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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
Residential buildings stand at the Metro Town development, jointly developed by CK Asset Property Holdings Ltd., Nan Fung International Holding Ltd. and MTR Corp., in Hong Kong, China, on Thursday, Jan. 11, 2018. Hong Kong-listed property stocks surged on Monday, leading gains on the Hang Seng Index and powering the benchmark to be the top gainer in Asia. Shares of real estate companies like Evergrande , Logan Group and Longfor Group spiked over 9% on Monday, with Country Garden Holdings leading gains at 14.61% up. The Hang Seng Mainland Property Index was up 9.09%. Country Garden is still scheduled to pay $22 million in coupon payments on two U.S. dollar bonds it missed in early August.
Persons: Nan Organizations: Metro Town, CK Asset Property Holdings Ltd, Nan Fung International Holding Ltd, MTR Corp, Index, Logan Group, Longfor, Country Garden Holdings, Mainland, Garden, Reuters, Bloomberg, Malaysian Locations: Hong Kong, China, Asia
It was not immediately clear whether the latest map denotes any new claim to territory. Its Malaysian counterpart in a statement said the new map holds no binding authority over Malaysia, which "also views the South China Sea as a complex and sensitive matter". The map was different to a narrower version submitted by China to the United Nations in 2009 of the South China Sea that included its so-called "nine-dash line". Asked about the latest map, Taiwan foreign ministry spokesperson Jeff Liu said Taiwan was "absolutely not a part of the People's Republic of China". "China's position on the South China Sea issue has always been clear.
Persons: legitimise, Jeff Liu, Wang Wenbin, Karen Lema, Ben Blanchard, Liz Lee, Martin Petty Organizations: Philippine Coast Guard, Malaysian, United Nations, South China, China Central Television, Thomson Locations: Thitu, Philippines, Spratly Islands, China, Malaysia, Taiwan, South China, Beijing, Hainan, Vietnam, Brunei, Indonesia, Philippine, South, People's Republic of China, India, Manila, Taipei
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
LONDON, Aug 29 (Reuters) - The South Korean port of Gwangyang has emerged as the new hub for storing London Metal Exchange (LME) aluminium. Another 54,000 metric tons of aluminium have arrived in the intervening week, promising more turns of the storage carousel. LME aluminium stocks at Gwangyang and Port KlangGWANGYANG GRABS THE SPOTLIGHTA total 198,125 metric tons of aluminium were warranted at LME warehouses in Gwangyang in the first quarter of this year, most of it arriving in four single-day clips. Gwangyang LME aluminium stocks, arrivals and drawdownsRUSSIAN METAL NOW DOMINATESThe competition to store LME aluminium during periods of weak demand is not new. The Gwangyang aluminium storage wars may just be starting.
Persons: Gwangyang, ISTIM, Henry Bath, Sharon Singleton Organizations: London Metal Exchange, Glencore, ISTIM, Pac Global Services, Reuters, Thomson Locations: Gwangyang, Malaysia's Port Klang, Port, Rotterdam, Busan, South Korea, Port Klang, Malaysian, Detroit, Vlissingen, ISTIM
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
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
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
PNB holds 60.6% of industrial group UMW Holdings (UMWS.KL), which in turn owns 38% of Perodua, the country's biggest automaker by market share. PNB, Sime Darby, UMW and Perodua declined to comment. Elsewhere in Southeast Asia, Vietnam has EV maker VinFast , while Indonesia has nickel producers including Merdeka Battery (MBMA.JK) and Trimegah Bangun (NCKL.JK) supplying the key battery metal in the global EV supply chain. Sime Darby Motor has been pushing for the adoption of EVs in Malaysia. Perodua is also eyeing breaking into the EV market and embarked last year on a study to build its first hybrid vehicle.
Persons: Otomobil, Sime Darby, PNB, Trimegah, Yantoultra Ngui, Tom Hogue, Sonali Paul Organizations: Malaysia EV, EV, Sime Darby, Permodalan, Darby Motors, State, Sime, Sime Darby Motors, UMW Holdings, country's, Daihatsu, MBM Resources, Mitsui & Co, VinFast, Merdeka, Sime Darby Motor, Thomson Locations: Malaysia, Malaysia SINGAPORE, Permodalan Nasional, Malaysian, Southeast Asia, Perodua's, Perodua, UMW, Vietnam, Indonesia, The Selangor, Peninsular Malaysia
Nurphoto | Nurphoto | Getty ImagesMalaysia's Prime Minister Anwar Ibrahim has vowed to recover the money Malaysians are owed from the 1MDB money laundering scandal, and says he hasn't ruled out the possibility of a lawsuit against Goldman Sachs. Anwar said Malaysian agencies were still in talks with Goldman Sachs, though ongoing discussions are "a bit complex." Asked to comment on Anwar's interview, Goldman Sachs referred CNBC to its second quarter earnings statement. It remains to be seen what would come out of the standoff between Malaysia and Goldman Sachs. "No one can deny the fact that Goldman Sachs was used, and partly used the authorities," Anwar said in his interview.
Persons: Malaysia's, Anwar Ibrahim, Malaysia's King, hasn't, Goldman Sachs, Anwar, CNBC's Martin Soong, Goldman, Muhyiddin Yassin, I've, , Mahathir Mohamad, Anwar Malaysia's, Anwar's Pakatan, Najib Razak, Muhyiddin, Islam that's Organizations: Nurphoto, Getty, Malaysia's, 1Malaysia, Malaysia, CNBC, of, Malaysian, Barisan Nasional, Barisan, Perikatan Nasional coalition, Islamic, Malay Locations: Kuala Lumpur, Putrajaya, Malaysia, Malaysian, Anwar Ibrahim Malaysia, U.S, of Malaysia, United States, Malay, Federal
Malaysia's opposition bloc includes Islamist party PAS, which promotes a strict interpretation of sharia law and opposes LGBTQ rights. Another PAS leader urged the government to cancel a concert by Coldplay because the band supports queer rights. DISCRIMINATION, THREATSAnwar vowed this year that Malaysia would never recognise LGBTQ rights. His government has banned books for "promoting the LGBT lifestyle", detained demonstrators expressing support for queer rights and confiscated Pride-themed watches made by Swiss watchmaker Swatch. Asked about the government's position on LGBTQ rights, government spokesperson and communications minister Fahmi Fadzil told Reuters: "Whatever the prime minister has said is the position."
Persons: Carmen Rose, Hasnoor Hussain, Rose, Anwar Ibrahim's, Anwar, Anwar doesn't, James Chin, Rezki Rohaizad, Malaysia's, Fahmi Fadzil, Thilaga Sulathireh, Sulathireh, I'm, Rozanna Latiff, Miral Organizations: REUTERS, PAS, Coldplay, University of Tasmania, Swatch, Reuters, Sisters, Thomson Locations: Malaysian, Singapore, Petaling Jaya, Malaysia, KUALA LUMPUR, Australia, Swiss
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
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
CNN —At least 10 people have died after a charter plane crashed onto an expressway north of Kuala Lumpur on Thursday. “First contact made by the aircraft with Subang Air Traffic Control Tower was at 2.47 p.m. [local time (2.47 a.m. At 2.51 p.m. local time, the “Control Tower observed smoke originating from the crash site but no mayday call was made by the aircraft,” the statement added. Eight people on board the plane were killed in the crash. Vincent Thian/APThe plane crashed into a car and a motorcycle, each carrying one individual, reported state newspaper Berita Harian, citing Selangor Police Head Hussein Omar Khan.
Persons: Sultan Abdul Aziz Shah, Vincent Thian, Harian, Hussein Omar Khan, Tengku Ampuan, ” Khan Organizations: CNN, Langkawi International Airport, Sultan Abdul Aziz Shah Airport, Civil Aviation Authority, Subang Air Traffic, Selangor Police, Tengku Ampuan Rahimah, Ministry, Transport, Malaysian Locations: Kuala Lumpur, Langkawi, Malaysia, Klang
Malaysian opposition leader and former premier Muhyiddin Yassin speaks during an interview at Kuala Lumpur, Malaysia July 27, 2023. REUTERS/Hasnoor Hussain/File PhotoKUALA LUMPUR, Aug 15 (Reuters) - A Malaysian court on Tuesday threw out charges of abuse of power against opposition leader and former Prime Minister Muhyiddin Yassin, describing them as "vague, flawed and unfounded", state news agency Bernama reported. Muhyiddin, who led Malaysia for 17 months between 2020 and 2021, was charged in March with four counts of abuse of power. A Kuala Lumpur high court ruled those charges failed to specify details of the offences allegedly committed, Bernama reported. His lawyer, Hisyam Teh, said he was confident that the other charges would not hold ground based on Tuesday's court decision.
Persons: Muhyiddin Yassin, Hasnoor Hussain, Bernama, Muhyiddin, Muhammad Jamil Hussin, Hisyam Teh, Anwar Ibrahim, Anwar, Martin Petty Organizations: REUTERS, Malaysian, Nasional, Thomson Locations: Kuala Lumpur, Malaysia, KUALA LUMPUR
First Solar, a leading U.S. solar panel manufacturer, said on Tuesday that an audit had found that migrant workers in its operations in Malaysia were victims of forced labor. The independent audit, which was included in a corporate sustainability report, found that four subcontractors in Malaysia had charged the workers recruitment fees in their home countries and withheld their pay and passports. U.S. officials and human rights activists have become increasingly concerned about the use of forced labor in the manufacture of solar panels, most of which takes place in Asia. Global supply chains for solar panels have for years relied on China, in particular for polysilicon, a crucial component in most solar panels made around the world. But a recent ban on products from Xinjiang, a region where the U.S. government and United Nations accuse the Chinese government of committing human rights violations, including forced labor, has led to a shift away from China.
Organizations: United Nations Locations: U.S, Malaysia, Asia, Global, China, Xinjiang
CNN —A 45-year-old man has been arrested after he allegedly disrupted a Malaysian Airlines flight from Sydney to Kuala Lumpur, which was forced to turn around mid-flight and land back in Sydney International Airport on Monday. “The man is expected to be charged later tonight,” according to a spokesman for the Australian Federal Police. “Malaysia Airlines flight MH122 on 14 August 2023 returned to Sydney International Airport due to a disruptive passenger on board. Sydney International Airport said in a statement to CNN that 32 domestic flights, including 16 inbound and 16 outbound, were canceled with other domestic flights experiencing delays of up to 90 minutes. “Currently there are no international flight cancellations,” the airport said.
Persons: Organizations: CNN, Malaysian Airlines, Sydney International Airport, Australian Federal Police, Police, Twitter, “ Malaysia Airlines, Sydney International Locations: Sydney, Kuala Lumpur
Indian rupee drops below 83/USD, RBI likely intervenes
  + stars: | 2023-08-14 | by ( ) www.reuters.com   time to read: +1 min
MUMBAI, Aug 14 (Reuters) - The Indian rupee on Monday declined below 83 to the U.S. dollar for the first time since October 2022, prompting the Reserve Bank of India to intervene, three traders told Reuters. The rupee was at 82.9650 to the dollar by 09:32 a.m. IST, down from 82.8450 on Friday. "It's obviously not a surprise that the RBI is there, but today seemed like the kind of day where it was possible they would relent". The Korean won, the Malaysian ringgit and the Indonesian rupiah were down between 0.6% and 0.8%. Reporting by Nimesh Vora; Editing by Savio D'Souza and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.
Persons: Nimesh Vora, Savio D'Souza, Sonia Cheema Organizations: U.S, Reserve Bank of India, Reuters, Korean, Malaysian, Thomson Locations: MUMBAI
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMalaysia's state polls were a 'setback' for the federal government, analyst saysAdib Zalkapli, director at BowerGroupAsia, discusses the recent election in six Malaysian states.
Persons: Adib Zalkapli Locations: Malaysian
The ban comes under the Printing Presses and Publications Act, the ministry added. ‘Political punching bag’Rights groups say the LGBTQ community faces growing intolerance in Malaysia and accuse the government of being at least partly to blame. “It showcases an alarming trend where symbols of pride and acts of solidarity with the LGBTQ community are met with harsh and disproportionate government responses,” Dhia said. As more individuals and groups come forward in support of the LGBTQ community, the state’s pushback grows increasingly aggressive,” Dhia added. By creating an environment of fear and hostility, the Malaysian government does a disservice not only to the LGBTQ community but to every Malaysian citizen.”
Persons: CNN —, , Nick Hayek Jr, , ” Hayek, Phil Robertson, ” Robertson, Dhia Rezki Rohaizad, ” Dhia, Matty Healy, Dhia Organizations: CNN, Swatch, Ministry of Home Affairs, Printing, Malaysian, ” Swatch Malaysia, Asia, Human Rights, , “ Gay, British Locations: Malaysia, Malaysian
Malaysia has banned pride-themed Swatch watches. Malaysian officials seized over 160 pride-themed watches from Swatch stores. In May, authorities raided Swatch stores and confiscated more than 160 watches from its Pride Collection. Swatch contested allegations that the watches were harmful, saying they carried a message of peace and love. Anyone found in possession of such Swatch products faces up to three years in jail or a fine of up to 20,000 ringgit ($4,375), it warned.
Organizations: Swatch, Service, Federal Gazette, Ministry Locations: Malaysia, Wall, Silicon, Swiss, Kuala Lumpur, Jakarta, Taipei
The quarterly results from OCBC, also Southeast Asia's second largest lender by assets, rounded up a strong earnings season by Singapore banks as DBS Group (DBSM.SI) and United Overseas Bank (UOBH.SI) also delivered double-digit profit growth. Besides higher interest rates, Singapore lenders have also benefited from strong inflows from wealthy customers amid global uncertainty, including U.S.-China geopolitical tensions, because of the city-state's status as a financial safe-haven. Higher interest rates and slower economic growth could raise asset-quality risks for businesses and individual customers, he said, adding weak loan demand could negatively impact net interest income growth momentum once margin expansion peaks. OCBC said April-June net profit climbed to S$1.71 billion ($1.28 billion) from S$1.28 billion a year earlier mainly driven by better income growth and partly offset by higher allowances for non-impaired assets. The figure compared with a mean estimate of a S$1.76 billion profit from four analysts polled by Refinitiv.
Persons: ROE, Thilan Wickramasinghe, OCBC, NIM, Yantoultra Ngui, Tom Hogue, Shri Navaratnam, Jamie Freed Organizations: Chinese Banking Corp, DBS, United Overseas Bank, Maybank Securities, Refinitiv, Thomson Locations: Singapore, SINGAPORE, Asia's, U.S, China, Malaysia
The quarterly results from OCBC, also Southeast Asia's second largest lender by assets, rounded up a strong earnings season by Singapore banks as DBS Group (DBSM.SI) and United Overseas Bank (UOBH.SI) also delivered double-digit profit growth. Besides higher interest rates, Singapore lenders have also benefited from strong inflows from wealthy customers amid global uncertainty, including U.S.-China geopolitical tensions, because of the city-state's status as a financial safe-haven. The figure compared with a mean estimate of a S$1.76 billion profit from four analysts polled by Refinitiv. The bank projected its full-year net interest margin, a key profitability gauge, to be above 2.2%, return on equity in the range of 14% and low-to-mid single-digit loan growth. ($1 = 1.3410 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Tom Hogue, Shri Navaratnam and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.
Persons: ROE, Helen Wong, Thilan Wickramasinghe, OCBC, Wong, Yantoultra Ngui, Tom Hogue, Shri Navaratnam, Jamie Freed Organizations: Chinese Banking Corp, DBS, United Overseas Bank, Maybank Securities, Refinitiv, Thomson Locations: Singapore, SINGAPORE, Asia's, U.S, China, Malaysia
A logo of DBS is pictured outside an office in Singapore January 5, 2016. DBS, which is also Southeast Asia's largest lender by assets, said April-June net profit hit a quarterly record high S$2.69 billion ($2.69 billion) compared to S$1.82 billion a year earlier. DBS' NIM, a key profitability gauge, rose for sixth consecutive quarter to 2.16% during the quarter from 1.58% a year earlier. Return on equity hit new quarterly high of 19.2%, up from 13.4% the same quarter a year ago. ($1 = 1.3411 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.
Persons: Edgar Su, NIM, Piyush Gupta, Gupta, Yantoultra Ngui, Muralikumar Anantharaman, Stephen Coates Organizations: DBS, REUTERS, Refinitiv, Thomson Locations: Singapore, SINGAPORE, Hong Kong
HONG KONG, July 31 (Reuters) - Fans, friends and family of the late Hong Kong-born, American singer and song-writer Coco Lee gathered for her funeral in Hong Kong on Monday, paying respects to the star who died at the age of 48 after a career spanning three decades. Lee was born in Hong Kong in 1975 and was the youngest of three children of a Hong Kong mother and Malaysian father. While she moved to San Francisco in her childhood, she was offered a recording contract in Hong Kong with Capital Artists after high school, prompting her to move back to her home city. In 1996, Lee signed with Sony Music Entertainment and her debut album, "Coco Lee", became the best-selling album of that year in Asia. In 2011, Lee married Bruce Rockowitz, a Canadian businessman who is the former CEO of the Hong Kong supply chain company Li & Fung.
Persons: Coco Lee, Lee, Angie Zhang, CoCo Lee, Coco, Carol, Nancy, Mulan, Oscar, Jackie Chan, Lee Xin's, Bruce Rockowitz, Fung, James Pomfret, Himani Sarkar, Christina Fincher Organizations: Queen Mary Hospital, Capital Artists, Sony Music Entertainment, Thomson Locations: HONG KONG, Hong Kong, American, Shanghai, Malaysian, China, Taiwan, San Francisco, Asia, Canadian
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