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He said the 393.8 billion ringgit ($83.3 billion) budget is aimed at fixing economic imbalances and helping people to cope with rising cost of living amid a global economic slowdown. This year, for instance, he said government subsidies and social assistance surged to 81 billion ringgit ($17 billion) as global commodity prices rose. For 2024, the government allocated 52.8 billion ringgit ($11.2 billion). Anwar said the government will introduce a 5%-10% tax on luxury goods such as jewelry and watches, as well as a 10% capital gains tax next year to expand its revenue base. Tourists will be exempt from the tax on luxury goods, he said.

Persons: Anwar Ibrahim, Anwar, ” Organizations: — Locations: KUALA LUMPUR, Malaysia, — Malaysia

Savings from subsidy cuts would be channelled to cash aid for the needy, which will now increase to 10 billion ringgit ($2.12 billion) from 8 billion ringgit, he added. A high-value goods tax of 5% to 10% would also be introduced, he said, without specifying the value of goods that would be subject to the tax. Amidst a global slowdown, Malaysia plans to spend 393.8 billion ringgit ($83.52 billion) in 2024, lower than this year's spending estimate of 397.1 billion ringgit. Malaysia is projected to spend 52.8 billion ringgit on subsidies and social assistance in 2024, down from the 64.2 billion ringgit expected this year. Revenue for next year is expected to jump to 307.6 billion ringgit from 303.2 billion ringgit.

Persons: Anwar Ibrahim, Anwar, Danial Azhar, Rozanna Latiff, Martin Petty, Susan Fenton Organizations: Revenue, Petronas, Thomson Locations: KUALA LUMPUR, Malaysia, State

☆ Malaysia says Goldman Sachs suit 'premature' amid dispute over 1MDB settlement
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Olivia Harris/File Photo Acquire Licensing RightsKUALA LUMPUR, Oct 12 (Reuters) - A Malaysian government task force said on Thursday it viewed Goldman Sachs' (GS.N) filing of arbitration proceedings as premature, after the firm sued Malaysia in a British court this week amid an escalating dispute over a 2020 settlement deal. Goldman Sachs in 2020 had agreed to pay $3.9 billion to settle Malaysia's criminal probe over its role in the multi-billion dollar 1MDB corruption scandal. Malayia's 1MDB task force said Goldman Sachs had requested an extension on a Nov. 8 deadline for discussions to settle the dispute. Goldman Sachs lodged its suit less than two months after Malaysian Prime Minister Anwar Ibrahim threatened to take the company to court. Goldman had helped 1MDB raise $6.5 billion in two bond offerings, earning itself $600 million in fees, according to the U.S. Justice Department.

Persons: Olivia Harris, Goldman Sachs, Goldman, Malayia's, Johari Abdul Ghani, Johari, Anwar Ibrahim, Rozanna Latiff, Martin Petty, Simon Cameron, Moore Organizations: Development, Exchange, REUTERS, Malaysia, Malaysian, U.S . Justice Department, Thomson Locations: Kuala Lumpur, Malaysia, KUALA LUMPUR, Malaysian, U.S

☆ Malaysia denies Goldman Sachs' allegations in 1MDB arbitration suit
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: +2 min

The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City. The Malaysian government on Thursday denied allegations by Goldman Sachs that it had breached a settlement deal over the U.S. bank's role in the multi-billion dollar 1MDB corruption scandal, after the firm sued Malaysia in a British court. Goldman Sachs in 2020 had agreed to pay $3.9 billion to settle Malaysia's criminal probe over its role in the multi-billion dollar 1MDB corruption scandal. Earlier, Malaysia's 1MDB task force said Goldman Sachs' move to sue in a London arbitration court was "premature". Goldman Sachs lodged its suit less than two months after Malaysian Prime Minister Anwar Ibrahim threatened to take the company to court.

Persons: Goldman Sachs, Goldman, Chambers, Johari Abdul Ghani, Johari, Anwar Ibrahim Organizations: New York Stock Exchange, Malaysian, U.S, Malaysia, Malaysia's, U.S . Justice Department Locations: New York City, Malaysia, London, Malaysian, U.S

☆ Malaysia says TikTok fails to fully comply with local laws
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

Printed TikTok logos are seen in this illustration taken February 15, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsKUALA LUMPUR, Oct 12 (Reuters) - TikTok has not done enough to curb defamatory or misleading content in Malaysia, the communications minister said on Thursday, adding that the short video application had also failed to comply with several, unspecified local laws. In a social media message posted after meeting TikTok representatives, Minister Fahmi Fadzil said TikTok also had to address issues related to content distribution and advertising purchases following complaints. He said TikTok had assured him it would cooperate with the government and that its shortcomings were due to not having a representative in Malaysia at present. A spokesperson for TikTok did not immediately respond to a request for comment about the meeting or the minister's remarks.

Persons: Dado Ruvic, Fahmi Fadzil, TikTok, Fahmi, Anwar Ibrahim's, Danial Azhar, Miral Organizations: REUTERS, Malaysian, Facebook, Meta, Communications, Multimedia, Thomson Locations: KUALA LUMPUR, Malaysia, Southeast Asia, Vietnam

☆ Explainer: Goldman Sachs and its role in the multi-billion dollar 1MDB scandal
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +5 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. 1MDB was a sovereign fund set up in 2009 with the help of Malaysian financier Jho Low to promote economic development. The United States has said the 1MDB case was its largest ever kleptocracy investigation. Low, a fugitive, has been charged in Malaysia and the United States over his central role in the case. Goldman has been investigated by regulators in at least 14 countries for its role in underwriting the 1MDB bond issues.

Persons: Goldman Sachs, Andrew Kelly, Najib Razak, Goldman, 1MDB, Jho Low, Najib, Low, GOLDMAN, Tim Leissner, Roger Ng, Goldman's, Anwar Ibrahim, Simon Cameron, Moore Organizations: New York Stock Exchange, REUTERS, Goldman Sachs, Malaysia, Malaysian, 1Malaysia, U.S . Department of Justice, The United, DoJ, United Malays National Organisation, GOLDMAN, London Court, Thomson Locations: New York City , New York, U.S, KUALA LUMPUR, The United States, Malaysia, United States, China, Beijing, MALAYSIA, Malaysian

☆ ASEAN nations to prioritise members' rice needs - Malaysia state media
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, Oct 7 (Reuters) - Southeast Asian countries have agreed to prioritise helping each other overcome rice supply shortages and other food-related problems, Malaysia state news agency Bernama reported, citing the agricultural minister. The Association of Southeast Asian Nations (ASEAN) reached the agreement at a meeting in Kuala Lumpur this week, Agriculture and Food Security Minister Mohamad Sabu said on Friday, according to the agency. "ASEAN collaboration means if we face rice issues, ASEAN member countries will give priority to ASEAN nations first," he said. Malaysia, which imports about 38% of its rice needs, is among several countries affected by top exporters like India restricting shipments. Prime Minister Anwar Ibrahim warned of legal action against anyone found hoarding rice, to prevent consumers from stockpiling local grains.

Persons: Bernama, Mohamad Sabu, Mohamad, Anwar Ibrahim, Danial Azhar, William Mallard Organizations: The Association of Southeast Asian Nations, ASEAN, Food Security, Monday, Thomson Locations: KUALA LUMPUR, Malaysia, Kuala Lumpur, Agriculture, ASEAN, Vietnam, Cambodia, Thailand, India

☆ Malaysia PM says switch to dual 5G network can allow participation by China's Huawei
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: 1 min

A Huawei's staff uses her smartphone at the telecommunication company's Customer Experience Centre in Kuala Lumpur, Malaysia, January 11, 2022. REUTERS/Hussain Hasnoor/File Photo Acquire Licensing RightsKUALA LUMPUR, Sept 27 (Reuters) - Malaysia Prime Minister Anwar Ibrahim said on Wednesday the country's switch to a dual 5G network will allow for more effective participation by China's Huawei Technologies Co Ltd.Malaysia in May had said it would allow a second 5G network to operate from next year, following concerns over a monopoly held by a single state-run network. Reporting by Rozanna Latiff; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

Persons: Hussain Hasnoor, Anwar Ibrahim, Rozanna Latiff, Martin Petty Organizations: REUTERS, Malaysia, Huawei Technologies Co Ltd, Thomson Locations: Kuala Lumpur, Malaysia, KUALA LUMPUR

☆ Malaysia's switch to dual 5G network can allow participation of China's Huawei - PM
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, Sept 27 (Reuters) - Malaysia Prime Minister Anwar Ibrahim said on Wednesday a switch to having a dual 5G network would allow for more effective participation by China's Huawei, providing his country with a balance of both Western and Eastern technology. Anwar on Wednesday acknowledged concerns from some countries over the "security and capacity" of technology stemming from China, but said the decision to allow a second 5G network was made so that Malaysia could benefit from different technologies. "After extensive discussion... we made the decision to allow for a dual network, and thus the decision for more effective participation by Huawei." State-run DNB partnered with Swedish telecoms giant Ericsson to roll out Malaysia's 5G network. It is unclear how Malaysia's plan for a second network would affect DNB's agreement with Ericsson or other mobile operators.

Persons: Anwar Ibrahim, Anwar, Rozanna Latiff, Martin Petty Organizations: Malaysia, Huawei, European Union, U.S, Financial Times, Digital Nasional Berhad, Ericsson Locations: KUALA LUMPUR, Malaysia, China, Kuala Lumpur

☆ Malaysia PM says China gave reassurance after map stirred South China Sea dispute
▼ + stars: | 2023-09-23 | by ( ) www.reuters.com time to read: +2 min

Malaysia's Prime Minister Anwar Ibrahim attends the 26th ASEAN-China Summit at the 43rd ASEAN Summit in Jakarta, Indonesia, on September 6, 2023. Malaysia and several other Southeast Asian countries have rejected the map. Anwar said Malaysia remained concerned over escalating tensions as China sought to assert its sovereignty claims over Taiwan, adding that both parties needed to avoid "unnecessary provocations" that can affect the region. Anwar also addressed doubts raised over his commitment to democratic reforms, after his government dropped corruption cases against key allies, filed sedition charges against opposition leaders, and increased scrutiny of Malaysia's LGBTQ community. "I wouldn't defend that actually, they were as you say, excesses, but... there is a consensus in the country, they do not accept (LGBTQ rights)," Anwar said.

Persons: Anwar Ibrahim, Yasuyoshi, Anwar, Li Qiang, Li, Christiane Amanpour, Malaysia's, Swatch's, Rozanna Latiff, Simon Cameron, Moore Organizations: Malaysia's, China, ASEAN Summit, Malaysia, CNN, Swatch, Thomson Locations: ASEAN, Jakarta, Indonesia, KUALA LUMPUR, China, South China, Beijing, Malaysia, Taiwan

UNITED NATIONS (AP) — Inside, with speeches and machinations and carefully deployed elbows, those who administer the world persist in their search for the elusive path to peace. “Bring lasting peace,” said Pravind Jugnauth, prime minister of Mauritius. Malaysian Prime Minister Anwar Ibrahim spoke of “the imperative to make peace." In July, visiting Indian Prime Minister Narendra Modi used the North Lawn, adjacent to the wooded area, to perform yoga poses as part of his visit. But for one tranquil moment, for one brief respite from the world's most high-stakes conversations, that's more than sufficient.

Persons: ”, Said, Pravind Jugnauth, Anwar Ibrahim, Pendarovski, Siaosi Sovaleni, “, Narendra Modi, Ukraine —, It's, Ted Anthony, General Assembly's Organizations: UNITED NATIONS, United Nations, Hall, New, Malaysian, Indian, —, Associated Press Locations: Manhattan, New York City, Queens, United, Mauritius, North Macedonia, Tonga, India, Pakistan, Armenia, Azerbaijan, Russia, Ukraine, East

☆ Malaysia PM Says China Gave Reassurance After Map Stirred South China Sea Dispute
▼ + stars: | 2023-09-23 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

KUALA LUMPUR (Reuters) - Malaysia Prime Minister Anwar Ibrahim said China had given an assurance that it would continue to negotiate with Southeast Asian countries over disputed territorial claims in the South China Sea, and avoid actions that risked escalation. Malaysia and several other Southeast Asian countries have rejected the map. Anwar said Malaysia remained concerned over escalating tensions as China sought to assert its sovereignty claims over Taiwan, adding that both parties needed to avoid "unnecessary provocations" that can affect the region. He reiterated that Malaysia would not accept LGBTQ rights but said that the community should not be harassed, and he spoke out against his government's move to ban Swatch watches celebrating the Pride movement. "I wouldn't defend that actually, they were as you say, excesses, but... there is a consensus in the country, they do not accept (LGBTQ rights)," Anwar said.

Persons: Anwar Ibrahim, Anwar, Li Qiang, Li, Christiane Amanpour, Malaysia's, Swatch's, Rozanna Latiff, Simon Cameron, Moore Organizations: Reuters, Malaysia, CNN, Swatch Locations: KUALA LUMPUR, China, South China, Beijing, Malaysia, Taiwan

Malaysia's Prime Minister Anwar Ibrahim attends the 26th ASEAN-China Summit at the 43rd ASEAN Summit in Jakarta, Indonesia, on September 6, 2023. Hassan Karim, a lawmaker from Anwar's People's Justice Party, said he felt "let down" by the premier, whom he described as a close friend. The AGC has said it dropped charges against Ahmad Zahid to review new evidence, and reiterated that its decisions were made independently. On Saturday, around 1,000 people turned up at a protest in Kuala Lumpur organised by Malaysia's opposition, calling for Ahmad Zahid to be prosecuted and chanting "reforms are dead." Najib has sought a royal pardon over his conviction and requested other charges that he faces to be reviewed.

Persons: Anwar Ibrahim, Yasuyoshi, Anwar Ibrahim's, Anwar, Ahmad Zahid Hamidi, Najib Razak, Hassan Karim, Ahmad Zahid, Najib, MUDA, Syed Saddiq Syed Abdul Rahman, Syed Ibrahim Syed Noh, Ahmad Zahid's, Wong Chin Huat, Wong, Rozanna Latiff, Danial Azhar, Hasnoor Hussain, Kim Coghill Organizations: Malaysia's, China, ASEAN Summit, 1Malaysia Development, People's Justice Party, Reuters, United Malays National Organisation, Malaysia's Sunway University, Thomson Locations: ASEAN, Jakarta, Indonesia, KUALA LUMPUR, Malaysia, Kuala Lumpur

☆ Leaders in Southeast Asia say they want to be friends with both the U.S. and China
▼ + stars: | 2023-09-15 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

"All the countries in Southeast Asia, including Singapore, are friends with both China and the US. We have close links with both countries and we want to maintain those links," said Singapore's Deputy Prime Minister Lawrence Wong. But that consensus is over," Wong said Wednesday at the 10th Milken Institute Asia Summit in Singapore. "This idea where you have to be either with China or the United States? "We, as ASEAN, have a role to play in engaging both U.S. and China, and we appeal to them to reduce tensions."

Persons: Joe Biden, Xi Jinping, Lawrence Wong, Wong, Anwar Ibrahim, Anwar Organizations: SINGAPORE —, Milken, Milken Institute Asia Summit, Malaysia's, ASEAN Locations: Nusa Dua, Bali, SINGAPORE, SINGAPORE — The U.S, China, Southeast Asia, Singapore, United States, Malaysia

Seven years in, Country Garden has invested 20 billion ringgit ($4.3 billion) in the project, Forest City said, a far cry from the initial $100 billion plan. "Seeing is believing," Forest City said in an email response. "The land plot itself is valuable," a Singapore-based bondholder of Country Garden said, while highlighting the complications of dealing with a local government joint-venture. Last month, Malaysia's central bank said local banks had limited exposure to Country Garden amid concern about its financial stress. Anwar, Malaysia's prime minister, has designated Forest City a "special financial zone" to attract investment, which Forest City said would help with its marketing.

Persons: Foo Gee Jen, Anwar Ibrahim, Anwar, Malaysia's, Yang Ming Han, Loh, Loh Wee Loon, I'm, Xinghui Kok, Xie Yu, Anne Marie Roantree, Lincoln Organizations: ISKANDAR PUTERI, Garden, Forest, Malaysian, Reuters, Thomson Locations: KUALA LUMPUR, ISKANDAR, Malaysia, Garden's, City, Johor, Singapore, Forest City, Malaysian, Forest, Loh Wee, China, Johor Sultan, Iskandar Puteri, Kuala Lumpur, Yantoultra, Hong Kong

☆ Malaysia fails to appeal ex-PM Najib's acquittal in 1MDB audit tampering case
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

Former Malaysian Prime Minister Najib Razak speaks to journalists outside the Federal Court during a court break, in Putrajaya, Malaysia August 23, 2022. Najib, 70, is serving a 12-year jail sentence for another corruption case linked to 1Malaysia Development Berhad (1MDB). The attorney-general's chambers was expected to appeal Najib's acquittal earlier this year of a charge of abusing his position as prime minister to amend a government audit into 1MDB . But Najib's lawyers at Shafee & Co said in a statement, "the prosecution evidently found no grounds for appeal" and did not file the petition. Anwar has maintained that the move to drop the case, which triggered a widespread public backlash, was made without his interference.

Persons: Najib Razak, Lai Seng, Anwar Ibrahim, Anwar, Najib, Ahmad Zahid Hamidi, Danial Azhar, Kanupriya Kapoor Organizations: Malaysian, REUTERS, 1Malaysia Development, Shafee, U.S . Justice Department, Malaysian United Democratic Alliance, Thomson Locations: Putrajaya, Malaysia, KUALA LUMPUR, 1MDB

Anwar said the government would support the development of the rare earths industry in Malaysia and that a ban would "guarantee maximum returns for the country". The rare earth industry is expected to contribute as much as 9.5 billion ringgit ($2 billion) to the country's gross domestic product in 2025 and create nearly 7,000 job opportunities, Anwar said in parliament. "Detailed mapping of rare earth element sources and a comprehensive business model that combines upstream, midstream and downstream industries will be developed to maintain the rare earth value chain in the country," he said. The curbs triggered fears that China could also limit exports of other critical minerals including rare earths. Australia's Lynas Rare Earths Ltd (LYC.AX), the biggest producer of rare earths outside China, has a plant in Malaysia to process concentrate that it gets in Australia.

Persons: Anwar Ibrahim, Yasuyoshi, Anwar, David Merriman, Merriman, Mai Nguyen, Rozanna, Melanie Burton, Amy Lv, Edwina Gibbs, David Holmes Organizations: Malaysia's, China, ASEAN Summit, United States Geological Survey, Thomson Locations: ASEAN, Jakarta, Indonesia, KUALA LUMPUR, Malaysia, China, midstream, Malaysian, Australia, Kuala Lumpur, Mai, Hanoi, Melbourne, Beijing

☆ Myanmar won't be allowed to lead Association of Southeast Asian Nations in 2026, in blow to generals
▼ + stars: | 2023-09-06 | by ( ) www.cnbc.com time to read: +6 min

An official ASEAN statement issued Tuesday night confirmed the decision to hand the chair to the Philippines in 2026 and affirmed the group's commitment to a five-point plan for restoring peace and stability in Myanmar. The ASEAN leaders' statement on Myanmar stressed the desire to work with the generals to end the country's crisis, especially in the context of the five-point plan which Myanmar accepted in 2021 but has largely failed to implement. "All of us are aware of the magnitude of the world's challenges today, where the main key to facing them is the unity and centrality of ASEAN," Widodo told fellow leaders. "ASEAN leaders must ensure that this ship is able to keep going, able to keep sailing," Widodo said. Japanese Prime Minister Fumio Kishida said before flying to Jakarta that he plans to offer assurances of the safety of the ongoing release into the sea of treated radioactive wastewater from the damaged Fukushima nuclear power plant.

Persons: Ferdinand Marcos, Lee Hsien Loong, Ministry of Foreign Affairs Sarun, Pham Minh Chinh, Joko Widodo, Sonexay Siphandone, Sultan Hassanal Bolkiah, Hun Manet, Anwar Ibrahim, Xanana Gusmao, Adi Weda, Aung, Ferdinand Marcos Jr, Marcos, Retno Marsudi, —, Marsudi, bloc's, Widodo, Kamala Harris, Joe Biden, Li Qiang, Sergey Lavrov, Fumio Kishida Organizations: Singapore's, Ministry of Foreign Affairs, Vietnam's, Cambodia's, Malaysia's, East Timor's, ASEAN Summit, Afp, Getty, United, Aung San Suu, ASEAN, Indonesia, Associated Press, European Union, Myanmar Armed Forces, Foreign Ministry, ASEAN Chair, Indonesian, Assistance Association for Political, U.S ., U.S, Russian, Japanese Locations: Laos, East, Jakarta, Myanmar, United States, Aung San, Philippines, Philippine, ASEAN, Naypyidaw, South China, U.S, China

Najib is serving a 12-year prison sentence for graft linked to the multi-billion dollar scandal at state fund 1MDB and faces more bribery charges. Ahmad Zahid had pleaded not guilty to all charges, and UMNO said he was a victim of political persecution. Hisyam Teh Poh Teik, a lawyer for Ahmad Zahid, said his team will ask the court for a full acquittal. The UMNO was voted out for power for the first time in Malaysia's history in 2018 due to widespread anger over corruption allegations against Najib and Ahmad Zahid. Despite the corruption charges, Anwar appointed Ahmad Zahid to the second-highest office in the country.

Persons: Ahmad Zahid Hamidi, Anwar Ibrahim's, Anwar, Ahmad Zahid's, Najib Razak, Najib, Ahmad Zahid, General's Chambers, Bernama, Zahid, Hisyam Teh Poh Teik, Rozanna Latiff, Kanupriya Kapoor Organizations: Malaysian, Ahmad Zahid's United Malays National Organisation, UMNO, Court, Thomson Locations: Kuala Lumpur, Malaysia, KUALA LUMPUR

☆ Malaysian Prime Minister Anwar Ibrahim discusses affirmative action
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAffirmative action should be extended from being 'race-based' to 'need-based': Malaysia's AnwarMalaysian Prime Minister Anwar Ibrahim says "once it is considered to be too focused on race … it creates … animosity and anxieties."

Persons: Malaysia's Anwar, Anwar Ibrahim Organizations: Malaysia's Anwar Malaysian

☆ Malaysia's policy on foreign firms: Tesla's exemption isn't new, prime minister says
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMalaysia's policy on foreign firms: Tesla's exemption isn't new, prime minister saysCNBC's Martin Soong speaks to Malaysian Prime Minister Anwar Ibrahim about the requirement that foreign ventures starting in Malaysia have at least 30% Bumiputera ownership, and why Tesla is exempt from it.

Persons: CNBC's Martin Soong, Anwar Ibrahim, Tesla Organizations: Malaysian Locations: Malaysia

☆ China's Country Garden says $100 billion Malaysia project on track
▼ + stars: | 2023-08-28 | by ( A. Ananthalakshmi | ) www.reuters.com time to read: +3 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsKUALA LUMPUR, Aug 28 (Reuters) - Embattled Chinese developer Country Garden (2007.HK) said on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns over its financial strength. Country Garden is building its largest overseas development, the massive Forest City project, across four reclaimed islands in the southern Malaysian state of Johor bordering the wealthy city state of Singapore. Malaysia's incentives should be "very positive" for Country Garden, said Steven Leung, Hong Kong-based director of UOB Kay Hian. Shares of Country Garden were up more than 8% on Monday.

Persons: Aly, Anwar Ibrahim, Anwar, Loong Kok Wen, Steven Leung, UOB Kay Hian, Clare Jim, Martin Petty, Clarence Fernandez Organizations: Shanghai Country Garden, REUTERS, HK, Malaysian, . Forest, Esplanade, Thomson Locations: Shanghai, China, KUALA LUMPUR, Malaysia, Singapore, Forest, Malaysian, Johor, Forest City, Hong Kong

☆ Malaysia's domestic banks have limited exposure to Country Garden -cbank
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fathin Ungku/File Photo Acquire Licensing RightsSINGAPORE, Aug 28 (Reuters) - Malaysia's central bank said on Monday that banks incorporated in the Southeast Asian nation faced limited financial stability risk arising from exposure to China's largest property developer, Country Garden (2007.HK). Such banks' exposure to Country Garden Real Estate Sdn Bhd (CGRE), the developer's wholly-owned subsidiary in Malaysia, amounted to less than 0.1% of total banking system loans and bonds by June 2023, the bank told Reuters in an email. "In the property sector, risks from unsold units from CGRE’s various projects in the country remain manageable," it added. "The current development with Country Garden Holdings Ltd in China is not expected to pose any material impact on the overall property market activity and prices in Malaysia," it said. Country Garden is building its largest overseas development, the massive Forest City project, across four reclaimed islands in the southern Malaysian state of Johor bordering the wealthy city state of Singapore.

Persons: Fathin, Anwar Ibrahim, Yantoultra Ngui, Clarence Fernandez Organizations: REUTERS, Rights, HK, Garden, Sdn, Reuters, Bank Negara, Garden Holdings, Malaysian, Thomson Locations: Forest City, Johor, Malaysia, Bank, Bank Negara Malaysia, Malaysian, China, Forest, Singapore

☆ Malaysia eyes more investments to enlarge EV footprint after landmark Tesla deal
▼ + stars: | 2023-08-23 | by ( Clement Tan | ) www.cnbc.com time to read: +5 min

Tesla's groundbreaking move with Malaysia is a boost to Southeast Asia's place in the EV supply chain and the first deal under the country's Battery Electric Vehicle Global Leaders initiative. There are also plans for Tesla to embark on EV battery manufacturing in Malaysia. Anwar said Malaysia is open to more EV investments, including from Chinese automakers. Tesla Inc. signage during a launch of company's Model Y electric vehicle in Kuala Lumpur, Malaysia, on Thursday, July 20, 2023. Building readinessStill, Anwar was hesitant to say a full electric vehicle assembly line is in the pipeline.

Persons: Tesla, Anwar Ibrahim, CNBC's Martin Soong, Anwar, Elon Organizations: country's, Vehicle Global, U.S, EV, Bumiputeras, CNBC, Tesla Inc, Bloomberg, Getty, IT, Zhejiang, Infineon Technologies, Proton Locations: Malaysia, Southeast Asia, Putrajaya, Kuala Lumpur, China, Shanghai, Selangor, Malay, Tanjong Malim, Perak, Kedah, Geely

☆ CNBC Daily Open: With such high yields, why buy stocks?
▼ + stars: | 2023-08-23 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +5 min

Nathan Howard | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. That's called the equity risk premium, a return that's supposed to compensate stock investors for the chance that they might lose money. Another potential issue that could crop up with high Treasury yields is that it could make the Federal Reserve's job tougher. It wasn't a surprise, then, that stock markets fell Tuesday.

Persons: Nathan Howard, Tesla, Anwar Ibrahim, CNBC's Martin Soong, That's, yield's, Rupert Thompson, Cash, Bob Pisani, it's, Torsten Slok, Adam Turnquist, Ed Yardeni Organizations: Treasury, Bloomberg, Getty, CNBC, Nasdaq, Japan's Nikkei, Malaysia, country's, Vehicle Global, Analysts, International Atomic Energy Agency, Kingswood Group, Dow Jones Industrial, Nvidia, LPL, Yardeni Locations: Washington , DC, Asia, Pacific, Shanghai, Malaysia, California, China, Tokyo

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