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☆ China has more space to cut reserve ratio instead of interest rates, says ex-official
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +2 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. With interest rates and loan prime rates at low levels, there is more space to cut banks' reserve requirement ratio (RRR) than to cut interest rates, Sheng said. The central bank lowered the RRR in September for the second time this year to boost liquidity and support economic recovery. The weighted average RRR for financial institutions was around 7.4% after the cut. China is prudent in cutting interest rates as its monetary policy needs to consider internal and external balance, Sheng said.

Persons: Tingshu Wang, Sheng Songcheng, Sheng, Mei Mei Chu, Christopher Cushing Organizations: People's Bank of China, REUTERS, Rights, People's Bank of, Shanghai Securities, Thomson Locations: Beijing, China, Rights BEIJING, People's Bank of China, U.S

☆ China regulator to speed reform of smaller financial institutions
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +2 min

Li Yunze, director of China's National Financial Regulatory Administration (NFRA), speaks at the Lujiazui Forum in Shanghai, China June 8, 2023. REUTERS/Jason Xue/File Photo Acquire Licensing RightsBEIJING, Dec 3 (Reuters) - A key Chinese financial regulator said on Sunday it would accelerate reform of small and midsize financial institutions as it steps up its oversight of the sector. The National Financial Regulatory Administration (NFRA) will collaborate with the General Administration of Financial Supervision to tighten supervision of the financial industry other than the securities market, director Li Yunze said in an interview with state media Xinhua. It will promote small and midsize banking institutions to optimise their structure, improve quality and increase efficiency, Li said. “At present, the operation of China's financial sector is generally stable and the overall risk resistance is strong,” he said.

Persons: Li Yunze, Jason Xue, Li, ”, Mei Mei Chu, Christopher Cushing, William Mallard Organizations: China's, Financial Regulatory Administration, REUTERS, Rights, Administration, Financial, Xinhua, NFRA, Thomson Locations: Shanghai, China, Rights BEIJING

Second-quarter annual growth came in at 2.9%, central bank data showed. The economy is facing downside risks stemming from weaker-than-expected global growth, and a deeper or longer-than-expected technology downcycle," Governor Abdul Rasheed Ghaffour told a news conference. While he does not expect a worldwide recession, the governor said global growth will be below the long-term average. Malaysian consumers are also likely to be cautious in their spending going forward, leading to slower economic growth in the second half, he said. On Friday, the central bank said while cost pressures have eased, headline and core inflation will moderate further in the second half partly due to a higher comparative base last year.

Persons: Abdul Rasheed Ghaffour, El Nino, Abdul Rasheed, Mohd Afzanizam Abdul Rashid, Mohd Afzanizam, Alex Holmes, Holmes, BNM, Mei Mei Chu, Martin Petty, Jacqueline Wong Organizations: China, Reuters, Bank Negara, Bank Muamalat, Oxford Economics, U.S, Thomson Locations: KUALA LUMPUR, Bank, Bank Negara Malaysia, Malaysia, Bank Muamalat Malaysia

☆ Private jet crashes into motorbike and car in Malaysia, kills 10
▼ + stars: | 2023-08-17 | by ( Hasnoor Hussain | ) www.reuters.com time to read: +1 min

KUALA LUMPUR, Aug 17 (Reuters) - A small private jet crashed into a motorbike and a car while attempting to land at an airport in the outskirts of Malaysian capital Kuala Lumpur, leaving at least 10 people dead, officials said on Thursday. The aircraft lost contact with the air traffic control tower and crashed into a motorbike and a car on the highway, he said. "There was no emergency call, the aircraft had been given clearance to land," Hussein Omar said. The CAAM said the flight was operated by Jet Valet Sdn Bhd, a Malaysian private jet services company. Reporting by Mei Mei Chu and Hasnoor Hussain; Editing by Martin Petty and Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Hussein Omar Khan, Hussein Omar, Sultan Abdul Aziz Shah, Norazman Mahmud, CAAM, Jet, Mei Mei Chu, Hasnoor Hussain, Martin Petty, Toby Chopra Organizations: Beechcraft, Subang Air Traffic, Jet, Reuters, Thomson Locations: KUALA LUMPUR, Malaysian, Kuala Lumpur, Elmina, Selangor, Langkawi, Subang

☆ Malaysian PM Anwar discusses Tesla investment, Starlink with Musk
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, July 14 (Reuters) - Malaysian Prime Minister Anwar Ibrahim said on Friday he held a call with billionaire Elon Musk to discuss automaker Tesla's investment in the country and SpaceX's satellite communications service. "I welcome the company's interest and decision to invest in Malaysia, and Elon Musk's willingness to come to Malaysia," Anwar said in a statement. Anwar said Tesla's operations in Malaysia will begin this year. The two also discussed Starlink, the satellite communications service started by Musk and operated by his company SpaceX, Anwar said. Reporting by A. Ananthalakshmi and Mei Mei Chu; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: Anwar Ibrahim, Elon Musk, Elon Musk's, Anwar, Tesla's, Tesla, Mei Mei Chu, Kanupriya Kapoor Organizations: Malaysian, Musk, SpaceX, Thomson Locations: KUALA LUMPUR, Malaysia

☆ Hydrocarbons will be important part of future ASEAN energy mix
▼ + stars: | 2023-06-26 | by ( Mei Mei Chu | ) www.reuters.com time to read: +2 min

[1/4] Logo of Energy Asia conference is seen during the event in Kuala Lumpur, Malaysia June 26, 2023. REUTERS/Hasnoor HussainKUALA LUMPUR, June 26 (Reuters) - Hydrocarbons will continue to be an important part of the energy mix in Southeast Asia, Malaysian Prime Minister Anwar Ibrahim said on Monday, as affordability and energy security remain key concerns for the region of more than half a billion people. Achieving net-zero emissions targets should not come "at the expense of economic growth or vice versa", Anwar said in opening the inaugural Energy Asia conference, hosted by Malaysia's state oil firm Petronas (PETRA.UL). Anwar said natural gas would play an important role in the energy mix for Malaysia, which is among the world's top five LNG exporters. The event brings together global energy leaders, companies and policymakers to discuss the region's energy transition.

Persons: Anwar Ibrahim, Anwar, IRENA, Kanupriya Kapoor, Kim Coghill, Himani Organizations: Energy Asia, REUTERS, Malaysian, Petronas, Malaysia, Organization of, Petroleum, International Renewable Energy Agency, Saudi Aramco, TotalEnergies, Thomson Locations: Kuala Lumpur, Malaysia, Hussain KUALA LUMPUR, Southeast Asia, Asia, Saudi

India's top solar power producing state Rajasthan has been getting "early warnings" of technical challenges that could arise as the use of renewables increases, a federal power ministry official said. "If proper tariff structures incentivising flexible thermal generation are not introduced, it could result in slower renewable energy adoption," he said. Reuters GraphicsSOLAR, PLUS COALGreen energy capacity in Asia grew 12% in 2022, the fastest rate among major regions, according to the International Renewable Energy Agency. However, authorities in India's sun-drenched Rajasthan state are finding it increasingly difficult to control voltage fluctuations due to the inconsistent nature of solar power output. "Many of these renewable plants are not actually able to comply with such requirements," the official said.

Persons: Rystad, Wood Mackenzie, Lauri Myllyvirta, Pablo Hevia, Koch, Hevia, Florence Tan, Yuka Obayashi, Andrew Hayley, Fransiska, Gopal Sharma, Mei Mei Chu, Joyce Lee, Tony Munroe, Jamie Freed Organizations: Engie, Centre for Research, Clean Energy, Air, Reuters, International Renewable Energy Agency, International Energy Agency, Thomson Locations: China, India, Asia, Wood Mackenzie SINGAPORE, Rajasthan, Pacific, Malaysia, Pakistan, Bangladesh, Vietnam, Singapore, Tokyo, Bangkok, Beijing, Jakarta, Khanh Vu, Hanoi, Kathmandu, Kuala Lumpur, Seoul

☆ Petronas says Malaysian anti-graft probe found no wrongdoing by the firm
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, May 27 (Reuters) - Malaysia's state oil firm Petronas (PETR.UL) said on Saturday an anti-corruption probe into the firm's dealings involving a $90 million project had not found any wrongdoing by the company. Petronas said the investigation was opened in relation to its award of a contract to a Malaysian subsidiary of an international upstream company in 2021. "Petronas had given full cooperation to MACC in the investigation that had not found any wrongdoing by Petronas, its employees, and directors," the company said in a statement to Reuters. The MACC said it had found "several weaknesses in practices, systems and work procedures" in its probe, and proposed improvements to Petronas' standard operating procedures as preventive measures. Petronas said it continues to improve and strengthen its standard operating procedures as part of an effort to prevent and fight all forms of corruption and misconduct.

Malaysia has now decided to allow a second entity after DNB's coverage reaches 80% of populated areas, Communications Minister Fahmi Fadzil said in a statement. The government's announcement confirmed a report by Reuters last month on a plan to introduce a second 5G network from January 2024. A recommendation by major carriers for a second 5G provider was rejected by the previous government in March last year. It has said a single network would reduce costs, improve efficiency and accelerate the building of infrastructure. It was not clear how the proposal for a second 5G network would affect DNB's existing agreements with its development partner, Swedish telecoms giant Ericsson (ERICb.ST), and other mobile operators.

Palm oil prices have fallen some 49% from last year's record, but the tight supply means they are expected to stay above pre-pandemic levels. Another palm oil giant, Kuala Lumpur Kepong Bhd (KLKK.KL), told Reuters it plans to replant 10,000 hectares this year, up from a lower-than-usual 6,000 hectares in 2022. The scheme targeted replanting of 2.4 million hectares but only managed to replant around 278,000 hectares by February, partly due to land legality issues. We are ageing faster than we are replanting," Malaysia Palm Oil Association chief executive Joseph Tek told Reuters. In Malaysia, replanting costs doubled to around $4,500 per hectare after the pandemic inflated prices of fertiliser and labour.

☆ Malaysia seeks to decriminalise suicide attempts
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, April 4 (Reuters) - Malaysia is seeking to decriminalise suicide attempts, its law minister said on Tuesday, the latest in a recent slew of legal reforms pursued by Prime Minister Anwar Ibrahim's government. "This is based on the fact that suicide attempts are within the scope of suicidal behavior and this act is the impact of mental incapacity or psychiatric disorder," Azalina said. In comments made last year, former health minister Khairy Jamaluddin said Malaysia had in 2021 recorded 1,142 suicide cases, compared to 631 cases in 2020. Azalina said the government hopes the reform will encourage those affected to seek help, remove the stigma of suicide, and lower the country's suicide death rate. Reporting by Mei Mei Chu; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Asia's carbon pricing and emission trading systems
▼ + stars: | 2023-03-31 | by ( Matthew Chye | ) www.reuters.com time to read: +5 min

Here is a look at some of the carbon emissions trading systems (ETS) and pricing mechanisms in Asian countries aimed at reducing greenhouse gas emissions and achieving net zero targets. * A carbon levy will be introduced from around 2028/29 on fossil fuel importers such as refiners, trading houses and electricity utilities. INDIA* Parliament in December passed the Energy Conservation (Amendment) Bill 2022 that sought to establish carbon trading. * Authorities are studying the implementation of a carbon exchange and plan to set up agencies to monitor and verify emission volume. MALAYSIA* The stock exchange launched a voluntary carbon market (VCM) in December with the introduction of the Bursa Carbon Exchange, the world's first Shariah-compliant carbon exchange.

☆ Malaysia's ex-PM Muhyiddin arrives at anti-graft agency following allegations
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] Former Malaysia Prime Minister Muhyiddin Yassin arrives to give a statement to the Malaysian Anti-Corruption Commission (MACC) in Putrajaya, Malaysia March 9, 2023. REUTERS/Hasnoor HussainKUALA LUMPUR, March 9 (Reuters) - Former Malaysian prime minister Muhyiddin Yassin arrived at the country's anti-graft agency on Thursday, after he was summoned to appear following allegations of abuse in stimulus programmes launched under his premiership. Before entering the Malaysian Anti-Corruption Commission (MACC), Muhyiddin, who was prime minister for 17 months between 2020 and 2021, read out a prayer with other party members. Malaysia's constitutional monarch, King Al-Sultan Abdullah, then appointed Anwar as prime minister after he formed a coalition with other political parties. The MACC questioned Muhyiddin last month regarding the same project and has also frozen bank accounts belonging to Muhyiddin's party.

Indonesia, the world's biggest producer of palm oil, raised the mandatory blend of palm oil in biodiesel to 35% starting in February, from 30% earlier, to reduce diesel fuel imports amid high global energy prices and to reduce emissions. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange slid 24 ringgit to 4,181 ringgit a tonne on Wednesday. An El Nino episode usually results in below-average rainfall in main palm oil producers Indonesia and Malaysia, cutting yields and pushing up global prices. "It used to be palm oil is export-oriented for Indonesia, but sales are declining and domestic consumption is increasing," Fadhil said. James Fry, the chairman of commodities consultancy LMC International, however, cautioned that the correction in gasoil prices could bring down demand for biodiesel and pull-down palm oil prices.

☆ Malaysia Q4 GDP up 7% on year earlier, above forecast
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: 1 min

KUALA LUMPUR, Feb 10 (Reuters) - Malaysia's economy in the fourth quarter grew 7% from a year earlier on continued expansion in domestic demand and resilient demand for electrical and electronics goods, Bank Negara Malaysia Governor Nor Shamsiah Mohd Yunus said on Friday. Gross domestic product (GDP) for all of 2022 had been 8.7% higher than in 2021, she said. Economists polled by Reuters had expected the central bank to report October-December GDP 6.6% higher than in the same period of 2021, slowing from the 14.2% annual growth seen in the third quarter. Reporting by Rozanna Latiff and Mei Mei Chu; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

To secure egg supplies as prices rose to record highs, Malaysia's Minister of Agriculture and Food Security Mohamad Sabu visited Namakkal, in the southern Indian state of Tamil Nadu, where several leading hatcheries are based. India shipped 5 million eggs to Malaysia in December, and will ship 10 million in January and up to 15 million in February, according Kumar. The imports from India have helped Malaysia bring prices down from the record highs seen in late December. Having suffered a shortfall of 157 million eggs in November, the market gap was down to just one million in December, the Malaysian minister said in a statement earlier this week. Meantime, prices in India have shot up to a record 565 rupees ($6.96) per 100 eggs.

☆ Growing tensions between Asian palm oil producers and the European Union
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +3 min

Here is a timeline of the rising tensions between the Asian palm oil producers and the EU over the matter. JUNE 14, 2017EU negotiators agree to phase out the use of palm oil in transport fuels from 2030. APRIL 16, 2018British supermarket chain Iceland says it would remove palm oil from its own-brand food products due to concerns over rainforest destruction. MARCH 13, 2019The European Commission concludes that palm oil cultivation results in excessive deforestation and the use of harmful biofuel feedstocks, including palm oil, should be capped until 2023 and phased out by 2030. JAN 9, 2023Indonesian and Malaysia agree to work together and strengthen cooperation to fight discrimination against palm oil.

☆ Explainer: Why Malaysia is considering a ban on palm oil exports to the European Union
▼ + stars: | 2023-01-13 | by ( Mei Mei Chu | ) www.reuters.com time to read: +3 min

It is not clear whether Malaysia is considering a direct ban on exports to the European Union or enacting tariffs. WHAT ABOUT MALAYSIAN PALM OIL EXPORTS TO EUROPE? Malaysian Palm Oil Board data indicates that exports to the 27-member bloc have been declining since 2015. WHERE ELSE CAN MALAYSIA PALM OIL EXPORTS GO? Several publicly-listed Malaysian palm oil companies, however, have established refineries in Europe and an export ban would disrupt their operations.

Indonesia, producer of more than half of global palm oil supplies, also tightened trade rules this year, allowing exporters to ship just six times their domestic palm oil sales volume, less than a fourth-quarter 2022 ratio of eight times. "Indonesian palm oil export definitely will drop, as output will decline, domestic consumption will increase," Fadhil Hasan, an Indonesian Palm Oil Association (GAPKI) official, told Reuters. Indonesia produced 51.3 million tonnes of palm oil in 2022 and exported 33.7 million tonnes, GAPKI estimated. In 2023, palm oil output is expected at 50.82 million tonnes and exports at 26.42 million tonnes, it said. "But India's strong demand for palm oil will continue as it is still the cheapest edible oil."

☆ Malaysia says it could stop palm oil exports to EU after new curbs
▼ + stars: | 2023-01-12 | by ( Mei Mei Chu | ) www.reuters.com time to read: +2 min

Since the EU is a major palm oil importer, the law, agreed to in December, has raised an outcry from Indonesia and Malaysia, the top producers. CPOPC, which is led by Indonesia and Malaysia, has previously accused the EU of unfairly targeting palm oil. EU demand for palm oil was expected to decline significantly over the next 10 years even before the new law was agreed to. Fadillah said: “This will mean that we will have to be more coordinated in our efforts in conveying our stand and stance on policy matters that will affect the socio-economic wellbeing of our respective countries.”The EU is the world’s third-largest palm oil consumer, according to Malaysian Palm Oil Board data. It accounts for 9.4% of palm oil exports from Malaysia, taking 1.47 million tonnes in 2022, down 10.5% from a year earlier.

☆ Malaysian urges palm oil producers to boost cooperation after EU rules
▼ + stars: | 2023-01-12 | by ( Mei Mei Chu | ) www.reuters.com time to read: +1 min

Slideshow ( 2 images )KUALA LUMPUR (Reuters) - Malaysia on Thursday called on countries producing palm oil to strengthen cooperation following new European Union (EU) legislation aimed at reducing the use of palm oil-based fuels. The EU is a key palm oil importer but demand is expected to fall significantly within the next 10 years due to a renewable energy directive to phase out palm-based transport fuels by 2030 over perceived links to deforestation. Malaysian Commodities minister Fadillah Yusof urged the Council of Palm Oil Producing Countries (CPOPC) - led by Indonesia and Malaysia - to work together against the new regulations and to combat “baseless allegations” made by the EU and the United States about the sustainability of the edible oil. CPOPC had previously accused the EU of unfairly targeting palm oil and creating trade barriers. Indonesian President Joko Widodo and Malaysian Prime Minister Anwar Ibrahim this week agreed to “fight discrimination against palm oil” and strengthen cooperation through CPOPC.

☆ With few entry tests, Southeast Asia may gain most from China's travel revival
▼ + stars: | 2023-01-06 | by ( Xinghui Kok | ) www.reuters.com time to read: +4 min

Except for airplane wastewater testing by Malaysia and Thailand for the virus, the region's 11 nations will treat Chinese travellers like any others. As many as 76% of Chinese travel agencies ranked Southeast Asia as the top destination when outbound travel resumed, according to a survey released in December by trade show ITB China. Thailand already expects to welcome 5 million Chinese travellers this year, or about half of the 10.99 million of 2019. Neighbouring Malaysia projects 1.5 million to 2 million Chinese tourists this year versus 3 million before the pandemic. "But for Cambodia, it’s an invitation to Chinese people: Chinese tourists, come to Cambodia."

☆ Malaysia to screen inbound travellers, including from China, for fever
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, Dec 30 (Reuters) - Malaysia on Friday said it will screen all inbound travellers for fever and test wastewater from aircraft arriving from China for COVID-19 as part of fresh measures to prevent an outbreak following Beijing's decision to lift strict zero-COVID policies. The Health Ministry is taking preventative measures as the country faces a risk of an influx of coronavirus cases from abroad, Minister Zaliha Mustafa said in a statement. Malaysia joins countries like United States, India, Italy and Japan in taking new measures as a wave of infections erupted across China after Beijing's abrupt decision to dismantle COVID restrictions. Zaliha said Malaysia will screen body temperatures of all inbound travellers, including those from China, and those detected with fever or other symptoms will be tested for COVID-19. Reporting by Mei Mei Chu; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

"It's not a question of if it will happen, it's now just a matter of how many and how fast." As the Lunar New Year holiday - typically a peak travel period for Chinese tourists - starts on Jan. 21, some businesses are already gearing up. Japan, however, is being cautious about Chinese tourism due to the rapid spread of the virus in China. Australia, Germany, Thailand and others, however, said they would not impose additional rules on Chinese travel for now, with France taking to social media platform Sina Weibo to emphasise it welcomed Chinese friends "with open arms". "I suspect any meaningful rebound will have to wait until the travel boom in June or July next year."

☆ Malaysia finds body of last person unaccounted for in campsite landside
▼ + stars: | 2022-12-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] Rescuers work during a rescue and evacuation operation following a landslide at a campsite in Batang Kali, Selangor, Malaysia, December 17, 2022. REUTERS/Hasnoor HussainKUALA LUMPUR, Dec 24 (Reuters) - Rescue teams in Malaysia on Saturday recovered the body of the last person unaccounted for after a landslide that flattened a campsite last week, bringing what is thought to be the final death toll to 31. Rescue workers, in their ninth day of search operations, found the body of a boy in a sleeping bag while digging through mud and debris, Hulu Selangor police chief Suffian Abdullah said. Suffian said they believe all victims have now been found, but search operations will continue to assist in investigations. Reporting by Mei Mei Chu; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

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