ANKARA, Sept 19 — Turkiye has revoked the licence of Iran’s Bank Mellat, a semi-private financial entity that has been subject to Western sanctions for years, the official gazette said early on Saturday.

The decision was announced some two weeks after Washington slapped sanctions on a Turkish bank over alleged ties to Iran’s Islamic Revolutionary Guard Corps (IRGC), although it was not immediately clear whether the two issues were related.

The move follows a decision by Turkiye’s banking regulator over the Tehran-based bank, which provides financial support to Iran’s government and is subject to US, EU and UK sanctions, according to OpenSanctions, an open-source database of information on sanctions-hit entities.

The Iranian government is also the largest shareholder of the bank, it said.

In revoking Bank Mellat’s licence, the Turkish regulator cited article 71b of the banking law, which says the entity’s “continued operation poses a threat to the rights of depositors and participation fund holders and to the security and stability of the financial system”.

Bank Mellat has been subjected to Western sanctions for years over accusations Tehran was pursuing an atomic weapon under the cover of a civil nuclear programme.

Those sanctions were lifted as part of a landmark 2015 deal between Tehran and world powers to curb its nuclear ambitions.

But the US unilaterally pulled out of the deal in May 2018, reimposing biting economic sanctions on Iran.

Bank Mellat was also hit by US and Gulf sanctions in 2019 after being named as one of 25 entities linked to Iran’s Revolutionary Guards.

On September 4, the US Treasury Department imposed sanctions on Turkiye’s Golden Global Bank over its alleged ties to the Revolutionary Guards as it sought to step up financial pressure on Iran.

The Turkish investment bank denied the accusations.

Iran has been at war since late February, when the United States and Israel launched a surprise bombing campaign that killed the Islamic republic’s supreme leader.

US Treasury Secretary Scott Bessent has said Washington was declaring an “economic D-Day” on Iran, warning of harsh consequences for countries that do not join the campaign.

The move by Turkiye’s banking regulator comes just days before President Recep Tayyip Erdogan is reportedly due to hold talks with US President Donald Trump on the sidelines of the UN General Assembly which begins in New York on Tuesday. — AFP

KUALA LUMPUR, Sept 19 — The ringgit is likely to remain range-bound against the US dollar next week, with market attention drawn to speeches by several US Federal Reserve (Fed) officials, an analyst said.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that a series of Fed officials are expected to share their thoughts with the public.

More insights can perhaps be gleaned on their thought process when the risk of higher fuel prices is likely to stay, he told Bernama.

According to the latest US Fed forecast, there would be another 25-basis point hike this year, said Mohd Afzanizam.

“Hence, we will see the degree of conviction for rate hike in the months to come.

“On that note, (trading in) the ringgit is expected to stay cautious next week. We foresee the ringgit-dollar (rate) to range between RM4.06 and RM4.09 next week,” he said.

Meanwhile, on a Friday-to-Friday basis, the ringgit weakened against the greenback to 4.0795/0840 from 4.0685/0725 a week earlier.

However, the local currency traded higher against a basket of major currencies during the week.

The ringgit appreciated versus the British pound to 5.4543/4603 from 5.4961/5015 on the previous Friday, gained against the Japanese yen to 2.5829/5860 from 2.6400/6428, and rose vis-a-vis the euro to 4.6849/6901 from 4.7178/7225.

It also traded mostly higher against Asean currencies.

The local note edged up versus the Singapore dollar to 3.1933/1971 from 3.2091/2125 a week earlier, strengthened vis-a-vis the Thai baht to 12.2383/2562 from 12.3072/3241, and climbed against the Indonesian rupiah to 229.7/230.0 from 231.0/231.3.

However, it slipped against the Philippine peso to 6.50/6.51 from 6.49/6.50 last Friday. — Bernama

SINGAPORE, Sept 19 — Singapore Airlines (SIA) has reclaimed the title of the world’s best airline, while Malaysia’s AirAsia retained its crown as the world’s best low-cost carrier in the latest Skytrax rankings.

SIA displaced Qatar Airways, which topped the 2025 rankings, while Hong Kong’s Cathay Pacific Airways, Japan’s ANA All Nippon Airways and Turkish Airlines rounded out the top five, The Straits Times reported today.

The win is SIA’s sixth in the history of the World Airline Awards, with its previous victory coming in 2023. 

The Singapore carrier finished second behind Qatar Airways in 2025.

For Malaysian travellers, AirAsia’s showing provides a regional talking point, with the carrier named the world’s best low-cost airline for a record 17th consecutive year, while SIA’s low-cost subsidiary Scoot retained the world’s best long-haul low-cost airline title for a sixth straight year.

The rankings are based on a Skytrax survey conducted from September 2025 to August 2026, involving more than 24.8 million travellers from more than 100 nationalities who rated more than 300 airlines.

AirAsia was named world’s best low-cost airline by Skytrax for a record 17th consecutive year in 2026. — Picture by Firdaus Latif

SIA also won the awards for best airline in Asia, world’s best economy class and world’s best economy class onboard catering, while finishing second behind Cathay Pacific for the world’s best cabin crew.

SIA chief executive officer Goh Choon Phong said the award reflected the dedication and professionalism of the airline’s staff and thanked customers for their continued trust and support.

“We are grateful to our customers for their trust and support, and we are committed to delivering an exceptional, world-class travel experience every time they fly with us,” he was quoted as saying by the Singapore newspaper.

SIA Group recorded its highest-ever revenue of S$20.5 billion (RM64.6 billion) in the 2025/26 financial year, while SIA and Scoot carried a record 42.2 million passengers between April 2025 and March 2026.

The carrier is also preparing to introduce new first- and business-class seats on its Airbus A350-900 fleet, although the rollout has been delayed to the first quarter of 2027.

The new seats were initially scheduled to debut in the second quarter of 2026 and were also intended for Boeing’s 777-9 aircraft, whose production has faced delays.

WASHINGTON, Sept 19 — US President Donald Trump signed a bill yesterday authorising new sanctions designed to pressure Russia over its war in Ukraine, shortly after it received congressional approval this week.

The legislation takes aim at Russia’s energy and defence sectors, alongside President Vladimir Putin and other senior officials.

It also targets Moscow’s so-called shadow fleet of tankers used to evade Western sanctions, and allows Trump the authority to impose tariffs of up to 100 per cent on major buyers of Russian oil and gas.

This could potentially cover China and India, and furthers efforts to cut off revenue financing Moscow’s war.

The Republican-led House of Representatives passed the package by a 262-159 vote on Wednesday.

The bill would also target companies and foreign actors supporting Russia’s military, and extend sanctions involving Iran.

But the broad powers to impose tariffs sparked an unusual split among Democrats, who largely support Ukraine but have resisted handing Trump wider authority over trade.

Ukrainian President Volodymyr Zelensky earlier said the legislation’s passage was symbolic and thanked US lawmakers.

India said on Thursday it would continue buying oil “through diversified sourcing.”

Trump’s signing of the bill also comes a week before he is due to meet with Chinese President Xi Jinping in Washington. — AFP

WARSAW, Sept 19 — Russian authorities have seized the businesses and assets of Swiss food giant Nestle and three French groups, a move the Kremlin defended yesterday as a justified measure against firms representing “unfriendly countries” that back Ukraine.

A decree signed by President Vladimir Putin transferred the Russian operations of Nestle, French retailer Auchan and the former Leroy Merlin DIY chain, now known as Lemana Pro, to a company called LEV Management.

The decree, issued late Thursday, also covers the Russian subsidiaries of French logistics group FM Logistic.

France late yesterday called on Russian authorities to “reverse this decision”.

Investigative outlet Novaya Gazeta Europe reported that LEV Management was created only at the end of 2025, and is headed by a Russian interior ministry general. It had no known business activity.

It was the latest move by Russia against Western firms in response to a barrage of sanctions over its war against Ukraine, now in its fifth year.

Most Western companies quickly sold their Russian operations and holdings after the Ukraine invasion, or at least isolated them, as sanctions have made trading in most goods difficult.

Others remained, citing concerns for their employees or citizen’s well-being, but often sharply scaling back their operations.

Russia has since made it difficult for firms to leave, requiring presidential authorisation for deals, or seizing the assets outright.

Assets at risk 

In a short statement, Nestle said it was “committed to taking all necessary steps to protect its rights and ensure continuity of business operations in the interests of all stakeholders, particularly its employees”.

“The company is assessing the situation and its options,” it added.

Nestle has six factories and Russia and employs around 7,000 people, mainly for coffee, pet care, infant nutrition and confectionary products, a spokesperson said.

Jean-Philippe Bertschy of the Swiss investment bank Vontobel said he expected the financial impact to Nestle would be small “given Russia’s limited contribution to group sales”.

He said Russia now accounted for just over one per cent of the group’s sales, down from around two per cent before the Ukraine war.

It has suspended “the vast majority of sales, non-essential imports, advertising and capital investment”, he said, while continuing to supply essential food items.

“This practice has historically often been a precursor to a forced sale or effective expropriation of operations in the market,” said analysts at the brokerage Jeffries.

“This was the case already for Danone and Carlsberg for example in 2023,” they wrote, estimating that a write-off of Nestle’s Russia business, including money it had not been able to repatriate, could cost the Swiss firm around one billion francs (RM4.97 billion).

Nestle shares dropped 2.6 per cent on the Zurich stock exchange yesterday.

Auchan and Leroy Merlin are both controlled by France’s Mulliez family, which also owns the Decathlon sports retailer.

Auchan’s Russian subsidiary said yesterday that it had requested “clarifications” from the authorities over Putin’s decree.

The French foreign and economy ministries said in a joint statement late yesterday that France “condemns” the move, and urged Moscow to go back on its decision.

Auchan’s subsidiary is one of Russia’s main retailers, with 241 stores in the country, including 62 hypermarkets, and over 33,000 employees according to its website.

“Once the corresponding information has been received, we will be able to provide more detailed comments,” Auchan Retail Russia said a statement to Russian news agencies.

The latest seizure echoes a string of other forced asset transfers, including Moscow’s 2023 takeover of Danone’s Russian business, which was later sold to a nephew of Chechen leader Ramzan Kadyrov. — AFP

COPENHAGEN, Sept 19 — Danish global shipping giant Maersk said yesterday it had ordered 26 large container vessels as part of an ongoing fleet renewal.

The vessels are expected to be delivered in 2029 and 2030, the company told AFP in an email.

Maersk, the world’s second-biggest container shipping group, did not disclose which shipyards would build the vessels, nor the value of the contracts.

“The vessels will have a capacity of 18,600 TEU (20 foot equivalent unit) and will be equipped with dual-fuel engines able to operate on liquified gas,” the company said.

In mid-August, Maersk raised its full-year earnings guidance as it reported a doubling of profits in the second quarter, driven by strong demand in Asia in particular.

Its profits rose even as the ongoing Mideast war throttled tanker and cargo traffic through the Strait of Hormuz, a key transit route for oil, gas and other crucial industrial products. — AFP

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WASHINGTON, Sept 19 — Some companies are talking less about their climate commitments, while others are shifting the goalposts or quietly letting targets lapse.

In President Donald Trump’s second term, major American businesses are bending with the political winds and stepping back from environmental commitments in line with what scientists say is required to prevent the worst consequences of human-caused global warming.

Climate Week NYC, which begins tomorrow, is an annual jamboree of civil society, governments and companies on the sidelines of the UN General Assembly.

“It’s probably the biggest year I’ve had companies saying, ‘Well, we haven’t got anything to announce, so you know, I’m not sure we’ll be on stage,’” Helen Clarkson, CEO of the Climate Group, which organises the event, told AFP.

“We’re seeing ‘green hushing’ is definitely increasing, and that’s a real challenge because I think if we all give in to this idea that the word climate should never be spoken, that is a lost battle.”

The explosion of AI data centres looms large over the trend, as US tech companies rush to finance private gas plants to power them.

Earlier this year, Meta left the Climate Group’s RE100 — a voluntary pledge by leading companies to source all their electricity from renewables — fuelling speculation that other tech giants could follow.

It’s not just Big Tech, though.

Dylan Tanner, executive director of InfluenceMap, a think tank that tracks corporate climate policy and lobbying, said automakers were among the worst offenders.

“Many car manufacturers with sales in the US have weakened their EV production targets in recent years, no longer putting their push to electrify within clearly defined timeframes,” he said.

In January 2021, for example, GM set a target of 100 per cent zero-emission vehicle sales by 2035.

While it technically maintains this target, the company this year backed the Trump administration’s weakening of a fuel economy rule to a level that would require no further improvement.

“GM believes that the EV transition must account for market and consumer realities... Ultimately the market will determine how quickly the EV transition occurs,” the company wrote in a comment supportive of the rule.

First wave, then backlash 

Tanner, who has tracked this topic since 2015, said few companies supported climate policy action at first, but momentum grew after the 2015 Paris Agreement and landmark legislation in Europe and in the US under former president Joe Biden.

A backlash to that first wave of high-ambition commitments began around 2023, with Trump bringing “a tailwind for some of the negative actors,” he said.

Pushback came from the fossil fuel sector and companies reliant on it, such as utilities, but also the US Chamber of Commerce, Tanner said.

Just this week, the chamber praised the Trump administration’s rule to remove curbs on greenhouse gas emissions from power plants.

In 2020 retail giant Walmart committed to cutting emissions by around a third by 2025 and two-thirds by 2030 from a 2015 baseline. But in a 2024 report it acknowledged it would miss the first target as well as its recycling goals.

Also in 2020, Google pledged to run on carbon-free energy by 2030, in what CEO Sundar Pichai heralded as a “moonshot.” But by 2024 it had stopped claiming its operations were carbon neutral, and this year it acknowledged its emissions were still rising.

Beverage giants Coca-Cola and Pepsi have changed the baseline years for their emissions reduction targets and weakened their ambitions.

Even companies whose climate policies have held steady — as with Apple under InfluenceMap’s scoring — have drastically reduced their public engagement.

Rachel Cleetus of the Union of Concerned Scientists said there was a clear limit to corporate climate action.

“I think it’s pretty clear that voluntary commitments and announcements are always going to be insufficient and we actually do need mandatory public policies on the books,” she told AFP.

“Without those policies... we just get this whiplash effect where companies are just swinging in the wind as politics change.” — AFP

KUALA LUMPUR, Sept 18 — The ringgit strengthened against the US dollar and other major currencies at Friday’s close, buoyed by improved market sentiment following easing concerns over crude oil supply, an analyst said.

At 6pm, the local currency rose to 4.0795/0840 versus the greenback from Thursday’s close of 4.0965/1010.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Brent crude prices fell on expectations of improving conditions in the Strait of Hormuz.

“This followed Saudi Arabia’s move to restore the damaged East-West pipeline. At the same time, some tankers have continued to traverse the Straits of Hormuz,” he told Bernama.

At the close, the ringgit gained against the euro to 4.6849/6901 from Thursday’s close of 4.7003/7055, rose versus the Japanese yen to 2.5829/5860 from 2.6305/6336 yesterday, and advanced vis-a-vis the British pound to 5.4543/4603 from 5.4877/4937 previously.

The local note also traded higher against its Asean peers.

The ringgit inched up versus the Singapore dollar to 3.1933/1971 from 3.2099/2137 at yesterday’s close and improved against the Thai baht to 12.2383/2562 from 12.2734/2917 previously.

It also appreciated vis-à-vis the Philippine peso to 6.50/6.51 from 6.53/6.54 yesterday and climbed versus the Indonesian rupiah to 229.7/230.0 from 230.7/231.1. — Bernama

KUALA LUMPUR, Sept 18 — Malaysia Rail Link Sdn Bhd (MRL) is working towards opening the East Coast Rail Link (ECRL) to the public as early as mid-December, with testing and commissioning by its Comprehensive Inspection Train (CIT) progressing well.

MRL chief executive officer Datuk Seri Darwis Abdul Razak said positive test results had given the company confidence to meet Transport Minister Anthony Loke’s challenge to open the rail service earlier than its original January 2027 target, during the school holidays.

The CIT, known as the “yellow doctors” due to its distinctive yellow stripes and role in detecting potential issues along the railway, began testing from Kuantan to Kota Bharu last month and has now entered its second phase from Kuantan to Gombak.

“We are now in the second phase from Kuantan to Gombak, and the test results have been positive. We accept the government’s challenge to open it in December, and our efforts are focused towards that target,” he told reporters during a CIT journey from Gombak to Kuantan Port City today.

Darwis said the Site Acceptance Test (SAT) had been completed, while the System Integration Test (SIT) was about 80 per cent complete. The step-up speed test from Kuantan to Kota Bharu also recorded positive results.

Testing will continue, with the train expected to complete full runs between Kota Bharu and Gombak by the end of this month, before proceeding with the Fault-Free Run (FFR) in October.

The special CIT journey involving members of the media from Gombak to Kuantan Port City took about 90 minutes, including passage through the 16.39-kilometre Genting Tunnel at an average speed of 160 km per hour.

Darwis said MRL was continuing to work with the Kelantan, Terengganu and Pahang state governments to facilitate the targeted opening, following the ECRL project’s 95.41 per cent completion as of August. Phase 1 had reached 97.65 per cent completion.

On fares, he said no decision had been made, adding that the rate would be announced by the Transport Ministry, with the government expected to ensure it remained reasonable.

Once operational, the ECRL is expected to cut travel time between Kota Bharu and Gombak to about four hours, compared with around seven hours by road. Phase 2, linking Gombak to Port Klang, is expected to be completed by December 2027, with operations scheduled to begin in January 2028.

Meanwhile, China Communications Construction Company ECRL Sdn Bhd (CCCECRL) project director and senior advisor Kong Qi said more than 40 CIT test runs and 12 freight train tests had been completed, with results so far showing positive progress.

He said the SIT, which began on Aug 21, covered 10 key areas, including tunnels, bridges, subgrade and tracks, traction power supply, communications, passenger service information systems, electromagnetic compatibility and integrated grounding.

“We test every curve and train stability. We found some parameters that needed adjustment, such as cornering, but they have been fixed. Up to now, everything is going smoothly,” he said.

Kong said the CIT had completed speed step-up testing of up to 176 km per hour on the first section, with tests on the remaining section continuing before moving to Automatic Train Protection (ATP) and signalling tests, followed by the FFR.

The CIT is equipped with specialised inspection systems that allow engineers to evaluate track conditions, train performance and railway systems under conditions that closely simulate actual operations.

Its inspection covers track engineering, traction power supply, signalling and communication systems. The train collects data on track geometry, rail profile, wheel-rail interaction, vehicle dynamics, pantograph and catenary performance, as well as signalling and telecommunications, enabling potential issues to be identified and rectified during testing and commissioning.

As part of the SIT, the CIT conducts real-time inspections and data collection along the ECRL alignment to assess the integration of key railway systems, including signalling, communications, traction power supply and the overhead contact line. — Bernama

KUALA LUMPUR, Sept 18 — Bursa Malaysia’s main index closed lower on Friday after a choppy session, while buying interest shifted to smaller-cap stocks, particularly technology and construction counters.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 9.18 points, or 0.54 per cent, to 1,665.56, from Thursday’s close of 1,674.74.

The benchmark index opened 1.98 points higher at 1,676.72 and moved between 1,661.79 and 1,677.83 throughout the session.

Market breadth, however, remained positive, with 625 gainers against 564 decliners. A total of 505 counters were unchanged, 1,172 were untraded, and 22 were suspended.

Turnover surged to 4.91 billion units worth RM4.87 billion, from 3.60 billion units valued at RM3.25 billion on Thursday.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said major Asian indices trended higher as lower oil prices eased US inflation concerns, while a tech-led rebound on Wall Street lifted sentiment.

On the domestic front, Thong said the local market could not escape broader foreign selling across emerging Asean markets, as a hawkish Federal Reserve, elevated US Treasury yields and a stronger greenback encouraged investors to favour US dollar assets.

“Nevertheless, local investors have shifted their attention towards smaller-cap stocks, particularly in the technology and construction sectors, resulting in stronger broader-market breadth despite the FBM KLCI’s weakness.

“From a technical perspective, the FBM KLCI has slipped to 1,665, while its relative strength index (RSI) at just above 30 indicates that the benchmark is approaching oversold territory,” he told Bernama.

Thong said this could attract bargain hunters, but with momentum still fragile, the index must first reclaim the 1,670-1,675 level to signal easing selling pressure.

Otherwise, the next support lies around 1,650-1,655, he said.

Heavyweight counters saw Maybank lose four sen to RM10.32, Public Bank ease three sen to RM4.77, CIMB fall six sen to RM7.63, Tenaga Nasional reduce 28 sen to RM13.04 and IHH Healthcare erase five sen to RM7.64.

Among the most active counters, Zetrix AI lost 4.5 sen to 20 sen, AirAsia rose 2.5 sen to 53 sen and FBSM shed four sen to 6.5 sen. Jaks Resources added 1.5 sen to 15.5 sen, while Top Glove slipped two sen to 77.5 sen.

Leading the gainers, Malaysian Pacific Industries rose RM2.70 to RM42.80, Sunway Construction jumped 76 sen to RM7.88 and Time Dotcom gained 49 sen to RM6.41. Petronas Gas advanced 34 sen to RM17.50, while QL Resources gained 33 sen to RM4.19.

On the losing side, Petronas Dagangan shed RM1 to RM20.08, Nestle fell 94 sen to RM89.58, Hong Leong Bank lost 56 sen to RM22.54, PPB slipped 35 sen to RM9.36 and KLCCP Stapled fell 28 sen to RM8.31.

On the index board, the FBM Emas Index fell 3.01 points to 12,411.72, while the FBM Top 100 Index lost 8.57 points to 12,210.37. The FBM ACE Index, however, advanced 48.15 points to 5,244.60.

The FBM Mid 70 Index jumped 236.78 points to 17,844.02, while the FBM Emas Shariah Index gained 38.12 points to 12,311.99.

Sector-wise, the Industrial Products and Services Index edged up 0.38 of a point to 185.24, while the Energy Index gained 5.48 points to 820.62. The Financial Services Index, however, fell 123.28 points to 19,412.63, while the Plantation Index shed 10.84 points to 9,496.44.

Main Market volume rose to 3.49 billion units worth RM4.55 billion, from 2.19 billion units valued at RM2.95 billion on Thursday.

Warrant turnover increased to 925.95 million units worth RM131.87 million, from 866.66 million units valued at RM108.88 million previously.

ACE Market volume fell to 498.28 million units valued at RM195.96 million, from 541.67 million units worth RM192.18 million on Thursday.

Meanwhile, trading on the Main Market was led by technology counters with 1.44 billion shares, followed by consumer products and services (527.84 million), construction (230.64 million), property (230.97 million), industrial products and services (317.88 million), healthcare (183.60 million), energy (112.55 million), financial services (129.61 million), utilities (90.51 million), real estate investment trusts (66.75 million), plantation (64.85 million), transportation and logistics (48.57 million), telecommunications and media (45.26 million), business trusts (67,900) and closed-end funds (38,200). — Bernama

KUALA LUMPUR, Sept 18 — Tenaga Nasional Bhd (TNB) said today it will provide RM120 million to RM150 million in support as more households qualify for the expanded electricity tariff fuel‑surcharge exemption until the end of the year.

The exemption covers the automatic fuel adjustment, the RM10 monthly retail charge and sales‑and‑services tax, with estimated savings of RM150 million for eligible households, business newspaper The Edge reported today.

TNB said more households have been consuming higher amounts of electricity in recent months.

The government announced yesterday that households using up to 800 kilowatt‑hours a month will now be exempt from the surcharge, compared with the previous 600 kilowatt‑hour threshold.

The Energy Commission had warned in April that rising coal and natural‑gas prices following the Middle East conflict would trigger the surcharge.

The proportion of households paying the three additional billing components rose to 20 per cent in July from 13 per cent in January under the earlier threshold.

TNB said warmer weather, work‑from‑home arrangements linked to the Iran oil price shock and increased electricity use during the 2026 World Cup contributed to higher consumption.

The utility said raising the threshold will protect 90 per cent of residential customers from the extra charges.

A consumer using 700 kilowatt‑hours a month will pay RM40 less under the latest measure.

KUALA LUMPUR, Sept 18 — The increase in coal prices to US$148 per tonne on September 10, 2026 will directly impact the cost of electricity generation, said Economy Minister Akmal Nasrullah Mohd Nasir today.

He said coal prices showed a more moderate increase in August to US$130.67 per tonne from US$129.63 per tonne in July, while peak daily electricity demand reached 21,949 megawatts on September 9, which was 4.7 per cent higher than the August average.

Akmal Nasrullah added that the increase was still within the reserve margin range that the existing electricity supply system could accommodate.

“The government will continue to ensure that the generation capacity and electricity supply system are sufficient to support economic activities, meet the needs of the people and strengthen the resilience of the country’s energy system,” he said during a briefing on the global energy crisis on TV1 today. 

Apart from coal, the price of crude oil and liquefied natural gas also experienced an increase with the average price of Brent crude oil in August increasing 8.9 per cent to US$90.88 per barrel compared to US$83.42 per barrel in July.

Akmal Nasrullah said the daily price of Brent also soared above US$120 per barrel this week compared to a lower average in August.

In addition, the average price of liquefied natural gas rose 13.2 per cent from US$19.32 per million British thermal units (MMBtu) in July to US$21.87 in August and as of mid-September, LNG prices were approaching US$30 per MMBtu.

Akmal Nasrullah said geopolitical and supply route disruptions could still trigger price spikes in the short term even as the global market adjusts.

“In this situation, the government will continue to ensure fuel supply security until December 2026 through three approaches, namely diversifying import sources, optimising domestic fuel production and strengthening long-term supply agreements,” he added.

According to him, the strategy of diversifying supply sources continues to be strengthened by sourcing crude oil and petroleum products from various regions, including the Americas, as well as exploring alternative sources from the African continent.

Akmal Nasrullah said this move is aimed at reducing dependence on any one country or supply route, especially as energy trade flows from West Asia continue to face uncertainty.

Malaysia and Thailand also strengthened energy cooperation through the signing of a production sharing contract and gas sales agreement for Block A-18-01 in the Malaysia-Thailand Joint Development Area to open up space for investment, maintain production and ensure long-term value for both countries.

He added that international markets have been adjusting since March 2026 through inventory adjustments, optimising supply sources and redirecting trade routes to reduce the impact of disruptions to raw materials and production inputs.

“The government’s priority is to ensure that the domestic supply chain continues to function, the supply of basic necessities must be sufficient and global cost pressures do not excessively affect the well-being of the people and the continuity of economic activities,” he added.

Meanwhile, Akmal Nasrullah said job losses increased to 68,177 workers for the period from January to September 16, an increase of 15,196 workers compared to the same period in 2025 involving the manufacturing and wholesale and retail trade sectors.

He added that Socso has implemented job relocation for 143,653 workers for the period from January to September 11 through the Employment Insurance System and the MYFutureJobs portal. — Bernama

KUALA LUMPUR, Sept 18 — AirAsia Group Bhd currently anticipates jet-fuel prices of between US$160 and US$190 (RM652 and RM775) per barrel and may reprice airfares again should prices rise to US$250 per barrel, said co-founder and adviser Tan Sri Tony Fernandes.

“Right now, I’m anticipating oil to be between US$160 and US$190 per barrel, and we are stable. Of course, if it goes up to US$250 per barrel, then I have to do another repricing,” he said during a virtual media briefing on AirAsia’s business update today.

Fernandes said AirAsia had already adjusted its fares to account for jet-fuel prices of up to about US$180 per barrel but retained room for further increases if necessary.

“I still think we should go higher if need be. It’s not what we want to do, but I think there’s a lot more room for elasticity before it kills the market,” he said.

On whether further fare increases could affect travel demand, Fernandes said demand remained resilient, with AirAsia recording a load factor of at least 80 per cent.

“If you look at our airfares in 2019 and our airfares now, it’s quite a big jump. Demand has not changed, which is good. It shows that people still want to fly even though airfares are going up by 20 to 25 per cent.

“Our load factor is 80 per cent and above, which is decent. We want to move up to 90 per cent, and we will do our best to do that,” he added.

On its Malaysian operations, Fernandes said AirAsia Malaysia remained the group’s largest and strongest business, with additional aircraft expected to be deployed soon.

“Malaysia is our biggest and strongest, and the business is very strong. We are adding aircraft very soon.

“In Malaysia, we have a 60 per cent market share, which we are predicting will grow to 70 per cent,” he added.

AirAsia Group reported a net loss of RM830.5 million for the second quarter ended June 30, 2026, after average jet-fuel prices rose to US$183 per barrel and fuel expenses increased 58 per cent year-on-year.

The quarterly result included a foreign-exchange loss of RM331 million. Excluding the foreign exchange impact, the group would have recorded a net loss of RM499.6 million.

According to the group’s financial results, its core Malaysian short-haul operations remained profitable during the quarter, while financial pressures were concentrated in Malaysian long-haul operations and the group’s short-haul businesses in Thailand, Indonesia and the Philippines.

AirAsia shares have lost more than 70 per cent of their value since the beginning of the year amid concerns over elevated jet-fuel prices and the group’s financial position.

Fernandes said the group’s operating fleet was nearing full restoration, with the remaining aircraft expected to return to service by October.

“We had to put 250 planes back into operation. We are still not 100 per cent finished with the 250 planes. We have about 10 left, which should be finished by October,” he said, adding that AirAsia had also returned 25 older, less fuel-efficient aircraft to lessors to reduce lease obligations and operating costs. — Bernama

GEORGE TOWN, Sept 18 — Penang is positioning Swettenham Pier for a bigger role in the regional cruise network, with the terminal now capable of accommodating two quantum-sized cruise ships simultaneously and up to 12,000 passengers.

State Tourism and Creative Economy Committee chairman Wong Hon Wai said the expanded capacity provided a strong foundation for Penang to develop Swettenham Pier as a regional “partial homeport” operational base that could complement Singapore.

“Penang and Singapore, both located along the Straits of Malacca, have distinct strengths that could support greater complementarity in cruise tourism rather than direct competition. Penang does not need to replace Singapore as an existing cruise homeport in the region.

“Instead, it can complement Singapore by providing cruise operators with more embarkation and disembarkation options while supporting cruise itineraries across Southeast Asia,” he said in a statement, issued following his participation in Cruise World Asia 2026 in Singapore.

Wong said Singapore remained one of Penang’s key source markets for cruise tourism as well as an important hub connecting regional cruise networks. 

He noted that Singapore ranked first among the source markets for international cruise passengers at Swettenham Pier, followed by the United States, India, China, Germany, Indonesia, the United Kingdom, South Korea and Australia.

He said this demonstrated that Penang’s cruise tourism market is becoming increasingly diverse, encompassing Southeast Asian markets as well as major markets in North America, South Asia, East Asia and Europe.

Penang has continued to enhance Swettenham Pier’s infrastructure, facilities and services to strengthen its position as an international cruise port and attract more cruise operators to include Penang in their regional itineraries, he added. 

He said the state’s ambition is to move beyond being merely a port of call and encourage more cruise passengers to embark or disembark in Penang and spend more time in the state before or after their cruises.

“Our aim is not simply to have cruise ships stop by Penang. We also want Penang to become a starting point for cruise journeys, allowing more travellers to embark or disembark here while staying longer and exploring the state’s attractions,” he added.

Wong said such a shift from port calls to embarkation and from transit to longer stays could unlock wider economic benefits from cruise tourism, including accommodation, dining, shopping, transportation and tourism expenditure.

On Penang’s competitive advantages, he said Swettenham Pier’s strategic location allowed passengers to walk directly into George Town, a Unesco World Heritage Site, upon disembarking, and attractions including Fort Cornwallis, City Hall, Town Hall and the recently upgraded and reopened Penang State Museum are within walking distance of the terminal.

“Even with only a few hours in Penang, cruise passengers can experience the state’s centuries-old history, multicultural heritage and distinctive urban character within a compact itinerary,” he added.

Wong said Penang would continue to strengthen cooperation with cruise operators, ports and regional partners to enable the state to play a more active role in the Southeast Asian cruise network. 

“Cruise tourism is no longer a zero-sum competition between ports. Ports should leverage their respective strengths to establish greater cooperation and complementarity, creating a win-win outcome for the wider regional cruise ecosystem,” he added. — Bernama

KUALA LUMPUR, Sept 18 — Malaysia’s inflation increased 1.9 per cent in August 2026 from 1.8 per cent in the previous month, with the Consumer Price Index rising to 137.5 points in July from 134.9 a year earlier, according to the Department of Statistics Malaysia (DOSM).

DOSM said the transport group drove the increase, rising 2.0 per cent compared to 1.4 per cent in July 2026. Inflation in personal care, social protection and miscellaneous goods and services rose 3.2 per cent in August compared to 2.9 per cent in July.

“Both housing, water, electricity, gas and other fuels and restaurant and accommodation services increased 2.1 per cent in August compared to 1.8 per cent and 2.0 per cent in the previous month, respectively.

“The food and beverages group increased 1.9 per cent in August (July 2026: 1.8 per cent), while the health group increased 1.3 per cent compared to 1.1 per cent in the previous month,” it said in a statement.

In addition, the furnishings, household equipment and routine household maintenance increased by a marginal 0.4 per cent in August (July 2026: 0.3 per cent).

DOSM said nine states recorded increases above the national inflation level of 1.9 per cent, namely Negeri Sembilan (2.5 per cent), Johor (2.3 per cent), Kedah (2.3 per cent), Pahang (2.3 per cent), Labuan (2.3 per cent), Selangor (2.1 per cent), Kuala Lumpur (2.1 per cent), Melaka (2.0 per cent) and Putrajaya (2.0 per cent).  “All states registered an increase in food and beverages inflation, except Kelantan, which recorded a decrease in August 2026,” it added.

On a month-on-month basis, the headline inflation in August 2026 increased by a marginal 0.3 per cent, driven by transport inflation that registered 0.6 per cent compared to -1.1 per cent in the previous month.

This was followed by the personal care, social protection and miscellaneous goods and services, which increased 0.5 per cent, it said.

Both groups of housing, water, electricity, gas and other fuels, as well as restaurant and accommodation services, climbed 0.4 per cent compared to 0.1 per cent and 0.2 per cent in the previous month, respectively.

Food and beverages moderated to 0.2 per cent in August compared to 0.3 per cent in July. — Bernama

KUALA LUMPUR, Sept 18 — Malaysia’s total trade increased 43.4 per cent year-on-year (y-o-y) to RM354.0 billion in August 2026 from RM246.8 billion in August 2025, supported by sustained double-digit growth in both exports and imports.

Department of Statistics Malaysia (DoSM) said exports rose by 45.5 per cent y-o-y to RM191.0 billion, while imports increased by 41.1 per cent y-o-y to RM163.0 billion.

“Consequently, the trade surplus expanded by 77.1 per cent to RM28.1 billion, marking the 76th consecutive month of trade surplus since May 2020,” it said in a statement today.

The department said Malaysia’s export performance during the month was supported by double-digit growth in both domestic exports and re-exports.

Domestic exports, which accounted for 79 per cent of total exports, increased by 46.0 per cent to RM151.0 billion, while re-exports, which contributed 21 per cent of total exports, rose by 43.3 per cent to RM40.1 billion.

Imports also recorded strong growth, increasing by 41.1 per cent to RM163.0 billion.

On a month-on-month basis, it said exports, imports and total trade decreased by 1.3 per cent, 4.7 per cent and 2.9 per cent, respectively, compared with July 2026.

Meanwhile, the trade surplus increased by 24.7 per cent, or RM5.6 billion.

By commodity groups, 136 out of 258 export commodity groups and 142 out of 258 import commodity groups recorded increases against the same month last year.

“Growth in exports was mainly supported by higher shipments to the United States (RM21.2 billion), followed by Singapore (RM11.3 billion), Taiwan (RM7.2 billion), Hong Kong (RM5.3 billion), China (RM3.4 billion), Japan (RM3.0 billion) and the European Union (RM2.3 billion),” said DoSM.

Meanwhile, the increase in imports was primarily attributed to higher inflows from China (RM16.9 billion), followed by Taiwan (RM8.8 billion), Singapore (RM7.0 billion), South Korea (RM5.9 billion), Vietnam (RM1.8 billion), Japan (RM1.1 billion) and the United Arab Emirates (RM1.1 billion).

Export growth was mainly driven by higher shipments of electrical and electronic (E&E) products (RM36.9 billion), other manufactures (RM13.7 billion), liquefied natural gas (RM2.1 billion), petroleum products (RM2.0 billion), machinery, equipment and parts (RM1.9 billion) and manufacture of metal (RM1.7 billion).

Similarly, the increase in imports was driven by higher inflows of E&E products (RM38.3 billion), crude petroleum (RM3.1 billion), petroleum products (RM2.2 billion), machinery, equipment and parts (RM2.2 billion), manufacture of metal (RM1.2 billion), and optical and scientific equipment (RM1.1 billion).

By end-use category, DoSM said the increase in imports was driven mainly by intermediate goods and capital goods.

Imports of intermediate goods (55.6 per cent of total imports) increased by 50.5 per cent y-o-y or RM30.4 billion to RM90.7 billion.

Capital goods imports (13.3 per cent of total imports) rose by 37.4 per cent y-o-y to RM21.6 billion.

However, imports of consumption goods (5.7 per cent of total imports) decreased by RM153.6 million to RM9.3 billion.

Meanwhile, the department said Malaysia’s total trade for January to August 2026 increased by 27 per cent y-o-y to RM2.5 trillion from RM2.0 trillion previously, driven by strong growth in exports (31.2 per cent) and imports (22.4 per cent).

The trade surplus also expanded by 127.6 per cent y-o-y to RM198.7 billion.

“Overall, Malaysia’s trade performance for the first eight months of 2026 remained resilient, supported by continued growth in exports and imports.

“The strong performance was underpinned mainly by E&E products, alongside increased trade with major trading partners,” it added. — Bernama

KUALA LUMPUR, Sept 18 — Capital A CEO and AirAsia co-founder Tan Sri Tony Fernandes today refuted a Reuters report that said the company he co-founded needs government help to absorb the budget carrier’s domestic market share.

Speaking at a media briefing from Bangkok, Thailand, Fernandes called the report “irresponsible” and that it contained inaccuracies that did not factually reflect the aviation giant’s financial situation.

“Nothing, nothing, we are not getting (anything) from the government, I don’t know where this story comes from,” Fernandes replied when asked to comment on the report.

“My top sources said no such conversations happen… kill it (the story) already. We do not need rescuing or bailouts whatsoever,” he added.

Reuters ran a story two days ago quoting sources who claimed Malaysia’s government had asked Malaysia Airlines and Batik Air whether they ‌could absorb AirAsia’s domestic market share.

The talks were said to be a part of what the sources described as scenario planning while authorities monitor the financial health of South-east Asia’s largest low-cost airline.

Discussions between the government and Malaysia Airlines and Batik Air have increased in recent weeks, the people said, amid growing concerns over financial pressures faced by Asean’s biggest budget carrier.

AirAsia reported a net loss of RM831 million for the second ⁠quarter ended June 30, hit by rising jet fuel costs and heavy foreign-exchange losses of RM331 million, Reuters reported.

The carrier has been restructuring aggressively, cutting underperforming routes, returning 25 older aircraft to lessors and renegotiating contracts with vendors to reduce costs.

Fernandes denied claims that his company is scrambling to secure US$3 billion (RM12.2 billion) to lift it out of the red, describing the reported sum as “something picked out of the air”.

Instead, he said AirAsia have been servicing its debt on time despite not getting any help from the government as it faced the Covid-19 crisis, which Fernandes described as the worst the carrier had ever faced.

On reports that it was unloading some of its newly acquired Airbus A321 Neo planes, Fernandes said the move was merely in response to the oil supply crisis and not a sign of financial strain.

NEW YORK, Sept 18 — General Motors has delivered its first components for Lockheed Martin interceptor missiles as the defence contractor boosts production to rebuild US stocks in the middle of the Iran war and to meet international demand, Lockheed said yesterday.

GM, which has targeted defence as an area of revenue growth, is providing precision castings to house the weapon for PAC-3 “Patriot” missiles, touted by Lockheed for delivering “exponentially more kinetic energy” compared with other missiles.

GM worked with the Pentagon in World War II, but the deliveries are the first for missiles in modern times, according to a GM spokesman, who described PAC-3 production as ongoing.

Lockheed’s press release touted the speedy GM deliveries as evidence it is moving with “wartime urgency” for the Pentagon, which government reports have found faces eroded supplies of some key systems due to the Iran conflict.

Lockheed and GM signed a formal contract agreement August 6 and the first batch of PAC-3 components was delivered August 28, Lockheed said.

“This extraordinary 22-day turnaround underscores Lockheed Martin’s relentless focus on execution — delivering for our troops faster, with greater capacity,” said Tim Cahill, president of Lockheed Martin Missiles and Fire Control.

Lockheed plans to triple the volume of PAC-3 production to 2,000 by the end of next year, Lockheed Chief Executive Jim Taiclet said Thursday at a Morgan Stanley conference.

“When it also comes to PAC-3, there is significant international demand,” Taiclet said. “Right now the US government is parsing out as they always do for foreign military sales. Who gets what.”

In light of the strong demand from the United States and internationally, Lockheed is targeting even greater than a tripling of volumes, but Taiclet said it will take time to build the supply chain.

President Donald Trump has brushed aside questions about the hit to military supplies from the Iran war since the United States and Israel launched attacks on February 28.

But a Department of Defence’s Inspector general released earlier this week said “the munitions expenditure on Operation Epic Fury has resulted in strategic inventory shortfalls and revealed industrial base bottlenecks for munitions resupply.”

A September 15 report by the Congressional Budget Office cited the hit to supplies of missile defence interceptors, “which will leave the United States with a reduced inventory of interceptors for several years.”

The CBO report said the Iran conflict as a whole had cost US military around US$38 billion (RM155 billion) as of August 1.

In July, GM Chief Executive Mary Barra said the company expected defence revenues of US$700 million in 2026, describing the venture as a way to “improve margins and become less cyclical.”

Barra said the Army had ordered more than 10,000 infantry squad vehicles after an initial 1,200 procurement.

“We are focusing our efforts on strengthening supply chain management, improving manufacturing readiness and expanding production capacity in ways that serve the United States and its allies well.” — AFP

WASHINGTON, Sept 18 — US Federal Reserve chair Kevin Warsh delivered the interest rate hike this week that many economists think surging inflation required, defying President Donald Trump — but questions about the central bank chief’s credibility linger.

The Fed on Wednesday raised rates in the world’s largest economy by 25 basis points to between 3.75 and 4.00 per cent, with policymakers signalling at least one more rate hike before year-end.

Trump has launched an unprecedented assault on the Fed’s independence to set monetary policy since taking office, initiating a criminal probe into Warsh’s predecessor and attempting to fire another Fed governor in his quest for lower rates to spur economic activity.

He frequently insulted and berated former chair Jerome Powell, but delivered a muted — if still extraordinary — response to Warsh’s announcement of the rate hike.

Trump told reporters he spoke with Warsh before the Fed’s meeting, telling him to “do what you want” and ascribing the decision to raise rates — which the Fed chair voted for and stood by — to a “hostile board.”

Asked by a reporter if he had spoken to the president, Warsh was tight-lipped. And queried on the Fed’s independence, he again offered a tepid defence.

“Part of the independence of the Federal Reserve is we stay in our lane. Independence is a two-way street,” he said, responding to a question about Trump’s threat to cut trade ties with some countries if the Fed raised rates.

“We let people that do trade policy and fiscal policy stay in their lane, too,” Warsh said.

For Pao-Lin Tien, economics professor at George Washington University, Trump’s version of his conversation with Warsh will fuel the scepticism of those who question the latter’s independence.

“That kind of meddling really makes people question a little bit whether the Fed chair is really completely independent,” she said. “Personally, I’m not very convinced.”

‘Not a reliable narrator’ 

For others, however, Warsh has been put in a difficult spot. With inflation surging to three-year highs amid the Iran war, and an aggressive president who has made it clear he will channel his anger at friends and foes alike if he does not get what he wants.

David Wessel, a senior fellow at the Brookings Institution, thought Warsh managed the situation well.

“He got a unanimous vote from the FOMC to raise interest rates and, apparently based on a conversation between the two men, the president doesn’t seem to blame Warsh personally for the rate hike,” he said, referring to the Fed’s interest-rate setting committee.

Still, the president’s assertion that he gave Warsh permission to vote for the hike was “very Trump-like,” he added.

“We don’t know what was really said in that conversation. Warsh isn’t talking and Trump isn’t a reliable narrator,” said Wessel. “I doubt he asked Trump for permission, but maybe Trump believes he gave it.”

‘Steel in his spine’ 

What is clear to many economists is that a rate hike was needed.

Inflation has been above the Federal Reserve’s two-per cent target for more than five years, with US households and businesses battered by high prices since the pandemic.

Inflation had been on a downward trajectory, but prices have surged in the wake of Trump’s war on Iran, his signature tariff policies and the ongoing AI boom.

Since taking office in May, Warsh has made it clear he was focused on the high prices.

“The plain fact is that inflation is too high, and has been for too long,” he told reporters on Wednesday.

The White House insists that any inflation is due to the previous administration, with Trump advisor Kevin Hassett saying earlier this week that there was no need for a rate hike to tackle it.

Warsh, however, had a different view, saying that inflation data over the summer did not suggest that price rises were transitory.

For Tien, the Fed’s decision to raise rates may have defied Trump’s demands, but it does not necessarily mean much for its independence.

“Inflation has been so high for so long that it will be very hard to make an argument to not raise rates,” she said.

Many in financial markets, however, cheered Wednesday’s decision as establishing Warsh’s credibility in going against the White House’s wishes.

“Warsh has shown that he has steel in his spine by increasing interest rates seven weeks before the midterm elections,” wrote economist Michael Strain in the Financial Times. — AFP

HONG KONG, Sept 18 — Asian stocks rose today in line with a rally on Wall Street as a drop in oil prices eased inflation concerns, while investors were awaiting a Bank of Japan interest rate decision later in the day.

The Federal Reserve’s hike in borrowing costs this week provided some relief to traders concerned that policymakers were not moving quick enough to address a spike in inflation that could deal a blow to the world’s top economy.

That has been helped by news that Saudi Arabia was moving to restore within days about half of crude shipments disrupted by the stoppage of its East-West pipeline to the Red Sea.

The conduit, even more important since the effective closure of the Strait of Hormuz by Iran, was shut last week after being targeted by Yemen’s Iran-backed Houthis.

Crude prices, which had soared around a fifth in September, have fallen around five per cent from recent highs, with West Texas Intermediate dipping below US$100 (RM409) for the first time since Friday.

The surge in oil has been among the main catalysts for rising inflation since the United States and Israel began their war on Iran at the end of February.

And the latest fall-off provided some much-needed support to stocks.

Seoul, Tokyo, Hong Kong, Shanghai, Sydney and Taipei all advanced though there were small losses in Singapore, Wellington and Manila.

The latest moves in oil and the Fed’s action reassured investors and kept the 10-year US Treasury bond yield — a key indicator of borrowing costs throughout the world’s biggest economy — back below five per cent.

On currency markets the yen slipped against the dollar ahead of the BoJ announcement, which is widely expected to be a 25-basis-point hike in interest rates.

But analysts said that with the lift already factored in, the focus will be on what is said afterwards.

“Given the degree of pricing, the rate decision itself may have limited impact on the yen,” said Chris Weston at Pepperstone.

“Instead, attention should fall on the forward swaps curve and the Bank’s guidance around the pace and urgency of further tightening. Governor (Kazuo) Ueda’s press conference will therefore be key.

“The market will be looking for confirmation that further normalisation remains firmly on the table, while assessing whether the Bank sees any urgency to move again.”

Key figures at around 0200 GMT 

Tokyo — Nikkei 225: UP 0.7 per cent at 64554.64 (break)

Hong Kong — Hang Seng Index: UP 0.9 per cent at 24,834.41

Shanghai — Composite: UP 0.8 per cent at 3,907.64

Dollar/yen: UP at 156.28 yen from 155.96 yen on Thursday

Euro/dollar: DOWN at US$1.1478 from US$1.1480

Pound/dollar: UP at US$1.3359 from US$1.3358

Euro/pound: DOWN at 85.93 pence from 85.94 pence

West Texas Intermediate: DOWN 0.7 per cent at US$101.23 per barrel 

Brent North Sea Crude: DOWN 0.8 per cent at US$104.03 per barrel 

New York — Dow: UP 0.6 per cent at 51,778.04 (close)

London — FTSE 100: UP 1.2 per cent at 10,816.14 (close) — AFP

KUALA LUMPUR, Sept 18 — Bursa Malaysia rebounded to open higher today as lower oil prices, easing United States (US) Treasury yields and resilient labour market data encouraged bargain hunting in technology and semiconductor shares after the index closed 0.26 per cent lower yesterday, an analyst said.

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.11 points, or 0.06 per cent, to 1,675.85 from yesterday’s close of 1,674.74.

The index opened 1.98 points higher at 1,676.72.

Market breadth was positive, with gainers leading losers 276 to 111. A total of 281 counters were unchanged, 2,198 untraded and 22 suspended.

Turnover stood at 219.07 million shares worth RM104.76 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the US 10-year Treasury yield fell below the key five per cent level to around 4.93 per cent, while Brent crude declined about one per cent to US$103-104 per barrel.

Oil prices settled lower on Thursday as investors weighed supply disruptions from strikes by Saudi Arabia and Yemen’s Iran-backed Houthis against reports of additional Saudi crude reaching global markets.

At the time of writing, Brent crude oil slid 0.71 per cent to US$104.08 per barrel.

Thong also said he expects the benchmark index to remain in consolidation, although lower yields and oil prices could encourage selective bargain hunting.

“The FBM KLCI is expected to trade between 1,670 and 1,685 today,” he told Bernama.

Among heavyweights, Maybank and CIMB eased two sen each to RM10.34 and RM7.67, respectively, while IHH Healthcare fell six sen to RM7.63. Public Bank was one sen better at RM4.81 and Tenaga Nasional earned two sen to RM13.34.

As for the top actives, AirAsia was 2.5 sen lower at 48 sen, FSBM reduced 3.5 sen to seven sen, while Jaks Resources, Kinergy Advancement and Zetrix AI were all flat and stood at 14 sen, 40 sen and 24.5 sen, respectively.

Among the top gainers, Malaysian Pacific Industries was RM1.20 higher at RM41.22, MN Holdings increased 11 sen to RM3.63, while Pentamaster, MI Technovation and Sunway Construction all gained 10 sen to RM5.32, RM5.69 and RM7.22, respectively.

Of the top losers, Petronas Dagangan shed 30 sen to RM20.78, Nestle was 12 sen lower at RM90.40, while Chin Teck Plantations and Fraser & Neave reduced six sen each to RM10.20 and RM22.80, respectively, and SD Guthrie dropped five sen to RM6.25.

On the index board, the FBM Emas Index added 17.56 points to 12,432.39 and the FBM Top 100 Index accumulated 14.81 points to 12,233.76.

Meanwhile, the FBM Mid 70 Index strengthened 50.16 points to 17,657.39, the FBM ACE Index advanced 28.49 points to 5,224.94, and the FBM Emas Shariah Index ticked up 28.84 points to 12,302.71.

Sector-wise, the Industrial Products and Services Index edged up 0.71 of a point to 185.57, and the Energy Index perked 2.36 points to 817.50.

The Financial Services Index declined 14.36 points to 19,521.55, and the Plantation Index lost 12.47 points to 9,494.81. — Bernama

KUALA LUMPUR, Sept 18 — The ringgit opened higher against the US dollar and a basket of major currencies today, supported by improved market sentiment as easing West Asia crude oil supply concerns lifted risk appetite.

At 8am, the local note increased to 4.0955/1015 against the greenback from yesterday’s close of 4.0965/1010.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said market sentiment was lifted after Saudi Arabia reportedly began restoring its damaged East-West pipeline, while tanker movements through the Strait of Hormuz continued, easing immediate concerns over supply.

“As a result, Brent crude oil prices fell 0.95 per cent to US$104.82 per barrel, while US Treasury yields declined, with the two- and 10-year notes falling seven basis points each to 4.67 per cent and 4.94 per cent, respectively.

“However, attention has now shifted to the Bank of Japan’s (BOJ) monetary policy decision later today, with consensus expecting a 25-basis-point increase in its policy rate to 1.25 per cent,” he told Bernama.

He said the market would be closely watching the BOJ’s economic assessment and policy tone, as a more hawkish stance could trigger further unwinding of yen carry trades and heighten volatility in the foreign exchange market.

Hence, Mohd Afzanizam expects the ringgit to stay in a narrow range today as traders will be observing this critical event.

At the opening, the ringgit was higher against a basket of major currencies.

The local note gained against the euro to 4.7000/7069 from yesterday’s close of 4.7003/7055, rose against the yen to 2.6228/6268 from 2.6305/6336, and advanced vis-à-vis the British pound to 5.4704/4784 from 5.4877/4937 previously.

The ringgit traded mixed against its Asean peers.

The local currency appreciated against the Singapore dollar to 3.2096/2146 from 3.2099/2137, but dipped against the Thai baht to 12.3043/3279 from 12.2734/2917.

The ringgit remained unchanged vis-à-vis the Philippine peso at 6.53/6.54 and against the Indonesian rupiah at 230.7/231.1 yesterday. — Bernama

KUALA LUMPUR, Sept 17 — The ringgit ended mostly higher against major currencies on Thursday, but weakened against the greenback, as investors digested the US Federal Reserve’s (Fed) latest interest rate decision, an analyst said.

At 6pm, the local currency fell to 4.0965/1010 against the greenback from Tuesday’s close of 4.0835/0880. The market was closed for a public holiday yesterday.

The ringgit touched a low of 4.1012 at 9.13am today before it rebounded to close at 4.0965.

The US central bank on Wednesday raised the federal funds rate target range to 3.75–4.00 per cent from 3.50–3.75 per cent.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the Fed is unlikely to be done with its 25-basis-point rate hike yesterday, with further increases potentially on the horizon as the US central bank remains committed to bringing inflation back to its two per cent target.

“Tomorrow, the market will be focusing on the Bank of Japan’s (BOJ) rate decision, and the market is expecting a 25-basis-point increase as a possible outcome. Hence, market sentiments are expected to remain guarded amid the restrictive monetary policy stance adopted by the major central banks,” he told Bernama.

At the close, the ringgit gained against the euro to 4.7003/7055 from Tuesday’s close of 4.7111/7163, rose against the yen to 2.6305/6336 from 2.6366/6396, and advanced vis-à-vis the British pound to 5.4877/4937 from 5.5037/5098 previously.

Against Asean peers, the ringgit eased against the Singapore dollar to 3.2099/2137 from 3.2093/2131, and dipped against the Thai baht to 12.2734/2917 from 12.2620/2800.

The local note was also down vis-à-vis the Philippine peso to 6.53/6.54 from 6.50/6.51, and remained unchanged against the Indonesian rupiah at 230.7/231.1 yesterday. — Bernama

KUALA LUMPUR, Sept 17 — Bursa Malaysia’s main index closed lower today after a volatile trading session.

An analyst said concerns over rising United States bond yields and the possibility of further monetary tightening by the US Federal Reserve (Fed) continued to weigh on market sentiment.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 4.47 points to close 0.26 per cent lower at 1,674.74 points from Tuesday’s close of 1,679.21 points.

The stock exchange was closed for trading yesterday in observance of Malaysia Day.

The benchmark index opened 1.71 points lower at 1,677.50, moving between 1,670.75 and 1,684.92 throughout the trading session.

Market breadth was subdued, with losers surpassing gainers 673 to 465. A total of 548 counters were unchanged, 1,170 untraded and 13 suspended.

Turnover inched up to 3.60 billion units worth RM3.25 billion, from 3.34 billion units valued at RM3.25 billion on Tuesday.

Berjaya Research Sdn Bhd head of research Kenneth Leong said the firm maintained a cautious bias on the FBM KLCI amid elevated US Treasury yields and lingering concerns over the global interest rate outlook.

“Nevertheless, the recent weakness could increasingly attract bargain hunting as the key index approaches oversold territory, particularly among fundamentally sound counters.

“Investors will also be monitoring the Bank of Japan’s interest rate decision and Malaysia’s inflation data expected to be released tomorrow for further clues on the regional monetary policy outlook and domestic price pressures,” he told Bernama.

Technically, Leong said the key index has formed another bearish candlestick, maintaining its pullback mode.

“The immediate resistance levels are now at 1,687 points, followed by 1,700 points, while support levels are located at 1,666 points and 1,655 points, respectively,” he said.

Among the heavyweight counters, Maybank lost six sen to RM10.36, while Public Bank and Tenaga Nasional were unchanged at RM4.80 and RM13.32, respectively. CIMB was 11 sen lower at RM7.69, and IHH Healthcare was two sen lower at RM7.69.

Among the top active counters, Zetrix AI dipped one sen to 24.5 sen, while AirAsia tumbled 13.5 sen to 50.5 sen, and Capital A was 4.5 sen lower at 23 sen. ACE Market debutant Pioneer Heat was five sen higher at 30 sen, while TWL was flat at 2.5 sen.

Among the top gainers, Vitrox added 48 sen to RM9.58, Malaysian Pacific Industries gained 40 sen to RM40.10, Nestle jumped 34 sen to RM90.52, Petronas Dagangan was 30 sen higher at RM21.08, and Allianz inched up 24 sen to RM21.10.

Among the top losers, Hong Leong Bank slid 36 sen to RM23.10, Petronas Chemicals lost 34 sen to RM4.86, F&N slipped 26 sen to RM22.86, Hong Leong Financial were 22 sen lower to RM18.56, and Bursa Malaysia shed 18 sen to RM8.07. — Bernama

KUALA LUMPUR, Sept 17 — Capital A Bhd and AirAsia Group Bhd emerged among the top three active counters, following reports of potential government intervention in AirAsia’s domestic operations amid concerns over its financial health.

As at 4 pm, AirAsia’s share price fell 13.5 sen, or 21.09 per cent, to 50.5 sen, with 133.84 million shares traded, and Capital A’s share price was five sen, or 18.18 per cent, lower at 22.5 sen, with 118.57 million shares traded.

A foreign wire reported yesterday about growing concerns over AirAsia’s financial pressures as the low-cost airline owes airport operator Malaysia Airport Holdings Bhd at least RM500 million.

In a Bernama report yesterday, Batik Air chief executive officer Datuk Chandran Rama Muthy said the airline can quickly bring in aircraft to absorb or help meet domestic market demand, if required.

AirAsia clarified earlier this month that its planned fundraising exercises, comprising up to US$1 billion (RM4.21 billion) in international debt markets and RM700 million in local credit facilities, are primarily targeted at debt restructuring or refinancing and balance sheet consolidation, rather than purely funding operational shortfalls. — Bernama

HONG KONG, Sept 17 — Most equities rose Thursday after the Federal Reserve hiked interest rates for the first time in three years and boss Kevin Warsh sounded a hawkish note that ramped up bets on another increase as officials fight surging inflation.

Investor sentiment was also given a lift from a further dive in oil prices, which was fuelled by supply hopes after Saudi Arabia moved to restore some capacity from a pipeline it closed at the weekend following drone attacks.

In a unanimous decision, the Fed lifted borrowing costs for the first time since 2023, defying President Donald Trump’s demand for cuts, as Warsh stressed the need to combat inflation that has been “too high” for “too long”.

“We removed a dose of accommodation so that financial and credit conditions would be more consistent with our ultimate objectives,” Warsh said after the announcement.

“Today’s action starts to show we’re serious about this, and we will deliver on the price stability objective.”

The decision was announced along with a graph showing the vast majority of Fed policymakers saw at least one more was likely necessary before the end of the year.

Traders now see an October hike as being a 50:50.

While Wall Street’s three main indexes ended Wednesday in the red, Asian traders took the 25-basis-point lift more positively, with analysts saying it shored up credibility in the central bank and provided some reassurance over officials’ determination to beat inflation.

Long-term government bond yields – which this week touched two-decade highs – fell as investors pared back their inflation expectations, which at 3.4 per cent is currently well above the bank’s two per cent target.

“Removing a dose of accommodation is not the language of a central bank that believes it has completed the job,” said Stephen Innes at Quintex Intel.

“It suggests policy was still providing support before Wednesday and may not yet be restrictive after it.

“The hike removed the immediate credibility question. The explanation created a new argument about how much tightening remains.”

Christian Scherrmann at DWS added: “Overall, we believe the main motivation this time was credibility, given bond market pricing and recent developments in oil markets.”

Still, he added: “Despite his hawkish stance, Fed Chair Warsh’s optimistic outlook on the economy may be music to many ears.”

And Janus Henderson’s Daniel Siluk said that “absent action, the US central bank would be at risk of denting its credibility in a manner that could unmoor inflation expectations and materially force a repricing of risk across financial markets”.

Equity markets across Asia were mostly higher Thursday.

Tokyo, Sydney, Singapore, Taipei, Wellington, Mumbai, Bangkok and Jakarta all advanced, though Hong Kong and Shanghai dipped, while Seoul was flat.

London, Paris and Frankfurt opened higher.

However, Tai Hui, of JP Morgan Asset Management, warned: “We think the chance of US policy rates returning to above five per cent is still limited.

“Nonetheless, a catalyst to extend the equity bull market (lower interest rates) is looking unlikely in the foreseeable future.”

The news angered Trump, who called Warsh a “good man” who had “a hostile board”.

“They’re raising the rates to make Trump do as bad as they can possibly do... So they’re raising that only for political reasons, and that’s a raise against Trump,” he complained.

While the Middle East crisis continues to weigh heavily on sentiment and oil prices above $100 a barrel, investors took some cheer from reports that Saudi Arabia is looking to return about half the capacity of its cross-country oil pipeline within days.

The East-West conduit was shut last week after Yemen’s Iran-backed Houthis targeted it.

State-run Saudi Aramco said it was looking to get back up to full capacity in about six weeks, Bloomberg cited sources as saying.

The news sent crude prices tumbling around three per cent Wednesday, and they extended the losses Thursday by dropping more than one per cent.

The dollar retreated against its peers after rallying Wednesday on the back of the Fed rate move and Warsh’s remarks.

Eyes are now on decisions by the central banks of Britain and Japan, with the latter also expected to hike as it looks to fend off a rise in inflation and a weaker yen. — AFP

KUALA LUMPUR, Sept 19 — Malaysia introduced e-invoicing in August 2024 with a promise to stamp out tax fraud and plug revenue leakages.

However, two years on, small and medium-sized enterprises (SMEs) still grapple with administrative burden and compliance costs to switch to e-invoicing. 

Those exempted from the obligation, thanks to the higher threshold for mandatory e-invoicing, also lament about practical problems that still persists in transactions with major corporations. 

The government first pushed up the threshold for mandatory e-invoicing from RM150,000 to RM500,000 in July 2024 before hiking it to RM1 million in December 2025.

Prime Minister Datuk Seri Anwar Ibrahim raised the threshold again to RM3 million effective September, exempting more than 1.1 million businesses from e-invoicing obligation, according to the Inland Revenue Board (IRB).

However, SME Association of Malaysia president Chin Chee Seong pointed out that higher thresholds do not necessarily remove the practical challenges faced by the exempted businesses. 

He said larger companies filing e-invoicing may impose additional layer of requirements for the exempted micro-businesses that could result in payment delays for them. 

“Even a relatively short delay in receiving payment can create pressure, especially for micro and small businesses that need to pay salaries, suppliers, rentals and other operating expenses,” Chin told Malay Mail.

The hotel industry has also been saddled with additional operating costs due to the changing e-invoicing rules.

Malaysia Budget and Business Hotel Association president Sri Ganesh Michiel said many hotels have heavily invested to shift to e-invoicing only to find out that they have been exempted much later. 

“Some hotels may have already spent money on software, system integration, consultancy services and staff training to prepare for e-invoicing.

“These costs may appear relatively small individually, but they add to the increasing operating costs faced by budget hotels,” he said.

Since the hotel industry operates within a wider tourism ecosystem, Sri Ganesh said the government must clearly spell out the terms of transactions between businesses mandated to do e-invoicing and those exempted from it.

“Once a policy direction has been decided, sufficient preparation, consultation and transition arrangements should be provided so that businesses are not repeatedly required to invest in new systems or retrain employees because of changing requirements,” he added. 

Make tax reporting simpler

The businesses want a simpler tax reporting mechanism with more consistent regulations — and more importantly, without any extra costs. 

Chin said the government can adopt a simpler digital reporting system for larger businesses and to either allow smaller businesses to continue with conventional invoices or subject them to simplified digital reporting periodically. 

Likewise, Sri Ganesh said maller hotel operators should be allowed to continue their current tax reporting mechanism if their existing accounts, receipts and invoices are properly maintained. 

However, he stressed invoicing requirements alone would not plug revenue leakages in the hospitality sector if illegal accomodations continue operating without any tax repercussions.

“It is unfair if legitimate hotel operators are continuously required to bear additional compliance costs while illegal or unregulated accommodation providers are allowed to operate without paying the same taxes or fulfilling the same obligations,” he said.

Broader tax review necessary 

Sri Ganesh also urged the government to review the Sales and Service Tax (SST) rate for budget hotels — capped at eight per cent currently — since their cost structure and operating environment differs from other industries.

Meanwhile, Chin said the government should also consider reinstating the Goods and Services Tax (GST) with a reasonable threshold if it wants to review the e-invoicing regulation.

“GST can provide the government with a broader and more transparent tax base. 

“If properly designed and implemented, it can strengthen tax collection while reducing overreliance on more fragmented forms of taxation,” Chin said.

KUALA LUMPUR, Sept 17 — Bursa Malaysia’s key index traded higher today, with bargain hunting expected to support trading, particularly in fundamentally sound blue-chip stocks that have been sold down, after the index closed 1.11 per cent lower on Tuesday.

At 9.19 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) earned 1.0 points, or 0.06 per cent, to 1,680.21 from Tuesday’s close of 1,679.21.

The index opened 1.71 points lower at 1,677.50.

Market breadth was negative, with losers leading gainers 309 to 241. A total of 346 counters were unchanged, 1,960 untraded and 13 suspended.

Turnover stood at 390.15 million shares worth RM201.32 million.

The local bourse was closed yesterday for the Malaysia Day public holiday.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said that despite expectations of bargain hunting among investors, geopolitical risks and elevated oil prices remain key headwinds.

“We expect the index to trade within the 1,670-1,690 range today,” he said.

Among heavyweights, Maybank added two sen to RM10.44, Public Bank was three sen better at RM4.83, CIMB down one sen to RM7.79, and Tenaga Nasional earned two sen to RM13.34.

As for the top actives, Pioneer Heat was five sen higher at 30 sen, Capital A reduced 1.5 sen to 26 sen, Top Glove was 3.5 sen lower at 77.5 sen, Ni Hsin was one sen higher at 32.5 sen, and AirAsia fell three sen to 61 sen.

Among the top gainers, Nestle was 22 sen higher at RM90.40, MN Holdings’ warrant added 14 sen to RM3.52, YTL Power and UMS Integrated gained 12 sen to RM5.63 and RM8.11, respectively, while Sam Engineering and UWC were one sen better at RM4.12 and RM8.11, respectively.

Of the top losers, Malaysia Pacific Industries shed 56 sen to RM39.14, and Petronas Chemicals was 20 sen lower at RM5. Panasonic and Genting Plantations reduced 15 sen each to RM5.41 and RM5.49, while Sunway Constructions declined 14 sen to RM6.94.

On the index board, the FBM Emas Index added 2.58 points to 12,446.51 and the FBM Top 100 Index accumulated 4.64 points to 12,249.44.

Meanwhile, the FBM Mid 70 Index fell 4.62 points to 17,611.03, the FBM ACE Index erased 0.2 of a point to 5,169.75, and the FBM Emas Shariah Index dropped 17.22 points to 12,285.20.

Sector-wise, the Industrial Products and Services Index edged down 1.42 points to 184.98, and the Energy Index slipped 2.29 points to 819.09.

The Financial Services Index advanced 19.52 points to 19,666.92, and the Plantation Index decreased 37.06 points to 9,489.14. — Bernama

KUALA LUMPUR, Sept 17 — The ringgit opened lower against the US dollar on Thursday as the greenback strengthened following a hawkish outcome from the United States (US) Federal Open Market Committee (FOMC) meeting overnight.

At 8 am, the local currency eased to 4.0855/0910 against the greenback from Tuesday’s close of 4.0835/0880.

The US Federal Reserve (Fed) raised its benchmark interest rate by 25 basis points to a target range of 3.75 per cent to 4.00 per cent, which it had previously forecast at 3.50 per cent to 3.75 per cent, marking its first rate hike since 2023.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the highly anticipated FOMC decision was met with a high degree of hawkishness, signalling that the Fed remains committed to tightening monetary policy to achieve price stability.

“The Fed chair indicated during his press conference that the monetary policy stance is expected to be more restrictive and that they are serious about meeting one of its dual mandates, namely price stability.

“The quarterly projection by the Fed staff also showed there will be another quarter-point rate hike this year,” he told Bernama.

He noted that the move has helped to drive the US dollar higher, with the US dollar index (DXY) hovering at 100.322 points, while the two- and ten-year US Treasury yields rose seven and two basis points to 4.74 per cent and 5.02 per cent, respectively.

On that note, Mohd Afzanizam said the ringgit is expected to trade lower against the US dollar today, possibly around 4.08 to 4.10.

At the opening, the ringgit was higher against a basket of major currencies.

It improved against the euro to 4.6853/6916 from Tuesday’s close of 4.7111/7163, rose against the yen to 2.6182/6219 from 2.6366/6396, and inched up against the British pound to 5.4672/4746 from 5.5037/5098.

The ringgit traded mixed against its Asean peers.

The ringgit leapt against the Singapore dollar to 3.1965/2013 from 3.2093/2131 previously, and increased against the Thai baht to 12.2265/2485 from 12.2620/2800 at Tuesday’s close.

The local note was marginally lower against the Indonesian rupiah at 230.8/231.2 from 230.7/231.1 and edged down vis-a-vis the Philippine peso to 6.51/6.52  from 6.50/6.51 previously. — Bernama

WASHINGTON, Sept 17 — The US Federal Reserve on Wednesday raised interest rates for the first time since 2023, defying President Donald Trump’s demand for cuts, as central bank chief Kevin Warsh stressed the need to combat inflation that has been “too high” for “too long.”

The Fed’s Federal Open Market Committee voted unanimously to raise rates by 25 basis points to between 3.75 and 4.00 per cent.

“The plain fact is that inflation is too high, and has been for too long,” Warsh told a press conference, adding that the decision was a “serious” but necessary one.

And Wednesday’s rate hike may not be the last – the vast majority of Fed policymakers indicated that at least one more rate hike was likely necessary before the end of the year, according to their Summary of Economic Projections (SEP).

US households and businesses have been battered by years of higher-than-target inflation, and prices have surged in the wake of Trump’s war on Iran, his signature tariff policies and the ongoing AI boom.

The US president reacted angrily to the decision Wednesday, calling it a “raise against Trump” and accusing the Fed’s rate-setting committee – which he called “hostile” – of making decisions for political reasons.

The president has launched an unprecedented assault on the Fed’s independence since taking office, attempting to fire a Fed Governor and launching a criminal probe against Warsh’s predecessor in his quest for lower rates to spur economic activity.

Wednesday’s statements refrained from directly insulting or criticising Warsh, as Trump was wont to do with former Fed chair Jerome Powell.

Trump’s Republican Party faces a stern test in upcoming midterm elections, with rival Democrats seeking to wrest control of both houses of Congress and economic issues front-and-centre for voters.

Growing calls for hike

The Fed had held rates steady since January, choosing to wait to gauge the effects of the Iran war’s energy price shocks and to let the impact of tariffs on prices ripple through the economy.

Since July, however, a growing faction of policymakers had indicated a rate hike may be required to tame inflation, as the war grinds on and prices remained elevated, particularly for energy.

On Friday, August’s consumer price index came in at 3.4 per cent – unchanged from the month before, but still well above the Fed’s long-term two-percent target.

Diane Swonk, chief economist at KPMG, said inflation had “forced the Fed’s hand.”

“Price pressures remain too elevated and too persistent for policymakers to look through, while the economy and labour market have held up well enough to absorb tighter policy,” she said.

In its SEP, the Fed raised its forecast for its preferred gauge of inflation – the Personal Consumption Expenditures (PCE) price index – by 0.1 percentage points to 3.7 per cent by year-end.

The Fed also raised its projection for GDP growth by year-end to 2.3 per cent, up 0.1 percentage points.

Warsh reiterated his belief in the “resilience” of the US economy, citing its strength as being a marker of its ability to absorb tighter financial conditions.

‘Rather unfortunate’

US stock markets largely priced in Wednesday’s rate hike, but they were still down on the news – expected with any rate hike as investors adjust their portfolios.

Yields on 10-year US Treasury bonds – which have surged in recent days as uncertainty on long-term inflation has spiked – were also up past the five-percent threshold, a sign that uncertainty remains a factor.

Warsh was named to his position after a contentious Senate confirmation process, during which Democratic lawmakers accused him of being a “sock puppet” for Trump, which he denied.

The Fed has a dual mandate to deliver maximum employment while keeping inflation to its long-term two-percent target.

It mainly achieves these goals by setting the key US interest rate – lower rates tend to spur economic activity but fuel inflation, and hiking them cools both activity and prices.

The Fed’s SEP showed that at least 12 of 18 policymakers who participated in the projection expected one more rate hike would be required before the end of the year.

Four policymakers expect two more rate hikes to be required.

Warsh has criticised the Fed’s policy of offering such projections in the past and did not participate in the previous iteration in June.

This projection also included only 18 policymakers, suggesting he had once again withheld his contribution. — AFP

KUALA LUMPUR, Sept 16 — Batik Air is able to bring aircraft in quickly to absorb or help with the domestic market demand if required, says its chief executive officer Datuk Chandran Rama Muthy.

He was responding to a foreign news report today that Malaysia’s government has asked Malaysia Airlines and Batik Air whether they could absorb AirAsia’s domestic market share as authorities continue to monitor the financial health of the low-cost airline.

In a short response to Bernama, Chandran, however, did not mention whether talks are ongoing on the matter.

Batik Air has a fleet of 51 aircraft at present, including seven A330 planes, with the airline flying to over 60 destinations across 20 countries. It carried a total of 4.5 million passengers in 2023 and 6.6 million passengers in 2024. — Bernama

TOKYO, Sept 16 —  The Bank of Japan is poised to raise interest rates again on Friday to counter inflation fuelled by surging energy prices and to support the yen, under Washington’s watchful eye.

Markets are awaiting the US Federal Reserve’s decision today after the European Central Bank announced an increase last week.

For the BoJ, which meets tomorrow and Friday, suspense is limited: some of its members have themselves sent signals suggesting they will raise its key rate by 0.25 percentage points to 1.25 per cent, the highest level in more than three decades.

The last hike was in June.

Pressure has increased on officials to lift borrowing costs as a spike in oil prices caused by the Middle East crisis, which shows little sign of ending anytime soon, is expected to keep putting upward pressure on inflation.

Meanwhile, the cheap yen is also driving up the cost of imported goods.

Inflation accelerated in July towards the two per cent target set by the BoJ.

“A hike to 1.25 per cent at the September policy meeting has already been priced in,” Takehiko Nakao, Japan’s former currency chief and former president of the Asian Development Bank, told AFP.

“In the face of advancing inflation, interest rates must be raised in a timely manner to contain it. If the response is delayed... you may end up having no choice but to raise rates sharply,” he added.

This points to the prospect of further, closely spaced hikes as the war in the Middle East drags on.

“We expect inflation excluding fresh food and energy to rise further towards 2.5 per cent by early next year,” said Marcel Thieliant of Capital Economics.

“And if the government doesn’t resume subsidies for electricity and gas, higher generation costs could lift headline inflation well above three per cent,” said Thieliant, who expects rates to hit two per cent by mid-2027.

Weak yen

Central bankers are also minded to provide support to the yen, which fell in July to its weakest level against the dollar in 40 years, prompting a historic joint intervention in foreign exchange markets by the United States and Japan to provide support.

The unit had been weighed in particular by the wide gap between Japan’s still low interest rates and those of the Federal Reserve, which encouraged investors to favour better-yielding dollar-denominated assets.

The “joint intervention in late July had a short-lived impact on the yen but has increased pressure on the BoJ to accelerate the pace of rate hikes”, said Shigeto Nagai, an analyst at Oxford Economics.

“Financial markets appear to reflect the idea that the US Treasury secretary demands faster rate hikes in exchange for intervention,” he said.

“The economic and political cost of disappointing markets and the US has become too big for the BoJ and government to ignore,” he warned.

In an August conversation with BoJ Governor Kazuo Ueda, Bessent expressed “strong support for Japan’s decisive market and monetary steps to address the substantial undervaluation of the yen”.

After years of ultra-accommodative policy up to 2024, “the Bank of Japan’s slow move toward normalising interest rates is a major factor behind the weak yen”, said Nakao.

A weak yen tends to make imported goods more expensive, thus fuelling inflation. While it can strengthen the competitiveness of Japanese exporters, “the downside—declining purchasing power weighing on consumption and investment—is not sufficiently understood”, warned Nakao.

Above all, to support the yen “it is important that the Japanese government reduce its outstanding debt and secure market confidence”.

The fiscal policy of Prime Minister Sanae Takaichi, which favours a robust stimulus with higher public spending—notably on defence and tax breaks—is worrying investors.

The yield on Japan’s 10-year government bonds climbed above three per cent yesterday its highest level since 1996.

Adding to market concerns was Japan’s approval yesterday of a drastic reduction in the sales tax on food, starting in April. — AFP

KUALA LUMPUR, Sept 16 — Putrajaya has asked Malaysia Airlines and Batik Air whether they could absorb AirAsia’s domestic market share as authorities monitor the financial health of the country’s biggest low-cost carrier, two people familiar with the matter told Reuters.

The discussions, which have increased in recent weeks, are part of scenario planning involving the Finance Ministry and state-linked airport operator Malaysia Airports Holdings Bhd (MAHB), as concerns grow over AirAsia’s financial pressures, the news agency reported.

According to the report Malaysia Airlines and Batik Air have told the government they would be willing to expand organically to take on AirAsia’s routes and passengers rather than acquire its entire business, one of the people said.

However, they would only consider taking over AirAsia’s operations on a large scale if they could also assume its aircraft leases, as absorbing its routes and passenger volumes without the aircraft would be considerably more difficult, the source said.

AirAsia has said it accounts for about 40 per cent of Malaysia’s overall aviation market and 60 per cent of domestic flying, making its financial position a significant concern for the government, according to the people Reuters spoke to. 

AirAsia has been hit by soaring jet fuel costs stemming from the US-Israeli war on Iran, with costs rising 66 per cent in the second quarter from the previous quarter to an average of US$183 a barrel.

AirAsia reported a net loss of RM831 million for the quarter ended June 30, including RM331 million in foreign-exchange losses. Its current liabilities stood at RM18.4 billion as of June 30, according to Reuters.

The airline owes MAHB at least RM500 million for services including landing and parking fees, according to the people and two others familiar with the matter. MAHB has already granted AirAsia repayment extensions, two of the people said.

AirAsia said this month it was advancing discussions with financial institutions to raise up to US$1 billion from international debt markets and RM700 million in local credit facilities, primarily to restructure its debt.

Two people familiar with the matter estimated it needed at least US$3 billion in fresh capital.

AirAsia said its financing targets were sufficient to meet its requirements and that it had RM954 million in cash and bank balances as of June 30.

The airline also said it remained focused on business continuity and stable operations, with strong underlying demand across its network.

Other options discussed include the government providing some form of endorsement to support AirAsia’s efforts to raise fresh capital from external investors, although the exact nature of any potential support remains unclear, according to the report. 

AirAsia has also been restructuring, cutting underperforming routes, returning 25 older aircraft to lessors and renegotiating vendor contracts to reduce costs.

Reuters reported earlier this month that the Finance Ministry had hired Alton Aviation Consultancy to assess the airline’s funding needs as the government considers whether to provide support.

HONG KONG, Sept 16 — Asian stocks struggled today as investors prepare for an expected interest rate hike by the Federal Reserve later in the day, though there was a little support from a dip in oil prices following their recent run-up.

With inflation still running well above the central bank’s target and the Middle East crisis keeping crude above US$100 a barrel, monetary policymakers are widely tipped to lift borrowing costs for the first time since 2023.

That has dealt a heavy blow to a rally in global equities that saw several markets hit record highs in the first half of the year, and there is growing speculation that officials could announce another lift before the end of the year.

Fed boss Kevin Warsh last month ramped up bets on an increase when he delivered what was considered a hawkish speech at a gathering of central bankers and economists at Jackson Hole, Wyoming.

Since then, data showing strong jobs creation and stubbornly high inflation have cemented expectations, with traders pricing a more than 90 percent chance board members choose to tighten monetary policy.

Expectations that inflation will run hot for an extended time helped push up 10-year US Treasury yields this week above five percent and to a level not seen since 2007 before the global financial crisis kicked in.

“For traders, the most interesting part of the statement will be the vote, specifically how many of the 12 members (if any) vote to leave interest rates unchanged,” wrote Matt Weller at FOREX.com.

“If there are three or more dissents, or if Chairman Warsh himself dissents (unlikely), then even an immediate interest rate hike may be seen as a potential one-off ‘insurance hike’, rather than necessarily the start of a new rate hiking cycle.

“Conversely, a unanimous decision to raise rates makes another interest rate hike this year more likely.”

After a sell-off on Wall Street and in Europe, Asian equities staggered between gains and losses Wednesday, with tech firms still coming to terms with a call among top AI leaders for a slowdown in development in the sector.

Tokyo, Shanghai, Sydney and Manila fell, while Hong Kong, Singapore, Wellington, Taipei and Jakarta fell.

Seoul was flat.

The Fed announcement is followed Friday by the Bank of Japan, which is also expected to hike owing to rising inflation as well as the need to maintain support for the yen.

The currency has picked up against the dollar this month—having hit a 40-year low in July—helped by a historic joint Japan-US intervention.

But observers say it could benefit in the future from Fed struggles to rein in prices.

“Currency markets are still pricing in a consensus that US inflation will ultimately return to two per cent,” said Invesco’s David Chao.

“It is very possible that US inflation instead settles closer to three per cent.

“In such an environment where the central bank is seen as less credible in reigning in inflation, investors may become less willing to hold US dollars simply because US interest rates are higher.”

The Bank of England is forecast to maintain its benchmark rate tomorrow as the UK economy struggles for growth.

A drop in oil prices Wednesday provided some optimism, though both main contracts remain well above US$100 a barrel as the US and Iran remain at loggerheads and Saudi Arabia keeps a key pipeline closed following attacks.

Also in view, is a planned summit between US President Donald Trump and Chinese counterpart Xi Jinping, with reports that they could agree to some tariff reductions.

Bloomberg said the two sides were looking at reductions on some goods including US energy and agricultural products, suggesting they will extend a one-year truce agreed in 2025 following Trump’s global tariff blitz.

SINGAPORE, Sept 16 — Singapore-based Grab Holdings said yesterday it will acquire a controlling stake in digital finance firm Atome Financial for US$1.49 billion, seeking to expand access to loans for users across Southeast Asia.

Grab, the region’s largest ride-hailing platform, also operates food, grocery and parcel delivery services. Atome Financial is one of Southeast Asia’s leading buy-now-pay-later (BNPL) and consumer lending groups.

The proposed deal will give Grab a 60-percent equity interest in Atome Financial.

“If completed, it would combine Atome Financial’s business—spanning BNPL loans, consumer cash loans, BNPL cards and digital lending, with Grab’s financial services business,” the companies said in a joint statement.

The acquisition would allow both firms to jointly develop products offering everyday financing to more people in the region, extending access to millions without a formal credit history who are excluded from traditional banking, the companies said.

Through Atome, Grab will gain a scaled consumer lending platform, while Atome will tap into Grab’s regional ecosystem to open new distribution channels.

“By coming together, we can deliver on our common vision of using technology to responsibly extend financial access to the unbanked and underbanked in the region,” said Alex Hungate, Grab’s president and chief operating officer.

“With Grab’s ecosystem, and our proven AI-powered lending infrastructure, we can extend that to millions more across Southeast Asia who’ve been left out,” added Jefferson Chen, Atome Financial’s chief executive officer.

Bank account ownership in recent years has risen sharply in developing economies, according to World Bank figures.

But about 1.3 billion adults globally remained unbanked. Southeast Asia, especially Indonesia, still represent a significant portion of that gap, especially among rural, lower-income and informal workers, according to the World Bank’s Global Findex Database. — AFP

KUALA LUMPUR, Sept 15 — The ringgit ended lower against the US dollar on Tuesday as investors remained cautious ahead of the two-day US Federal Open Market Committee (FOMC) meeting, which begins tonight, an analyst said.

At 6pm, the local currency dipped to 4.0835/0880 against the greenback from Monday’s close of 4.0735/0770.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the odds for a US rate hike this week were reportedly at 92.3 per cent based on data from CME FedWatch. CME FedWatch is a tool by the Chicago Mercantile Exchange (CME Group) that shows market expectations for the US Federal Reserve’s (Fed) interest-rate decisions.

“Consequently, the US Dollar Index (DXY) rose 0.25 per cent to 99.641 points while the 10-year US Treasury note yield surpassed the 5.00 per cent level. Other Asian currencies such as the Indonesian rupiah, Thai baht and Singapore dollar were also weaker against the US dollar,” he told Bernama today.

At the close, the ringgit weakened against the euro to 4.7111/7163 from Monday’s close of 4.7008/7049, fell against yen to 2.6366/6396 from 2.6355/6380, and inched down vis-a-vis the British pound to 5.5037/5098 from 5.4931/4978 previously.

Against its ASEAN peers, the ringgit eased against the Singapore dollar to 3.2093/2131 from 3.2055/2085, and retreated against the Thai baht to 12.2620/2800 from 12.2445/2598.

The local note was also marginally lower against the Indonesian rupiah at 230.7/231.1 from 230.5/230.8 yesterday, and was down vis-à-vis the Philippine peso to 6.50/6.51 from 6.48/6.49 previously. — Bernama

KUALA LUMPUR, Sept 15 — Bursa Malaysia ended lower today in subdued trading as sentiment continued to remain cautious ahead of the Federal Open Market Committee (FOMC) interest rate decision tomorrow and soaring oil prices.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 18.80 points to close 1.11 per cent lower at 1,679.21 points from Monday’s close of 1,698.01.

The benchmark index opened 3.10 points lower at 1,694.91, moved between 1,678.06 and 1,694.91 throughout the trading session.

Market breadth was subdued with losers beating gainers 780 to 355. A total of 551 counters were unchanged, 1,157 untraded and 13 suspended.

Turnover firmed to 3.34 billion units worth RM3.25 billion, from 3.18 billion units valued at RM2.79 billion on Monday.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the market tracked weaker regional and global markets as investors also remained cautious towards artificial intelligence-related stocks amid an uncertain external environment.

On the domestic front, the focus was on energy related stocks.

From a technical perspective, Thong said the benchmark index is approaching oversold territory.

"While selling pressure could persist in the near term, the increasingly stretched technical condition could encourage bargain hunting, particularly in selected blue chips where valuations and dividend yields have become more attractive following the recent decline.

"With external uncertainties likely to keep investors defensive, we expect the FBM KLCI to remain in consolidation mode in the near term,” he told Bernama.

"As such, we expect the benchmark index to trend within the 1,670-1,700 range for the rest of the week,” he added.

Head of research at Berjaya Research Sdn Bhd Kenneth Leong told Bernama that technically, the local bourse has gapped down and formed a bearish candlestick to drift further from the 1,700 psychological level.

"The immediate resistances are now shifted to 1,700 points, to be followed by 1,714 points. Meanwhile the supports are located at 1,676 points and 1,670 points,” he added.

Among heavyweights, Maybank slipped four sen to RM10.42, Public Bank and IHH Healthcare shed five sen each to RM4.80 and RM7.71, CIMB rose three sen to RM7.80, and Tenaga Nasional shed 32 sen to RM13.32.

Among top active counters, Zetrix AI was one sen higher at 25.5 sen, ACE Market debutante Butterfield and Top Glove slid two sen each to 46 sen and 81 sen, Ni Hsin added 2.5 sen to 31.5 sen, and MQ Technology increased half a sen to six sen.

Among the top gainers, United Plantations gained 50 sen to RM33.60, MISC added 14 sen to RM7.95, Yinson jumped 13 sen to RM2.13, Panasonic Manufacturing Asia and Gas Malaysia both firmed 12 sen to RM5.89 and RM5.05 respectively.

Of the top losers, Nestle weakened RM1.12 to RM90.18, Malaysian Pacific Industries was 30 sen lower at RM39.70, Eurospan contracted 25 sen to RM3.00, Press Metal Aluminium declined 24 sen to RM7.52 and Petronas Gas gave up 20 sen to RM17.20.

On the index board, the FBM Mid 70 Index inched down 74.44 points to 17,615.65 and the FBM ACE Index weakened 45.68 points to 5,169.95.

The FBM Emas Index slid 115.98 points to 12,443.93, the FBM Top 100 Index erased 115.54 points to 12,244.80 and the FBM Emas Shariah Index dropped 110.35 points to 12,302.42.

Sector-wise, the Industrial Products and Services Index edged down 2.80 points to 186.40 and the Financial Services Index slid 144.17 points to 19,647.40, the Plantation Index shed 10.09 points to 9,526.20 while the Energy Index gained 6.46 points to 821.38.

The Main Market’s volume strengthened to 1.86 billion units valued at RM2.93 billion, down from 1.84 billion units worth RM2.50 billion on Monday.

Warrant turnover jumped to 914.50 million units worth RM131.79 million compared with 909.17 million units valued at RM125.97 million yesterday.

The ACE Market’s volume rose to 564.82 million units valued at RM196.93 million from 429.68 million units worth RM164.42 million previously.

Meanwhile, Consumer products and services counters accounted for 288.20 million shares traded on the Main Market, industrial products and services (242.63 million), construction (134.43 million), technology (579.26 million), financial services (78.03 million), property (99.75 million), plantation (69.20 million), real estate investment trusts (21.57 million), closed-end fund (29,300), energy (87.24 million), healthcare (142.77 million), telecommunications and media (26.43 million), transportation and logistics (38.20 million), utilities (51.35 million), and business trusts (627,800).

The local bourse will be closed tomorrow for the Malaysia Day public holiday and will resume trading on Thursday. — Bernama

SHAH ALAM, Sept 15 — Proton e.MAS accounted for more than 60 per cent of Malaysia’s electric vehicle (EV) registrations from January to August this year, with 27,403 domestic registrations recorded during the period.

The national EV brand said the performance strengthened its position as Malaysia’s leading EV brand, with the Proton e.MAS 5 leading the EV segment, while the Proton e.MAS 7 remained the top EV sport utility vehicle (SUV) and the Proton e.MAS 7 PHEV led the plug-in hybrid electric vehicle (PHEV) segment.

The achievement followed Proton e.MAS recording more than 6,000 registrations in August alone, its highest monthly figure to date.

According to Pro-Net, Proton e.MAS recorded 27,856 total registrations year-to-date, comprising 18,014 units of the Proton e.MAS 5 and 4,278 units of the Proton e.MAS 7 from domestic and export markets, as well as 5,562 units of the Proton e.MAS 7 PHEV from the domestic market.

These figures gave Proton e.MAS a 32.5 per cent share of Malaysia’s new energy vehicle market, while its domestic registrations accounted for about 60 per cent of the country’s EV market.

“Achieving more than 60 per cent market share is a significant milestone for Proton e.MAS, but more importantly it reflects Malaysians’ growing confidence in electrified mobility. As the national EV brand, our responsibility extends beyond putting more EVs on the road. We are focused on building the ecosystem, capabilities and infrastructure needed to support long-term EV adoption for all Malaysians,” said Pro-Net chief executive officer Zhang Qiang.

“Pro-Net will remain focused on building the foundations for long-term EV adoption, strengthening charging accessibility, aftersales capabilities, local talent and localisation in support of Malaysia’s ambitions under the Low Carbon Mobility Blueprint (LCMB) and National Energy Transition Roadmap (NETR),” he added.

Pro-Net said Proton e.MAS now has 60 dealerships, 46 authorised service centres and 10 Body & Paint facilities nationwide to support customers throughout their ownership journey.

The brand also said customers could access more than 4,700 charging points through the Integrated Live Charging Map available in Proton e.MAS vehicles and the Proton e.MAS app, covering more than 90 per cent of Malaysia’s public charging infrastructure.

For high-rise residents, Proton e.MAS owners can obtain a charging rate of RM0.63 per kilowatt-hour until December31 through collaborations with ChargeSini, JomCharge, Charge+, Time Charge N Go and RExharge, covering more than 1,500 charging points at over 500 participating residences nationwide.

All Proton e.MAS models and variants are now locally assembled at Proton’s EV plant in the Automotive High Tech Valley in Tanjong Malim, supporting local manufacturing capabilities and the wider EV supply chain.

In August, 37 technicians from 25 authorised dealerships obtained Level 2 EV certification through TVETMARA, adding to the pool of locally trained personnel supporting the growing EV market.

Pro-Net said its e.MAS Certified Technician Programme and e.MAS Certified Service Advisor Programme, together with the inaugural e.MAS Electrified Excellence Competition, would continue to support skills development across its network.

The company also said 98.8 per cent of common spare parts were available across its authorised Proton e.MAS network, helping reduce vehicle downtime and support aftersales readiness.

Proton e.MAS said its investments in charging infrastructure, dealership and aftersales services, talent development and localisation were intended to support Malaysia’s transition towards electrified transportation and its longer-term EV ambitions under the NETR and LCMB.

KUALA LUMPUR, Sept 15 — Bursa Malaysia’s key index opened lower today after closing at an intraday high on Monday, weighed down by elevated crude oil prices and US bond yields, while a dispute over artificial intelligence (AI) development added to market uncertainty.

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 6.74 points, or 0.39 per cent, to 1,691.27 from yesterday’s close of 1,698.01.

The index opened 3.10 points lower at 1,694.91.

Market breadth was almost equal, with gainers leading losers 180 to 179. A total of 302 counters were unchanged, 2,182 untraded and 13 suspended.

Turnover stood at 268.38 million shares worth RM116.80 million.

Malacca Securities Sdn Bhd said sentiment was dampened by oil prices nearing US$107 per barrel as hopes for a West Asia breakthrough faded after a planned Iran-Gulf meeting on the Strait of Hormuz was postponed abruptly.

The stockbroking firm, in a note, also said American AI safety and research company Anthropic chief executive officer Dario Amodei yesterday warned that the AI industry must deliberately slow its pace of development to give safety measures and oversight time to catch up.

Amodei urged the industry to ease advanced models’ developmental pace and strengthen safeguards, including conducting independent evaluations.

He also raised concerns that a broader reassessment of the investment cycle, particularly in chips, data centres and infrastructure, which could delay returns and weigh on valuations.

Among other heavyweights, Maybank and IHH both remained unchanged at RM10.46 and RM7.76, respectively. Public Bank eased one sen to RM4.84, while CIMB and Tenaga Nasional fell two sen each to RM7.75 and RM13.62, respectively.

As for the top actives, Zetrix AI added two sen to 26.5 sen, MQ Technology gained half a sen to six sen, Butterfield dropped 3.5 sen to 44.5 sen, Top Glove fell 2.5 sen to 80.5 sen, and Ni Hsin inched down half a sen to 28.5 sen.

Among the top gainers, Kelington and Westports firmed 18 sen each to RM8.80 and RM6.90, respectively. Allianz expanded 12 sen to RM21, while Paragon Union and Frontken Corporation both strengthened 10 sen to RM1.50 and RM4.91, respectively.

Of the top losers, Petronas Gas weakened 26 sen to RM17.14, Petronas Chemicals declined 15 sen to RM5.12, Kuala Lumpur Kepong lost 10 sen to RM22.40, IOI Corporation contracted seven sen to RM4.86 and Kerjaya Prospek reduced five sen to RM3.43.

On the index board, the FBM Mid 70 Index inched up 8.22 points to 17,698.31, while the FBM ACE Index recovered 13.19 points to 5,228.82.

The FBM Emas Index slid 32.06 points to 12,527.85, the FBM Top 100 Index erased 35.29 points to 12,325.05, and the FBM Emas Shariah Index dropped 9.21 points to 12,403.56.

Sector-wise, the Industrial Products and Services Index edged down 0.46 of a point to 188.74, and the Energy Index gained 0.91 of a point to 815.83.

The Financial Services Index slid 94.34 points to 19,697.23, and the Plantation Index decreased 39.84 points to 9,496.45. — Bernama

KUALA LUMPUR, Sept 15 — The ringgit opened higher against the US dollar today, amid cautious sentiment ahead of key central bank meetings this week, an economist said.

At 8 am, the local currency edged up to 4.0705/0775 against the greenback from yesterday’s close of 4.0735/0770.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the market focus is on the upcoming Federal Open Market Committee (FOMC) meeting and Bank of Japan (BoJ) policy decisions.

“Therefore, ahead of the FOMC and BoJ meetings this week, the ringgit is likely to stay cautious. 

“Judging from the movement in the bond market, it appears that the US Federal Reserve (Fed) will deliver a 25 basis point hike,” he told Bernama.

He said the three- and six-month US Treasury bills auction showed yields rose to 3.97 per cent and 4.06 per cent, respectively, up from the previous auction of 3.80 per cent and 3.89 per cent.

Additionally, he said Brent crude is currently hovering around US$105.68 per barrel, with the major Saudi Arabian East-West pipeline expected to take weeks to get back online. 

Oil supply shortages are expected to exert upward pressure on global oil prices, he said.

“As such, the ringgit is expected to trade within a narrow range today,” he said.

At the opening, the ringgit traded mixed against a basket of major currencies.

The local note appreciated against the euro to 4.7006/7087 from Monday’s 4.7008/7049, but depreciated against the yen to 2.6362/6409 from 2.6355/6380, and inched down vis-a-vis the British pound to 5.4952/5046 from 5.4931/4978 previously.

The ringgit also traded mixed against its ASEAN peers.

It firmed against the Singapore dollar to 3.2041/2101 from 3.2055/2085, advanced versus the Indonesian rupiah to 230.3/230.8 from 230.5/230.8 and rose vis-à-vis the Philippine peso to 6.47/6.49 from 6.48/6.49 previously.

The local currency fell against the Thai baht to 12.2476/2742 from 12.2445/2598. — Bernama

KUALA LUMPUR, Sept 14 — Malaysia is in a stronger position than a decade ago, thanks to major fiscal decisions by the government, such as subsidy cuts and a focus on economic development, said Securities Commission Malaysia (SC) chairman Datuk Mohammad Faiz Azmi.

He said the country’s improved financial position was also reflected in the recent pricing of its US dollar Government Sukuk issuance, which demonstrated stronger international recognition.

“Malaysia already offers a deep and diversified capital market which is bigger than banking assets, recognised leadership in Islamic finance, sound regulatory and governance foundations, as well as having a firm commitment to strengthening cross-border connectivity,” he said at the Asean Investment Roadshow today.

Mohammad Faiz said efforts to improve the vibrancy and growth of Malaysia’s capital market were being undertaken under the Capital Market Masterplan 2026-2030 (CMP), including through initiatives such as MY Value Up with Bursa Malaysia involving the country’s top 88 public-listed companies.

The SC had also recently signed a memorandum of understanding (MoU) with the Hong Kong Securities and Futures Commission to establish a framework for single-prospectus dual-listed initial public offerings and cross-listing of eligible REITs and ETFs, aimed at widening market access, providing more options for issuers and investors and deepening cross-border participation.

Mohammad Faiz also said Asean regulators had agreed last year on five key initiatives, including pursuing consistent voluntary carbon market standards and implementing the Asean Taxonomy Version 4.

The initiatives also included issuing a simplified environmental, social and governance (ESG) disclosure guide for small and medium enterprises (SMEs) in Asean and developing a project guide to identify pilot projects for blended finance for adaptation and resilience funding.

He said the Asean Capital Markets Forum (ACMF) Action Plan 2026-2030 comprised five strategic thrusts, 11 key priorities and 18 initiatives aimed at strengthening regional integration and Asean’s global positioning.

“Four key initiatives in the ACMF Action Plan related to strengthening regional integration and global positioning are to promote Asean Diamonds, facilitate the creation of Asean indices, create a renewed focus on Islamic Finance, which is a differentiator for our markets, with a better shariah screening tool, and to facilitate intra-Asean activities, products and connectivity,” said Mohammad Faiz.

He said a key priority was to establish a committee to promote Asean as an asset class, currently led by the Philippines and Singapore.

Greater regional connectivity and international participation would be crucial to Asean’s next phase of growth, while calling on investors to reconsider Asean as a strategic long-term investment destination, said Mohammad Faiz. — Bernama 

LAGOS, Sept 14 — Nigerian billionaire Aliko Dangote on Monday launched what is slated as Africa’s biggest initial public offering (IPO), which aims to raise US$1.6 billion (RM6.5 billion) to expand his mega oil refinery to become the world’s largest.

The Lagos-based refinery, which began operations in 2024, has a capacity of 700,000 barrels per day, exceeding domestic demand in Nigeria, Africa’s most populous country.

It began exporting its fuel abroad a few months ago.

The Dangote Petroleum Refinery aims to raise funds to double its capacity to 1.4 million barrels a day by 2028, which would make it the world’s largest refinery, surpassing Jamnagar in India.

Describing it as an “historic day”, Dangote said in a statement that the IPO was “not simply about listing a company. It is about listing a new possibility for Nigeria, and for Africa”.

Investors can buy as few as 10 shares at 525 naira each, potentially raising 2.15 trillion naira in a move Dangote hopes will give ordinary people a chance for a stake in a long-term asset.

He has said the offering, which closes October 13, will be the biggest IPO in African history and has encouraged participation by small investors, including people on lower incomes.

Dangote also plans to build a 700,000 barrel-per-day east African oil refinery in Lamu, on the Kenyan coast. — AFP 

KUALA LUMPUR, Sept 14 — The ringgit appreciated against most major and Asean currencies at Monday’s close, although it declined against the US dollar.

This fluctuation occurred amid rising Brent crude prices, as markets anticipated the upcoming Federal Open Market Committee (FOMC) and Bank of Japan (BOJ) meetings, said an analyst.

At 6pm, the local currency depreciated to 4.0735/0770 against the greenback from last Friday’s close of 4.0685/0725.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Brent crude oil prices are currently hovering at around US$107 (RM435) per barrel, adding to inflationary pressures as markets brace for the upcoming FOMC and BOJ interest rate decisions.

“Inflationary bias would solidify the rate hike thesis this week. Following this, Asian currencies including the ringgit will remain guarded in the near term,” he told Bernama.

At the close, the ringgit strengthened against the euro to 4.7008/7049 from last Friday’s 4.7178/7225, appreciated against yen to 2.6355/6380 from 2.6400/6428, and inched up vis-a-vis the British pound to 5.4931/4978 from 5.4961/5015 previously.

Against its Asean peers, the ringgit firmed against the Singapore dollar to 3.2055/2085 from 3.2091/2125, and advanced against the Thai baht to 12.2445/2598 from 12.3072/3241.

The local note also rose against the Indonesian rupiah to 230.5/230.8 from 231.0/231.3 last week, and ticked up vis-a-vis the Philippine peso to 6.48/6.49 from 6.49/6.50 previously. — Bernama 

KUALA LUMPUR, Sept 14 — Bursa Malaysia’s barometer index closed at an intraday high and snapped a four-day losing streak on Monday, as bargain hunting emerged following recent weakness, with half of the key index components advancing.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 11.27 points to close 0.66 per cent higher at 1,698.01 points from Friday’s close of 1,686.74.

The benchmark index opened 0.09 points lower at 1,686.65, fell to an intraday low of 1,682.49 before settling at the intraday high of 1,698.01.

Market breadth, however, was negative, with losers beating gainers 764 to 421. A total of 498 counters were unchanged, 1,157 untraded and 26 suspended.

Turnover narrowed to 3.18 billion units worth RM2.79 billion, from 3.57 billion units valued at RM3.28 billion on Friday.

Head of Research at Berjaya Research Sdn Bhd, Kenneth Leong, said FBM KLCI could extend its rebound in the near term, supported by further bargain hunting.

He added that market participants are likely to take cues from China’s retail sales and industrial production data slated for release tomorrow, which would indicate domestic demand and manufacturing activity in the region, while developments in global markets and commodity prices could continue to influence market sentiment.

“We expect the index to remain range-bound with a mild upward bias, pending stronger catalysts to drive a more sustained recovery. 

“Technically, the local bourse has formed a bullish candlestick and could take a jab towards the 1,700 psychological level,” he told Bernama.

Leong said a successful breakthrough could lift the key index towards the immediate resistance levels at 1,714 points, followed by 1,722 points, while support levels remain at 1,680 points and 1,676 points, respectively.

Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that following the recent correction, the benchmark index remains close to oversold territory, which could continue to attract selective bargain hunting.

“We also believe valuations of selected blue chips have become increasingly attractive, particularly banking stocks, where the recent decline in share prices has lifted prospective dividend yields and strengthened their appeal to longer-term investors.

“For the week, we expect market volatility to remain elevated as investors closely monitor developments in West Asia, crude oil prices and the upcoming Federal Reserve and Bank of Japan’s policy decisions,” he said.

Theong said that while these external uncertainties are likely to cap the strength of any near-term recovery, FBM KLCI’s increasingly attractive valuations and potential bargain hunting in fundamentally sound blue chips should provide some downside support.

Among other heavyweights, Maybank added eight sen to RM10.46, Public Bank gained five sen to RM4.85, CIMB rose 18 sen to RM7.97, Tenaga Nasional increased four sen to RM13.64, and IHH Healthcare was 11 sen higher at RM7.76.

As for the top actives, Zetrix AI eased half a sen to 24.5 sen, Top Glove rose three sen to 83 sen, while Jaks Resources and AHB both added one sen to 13.5 sen and 6.5 sen respectively, and Ni Hsin inched up 1.5 sen to 29 sen.

Hong Leong Bank led the top gainers, rising 30 sen to RM23.38, while Hong Leong Industries gained 28 sen to RM17, Hengyuan Refining jumped 21 sen to RM3.45, IOI Corporation grew 20 sen to RM4.93, and Naim firmed 18 sen to RM5.27.

Of the top losers, Malaysian Pacific Industries and Nestle both fell 70 sen to RM40 and RM91.30 respectively. Allianz Malaysia was 66 sen lower at RM21.52, UWC dropped 34 sen to RM6.26, and Fraser & Neave lost 32 sen to RM23.24.

On the index board, the FBM Mid 70 Index lost 38.55 points to 17,690.09, while the FBM ACE Index fell 44.60 points to 5,215.63.

The FBM Emas Index gained 49.71 points to 12,559.91, the FBM Top 100 Index advanced 54.70 points to 12,360.34, and the FBM Emas Shariah Index inched up 15.96 points to 12,412.77.

Sector-wise, the Industrial Products and Services Index edged up 0.42 points to 189.20, and the Energy Index gained 0.49 points to 814.92.

The Main Market’s volume fell to 1.84 billion units valued at RM2.50 billion, down from 1.97 billion units worth RM2.94 billion on Friday.

Warrant turnover narrowed to 909.17 million units worth RM125.97 million compared with 1.05 billion units valued at RM139.33 million last Friday.

The ACE Market’s volume shrank to 429.68 million units valued at RM164.42 million, down from 552.67 million units worth RM205.83 million previously.

Meanwhile, Consumer products and services counters accounted for 279.57 million shares traded on the Main Market, industrial products and services (264.70 million), construction (157.64 million), technology (519.40 million), financial services (66.07 million), property (109.80 million), plantation (53.16 million), real estate investment trusts (14.28 million), closed-end fund (39,300), energy (115.93 million), healthcare (180.78 million), telecommunications and media (25.20 million), transportation and logistics (33.58 million), utilities (25.27 million), and business trusts (57,200). — Bernama 

HONG KONG, Sept 14 — Oil prices spiked Monday on Middle East supply fears after Saudi Arabia closed a key pipeline, putting further upward pressure on inflation ahead of an expected Federal Reserve rate hike this week.

The prospect of higher US borrowing costs compounded a tech selloff that came after leaders of companies at the forefront of the AI boom backed calls for a slowdown in development in the sector amid warnings that it could pose a threat to humanity.

Both main crude contracts — already sitting above US$100 (RM407) a barrel — jumped more than three per cent at one point Monday after Riyadh shut its East-West pipeline following drone attacks by Yemen’s Houthi rebels, while a merchant vessel was struck in the Strait of Hormuz.

The Houthis have been cementing their hold on the Bab Al-Mandab strait, a vital shipping corridor linking Europe and Asia that has been used as an alternative to Hormuz.

Average diesel prices in the United States topped US$6 a gallon on Friday for the first time, a shock increase for a key fuel in the transport and agriculture sectors.

Meanwhile, Oman said it had postponed talks between Iran and Gulf states on the future of the strategic waterway, a vital route for a large share of the world’s seaborne oil trade.

Surging energy costs have been a key driver of global inflation since the US and Israel started their war on Iran at the end of February, putting pressure on central banks to hike interest rates.

Eyes are now on the Fed’s meeting this week, where it is widely expected to tighten monetary policy. The decision comes after data last week showed inflation remained well above officials’ two percent target.

The “Fed meeting sees the swaps market implying a 92 per cent probability of a hike, with 50 basis points of cumulative tightening assumed by year-end”, said Chris Weston at Pepperstone.

“Psychologically, a Fed hiking cycle rarely does risk assets many favours, particularly if both nominal and real Treasury yields are breaking to new highs and equity markets continue to find sellers into rallies.”

And National Australia Bank’s Rodrigo Catril added that the decision not to hike would “carry credibility risks and, with a hike almost fully priced, a disappointing hold could trigger a Treasury sell-off”.

Expectations for a series of increases — the European Central Bank lifted rates last week — have weighed on equity markets, particularly tech firms that rely on debt to finance their vast AI investments.

Adding to the selling was Anthropic CEO Dario Amodei’s call Saturday for AI companies to “pace the frontier” — or coordinate a slowdown in the technology’s development — to allow a better understanding of the risks arising.

Key among his concerns is so-called “recursive self-improvement”, or when AI can build its own next generation.

“Left unchecked, it could outrun our ability to understand and control these systems, and so must be pursued very carefully, if at all,” Amodei wrote.

His chief competitors, OpenAI’s Sam Altman and xAI’s Elon Musk, publicly supported him, with Musk saying: “Dario is right”.

The comments came after a researcher resigned from Anthropic over fears the technology could escape human control.

Another, who did not resign, stated publicly that “we really do earnestly believe AI could kill all humans”, and that he thought the chances were greater than “10 per cent within the next decade”.

While US President Donald Trump voiced opposition to the remarks and House Speaker Mike Johnson said “we don’t need everybody to panic right now”, traders sold off their tech holdings Monday.

Tokyo-listed tech investment titan SoftBank plunged more than 10 per cent, while chipmaker Kioxia shed more than six per cent and Advantest more than two per cent.

South Korea’s SK hynix and Samsung were also sharply lower along with TSMC in Taipei.

Seoul’s Kospi index led losses on broader markets, shedding more than three per cent, with Tokyo, Shanghai, Taipei, Wellington, Bangkok and Jakarta also lower.

There were gains in Hong Kong, Sydney, Singapore and Manila.

London climbed in the morning, but Paris and Frankfurt edged down.

“In the short term, these warnings could still weigh on AI and chip stocks,” said Charu Chanana at Saxo Markets. “Their valuations assume both strong demand and a relentless pace of technological progress. When expectations are this high, even a possible delay can trigger profit-taking.

“The macro backdrop also makes the sector more vulnerable. High oil prices are adding to inflation concerns, while elevated bond yields reduce the value investors place on profits expected far into the future.

“For now, this looks more like a sentiment and valuation shock than a collapse in AI demand. The real warning signs would be cuts to technology investment budgets, cancelled data-centre projects or weaker chip and memory orders.” — AFP 

HONG KONG, Sept 14 —Tech firms tumbled today after leaders of companies at the forefront of the AI boom backed calls for a slowdown in development in the sector amid warnings that it could pose a threat to humanity.

The equity market losses were compounded by another spike in oil prices after Saudi Arabia closed a key pipeline, while US inflation data did little to lower expectations the Federal Reserve will hike interest rates this week.

Chipmakers led the selling in Asia after Anthropic CEO Dario Amodei called Saturday for AI companies to “pace the frontier”—or coordinate a slowdown in the technology’s development—to allow a better understanding of the risks arising.

Key among his concerns is so-called “recursive self-improvement”, or when AI can build its own next generation.

“Left unchecked, it could outrun our ability to understand and control these systems, and so must be pursued very carefully, if at all,” Amodei wrote.

His chief competitors OpenAI’s Sam Altman and xAI’s Elon Musk publicly supported him, with Musk saying “Dario is right”.

The comments came after a researcher resigned from Anthropic over fears the technology could escape human control.

Another, who did not resign, stated publicly that “we really do earnestly believe AI could kill all humans”, and that he thought the chances were greater than “10 percent within the next decade”.

While US President Donald Trump voiced opposition to the remarks and House Speaker Mike Johnson said “we don’t need everybody to panic right now”, traders sold off their tech holdings Monday.

Tokyo-listed tech investment titan SoftBank plunged more than 12 percent, while chipmaker Kioxia shed more than seven percent and Advantest more than two percent.

South Korea’s SK hynix and Samsung were also sharply lower.

Seoul’s Kospi index led losses on broader markets, with Tokyo, Hong Kong, Shanghai, Taipei and Manila also lower.

There were gains in Sydney, Singapore and Wellington.

The selling was also being fuelled by expectations the Fed will increase borrowing costs Wednesday as it tries to combat stubbornly high inflation, which data showed last week remained well above the bank’s two percent target.

The “Fed meeting sees the swaps market implying a 92 per cent probability of a hike, with 50 basis points of cumulative tightening assumed by year-end”, said Chris Weston at Pepperstone.

“Psychologically, a Fed hiking cycle rarely does risk assets many favours, particularly if both nominal and real Treasury yields are breaking to new highs and equity markets continue to find sellers into rallies.”

And National Australia Bank’s Rodrigo Catril added that the decision not to hike would “carry credibility risks and, with a hike almost fully priced, a disappointing hold could trigger a Treasury sell-off”.

The likelihood of inflation coming down any time soon has been hit by the Middle East crisis as oil prices sit well above US$100 a barrel.

Both main contracts jumped more than two percent Monday after Riyadh shut its East-West pipeline following drone attacks by Yemen’s Houthi rebels, while a merchant vessel was struck in the Strait of Hormuz.

The Houthis have been cementing their hold on the Bab Al-Mandab strait, a vital shipping corridor linking Europe and Asia that has been used as an alternative to Hormuz.

The conflict sent average diesel prices in the United States above US$6 a gallon on Friday for the first time, a shock increase for a key fuel in the transport and agriculture sectors.

Meanwhile, Oman said it had postponed talks between Iran and Gulf states on the future of the strategic waterway, a vital route for a large share of the world’s seaborne oil trade. — AFP

WASHINGTON, Sept 14 — Amazon said yesterday it is pausing its operations with 21 Air LLC, the company that owned the plane that crashed in Miami last week, killing five people.

“Safety has always been our top priority, whether in our own operations or when we’re working with partners,” Kelly Nantel, an Amazon spokesperson said in a statement.

“After the tragic incident last weekend, we’ve spent time supporting the investigation and reviewing some of the surrounding circumstances, and we’ve decided to pause our operations with 21 Air,” Nantel said.

“We’ll continue working to support the investigation and everyone affected.”

In the September 6 accident, the Boeing 767 cargo plane overshot the runway after landing and crashed into vehicles, killing five people on the ground.

The two pilots who were injured have been released from the hospital.

NTSB chief Jennifer Homendy said Tuesday that officials were reviewing flight data and cockpit voice recorders from the plane.

Flight data released by investigators on Tuesday suggests the plane tried to abort a landing, before it tore through a perimeter fence and slammed into two vehicles. — AFP

KUALA LUMPUR, Sept 14 — Short-term interbank rates are expected to remain stable today, supported by Bank Negara Malaysia’s (BNM) operations to absorb excess liquidity in the financial system. 

Liquidity in the banking system is estimated at RM32.78 billion in the conventional market and RM23.05 billion in the Islamic money market.

Today, BNM will conduct a RM6 billion reverse repo tender for seven days and two RM200 million Islamic reverse repo (sell-and-buy-back agreement) tenders, each one for 30 days and 91 days, respectively.

It will also conduct a RM600 million Islamic reverse repo (collateralised commodity Murabahah) tender for 30 days. 

It also announced the availability of reverse repos, sell-and-buy-back agreements and collateralised commodity Murabahah facilities with tenors of one week, one month and three months.

At 4 pm, BNM will conduct up to RM38.8 billion conventional overnight tender and RM24.0 billion for Murabahah overnight tenders. — Bernama

KUALA LUMPUR, Sept 14 — Plantation, healthcare as well as consumer products and services sectors have attracted a combined net foreign inflow of RM263.7 million into Bursa Malaysia last week, according to MBSB Investment Bank Bhd (MBSB IB).

It said the plantation sector led the inflows at RM117 million, followed by healthcare at RM101.5 million and consumer products and services at RM45.2 million.

Conversely, the financial services, construction, and technology sectors recorded combined net foreign outflows of RM333.8 million, MBSB IB said in its weekly Fund Flow Report for the week ended Sept 11, 2026. 

“Foreign institutions remained net sellers for the sixth consecutive week, recording RM160.3 million in net outflows, being net sellers on three out of five trading days during the week. The largest outflow, totalling RM207.1 million, was recorded on Friday,” it said.

In addition, local institutions ended a six-week consecutive net buying streak, recording RM127.4 million in net outflows. 

Meanwhile, retailers extended their net buying streak to three consecutive weeks, recording RM287.7 million in net inflows.

It noted that the average daily trading volume (ADTV) saw a broad-based decrease, with retailers down by 6.4 per cent, local institutions by 9.6 per cent, and foreign institutions by 20.2 per cent. — Bernama

KUALA LUMPUR, Sept 14 — Bursa Malaysia opened lower on Monday, extending last week’s bearish performance in line with a weaker regional trend, said an analyst.

At 9.15 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.11 points, or 0.06 per cent, to 1,685.63 from Friday’s close of 1,686.74.

The index opened 0.09 of a point lower at 1,686.65.

Market breadth was subdued, with losers outnumbering gainers 322 to 200. A total of 338 counters were unchanged, 1,980 untraded and 26 suspended.

Turnover stood at 328.99 million shares worth RM160.49 million.

MBSB Investment Bank Bhd said foreign investors remained net sellers for a fourth consecutive week across the eight Asian markets, with net foreign outflows totalling US$4.52 billion.

“Thailand was the sole market to record net foreign inflows.

“Net outflows were led by South Korea, followed by Taiwan, India, Indonesia, Vietnam, Malaysia, and the Philippines,” the investment bank said in a note today.

Among the heavyweights, Public Bank and CIMB slipped a sen each to RM4.79 and RM7.78, respectively. Maybank rose four sen to RM10.42, IHH Healthcare added 10 sen to RM7.75, while Tenaga Nasional was flat at RM13.60.

Among the top actives, Zetrix AI and Luster Industries remained unchanged at 25 sen and 35 sen, respectively. United Asiapac Energy lost one sen to 34 sen, AHB added half a sen to six sen, and Top Glove firmed 1.5 sen to 81.5 sen.

Nestle led the top gainers, rising 94 sen to RM92.94. Hong Leong Bank gained 18 sen to RM23.26, Naim recovered 14 sen to 83.5 sen, Citaglobal inched up 12 sen to RM1.18, and Petronas Chemicals was up 11 sen to RM5.20.

The top losers included Malaysian Pacific Industries, which weakened 46 sen to RM40.24, UMS Integration eased 26 sen to RM8.04, Chin Teck Plantations inched down 14 sen to RM10.26, while United Plantations and Sunway Construction slipped 10 sen each to RM33 and RM7.30, respectively.

On the index board, the FBM Mid 70 Index lost 24.35 points to 17,704.29, while the FBM ACE Index fell 29.55 points to 5,230.68.

The FBM Emas Index slid 8.64 points to 12,501.56, the FBM Top 100 Index erased 10.30 points to 12,295.34, and the FBM Emas Shariah Index dropped 3.77 points to 12,393.04.

Sector-wise, the Industrial Products and Services Index edged up 0.21 of a point to 188.99, and the Energy Index gained 3.18 points to 817.61.

The Financial Services Index slid 4.89 points to 19,617.32, and the Plantation Index decreased 33.43 points to 9,402.58. — Bernama