in 2027, and carry out a crewed lunar landing before the end of 2028.
\nBut a lot needs to happen before then – and industry experts have voiced repeated skepticism that SpaceX and Blue Origin can achieve benchmarks in time.
\nA major hurdle is proving in-orbit refueling capabilities with super-cooled propellant – an essential but untested step for carrying out deep-space missions.
\n“Let’s hope they succeed,” Hubbard said, “but it’s a major engineering challenge.”
\nNasa is scheduled to give an update on their lunar exploration plans Tuesday.
\n","content_text":"SOUTH PAFRE ISLAND: Elon Musk's SpaceX postponed the highly anticipated launch of its upgraded Starship megarocket, calling off Thursday's test after multiple countdown stops-and-starts.\nThe company is now eyeing Friday for another take-off attempt of the third generation of its mammoth rocket, company spokesperson Dan Huot said on the launch livestream.\nThe trial mission comes amid high stakes for the space company eyeing a blockbuster initial public offering.\nAfter several rounds of stopping and starting the countdown clock, Huot said engineers would not be able to work through last-minute glitches in time to lift off Thursday.\nMusk quickly posted on X that \"the hydraulic pin holding the tower arm in place did not retract.\"\n\"If that can be fixed tonight,\" the company will make another attempt at 5.30pm local time (2230 GMT) on Friday, the tech titan added.\nThe thwarted attempt at the south Texas launchpad comes one day after SpaceX filed with US financial regulators to go public, likely in June, in what is expected to become a record initial public offering.\nThe IPO filing provides potential investors with detailed financial information, risk factors and business strategy.\nThe launch will eventually offer a live-streamed look at SpaceX's progress in developing its enormous Starship rocket, a key component of its own ambitious plans as well as US space agency Nasa's programme to return to the Moon.\nIt will be the 12th Starship flight, but the first in seven months.\nThe latest design is bigger than its predecessor, standing at just over 407 feet (124m) when fully stacked.\nThe company, which aims to make Starship a fully reusable system, says the mission's primary goal is to demonstrate its redesigns in flight.\nIt's planned that the so-called \"Super Heavy\" booster will splash into the water off the coast.\nThe upper stage is to deploy a payload of 20 mock satellites and two \"specially modified Starlink satellites\" outfitted with cameras, which will analyse the spacecraft's heat shield.\nThe test mission is meant to last approximately 65 minutes after liftoff, as the upper stage cruises on a suborbital trajectory and eventually splashes down in the Indian Ocean, if all goes to plan.\nThe most recent Starship missions have gone down as successful.\nBut previous tests have ended in spectacular explosions, including twice over the Caribbean and once after reaching space. Last June, the upper stage blew up in a ground test.\n'Huge' stakes\nThe test flight comes at a clutch moment for SpaceX, both as Musk plans the buzzy IPO and Nasa eagerly awaits development of a viable lunar lander.\nSpaceX is under contract with Nasa to produce a modified version of Starship to serve as a landing system.\nThe US space agency's Artemis programme aims to return humans to the Moon, as China forges ahead with a rival effort that's targeting 2030 for its first crewed mission.\nAnd given private sector delays, anxiety is rising within president Donald Trump's administration that the United States might not get there first.\nPhysicist G. Scott Hubbard, a former director of Nasa's Ames Research Center, told AFP \"there's a lot riding\" on the latest SpaceX Starship test.\n\"The government made the decision to go with these arms-length contracts for the human landing system, and now these people have to perform.\"\nBoth SpaceX and rival Blue Origin, the Jeff Bezos-owned firm also vying to develop a lunar lander, have realigned their strategies to prioritise projects related to Moon missions.\nNasa is aiming to test an in-orbit rendezvous between the spacecraft and one or two lunar landers in 2027, and carry out a crewed lunar landing before the end of 2028.\nBut a lot needs to happen before then - and industry experts have voiced repeated skepticism that SpaceX and Blue Origin can achieve benchmarks in time.\nA major hurdle is proving in-orbit refueling capabilities with super-cooled propellant - an essential but untested step for carrying out deep-space missions.\n\"Let's hope they succeed,\" Hubbard said, \"but it's a major engineering challenge.\"\nNasa is scheduled to give an update on their lunar exploration plans Tuesday.","date_published":"2026-05-22T01:57:35.000Z","author":{"name":"AFP"},"tags":["Business","World Business","Top Business","Elon Musk","NASA","SpaceX","Starship"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/f54c8c28-afp__20260403__2269580650__v1__highres__spacexfilesforwhatcouldbelargestipoinhistory_cropped_1.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/f54c8c28-afp__20260403__2269580650__v1__highres__spacexfilesforwhatcouldbelargestipoinhistory_cropped_1.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/bursa-malaysia-opens-higher-on-wall-street-gains-positive-economic-data","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/bursa-malaysia-opens-higher-on-wall-street-gains-positive-economic-data","title":"Bursa Malaysia opens higher on Wall Street gains, positive economic data","summary":"Amid growing optimism that a resolution to the Iran war is nearing, the FBM KLCI is expected to hover within the 1,700–1,715 range today, says an analyst.","content_html":"![\"bursa\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2024/08/76d6ee59-bursa-up-new-logo-3-fmt-210824.webp\"){kind=logo}
KUALA LUMPUR: Bursa Malaysia opened higher today, tracking Wall Street’s overnight gains amid hopes of a resolution to the Middle East conflict and positive domestic economic data.
\nAt 9.10 am, the FTSE Bursa Malaysia KLCI rose 4.53 points to 1,712.89 from yesterday’s close of 1,708.36. The benchmark index opened 3.35 points higher at 1,711.71.
\nRakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said that while Wall Street ended higher, crude oil prices declined, with Brent crude dipping to US$102 per barrel, while the US 10-year yield remained flat at 4.57 per cent.
\n“In Hong Kong, the Hang Seng Index fell to below the 25,400 mark, erasing all gains during the morning session as sentiment became edgy following the spike in US 10-year yield to above the 4.6% again, hence the sell-down on tech stocks,” he told Bernama.
\nBack home, Thong expects the FBM KLCI to hover within the 1,700-1,715 range today.
\nAccording to the Department of Statistics Malaysia (DOSM), Malaysia’s Consumer Price Index (CPI) rose 1.9% year-on-year (y-o-y) in April 2026 to 136.9, while labour productivity stood at RM45.5 per hour worked in the first quarter of 2026 (1Q 2026), growing by 4.8%.
\nOn the broader picture, the national economy continued to grow by 5.4% in 1Q 2026 to RM437.7 billion, compared with 6.2% in the previous quarter.
\nOn the broader market, gainers surpassed losers 211 to 176, while 330 counters were unchanged, 2,001 untraded, and 63 suspended.
\nTurnover stood at 216.59 million shares valued at RM106.09 million.
\nAmong heavyweight stocks, Public Bank and CIMB added 3 sen to RM4.80 and RM7.78, IHH Healthcare was 1 sen higher at RM8.93, while Maybank and Tenaga Nasional were flat at RM11.04 and RM14.46, respectively.
\nAmong active stocks, SkyeChip rose 10 sen to RM2.43, HHRG was 1.5 sen lower at nine sen, while Gold Li, GIIB and V.S Industry were flat at 12 sen, 39.5 sen and 19.5 sen.
\nTop gainers included Malaysian Pacific Industries, which advanced 58 sen to RM46.78, Fraser & Neave, which advanced 32 sen to RM29.30, BM Greentech, which gained 26 sen to RM1.37, LPI Capital, which rose 24 sen to RM15.24, and Petronas Chemicals, which added 12 sen to RM5.57.
\nAmong top losers, Petronas Dagangan fell 28 sen to RM18.52, Petron Malaysia Refining & Marketing lost 23 sen to RM14.13, Ta Ann declined 11 sen to RM5.50, C.I. shed 10 sen to RM2.45, and APM Automotive slipped 9 sen to RM3.05.
\nOn the index board, the FBM Emas Index gained 30.83 points to 12,700.71, the FBM Top 100 Index rose 30.83 points to 12,542.31, the FBM Emas Shariah Index added 34.74 points to 12,603.32, the FBM Mid 70 Index expanded 35.0 points to 18,265.82, and the FBM ACE Index fell 5.16 points to 4,673.08.
\nBy sector, the Financial Services Index rose 46.83 points to 20,069.80, the Industrial Products and Services Index edged up 1.18 points to 198.60, the Energy Index put on 4.59 points to 781.50, and the Plantation Index rose 8.97 points to 8,566.37.
\n","content_text":"KUALA LUMPUR: Bursa Malaysia opened higher today, tracking Wall Street’s overnight gains amid hopes of a resolution to the Middle East conflict and positive domestic economic data.\nAt 9.10 am, the FTSE Bursa Malaysia KLCI rose 4.53 points to 1,712.89 from yesterday’s close of 1,708.36. The benchmark index opened 3.35 points higher at 1,711.71.\nRakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said that while Wall Street ended higher, crude oil prices declined, with Brent crude dipping to US$102 per barrel, while the US 10-year yield remained flat at 4.57 per cent.\n“In Hong Kong, the Hang Seng Index fell to below the 25,400 mark, erasing all gains during the morning session as sentiment became edgy following the spike in US 10-year yield to above the 4.6% again, hence the sell-down on tech stocks,” he told Bernama.\nBack home, Thong expects the FBM KLCI to hover within the 1,700-1,715 range today.\nAccording to the Department of Statistics Malaysia (DOSM), Malaysia’s Consumer Price Index (CPI) rose 1.9% year-on-year (y-o-y) in April 2026 to 136.9, while labour productivity stood at RM45.5 per hour worked in the first quarter of 2026 (1Q 2026), growing by 4.8%.\nOn the broader picture, the national economy continued to grow by 5.4% in 1Q 2026 to RM437.7 billion, compared with 6.2% in the previous quarter.\nOn the broader market, gainers surpassed losers 211 to 176, while 330 counters were unchanged, 2,001 untraded, and 63 suspended.\nTurnover stood at 216.59 million shares valued at RM106.09 million.\nAmong heavyweight stocks, Public Bank and CIMB added 3 sen to RM4.80 and RM7.78, IHH Healthcare was 1 sen higher at RM8.93, while Maybank and Tenaga Nasional were flat at RM11.04 and RM14.46, respectively.\nAmong active stocks, SkyeChip rose 10 sen to RM2.43, HHRG was 1.5 sen lower at nine sen, while Gold Li, GIIB and V.S Industry were flat at 12 sen, 39.5 sen and 19.5 sen.\nTop gainers included Malaysian Pacific Industries, which advanced 58 sen to RM46.78, Fraser & Neave, which advanced 32 sen to RM29.30, BM Greentech, which gained 26 sen to RM1.37, LPI Capital, which rose 24 sen to RM15.24, and Petronas Chemicals, which added 12 sen to RM5.57.\nAmong top losers, Petronas Dagangan fell 28 sen to RM18.52, Petron Malaysia Refining & Marketing lost 23 sen to RM14.13, Ta Ann declined 11 sen to RM5.50, C.I. shed 10 sen to RM2.45, and APM Automotive slipped 9 sen to RM3.05.\nOn the index board, the FBM Emas Index gained 30.83 points to 12,700.71, the FBM Top 100 Index rose 30.83 points to 12,542.31, the FBM Emas Shariah Index added 34.74 points to 12,603.32, the FBM Mid 70 Index expanded 35.0 points to 18,265.82, and the FBM ACE Index fell 5.16 points to 4,673.08.\nBy sector, the Financial Services Index rose 46.83 points to 20,069.80, the Industrial Products and Services Index edged up 1.18 points to 198.60, the Energy Index put on 4.59 points to 781.50, and the Plantation Index rose 8.97 points to 8,566.37.","date_published":"2026-05-22T01:53:34.000Z","author":{"name":"Bernama"},"tags":["Business","Local Business","Top Business","Bursa closing","FBM KLCI","FMTBizMarket","Thong Pak Leng"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/08/76d6ee59-bursa-up-new-logo-3-fmt-210824.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/08/76d6ee59-bursa-up-new-logo-3-fmt-210824.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/ringgit-opens-firmer-on-improved-malaysia-macro-outlook","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/ringgit-opens-firmer-on-improved-malaysia-macro-outlook","title":"Ringgit opens firmer on improved Malaysia macro outlook","summary":"The local currency strengthens to 3.9550/3.9645 as optimism builds over a US-Iran resolution.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/08/cf2fdad2-ringgit.webp\")
KUALA LUMPUR: The ringgit opened firmer against the US dollar and major currencies on Friday, supported by easing geopolitical tensions in West Asia and Malaysia’s improving macroeconomic outlook.
\nAt 8am, the local currency strengthened to 3.9550/3.9645 against the greenback from Thursday’s close of 3.9595/3.9630.
\nBank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said optimism that the US and Iran would soon reach an amicable resolution continues to build.
\nHe said West Texas Intermediate (WTI) and Brent crude prices fell 1.49% and 2.32% to US$97.79 per barrel and US$102.58 per barrel, respectively.
\n“According to the Iranian news agency, Tehran is evaluating the proposal from the US, which has narrowed the gaps to some extent,” he noted.
\nHe also said the ringgit should remain in a better position amid Malaysia’s positive macroeconomic backdrop, particularly as the current account surplus rose to 3.0% of gross domestic product (GDP) in the first quarter of 2026 from 0.5% in the previous quarter.
\n“Apart from that, the government’s fiscal position continued to improve, with the fiscal deficit narrowing to RM17.1 billion or 3.3% of GDP in the first quarter of 2026 from RM21.9 billion or 4.5% of GDP in the corresponding period of 2025
\n“Hence, the ringgit is expected to remain well supported at around RM3.95 to RM3.96 against the US dollar today,” he said.
\nAt the opening, the ringgit traded higher against a basket of major currencies.
\nThe local currency appreciated against the British pound to 5.3120/5.3247 from 5.3220/5.3267 at Thursday’s close, strengthened against the euro to 4.5945/4.6056 from 4.6037/4.6078 previously, and rose against the Japanese yen to 2.4866/2.4928 from 2.4906/2.4929.
\nThe ringgit also traded higher against regional currencies.
\nIt strengthened against the Singapore dollar to 3.0949/3.1026 from 3.0967/3.0997 previously and appreciated against the Thai baht to 12.1286/12.1648 from 12.1304/12.1468.
\nThe local note also improved against the Indonesian rupiah to 223.8/224.5 from 224.1/224.4 previously and appreciated against the Philippine peso to 6.42/6.44 from 6.43/6.44 previously.
\n","content_text":"KUALA LUMPUR: The ringgit opened firmer against the US dollar and major currencies on Friday, supported by easing geopolitical tensions in West Asia and Malaysia’s improving macroeconomic outlook.\nAt 8am, the local currency strengthened to 3.9550/3.9645 against the greenback from Thursday’s close of 3.9595/3.9630.\nBank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said optimism that the US and Iran would soon reach an amicable resolution continues to build.\nHe said West Texas Intermediate (WTI) and Brent crude prices fell 1.49% and 2.32% to US$97.79 per barrel and US$102.58 per barrel, respectively.\n“According to the Iranian news agency, Tehran is evaluating the proposal from the US, which has narrowed the gaps to some extent,” he noted.\nHe also said the ringgit should remain in a better position amid Malaysia’s positive macroeconomic backdrop, particularly as the current account surplus rose to 3.0% of gross domestic product (GDP) in the first quarter of 2026 from 0.5% in the previous quarter.\n“Apart from that, the government’s fiscal position continued to improve, with the fiscal deficit narrowing to RM17.1 billion or 3.3% of GDP in the first quarter of 2026 from RM21.9 billion or 4.5% of GDP in the corresponding period of 2025\n“Hence, the ringgit is expected to remain well supported at around RM3.95 to RM3.96 against the US dollar today,” he said.\nAt the opening, the ringgit traded higher against a basket of major currencies.\nThe local currency appreciated against the British pound to 5.3120/5.3247 from 5.3220/5.3267 at Thursday’s close, strengthened against the euro to 4.5945/4.6056 from 4.6037/4.6078 previously, and rose against the Japanese yen to 2.4866/2.4928 from 2.4906/2.4929.\nThe ringgit also traded higher against regional currencies.\nIt strengthened against the Singapore dollar to 3.0949/3.1026 from 3.0967/3.0997 previously and appreciated against the Thai baht to 12.1286/12.1648 from 12.1304/12.1468.\nThe local note also improved against the Indonesian rupiah to 223.8/224.5 from 224.1/224.4 previously and appreciated against the Philippine peso to 6.42/6.44 from 6.43/6.44 previously.","date_published":"2026-05-22T00:50:51.000Z","author":{"name":"Bernama"},"tags":["Business","Local Business","Top Business","Mohd Afzanizam Abdul Rashid","opening","Ringgit","US dollar","West Asia"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/08/cf2fdad2-ringgit.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/08/cf2fdad2-ringgit.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/trump-will-swear-in-warsh-on-friday-to-lead-us-federal-reserve","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/trump-will-swear-in-warsh-on-friday-to-lead-us-federal-reserve","title":"Trump will swear in Warsh on Friday to lead US Federal Reserve","summary":"Kevin Warsh who faces scrutiny over Federal Reserve independence is expected to oppose further rate hikes.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/8eec1bc3-kevin-warsh-13052026.webp\")
WASHINGTON: US President Donald Trump will swear in Kevin Warsh as the chair of the Federal Reserve on Friday at the White House, the Trump administration said on Thursday.
\nWarsh was confirmed to the role in a near party-line vote on May 13. He succeeds Jerome Powell as the chair of the central bank, though Powell’s separate term as a Fed governor extends through January of 2028.
\nWarsh, 56, will serve a four-year term as chair and a 14-year term as a Fed governor. Trump selected him as a bulwark against further rate hikes. Warsh has long expressed a desire to lower rates while slashing the Fed’s balance sheet.
\nHe will take office as fellow governors contemplate raising rates to tame inflation brought on by Trump’s war on Iran. A majority of Fed policymakers at their April 28-29 meeting felt “some policy firming would likely become appropriate” if inflation stays persistently above the central bank’s 2% target, according to minutes of the meeting released on Wednesday.
\nWarsh was passed over for the role in 2017 during Trump’s first term. A Fed governor from 2006 to 2011, he was the youngest member of the board at 35, when he was first appointed in the George W. Bush administration.
\nHe is likely to face intense scrutiny as the Fed chair. Trump clashed with Powell for not cutting rates, tagging him with the nickname “Too Late,” and referring to him as a “jerk.”
\nThe Trump administration overtly suggested the Fed should be less independent from the White House and dovetail monetary policy with the White House’s fiscal agenda. Warsh during confirmation hearings embraced many of the same policies as Trump officials, but said he would maintain autonomy from the White House.
\nFed Governor Stephen Miran will leave his position on the board on or shortly before Warsh is sworn into office. Miran took a leave of absence as the chair of Trump’s White House Council of Economic Advisers to fill a Fed vacancy.
\nHe remained in that role longer than anticipated while prosecutors investigated Powell and the Fed over the cost of the renovation of the central bank’s Washington, headquarters. A federal judge sharply criticized the case and North Carolina Senator Thom Tillis, a Republican, stalled Warsh’s nomination in protest over the investigation.
\nProsecutors dropped the inquiry in April, and Tillis lifted his hold on the nomination.
\n","content_text":"WASHINGTON: US President Donald Trump will swear in Kevin Warsh as the chair of the Federal Reserve on Friday at the White House, the Trump administration said on Thursday.\nWarsh was confirmed to the role in a near party-line vote on May 13. He succeeds Jerome Powell as the chair of the central bank, though Powell's separate term as a Fed governor extends through January of 2028.\nWarsh, 56, will serve a four-year term as chair and a 14-year term as a Fed governor. Trump selected him as a bulwark against further rate hikes. Warsh has long expressed a desire to lower rates while slashing the Fed's balance sheet.\nHe will take office as fellow governors contemplate raising rates to tame inflation brought on by Trump's war on Iran. A majority of Fed policymakers at their April 28-29 meeting felt \"some policy firming would likely become appropriate\" if inflation stays persistently above the central bank's 2% target, according to minutes of the meeting released on Wednesday.\nWarsh was passed over for the role in 2017 during Trump's first term. A Fed governor from 2006 to 2011, he was the youngest member of the board at 35, when he was first appointed in the George W. Bush administration.\nHe is likely to face intense scrutiny as the Fed chair. Trump clashed with Powell for not cutting rates, tagging him with the nickname \"Too Late,\" and referring to him as a \"jerk.\"\nThe Trump administration overtly suggested the Fed should be less independent from the White House and dovetail monetary policy with the White House's fiscal agenda. Warsh during confirmation hearings embraced many of the same policies as Trump officials, but said he would maintain autonomy from the White House.\nFed Governor Stephen Miran will leave his position on the board on or shortly before Warsh is sworn into office. Miran took a leave of absence as the chair of Trump's White House Council of Economic Advisers to fill a Fed vacancy.\nHe remained in that role longer than anticipated while prosecutors investigated Powell and the Fed over the cost of the renovation of the central bank's Washington, headquarters. A federal judge sharply criticized the case and North Carolina Senator Thom Tillis, a Republican, stalled Warsh's nomination in protest over the investigation.\nProsecutors dropped the inquiry in April, and Tillis lifted his hold on the nomination.","date_published":"2026-05-22T00:22:08.000Z","author":{"name":"Reuters"},"tags":["World","Top World","Business","World Business","Top Business","Federal Reserve","Friday","LEAD","swear","Trump","US","Warsh"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/8eec1bc3-kevin-warsh-13052026.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/8eec1bc3-kevin-warsh-13052026.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/social-media-giants-settle-ahead-of-us-school-mental-health-trial","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/social-media-giants-settle-ahead-of-us-school-mental-health-trial","title":"Social media giants settle ahead of US school mental health trial","summary":"The settlements avoid a California trial next month that was expected to set the tone for hundreds of similar cases.","content_html":"![\"social](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/03/eec922f8-social-media.jpg\")
SAN FRANCISCO: Social media giants Meta, Snap, TikTok and YouTube agreed Thursday to pay an undisclosed sum to a Kentucky school district that blamed them for a mental health crisis among its students.
\nThe settlements avoid a California trial next month that had been expected to set the tone for hundreds of similar cases.
\nMeta, which owns Facebook and Instagram, was the last of the four companies to settle, according to court documents filed in federal court in Oakland, near San Francisco.
\nSnap, TikTok and Google – which owns YouTube – had already settled on May 15, according to documents reviewed by AFP.
\nThe deals come as the legal environment for social media platforms grows increasingly hostile.
\nIn March, a Los Angeles jury ordered Meta and YouTube to pay US$6 million to a young woman, ruling that their platforms were harmfully addictive – a first-of-its-kind verdict.
\nThe day before, a New Mexico jury had ordered Meta to pay US$375 million for exposing minors to inappropriate content and sexual predators.
\nThe Oakland case was brought by the Breathitt County school district, a rural district in eastern Kentucky whose lawsuit had been chosen as a test case for more than 1,200 similar suits filed by school districts across the country.
\nThe district had sought more than US$60 million to offset the costs of dealing with the effects of social media on students – including sleep problems, emotional distress and conflicts – and to fund a 15-year mental health programme.
\nIt had also asked the court to order the platforms to change their algorithms to make them less addictive.
\nNone of the settlements include any admission of wrongdoing.
\nThey are likely to increase pressure on the companies to settle the remaining cases, all of which are being overseen by Judge Yvonne Gonzalez Rogers, who recently presided over the trial between Elon Musk and OpenAI chief Sam Altman.
\nBy settling confidentially rather than going to trial, the four companies also avoided having their internal records aired in open court.
\nThousands of social media addiction lawsuits are pending in US courts.
\nMore than 30 states are also suing Meta over similar claims in a separate case that could go to trial in August in Oakland.
\n","content_text":"SAN FRANCISCO: Social media giants Meta, Snap, TikTok and YouTube agreed Thursday to pay an undisclosed sum to a Kentucky school district that blamed them for a mental health crisis among its students.\nThe settlements avoid a California trial next month that had been expected to set the tone for hundreds of similar cases.\nMeta, which owns Facebook and Instagram, was the last of the four companies to settle, according to court documents filed in federal court in Oakland, near San Francisco.\nSnap, TikTok and Google - which owns YouTube - had already settled on May 15, according to documents reviewed by AFP.\nThe deals come as the legal environment for social media platforms grows increasingly hostile.\nIn March, a Los Angeles jury ordered Meta and YouTube to pay US$6 million to a young woman, ruling that their platforms were harmfully addictive - a first-of-its-kind verdict.\nThe day before, a New Mexico jury had ordered Meta to pay US$375 million for exposing minors to inappropriate content and sexual predators.\nThe Oakland case was brought by the Breathitt County school district, a rural district in eastern Kentucky whose lawsuit had been chosen as a test case for more than 1,200 similar suits filed by school districts across the country.\nThe district had sought more than US$60 million to offset the costs of dealing with the effects of social media on students - including sleep problems, emotional distress and conflicts - and to fund a 15-year mental health programme.\nIt had also asked the court to order the platforms to change their algorithms to make them less addictive.\nNone of the settlements include any admission of wrongdoing.\nThey are likely to increase pressure on the companies to settle the remaining cases, all of which are being overseen by Judge Yvonne Gonzalez Rogers, who recently presided over the trial between Elon Musk and OpenAI chief Sam Altman.\nBy settling confidentially rather than going to trial, the four companies also avoided having their internal records aired in open court.\nThousands of social media addiction lawsuits are pending in US courts.\nMore than 30 states are also suing Meta over similar claims in a separate case that could go to trial in August in Oakland.","date_published":"2026-05-21T23:04:42.000Z","author":{"name":"AFP"},"tags":["Business","World Business","Top Business","children","Internet","Meta","SNAP","TikTok","trial","US","YouTube"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/03/eec922f8-social-media.jpg","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/03/eec922f8-social-media.jpg"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/spotify-universal-strike-deal-for-fan-ai-remixes","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/spotify-universal-strike-deal-for-fan-ai-remixes","title":"Spotify, Universal strike deal for fan AI remixes","summary":"The new add-on feature will be limited to artists who give consent, with revenue split between performers and songwriters.","content_html":"![\"spotify\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/06/63589998-spotify-resize-afp-230625.webp\")
NEW YORK: Spotify is teaming up with Universal Music Group to let users create AI-powered remixes and covers of songs by artists on the label – for an extra fee on top of a standard subscription.
\nThe new feature, announced Thursday, will only apply to artists who have given their consent, and both the original performer and songwriter will receive a share of any revenue generated.
\n“For the first time, fans will be able to legally create covers and remixes from participating artists and songwriters’ catalogs, with both the original artist and the songwriter sharing in the value created,” said Charlie Hellman, Spotify’s head of music, speaking at the company’s investor day.
\nUntil now, Spotify had banned AI-generated music derived from a specific artist’s work without their express authorisation, though it does allow AI music to be uploaded more broadly, including content associated with artists whose image and identity were generated using artificial intelligence.
\nThe deal puts Spotify in direct competition with Suno and Udio, the two dominant AI music apps on the market, both of which have been posting strong growth.
\nAfter initially allowing users to create AI music without agreements in place with artists or labels, both startups have shifted course in recent months.
\nUdio has signed deals with Universal Music Group and Warner Music Group, which also reached an agreement with Suno.
\nUMG and Sony are nonetheless still in litigation with Suno, with proceedings ongoing before a US federal court in Massachusetts.
\nHellman said the feature would give artists and songwriters “a brand new source of income on top of what they already earn on Spotify.”
\nUniversal Music Group CEO Lucian Grainge called the initiative “firmly artist-centric, rooted in responsible AI,” saying it would “drive growth for the entire ecosystem.”
\nAlso announced at the investor day, Spotify said it would give paying subscribers early access to concert tickets for their favourite artists before they go on general sale.
\nThe new service called “Reserved” is launching in the United States this summer before expanding to other markets.
\nSubscribers will be selected based on listening data – including how often they stream a given artist, the range of tracks they play from that artist’s catalog and whether they have saved songs to their library.
\nThey will have around 24 hours to purchase up to two tickets through a partner ticketing platform, the company said.
\nSpotify said the initiative would help route tickets to genuine fans rather than scalper bots, which have long frustrated both concertgoers and artists.
\n","content_text":"NEW YORK: Spotify is teaming up with Universal Music Group to let users create AI-powered remixes and covers of songs by artists on the label - for an extra fee on top of a standard subscription.\nThe new feature, announced Thursday, will only apply to artists who have given their consent, and both the original performer and songwriter will receive a share of any revenue generated.\n\"For the first time, fans will be able to legally create covers and remixes from participating artists and songwriters' catalogs, with both the original artist and the songwriter sharing in the value created,\" said Charlie Hellman, Spotify's head of music, speaking at the company's investor day.\nUntil now, Spotify had banned AI-generated music derived from a specific artist's work without their express authorisation, though it does allow AI music to be uploaded more broadly, including content associated with artists whose image and identity were generated using artificial intelligence.\nThe deal puts Spotify in direct competition with Suno and Udio, the two dominant AI music apps on the market, both of which have been posting strong growth.\nAfter initially allowing users to create AI music without agreements in place with artists or labels, both startups have shifted course in recent months.\nUdio has signed deals with Universal Music Group and Warner Music Group, which also reached an agreement with Suno.\nUMG and Sony are nonetheless still in litigation with Suno, with proceedings ongoing before a US federal court in Massachusetts.\nHellman said the feature would give artists and songwriters \"a brand new source of income on top of what they already earn on Spotify.\"\nUniversal Music Group CEO Lucian Grainge called the initiative \"firmly artist-centric, rooted in responsible AI,\" saying it would \"drive growth for the entire ecosystem.\"\nAlso announced at the investor day, Spotify said it would give paying subscribers early access to concert tickets for their favourite artists before they go on general sale.\nThe new service called \"Reserved\" is launching in the United States this summer before expanding to other markets.\nSubscribers will be selected based on listening data - including how often they stream a given artist, the range of tracks they play from that artist's catalog and whether they have saved songs to their library.\nThey will have around 24 hours to purchase up to two tickets through a partner ticketing platform, the company said.\nSpotify said the initiative would help route tickets to genuine fans rather than scalper bots, which have long frustrated both concertgoers and artists.","date_published":"2026-05-21T22:20:15.000Z","author":{"name":"AFP"},"tags":["Business","World Business","Top Business","AI","music","Spotify","streaming","US"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/06/63589998-spotify-resize-afp-230625.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/06/63589998-spotify-resize-afp-230625.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/goldman-sachs-to-pay-us500-million-to-settle-shareholder-lawsuit-over-1mdb-scandal","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/goldman-sachs-to-pay-us500-million-to-settle-shareholder-lawsuit-over-1mdb-scandal","title":"Goldman Sachs to pay US$500 million to settle shareholder lawsuit over 1MDB scandal","summary":"Shareholders accused the bank of lying about its role in the fraud while repeatedly touting its supposedly robust risk management.","content_html":"![\"Goldman](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/02/6e4aecaf-goldman-sachs.jpg\")
NEW YORK: Goldman Sachs has agreed to pay US$500 million to settle a class action lawsuit accusing the Wall Street bank of defrauding shareholders about its work for 1MDB, a Malaysian sovereign wealth fund that became embroiled in a corruption scandal.
\nThe parties said last month they had agreed to settle, but terms were not disclosed at the time. Lawyers for the shareholders, led by Swedish pension fund Sjunde AP-Fonden, disclosed the amount in a Wednesday filing in Manhattan federal court.
\n“The settlement is an outstanding result for the class,” lawyers for the plaintiffs wrote in the filing.
\nA judge must approve the settlement.
\nNeither Goldman Sachs’ lawyers nor a spokesperson for the bank immediately responded to requests for comment.
\nFormer Malaysian Prime Minister Najib Razak set up 1MDB to promote economic development, with help from Malaysian financier Jho Low, who is now a fugitive.
\nUS and Malaysian authorities have said US$4.5 billion was siphoned away from 1MDB, with some diverted to offshore bank accounts and shell companies linked to Low.
\nGoldman helped 1MDB sell US$6.5 billion of bonds and collected an estimated US$600 million in fees.
\nShareholders accused the bank of lying about its role in the fraud while repeatedly touting its supposedly robust risk management.
\nThey said Goldman’s share price tumbled after investors realized Goldman “actively facilitated – and handsomely profited from” the fraud.
\nGoldman agreed in 2020 to pay US$2.9 billion in penalties and have a Malaysian unit admit criminal wrongdoing to settle 1MDB probes by the US Justice Department and other authorities.
\nA Brooklyn, New York, judge formally ended the US criminal case against Goldman in May 2024, after the bank completed a three-year deferred prosecution agreement.
\nOne Goldman banker was convicted of helping loot 1MDB, and another pleaded guilty.
\n","content_text":"NEW YORK: Goldman Sachs has agreed to pay US$500 million to settle a class action lawsuit accusing the Wall Street bank of defrauding shareholders about its work for 1MDB, a Malaysian sovereign wealth fund that became embroiled in a corruption scandal.\nThe parties said last month they had agreed to settle, but terms were not disclosed at the time. Lawyers for the shareholders, led by Swedish pension fund Sjunde AP-Fonden, disclosed the amount in a Wednesday filing in Manhattan federal court.\n\"The settlement is an outstanding result for the class,\" lawyers for the plaintiffs wrote in the filing.\nA judge must approve the settlement.\nNeither Goldman Sachs' lawyers nor a spokesperson for the bank immediately responded to requests for comment.\nFormer Malaysian Prime Minister Najib Razak set up 1MDB to promote economic development, with help from Malaysian financier Jho Low, who is now a fugitive.\nUS and Malaysian authorities have said US$4.5 billion was siphoned away from 1MDB, with some diverted to offshore bank accounts and shell companies linked to Low.\nGoldman helped 1MDB sell US$6.5 billion of bonds and collected an estimated US$600 million in fees.\nShareholders accused the bank of lying about its role in the fraud while repeatedly touting its supposedly robust risk management.\nThey said Goldman's share price tumbled after investors realized Goldman \"actively facilitated - and handsomely profited from\" the fraud.\nGoldman agreed in 2020 to pay US$2.9 billion in penalties and have a Malaysian unit admit criminal wrongdoing to settle 1MDB probes by the US Justice Department and other authorities.\nA Brooklyn, New York, judge formally ended the US criminal case against Goldman in May 2024, after the bank completed a three-year deferred prosecution agreement.\nOne Goldman banker was convicted of helping loot 1MDB, and another pleaded guilty.","date_published":"2026-05-21T22:09:58.000Z","author":{"name":"Reuters"},"tags":["Top News","Business","World Business","Top Business","1MDB","Goldman Sachs","lawsuit","Scandal","settle","shareholder","US$500 million"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/02/6e4aecaf-goldman-sachs.jpg","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/02/6e4aecaf-goldman-sachs.jpg"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/22/wall-st-indexes-end-slightly-higher-as-investors-focus-on-middle-east-peace-hopes","url":"https://www.freemalaysiatoday.com/category/business/2026/05/22/wall-st-indexes-end-slightly-higher-as-investors-focus-on-middle-east-peace-hopes","title":"Wall St indexes end slightly higher as investors focus on Middle East peace hopes","summary":"After spending the morning in the red, stocks clawed their way back to gains in afternoon trading while oil prices shifted from a rally to a decline.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2024/05/17a673a0-walmart-reuters-310719-1.webp\")
NEW YORK: Wall Street’s three main indexes closed slightly higher after Thursday’s choppy session as oil prices lost ground, with some officials citing progress in US-Iran peace talks even as both sides took opposing stances over Tehran’s uranium stockpile and control of the Strait of Hormuz.
\nAfter spending the morning in the red, stocks clawed their way back to gains in afternoon trading while oil prices shifted from a rally to a decline.
\nWhile US Secretary of State Marco Rubio told reporters there had been “some good signs” in talks with Iran, he also said a diplomatic deal between the US and Iran would be unfeasible if Tehran implemented a tolling system in the Strait of Hormuz, which is a key conduit for oil transportation. A senior Iranian source told Reuters that no deal has been reached with the US, but that gaps have been narrowed while Iran’s uranium enrichment and Tehran’s control over the strait remained among the sticking points.
\nJason Pride, chief of investment strategy and research at Glenmede, attributed volatility during Thursday’s session to investor reactions to speculation about geopolitics.
\n“We’re sitting at high levels of valuation partly driven by earnings,” he said. “That overshadowed the concerns around Iran but now earnings season is largely over. We’re not going to suddenly get any more good surprises out of earnings, which means that market attention is now back to Iran. The market, on a near-term basis, is going to be finding its way based on rumors or actual announced deals regarding Iran.”
\nThe Dow Jones Industrial Average rose 276.31 points, or 0.55%, to 50,285.66, marking a record closing high. The S&P 500 gained 12.75 points, or 0.17%, to 7,445.72 and the Nasdaq Composite gained 22.74 points, or 0.09%, to 26,293.10.
\n“The silver lining is that from a market perspective, the fragile ceasefire is still holding. It’s positive there’s still, according to news reports, the possibility of an off-ramp. Oil and market sentiment is very sensitive to every headline,” said Marc Dizard, chief investment officer at Huntington Wealth Management. He added, however: “Nobody knows, except the inner circle in Iran and in the US, how much progress is truly being made.”
\nInvestors also reacted to the latest batch of earnings from big US companies. Walmart shares tumbled 7.3% after the largest global retailer forecast second-quarter profit below estimates and maintained its annual targets. CFO John David Rainey said consumers were feeling pressure from high fuel prices and that if the “elevated cost environment persists, we’d expect somewhat higher retail price inflation in Q2 and the second half of the year.”
\nAmong the S&P 500’s 11 major industry sectors, consumer staples led losses with a 1.6% decline as it was weighed down by Walmart along with declines in some other retailers that fell in sympathy, including Casey’s General Stores, down 3.3%, and Costco Wholesale, which finished down 2.2%.
\nShares of Nvidia, the world’s most valuable company, fell 1.8% as some investors took profits after the AI heavyweight’s upbeat second-quarter revenue forecast and US$80 billion share-repurchase program. Its stock has gained sharply so far this year but the pace of growth has slowed as investors believe Nvidia will face tougher competition from chip rivals including Intel and Advanced Micro Devices going forward. However, the Philadelphia Semiconductor Index finished up 1.3% as investors viewed Nvidia’s results as a positive sign for the group.
\nIn economic data, jobless claims fell last week, pointing to continued labor market resilience, giving the US Federal Reserve room to keep its focus on inflation risks.
\nUS manufacturing activity rose to a four-year high in May as businesses built inventories to guard against potential shortages and rising prices tied to the Iran war.
\nAmong other movers, IBM rose 12.4% on news that the Trump administration will fund a handful of quantum computing companies, including a new IBM venture, in exchange for stakes in some of the firms.
\nGlobalFoundries also climbed 14.9% while D-Wave Quantum added 33.4%, Rigetti Computing jumped 30.6% and Infleqtion gained 31.5%.
\nIntuit’s shares plunged 20% after the software maker lowered the annual revenue forecast for its tax-filing software, TurboTax, and said it would cut 17% of its full-time workforce. Shares of tax preparer H&R Block ended down 4.8%.
\nAdvancing issues outnumbered decliners by a 1.51-to-1 ratio on the NYSE, where there were 234 new highs and 106 new lows. On the Nasdaq, 2,985 stocks rose and 1,798 fell as advancing issues outnumbered decliners by a 1.66-to-1 ratio. The S&P 500 posted 11 new 52-week highs and four new lows while the Nasdaq Composite recorded 96 new highs and 108 new lows.
\nOn US exchanges, 17.67 billion shares changed hands compared with the 18.57 billion moving average for the last 20 sessions.
\n","content_text":"NEW YORK: Wall Street's three main indexes closed slightly higher after Thursday's choppy session as oil prices lost ground, with some officials citing progress in US-Iran peace talks even as both sides took opposing stances over Tehran's uranium stockpile and control of the Strait of Hormuz.\nAfter spending the morning in the red, stocks clawed their way back to gains in afternoon trading while oil prices shifted from a rally to a decline.\nWhile US Secretary of State Marco Rubio told reporters there had been \"some good signs\" in talks with Iran, he also said a diplomatic deal between the US and Iran would be unfeasible if Tehran implemented a tolling system in the Strait of Hormuz, which is a key conduit for oil transportation. A senior Iranian source told Reuters that no deal has been reached with the US, but that gaps have been narrowed while Iran's uranium enrichment and Tehran's control over the strait remained among the sticking points.\nJason Pride, chief of investment strategy and research at Glenmede, attributed volatility during Thursday's session to investor reactions to speculation about geopolitics.\n\"We're sitting at high levels of valuation partly driven by earnings,\" he said. \"That overshadowed the concerns around Iran but now earnings season is largely over. We're not going to suddenly get any more good surprises out of earnings, which means that market attention is now back to Iran. The market, on a near-term basis, is going to be finding its way based on rumors or actual announced deals regarding Iran.\"\nThe Dow Jones Industrial Average rose 276.31 points, or 0.55%, to 50,285.66, marking a record closing high. The S&P 500 gained 12.75 points, or 0.17%, to 7,445.72 and the Nasdaq Composite gained 22.74 points, or 0.09%, to 26,293.10.\n\"The silver lining is that from a market perspective, the fragile ceasefire is still holding. It's positive there's still, according to news reports, the possibility of an off-ramp. Oil and market sentiment is very sensitive to every headline,\" said Marc Dizard, chief investment officer at Huntington Wealth Management. He added, however: \"Nobody knows, except the inner circle in Iran and in the US, how much progress is truly being made.\"\nInvestors also reacted to the latest batch of earnings from big US companies. Walmart shares tumbled 7.3% after the largest global retailer forecast second-quarter profit below estimates and maintained its annual targets. CFO John David Rainey said consumers were feeling pressure from high fuel prices and that if the \"elevated cost environment persists, we'd expect somewhat higher retail price inflation in Q2 and the second half of the year.\"\nAmong the S&P 500's 11 major industry sectors, consumer staples led losses with a 1.6% decline as it was weighed down by Walmart along with declines in some other retailers that fell in sympathy, including Casey's General Stores, down 3.3%, and Costco Wholesale, which finished down 2.2%.\nShares of Nvidia, the world's most valuable company, fell 1.8% as some investors took profits after the AI heavyweight's upbeat second-quarter revenue forecast and US$80 billion share-repurchase program. Its stock has gained sharply so far this year but the pace of growth has slowed as investors believe Nvidia will face tougher competition from chip rivals including Intel and Advanced Micro Devices going forward. However, the Philadelphia Semiconductor Index finished up 1.3% as investors viewed Nvidia's results as a positive sign for the group.\nIn economic data, jobless claims fell last week, pointing to continued labor market resilience, giving the US Federal Reserve room to keep its focus on inflation risks.\nUS manufacturing activity rose to a four-year high in May as businesses built inventories to guard against potential shortages and rising prices tied to the Iran war.\nAmong other movers, IBM rose 12.4% on news that the Trump administration will fund a handful of quantum computing companies, including a new IBM venture, in exchange for stakes in some of the firms.\nGlobalFoundries also climbed 14.9% while D-Wave Quantum added 33.4%, Rigetti Computing jumped 30.6% and Infleqtion gained 31.5%.\nIntuit's shares plunged 20% after the software maker lowered the annual revenue forecast for its tax-filing software, TurboTax, and said it would cut 17% of its full-time workforce. Shares of tax preparer H&R Block ended down 4.8%.\nAdvancing issues outnumbered decliners by a 1.51-to-1 ratio on the NYSE, where there were 234 new highs and 106 new lows. On the Nasdaq, 2,985 stocks rose and 1,798 fell as advancing issues outnumbered decliners by a 1.66-to-1 ratio. The S&P 500 posted 11 new 52-week highs and four new lows while the Nasdaq Composite recorded 96 new highs and 108 new lows.\nOn US exchanges, 17.67 billion shares changed hands compared with the 18.57 billion moving average for the last 20 sessions.","date_published":"2026-05-21T21:59:33.000Z","author":{"name":"Reuters"},"tags":["Business","World Business","Top Business","hopes","indexes","investors","mideast","peace","US stocks","Wall St"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/05/17a673a0-walmart-reuters-310719-1.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/05/17a673a0-walmart-reuters-310719-1.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/top-un-court-says-right-to-strike-protected-in-key-labour-treaty","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/top-un-court-says-right-to-strike-protected-in-key-labour-treaty","title":"Top UN court says right to strike protected in key labour treaty","summary":"ICJ president Yuji Iwasawa said the right to strike of workers and their organisations is protected under Convention 87.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/98ac008d-icj-the-hague-21052026.webp\")
THE HAGUE: The top UN court ruled Thursday that the right to strike was protected in a key treaty of the International Labour Organisation (ILO), a decision that could have profound implications for global labour relations.
\nThe International Court of Justice had been asked to deliver a so-called advisory opinion on whether an ILO treaty from 1948, known as Convention 87, implicitly enshrined workers’ right to strike.
\nICJ president Yuji Iwasawa said the court was “of the opinion that the right to strike of workers and their organisations is protected” under that convention.
\nHowever, judges said their opinion, which is not binding, should not be understood as laying out any other ground rules for strike action.
\nThe conclusion “does not entail any determination on the precise content, scope or conditions for the exercise of that right,” said Iwasawa.
\nILO Convention 87 is an agreement between unions and employers, including the right “in full freedom, to organise their administration and activities”.
\nHeated legal battle
\nUnions at the ILO had argued that this by extension enshrined the right to industrial action, but employers disagreed, so they took the fight to the ICJ.
\nBehind the dry legal interpretation of a decades-old treaty lay a heated battle between unions and employer groups at the ILO, which played out in hearings in October 2025.
\n“This case is about more than legal abstractions,” Harold Koh, representing the International Trade Union Confederation (ITUC), told the judges.
\n“It will affect the real rights of tens of millions of working people around the world,” he added.
\nKoh warned that if the ICJ ruled the right to strike was not inherent in the Convention, companies and governments could start to unpick labour deals around the world.
\n“National employer groups would contest the right to strike country by country, focusing first on nations with compliant courts, weak civil societies and ineffective media,” said Koh.
\n‘Inflammatory and alarmist’
\nOn the other side of the argument, Roberto Suarez Santos, from the International Organisation of Employers, said the 1948 convention “neither explicitly nor implicitly covers the right to strike”.
\nSantos noted that the rules surrounding industrial action varied widely from country to country – whether emergency services were excluded, for example.
\nThese differences “cannot be resolved by simply reading an abstract right to strike into Convention No 87 and trying to impose it on employers, workers and governments,” said Santos.
\nRita Yip, also representing the employers’ groups, dismissed the union arguments as “inflammatory and alarmist”.
\nThe right to strike is still protected in national laws, argued Yip, and does not need to be enshrined in “boilerplate norms, imposed at the highest level”.
\nUrging the court to answer “no” to the question before it, Yip said the case “goes to the credibility of the entire international labour system”.
\nBoth sides at least agreed on the importance of the case for labour relations.
\n“At first blush, this case may not seem momentous,” said Koh from the trade union confederation.
\n“But your decision here will affect every worker in the world,” he told the judges.
\n","content_text":"THE HAGUE: The top UN court ruled Thursday that the right to strike was protected in a key treaty of the International Labour Organisation (ILO), a decision that could have profound implications for global labour relations.\nThe International Court of Justice had been asked to deliver a so-called advisory opinion on whether an ILO treaty from 1948, known as Convention 87, implicitly enshrined workers' right to strike.\nICJ president Yuji Iwasawa said the court was \"of the opinion that the right to strike of workers and their organisations is protected\" under that convention.\nHowever, judges said their opinion, which is not binding, should not be understood as laying out any other ground rules for strike action.\nThe conclusion \"does not entail any determination on the precise content, scope or conditions for the exercise of that right,\" said Iwasawa.\nILO Convention 87 is an agreement between unions and employers, including the right \"in full freedom, to organise their administration and activities\".\nHeated legal battle \nUnions at the ILO had argued that this by extension enshrined the right to industrial action, but employers disagreed, so they took the fight to the ICJ.\nBehind the dry legal interpretation of a decades-old treaty lay a heated battle between unions and employer groups at the ILO, which played out in hearings in October 2025.\n\"This case is about more than legal abstractions,\" Harold Koh, representing the International Trade Union Confederation (ITUC), told the judges.\n\"It will affect the real rights of tens of millions of working people around the world,\" he added.\nKoh warned that if the ICJ ruled the right to strike was not inherent in the Convention, companies and governments could start to unpick labour deals around the world.\n\"National employer groups would contest the right to strike country by country, focusing first on nations with compliant courts, weak civil societies and ineffective media,\" said Koh.\n'Inflammatory and alarmist' \nOn the other side of the argument, Roberto Suarez Santos, from the International Organisation of Employers, said the 1948 convention \"neither explicitly nor implicitly covers the right to strike\".\nSantos noted that the rules surrounding industrial action varied widely from country to country – whether emergency services were excluded, for example.\nThese differences \"cannot be resolved by simply reading an abstract right to strike into Convention No 87 and trying to impose it on employers, workers and governments,\" said Santos.\nRita Yip, also representing the employers' groups, dismissed the union arguments as \"inflammatory and alarmist\".\nThe right to strike is still protected in national laws, argued Yip, and does not need to be enshrined in \"boilerplate norms, imposed at the highest level\".\nUrging the court to answer \"no\" to the question before it, Yip said the case \"goes to the credibility of the entire international labour system\".\nBoth sides at least agreed on the importance of the case for labour relations.\n\"At first blush, this case may not seem momentous,\" said Koh from the trade union confederation.\n\"But your decision here will affect every worker in the world,\" he told the judges.","date_published":"2026-05-21T15:15:11.000Z","author":{"name":"AFP"},"tags":["Business","World Business","Top Business","global unions","Hague court","ICJ ruling","ILO Convention","labour relations","labour rights","Right to strike","strike action","UN court","workers rights"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/98ac008d-icj-the-hague-21052026.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/98ac008d-icj-the-hague-21052026.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/stellantis-unveils-e60bil-push-to-revive-profitability","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/stellantis-unveils-e60bil-push-to-revive-profitability","title":"Stellantis unveils €60bil push to revive profitability","summary":"The company also aims to reduce its factory capacity in Europe while focusing on affordability in the shift to clean-energy vehicles.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/fa6eb439-stellantis-20052026.webp\")
AUBURN HILLS: Jeep and Fiat owner Stellantis said Thursday that it would invest €60 billion in a five-year push to restore profitability, reducing its factory capacity in Europe while focusing on “affordability” in the shift to clean-energy vehicles.
\nThe strategic blueprint presented at the group’s North American headquarters in Michigan comes after a series of announcements by CEO Antonio Filosa, brought in last year to get the world’s fourth-largest automaker on stronger financial ground.
\n“We are uniquely positioned to offer delight, functionality and affordability,” Filosa said in a statement, adding that “We have everything we need to deliver our FaSTLAne 2030 ambitions.”
\nInvestors appeared unconvinced, with heavy selling of Stellantis shares after the announcement prompting a temporary trading halt on the Paris stock exchange.
\nThe company said it would focus in particular on four of its 14 brands – Jeep, Ram, Peugeot and Fiat – where it would concentrate 70% of its planned investments.
\n“With this refocused approach, Stellantis now has four global brands with the greatest scale and the highest potential for profitability,” the company said.
\nOverall, “this will result, between now and 2030, in more than 60 new vehicle launches and 50 significant refreshes across all brands and powertrain energies.”
\nBut the group’s European production capacity will be cut by 20%, whereas it is banking on partnerships to revive sales in a market still recovering from the Covid pandemic plunge in new car sales.
\nEU demands for 90% of all cars sold in the bloc to be electric by 2035 have weighed in particular on legacy automakers – while providing an opening to low-cost Chinese rivals.
\nStellantis said this week it had formed a joint venture with China’s Dongfeng to share EV manufacturing, sales and engineering operations in Europe.
\nThe deal aims to boost Stellantis brands while also letting Dongfeng build locally at a plant in western France, allowing it to avoid hefty EU tariffs on Chinese EV imports.
\nChinese partners
\nThe Europe capacity cuts will result in a reduction of 800,000 vehicles per year, from a current capacity of around four million units, according to an industry source.
\nThis would be achieved by “repurposing plants”, such as in Poissy outside the French capital, and “leveraging partnerships” such as in Madrid and Zaragoza in Spain, as well as Rennes in western France, it said.
\nThe joint venture between Stellantis and Dongfeng would see the Chinese firm’s Voyah EVs built at a Stellantis plant in Rennes for the European market, the companies said Wednesday.
\nStellantis also said this month that it was considering strengthening its alliance with Leapmotor so the Chinese group could produce its own cars at two of the European auto manufacturer’s Spanish plants.
\nStellantis also announced this week that it would start building smaller, low-cost electric cars for the European market as buyers increasingly look to rival Chinese models.
\nThe group’s brands also include Alfa Romeo, Opel, Maserati and Dodge trucks.
\n","content_text":"AUBURN HILLS: Jeep and Fiat owner Stellantis said Thursday that it would invest €60 billion in a five-year push to restore profitability, reducing its factory capacity in Europe while focusing on \"affordability\" in the shift to clean-energy vehicles.\nThe strategic blueprint presented at the group's North American headquarters in Michigan comes after a series of announcements by CEO Antonio Filosa, brought in last year to get the world's fourth-largest automaker on stronger financial ground.\n\"We are uniquely positioned to offer delight, functionality and affordability,\" Filosa said in a statement, adding that \"We have everything we need to deliver our FaSTLAne 2030 ambitions.\"\nInvestors appeared unconvinced, with heavy selling of Stellantis shares after the announcement prompting a temporary trading halt on the Paris stock exchange.\nThe company said it would focus in particular on four of its 14 brands – Jeep, Ram, Peugeot and Fiat – where it would concentrate 70% of its planned investments.\n\"With this refocused approach, Stellantis now has four global brands with the greatest scale and the highest potential for profitability,\" the company said.\nOverall, \"this will result, between now and 2030, in more than 60 new vehicle launches and 50 significant refreshes across all brands and powertrain energies.\"\nBut the group's European production capacity will be cut by 20%, whereas it is banking on partnerships to revive sales in a market still recovering from the Covid pandemic plunge in new car sales.\nEU demands for 90% of all cars sold in the bloc to be electric by 2035 have weighed in particular on legacy automakers – while providing an opening to low-cost Chinese rivals.\nStellantis said this week it had formed a joint venture with China's Dongfeng to share EV manufacturing, sales and engineering operations in Europe.\nThe deal aims to boost Stellantis brands while also letting Dongfeng build locally at a plant in western France, allowing it to avoid hefty EU tariffs on Chinese EV imports.\nChinese partners\nThe Europe capacity cuts will result in a reduction of 800,000 vehicles per year, from a current capacity of around four million units, according to an industry source.\nThis would be achieved by \"repurposing plants\", such as in Poissy outside the French capital, and \"leveraging partnerships\" such as in Madrid and Zaragoza in Spain, as well as Rennes in western France, it said.\nThe joint venture between Stellantis and Dongfeng would see the Chinese firm's Voyah EVs built at a Stellantis plant in Rennes for the European market, the companies said Wednesday.\nStellantis also said this month that it was considering strengthening its alliance with Leapmotor so the Chinese group could produce its own cars at two of the European auto manufacturer's Spanish plants.\nStellantis also announced this week that it would start building smaller, low-cost electric cars for the European market as buyers increasingly look to rival Chinese models.\nThe group's brands also include Alfa Romeo, Opel, Maserati and Dodge trucks.","date_published":"2026-05-21T14:49:15.000Z","author":{"name":"AFP"},"tags":["Business","World Business","Top Business","Antonio Filosa","auto industry","Dongfeng partnership","electric vehicles","Europe factories","EV strategy","Fiat cars","Jeep brand","Peugeot cars","Stellantis"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/fa6eb439-stellantis-20052026.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/fa6eb439-stellantis-20052026.webp"},{"id":"https://www.freemalaysiatoday.com/category/highlight/2026/05/21/gentings-1q-net-profit-jumps-to-over-rm100mil","url":"https://www.freemalaysiatoday.com/category/highlight/2026/05/21/gentings-1q-net-profit-jumps-to-over-rm100mil","title":"Genting’s Q1 net profit jumps to over RM100mil","summary":"Revenue for the quarter also rose 2% to RM6.66 billion from RM6.51 billion previously.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/45b8aafe-genting-berhad-logo-210526.webp\"){kind=logo}
KUALA LUMPUR: Genting Bhd’s net profit for the first quarter (Q1) ended March 31 jumped to RM101.10 million from RM4.60 million in the same quarter a year ago.
\nRevenue for the quarter also rose 2% to RM6.66 billion from RM6.51 billion previously.
\nGenting said Resorts World Sentosa (RWS) recorded a revenue of RM1.88 billion in the current quarter.
\n“Steady operational progress was made in the quarter, with non-gaming revenue increasing year-on-year, supported by higher visitation to key attractions including Universal Studios Singapore and the Singapore Oceanarium at RWS,” it said in a filing with Bursa Malaysia.
\nAs for its oil palm plantation segment, Genting said revenue was higher in the current quarter. Additionally, the previous year’s corresponding quarter featured higher profit realised on brought-forward inventory.
\n“The downstream manufacturing segment recorded higher revenue, and the power division’s revenue increased, primarily attributable to higher generation from the Banten Plant in Indonesia in the current quarter due to no outage, unlike the previous year’s corresponding quarter, which was impacted by an unplanned outage,” it said.
\nThe company said the group’s performance for the remaining period of the 2026 financial year might be impacted as global growth momentum is expected to soften amid ongoing geopolitical tensions in West Asia and broader macroeconomic uncertainties, despite certain economies, such as the US, having demonstrated resilience to date.
\n“In Malaysia, the outlook is expected to remain cautious, as growth may moderate due to inflationary pressures, geopolitical uncertainties and external headwinds weighing on the broader domestic economy.
\n“Cross-border tourism demand is expected to face challenges due to weaker outbound travel trends and higher travel-related costs,” it added.
\n","content_text":"KUALA LUMPUR: Genting Bhd’s net profit for the first quarter (Q1) ended March 31 jumped to RM101.10 million from RM4.60 million in the same quarter a year ago.\nRevenue for the quarter also rose 2% to RM6.66 billion from RM6.51 billion previously.\nGenting said Resorts World Sentosa (RWS) recorded a revenue of RM1.88 billion in the current quarter.\n“Steady operational progress was made in the quarter, with non-gaming revenue increasing year-on-year, supported by higher visitation to key attractions including Universal Studios Singapore and the Singapore Oceanarium at RWS,” it said in a filing with Bursa Malaysia.\nAs for its oil palm plantation segment, Genting said revenue was higher in the current quarter. Additionally, the previous year’s corresponding quarter featured higher profit realised on brought-forward inventory.\n“The downstream manufacturing segment recorded higher revenue, and the power division's revenue increased, primarily attributable to higher generation from the Banten Plant in Indonesia in the current quarter due to no outage, unlike the previous year’s corresponding quarter, which was impacted by an unplanned outage,” it said.\nThe company said the group's performance for the remaining period of the 2026 financial year might be impacted as global growth momentum is expected to soften amid ongoing geopolitical tensions in West Asia and broader macroeconomic uncertainties, despite certain economies, such as the US, having demonstrated resilience to date.\n“In Malaysia, the outlook is expected to remain cautious, as growth may moderate due to inflationary pressures, geopolitical uncertainties and external headwinds weighing on the broader domestic economy.\n“Cross-border tourism demand is expected to face challenges due to weaker outbound travel trends and higher travel-related costs,” it added.","date_published":"2026-05-21T12:08:20.000Z","author":{"name":"Bernama"},"tags":["Highlight","Business","Local Business","Top Business","1Q","corporate","Genting","hospitality","resort","West Asia"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/45b8aafe-genting-berhad-logo-210526.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/45b8aafe-genting-berhad-logo-210526.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/dubai-launches-second-economic-incentives-package-worth-us408mil","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/dubai-launches-second-economic-incentives-package-worth-us408mil","title":"Dubai launches second economic incentives package worth US$408mil","summary":"The package was announced as businesses struggle to cope with the aftermath of the Middle East war and Iran's blockade in the Strait of Hormuz.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/03/60220e0b-dubai-uae-13032026.webp\")
DUBAI: Dubai will provide economic incentives worth more than US$400 million, authorities said Thursday, as businesses struggle to cope with the aftermath of the Middle East war and Iran’s blockade in the Strait of Hormuz.
\nAuthorities approved “a second package of economic incentives valued at AED 1.5 billion (US$408 million)”, the Dubai government’s media office said in a post on X.
\nThe incentives include exemptions from municipal fees for hotels and restaurants, reduced fines for customs violations and lower fees for civil aviation permits.
\n“The new package brings the total value of incentives introduced in under two months to AED 2.5 billion (US$680 million),” the office added.
\nIn late March, Dubai authorities announced a first package worth over US$270 million to help businesses and families.
\nThe UAE bore the brunt of Iran’s attacks during the war, as Tehran unleashed drones and missiles across the Gulf in response to US and Israeli strikes.
\nThe attacks targeted US assets but also vital economic infrastructure, including energy facilities, ports, airports and residential areas.
\nAlthough the vast majority of strikes were intercepted, the attacks shook the aura of stability essential to business in the Gulf.
\nIran’s blockade of the Strait of Hormuz, through which one fifth of the world’s oil and LNG exports normally pass, continues to pile pressure on Gulf economies.
\n","content_text":"DUBAI: Dubai will provide economic incentives worth more than US$400 million, authorities said Thursday, as businesses struggle to cope with the aftermath of the Middle East war and Iran's blockade in the Strait of Hormuz.\nAuthorities approved \"a second package of economic incentives valued at AED 1.5 billion (US$408 million)\", the Dubai government's media office said in a post on X.\nThe incentives include exemptions from municipal fees for hotels and restaurants, reduced fines for customs violations and lower fees for civil aviation permits.\n\"The new package brings the total value of incentives introduced in under two months to AED 2.5 billion (US$680 million),\" the office added.\nIn late March, Dubai authorities announced a first package worth over US$270 million to help businesses and families.\nThe UAE bore the brunt of Iran's attacks during the war, as Tehran unleashed drones and missiles across the Gulf in response to US and Israeli strikes.\nThe attacks targeted US assets but also vital economic infrastructure, including energy facilities, ports, airports and residential areas.\nAlthough the vast majority of strikes were intercepted, the attacks shook the aura of stability essential to business in the Gulf.\nIran's blockade of the Strait of Hormuz, through which one fifth of the world's oil and LNG exports normally pass, continues to pile pressure on Gulf economies.","date_published":"2026-05-21T12:07:11.000Z","author":{"name":"AFP"},"tags":["Business","World Business","Top Business","Dubai business","Dubai incentives","Economic relief","energy crisis","Gulf business","Middle East war","Strait Hormuz","trade disruption","UAE economy","UAE stimulus"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/03/60220e0b-dubai-uae-13032026.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/03/60220e0b-dubai-uae-13032026.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/samsung-chip-employees-to-get-average-us338000-bonus-under-strike-deal","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/samsung-chip-employees-to-get-average-us338000-bonus-under-strike-deal","title":"Samsung chip employees to get average US$338,000 bonus under strike deal","summary":"The tech giant and its union reached the provisional agreement late Wednesday, avoiding a planned 18-day strike that was set to begin Thursday.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/07/8085f8e6-samsung_1600x1000_1.webp\")
SEOUL: Samsung Electronics chip employees are expected to receive average bonuses worth 509 million won (US$338,000) this year, a company official said Thursday, under a tentative deal between management and labour unions to avert a strike.
\nThe tech giant and its union reached the provisional agreement late Wednesday following last-minute government-mediated talks, avoiding a planned 18-day strike that was set to begin Thursday.
\nThe dispute unfolded against the backdrop of a global artificial intelligence boom that has turbocharged Samsung’s chip business while lifting South Korea’s economic growth and stock market.
\nThe tentative deal introduces a new bonus pool for employees in the semiconductor division, equivalent to 10.5% of the division’s operating profit, to be paid in stock.
\nCombined with an additional 1.5% in cash, the deal would allow workers to share up to 12% of operating profit as bonuses.
\nSamsung semiconductor employees are expected to receive around 509 million won under the new deal, a company official confirmed to AFP on Thursday.
\nThe figure is a rough calculation based on the estimated 331 trillion won in operating profit – in line with market consensus reported by Yonhap News Agency – as well as a 12% bonus pool and roughly 78,000 chip employees.
\nThe bonus scheme would last 10 years and is conditional on the chip division posting an annual operating profit of more than 200 trillion won between 2026 and 2028, and more than 100 trillion won annually through 2035.
\nWhile workers are expected to benefit from the deal, some shareholders voiced opposition.
\nA group of Samsung Electronics shareholders vowed Thursday to pursue legal action against the tentative agreement.
\nThe Korea Shareholder Action Headquarters staged a rally near the residence of Samsung Electronics Chairman Lee Jae-yong, arguing that operating profit-linked bonuses had not been approved through a shareholder resolution and therefore lacked legal validity under the current commercial law.
\nThe group said it would “use all legal means available” to block any disbursement of company funds based on the agreement if it is finalised without following the required procedures.
\nSamsung memory chips are used in products ranging from consumer electronics to computer processors, while its next-generation high-bandwidth memory chips are key components for scaling up AI data centres.
\nSamsung said in April that its first-quarter operating profit jumped roughly 750% from a year earlier, while its market capitalisation topped US$1 trillion for the first time this month.
\nThe prospect of a strike had raised concerns over the potential impact on South Korea’s economy, with semiconductors accounting for around 35% of the country’s exports.
\n","content_text":"SEOUL: Samsung Electronics chip employees are expected to receive average bonuses worth 509 million won (US$338,000) this year, a company official said Thursday, under a tentative deal between management and labour unions to avert a strike.\nThe tech giant and its union reached the provisional agreement late Wednesday following last-minute government-mediated talks, avoiding a planned 18-day strike that was set to begin Thursday.\nThe dispute unfolded against the backdrop of a global artificial intelligence boom that has turbocharged Samsung's chip business while lifting South Korea's economic growth and stock market.\nThe tentative deal introduces a new bonus pool for employees in the semiconductor division, equivalent to 10.5% of the division's operating profit, to be paid in stock.\nCombined with an additional 1.5% in cash, the deal would allow workers to share up to 12% of operating profit as bonuses.\nSamsung semiconductor employees are expected to receive around 509 million won under the new deal, a company official confirmed to AFP on Thursday.\nThe figure is a rough calculation based on the estimated 331 trillion won in operating profit – in line with market consensus reported by Yonhap News Agency – as well as a 12% bonus pool and roughly 78,000 chip employees.\nThe bonus scheme would last 10 years and is conditional on the chip division posting an annual operating profit of more than 200 trillion won between 2026 and 2028, and more than 100 trillion won annually through 2035.\nWhile workers are expected to benefit from the deal, some shareholders voiced opposition.\nA group of Samsung Electronics shareholders vowed Thursday to pursue legal action against the tentative agreement.\nThe Korea Shareholder Action Headquarters staged a rally near the residence of Samsung Electronics Chairman Lee Jae-yong, arguing that operating profit-linked bonuses had not been approved through a shareholder resolution and therefore lacked legal validity under the current commercial law.\nThe group said it would \"use all legal means available\" to block any disbursement of company funds based on the agreement if it is finalised without following the required procedures.\nSamsung memory chips are used in products ranging from consumer electronics to computer processors, while its next-generation high-bandwidth memory chips are key components for scaling up AI data centres.\nSamsung said in April that its first-quarter operating profit jumped roughly 750% from a year earlier, while its market capitalisation topped US$1 trillion for the first time this month.\nThe prospect of a strike had raised concerns over the potential impact on South Korea's economy, with semiconductors accounting for around 35% of the country's exports.","date_published":"2026-05-21T11:41:19.000Z","author":{"name":"AFP"},"tags":["Business","World Business","Top Business","AI chips","chip bonuses","chip workers","labour deal","Samsung bonuses","Samsung profits","Samsung strike","Samsung union","Semiconductor boom","shareholder protest"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/07/8085f8e6-samsung_1600x1000_1.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/07/8085f8e6-samsung_1600x1000_1.webp"},{"id":"https://www.freemalaysiatoday.com/category/nation/2026/05/21/kpj-records-strong-rm1-05bil-revenue-in-q1-2026","url":"https://www.freemalaysiatoday.com/category/nation/2026/05/21/kpj-records-strong-rm1-05bil-revenue-in-q1-2026","title":"KPJ records strong RM1.05bil revenue in Q1 2026","summary":"This marks a 9% year-on-year rise, with KPJ's facilities recording 1-2% increases in admissions, outpatient visits and surgeries.","content_html":"![\"Neuroscience](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/9a28fd82-neuroscience-and-stroke-centre-of-excellence-at-damansara-specialist-hospital-emel-pic-210526.webp\")
PETALING JAYA: KPJ Healthcare Bhd earned RM1.05 billion in revenue in the first quarter of this year (Q1 2026), marking a 9% year-on-year (y-o-y) increase compared with the same period last year.
\nThe company said its earnings before interest, taxes, depreciation and amortisation (Ebitda) stood at RM233.3 million, representing an 11% increase and an Ebitda margin of 22.2%.
\nIts profit after tax, zakat and minority interest (Patami) rose 22% y-o-y to RM69.6 million with a Patami margin of 6.6%, thanks to greater revenue intensity, disciplined cost management and the company’s system integration.
\nThe company saw inpatient admissions grow 2% to 88,863 in Q1, while outpatient visits went up by 1% to 695,332 and surgeries rose 2% to 27,565.
\n“Average revenue per inpatient went up 6% and average revenue per outpatient increased by 7%, supported by improved case mix and sustained demand for more complex treatments and specialised services,” it added.
\nThe company declared an interim dividend of one sen per share, totalling RM44.3 million, which will be paid out on July 17.
\nKPJ Healthcare president and managing director Chin Keat Chyuan said this marked a strong start to the financial year with the company seeing healthy revenue growth, greater earnings and higher revenue intensity.
\nIn a statement, Chin said these were the early returns of KPJ Healthcare’s shift towards system-led value creation.
\n“More significant than the quarterly performance is the structural repositioning of the group under our 2026–2030 Strategic Plan and the KPJ Health System.
\n“Importantly, the strength of KPJ Healthcare lies in the institution, capabilities and integrated system being built across the group. This is what will sustain earnings quality, lift system-wide efficiency and create durable shareholder value over the long term,” he said.
\nIn the second quarter of 2026, KPJ Healthcare is recalibrating its entire business ecosystem to ensure full alignment with the KPJ Health System’s objectives.
\nIt will continue to advance the system’s transformation agenda company-wide, with a focus on converging artificial intelligence with genomics and value-based care.
\nThe company has also started developing a new health information system and will continue its targeted recruitment efforts for top clinical, research and innovation talent.
\nIt expects the external business environment to remain fluid amid geopolitical instability, but this has not caused any direct impact on the company so far.
\n“We will continue to monitor developments closely and take mitigating actions where necessary,” it said.
\n","content_text":"PETALING JAYA: KPJ Healthcare Bhd earned RM1.05 billion in revenue in the first quarter of this year (Q1 2026), marking a 9% year-on-year (y-o-y) increase compared with the same period last year.\nThe company said its earnings before interest, taxes, depreciation and amortisation (Ebitda) stood at RM233.3 million, representing an 11% increase and an Ebitda margin of 22.2%.\nIts profit after tax, zakat and minority interest (Patami) rose 22% y-o-y to RM69.6 million with a Patami margin of 6.6%, thanks to greater revenue intensity, disciplined cost management and the company's system integration.\nThe company saw inpatient admissions grow 2% to 88,863 in Q1, while outpatient visits went up by 1% to 695,332 and surgeries rose 2% to 27,565.\n\"Average revenue per inpatient went up 6% and average revenue per outpatient increased by 7%, supported by improved case mix and sustained demand for more complex treatments and specialised services,\" it added.\nThe company declared an interim dividend of one sen per share, totalling RM44.3 million, which will be paid out on July 17.\nKPJ Healthcare president and managing director Chin Keat Chyuan said this marked a strong start to the financial year with the company seeing healthy revenue growth, greater earnings and higher revenue intensity.\nIn a statement, Chin said these were the early returns of KPJ Healthcare's shift towards system-led value creation.\n\"More significant than the quarterly performance is the structural repositioning of the group under our 2026–2030 Strategic Plan and the KPJ Health System.\n\"Importantly, the strength of KPJ Healthcare lies in the institution, capabilities and integrated system being built across the group. This is what will sustain earnings quality, lift system-wide efficiency and create durable shareholder value over the long term,\" he said.\nIn the second quarter of 2026, KPJ Healthcare is recalibrating its entire business ecosystem to ensure full alignment with the KPJ Health System's objectives.\nIt will continue to advance the system's transformation agenda company-wide, with a focus on converging artificial intelligence with genomics and value-based care.\nThe company has also started developing a new health information system and will continue its targeted recruitment efforts for top clinical, research and innovation talent.\nIt expects the external business environment to remain fluid amid geopolitical instability, but this has not caused any direct impact on the company so far.\n\"We will continue to monitor developments closely and take mitigating actions where necessary,\" it said.","date_published":"2026-05-21T11:30:54.000Z","author":{"name":"FMT Reporters"},"tags":["Top News","Malaysia","Business","Local Business","Top Business","healthcare","KPJ Healthcare Bhd","private healthcare","Q1 2026","revenue"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/9a28fd82-neuroscience-and-stroke-centre-of-excellence-at-damansara-specialist-hospital-emel-pic-210526.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/9a28fd82-neuroscience-and-stroke-centre-of-excellence-at-damansara-specialist-hospital-emel-pic-210526.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/ringgit-closes-higher-against-us-dollar-regional-peers","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/ringgit-closes-higher-against-us-dollar-regional-peers","title":"Ringgit closes higher against US dollar, regional peers","summary":"The local note should be in a better position as the country continues to record a current account surplus, says analyst.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/fdbc76d5-ringgit-week-2-210526.webp\")
KUALA LUMPUR: The ringgit closed higher against the US dollar today, supported by Malaysia’s favourable domestic fundamentals.
\nAt 6pm, the ringgit appreciated to 3.9595/3.9630 versus the greenback from 3.9675/3.9715 at yesterday’s close.
\nBank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the ringgit should be in a better position as the country continues to record a current account surplus, while the government remains committed to reducing the fiscal deficit.
\nHe said news on the possible finalisation of negotiations between the US and Iran had resulted in lower crude oil prices, while the US Dollar Index stabilised at around 99 points.
\n“However, some central banks remain under pressure to adjust interest rates to stem currency depreciation and contain inflationary pressure, especially in economies facing fiscal and current account deficits,” he told Bernama.
\nAt the close, the ringgit traded mostly lower against a basket of major currencies.
\nIt strengthened versus the Japanese yen to 2.4906/2.4929 from 2.4942/2.4969 at yesterday’s close but slipped against the euro to 4.6037/4.6078 from 4.5975/4.6022 and slid against the British pound to 5.3220/5.3267 from 5.3089/5.3143 previously.
\nAt the same time, the local currency traded mostly higher against regional peers.
\nIt appreciated against the Singapore dollar to 3.0967/3.0997 from 3.0969/3.1003 at the close on Wednesday, rose against the Thai baht to 12.1304/12.1468 from 12.1341/12.1516 yesterday, edged up against the Indonesian rupiah to 224.1/224.4 from 224.7/225.0 previously, and remained flat against the Philippine peso at 6.43/6.44.
\n","content_text":"KUALA LUMPUR: The ringgit closed higher against the US dollar today, supported by Malaysia’s favourable domestic fundamentals.\nAt 6pm, the ringgit appreciated to 3.9595/3.9630 versus the greenback from 3.9675/3.9715 at yesterday’s close.\nBank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the ringgit should be in a better position as the country continues to record a current account surplus, while the government remains committed to reducing the fiscal deficit.\nHe said news on the possible finalisation of negotiations between the US and Iran had resulted in lower crude oil prices, while the US Dollar Index stabilised at around 99 points.\n“However, some central banks remain under pressure to adjust interest rates to stem currency depreciation and contain inflationary pressure, especially in economies facing fiscal and current account deficits,” he told Bernama.\nAt the close, the ringgit traded mostly lower against a basket of major currencies.\nIt strengthened versus the Japanese yen to 2.4906/2.4929 from 2.4942/2.4969 at yesterday’s close but slipped against the euro to 4.6037/4.6078 from 4.5975/4.6022 and slid against the British pound to 5.3220/5.3267 from 5.3089/5.3143 previously.\nAt the same time, the local currency traded mostly higher against regional peers.\nIt appreciated against the Singapore dollar to 3.0967/3.0997 from 3.0969/3.1003 at the close on Wednesday, rose against the Thai baht to 12.1304/12.1468 from 12.1341/12.1516 yesterday, edged up against the Indonesian rupiah to 224.1/224.4 from 224.7/225.0 previously, and remained flat against the Philippine peso at 6.43/6.44.","date_published":"2026-05-21T10:42:47.000Z","author":{"name":"Bernama"},"tags":["Business","Local Business","Top Business","Afzanizam Rashid","FMTBizRinggit","fundamentals","Malaysia","MYR USD","Ringgit","US dollar"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/fdbc76d5-ringgit-week-2-210526.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/fdbc76d5-ringgit-week-2-210526.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/bursa-ends-lower-on-cautious-sentiment-3","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/bursa-ends-lower-on-cautious-sentiment-3","title":"Bursa ends lower on cautious sentiment","summary":"The FBM KLCI closed in negative territory as foreign funds continued to trim positions in the local market, says analyst.","content_html":"![\"bursa\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/db65dc00-bursa-des-2-210526-1.webp\")
KUALA LUMPUR: Bursa Malaysia ended at its intraday low on Thursday as investor sentiment remained cautious amid ongoing foreign outflows, although the recent weakness may present bargain-hunting opportunities in fundamentally sound blue-chip counters.
\nAt 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 9.33 points, or 0.54%, to 1,708.36, from yesterday’s close of 1,717.69.
\nThe benchmark index, which opened 3.74 points higher at 1,721.43, hit an intraday high of 1,722.50 in early trade before losing momentum for the rest of the day.
\nMarket breadth was negative, with losers outpacing gainers 656 to 508, while 565 counters were unchanged, 989 untraded and 32 suspended.
\nTurnover fell to 3.49 billion units worth RM3.7 billion compared with 4.15 billion units worth RM4.29 billion on Wednesday.
\nRakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI closed in negative territory as foreign funds continued to trim positions in the local market.
\n“Across the region, key indices were mixed, although technology-driven markets such as Japan, South Korea and Taiwan advanced strongly following better-than-expected earnings and encouraging guidance from Nvidia, which boosted confidence in long-term artificial intelligence (AI)-related spending.
\n“Despite the positive external lead, emerging markets continued to face selling pressure,” he told Bernama.
\nThong said market sentiment is expected to remain mixed going forward as investors continue to monitor foreign fund flows, developments surrounding global interest rates, and geopolitical uncertainties.
\n“Nevertheless, support from domestic institutions and improving sentiment towards technology-related sectors may help cushion downside risks in the near term.
\n“We expect the FBM KLCI to remain range-bound between 1,700 and 1,720 towards the weekend,” he added.
\nAmong heavyweights, Maybank eased two sen to RM11.04, CIMB edged down one sen to RM7.75, IHH Healthcare was seven sen lower at RM8.92, while Public Bank and Tenaga Nasional were flat at RM4.77 and RM14.46.
\nOn the most active list, ACE Market debutant EI Power rose seven sen to 55 sen, SkyeChip edged up 12 sen to RM2.33, GIIB put on 4.5 sen to 39.5 sen, Zetrix AI was one sen lower at 82 sen, and Bumi Armada shed 3.5 sen to 33.5 sen.
\nAmong top gainers, Malaysian Pacific Industries advanced RM2 to RM46.20, Nestle gained RM1 to RM96, Hong Leong Bank rose 46 sen to RM22.20, UWC jumped 44 sen to RM5.83, and Ajinomoto climbed 32 sen to RM13.26.
\nAs for top losers, Kuala Lumpur Kepong lost 44 sen to RM20.22, Allianz Malaysia gave up 40 sen to RM21.18, Petronas Gas fell 28 sen to RM16.92, Petronas Chemicals shed 25 sen to RM5.45, and Batu Kawan slid 28 sen to RM20.60.
\nOn the index board, the FBM Emas Index slipped 47.62 points to 12,669.88, the FBMT 100 Index fell 47.13 points to 12,511.48, the FBM Mid 70 Index improved 21.88 points to 18,230.82, the FBM Emas Shariah Index dipped 75.13 points to 12,568.58, and the FBM ACE Index added 20.28 points to 4,678.24.
\nSector-wise, the plantation index tumbled 103.27 points to 8,557.40, the industrial products and services index slid 1.87 points to 197.42, the energy index weakened 15.58 points to 776.91, and the financial services index rose 10.56 points to 20,022.97.
\nThe Main Market volume slipped to 1.84 billion units valued at RM3.31 billion from 2.32 billion units valued at RM3.93 billion on Wednesday.
\nWarrants turnover fell to 964.66 million units worth RM118.14 million from 1.15 billion units worth RM140.12 million yesterday.
\nThe ACE Market volume decreased to 679.66 million units valued at RM271.62 million from 685.47 million units valued at RM223.24 million previously.
\nConsumer products and services counters accounted for 201.28 million shares traded on the Main Market, industrial products and services (319.44 million), construction (152.84 million), technology (361.55 million), financial services (82.02 million), property (235.22 million), plantation (31.76 million), real estate investment trusts (8.95 million), closed-end fund (15,500), energy (202.2 million), healthcare (110.75 million), telecommunications and media (58.92 million), transportation and logistics (32.12 million), utilities (46.38 million), and business trusts (51,500).
\n","content_text":"KUALA LUMPUR: Bursa Malaysia ended at its intraday low on Thursday as investor sentiment remained cautious amid ongoing foreign outflows, although the recent weakness may present bargain-hunting opportunities in fundamentally sound blue-chip counters.\nAt 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 9.33 points, or 0.54%, to 1,708.36, from yesterday’s close of 1,717.69.\nThe benchmark index, which opened 3.74 points higher at 1,721.43, hit an intraday high of 1,722.50 in early trade before losing momentum for the rest of the day.\nMarket breadth was negative, with losers outpacing gainers 656 to 508, while 565 counters were unchanged, 989 untraded and 32 suspended.\nTurnover fell to 3.49 billion units worth RM3.7 billion compared with 4.15 billion units worth RM4.29 billion on Wednesday.\nRakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI closed in negative territory as foreign funds continued to trim positions in the local market.\n“Across the region, key indices were mixed, although technology-driven markets such as Japan, South Korea and Taiwan advanced strongly following better-than-expected earnings and encouraging guidance from Nvidia, which boosted confidence in long-term artificial intelligence (AI)-related spending.\n“Despite the positive external lead, emerging markets continued to face selling pressure,” he told Bernama.\nThong said market sentiment is expected to remain mixed going forward as investors continue to monitor foreign fund flows, developments surrounding global interest rates, and geopolitical uncertainties.\n“Nevertheless, support from domestic institutions and improving sentiment towards technology-related sectors may help cushion downside risks in the near term.\n“We expect the FBM KLCI to remain range-bound between 1,700 and 1,720 towards the weekend,” he added.\nAmong heavyweights, Maybank eased two sen to RM11.04, CIMB edged down one sen to RM7.75, IHH Healthcare was seven sen lower at RM8.92, while Public Bank and Tenaga Nasional were flat at RM4.77 and RM14.46.\nOn the most active list, ACE Market debutant EI Power rose seven sen to 55 sen, SkyeChip edged up 12 sen to RM2.33, GIIB put on 4.5 sen to 39.5 sen, Zetrix AI was one sen lower at 82 sen, and Bumi Armada shed 3.5 sen to 33.5 sen.\nAmong top gainers, Malaysian Pacific Industries advanced RM2 to RM46.20, Nestle gained RM1 to RM96, Hong Leong Bank rose 46 sen to RM22.20, UWC jumped 44 sen to RM5.83, and Ajinomoto climbed 32 sen to RM13.26.\nAs for top losers, Kuala Lumpur Kepong lost 44 sen to RM20.22, Allianz Malaysia gave up 40 sen to RM21.18, Petronas Gas fell 28 sen to RM16.92, Petronas Chemicals shed 25 sen to RM5.45, and Batu Kawan slid 28 sen to RM20.60.\nOn the index board, the FBM Emas Index slipped 47.62 points to 12,669.88, the FBMT 100 Index fell 47.13 points to 12,511.48, the FBM Mid 70 Index improved 21.88 points to 18,230.82, the FBM Emas Shariah Index dipped 75.13 points to 12,568.58, and the FBM ACE Index added 20.28 points to 4,678.24.\nSector-wise, the plantation index tumbled 103.27 points to 8,557.40, the industrial products and services index slid 1.87 points to 197.42, the energy index weakened 15.58 points to 776.91, and the financial services index rose 10.56 points to 20,022.97.\nThe Main Market volume slipped to 1.84 billion units valued at RM3.31 billion from 2.32 billion units valued at RM3.93 billion on Wednesday.\nWarrants turnover fell to 964.66 million units worth RM118.14 million from 1.15 billion units worth RM140.12 million yesterday.\nThe ACE Market volume decreased to 679.66 million units valued at RM271.62 million from 685.47 million units valued at RM223.24 million previously.\nConsumer products and services counters accounted for 201.28 million shares traded on the Main Market, industrial products and services (319.44 million), construction (152.84 million), technology (361.55 million), financial services (82.02 million), property (235.22 million), plantation (31.76 million), real estate investment trusts (8.95 million), closed-end fund (15,500), energy (202.2 million), healthcare (110.75 million), telecommunications and media (58.92 million), transportation and logistics (32.12 million), utilities (46.38 million), and business trusts (51,500).","date_published":"2026-05-21T10:18:22.000Z","author":{"name":"Bernama"},"tags":["Business","Local Business","Top Business","Bursa Close","FBM KLCI","FMTBizMarket","market sentiment","regional market","Thong Pak Leng"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/db65dc00-bursa-des-2-210526-1.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/db65dc00-bursa-des-2-210526-1.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/nvidia-rival-amd-invests-us10bil-in-taiwans-chip-industry","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/nvidia-rival-amd-invests-us10bil-in-taiwans-chip-industry","title":"Nvidia rival AMD invests US$10bil in Taiwan’s chip industry","summary":"The tech giant said the investments across Taiwan’s ecosystem will expand partnerships and advanced packaging capabilities for AI infrastructure.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/11/bb1d43c5-taipei-21112025.webp\")
TAIPEI: AMD, a US maker of artificial intelligence processors and a rival to the world’s most valuable company Nvidia, announced Thursday an investment of more than US$10 billion into Taiwan’s chip industry.
\nThe company said investments would be made “across the Taiwan ecosystem to expand strategic partnerships and scale advanced packaging capabilities for AI infrastructure”.
\nTaiwan is a powerhouse in the manufacturing of semiconductors used to train and power AI systems, as it is the home of chip production giants TSMC and Foxconn.
\nThe island’s economy soared last year thanks to skyrocketing exports of AI hardware, a sector that is booming worldwide.
\nAMD – whose CEO Lisa Su is due to speak on Friday in Taipei – said in a statement that it was working with firms in Taiwan and elsewhere on advanced computing components that are essential in AI data centres.
\nThe company “is advancing leading-edge silicon, packaging and manufacturing technologies that enable higher performance, greater efficiency and faster deployment of AI systems”, it said.
\nAmong the deals announced Thursday was a hardware development partnership with Taiwanese chip packaging and testing provider ASE and its group partner Siliconware Precision Industries (SPIL).
\nGovernments and tech giants worldwide are pouring hundreds of billions of dollars into building new data centres that can power AI tools such as chatbots, image generators and agents that can execute tasks.
\nConcerns have been raised over the environmental impact of the AI infrastructure boom, and the International Energy Agency projects that electricity consumption from data centres will double by 2030.
\nAlongside concerns over planet-warming carbon emissions are worries about water use to cool the data centre servers, which can lead to shortages on hot days.
\n","content_text":"TAIPEI: AMD, a US maker of artificial intelligence processors and a rival to the world's most valuable company Nvidia, announced Thursday an investment of more than US$10 billion into Taiwan's chip industry.\nThe company said investments would be made \"across the Taiwan ecosystem to expand strategic partnerships and scale advanced packaging capabilities for AI infrastructure\".\nTaiwan is a powerhouse in the manufacturing of semiconductors used to train and power AI systems, as it is the home of chip production giants TSMC and Foxconn.\nThe island's economy soared last year thanks to skyrocketing exports of AI hardware, a sector that is booming worldwide.\nAMD – whose CEO Lisa Su is due to speak on Friday in Taipei – said in a statement that it was working with firms in Taiwan and elsewhere on advanced computing components that are essential in AI data centres.\nThe company \"is advancing leading-edge silicon, packaging and manufacturing technologies that enable higher performance, greater efficiency and faster deployment of AI systems\", it said.\nAmong the deals announced Thursday was a hardware development partnership with Taiwanese chip packaging and testing provider ASE and its group partner Siliconware Precision Industries (SPIL).\nGovernments and tech giants worldwide are pouring hundreds of billions of dollars into building new data centres that can power AI tools such as chatbots, image generators and agents that can execute tasks.\nConcerns have been raised over the environmental impact of the AI infrastructure boom, and the International Energy Agency projects that electricity consumption from data centres will double by 2030.\nAlongside concerns over planet-warming carbon emissions are worries about water use to cool the data centre servers, which can lead to shortages on hot days.","date_published":"2026-05-21T09:34:48.000Z","author":{"name":"AFP"},"tags":["Business","World Business","Top Business","AI Infrastructure","AI processors","AMD investment","chip manufacturing","data centres","Lisa Su","Nvidia rival","semiconductor industry","Taiwan chips","TSMC partnership"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/11/bb1d43c5-taipei-21112025.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/11/bb1d43c5-taipei-21112025.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/eurozone-business-activity-shrinks-further-in-may","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/eurozone-business-activity-shrinks-further-in-may","title":"Eurozone business activity shrinks further in May","summary":"The eurozone purchasing managers' index (PMI) published by S&P Global registered a reading of 47.5 – a 31-month low – after 48.8 in April.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/10/0bb4fb3d-eurozone-24102025.webp\")
BRUSSELS: Business activity in the eurozone contracted further in May, weighed down by weak demand caused by the Middle East war, a key survey showed Thursday.
\nThe eurozone purchasing managers’ index (PMI) published by S&P Global, an important gauge of the economy’s overall health, registered a reading of 47.5 – a 31-month low – after 48.8 in April.
\nA reading above 50 indicates growth while a figure below 50 signals contraction.
\nThere were “sharper falls in output, new orders and employment were recorded, while business confidence slipped lower”, according to the survey.
\n“May’s flash PMI survey data show the eurozone economy taking an increasingly severe toll from the war in the Middle East,” S&P chief business economist Chris Williamson said in a note.
\n“The rise in the survey’s price gauges already hints at inflation running close to 4% in the coming months, which, combined with the growing signs of the region slipping into an economic downturn, creates a deepening dilemma for policymakers,” he added.
\nInflation leapt to 3% in April, significantly higher than the European Central Bank’s 2% target.
\nBoth Germany and France – the 21-country single currency area’s two biggest economies – posted contractions in business activity.
\nFrance recorded its biggest drop in 5.5 years while Germany registered a contraction in May, albeit at a slower pace than in April.
\nThe European Commission will later Thursday publish its latest forecasts for economic growth and inflation in both the European Union as a whole and the eurozone.
\n","content_text":"BRUSSELS: Business activity in the eurozone contracted further in May, weighed down by weak demand caused by the Middle East war, a key survey showed Thursday.\nThe eurozone purchasing managers' index (PMI) published by S&P Global, an important gauge of the economy's overall health, registered a reading of 47.5 – a 31-month low – after 48.8 in April.\nA reading above 50 indicates growth while a figure below 50 signals contraction.\nThere were \"sharper falls in output, new orders and employment were recorded, while business confidence slipped lower\", according to the survey.\n\"May's flash PMI survey data show the eurozone economy taking an increasingly severe toll from the war in the Middle East,\" S&P chief business economist Chris Williamson said in a note.\n\"The rise in the survey's price gauges already hints at inflation running close to 4% in the coming months, which, combined with the growing signs of the region slipping into an economic downturn, creates a deepening dilemma for policymakers,\" he added.\nInflation leapt to 3% in April, significantly higher than the European Central Bank's 2% target.\nBoth Germany and France – the 21-country single currency area's two biggest economies – posted contractions in business activity.\nFrance recorded its biggest drop in 5.5 years while Germany registered a contraction in May, albeit at a slower pace than in April.\nThe European Commission will later Thursday publish its latest forecasts for economic growth and inflation in both the European Union as a whole and the eurozone.","date_published":"2026-05-21T09:11:57.000Z","author":{"name":"AFP"},"tags":["Business","World Business","Top Business","business activity","ECB policy","economic outlook","economic slowdown","eurozone economy","eurozone PMI","France economy","Germany economy","Inflation Concerns","Middle East war"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/10/0bb4fb3d-eurozone-24102025.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/10/0bb4fb3d-eurozone-24102025.webp"},{"id":"https://www.freemalaysiatoday.com/category/highlight/2026/05/21/sp-setia-drops-11-after-q1-profit-tanks","url":"https://www.freemalaysiatoday.com/category/highlight/2026/05/21/sp-setia-drops-11-after-q1-profit-tanks","title":"SP Setia drops 11% after Q1 profit tanks","summary":"The property developer’s first quarter net profit plunged 53.6% to RM31.12 million from a year ago.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2024/08/c1d34a81-sp-setia-bhd-hq-web-pic-15824.webp\")
PETALING JAYA: SP Setia Bhd shares came under heavy selling pressure today after the property developer’s first quarter net profit more than halved.
\nThe stock fell as much 11% or 12 sen to 94 sen before paring its losses to settle at 97 sen, down 8.5%, at the mid-day break with 20.5 million shares traded.
\nAt this price, the group is valued at RM4.85 billion. The shares have risen 29.3% year to date.
\nThe company’s net profit for the first quarter ended March 31 (Q1 FY2026) tumbled 53.6% to RM31.12 million from RM67.02 million a year ago, weighed down by lower sales and higher foreign exchange losses.
\nThis was its lowest quarterly profit since Q3 FY2021 when it posted a net profit of RM11.01 million.
\nHowever, quarterly revenue rose 7.25% to RM826.54 million from RM770.7 million a year earlier, according to its bourse filing yesterday.
\nSP Setia booked a higher realised foreign exchange loss of RM5.87 million and unrealised forex loss amounting to RM14.42 million in Q1. No dividend was declared for the quarter.
\nHong Leong Investment Bank (HLIB) has downgraded its call on SP Setia to “hold” from “buy” and lowered its target price (TP) to RM1 from RM1.40 previously.
\nThe earnings came in below expectations, accounting for only 3.4% and 2.4% of HLIB’s and consensus full-year forecasts, respectively.
\nIn a note today, the bank attributed the weaker performance to lower-than-expected property sales and margins.
\nIt noted SP Setia recorded new sales of RM555 million in Q1, representing just 12.1% of its full-year sales target of RM4.6 billion.
\nIt launched RM900 million worth of projects during the quarter, equivalent to 16.8% of its FY2026 launch target of RM5.36 billion.
\nHLIB highlighted rising downside risk to earnings, given SP Setia’s high fixed cost structure, expectation of tapering land sales, and modest growth in its central region residential sales.
\nHowever, it expects earnings to improve over the next few quarters as the group recognises around RM650 million worth of industrial land sales from its Setia Alaman Industrial Park in Selangor, between the second quarter of 2026 and the first quarter of 2027.
\nMeanwhile, TA Securities has maintained its “buy” call on the stock with a slightly lower TP of RM1.32.
\n“Despite the weak Q1, we remain constructive on SP Setia’s medium-term outlook. Earnings should improve from Q2 FY2026 as Setia Alaman recognition comes through, while sales remain supported by a sizeable launch pipeline and pending Vietnam sales recognition,” it said.
\n","content_text":"PETALING JAYA: SP Setia Bhd shares came under heavy selling pressure today after the property developer’s first quarter net profit more than halved.\nThe stock fell as much 11% or 12 sen to 94 sen before paring its losses to settle at 97 sen, down 8.5%, at the mid-day break with 20.5 million shares traded.\nAt this price, the group is valued at RM4.85 billion. The shares have risen 29.3% year to date.\nThe company’s net profit for the first quarter ended March 31 (Q1 FY2026) tumbled 53.6% to RM31.12 million from RM67.02 million a year ago, weighed down by lower sales and higher foreign exchange losses.\nThis was its lowest quarterly profit since Q3 FY2021 when it posted a net profit of RM11.01 million.\nHowever, quarterly revenue rose 7.25% to RM826.54 million from RM770.7 million a year earlier, according to its bourse filing yesterday.\nSP Setia booked a higher realised foreign exchange loss of RM5.87 million and unrealised forex loss amounting to RM14.42 million in Q1. No dividend was declared for the quarter.\nHong Leong Investment Bank (HLIB) has downgraded its call on SP Setia to “hold” from “buy” and lowered its target price (TP) to RM1 from RM1.40 previously.\nThe earnings came in below expectations, accounting for only 3.4% and 2.4% of HLIB’s and consensus full-year forecasts, respectively.\nIn a note today, the bank attributed the weaker performance to lower-than-expected property sales and margins.\nIt noted SP Setia recorded new sales of RM555 million in Q1, representing just 12.1% of its full-year sales target of RM4.6 billion.\nIt launched RM900 million worth of projects during the quarter, equivalent to 16.8% of its FY2026 launch target of RM5.36 billion.\nHLIB highlighted rising downside risk to earnings, given SP Setia's high fixed cost structure, expectation of tapering land sales, and modest growth in its central region residential sales.\nHowever, it expects earnings to improve over the next few quarters as the group recognises around RM650 million worth of industrial land sales from its Setia Alaman Industrial Park in Selangor, between the second quarter of 2026 and the first quarter of 2027.\nMeanwhile, TA Securities has maintained its “buy” call on the stock with a slightly lower TP of RM1.32.\n“Despite the weak Q1, we remain constructive on SP Setia's medium-term outlook. Earnings should improve from Q2 FY2026 as Setia Alaman recognition comes through, while sales remain supported by a sizeable launch pipeline and pending Vietnam sales recognition,” it said.","date_published":"2026-05-21T08:06:05.000Z","author":{"name":"Lee Min Keong"},"tags":["Highlight","Property","Business","Local Business","Top Business","FMTBiz Corporate","Foreign exchange losses","Hong Leong Investment Bank","property developer","SP Setia Bhd","TA Securities"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/08/c1d34a81-sp-setia-bhd-hq-web-pic-15824.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/08/c1d34a81-sp-setia-bhd-hq-web-pic-15824.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/samsung-shareholders-vow-legal-action-over-tentative-union-deal","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/samsung-shareholders-vow-legal-action-over-tentative-union-deal","title":"Samsung shareholders vow legal action over tentative union deal","summary":"Under the tentative deal, wages will rise and special bonuses will partly be paid in company stock over 10 years.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/02/951281df-10719819.webp\")
SEOUL: A group of Samsung Electronics shareholders on Thursday vowed legal action against a tentative deal between the South Korean chip giant and its largest labour union that averted a major strike.
\nThe last-minute agreement on bonuses – which union members will vote on – was struck late Wednesday, with plans for an 18-day strike from Thursday put on hold until further notice.
\nThe dispute takes place against the backdrop of a global artificial intelligence boom that has turbocharged Samsung’s business while boosting national growth and the stock market.
\nAround 50,500 workers had been set to walk off production lines as anger flared over how the company distributes its massive profits.
\nUnder the tentative deal between Samsung and its union, wages will rise and special bonuses will partly be paid in company stock over 10 years.
\nThat is conditional on the chip division achieving more than 200 trillion won (US$130 billion) in operating profit each year between 2026 and 2028, then 100 trillion won until 2035.
\nThe Korea Shareholder Action Headquarters, a shareholders’ group, on Thursday staged a rally protesting the deal, near the residence of Samsung Electronics chairman Lee Jae-yong.
\nNegotiations over operating profit-linked bonuses were not passed in a shareholders’ resolution and therefore have no “legal validity” under the current commercial act, they said.
\nThe group vowed to “use all legal means available” to “block any company fund disbursement” based on the deal if it is concluded by “bypassing” these required procedures.
\nUnion vote
\nSamsung memory chips are found in everything from consumer electronics to computer processors – with its next-gen, high-bandwidth models used to scale up AI data centres.
\nSamsung, in April, said first-quarter operating profit soared roughly 750% year-on-year, while its market capitalisation topped US$1 trillion for the first time this month.
\nThe prospect of a strike had raised concern over the economic impact on South Korea, where semiconductors account for about 35% of exports.
\nThe labour union said on Wednesday that all of its members – around 70,000 staff – would participate in a vote on the tentative deal to be held between May 23 and May 28.
\nThe government hailed the outcome of last-hour negotiations, which were mediated by the labour minister.
\nThe tentative deal introduces a new bonus pool for employees in the chip division, equivalent to 10.5% of the division’s business performance, with no payout cap.
\nOf the total bonus pool, 40% will be allocated across the division as a whole, while 60% will be distributed based on the performance of individual business units.
\nThe union had argued that workers at rival South Korean chip giant SK hynix received bonuses last year that were more than three times larger than those paid at Samsung.
\nThe union’s lawyer said Samsung has seen a talent drain to its rival and a rise in union membership due to what workers describe as a “lack of transparency” in the bonus system.
\nSamsung shares surged Thursday, up 8.2% in afternoon trade in Seoul.
\n","content_text":"SEOUL: A group of Samsung Electronics shareholders on Thursday vowed legal action against a tentative deal between the South Korean chip giant and its largest labour union that averted a major strike.\nThe last-minute agreement on bonuses – which union members will vote on – was struck late Wednesday, with plans for an 18-day strike from Thursday put on hold until further notice.\nThe dispute takes place against the backdrop of a global artificial intelligence boom that has turbocharged Samsung's business while boosting national growth and the stock market.\nAround 50,500 workers had been set to walk off production lines as anger flared over how the company distributes its massive profits.\nUnder the tentative deal between Samsung and its union, wages will rise and special bonuses will partly be paid in company stock over 10 years.\nThat is conditional on the chip division achieving more than 200 trillion won (US$130 billion) in operating profit each year between 2026 and 2028, then 100 trillion won until 2035.\nThe Korea Shareholder Action Headquarters, a shareholders' group, on Thursday staged a rally protesting the deal, near the residence of Samsung Electronics chairman Lee Jae-yong.\nNegotiations over operating profit-linked bonuses were not passed in a shareholders' resolution and therefore have no \"legal validity\" under the current commercial act, they said.\nThe group vowed to \"use all legal means available\" to \"block any company fund disbursement\" based on the deal if it is concluded by \"bypassing\" these required procedures.\nUnion vote\nSamsung memory chips are found in everything from consumer electronics to computer processors – with its next-gen, high-bandwidth models used to scale up AI data centres.\nSamsung, in April, said first-quarter operating profit soared roughly 750% year-on-year, while its market capitalisation topped US$1 trillion for the first time this month.\nThe prospect of a strike had raised concern over the economic impact on South Korea, where semiconductors account for about 35% of exports.\nThe labour union said on Wednesday that all of its members – around 70,000 staff – would participate in a vote on the tentative deal to be held between May 23 and May 28.\nThe government hailed the outcome of last-hour negotiations, which were mediated by the labour minister.\nThe tentative deal introduces a new bonus pool for employees in the chip division, equivalent to 10.5% of the division's business performance, with no payout cap.\nOf the total bonus pool, 40% will be allocated across the division as a whole, while 60% will be distributed based on the performance of individual business units.\nThe union had argued that workers at rival South Korean chip giant SK hynix received bonuses last year that were more than three times larger than those paid at Samsung.\nThe union's lawyer said Samsung has seen a talent drain to its rival and a rise in union membership due to what workers describe as a \"lack of transparency\" in the bonus system.\nSamsung shares surged Thursday, up 8.2% in afternoon trade in Seoul.","date_published":"2026-05-21T07:27:36.000Z","author":{"name":"AFP"},"tags":["Business","World Business","Top Business","AI boom","chip industry","Labour dispute","Lee Jae Yong","Samsung Electronics","Samsung strike","Samsung union","semiconductor market","shareholder protest","South Korea economy"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/02/951281df-10719819.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/02/951281df-10719819.webp"},{"id":"https://www.freemalaysiatoday.com/category/nation/2026/05/21/malaysias-trade-reaches-historic-rm1-12tril-in-january-april","url":"https://www.freemalaysiatoday.com/category/nation/2026/05/21/malaysias-trade-reaches-historic-rm1-12tril-in-january-april","title":"Malaysia’s trade reaches historic RM1.12tril in January-April","summary":"This was driven by surging demand for high-growth, high-value products and a deliberate strategy of market diversification.","content_html":"![\"WESTPORTS\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2024/03/fcfcb31d-westports-port-klang-040619-6.webp\")
KUALA LUMPUR: Malaysia’s total trade rose 15.3% year-on-year to RM1.127 trillion in January-April 2026, driven by surging demand for high-growth, high-value (HGHV) products and a deliberate strategy of market diversification.
\nIn a statement, the Malaysia External Trade Development Corporation (Matrade) said exports surged 19% to RM609.31 billion and imports rose 11.1% to RM517.4 billion, marking the highest-ever recorded values for this period.
\n“This resulted in a trade surplus of RM91.92 billion, a staggering 99.1% surge that effectively doubled the previous year’s performance,” it said, adding that Malaysia demonstrated extraordinary external sector resilience amid heightened geopolitical uncertainty in West Asia.
\nThe export expansion in January-April was anchored by robust demand for electrical and electronic (E&E) products, which grew by RM71 billion or 32.1% thanks a global semiconductor boom fuelled by AI adoption, cloud computing, and data centre expansion.
\nPharmaceutical and automotive products added further dimension to the HGHV narrative, posting double-digit growth of 21.9% and 10.3%, respectively.
\nApril also delivered exceptional results, with monthly exports climbing 36.9% to RM182.74 billion and monthly trade surplus soaring 460.5% to RM28.75 billion – the highest values ever recorded in Malaysia’s trade history.
\nAccording to Matrade, exports to the US grew 32.5%, followed by Taiwan (68.9%), Hong Kong (43%), China (18.7%), the EU (23.9%), and Asean (8.6%), largely catalysed by E&E shipments.
\nMost notably, Malaysia’s trade diversification moved into a high-growth phase that extends well beyond its traditional pillars.
\nEmerging markets registered exponential growth, with the Democratic Republic of Congo (196.6%), Sudan (223.1%), Zimbabwe (220.5%), Bulgaria (141.6%), Haiti (103.5%), Ethiopia (88.1%), and Uzbekistan (29.7%) leading the surge.
\nThis reflects a systematic expansion of Malaysia’s trade footprint into high-growth, underserved markets across Africa and Eastern Europe, said Matrade.
\n","content_text":"KUALA LUMPUR: Malaysia's total trade rose 15.3% year-on-year to RM1.127 trillion in January-April 2026, driven by surging demand for high-growth, high-value (HGHV) products and a deliberate strategy of market diversification.\nIn a statement, the Malaysia External Trade Development Corporation (Matrade) said exports surged 19% to RM609.31 billion and imports rose 11.1% to RM517.4 billion, marking the highest-ever recorded values for this period.\n\"This resulted in a trade surplus of RM91.92 billion, a staggering 99.1% surge that effectively doubled the previous year's performance,\" it said, adding that Malaysia demonstrated extraordinary external sector resilience amid heightened geopolitical uncertainty in West Asia.\nThe export expansion in January-April was anchored by robust demand for electrical and electronic (E&E) products, which grew by RM71 billion or 32.1% thanks a global semiconductor boom fuelled by AI adoption, cloud computing, and data centre expansion.\nPharmaceutical and automotive products added further dimension to the HGHV narrative, posting double-digit growth of 21.9% and 10.3%, respectively.\nApril also delivered exceptional results, with monthly exports climbing 36.9% to RM182.74 billion and monthly trade surplus soaring 460.5% to RM28.75 billion – the highest values ever recorded in Malaysia's trade history.\nAccording to Matrade, exports to the US grew 32.5%, followed by Taiwan (68.9%), Hong Kong (43%), China (18.7%), the EU (23.9%), and Asean (8.6%), largely catalysed by E&E shipments.\nMost notably, Malaysia's trade diversification moved into a high-growth phase that extends well beyond its traditional pillars.\nEmerging markets registered exponential growth, with the Democratic Republic of Congo (196.6%), Sudan (223.1%), Zimbabwe (220.5%), Bulgaria (141.6%), Haiti (103.5%), Ethiopia (88.1%), and Uzbekistan (29.7%) leading the surge.\nThis reflects a systematic expansion of Malaysia's trade footprint into high-growth, underserved markets across Africa and Eastern Europe, said Matrade.","date_published":"2026-05-21T05:19:02.000Z","author":{"name":"Bernama"},"tags":["Highlight","Top News","Malaysia","Business","Local Business","Top Business","Abu Bakar Yusof","Economy","export","import","Matrade","trade"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/03/fcfcb31d-westports-port-klang-040619-6.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/03/fcfcb31d-westports-port-klang-040619-6.webp"},{"id":"https://www.freemalaysiatoday.com/category/nation/2026/05/21/economy-resilient-for-now-but-risks-loom-in-q3-says-minister","url":"https://www.freemalaysiatoday.com/category/nation/2026/05/21/economy-resilient-for-now-but-risks-loom-in-q3-says-minister","title":"Economy resilient for now, but risks loom in Q3, says minister","summary":"Economy minister says Putrajaya is focused on strengthening the country’s economic structure and improving domestic resilience.","content_html":"![\"menteri](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/0cb479f7-menteri-ekonomi-akmal-nasir-bernama-pic-21526.webp\")
PETALING JAYA: Economy minister Akmal Nasir says the government expects the economy to remain resilient in the second quarter of this year, based on positive feedback from the Federation of Malaysian Manufacturing and continued strong employment data.
\nHowever, Akmal said Putrajaya was closely monitoring the possibility of greater economic pressure in the third quarter if the Middle East conflict and global supply disruptions persist.
\n“God willing, the second quarter will hold up. But the concern is the third quarter,” he said at his ministry’s monthly assembly today.
\n“We have managed to push back the impact, but if the conflict continues, the effects will certainly be more strongly felt.”
\nAkmal said labour market stability was one of the indicators giving the government confidence, but also acknowledged rising costs, with the inflation rate increasing from 1.7% in March to 1.9% in April.
\nHe said transport costs were the biggest contributor to the increase, rising by up to 4.1% last month, along with several other segments, including communications.
\nAkmal said the current economic challenges were broader than those during the Covid-19 pandemic, as the current crisis began with oil supply pressures before affecting other supply chains.
\nHe said Putrajaya was focused on strengthening the country’s economic structure and improving domestic resilience, rather than relying solely on short-term incentives.
\nLast week, Nurhisham Hussein, senior director of economy and finance at the Prime Minister’s Office, said June and July were expected to be a major turning point for the economy as businesses exhaust existing raw material stockpiles.
\nWhile some alternative sources are available, Nurhisham noted technical challenges such as longer shipping times and compatibility issues with existing manufacturing specifications.
\n“We’re going to start seeing production stoppages. We’re going to start seeing people losing overtime and shift reductions,” he told BFM.
\nMalaysia’s GDP grew by 5.4% in Q1 2026, moderating slightly from 6.2% in the previous quarter, according to data released by Bank Negara Malaysia last Friday.
\nOn Tuesday, an international research house said the country’s economy likely reached its growth peak in Q1 2026, with momentum expected to moderate for the rest of the year amid rising geopolitical risks and weaker global demand.
\nIn a research note, BMI Country Risk & Industry Research, a unit of Fitch Solutions, said concerns surrounding the US-Iran conflict could dampen economic activity and investor sentiment in Malaysia.
\n","content_text":"PETALING JAYA: Economy minister Akmal Nasir says the government expects the economy to remain resilient in the second quarter of this year, based on positive feedback from the Federation of Malaysian Manufacturing and continued strong employment data.\nHowever, Akmal said Putrajaya was closely monitoring the possibility of greater economic pressure in the third quarter if the Middle East conflict and global supply disruptions persist.\n\"God willing, the second quarter will hold up. But the concern is the third quarter,\" he said at his ministry’s monthly assembly today.\n\"We have managed to push back the impact, but if the conflict continues, the effects will certainly be more strongly felt.\"\nAkmal said labour market stability was one of the indicators giving the government confidence, but also acknowledged rising costs, with the inflation rate increasing from 1.7% in March to 1.9% in April.\nHe said transport costs were the biggest contributor to the increase, rising by up to 4.1% last month, along with several other segments, including communications.\nAkmal said the current economic challenges were broader than those during the Covid-19 pandemic, as the current crisis began with oil supply pressures before affecting other supply chains.\nHe said Putrajaya was focused on strengthening the country’s economic structure and improving domestic resilience, rather than relying solely on short-term incentives.\nLast week, Nurhisham Hussein, senior director of economy and finance at the Prime Minister’s Office, said June and July were expected to be a major turning point for the economy as businesses exhaust existing raw material stockpiles.\nWhile some alternative sources are available, Nurhisham noted technical challenges such as longer shipping times and compatibility issues with existing manufacturing specifications.\n\"We’re going to start seeing production stoppages. We’re going to start seeing people losing overtime and shift reductions,\" he told BFM.\nMalaysia’s GDP grew by 5.4% in Q1 2026, moderating slightly from 6.2% in the previous quarter, according to data released by Bank Negara Malaysia last Friday.\nOn Tuesday, an international research house said the country’s economy likely reached its growth peak in Q1 2026, with momentum expected to moderate for the rest of the year amid rising geopolitical risks and weaker global demand.\nIn a research note, BMI Country Risk & Industry Research, a unit of Fitch Solutions, said concerns surrounding the US-Iran conflict could dampen economic activity and investor sentiment in Malaysia.","date_published":"2026-05-21T05:12:25.000Z","author":{"name":"Anne Muhammad"},"tags":["Highlight","Top News","Malaysia","Business","Local Business","Top Business","Akmal Nasrullah Nasir","domestic economic resilience","economic risk","inflation","labour market stability","Middle East conflict","resilience","supply chain disruption"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/0cb479f7-menteri-ekonomi-akmal-nasir-bernama-pic-21526.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/0cb479f7-menteri-ekonomi-akmal-nasir-bernama-pic-21526.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/middle-east-conflict-hits-sri-lankas-tea-industry-heightens-economic-strain","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/middle-east-conflict-hits-sri-lankas-tea-industry-heightens-economic-strain","title":"Middle East conflict hits Sri Lanka’s tea industry, heightens economic strain","summary":"Nearly half of the country’s Ceylon Tea exports, worth about US$680 million annually, go to the Middle East and have been disrupted by the conflict.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/503384fa-4985440-sri-lanka-tea-leaves.webp\")
COLOMBO: Tea factory worker Jacintha Malar once relied on cooking gas to prepare meals for her family, but has switched to firewood after the Middle East conflict pushed up energy costs and battered the country’s tea industry.
\nMalar and her husband, a tea plucker in Sri Lanka’s central hills, are among those dependent on Sri Lanka’s US$1.5 billion tea industry, which employs about 2.4 million people.
\nWorkers like Malar are increasingly vulnerable to the fallout from the Middle East conflict, with nearly half of the country’s Ceylon Tea exports, worth about US$680 million annually, going to the region.
\nTea plantation workers usually make a daily wage between 1,350-1,750 rupees ($4.30 – $5.50), little above the national daily minimum wage of 1,200 rupees.
\nMore than half of plantation workers live below the World Bank’s international lower-middle-income poverty line of $3.65 a day.
\n“Plantation workers are facing crisis after crisis,” said Thangawel Ganeshalingam, convener for the Movement for Plantation People’s Land Rights. The organisation works with about 200 plantations.
\n“Due to higher costs, school absenteeism is on the rise, people are cutting down on meals and some are leaving the plantations looking for better jobs in cities.”
\nTea export earnings fell 17.3% year-on-year in March to $114.75 million, according to the state-run Export Development Board (EDB).
\nExports to Iraq, the largest buyer, dropped 38%, while shipments to the UAE plunged 93%, EDB data showed. Iran imports 8 million to 10 million kg of premium Sri Lankan tea annually.
\nDilmah, whose Ceylon tea brand is present in 108 countries and derives about 30% of its business from the Middle East, is facing logistics and shipping disruptions, accelerating its push into Canada, South America and the US.
\n“We have absorbed the costs for a while, but fuel costs and knock-on effects on logistics, whether between Perth and Melbourne or Colombo and Dubai, are fuelling inflation everywhere,” said Dilhan Fernando, chairman and chief executive of Dilmah Ceylon Tea Company PLC.
\nThe blow to the tea industry could further imperil Sri Lanka’s economy, already reeling from the conflict’s fallout. The government has raised fuel prices by 40%, rationed supplies and declared Wednesdays a public holiday to conserve energy.
\nFor Malar, already struggling to make ends meet, a prolonged Middle East conflict is worrying.
\n“We don’t know whether we can cope. If this war continues, many people will face hardship,” she said.
\n","content_text":"COLOMBO: Tea factory worker Jacintha Malar once relied on cooking gas to prepare meals for her family, but has switched to firewood after the Middle East conflict pushed up energy costs and battered the country's tea industry.\nMalar and her husband, a tea plucker in Sri Lanka's central hills, are among those dependent on Sri Lanka's US$1.5 billion tea industry, which employs about 2.4 million people.\nWorkers like Malar are increasingly vulnerable to the fallout from the Middle East conflict, with nearly half of the country's Ceylon Tea exports, worth about US$680 million annually, going to the region.\nTea plantation workers usually make a daily wage between 1,350-1,750 rupees ($4.30 - $5.50), little above the national daily minimum wage of 1,200 rupees.\nMore than half of plantation workers live below the World Bank's international lower-middle-income poverty line of $3.65 a day.\n\"Plantation workers are facing crisis after crisis,\" said Thangawel Ganeshalingam, convener for the Movement for Plantation People's Land Rights. The organisation works with about 200 plantations.\n\"Due to higher costs, school absenteeism is on the rise, people are cutting down on meals and some are leaving the plantations looking for better jobs in cities.\"\nTea export earnings fell 17.3% year-on-year in March to $114.75 million, according to the state-run Export Development Board (EDB).\nExports to Iraq, the largest buyer, dropped 38%, while shipments to the UAE plunged 93%, EDB data showed. Iran imports 8 million to 10 million kg of premium Sri Lankan tea annually.\nDilmah, whose Ceylon tea brand is present in 108 countries and derives about 30% of its business from the Middle East, is facing logistics and shipping disruptions, accelerating its push into Canada, South America and the US.\n\"We have absorbed the costs for a while, but fuel costs and knock-on effects on logistics, whether between Perth and Melbourne or Colombo and Dubai, are fuelling inflation everywhere,\" said Dilhan Fernando, chairman and chief executive of Dilmah Ceylon Tea Company PLC.\nThe blow to the tea industry could further imperil Sri Lanka's economy, already reeling from the conflict's fallout. The government has raised fuel prices by 40%, rationed supplies and declared Wednesdays a public holiday to conserve energy.\nFor Malar, already struggling to make ends meet, a prolonged Middle East conflict is worrying.\n\"We don't know whether we can cope. If this war continues, many people will face hardship,\" she said.","date_published":"2026-05-21T03:13:56.000Z","author":{"name":"Reuters"},"tags":["World","Top World","Business","World Business","Top Business","Ceylon Tea","Dilmah","Economy","industry","Middle East","Sri Lanka","tea"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/503384fa-4985440-sri-lanka-tea-leaves.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/503384fa-4985440-sri-lanka-tea-leaves.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/dollar-rally-pauses-on-iran-deal-optimism-aussie-slides","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/dollar-rally-pauses-on-iran-deal-optimism-aussie-slides","title":"Dollar rally pauses on Iran deal optimism, Aussie slides","summary":"The greenback pulls back on rising hopes Washington is nearing a deal with Tehran to end the Middle East war.","content_html":"![\"dollar\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2024/07/cd66fe62-dollar-reuters-020724.webp\")
TOKYO: The US dollar hovered below a six-week peak on Thursday after pulling back on rising hopes that Washington is nearing a deal with Tehran to end the war in the Middle East.
\nThe Australian dollar declined following a surprise rise in the unemployment rate to the highest since 2021, which lessened the case for higher interest rates.
\nUS president Donald Trump said on Wednesday that negotiations were in the final stages, while also warning of further attacks if Iran does not agree to a deal.
\nThe dollar, a traditional safe haven, was down slightly at 158.87 yen in early Thursday trading after falling for the first time in eight sessions against the yen JPY= the day before. That pulls it further away from the 160 level viewed as a potential trigger for official currency intervention.
\nBank of Japan policy board member Junko Koeda added a measure of support for the yen with hawkish comments on Thursday, saying in a speech that the central bank needs to continue to raise rates with underlying inflation already around the 2% target.
\nThe euro EUR= was steady at $1.1626 on Thursday, after dipping to the weakest since April 7 at $1.1583 in the previous session before bouncing back.
\nThe dollar index =USD, which measures the currency against the euro, yen and four other rivals, was flat at 99.14 after touching 99.472 on Wednesday, the strongest level since April 7.
\n“The ‘safe haven’ flows reversed because of positive news about the Iran war,” Joseph Capurso, head of FX at Commonwealth Bank of Australia, wrote in a client note.
\nAt the same time, “while the U.S. has domestic political incentives to seek peace, we would not be surprised if President Trump chooses military escalation to gain leverage in negotiations,” he said.
\nAustralia’s dollar AUD= slid 0.5% to $0.7120.
\nFigures from the Australian Bureau of Statistics showed the jobless rate climbed to 4.5%, when analysts had looked for a steady 4.3%. Net employment fell 18,600 in April from March, when it rose a revised 23,300. That was far below market forecasts of a 15,000 gain.
\nSterling GBP= was little changed at $1.3433.
\nCryptocurrency bitcoin BTC= edged higher to around $77,818.
\n","content_text":"TOKYO: The US dollar hovered below a six-week peak on Thursday after pulling back on rising hopes that Washington is nearing a deal with Tehran to end the war in the Middle East.\nThe Australian dollar declined following a surprise rise in the unemployment rate to the highest since 2021, which lessened the case for higher interest rates.\nUS president Donald Trump said on Wednesday that negotiations were in the final stages, while also warning of further attacks if Iran does not agree to a deal.\nThe dollar, a traditional safe haven, was down slightly at 158.87 yen in early Thursday trading after falling for the first time in eight sessions against the yen JPY= the day before. That pulls it further away from the 160 level viewed as a potential trigger for official currency intervention.\nBank of Japan policy board member Junko Koeda added a measure of support for the yen with hawkish comments on Thursday, saying in a speech that the central bank needs to continue to raise rates with underlying inflation already around the 2% target.\nThe euro EUR= was steady at $1.1626 on Thursday, after dipping to the weakest since April 7 at $1.1583 in the previous session before bouncing back.\nThe dollar index =USD, which measures the currency against the euro, yen and four other rivals, was flat at 99.14 after touching 99.472 on Wednesday, the strongest level since April 7.\n\"The 'safe haven' flows reversed because of positive news about the Iran war,\" Joseph Capurso, head of FX at Commonwealth Bank of Australia, wrote in a client note.\nAt the same time, \"while the U.S. has domestic political incentives to seek peace, we would not be surprised if President Trump chooses military escalation to gain leverage in negotiations,\" he said.\nAustralia's dollar AUD= slid 0.5% to $0.7120.\nFigures from the Australian Bureau of Statistics showed the jobless rate climbed to 4.5%, when analysts had looked for a steady 4.3%. Net employment fell 18,600 in April from March, when it rose a revised 23,300. That was far below market forecasts of a 15,000 gain.\nSterling GBP= was little changed at $1.3433.\nCryptocurrency bitcoin BTC= edged higher to around $77,818.","date_published":"2026-05-21T03:05:32.000Z","author":{"name":"Reuters"},"tags":["Business","World Business","Top Business","Australian dollar","dollar","Iran","Middle East","US","war"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/07/cd66fe62-dollar-reuters-020724.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/07/cd66fe62-dollar-reuters-020724.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/shares-rally-on-nvidia-earnings-samsung-strike-suspension","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/shares-rally-on-nvidia-earnings-samsung-strike-suspension","title":"Shares rally on Nvidia earnings, Samsung strike suspension","summary":"Samsung Electronics shares surge more than 6% after a tentative pay deal averts a walkout by nearly 48,000 workers.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/777eafef-13924618_1_cropped_1.webp\")
SINGAPORE: Stocks rose on Thursday as some vessels resumed passage through the Strait of Hormuz, while forecast-beating results at Nvidia and a suspended workers’ strike at Samsung Electronics lifted shares of chipmakers.
\nMSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.2%, snapping a four-day streak of losses as the Kospi surged more than 4%.
\nBrent crude futures edged up 0.7% to US$105.76 a barrel in Asia trade, retracing declines after three supertankers passed through the strait on Wednesday and Iran consolidated its control of the waterway.
\nOn Wall Street, the S&P 500 rose 1.1%, while the Nasdaq Composite rallied 1.5% after three days of declines, as president Donald Trump said the United States was ready to proceed with further attacks on Iran if Tehran did not agree to a peace deal, but suggested Washington could wait a few days to “get the right answers.”
\n“Oil prices declined and other major markets rallied, as investors took comfort from headlines quoting Trump saying the US was in the ‘final stages’ with Iran,” analysts from Westpac wrote in a research report.
\nAsian chipmakers’ shares rose after Nvidia’s better-than-expected revenue forecast on Wednesday as CEO Jensen Huang aimed to reassure investors that the world’s most valuable company can sustain blockbuster growth in demand for its flagship AI chips.
\n“The chip landscape remains Nvidia’s world with everybody else paying rent, as more sovereigns and enterprises wait in line for Nvidia’s chips,” said Dan Ives, global head of technology research at Wedbush Securities in New York.
\nHowever, Nvidia’s shares fell 1.1% in extended trading, while S&P 500 e-mini futures slipped 0.5%.
\n“The market’s reaction was relatively muted by its own lofty standards,” said Tony Sycamore, market analyst at IG in Sydney. “The lack of any China sales in the outlook and guidance that was only modestly ahead of expectations left some investors wanting a bit more fireworks.”
\nIn Seoul, Samsung Electronics shares surged more than 6% after the electronics giant’s union said it would suspend industrial action upon reaching a tentative pay deal with the company, averting a strike by nearly 48,000 workers that threatened South Korea’s economy and global chip supply.
\nJapan’s Nikkei 225 share index was up 1.9% after S&P Global’s flash manufacturing PMI expanded at a slower pace than a month earlier, slipping to 54.5 in May from 55.1 the previous month.
\nSeparately, Japanese exports rose 14.8% year-on-year in April, finance ministry data showed, rising for an eighth straight month and confounding fears of stagflation in the global economy.
\nAustralian shares were up 1.5% despite a mixed set of leading indicators. Flash PMI data showed activity in the country’s service industry slowed to 47.7 in May from 50.7 a month earlier, though a corresponding manufacturing gauge held at 50.2, just above the mark separating expansion from contraction.
\nThe US 10-year Treasury bond yield rose 1.9 basis points to 4.588%, resuming its climb after snapping a three-day streak of declines on Wednesday. Minutes from the Federal Reserve’s April 28-29 meeting showed policymakers’ concerns about inflation intensified last month, with a growing number open to the possibility that they may need to raise interest rates.
\nBitcoin was down 0.3% at US$77,453.44, while ether was 0.3% lower at US$2,127.53.
\n","content_text":"SINGAPORE: Stocks rose on Thursday as some vessels resumed passage through the Strait of Hormuz, while forecast-beating results at Nvidia and a suspended workers' strike at Samsung Electronics lifted shares of chipmakers.\nMSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.2%, snapping a four-day streak of losses as the Kospi surged more than 4%.\nBrent crude futures edged up 0.7% to US$105.76 a barrel in Asia trade, retracing declines after three supertankers passed through the strait on Wednesday and Iran consolidated its control of the waterway.\nOn Wall Street, the S&P 500 rose 1.1%, while the Nasdaq Composite rallied 1.5% after three days of declines, as president Donald Trump said the United States was ready to proceed with further attacks on Iran if Tehran did not agree to a peace deal, but suggested Washington could wait a few days to \"get the right answers.\"\n\"Oil prices declined and other major markets rallied, as investors took comfort from headlines quoting Trump saying the US was in the 'final stages' with Iran,\" analysts from Westpac wrote in a research report.\nAsian chipmakers' shares rose after Nvidia's better-than-expected revenue forecast on Wednesday as CEO Jensen Huang aimed to reassure investors that the world's most valuable company can sustain blockbuster growth in demand for its flagship AI chips.\n\"The chip landscape remains Nvidia’s world with everybody else paying rent, as more sovereigns and enterprises wait in line for Nvidia's chips,\" said Dan Ives, global head of technology research at Wedbush Securities in New York.\nHowever, Nvidia's shares fell 1.1% in extended trading, while S&P 500 e-mini futures slipped 0.5%.\n\"The market’s reaction was relatively muted by its own lofty standards,\" said Tony Sycamore, market analyst at IG in Sydney. \"The lack of any China sales in the outlook and guidance that was only modestly ahead of expectations left some investors wanting a bit more fireworks.\"\nIn Seoul, Samsung Electronics shares surged more than 6% after the electronics giant's union said it would suspend industrial action upon reaching a tentative pay deal with the company, averting a strike by nearly 48,000 workers that threatened South Korea's economy and global chip supply.\nJapan's Nikkei 225 share index was up 1.9% after S&P Global's flash manufacturing PMI expanded at a slower pace than a month earlier, slipping to 54.5 in May from 55.1 the previous month.\nSeparately, Japanese exports rose 14.8% year-on-year in April, finance ministry data showed, rising for an eighth straight month and confounding fears of stagflation in the global economy.\nAustralian shares were up 1.5% despite a mixed set of leading indicators. Flash PMI data showed activity in the country's service industry slowed to 47.7 in May from 50.7 a month earlier, though a corresponding manufacturing gauge held at 50.2, just above the mark separating expansion from contraction.\nThe US 10-year Treasury bond yield rose 1.9 basis points to 4.588%, resuming its climb after snapping a three-day streak of declines on Wednesday. Minutes from the Federal Reserve's April 28-29 meeting showed policymakers' concerns about inflation intensified last month, with a growing number open to the possibility that they may need to raise interest rates.\nBitcoin was down 0.3% at US$77,453.44, while ether was 0.3% lower at US$2,127.53.","date_published":"2026-05-21T02:06:27.000Z","author":{"name":"Reuters"},"tags":["Business","World Business","Top Business","Asian","earnings","NVIDIA","Samsung","stock markets","strike"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/777eafef-13924618_1_cropped_1.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2026/05/777eafef-13924618_1_cropped_1.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/bursa-tracks-wall-street-gains-on-iran-war-optimism","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/bursa-tracks-wall-street-gains-on-iran-war-optimism","title":"Bursa tracks Wall Street gains on Iran war optimism","summary":"The benchmark index rises 2.21 points to 1,719.90 from yesterday’s close of 1,717.69.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/10/0b4bfa16-bursa.webp\")
KUALA LUMPUR: Bursa Malaysia opened higher on Thursday, tracking overnight gains on Wall Street amid optimism after the United States signalled that the conflict with Iran could end soon.
\nAt 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.21 points to 1,719.90 from Wednesday’s close of 1,717.69.
\nThe benchmark index opened 3.74 points higher at 1,721.43.
\nOn the broader market, gainers outpaced losers 283 to 172, while 293 counters were unchanged, 1,970 untraded and 32 suspended.
\nTurnover stood at 296.70 million shares worth RM214.35 million.
\nRakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said crude oil prices eased to around US$105 per barrel, while the US 10-year Treasury yield retreated to 4.585% as Wall Street closed higher.
\n“Meanwhile, Nvidia reported better-than-expected results for the first quarter of fiscal year 2027 after market close, with its second-quarter outlook also surpassing consensus forecasts.
\n“Over in Hong Kong, the Hang Seng Index declined, particularly among high-growth technology stocks, on concerns over rising US bond yields, which heightened expectations that the Federal Reserve may delay interest rate cuts,” he noted.
\nBack home, after the FBM KLCI closed below the 1,720 level yesterday, Thong expects the ongoing consolidation to persist, although bargain-hunting may re-emerge following Wall Street’s solid performance overnight.
\n“Therefore, we expect the index to trade within the 1,715-1,730 range today,” he added.
\nAmong heavyweight stocks, Malayan Banking added four sen to RM11.10, Public Bank and CIMB Group gained one sen each to RM4.78 and RM7.77, respectively, while Tenaga Nasional fell two sen to RM14.44 and IHH Healthcare was unchanged at RM8.99.
\nAmong active stocks, ACE Market debutant EI Power rose seven sen to 55 sen, PUC edged up half-a-sen to 2.5 sen, MKH gained 24 sen to RM1.90, SkyeChip fell four sen to RM2.17, and Perdana Petroleum slipped half-a-sen to 18 sen.
\nTop gainers included Malaysian Pacific Industries, which surged RM1.14 to RM45.34, Vitrox, which advanced 18 sen to RM6.40, UWC, which gained 17 sen to RM5.56, Petronas Gas, which rose 16 sen to RM17.36, and VSTECS, which added 14 sen to RM5.89.
\nAmong top losers, Oriental Holdings fell 18 sen to RM7.04, Petronas Dagangan lost 12 sen to RM18.70, UMS Integration declined 11 sen to RM8.02, Petronas Chemicals shed 10 sen to RM5.60, and Dialog Group slipped six sen to RM2.07.
\nOn the index board, the FBM Emas Index gained 22.04 points to 12,739.54, the FBM Top 100 Index rose 21.06 points to 12,579.67, the FBM Emas Shariah Index added 18.06 points to 12,661.77, the FBM ACE Index advanced 31.23 points to 4,689.19, and the FBM Mid 70 Index climbed 51.56 points to 18,260.50.
\nBy sector, the Financial Services Index rose 36.72 points to 20,049.13, the Industrial Products and Services Index edged down 0.46 of-a-point to 198.83, the Energy Index shed 6.02 points to 786.47, and the Plantation Index fell 11.23 points to 8,649.44.
\n","content_text":"KUALA LUMPUR: Bursa Malaysia opened higher on Thursday, tracking overnight gains on Wall Street amid optimism after the United States signalled that the conflict with Iran could end soon.\nAt 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.21 points to 1,719.90 from Wednesday’s close of 1,717.69.\nThe benchmark index opened 3.74 points higher at 1,721.43.\nOn the broader market, gainers outpaced losers 283 to 172, while 293 counters were unchanged, 1,970 untraded and 32 suspended.\nTurnover stood at 296.70 million shares worth RM214.35 million.\nRakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said crude oil prices eased to around US$105 per barrel, while the US 10-year Treasury yield retreated to 4.585% as Wall Street closed higher.\n“Meanwhile, Nvidia reported better-than-expected results for the first quarter of fiscal year 2027 after market close, with its second-quarter outlook also surpassing consensus forecasts.\n“Over in Hong Kong, the Hang Seng Index declined, particularly among high-growth technology stocks, on concerns over rising US bond yields, which heightened expectations that the Federal Reserve may delay interest rate cuts,” he noted.\nBack home, after the FBM KLCI closed below the 1,720 level yesterday, Thong expects the ongoing consolidation to persist, although bargain-hunting may re-emerge following Wall Street’s solid performance overnight.\n“Therefore, we expect the index to trade within the 1,715-1,730 range today,” he added.\nAmong heavyweight stocks, Malayan Banking added four sen to RM11.10, Public Bank and CIMB Group gained one sen each to RM4.78 and RM7.77, respectively, while Tenaga Nasional fell two sen to RM14.44 and IHH Healthcare was unchanged at RM8.99.\nAmong active stocks, ACE Market debutant EI Power rose seven sen to 55 sen, PUC edged up half-a-sen to 2.5 sen, MKH gained 24 sen to RM1.90, SkyeChip fell four sen to RM2.17, and Perdana Petroleum slipped half-a-sen to 18 sen.\nTop gainers included Malaysian Pacific Industries, which surged RM1.14 to RM45.34, Vitrox, which advanced 18 sen to RM6.40, UWC, which gained 17 sen to RM5.56, Petronas Gas, which rose 16 sen to RM17.36, and VSTECS, which added 14 sen to RM5.89.\nAmong top losers, Oriental Holdings fell 18 sen to RM7.04, Petronas Dagangan lost 12 sen to RM18.70, UMS Integration declined 11 sen to RM8.02, Petronas Chemicals shed 10 sen to RM5.60, and Dialog Group slipped six sen to RM2.07.\nOn the index board, the FBM Emas Index gained 22.04 points to 12,739.54, the FBM Top 100 Index rose 21.06 points to 12,579.67, the FBM Emas Shariah Index added 18.06 points to 12,661.77, the FBM ACE Index advanced 31.23 points to 4,689.19, and the FBM Mid 70 Index climbed 51.56 points to 18,260.50.\nBy sector, the Financial Services Index rose 36.72 points to 20,049.13, the Industrial Products and Services Index edged down 0.46 of-a-point to 198.83, the Energy Index shed 6.02 points to 786.47, and the Plantation Index fell 11.23 points to 8,649.44.","date_published":"2026-05-21T01:49:02.000Z","author":{"name":"Bernama"},"tags":["Business","Local Business","Top Business","Bursa Malaysia","opening","Rakuten Trade","US","Wall Street"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/10/0b4bfa16-bursa.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/10/0b4bfa16-bursa.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/airbnb-expands-into-hotels-cars-groceries","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/airbnb-expands-into-hotels-cars-groceries","title":"Airbnb expands into hotels, cars, groceries","summary":"The rollout marks one of Airbnb's answers to increasingly tough restrictions on short-term rentals in key markets.","content_html":"![\"Airbnb\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/12/acc0883f-airbnb.jpg\")
SAN FRANCISCO: Airbnb, facing tighter local regulations on short-term home rentals, announced Wednesday it is adding boutique hotels, car rentals and grocery delivery to its app in a bid to transform itself into a one-stop travel shop.
\nThe rollout marks the latest step in Airbnb’s push to capture more of the travel spending that currently flows to competitors like Booking.com and Expedia.
\nThis evolution — 18 years after the company’s scrappy beginnings in San Francisco — is one of Airbnb’s answers to increasingly tough restrictions on short-term rentals in key markets.
\nIn December, Spain hit the company with a 65-million-euro fine over more than 65,000 non-compliant listings, and Barcelona decided not to renew thousands of rental licenses when they expire in 2028.
\nNew York has banned nearly all short-term private rentals since 2023, and Paris stepped up its crackdown on illegal listings in 2026.
\n“Travel shouldn’t just be convenient. It should be meaningful,” CEO Brian Chesky said in a statement. “The best trips help you explore, learn, and come home a little different than when you left.”
\nThe updated app adds grocery delivery through Instacart in more than 25 US cities, as well as airport and train station transfers and luggage storage services in more than 160 cities worldwide.
\nThe platform will also offer car rentals, though the company has not yet named its partners.
\nChesky outlined the new features at a presentation at the company headquarters in San Francisco.
\n“We know that a home is not right for every type of trip, like if you’re booking last minute, you’re staying for just one night, you’re on a quick business trip, or when you’re searching for an Airbnb, like in New York, and none are available….Boo,” he said, joking about the restrictions in the Big Apple.
\n“In this case, the best option might just be…hotel! That’s right, I said it,” Chesky added, as Airbnb employees clapped.
\nChesky argued that boutique and independent hotels account for 60% of hotel rooms around the world and his company wants to team up with them.
\n“They want an ally, they want a platform designed just for them, so they can compete with the chains,” Chesky said.
\nThe app is also getting a range of artificial intelligence features, including a virtual support assistant available in 11 languages.
\nAirbnb posted revenue of US$2.68 billion in the first quarter of 2026, up 18% from a year earlier.
\n","content_text":"SAN FRANCISCO: Airbnb, facing tighter local regulations on short-term home rentals, announced Wednesday it is adding boutique hotels, car rentals and grocery delivery to its app in a bid to transform itself into a one-stop travel shop.\nThe rollout marks the latest step in Airbnb's push to capture more of the travel spending that currently flows to competitors like Booking.com and Expedia.\nThis evolution - 18 years after the company's scrappy beginnings in San Francisco - is one of Airbnb's answers to increasingly tough restrictions on short-term rentals in key markets.\nIn December, Spain hit the company with a 65-million-euro fine over more than 65,000 non-compliant listings, and Barcelona decided not to renew thousands of rental licenses when they expire in 2028.\nNew York has banned nearly all short-term private rentals since 2023, and Paris stepped up its crackdown on illegal listings in 2026.\n\"Travel shouldn't just be convenient. It should be meaningful,\" CEO Brian Chesky said in a statement. \"The best trips help you explore, learn, and come home a little different than when you left.\"\nThe updated app adds grocery delivery through Instacart in more than 25 US cities, as well as airport and train station transfers and luggage storage services in more than 160 cities worldwide.\nThe platform will also offer car rentals, though the company has not yet named its partners.\nChesky outlined the new features at a presentation at the company headquarters in San Francisco.\n\"We know that a home is not right for every type of trip, like if you're booking last minute, you're staying for just one night, you're on a quick business trip, or when you're searching for an Airbnb, like in New York, and none are available....Boo,\" he said, joking about the restrictions in the Big Apple.\n\"In this case, the best option might just be...hotel! That's right, I said it,\" Chesky added, as Airbnb employees clapped.\nChesky argued that boutique and independent hotels account for 60% of hotel rooms around the world and his company wants to team up with them.\n\"They want an ally, they want a platform designed just for them, so they can compete with the chains,\" Chesky said.\nThe app is also getting a range of artificial intelligence features, including a virtual support assistant available in 11 languages.\nAirbnb posted revenue of US$2.68 billion in the first quarter of 2026, up 18% from a year earlier.","date_published":"2026-05-21T01:42:24.000Z","author":{"name":"AFP"},"tags":["Business","World Business","Top Business","Airbnb","Brian Chesky","car rental","groceries","hotels"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/12/acc0883f-airbnb.jpg","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/12/acc0883f-airbnb.jpg"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/singtels-net-income-rises-40-with-annual-dividend-at-highest","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/singtels-net-income-rises-40-with-annual-dividend-at-highest","title":"Singtel’s net income rises 40% with annual dividend at highest","summary":"Singapore’s largest telecom operator reports a full-year net profit of S$5.61 billion, lifted by gains from stake sales in Bharti Airtel.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2024/04/23546154-singtel.webp\")
SINGAPORE: Singapore Telecommunications Ltd, the country’s largest telecom operator, reported a full-year net profit of S$5.61 billion (US$4.4 billion), lifted by gains from stake sales in Bharti Airtel Ltd.
\nNet profit climbed 40% from a year earlier, while underlying earnings would have increased 21%, the company said on Thursday.
\n“Our regional associates Airtel and AIS were standout performers, delivering solid contributions to the Group,” Yuen Kuan Moon, group CEO, said in a statement.
\n“Optus saw sustained business momentum while it invested to improve operational resilience, NCS achieved record bookings on the back of strong AI demand and Digital InfraCo achieved new milestones through its Nxera data centre arm.”
\nFollowing the results, the company said its annual dividend reached a record S$0.185.
\nOperating revenue remained steady at S$14.26 billion, while Ebitda and operating company Ebit increased 2% and 9%, respectively, supported by strong contributions from NCS Pte Ltd, Digital InfraCo and Singtel Optus Pty Ltd, according to the statement.
\nSingtel also said it is open to working with potential Australian partners for Optus. “The Group is open to working with potential Australian partners that align with its objectives of ensuring that Optus continues to be a strong alternative operator in the industry, providing a reliable and trusted critical service to all Australians,” it said in a separate statement.
\nIt plans to invest an additional S$1.2 billion, mainly in data centres, equipment, and fit-outs for its GPU-as-a-Service facilities and AI capabilities.
\nThe conflict in the Middle East could heighten foreign exchange risks arising from volatility in regional currencies across its markets, which may in turn weigh on translated earnings, it added.
\n","content_text":"SINGAPORE: Singapore Telecommunications Ltd, the country’s largest telecom operator, reported a full-year net profit of S$5.61 billion (US$4.4 billion), lifted by gains from stake sales in Bharti Airtel Ltd.\nNet profit climbed 40% from a year earlier, while underlying earnings would have increased 21%, the company said on Thursday.\n“Our regional associates Airtel and AIS were standout performers, delivering solid contributions to the Group,” Yuen Kuan Moon, group CEO, said in a statement.\n“Optus saw sustained business momentum while it invested to improve operational resilience, NCS achieved record bookings on the back of strong AI demand and Digital InfraCo achieved new milestones through its Nxera data centre arm.”\nFollowing the results, the company said its annual dividend reached a record S$0.185.\nOperating revenue remained steady at S$14.26 billion, while Ebitda and operating company Ebit increased 2% and 9%, respectively, supported by strong contributions from NCS Pte Ltd, Digital InfraCo and Singtel Optus Pty Ltd, according to the statement.\nSingtel also said it is open to working with potential Australian partners for Optus. “The Group is open to working with potential Australian partners that align with its objectives of ensuring that Optus continues to be a strong alternative operator in the industry, providing a reliable and trusted critical service to all Australians,” it said in a separate statement.\nIt plans to invest an additional S$1.2 billion, mainly in data centres, equipment, and fit-outs for its GPU-as-a-Service facilities and AI capabilities.\nThe conflict in the Middle East could heighten foreign exchange risks arising from volatility in regional currencies across its markets, which may in turn weigh on translated earnings, it added.","date_published":"2026-05-21T00:49:37.000Z","author":{"name":"Bloomberg"},"tags":["Business","World Business","Top Business","annual","dividend","income","Singapore","Singtel"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/04/23546154-singtel.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/04/23546154-singtel.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/ringgit-climbs-higher-on-easing-middle-east-tensions","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/ringgit-climbs-higher-on-easing-middle-east-tensions","title":"Ringgit climbs higher on easing Middle East tensions","summary":"The local currency strengthens to 3.9655/3.9710 as US-Iran talks are reported to be in their final stages.","content_html":"![\"\"](\"https://media.freemalaysiatoday.com/wp-content/uploads/2025/05/96016a25-ringgit.webp\")
KUALA LUMPUR: The ringgit opened firmer against the US dollar on Thursday, supported by easing geopolitical tensions in the Middle East.
\nAt 8am, the local currency strengthened to 3.9655/3.9710 against the greenback from Wednesday’s close of 3.9675/3.9715.
\nBank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said crude oil prices eased after US president Donald Trump indicated that negotiations between the US and Iran were nearing completion.
\nHe said West Texas Intermediate and Brent crude prices fell 0.82% and 5.46% to US$107.77 per barrel and US$105.20 per barrel, respectively.
\n“This has raised hopes that the Strait of Hormuz will soon reopen, allowing the free flow of oil, gas and other goods,” he added.
\nAfzanizam said the US Dollar Index declined 0.21% to 99.122 points despite minutes of the Federal Open Market Committee meeting showing policymakers remained inclined to raise interest rates, with inflation expected to stay above the two per cent target for an extended period.
\nAt the opening, the ringgit traded lower against a basket of major currencies.
\nThe local currency depreciated against the British pound to 5.3265/5.3338 from 5.3089/5.3143 at Wednesday’s close, weakened against the euro to 4.6091/4.6155 from 4.5975/4.6022 previously, and eased against the Japanese yen to 2.4954/2.4991 from 2.4942/2.4969.
\nAgainst regional currencies, the ringgit traded mixed.
\nIt weakened against the Thai baht to 12.1723/12.1963 from 12.1341/12.1516 and slipped against the Singapore dollar to 3.1027/3.1072 from 3.0969/3.1003 previously.
\nHowever, the local currency appreciated against the Indonesian rupiah to 224.6/225.0 from 224.7/225.0 previously and strengthened against the Philippine peso to 6.42/6.44 from 6.43/6.44 previously.
\n","content_text":"KUALA LUMPUR: The ringgit opened firmer against the US dollar on Thursday, supported by easing geopolitical tensions in the Middle East.\nAt 8am, the local currency strengthened to 3.9655/3.9710 against the greenback from Wednesday’s close of 3.9675/3.9715.\nBank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said crude oil prices eased after US president Donald Trump indicated that negotiations between the US and Iran were nearing completion.\nHe said West Texas Intermediate and Brent crude prices fell 0.82% and 5.46% to US$107.77 per barrel and US$105.20 per barrel, respectively.\n“This has raised hopes that the Strait of Hormuz will soon reopen, allowing the free flow of oil, gas and other goods,” he added.\nAfzanizam said the US Dollar Index declined 0.21% to 99.122 points despite minutes of the Federal Open Market Committee meeting showing policymakers remained inclined to raise interest rates, with inflation expected to stay above the two per cent target for an extended period.\nAt the opening, the ringgit traded lower against a basket of major currencies.\nThe local currency depreciated against the British pound to 5.3265/5.3338 from 5.3089/5.3143 at Wednesday’s close, weakened against the euro to 4.6091/4.6155 from 4.5975/4.6022 previously, and eased against the Japanese yen to 2.4954/2.4991 from 2.4942/2.4969.\nAgainst regional currencies, the ringgit traded mixed.\nIt weakened against the Thai baht to 12.1723/12.1963 from 12.1341/12.1516 and slipped against the Singapore dollar to 3.1027/3.1072 from 3.0969/3.1003 previously.\nHowever, the local currency appreciated against the Indonesian rupiah to 224.6/225.0 from 224.7/225.0 previously and strengthened against the Philippine peso to 6.42/6.44 from 6.43/6.44 previously.","date_published":"2026-05-21T00:33:58.000Z","author":{"name":"Bernama"},"tags":["Business","Local Business","Top Business","Mohd Afzanizam Abdul Rashid","opening","Ringgit","US dollar","West Asia crisis"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/05/96016a25-ringgit.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2025/05/96016a25-ringgit.webp"},{"id":"https://www.freemalaysiatoday.com/category/business/2026/05/21/zuckerberg-says-he-feels-weight-of-meta-layoffs","url":"https://www.freemalaysiatoday.com/category/business/2026/05/21/zuckerberg-says-he-feels-weight-of-meta-layoffs","title":"Zuckerberg says he feels ‘weight’ of Meta layoffs","summary":"Meta is laying off about 10% of its global workforce amid a dramatic ramp up in spending on AI infrastructure.","content_html":"![\"Mark](\"https://media.freemalaysiatoday.com/wp-content/uploads/2024/07/29588ca4-mark-zuckerberg-afp-pic-260724.webp\")
NEW YORK: Meta began laying off roughly 8,000 employees Wednesday — about 10% of its global workforce — as co-founder and chief executive Mark Zuckerberg pushes to redirect resources toward an ambitious artificial intelligence agenda.
\nAccording to Bloomberg, notifications went out beginning in the early morning hours, with Singapore-based workers among the first to be informed.
\nIn addition to the cuts, Meta said in April it would cancel plans to hire 6,000 people and shift 7,000 other employees into AI workflow-related roles.
\nIn a memo to staff Wednesday, posted by Business Insider, Zuckerberg expressed thanks to departing employees and sought to reassure those remaining.
\n“It’s always sad to say good-bye to people who have contributed to our mission and to building this company,” he wrote. “I feel the weight of that.”
\nZuckerberg said he did not expect additional company-wide layoffs this year, and acknowledged the company had fallen short in its communications with staff.
\nHe struck an optimistic tone about the company’s direction, saying Meta was “one of the few companies positioned to help define the future” and reaffirming his goal of delivering “personal superintelligence” to users worldwide.
\nThe restructuring is the largest company-wide round of cuts since Zuckerberg’s 2022-2023 “Year of Efficiency” campaign, which eliminated roughly 21,000 positions.
\nThe move comes as Meta dramatically ramps up spending on AI infrastructure.
\nMeta has forecasted capital expenditures to reach between US$125 billion and US$145 billion for the year — more than double the company’s 2025 outlay.
\n","content_text":"NEW YORK: Meta began laying off roughly 8,000 employees Wednesday - about 10% of its global workforce - as co-founder and chief executive Mark Zuckerberg pushes to redirect resources toward an ambitious artificial intelligence agenda.\nAccording to Bloomberg, notifications went out beginning in the early morning hours, with Singapore-based workers among the first to be informed.\nIn addition to the cuts, Meta said in April it would cancel plans to hire 6,000 people and shift 7,000 other employees into AI workflow-related roles.\nIn a memo to staff Wednesday, posted by Business Insider, Zuckerberg expressed thanks to departing employees and sought to reassure those remaining.\n\"It's always sad to say good-bye to people who have contributed to our mission and to building this company,\" he wrote. \"I feel the weight of that.\"\nZuckerberg said he did not expect additional company-wide layoffs this year, and acknowledged the company had fallen short in its communications with staff.\nHe struck an optimistic tone about the company's direction, saying Meta was \"one of the few companies positioned to help define the future\" and reaffirming his goal of delivering \"personal superintelligence\" to users worldwide.\nThe restructuring is the largest company-wide round of cuts since Zuckerberg's 2022-2023 \"Year of Efficiency\" campaign, which eliminated roughly 21,000 positions.\nThe move comes as Meta dramatically ramps up spending on AI infrastructure.\nMeta has forecasted capital expenditures to reach between US$125 billion and US$145 billion for the year - more than double the company's 2025 outlay.","date_published":"2026-05-20T22:49:09.000Z","author":{"name":"AFP"},"tags":["Business","World Business","Top Business","layoffs","Mark Zuckerberg","Meta"],"image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/07/29588ca4-mark-zuckerberg-afp-pic-260724.webp","banner_image":"https://media.freemalaysiatoday.com/wp-content/uploads/2024/07/29588ca4-mark-zuckerberg-afp-pic-260724.webp"}]}