KUALA LUMPUR, Nov 3 — Bursa Malaysia’s key index finished marginally higher, supported by selective buying in banking heavyweights, although the broader market remained subdued amid continued selling in technology stocks.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said overall market sentiment remained cautious, with investors reluctant to take fresh positions amid persistent external uncertainties.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 2.34 points or 0.14 per cent to 1,621.85 from yesterday’s close of 1,619.51.

The benchmark index opened 1.25 points higher at 1,620.76 and fluctuated between an intraday low of 1,616.19 and a high of 1,625.88 throughout the day.

In the broader market, losers led gainers 652 to 403, while 502 counters were unchanged, 1,166 untraded, and 11 suspended. 

Turnover trimmed to 2.63 billion units valued at RM2.64 billion from 2.65 billion units worth RM2.10 billion yesterday.

Regional equities were mostly lower as the continued sell-off in semiconductor stocks reflected concerns over substantial artificial intelligence investments and their potential returns, Thong said.

He said Brent crude oil, meanwhile, had rebounded to US$105 a barrel following reports of US strikes on Iran’s Qeshm Island, raising fresh concerns over West Asia’s stability despite renewed diplomatic efforts that had triggered a sharp decline in oil prices on Monday.

“Back home, we believe cautious investor sentiment is likely to persist as external uncertainties continue to overshadow domestic fundamentals.

“The weakness in technology stocks and subdued market participation also suggest that investors remain reluctant to increase exposure ahead of several important events,” he told Bernama.

Among the heavyweight stocks, Maybank and CIMB were six sen higher at RM10.04 and RM6.98, respectively, while Public Bank added two sen to RM4.81. Tenaga Nasional slipped 14 sen to RM13.16, and IHH Healthcare dropped nine sen to RM7.76.

In active trade, Nexgram inched up half a sen to six sen, Aizo bagged 2.5 sen to seven sen, AirAsia perked up 1.5 sen to 46 sen, and Ni Hsin eased 1.5 sen to 32.5 sen, while GIIB was half a sen lower at 49.5 sen.

Fraser & Neave led the top gainers, putting on 92 sen to RM21.20, United Plantations rose 58 sen to RM29.88, RHB Bank and AMMB rose 21 sen each to RM7.71 and RM6.48, respectively, and Hong Leong Bank improved 16 sen to RM21.34.

Among the top losers, Nestle shed 24 sen to RM95.88, Malaysian Pacific Industries decreased 28 sen to RM39.50, Petronas Dagangan sank 50 sen to RM19.28, Kelington dipped 33 sen to RM8.17, and Mi Technovation fell 10 sen to RM6.20.

On the index board, the FBM Emas Index slid 3.97 points to 12,068.32 while the FBM Top 100 Index edged up 0.56 of a point to 11,879.85. 

The FBM Mid 70 Index slumped 68.68 points to 17,318.90, the FBM Emas Shariah Index erased 56.62 points to 12,044.91, and the FBM ACE Index slid 23.95 points to 5,319.04.

Sector-wise, the Industrial Products and Services Index eased 1.19 points to 177.58, the Energy Index shed 9.89 points to 827.00, the Financial Services Index jumped 147.51 points to 18,716.91, and the Plantation Index increased 67.42 points to 8,769.65.

The Main Market volume was slightly higher at 1.47 billion units worth RM2.41 billion from 1.45 billion units worth RM1.88 billion yesterday.

Warrants turnover declined to 790.10 million units worth RM91.37 million against 877.58 million units worth RM102.50 million previously.

The ACE Market volume expanded to 364.33 million units valued at RM136.10 million from 322.03 million units valued at RM110.72 million on Monday.

Meanwhile, consumer products and services counters accounted for 244.26 million shares traded on the Main Market, industrial products and services (360.10 million), construction (132.04 million), technology (238.67 million), financial services (99.14 million), property (86.72 million), plantation (18.23 million), real estate investment trusts (14.94 million), closed-end fund (557,700), energy (81.41 million), healthcare (96.97 million), telecommunications and media (29.56 million), transportation and logistics (47.22 million), utilities (28.61 million), and business trusts (13,500). — Bernama

KUALA LUMPUR, Nov 3 — The ringgit eased against the US dollar today amid a pullback in global artificial intelligence (AI)-related trading and investments.

At 6pm, the local note slipped to 4.0735/0775 against the greenback from Monday’s close of 4.0695/0735.

SPI Asset Management managing partner Stephen Innes said the ringgit’s weakness was largely driven by broader risk aversion, particularly as investors unwound AI-related investments.

He said Malaysia has been a major beneficiary of the global AI investment boom, particularly through its semiconductor industry and technology-related investment flows.

“The trouble is that this relationship cuts both ways. When investors start pulling back from the AI trade, the ringgit can come under pressure even when the broader US dollar is weakening.

“Therefore, the ringgit is getting caught up in the broader unwinding of the AI trade, and that may remain the bigger influence in the near term,” he told Bernama.

Similarly, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit traded within a narrow range against the greenback as traders and investors weighed concerns over a potential AI investment bubble, the upcoming US midterm elections and Friday’s US jobs data.

“On the AI investment bubble, there seem to be mixed signals among Wall Street firms at a conference in Hong Kong today.

“Some argued that AI infrastructure may have gone overboard, but others pointed to the potential benefits to the economy. Reversing risk appetite in the AI space could mean missing an opportunity to record further gains in investment returns,” he said.

Mohd Afzanizam also noted that Brent crude oil prices rose 1.94 per cent to US$106.80 per barrel, as concerns over a possible renewed US attack on Iran following the US midterm elections remained a source of market uncertainty.

“Hence, overall, market sentiments are effectively guarded as there are a lot of moving parts that could easily tilt the balance of risk,” he added.

Against major currencies, the ringgit traded mostly firmer.

The ringgit was marginally higher against the Japanese yen to 2.5762/5789 from 2.5766/5793 at Monday’s close, inched up versus the euro to 4.5587/5631 from 4.5652/5697, but edged down vis-a-vis the British pound to 5.4658/4712 from 5.4621/4675, previously.

The ringgit was mostly lower against its ASEAN peers.

It slipped versus the baht to 12.0696/0858 from 12.0496/0661 yesterday, inched down against the rupiah to 224.3/224.6 from 224.1/224.4, and fell vis-a-vis the Philippine peso to 6.42/6.43 from 6.39/6.41 previously.

However, it rose against the Singapore dollar to 3.1807/1841 from the previous close of 3.1825/1862. — Bernama

HONG KONG, Nov 3 — Asian stock markets struggled Tuesday following another AI-fuelled tech selloff on Wall Street that overshadowed a possible breakthrough in talks to end the Middle East war.

However, oil prices clawed back some of Monday’s plunge in oil prices following a report that US forces had struck an Iranian island in the Strait of Hormuz.

Investor fears about the vast sums being invested in the artificial intelligence complex have cast a pall over trading floors in the second half of the year, with many questioning firms’ profitability.

Earnings reports from titans including Amazon, Alphabet, Meta and Microsoft have shown they will keep pouring hundreds of billions of dollars into data centres and chips even as investors grow impatient for returns.

Monday saw Apple post forecast-topping sales and profits but warned that its gross margin — the per centage of sales left after output costs — would drop in October-December.

Earlier, leading AI firm Anthropic posted a more than 1,100 per cent surge in quarterly revenue and nearly US$900 billion (RM3.67 trillion) in spending commitments as it counts down to its Wall Street listing later this month.

The investment pledges come amid a surge in borrowing costs, which have raised concerns about some companies’ financial positions owing to their huge debts, adding downward pressure to stock prices.

After a tough run last week, the selling continued at the start of this week with losses in Asian giants followed by their US counterparts on Wall Street where the Nasdaq ended 1.1 per cent off.

And there was not much improvement Tuesday — Seoul-listed SK hynix and Samsung tanked five per cent and 4.2 per cent respectively, dragging the Kospi down more than three per cent.

There were also losses in Taipei, Shanghai, Singapore, Manila, Bangkok and Jakarta, though Hong Kong, Sydney, Mumbai and Wellington edged up. Tokyo was closed for a holiday.

London, Frankfurt and Paris opened with losses.

Even a more than seven per cent plunge in oil prices Monday was unable to provide support.

The “collapse in crude should have been rocket fuel for the battered growth trade”, said SPI Asset Management’s Stephen Innes.

“Cheaper energy takes heat out of inflation, eases the rates pressure and normally gives long-duration tech a meaningful updraft.

“Instead, the Nasdaq handed back the entire opening bounce and broke Friday’s lows, a fairly ugly sign that the selling is now being driven by something deeper than oil, yields or the dollar.”

US President Donald Trump on Monday signalled progress in talks as Tehran said “intensive” exchanges were underway while offering to reopen the Strait of Hormuz under strict conditions.

“But here’s the thing: we’re dealing from total strength. We can end it at any time. If I can make a deal, I’d rather do it, save a lot of lives.”

Vice President JD Vance separately said he and Trump were optimistic about securing an agreement, while Iran’s President Masoud Pezeshkian announced his government had been granted more authority by the supreme leader to pursue peace talks.

The country’s parliament speaker and chief negotiator, Mohammad Bagher Ghalibaf, added that “the ball is now in America’s court to prevent war”.

However, crude jumped more than one per cent Tuesday as the Wall Street Journal reported that US forces struck Iran’s Qeshm Island in the mouth of the Strait of Hormuz, where Iranian state media reported five explosions in rapid succession.

The Journal added that they had not been publicly announced to avoid the impression Washington intended to resume major combat operations.

And National Australia Bank’s Rodrigo Catril offered a word of caution over the chances of peace.

“It is worth noting that the US and Iran’s positions have not materially changed,” he wrote in a commentary.

“Iran wants US restraint and economic relief (i.e. an end to hostilities, the lifting of the US naval blockade, relief from oil sanctions and the unfreezing of at least $12 billion in assets) before delivering the concessions Washington seeks, including the reopening of the Strait of Hormuz,” he said.

“The US is demanding concessions related to Iran’s nuclear programme, but Iran wants to deal with the nuclear issue in separate talks at a later stage.

“Bottom line: for the stalemate to end, somebody needs to give ground, and it is unclear if either side is willing to do so.” — AFP 

SAN FRANCISCO, Nov 3 — US chipmaking giant Nvidia is ordering its data centre partners to scale back work with Chinese customers, the Financial Times reported on Tuesday.

Nvidia’s cloud computing clients must now sell at least 51 per cent of their services to non-Chinese companies, the FT reported, citing five people with knowledge of the matter.

The new rules only affect future contracts and not existing agreements, the report said.

Nvidia neither confirmed nor denied the report to AFP, but said in a statement that “datacentres and clouds built on American chips are the foundation that American model and application makers need to compete worldwide.”

“Longstanding US policy encourages every cloud to build on American infrastructure and to win business everywhere they can,” the statement said.

“America cannot win the AI race unless America’s AI infrastructure wins worldwide — if the world’s clouds rely on foreign-made chips, the model and application layers will be foreign-built as well.”

Asked about the report, Chinese foreign ministry spokeswoman Mao Ning said she was not aware of it.

“As a matter of principle, we consistently hope that all parties can provide a fair, transparent and non-discriminatory business environment for companies from all countries, including Chinese companies,” she said.

China and the United States are locked in a race for dominance in the fast-moving artificial intelligence sector.

In recent months, the two countries have traded accusations of stealing AI technologies and jeopardising security.

Nvidia is the world’s most valuable company thanks to the global drive to build data centres packed with specialist computer chips and other hardware that runs AI systems. — AFP 

FRANKFURT, Nov 3 — German airline giant Lufthansa said Tuesday it expects its 2026 fuel costs to be €2 billion (RM9.12 billion) higher than last year as the Iran war keeps global energy prices elevated.

Releasing third quarter results, the group predicted its fuel bill across the full year will come in at €9.3 billion.

That is 600 million higher than it had anticipated just a few months ago, as the US war against Iran drags on.

The group, which also operates carriers including Swiss, Brussels and Eurowings, also slightly downgraded its forecast for core profit to a range of between €1.7 and €2.0 billion for 2026.

Previously it predicted a range of between €1.7 and €2.2 billion.

Despite the slightly bleaker outlook, the group reported a 30-per cent jump in profits for the July-September period, beating forecasts.

Net profit came in at €1.26 billion, with the company saying there had been strong demand for premium tickets to Asia and North America.

Revenues increased nine percent from a year earlier to €12.2 billion.

Fuel costs however were more than €500 million higher in the quarter compared to a year earlier.

“We improved our result compared with the previous year, despite higher fuel costs weighing on the quarterly result by more than half a billion euros — we are satisfied with that,” chief financial officer Till Streichert said.

“This was supported by robust demand in passenger traffic.” — AFP 

RIYADH, Nov 3 — Saudi oil giant Aramco on Tuesday announced a 34.6 per cent surge in third-quarter net profit, as the Middle East war keeps crude prices soaring while the kingdom’s energy infrastructure comes under regular attack.

Yemen’s Iran-backed Houthis have targeted Saudi tankers, pipelines, storage facilities and refineries regularly since hostilities resumed in July, intensifying their strikes in recent weeks.

The kingdom has also had to contend with the Houthis and Iran hampering traffic in the straits of Bab al-Mandeb and Hormuz, complicating exports.

Yet Aramco — the cornerstone of Saudi Arabia’s economy and one of the world’s most valuable companies — saw its profits soar during the third quarter thanks in large part to stubbornly high oil prices.

The firm said net profit hit 135.9 billion riyals (RM147.5 billion) in the third quarter, compared with around 101 billion riyals in the same period a year earlier.

The results come as energy majors around the world have seen earnings surge because of disruptions to oil and gas supplies in the Middle East, pushing up refining margins and prices.

But Aramco’s boss warned that the conflict continued to weigh heavily on energy security.

“Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026, with serious implications for global energy security,” president and CEO Amin H. Nasser said in a statement.

Stripping out exceptional items, adjusted net income came in at 116.9 billion riyals.

The median analyst consensus for third-quarter adjusted net income was US$30.66 billion, according to an external estimate based on 12 analysts forecasts.

“The earning results are likely to be rosier compared (with) a year ago, when oil prices were much lower, but less promising relative to last quarter,” Robert Mogielnicki, a research fellow at the Arab Gulf States Institute, told AFP.

In the second quarter, Aramco reported a 44 per cent year-on-year increase in net profit to 122.6 billion riyals.

The Middle East war, which began on February 28 with US and Israeli strikes on Iran, has upended global energy markets, led to the widespread drawing down of strategic reserves and spurred inflation.

And while the war rages in the Gulf, Ukrainian drones have also battered Russian energy infrastructure, prompting Moscow to ban the export of certain products — notably petrol and diesel.

Last month, the Houthis said they targeted Aramco’s headquarters, a vast complex comprising numerous buildings and residential compounds in the kingdom’s east.

Saudi officials said a building was hit in the area housing Aramco’s operations centre, while two company employees who spoke to AFP on the condition of anonymity said a tower in the headquarters was struck.

Dire straits

With the Strait of Hormuz contested, US military naval escorts have enabled millions of barrels of crude to pass through the crucial waterway each day.

Last month, US Central Command said it had helped Gulf countries export more than 1.5 billion barrels of crude oil through the strait since the summer, and facilitated the passage of more than 3,000 commercial vessels over the past six months.

The increase in Gulf exports, however, has done little to prevent market volatility.

Oil prices tumbled more than seven per cent on Monday, as signs that Tehran and Washington were renewing dialogue boosted hopes of ending the Middle East war.

Back in the kingdom, months of uncertainty have added to economic headwinds.

Despite government revenues coming in above initial forecasts, Saudi Arabia has revised up its projected budget deficit for 2026 to 245 billion riyals, or 4.9 per cent of gross domestic product, from an initial forecast of 165 billion riyals.

Government spending is expected to exceed initial projections by 9.3 per cent, while the finance ministry forecasts the Saudi economy will contract by 3.6 per cent in 2026, driven by a 21.8 per cent decline in oil-related activity.

The kingdom expects to reduce its deficit to 191 billion riyals in 2027, or 3.6 per cent of GDP, while continuing to invest in economic diversification projects.

The IMF expects Saudi Arabia to end the year with a 3.3 per cent contraction in GDP, five percentage points lower than its previous forecast in July. — AFP

WASHINGTON, Nov 3 — Anthropic, one of the world’s leading artificial intelligence companies, on Monday reported a more than 1,100 per cent surge in quarterly revenue and nearly US$900 billion (RM3.67 trillion) in spending commitments as it counts down to its Wall Street listing later this month.

The San Francisco-based company was founded in 2021 by former OpenAI researchers led by chief executive Dario Amodei and his sister Daniela, now its president, with AI safety as its focus.

The listing comes amid growing nervousness among investors about the huge sums being poured into AI.

Revenue reached US$17 billion in the third quarter, up from US$1.4 billion a year earlier, though sales growth slowed from previous quarters amid fierce competition from ChatGPT-maker OpenAI and cheaper models, many of them from China.

The company, whose stock market debut is seen as a gauge of how long the AI spending boom lifting the US economy can last, said in an amended filing that its net loss reached US$23.3 billion in the July-September period.

The loss stemmed mostly from non-cash accounting charges linked to the company’s rising valuation, the filing showed.

Anthropic also posted an operating loss of US$567 million in the third quarter as it paid more for short-term computing capacity.

The filing said the company has committed to spend about US$895 billion, mostly on computing power, with US$70 billion of that due before September 2027.

The IPO will be a major test of the market’s faith in the AI boom, with the pool of potential investors set to widen as retail traders get their first chance to buy shares directly in a standalone AI giant.

According to several media outlets, the five-year-old company plans to raise around US$100 billion in its initial public offering, at a valuation of between US$1.5 trillion and US$2 trillion.

That would surpass the record set in June by SpaceX, which raised US$86 billion.

Special share 

Last week, concerns about AI spending triggered a sharp sell-off in big tech stocks after the latest earnings showed massive investment without clear signs of a return.

Anthropic’s roughly 400-page filing devotes more than 90 pages to risks, including those facing an industry that has seen a string of reports in recent months of AI systems behaving in unexpected and harmful ways.

Anthropic’s focus on safety is built into its corporate structure. It is a public benefit corporation, legally required to weigh its mission of developing AI safely alongside shareholder returns.

The co-founders, meanwhile, will hold 50.1 per cent of shareholder voting power through a single special share, leaving investors who buy on the market little say over the company’s direction.

The IPO comes as more major companies involved in the AI spending bonanza turn to the markets to finance their ambitions.

Meta and Google parent Alphabet have launched their own fundraising plans on the public markets, and Oracle said Monday it was going ahead with a US$20 billion plan despite doubts about its financial exposure. — AFP 

KUALA LUMPUR, Nov 3 — Bursa Malaysia’s key index saw choppy trading in the opening minutes, hovering between positive and negative territory before edging higher, in line with the mixed performance on Wall Street overnight.

At 9.18am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.97 points to 1,622.48 from yesterday’s close of 1,619.51.

The benchmark index opened 1.25 points higher at 1,620.76.

Across the broader market, losers led gainers 291 to 150, while 282 counters were unchanged, 2,000 untraded, and 11 suspended.

Turnover stood at 276.83 million units worth RM178.87 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Wall Street closed mixed as technology-related stocks continued their meltdown, despite crude oil prices easing to below US$105 per barrel on hopes that both the United States (US) and Iran will resume their peace talks.

He said the FBM KLCI closed higher yesterday despite a weak opening, supported by the emergence of bargain hunters, while foreign buying also appeared to be returning, albeit sporadically.

“We expect trading to be muted ahead of the US mid-term election later today. As such, we expect the index to trend between the 1,615-1,625 range today,” he told Bernama.

Among the heavyweight stocks, Maybank rose six sen to RM10.04, Public Bank added two sen to RM4.81, and CIMB bagged four sen to RM6.96. Tenaga Nasional eased two sen to RM13.28, while IHH Healthcare fell seven sen to RM7.78.

In active trade, GIIB and Datasonic were half a sen higher at 50.5 sen and 27 sen, respectively, and AirAsia improved 3.5 sen to 48 sen. Nationgate fell nine sen to RM1.97, and Ni Hsin was half a sen lower at 33.5 sen.

Nestle led the top gainers, gaining 42 sen to RM96.54, while Hong Leong Bank rose 20 sen to RM21.38, RHB Bank gained 17 sen to RM7.67, AMMB soared 15 sen to RM6.42, and United Plantations climbed 10 sen to RM29.40.

Among the top losers, MPI decreased 58 sen to RM39.20, Mi Technovation dipped 29 sen to RM6.01, Vitrox Corporation lost 26 sen to RM10.22, Hengyuan Refining slipped 19 sen to RM3.64, and UWC shaved off 16 sen to RM6.93.

On the index board, the FBM Emas Index decreased 1.30 points to 12,071.00, while the FBM Top 100 Index added 2.38 points to 11,881.66. 

The FBM Mid 70 Index sank 77.63 points to 17,309.95, the FBM Emas Shariah Index was 45.71 points lower at 12,055.82, and the FBM ACE Index gave up 29.57 points to 5,313.42.  

Sector-wise, the Industrial Products and Services Index edged down 1.17 points to 177.60, the Energy Index declined 6.71 points to 830.18, the Financial Services Index widened 137.10 points to 18,706.51, and the Plantation Index expanded 12.78 points to 8,715.02. — Bernama 

SAN FRANCISCO, Nov 3 — Apple exceeded analysts’ expectations for its latest results on Monday when the iPhone-maker said it notched a “revenue record” for the July-September quarter, driven by iPhone sales and services revenue, but increased costs related to AI will drag down margins.

“We’re closing the year with our most ambitious lineup yet,” CEO John Ternus, who took over from Tim Cook in September, said in a statement before speaking on a call with analysts Monday afternoon.

Ternus hinted at an optimistic outlook for sales of its latest products, including the foldable Duo, during the holiday season.

However, CFO Kevan Parekh warned that the company Apple’s gross marin will slow a bit in the final stretch of the year, compared to its September quarter margin of 47.9 per cent.

“We expect gross margin to be between 45 per cent and 46 per cent. This includes primarily the impact of higher memory costs, as well as some costs related to the ramp of Siri AI,” Parekh said.

In June, the company overhauled Siri, its digital assistant, through a partnership with Google, whose Gemini model was used to beef up the new Siri AI.

Apple tried to assuage investors’ concerns about rising AI costs.

“We feel AI offers a compelling reason for customers to upgrade and switch in order to get the latest capabilities, and we also feel there’s opportunities across third-party apps and partnerships as well as first-party opportunities,” Parekh said.

Apple launched three new phones in September — the 18 Pro, 18 Pro Max and its first folding phone called the Duo — in addition to two new desktop computers.

In October, it also unveiled a new smart display powered by Siri AI called HomeView, as well as a MacBook Pro with a touchscreen for the first time.

In July, the company also launched Apple Upgrade, a leasing program that lets US customers pay for an iPhone or other devices in monthly installments.

Chips crunch

Long criticised for falling behind in the AI race, Apple stands to benefit from the heavy spending of its peers on data centers while keeping its own investments lean.

Analysts expected the Cupertino giant to spend US$11 billion (RM44.9 billion) in the 12 months that ended in September, when its fiscal year ends.

That’s a fraction of the annual expenditures of Microsoft, Alphabet, Amazon and Meta, which are on track to spend more than US$700 billion on capital investment this year — roughly the size of Argentina’s or Belgium’s entire economy — much of it on AI infrastructure, according to analyst estimates.

In July, Meta said it expected to spend US$145 billion this year, nearly double what it spent in 2026.

Last week, Amazon said it expects to spend US$220 billion this year, and Microsoft said it expected to spend US$170 billion by the end of the year.

Alphabet’s latest forecast for spending is between US$195 billion to US$205 billion in 2026.

The iPhone-maker is in a legal battle with one of its close AI partners, though.

In July, Apple sued OpenAI for allegedly orchestrating a campaign to steal the iPhone maker’s trade secrets as the AI lab tries to develop its own consumer hardware device.

OpenAI’s flagship product, ChatGPT, has been integrated into Apple products since 2024. — AFP 

KUALA LUMPUR, Nov 3 —  Malaysia’s manufacturing sector is expected to continue supporting industrial production and overall economic growth in the fourth quarter of 2026 (4Q 2026), according to MBSB Investment Bank Bhd (MBSB IB).

In a note today, MBSB said the positive outlook is supported by the strong new order growth, improving export demand and sustained hiring backed by Malaysia’s stronger-than-expected gross domestic product (GDP) growth of 5.3 per cent year-on-year in the third quarter of 2026 and a 53.7 per cent year-on-year expansion in trade in September.

It said Malaysia’s S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose to 51.0 in October 2026 from 49.9 in September, returning to expansionary territory and marking the strongest improvement in manufacturing conditions since April 2026.

“The latest PMI reading signals continued growth in industrial production and overall economic activity in 4Q 2026,” it said.

The investment bank said stronger demand had encouraged firms to increase purchasing activity and sustain employment growth for a third consecutive month.

It said input cost inflation had accelerated due to higher transportation and raw material costs, partly linked to the West Asia conflict, prompting manufacturers to raise selling prices.

Nevertheless, MBSB IB said that rising input costs, persistent supply-chain disruptions and weaker business sentiment remain key downside risks.

“Ongoing geopolitical tensions in West Asia and elevated transportation costs could continue to exert pressure on manufacturers’ margins and contribute to higher producer price inflation moving forward,” it said. — Bernama 

KUALA LUMPUR, Nov 3 — The ringgit opened marginally higher against the US dollar on Tuesday amid signs of progress in diplomatic talks between Washington and Tehran.

At 8am, the local note slightly rose to 4.0690/0750 against the greenback from Monday’s close of 4.0695/0735.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said US-Iran diplomatic talks could lead to the reopening of the Straits of Hormuz.

Brent crude oil prices fell significantly by 8.12 per cent to US$104.21 (RM424) per barrel.

“At the same time, the auction for the three- and six-month US Treasury bills saw their yields lower, suggesting that the odds for a rate hike have been tempered down. 

“Still, the situation in West Asia is still fluid, and market participants will be observing the US mid-term election result,” he told Bernama.

However, Mohd Afzanizam expects the ringgit to trade in a narrow range today as market sentiment remains cautious.

Against major currencies, the ringgit traded mostly higher.

The ringgit climbed against the euro to 4.5540/5607 from 4.5652/5697 at Monday’s close, rose against the British pound to 5.4561/4642 from 5.4621/4675, but inched down vis-a-vis the yen to 2.5769/5809 from 2.5766/5793 previously.

The ringgit performed mixed against its Asean peers.

It increased vis-a-vis the Singapore dollar to 3.1809/1858 from the previous close of 3.1825/1862, but was flat against the Indonesian rupiah at 224.1/224.5 and the Philippine peso at 6.39/6.41.

The local note slipped versus the Thai baht to 12.0634/0920 from 12.0496/0661 at Monday’s close.  — Bernama 

LONDON, Nov 2 — Oil prices sank more than four per cent Monday as a report that Donald Trump wanted to negotiate with Iran raised hope of ending the Middle East war, as the US president prepared for pivotal midterm elections.

Weighing on crude futures was also Iran saying it is ready to reopen the Strait of Hormuz within two days should the United States agree to ending the war on all fronts, among other conditions related to the conflict.

The Axios news outlet reported that US Vice President JD Vance had sent a letter to Iranian national security chief Mohsen Rezaei about possible new talks, marking the highest-level move in months.

Share prices of energy majors dropped as gas price also fell, while many other sectors were boosted by the cooling fuel costs.

“We believe the (Trump) signals may be tactical ahead of tomorrow’s US midterm elections,” noted Arne Lohmann Rasmussen, chief analyst at Global Risk Management.

“Meanwhile, attacks on shipping in the Strait of Hormuz continue (and) we maintain our higher-for-longer outlook for energy prices.”

All eyes are on Tuesday’s midterms, with Democrats expecting to win at least partial control of Congress that would impose political constraints on Trump for the first time in two years.

The loss of total Republican dominance would push the president into unfamiliar and uncomfortable territory: a lame-duck period beset with high inflation at home, the sputtering war against Iran and hostile Democratic investigations into his activities in Washington.

“Investors are bracing for a fresh round of turbulence ahead of US midterm election fireworks while they assess the extent that companies are burning through cash to keep the AI bonfires burning,” said Susannah Streeter, chief investment strategist at Wealth Club.

Technology firms’ share prices retreated further after Friday’s selloff, as more poorly received earnings from US titans fanned deepening concerns about the investment boom for artificial intelligence.

Results updates from Apple, Advanced Micro Devices and software titan Palantir will be closely watched this week.

The share price of Japanese chipmaker Kioxia plunged nearly 16 per cent Monday after the company gave a cautious outlook that fell short of forecasts.

The company has plunged about 70 per cent from its record high set in June, although it is still up more than 200 per cent since the start of the year.

There were tech gains elsewhere, however, with Taiwan’s TSMC adding almost two per cent and SK hynix gaining 3.8 per cent.

Bitcoin and other cryptocurrencies were steadier after Friday’s retreat triggered by the world’s biggest crypto exchange Binance suffering the sector’s largest hack, with more than US$6 billion (RM24.4 billion) stolen.

On the corporate front, shares in Alstom dropped over 25 per cent after the maker of France’s TGV trains said it had uncovered new production issues with its new Coradia Max regional trains.

That forced it to lower its profit targets for the second time in six months. Its market value is now just €5.3 billion, compared with €12 billion at the beginning of the year. — AFP 

LONDON, Nov 2 — Irish no-frills airline Ryanair said Monday it would launch a cost-cutting drive and hike fares next year to help offset the impact of soaring jet fuel prices driven by the Middle East war.

Chief executive Michael O’Leary said Ryanair’s fuel bill is expected to rise by €2 billion (RM9.12 billion) in its next financial year, which could prompt cost-saving measures such as temporary pay freezes, lower cabin crew ratios and greater use of artificial intelligence in back-office operations.

The announcement came as profit after tax fell six per cent to €1.61 billion in its second quarter, or three months to end-September, from one year earlier, the Dublin-based carrier said in a statement.

Ryanair, which is Europe’s biggest airline by passenger numbers and flies mainly across the continent, said the cost of fuel not subject to advance purchase agreements had soared owing to the US-Iran war.

“Unless there is a swift resolution of the Middle East conflict, we expect jet-fuel prices to remain elevated well into 2027,” O’Leary said in an earnings statement.

For its current financial year to the end of March, Ryanair has hedged 80 per cent of its fuel needs at around US$67 a barrel, well below current market levels.

But for 2027–2028, only a quarter of its needs are hedged so far, at a higher price of around US$95 a barrel — but still below current levels.

‘Double-digit’ fare hikes 

Ryanair added Monday that its revenue increased four per cent to 5.7 billion euros in its second quarter.

While passenger traffic grew five per cent, fares fell two per cent as the war led to consumer hesitancy and later bookings.

However, O’Leary said that fares would have to rise next year to cope with rising fuel costs.

“We’re certainly looking at double-digit (per centage) fare increases across Europe from all airlines in 2027,” he said in a video released alongside the second-quarter earnings.

Dan Coatsworth, head of markets at AJ Bell, said “many airlines have navigated this year’s oil price spike thanks to forward hedging, having locked in large swathes of fuel costs before the Iran war”.

“Those hedges will soon roll off, meaning the airline industry faces significant cost pain.”

Coatsworth added that “travellers should brace themselves for a sharp increase in the cost of flying unless oil prices fall substantially”.

Ryanair already announced it would reduce its winter schedule in response to higher fuel costs.

The airline expects to carry 214 million passengers in its current fiscal year, up three per cent from 2025/26.

O’Leary said it was too early to provide full-year profit guidance, which remains “highly sensitive to... conflict escalation in the Middle East and Ukraine” fuel prices, macroeconomic shocks and European air traffic control strikes. — AFP 

KUALA LUMPUR, Nov 2 — The ringgit ended lower against the US dollar on Monday with positive United States economic data outlook lending support to the greenback.

At 6pm, the local note eased to 4.0695/0735 against the greenback from last Friday’s close of 4.0555/0600.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the October US Nonfarm Payrolls (NFP), scheduled to be released on Nov 6, is expected to reach 65,000 against 29,000 in the preceding month while the unemployment rate is expected to be sustained at 4.2 per cent.

“Positive (economic) data point could mean the Fed could resume its rate tightening cycle in December meeting with odds for the Fed Fund Rate hike at 71.1 per cent compared to 78.9 per cent a month ago.

“Still, higher odds could mean higher chance of rate tightening, which can be positive for the US dollar,” he told Bernama.

Mohd Afzanizam also said other regional currencies were mostly in the red against the US dollar as traders and investors were anxious about the prospect of renewed attack on Iran after the mid-term US elections tomorrow.

“The US dollar-ringgit trading had progressively moved up from RM4.057 in the early morning trade to RM4.072 during the afternoon session, while Thai baht, Indonesian rupiah and Japanese yen declined 0.24 per cent, 0.13 per cent and 0.06 per cent respectively,” he said.

Against major currencies, the ringgit traded mostly lower.

The ringgit slid against the British pound to 5.4621/4675 from 5.4461/4522 last Friday’s close, softened against the euro to 4.5652/5697 from 4.5413/5464, but it inched up vis-a-vis the yen to 2.5766/5793 from 2.5782/5812 previously.

The ringgit was lower against its Asean peers.

It fell vis-a-vis the Singapore dollar to 3.1825/1862 from previous close of 3.1753/1791, slipped versus the baht to 12.0496/0661 from 12.0373/0561, edged down against the rupiah to 224.1/224.4 from 223.4/223.8, and was slightly lower vis-a-vis the Philippine peso at 6.39/6.41 from 6.36/6.37 previously. — Bernama 

KUALA LUMPUR, Nov 2 — The Malaysia External Trade Development Corporation (Matrade) expects the country’s trade surplus to grow by at least 15 to 20 per cent this year, compared with RM156.83 billion last year, said its chief executive officer Datuk Indera Abu Bakar Yusof.

He said higher exports, expansion into international markets and greater participation by micro, small and medium enterprises (MSMEs) will drive growth.

The national trade promotion agency will also place special emphasis on raising local businesses’ contribution to exports, particularly MSMEs.

“Local companies’ greater participation in export markets can bring added value to the national economy by creating job opportunities for the local community,” he told Bernama after MATRADE Academy’s Strategic Networking Ceremony at Menara Matrade here today.

MATRADE Academy is a strategic collaboration between Matrade and the public and private sectors that provides expertise, training content, and trainers to deliver 16 exporter capacity-building modules.

The programme focuses on MSMEs that have yet to venture into exports to prepare them to do so and also to help existing exporters expand their market reach.

Abu Bakar said efforts to raise local companies’ exports are part of Matrade’s long-term plans to strengthen their contribution to the country’s trade surplus.

“Matrade Academy aims to develop the capabilities of MSMEs that have yet to export, helping them prepare to enter international markets, while assisting existing exporters to expand their market reach.

“Companies that undergo the programme will subsequently be brought into overseas promotional activities to showcase their products and establish business networks in export markets,” he said.

He said exporters currently operating in three or four markets, for example, could potentially receive assistance to expand their reach to between five and 10 markets.

MSMEs contributed 39.7 per cent to the country’s gross domestic product (GDP) in 2025, but their export contribution was only 14.7 per cent, Abu Bakar said in his speech. There is considerable room for improvement in international trade, he said.

He said Matrade’s Malaysia Exporters Registry has nearly 11,300 members currently, of which about 4,200 are MSMEs already exporting abroad.

“Matrade Academy has developed 16 training modules in areas such as export readiness, market intelligence, packaging, certification, logistics, financing and digital trade to support exporter development.

“The success of the programme should be measured based on actual actions taken by companies, including those entering export markets for the first time, increasing export values and expanding their market reach,” he said.

Matrade and FedEx Malaysia also exchanged a memorandum of understanding to strengthen support for exporters, particularly in international logistics.

Abu Bakar said developing exporters requires expertise from various fields, with each party leveraging its respective strengths. Collaborations are therefore important as this would add value to Malaysian companies. — Bernama 

KUALA LUMPUR, Nov 2 — Bursa Malaysia’s key index ended higher today, recovering from early losses to remain above the 1,600-point level, supported by selective bargain hunting in telecommunications and commodity-related heavyweights despite continued weakness in technology stocks.

Regional markets were mixed as investors reassessed technology earnings prospects and the sustainability of substantial artificial intelligence (AI)-related investments, while Brent crude fell more than three per cent to around US$110 (RM447.78) per barrel amid hopes of easing West Asia tensions following diplomatic efforts involving Iran and Qatar, said Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.91 points, or 0.24 per cent, to 1,619.51 from last Friday’s close of 1,615.60.

The benchmark index, which opened 2.39 points easier at 1,613.21, moved between 1,607.15 and 1,623.33 throughout the day.

In the broader market, losers outnumbered gainers 774 to 323, while 501 counters were unchanged, 1,125 untraded, and 11 suspended.

Turnover decreased to 2.65 billion units worth RM2.10 billion from last Friday’s 3.15 billion units worth RM2.68 billion.

Thong said the local market remained resilient, supported by selective buying in fundamentally sound blue-chip stocks, although its recovery could be gradual amid uncertainties surrounding US interest rates and foreign fund flows.

He said investors would also be watching the US mid-term elections and Bank Negara Malaysia’s monetary policy decision on Thursday (Nov 5).

“We expect the FBM KLCI to trade within 1,600-1,630 range this week, with a mild upward bias, although a sustained move above 1,620-1,630 would require stronger buying participation,” he told Bernama.

Regionally, Hong Kong’s Hang Seng rose 0.42 per cent to 23,393.32, South Korea’s Kospi soared 2.24 per cent to 5,859.08, Japan’s Nikkei 225 was 0.33 per cent lower at 63,081.86, and Singapore’s Strait Times Index was 1.36 per cent lower at 5,303.83.

Among the heavyweight stocks, Maybank fell four sen to RM9.98. Public Bank added four sen to RM4.79 and CIMB gained one sen to RM6.92, while Tenaga Nasional and IHH Healthcare were flat at RM13.30 and RM7.85, respectively.

Among the most active stocks, Zetrix AI slid half a sen to six sen, GIIB Holdings gained 14 sen to 50 sen, Top Glove was 1.5 sen lower at 96 sen, Ni Hsin climbed eight sen to 34 sen, and CTOS perked up half-a-sen to 39.5 sen.

Mega Fortris led the top gainers, surging 66 sen to RM2.88, Fraser & Neave garnered 32 sen to RM20.28, Petronas Dagangan improved 28 sen to RM19.78, MISC increased 27 sen to RM8.52, and Westports put on 25 sen to RM7.10.

Among the top losers, Vitrox erased 42 sen to RM10.48, Mi Technovation slipped 23 sen to RM6.30, Pentamaster and Solarvest lost 20 sen each to RM5.47 and RM4.11, respectively, while BLD Plantation dropped 18 sen to RM14.80.

On the index board, the FBM Emas Index rose 10.56 points to 12,072.30 and the FBM Top 100 Index advanced 15.42 points to 11,879.28.

The FBM Emas Shariah Index was 18.62 points higher at 12,101.53, while the FBM ACE Index decreased 60.92 points to 5,342.99 and the FBM Mid 70 Index gave up 33.10 points to 17,387.58.

Sector-wise, the Industrial Products and Services Index edged up 0.40 of a point to 178.77, the Financial Services Index strengthened 21.41 points to 18,569.40, and the Plantation Index climbed 4.81 points to 8,702.23, while the Energy Index slid 15.27 points to 836.89. 

The Main Market volume fell to 1.45 billion units worth RM1.88 billion from 1.87 billion units worth RM2.42 billion last Friday. 

Warrants turnover slipped to 877.58 million units worth RM102.50 million against 893.97 million units worth RM115.16 million previously.

The ACE Market volume dwindled to 322.03 million units valued at RM110.72 million from 384.14 million units valued at RM143.92 million on Friday.

Meanwhile, consumer products and services counters accounted for 226.05 million shares traded on the Main Market, industrial products and services (280.42 million), construction (116.07 million), technology (362.25 million), financial services (54.66 million), property (80.43 million), plantation (19.92 million), real estate investment trusts (23.30 million), closed-end fund (32,500), energy (89.16 million), healthcare (97.81 million), telecommunications and media (24.03 million), transportation and logistics (45.40 million), utilities (34.54 million), and business trusts (40,100). — Bernama 

ABU DHABI, Nov 2 — UAE state oil company ADNOC today announced a partnership with OpenAI, saying it would be the world’s first energy firm to deploy OpenAI Frontier, an advanced artificial intelligence platform.

The deal was announced as OpenAI CEO Sam Altman attended the UAE’s flagship oil industry event in Abu Dhabi, which has bet heavily on the technology in a bid to diversify its economy away from energy.

Gulf countries have been struggling to export oil since Iran began blockading the Strait of Hormuz and targeting tankers in the area, but the US military has been escorting ships through the route.

The blockade has caused a spike in oil prices.

ADNOC said in a statement that OpenAI’s models will enable it to to be “the first energy company in the world to use this technology to value every barrel while it is still in the ground”.

The deal will also see ADNOC and OpenAI partner with G42, and Emirati AI company chaired by the brother of the UAE’s president.

The oil-rich UAE is a top AI player in the Middle East and has been seeking to become a dominant force in the field globally.

“From the moment ChatGPT was born, the world has asked what energy can do for AI, and now together we will find out what AI can do for energy,” said ADNOC’s managing director and CEO Sultan Al Jaber at the ADIPEC oil conference.

Altman praised the UAE as having “consistently been the most forward-looking country in the world for AI adoption”.

According to an ADNOC statement, “OpenAI’s advanced reasoning models will integrate decades of data across thousands of wells, multiple stacked reservoirs and hundreds of surface facilities together with capital, cost and commercial considerations, to prepare and optimise full-field development master plans”.

“Interconnected AI agents will continuously forecast crude oil supply, demand, prices and margins, predict their impacts before they occur, and weigh the commercial and operational impact of every decision as one integrated process,” the statement said.

No financial details of the deal were disclosed.

The UAE has been betting heavily on AI since 2017, when it named the world’s first AI minister and became the second country after Canada to unveil a national AI strategy.

A year later, G42 was founded with backing from Abu Dhabi-based sovereign wealth fund Mubadala. Chaired by the UAE president’s brother, Sheikh Tahnoon bin Zayed Al Nahyan, it offers a range of AI products and employs more than 23,000 people.

Last year, intense lobbying bore fruit when the US approved the export of advanced Nvidia chips to both the UAE and Saudi Arabia.

Yesterday, Saudi state oil firm Aramco said it was taking a 49 per cent stake in Saudi state-backed AI company Humain, injecting cash and assets as the tech firm tries to scale up to meet rising demand.

Aramco, one of the world’s biggest companies by market capitalisation, will inject about 9.9 billion Saudi riyals (RM10.7  billion) into Humain this year along with AI, compute and digital assets. — AFP

KUALA LUMPUR, Nov 2 — Bursa Malaysia opened lower on Monday, weighed down by Wall Street’s weaker performance last Friday, which dampened investor sentiment.

At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 8.24 points, or 0.51 per cent, to 1,607.36 from last Friday’s close of 1,615.60.

The benchmark index opened 2.39 points easier at 1,613.21.

Across the broader market, losers outnumbered gainers 430 to 64, while 259 counters were unchanged, 1,970 untraded, and 11 suspended. Turnover stood at 216.60 million units worth RM98.99 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Wall Street closed sharply lower as disappointing Intel and Amazon earnings intensified concerns over the substantial capital expenditure required for artificial intelligence investments.

He said the US 10-year yield eased to approximately 4.93 per cent, while Brent crude surged to US$117.64 per barrel amid renewed West Asia supply concerns.

“For today, we envisage the benchmark index hovering within the 1,610-1,620 range, supported by selective bargain hunting in banking, plantation and defensive counters,” he told Bernama.

Among the heavyweight stocks, Maybank fell two sen to RM10, Tenaga Nasional and IHH Healthcare were 10 sen lower at RM13.20 and RM7.75 respectively, while CIMB dropped seven sen to RM6.84. Public Bank increased two sen to RM4.77.

In active trade, Zetrix AI and Jaks Resources were half a sen lower at six sen and 14 sen, respectively, while Dagang Nexchange fell one sen to 42 sen. GIIB Holdings bagged 7.5 sen to 43.5 sen and Ni Hsin added 1.5 sen to 27.5 sen.

Manulife Holdings led the top gainers, gaining 11 sen to RM2.39, while Mega Fortris and Westports each added nine sen to RM2.31 and RM6.94 respectively, and Hap Seng Plantations rose seven sen to RM2.31.

Among the top losers, Nestle lost 70 sen to RM95.24, MPI decreased 58 sen to RM39.20, United Plantations reduced 30 sen to RM28.92, Vitrox dropped 28 sen to RM10.62 and Kluang Rubber trimmed 23 sen to RM6.30.

On the index board, the FBM Emas Index decreased 67.17 points to 11,994.56, while the FBM Top 100 Index lost 65.06 points to 11,798.80. 

The FBM Mid 70 Index sank 114.50 points to 17,306.19, the FBM Emas Shariah Index was 81.33 points lower at 12,001.58, and the FBM ACE Index gave up 59.40 points to 5,344.51.  

Sector-wise, the Industrial Products and Services Index edged down 0.99 of a point to 177.38, the Energy Index declined 5.53 points to 846.63, the Financial Services Index slipped 41.50 points to 18,506.49 and the Plantation Index slid 29.0 points to 8,668.42. — Bernama

KUALA LUMPUR, Nov 2 — The ringgit opened higher against the US dollar and major currencies today, supported by expectations of a possible overnight policy rate (OPR) normalisation ahead of Bank Negara Malaysia’s Monetary Policy Committee (MPC) meeting this Thursday.

At 8 am, the local note was slightly higher at 4.0550/0635 against the greenback from last Friday’s close of 4.0555/0600.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid opined that the MPC members would decide to raise the OPR by 25 basis points (bps).

He said the pre-emptive rate cut in July 2025, which lowered the OPR from three per cent to 2.75 per cent, had served its purpose, as concerns over slower economic growth following the tariff shock had not materialised.

“In 2025, the gross domestic product (GDP) grew by 5.2 per cent while in the first nine months of 2026, GDP growth accelerated to 5.5 per cent.

“On that note, the case for OPR normalisation is clear as the fears of slower growth following the tariff shock have not materialised. As such, this could provide support for the ringgit today,” he told Bernama.

However, he said market consensus was that the benchmark interest rate would remain unchanged at 2.75 per cent.

On external developments, he said currency markets were expected to remain cautious ahead of the United States midterm elections on Tuesday, particularly amid uncertainties surrounding the conflict in West Asia.

Against major currencies, the ringgit rose against the British pound to 5.4276/4390 from 5.4461/4522 at last Friday’s close, gained against the euro to 4.5238/5332 from 4.5413/5464, and strengthened vis-a-vis the Japanese yen to 2.5715/5771 from 2.5782/5812 previously.

The ringgit traded mixed against its ASEAN peers.

It climbed against the Singapore dollar to 3.1724/1793 from 3.1753/1791 and advanced against the Thai baht to 12.0024/0400 from 12.0373/0561 previously.

The local currency was flat against the Indonesian rupiah at 223.4/224.0 and the Philippine peso at 6.36/6.38, compared with last Friday’s close. — Bernama

KUALA LUMPUR, Nov 2 — Malaysian factories are wrestling with mounting transport and material bills, passing these higher overheads directly to buyers as factory-gate inflation matches rising production costs.

According to the latest S&P Global Malaysia Manufacturing Purchasing Managers’ Index (PMI), input expenses and selling charges rose at identical, accelerated rates in October. Survey respondents pinned the surge in freight and raw material expenses partly on ongoing conflict in the Middle East.

Despite intensifying cost burdens, overall sector performance returned to expansion territory. The headline PMI climbed to 51.0 in October from 49.9 in September, crossing the 50-point threshold separating contraction from growth to mark its strongest showing since April.

New orders surged at one of the fastest paces seen in four and a half years, driven by robust export sales and renewed demand from existing domestic clients. That rebound prompted factories to lift output for the first time in three months and expand headcount for a third consecutive month.

“New orders returned to growth, supported in part by stronger demand for AI-related products, and underpinned a fresh rise in output,” S&P Global economist Maryam Baluch said in the report.

Supply snags and port congestion persist

Operational bottlenecks continue to restrain the sector's recovery. Delivery schedules for manufacturing inputs deteriorated for an eleventh straight month, with chronic port congestion singled out as a recurring headache, even though delays eased marginally compared to September.

To keep pace with rising order books, several factories tapped into existing stockpiles, drawing down finished goods inventories for a sixth consecutive month.

Yet the turnaround in orders and output did little to lift long-term sentiment. Business confidence slumped to its lowest level since April, a mood the survey characterised as historically subdued. Manufacturers cited escalating expenses alongside broad geopolitical and macroeconomic volatility as reasons for caution.

Baluch noted that external headwinds remain “a key threat to the economy’s current resilience.”

Downstream pressure on consumer prices

While the PMI measures factory-gate prices rather than retail shop tags, the rapid pass-through of expenses from manufacturers to intermediate buyers signals potential inflationary pressure downstream that could eventually filter through to consumers.

The survey reflects responses collected between October 12 and 26 from purchasing managers across approximately 400 manufacturing operations in Malaysia.

KUALA LUMPUR, Nov 2 — Malaysia’s car-parts makers risk being left on the sidelines of the electric vehicle (EV) boom, as Chinese carmakers favour imported components and their own supplier networks, the South China Morning Post (SCMP) reported.

The squeeze is regional, with suppliers in Indonesia and Thailand also facing weaker demand for parts used in petrol and diesel cars while the barriers to entering EV supply chains remain high.

“The supply chain is very different between Japanese autos and Chinese EVs,” Bhima Yudhistira Adhinegara, executive director of the Centre of Economic and Law Studies in Jakarta, Indonesia told the Hong Kong newspaper.

Malaysia’s own experience shows how tricky it is, with BYD recently dropping plans for an assembly plant in Tanjung Malim after a dispute over export quotas and pricing conditions set by the Ministry of Investment, Trade and Industry, which defended the requirements as non-discriminatory.

The Chinese carmaker has since partnered contract assembler Inokom to assemble passenger vehicles at an existing facility in Kulim, Kedah.

Local value-add remains modest, with local news outlets reporting in March that domestically assembled EVs had just 20 to 30 per cent local content, compared with up to 70 per cent for foreign-branded cars with conventional engines.

Putrajaya has tried to bridge the gap, with the Malaysian Investment Development Authority bringing 23 local parts suppliers and 12 technology suppliers together with Chery in May 2025, resulting in four commercial agreements covering components, technology transfer and joint investment.

Analysts quoted by SCMP see servicing and hybrids, which pair a petrol engine with an electric motor, as a possible lifeline.

Aiman Abdullah, managing editor of Motoring Malaysia, said domestic carmakers’ electrification programmes were gradually building local engineering expertise, and that experience with the high-voltage systems in hybrids could help vendors move into EV components.

But suppliers still need clearer planning from Putrajaya and carmakers, he said, as vendors typically need six to 18 months to prepare for full-scale production while investments take about a decade to pay off.

“Investors need to see stability and focus in terms of policy before they take out their chequebooks,” he was quoted as saying.

Smaller firms may have the vision and some technical expertise but lack the money to break into EVs, according to Aiman who proposed a fund to help them scale up.

Elsewhere in the region, Thai suppliers are at a disadvantage on cost and proprietary technology, according to Krungsri Research, while Bhima urged Jakarta to use local-content rules to make EV investments absorb small local manufacturers.

Servicing offers another way in, though with limits, according to Teoh Jiun Ee, co-founder of used-car platform Carsome and CEO of Carsome Academy.

Malaysia already has a well-established ecosystem for conventional repairs such as bodywork, tyres and suspension, he said, but high-voltage systems, battery assessments and model-specific components are far more specialised.

Carsome can inspect EVs but cannot repair or replace individual battery modules, so it refers such cases to manufacturers, especially for cars still under warranty.

“For us, the broader opportunity is to develop a more mature used-EV ecosystem here, where vehicles can be assessed consistently and safely, and buyers have greater confidence in the condition of the cars they purchase,” Teoh was quoted as saying.

KUALA LUMPUR, Nov 1 — With the national jobless rate at just 2.9 per cent, Malaysia’s labour market looks healthy on paper, yet fresh graduates say artificial intelligence (AI) is making the first rung of the career ladder harder to reach.

Andy Iskandar Baharudin, 23, a finance graduate from a public university, has applied to more than 100 companies since an internship ended in July, the South China Morning Post (SCMP) reported today.

“How are we supposed to gain experience as fresh graduates if even getting an opportunity to work is difficult?” he asked.

Marketing graduate Nafeesa Azman, 24, says she has sent out 200 to 300 applications since finishing an internship about two months ago.

She blames AI for thinning out copywriting and visual-content work, and says employers armed with the tools are lowballing on pay.

Nafeesa wants at least RM3,000 a month, she said, but many offers fall short.

The routine tasks that once trained newcomers, such as taking notes, preparing slides and compiling data, can now be done faster and more cheaply by AI, SCMP noted.

The Department of Statistics Malaysia (DOSM) put unemployment among those aged 15 to 24 at 10.1 per cent in August, or 291,300 people.

Among those with jobs, DOSM found that 35.2 per cent of employed tertiary-educated workers were in semi-skilled or low-skilled roles in the second quarter.

The Human Resource Ministry told Parliament back in June that 1.6 million graduates, or 32.2 per cent of the graduate workforce, were underemployed in 2024, and that then government was accelerating labour market reforms.

A study commissioned by the Human Resources Ministry found last year that 600,000 existing jobs were “at risk” from AI, though then minister Steven Sim said up to 60 per cent of employers across 10 key sectors expected AI to create jobs.

The International Labour Organization estimates that nearly 80 million South-east Asian workers will be affected by AI, and 11.7 million could lose their jobs or see their tasks reworked.

Its July report, however, found no evidence yet of large-scale AI-driven job losses in the region.

A similar situation appears to be developing to Malaysia’s south, in Singapore.

Singapore Prime Minister Lawrence Wong said on October 12 that AI may have already broken the “bottom rung” of the career ladder.

Singapore will subsidise firms that take on interns, and has unveiled a S$1 billion (RM3.19 billion) plan covering worker upskilling, infrastructure, hardware and research.

International Monetary Fund managing director Kristalina Georgieva warned on October 16 that young people who would once have taken professional routine jobs are now serving coffee in Starbucks.

“That is not what I think young people in the world aspire for,” she said during the IMF and World Bank annual meetings in Bangkok.

For Andy, the wish is simple: “We do want to work, gain experience and build our own careers.”

GEORGE TOWN, Nov 1 — A vibrant splash of colours, festive decorations and lively entertainment has brought the spirit of Deepavali to life at the Penang Jom Jom Deepavali Carnival 2026 in Bayan Lepas, with the celebration also opening new doors for small businesses and aspiring entrepreneurs.

Beyond the festive atmosphere, the 10-day carnival, which runs until November 7, is providing a valuable platform for small and medium enterprises (SMEs), home-based businesses and budding entrepreneurs to showcase their products, connect with consumers and expand their market reach.

Penang Indian Business Organisation president Dr Kugilan Pushpanathan said the carnival featured about 45 stalls offering a variety of products, with nearly 95 per cent of the participating vendors making their debut at a Deepavali carnival, many of whom had previously operated from home or relied on online platforms to sell their products.

He said the initiative, organised by the Penang Indian Business Organisation, was not solely business-oriented but also aimed at highlighting the growing number of Indian entrepreneurs and encouraging more members of the community to venture into business.

“Our intention is to give small vendors an opportunity to step out and introduce their products to the public. Some have been operating from home or online, but have never had the chance to participate in a carnival like this.

“We want them to gain exposure and experience, rather than focusing solely on making profits from the event,” he told Bernama at the carnival today.

Kugilan, who is also Key Global Network Sdn Bhd chief executive officer and founder, said the carnival is targeting about 10,000 visitors throughout its 10-day programme, following an encouraging turnout of nearly 2,000 visitors on the opening day.

He said the carnival also featured various cultural and entertainment programmes, including traditional music performances, local artistes and a special platform for aspiring singers to showcase their talents after auditions.

Kugilan also thanked the Penang state government, including Chief Minister Chow Kon Yeow, for their support in making the state’s first and largest Deepavali carnival possible, while expressing hope that the carnival could become an annual fixture in Penang’s Deepavali celebrations, providing a sustainable platform for small businesses and emerging talents.

Among the vendors is 16-year-old entrepreneur Aesvan Arvind, selling decorative lights and traditional Indian biscuits, who said business at the carnival had been encouraging, with visitor turnout exceeding his expectations and customers showing strong support for the participating vendors.

He said the carnival’s spacious outdoor setting and strategic location had given vendors better visibility and made it easier for visitors to discover their products compared with some other events held indoors.

“The response has been good, with more people coming than we initially expected. This provides a good platform for us to sell our products face-to-face to customers,” he said.

Meanwhile, Batu Uban assemblyman A.Kumaresan said the carnival offered an important platform for new entrepreneurs, start-ups and small traders to introduce their products directly to consumers.

“Many entrepreneurs had been operating from home or selling their products online, and the event allowed them to gain exposure to a wider market. This initiative was also important in encouraging more members of the Indian community to venture into entrepreneurship,” he said.

Kumaresan said the initiative also provided an opportunity for entrepreneurs to explore ways to take their businesses to the next level, with support from various agencies, including the Malaysian Indian Transformation Unit (Mitra) and National Entrepreneurial Group Economic Fund (Tekun).

The carnival was officially opened last night by Deputy National Unity Minister R. Yuneswaran. — Bernama

WASHINGTON, Nov 1 — Binance said today that it had resumed withdrawals after a major hack that affected more than US$6 billion (RM24.3 billion) in funds.

Binance, which is the world’s largest crypto exchange by daily trading volumes, had suspended user withdrawals after the attack.

“First batch network now opened in phase one of withdrawals is $BTC bitcoin network,” Binance said on X.

The company said in an earlier update that it was preparing to resume the first phase of withdrawals between 0600 and 0900 GMT today.

“We are taking a phased approach by prioritising tokens based on the past week data of user demand, so that each network and asset pair can be restored carefully, with stability and security checks completed before access is reopened,” it said.

Binance said yesterday that it has set aside more than US$6.34 billion in company funds to cover losses in the hack, which is thought to be the biggest-ever crypto heist.

“User funds remain safe. Binance will absorb the financial impact of the stolen funds, not our users,” it said on X.

The FBI accused North Korea of being behind the attack yesterday, confirming earlier suspicions from private investigators and analysts that a Pyongyang-affiliated group called TraderTraitor was behind the hack.

The hack is the latest in a string of high-profile cyber thefts linked to North Korea, which has built a formidable hacking operation, generating funds believed to help finance its weapons program.

News of the cyberattack caused the prices of most major cryptocurrencies to fall sharply on Friday. — AFP

BRUSSELS, Nov 1 — The European Union slapped a €2 (RM9) handling fee on packages from outside the 27-nation bloc today in a bid to curb the influx from China.

The new levy — coming just weeks before the Black Friday, Cyber Monday, and Christmas season shopping rushes — will be on top of the EU’s €3 fee on small parcels.

How will it work? 

The fee will apply to each type of item in a package sent directly to consumers from outside the EU, regardless of the parcel’s value.

For example, if there are 10 T-shirts in a package, the handling fee will be €2. But if a package contains two hats and 10 T-shirts, the fee will be €4.

The handling fee comes on top of the €3 duty imposed in July on small packages worth less than €150.

European consumers are not expected to pay the handling fee, insists the EU, but online retailers and sellers can add a €2 charge before a sale.

The European Consumer Organisation (BEUC) said it was “concerned that some platforms may try to pass these new costs onto consumers at the final stages of the purchase.”

It added: “That would be illegal under EU law, which requires the full price to be shown upfront.”

Why is the EU introducing the fee?

Nearly six billion small packages entered the EU last year, according to official data.

Some 93 per cent of the cheap packages that arrived in Europe came from China, usually via popular Asian platforms such as AliExpress and Temu.

Brussels says this is putting increasing strain on customs authorities, thereby raising their costs too. The handling fee will compensate their efforts.

Since the EU imposed the €3 duty on small parcels in July, imports have fallen by around 64 per cent — although officials warn it is too early to draw firm conclusions.

Europe has also expressed concern about “unsafe” non-EU products such as toys that violate the bloc’s rules arriving via Chinese e-commerce platforms.

“For years customs have been asked to take on illegal imports with limited resources while small parcels have multiplied out of control,” BEUC’s Agustin Reyna said.

What’s next?

The €2 handling fee is a permanent levy but the €3 duty on low-value packages is a temporary measure in place until July 1, 2028.

From that date onwards, standard, product-specific customs tariffs will apply.

The EU will have to assess the handling fee’s amount every two years to ensure it remains proportional to the cost of customs operations in the bloc. — AFP

DHAKA, Nov 1 — Bangladesh formed a new board today to review the minimum wage for garment workers, as authorities sought to quell protests that have disrupted key industrial hubs around Dhaka.

Despite the move, thousands of workers continued demonstrations in industrial areas around Dhaka today, leading to clashes with police who fired tear gas and sound grenades.

The garment sector is the backbone of Bangladesh’s export-driven economy, employing millions of workers and generating the bulk of the country’s foreign earnings.

The new wage board includes representatives of the government, workers, and factory owners.

“For the last three days, we have been discussing this issue with labour leaders and factory owners,” labour minister Ariful Haque Choudhury said at a news conference in Dhaka.

“A coterie seeking to destabilise the government and cause public suffering has been exploiting our workers,” he added, as he announced the new board and urged workers to return to factories.

Labour leaders said their grievances extended beyond the creation of the board, citing inflation and rising household expenses.

Workers currently earn about 13,000 taka (RM425) a month, according to Kalpona Akhter of the Bangladesh Centre for Workers Solidarity.

“This time we are demanding a bit more than 30,000 taka, considering inflation and the rising cost of living,” Akhter told AFP.

Thousands of factories across the country produce clothing including T-shirts, jeans and sweaters for major retailers in Europe and the United States.

The industry is also seeking to expand beyond its traditional markets, having recently secured greater access to Japan while exploring new export destinations as it competes with regional rivals such as Vietnam. — AFP

NEW YORK, Nov 1 — The FBI yesterday accused North Korea of stealing more than US$6 billion (RM24.3 billion) in virtual assets from the cryptocurrency exchange Binance in what is thought to be the biggest-ever crypto heist.

The US law enforcement agency’s statement came as Binance offered reassurances it was covering the losses from the hacking attack, saying it has used company funds to buy tokens to replenish 90 per cent of what was stolen.

Binance is the world’s largest crypto exchange by daily trading volumes. News of the cyberattack caused the prices of most major cryptocurrencies to fall sharply on Friday.

The FBI confirmed earlier suspicions from private investigators and analysts that a North Korea-affiliated group called TraderTraitor was behind the hack.

TraderTraitor is the same group blamed for a US$1.5 billion theft from the Bybit platform in February last year.

“The Federal Bureau of Investigation (FBI) is releasing information advising the Democratic People’s Republic of Korea (North Korea) was responsible for the theft of more than US$6 billion USD in virtual assets from cryptocurrency exchange Binance, on or about October 29, 2026,” the statement said.

The FBI added that it had observed “TraderTraitor actors” converting stolen assets into Ethereum, and expected those assets to be laundered further by converting them using decentralized finance and instant swap services.

It said it was urging private sector entities “to block transactions with or derived from addresses TraderTraitor actors are using to launder these stolen assets.”

‘Cover the financial impact’

Binance said yesterday it has set aside more than US$6.34 billion in company funds to cover losses in the hack.

“Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident,” the company said on X.

It said it has used company money to buy tokens to replenish 90 per cent of the stolen funds, while the remaining 10 per cent of tokens are “less liquid, which means they may take longer to source in the required amounts.”

Binance suspended user withdrawals after the hack, but said in its latest update they were on track to resume today.

The attack on Binance came as many observers express worries that the ever-expanding capabilities of artificial intelligence models could compromise cryptography and IT security protocols.

Bitcoin plunged nearly five per cent after the news of the hack, while Ethereum dropped nearly six per cent and BNB, native to Binance, tumbled nearly 10 per cent.

Binance said Friday it was working to resolve what it called a “complex attack” with several “points of breach.”

The sheer scale of the hack has put a spotlight on the capacity of North Korea — which faces extensive international sanctions over its nuclear and missile programs — to find illicit means to capture revenue.

TraderTraitor is believed to be part of the Lazarus Group, which gained notoriety in 2014 when it was accused of hacking into Sony Pictures as revenge for The Interview, a film that mocked North Korean leader Kim Jong Un. — AFP

NEW YORK, Nov 1 — Cryptocurrency platform Binance said yesterday it has used company money to buy tokens to replenish 90 per cent of US$6.3 billion (RM25.6 billion) stolen in a huge hacking attack.

“Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident,” the company said on X.

Binance, the world’s largest crypto exchange by daily trading volumes, said the remaining 10 per cent of tokens are “less liquid, which means they may take longer to source in the required amounts.”

The company said it has set aside more than US$6.34 billion in company funds to cover losses in the hack.

Binance said Friday it was working to resolve what it called a “complex attack” with several “points of breach.” Investigators pointed to hackers linked to North Korea as being responsible.

The prices of most major cryptocurrencies fell on news of the cyberattack.

Binance suspended user withdrawals after the incident, but said in its latest update they were on track to resume Sunday.

The attack on Binance came as many observers express worries that the ever-expanding capabilities of artificial intelligence models could compromise cryptography and IT security protocols.

President Donald Trump said Friday the United States was looking into the hack, and the FBI said it was “engaged with relevant public and private partners to understand the scope of the activity” and was ready to investigate. — AFP

KUALA LUMPUR, Oct 31 — The ringgit is expected to trade within a narrow range against the US dollar next week as investors turn their attention to Bank Negara Malaysia’s (BNM) Overnight Policy Rate (OPR) decision on November 5.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said a potential OPR hike next week could provide support for the ringgit, as BNM may consider normalising the policy rate in view of the country’s stronger-than-expected economic growth trajectory.

“Perhaps, the dollar-ringgit would range between RM4.05 to RM4.07 next week,” it said.

Meanwhile, Kenanga Investment Bank Bhd said any escalation in the West Asia crisis could push oil prices and the US Treasury (UST) term premium higher, reversing the 10-year yield’s decline below 5.00 per cent and reviving demand for the US dollar.

“Expect investors to stay defensive through the vote, leaving ringgit’s gains exposed. 

“We see ringgit volatile within the RM4.04-RM4.08 range next week, with our RM4.00 year-end target still within reach,” it said in a research note.

Meanwhile, on a Friday-to-Friday basis, the ringgit surged against the greenback to 4.0555/0600 from 4.0835/0875 a week earlier.

The local currency traded higher against a basket of other major currencies during the week.

It rose vis-a-vis the Japanese yen to 2.5782/5812 from 2.6076/6103 on the previous Friday and appreciated against the British pound to 5.4461/4522 from 5.4633/4687, and gained versus the euro to 4.5413/5464 from 4.5735/5780 a week earlier.

The ringgit traded mostly higher against Asean currencies.

It advanced versus the Singapore dollar to 3.1753/1791 from 3.1952/1986 a week earlier, and inched up against the Indonesian rupiah to 223.4/223.8 from 225.8/226.1.

The local note also climbed vis-a-vis the Thai baht to 12.0373/0561 from 12.0985/1154 at the end of last week, and it went up against the Philippine peso to 6.36/6.37 from 6.42/6.43 previously. — Bernama

KUALA LUMPUR, Oct 31 — Bursa Malaysia is expected to consolidate next week, with the FTSE Bursa Malaysia KLCI (FBM KLCI) projected to trade within the 1,600-1,630 range amid a mildly positive bias.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the outlook remains cautiously optimistic, with selective bargain hunting for fundamentally sound blue-chip stocks expected to support the local market.

“The benchmark index has demonstrated resilience around 1,600 this week, although a sustained move above the 1,620 level may prove challenging without stronger buying participation.

“Next week, investors will also monitor Bank Negara Malaysia’s monetary policy decision on November 5 and upcoming corporate earnings,” he told Bernama. 

Meanwhile, IPPFA Director of Investment Strategy and Country Economist Mohd Sedek Jantan said  Malaysia’s Manufacturing Purchasing Managers’ Index (PMI), scheduled for release on November 2, will be an important indicator of underlying economic momentum.

He said the previous month’s reading slipped below the 50-point threshold, signalling a contraction in manufacturing activity.

“A further deterioration could raise concerns over the resilience of the manufacturing sector, particularly against the backdrop of higher energy costs and external uncertainties.

“Conversely, an improvement in the PMI could reinforce confidence in domestic economic fundamentals and provide support for local equities,” said Mohd Sedek. 

On a Friday-to-Friday basis, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 4.04 points to 1,615.60 from 1,611.56 a week ago.

On the index board, the FBM Emas Index added 68.28 points to 12,061.73, the FBM Top 100 Index increased 66.25 points to 11,863.86, and the FBM Emas Shariah Index garnered 139.34 points to 12,082.91. 

The FBM ACE Index rose 57.77 points to 5,403.91, and the FBM Mid 70 Index went up 250.36 points to 17,420.69.

By sector, the Energy Index advanced 17.49 points to 852.16, the Plantation Index gained 19.94 points to 8,697.42, and the Industrial Products and Services Index climbed 2.97 points to 178.37. The Financial Services Index tumbled 106.33 points to 18,547.99. 

Weekly turnover increased to 15.53 billion units worth RM9.97 billion from 14.21 billion units worth RM12.55 billion in the previous week.

However, the Main Market volume fell to 5.13 billion units valued at RM8.83 billion versus 7.68 billion units valued at RM11.15 billion previously.

Warrants turnover decreased to 3.99 billion units worth RM608.01 million against 4.15 billion units worth RM514.80 million a week ago.

The ACE Market volume slid to 2.07 billion units valued at RM788.72 million from 2.37 billion units valued at RM889.53 million in the previous week. — Bernama

SAN FRANCISCO, Oct 31 — OpenAI, Google, Microsoft and Anthropic pledged on Friday to give media outlets and other websites a single way to prevent their content from being scraped to train artificial intelligence (AI) models, amid growing criticisms and legal battles from news publishers.

Publishers currently have to implement multiple blocking commands for every bot that crawls the web to collect data, but the new proposed solution will allow them to enter a single, standardized instruction that’s recognised and honored by any AI company that adopts the protocol.

The solution will not fully take effect for months, though.

Microsoft will implement it beginning February 1, 2027, and Google sometime in 2027. ChatGPT-maker OpenAI said it will roll it out “in the coming months,” while Claude-maker Anthropic said it has “already started” rolling it out.

The announcement comes as publishers are facing a surge in bots that scrape their articles to feed AI models. Some, like the New York Times, have taken the matter to court.

In December 2023, the Times sued OpenAI and Microsoft for allegedly using millions of its articles without authorisation or payment to train ChatGPT. The two tech companies are invoking an exception to copyright law known as fair use.

Meanwhile, internet infrastructure provider Cloudflare has blocked AI bots by default on new customer sites since July 2025, and a standard called Really Simple Licensing already allows publishers to charge bots that visit their pages.

The new setting will apply only to future training of models but does not prevent bots from crawling otherwise, and content scraping will be allowed by default until the setting is changed by a publisher, Microsoft said in a blog post.

Opting out of AI training could reduce the chances that a publisher’s content will surface in AI apps and experiences, Microsoft and Google said in separate blog posts.

“We believe creating a common signal that conveys such preferences to multiple providers at once is an important step. And we look forward to working with other AI companies on the standards and their implementation across the industry,” Meta spokesperson Andy Stone wrote on X, conveying his support for the effort. — AFP

KUALA LUMPUR, Oct 31 — A primarily US-owned startup is planning a US$600 million (RM2.4 billion) investment in a Malaysian rare-earth refinery, aiming to develop a new critical minerals supply chain as Washington moves to reduce its reliance on China.

DTEC Mineral and Metal Technology expects to establish the facility within three years, chief executive officer Milan Perlly said in an interview. The startup recently became the first company to receive permission under Malaysia’s relaxed export regulations to ship unprocessed rare-earth material to the US, Bloomberg reported.

“The larger goal is to make Malaysia the rare-earth elements processing hub for ionic clay in the region,” Perlly said.

Much of Malaysia’s identified rare-earth wealth lies in ion-adsorption clay deposits. These elements bind loosely to clay rather than locking into hard rock, making extraction cheaper and more efficient. Crucially, they contain the heavy rare earths vital for electric vehicles, wind turbines, and advanced military technology.

DTEC Mineral plans an initial processing capacity of 5,000 tonnes annually. The company ultimately envisions two facilities in Malaysia with a combined output of 10,000 tonnes a year.

“The US wants us to build 10,000 metric tons output,” he said. “My goal is to put one plant on the east coast for 5,000 metric tons, a second plant on the west coast.”

Perlly noted the firm is evaluating sites after holding discussions with state officials in Kedah, Terengganu, Perak, and Negeri Sembilan. These new facilities would expand Malaysia’s rare-earth footprint beyond the existing Pahang operations run by Australia’s Lynas Rare Earths Ltd.

Moving forward, DTEC Mineral intends to develop locally sourced ionic-clay deposits and eventually operate its own mine. While government data places Malaysia's rare-earth resources at an estimated 16.1 million tonnes, much of this remains commercially unproven.

To determine the most suitable processing technology, the company is preparing to ship 30 tonnes of unprocessed material to the US for research, having secured approval to export up to 700 tonnes.

Perlly, a Malaysian-born US citizen and former Capital One executive, holds a 51 per cent stake in DTEC Mineral alongside business partner David Greer. Local firm DTEC Engineering and Construction owns the remaining 49 per cent.

The startup harbours ambitions for a dual listing on Bursa Malaysia and either the Nasdaq or New York Stock Exchange.

DTEC was part of a critical minerals pact signed between US President Donald Trump and Prime Minister Datuk Seri Anwar Ibrahim last year.

According to the company's website, the agreement makes DTEC eligible for funding from the Export-Import Bank of the United States, the US International Development Finance Corporation, and the Department of Defense.

KUALA LUMPUR, Oct 31 — Indonesian President Prabowo Subianto’s brother has stressed the urgent need for transparency in the domestic equity market, warning that Jakarta must “mitigate the MSCI issue” and demanding that corporate leaders immediately stop “deep frying” stocks.

“I’ve been tasked by the president to help ensure this doesn’t spiral out of control,” Hashim Djojohadikusumo said in Jakarta, speaking in his capacity as the president’s special envoy and advisory board chairman of the Indonesian Chamber of Commerce and Industry (Kadin), according to Bloomberg.

“This is a very, very serious issue,” Hashim said. “Because if foreign investment pulls out of our stock market, the rupiah could weaken further. We’ll have to pay more for our foreign loans. This could become a disaster and catastrophe for the Indonesian economy.”

US index compiler MSCI Inc warned earlier this month that Indonesia could face a downgrade to standalone status, a severe sanction triggered by mounting concerns over opaque shareholding structures and coordinated trading in Southeast Asia’s largest economy.

The warnings have hammered sentiment on the Indonesia Stock Exchange, where the benchmark index has tumbled roughly 41 per cent this year, weighed down by a 3.5 per cent slide on Thursday.

In response to MSCI’s October 15 notice, Indonesia’s Financial Services Authority (OJK) announced penalties against more than a dozen entities involved in market manipulation. OJK head Friderica Widyasari Dewi confirmed on the sidelines of the Kadin forum that sanctioned firms have since paid IDR2.1 trillion (RM512 million) in fines, though the regulator has yet to disclose their identities.

Hashim addressed an audience comprising hundreds of business figures, including tycoons Anindya Bakrie and Franky Widjaja. Widjaja is the ultimate controlling shareholder of PT Dian Swastatika Sentosa, one of the entities under regulatory scrutiny.

His warning came days after President Prabowo asserted that “the Indonesian nation is not afraid of anyone and will not be intimidated.”

Hashim pressed market players to halt the local equivalent of saham gorengan, the coordinated churning and ramping of share prices detached from corporate fundamentals.

“Please stop deep frying stocks immediately because the government intends to take firm action,” Hashim said, cautioning that capital outflows triggered by a potential double downgrade could push the rupiah to 22,000 per US dollar. “This would have an extraordinarily negative political impact.”

Bank Indonesia Governor Destry Damayanti told reporters at the gathering that currency fluctuations reflect multiple dynamics, including global market sentiment. She noted that the central bank remains focused on ensuring currency stability to support real-sector expansion, emphasising that the rupiah is backed by solid underlying fundamentals.

Hashim added that the protracted equity slump directly hurts retail investors across the archipelago.

“There are 32.7 million Indonesian citizens who hold brokerage accounts — in other words, they’re investing through the stock market,” he said. “Well, the problem is that right now, those 32.7 million Indonesians are extremely dissatisfied with the situation. They’re unhappy because the value of their stocks has dropped.”

Hashim, an established conglomerate head who has long served as Prabowo’s key financial and political strategist, played a pivotal role in backing his brother’s path to the presidency.

PARIS, Oct 31 — Global anti-money laundering watchdog the Financial Action Task Force (FATF) said Friday it had removed Monaco and three other countries from its “grey list”, two years after it put the principality among its territories requiring increased monitoring.

Bulgaria, Democratic Republic of Congo and the Ivory Coast were also removed from the list, the organisation said after a plenary meeting.

The countries had completed promised action plans “and will no longer be subject to the FATF’s increased monitoring process,” it added.

The Paris-based FATF monitors efforts by more than 200 countries and jurisdictions to prevent money laundering and the financing of terrorism.

Grey list nations are considered to have “strategic deficiencies” in countering money laundering and terrorist financing, while cooperating with the FATF to correct the problems.

Long known as a playground for the rich and famous, tiny Monaco, with a population of less than 40,000, attracts moneyed residents from around the world with its extremely favourable tax regime, with no income or wealth taxes.

The FATF said Monaco had made “significant progress” in strengthening the effectiveness of its efforts to counter money laundering and terrorist financing.

“This decision recognizes more than two years of concrete, rigorous and coordinated work by all of the State’s authorities and departments,” the head of Monaco’s government, Christophe Mirmand, said in a statement.

The FATF had urged the Mediterranean principality to boost resources for investigators and prosecutors and increase seizures of property suspected to derive from criminal activities.

It called for more effective cooperation on countering money laundering and terrorist financing, and for officials to send more requests to identify and seek the seizure of criminal assets abroad.

Monaco introduced an offence of presumed money laundering to facilitate the prosecution of cases involving suspicious funds.

It also boosted funding for its financial regulator and created a special unit in the public prosecutor’s office.

“We do not see this as a finish line: what matters now is what Monaco delivers over the long term,” Mirmand added.

Dozens of money-laundering probes were underway in 2025, and convictions rose from three in 2021 to 28 in 2025, according to Monaco’s authorities.

Bulgaria, which had been put on the grey list in 2023, also welcomed its removal.

This “means more confidence in our country, more investment and more jobs,” Prime Minister Roumen Radev said in a statement.

It will also facilitate Bulgaria’s international financial transfers, he added.

Democratic Republic of Congo had been on the grey list since 2022 and Ivory Coast since 2024.

The exit of the four countries leaves 18 on the FATF’s grey list, including Bosnia, Bolivia, Iraq, Syria, Yemen and the British Virgin islands.

Three countries are on the FATF’s black list of countries that are high risk for money laundering and terrorism financing: Iran, Myanmar and North Korea. — AFP

LONDON, Oct 31 — Binance, the world’s biggest cryptocurrency exchange, estimates that assets worth US$6.3 billion (RM25.7 billion) were impacted by a hacking attack against the trading platform.

But how was such a theft possible, and what does it reveal about the security of cryptocurrencies? AFP takes a look.

Is Binance reliable?

Binance, the world’s largest platform by digital currency trading volume, claims to have 335 million users.

That compares to the reported 741 million cryptocurrency owners worldwide cited by Crypto.com.

However, Binance has faced its fair share of scandals. Its former CEO, Changpeng Zhao, was convicted in the United States in 2024 for violating anti-money laundering laws, though he was later pardoned by President Donald Trump.

It has faced further US legal troubles, including being accused of selling assets that qualify as unregistered securities.

In France, Binance is suspected of having failed to meet its obligations regarding the oversight of client funds.

Having failed to obtain authorisation under the European Markets in Crypto Assets (MiCA) regulation, Binance recently announced a partial suspension of its operations within the European Union.

A secure technology?

Cryptocurrencies are based on a technology called blockchain, a digital ledger that records transactions and is designed to make falsification particularly difficult.

Transfers are authorised using “private keys” – long strings of characters kept secret. However, this does not fully protect funds from theft.

“Even when you think you are using one of the most robust exchanges in the world, it can still be hacked,” Stephane Ifrah, an analyst at Coinhouse, told AFP.

How can hackers still get in? 

To gain access to private keys or the systems that authorise transfers, hackers can exploit a software vulnerability, deploy malicious software, or target individuals – for instance through phishing.

Some keys are stored on hardware wallets that are not connected to the internet.

However, these devices are not immune to attacks. Funds belonging to users of the French firm Ledger were stolen after malicious components were inserted into devices sold by a third-party retailer.

In the case of Binance, the investigation is pointing toward a “compromised” laptop of one of its engineers, in addition to “points of breach”, the platform said on X.

Who are the hackers?

While there has been no official confirmation, analyst firms TRM Labs, Chainalysis and Elliptic point to hackers linked to North Korea, specifically the group known as TraderTraitor or the “Lazarus Group”.

The amount purportedly stolen is four times the sum that the same hackers – according to the FBI – siphoned from the platform Bybit in February 2025.

That theft totalled US$1.5 billion, which at the time was the largest ever cryptocurrency heist.

According to Elliptic and Chainalysis, some of the funds stolen from Binance have been traced to the same pool of assets as those taken in a recent hack of the platform Bitget, which the victim attributed to Pyongyang.

Is it possible to recover the money?

Binance says that around US$3 billion of the affected crypto – nearly half the total amount affected – has been frozen with help from issuers and infrastructure partners.

But the freezing of assets does not mean the funds have been recovered.

According to Ifrah, the attackers could employ anonymisation tools, such as cryptocurrency “mixers” or “tumblers”, designed to make tracking the stolen assets more difficult.

Binance asserts that it will cover the losses resulting from the hack.

But as Ifrah states, “it is clear that there is no such thing as zero risk”. — AFP

PARIS, Oct 31 — The Fitch ratings agency on Friday maintained France’s credit rating at A+ but downgraded its outlook from “stable” to “negative” as it raised new concerns over the cost of paying for the country’s debt mountain.

The US agency predicted that the debt level for the European Union’s second biggest economy would rise from nearly 115.7 per cent of GDP in 2025 to 124 per cent in 2028. Its last review in August had forecast that France’s debt would reach 122.7 per cent of GDP in 2028.

“Weaker growth, renewed fiscal deterioration and higher yields have increased the challenge of delivering the necessary sustained fiscal consolidation to arrest France’s worsening debt trajectory,” it said.

International investors have expressed widespread concern over France’s debt level and this has pushed up the interest yields it pays to service debt, which is one of the highest in Europe.

The country will hold a two-round presidential election in April-May next year, and Fitch said the prospects for debt reduction after the vote were “uncertain”.

It said the political divisions, with far-right and far-left candidates leading opinion poll surveys, would make it difficult to agree “a credible fiscal strategy”.

“The emerging policy debate ahead of the presidential election has not materially strengthened Fitch’s confidence in the prospects for durable deficit reduction that could lead to debt stabilization. Large protests over public services and living costs further complicate the social context for fiscal consolidation,” it commented.

The Fitch assessment came after the INSEE national statistics agency reported Friday that the economy has not grown so far this year and contracted in the period from July to September.

The government is also struggling to get parliament to pass its budget, aiming for a reduction in spending, for 2027. This has compounded market fears.

“If we fail to achieve the turnaround outlined in the budget, we are headed straight for a wall,” Finance Minister Roland Lescure warned in a radio interview. — AFP

LONDON, Oct 31 — Technology firms retreated further Friday after more poorly received earnings from US titans fanned deepening concerns about the AI investment boom.

Bitcoin meanwhile tumbled after Binance, the world’s largest cryptocurrency exchange, was hit by what analysts warned could be the biggest hacking of its kind in the world.

“The end of the week is dominated by a continuation of the recent AI sell-off on disappointing earnings, and concerns about the safety of crypto,” said Kathleen Brooks, research director at XTB trading group.

AI-linked tech firms suffered steep losses after earnings reports from Amazon and Intel stoked further fears about the eye-watering amounts companies are pumping into artificial intelligence.

Shares in Amazon dropped 5.5 per cent at the start of trading in New York after it missed analyst expectations for profits and revenue, although they pared losses during the morning session.

Intel plunged 30 per cent after it acknowledged the AI boom was slowing its key market for personal computers by driving up the price of memory chips.

Shares in AI semiconductor firms also fell, with Nvidia shedding 4.6 per cent, Micron down 5.9 per cent and AMD tumbling 11.7 per cent.

Shares in Google’s parent company Alphabet fell a further 1.8 per cent after heavy selling Thursday that wiped billions of euros off its value.

Wall Street’s tech-heavy Nasdaq Composite index fell 2.7 per cent in midday trading.

“It is unlikely that the AI trade will recover on Friday, and instead the focus is shifting to the non-tech sectors of the market and safe havens,” Brooks said.

London’s tech-light FTSE 100 stock index edged higher, as strong earnings from drugs giant AstraZeneca and oil major BP lifted sentiment.

However, shares in British bank NatWest slumped 8.8 per cent after its third-quarter net profit fell, underperforming rival banks.

The steep losses for tech firms Friday reversed optimism earlier in the week prompted by AI giant Anthropic’s IPO filing.

“Given the importance of tech stocks to global markets, it is not surprising to see stock markets around the world ending the week with heavy losses,” said market analyst Chris Beauchamp at online trading and investing platform IG.

South Korea’s tech-heavy Kospi index closed out its week down 3.5 per cent and Tokyo finished with a 2.0-per cent loss.

Hong Kong, however, closed up 1.5 per cent.

Focus is turning also to Tuesday’s US midterm elections and the impact they could have on the final two years of Donald Trump’s presidency.

Oil prices climbed around two per cent Friday on renewed supply fears after Iran said four tankers hit mines in the Strait of Hormuz.

Shares in ExxonMobil rose 1.9 per cent after it reported that its third-quarter profits more than doubled to US$15.4 billion on higher oil prices and refining margins due to the US-Iran war.

Elsewhere, bitcoin fell five per cent to US$77,167 after trading platform Binance said it had fallen victim to a major hacking attack that had hit around US$6.3 billion in funds.

That is four times the amount involved in the previous biggest-ever cyberattack of its kind, which saw US$1.5 billion taken in February 2025 from the Bybit platform. — AFP

NEW YORK, Oct 31 — Cryptocurrency platform Binance said Friday it was working to resolve a “complex attack” that affected around US$6.3 billion (RM25.7b) in funds, in what is thought to be the biggest ever crypto heist, with investigators pointing to hackers linked to North Korea.

Blockchain investigation firm TRM Labs said it had “high confidence” that the attack was orchestrated by a North Korea-affiliated group called TraderTraitor, the same group blamed for the US$1.5 billion theft from the Bybit platform in February last year.

Another analytics firm, Elliptic, also attributed the attack to North Korea-linked hackers, according to industry outlet CoinDesk.

TraderTraitor is believed to be part of Lazarus Group, which gained notoriety in 2014 when it was accused of hacking into Sony Pictures as revenge for “The Interview,” a film that mocked North Korean leader Kim Jong Un.

Binance, the world’s largest crypto exchange by daily trading volumes, said investigations had “uncovered additional points of breach,” contrary to initial findings that suggested the hack involved a single compromised laptop.

“This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it,” Binance wrote on X.

The company confirmed on its X account for Latin America that “the total estimated impact is around US$6.3 billion,” four times the amount taken in the Bybit hack, the biggest cyberattack of its kind until now.

Binance warned the figure “may continue to increase as our teams work closely with law enforcement, issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets.”

It said around US$3 billion in affected assets had been frozen.

Customers’ account balances have not been touched, but they cannot move funds off the platform while withdrawals remain suspended.

Binance initially suspended all deposits and withdrawals but later said deposits were unaffected. At about 0900 GMT Friday, it said it was on track to resume withdrawals in 45 hours.

President Donald Trump said Friday the United States was looking into the hack, and the FBI said it was “engaged with relevant public and private partners to understand the scope of the activity” and was ready to investigate.

Fund freeze

The company had said on X that initial investigation suggested the hack involved a compromised laptop belonging to a “DevOps engineer,” allowing the unauthorized party to execute unauthorized withdrawal transactions.

“We have found no evidence of any private key leaks from wallets,” it said, promising to share a detailed technical analysis once investigations were complete.

The unauthorized withdrawals drained Binance’s hot wallets – the online wallets the exchange uses to process customer transfers – across several blockchains, according to CoinDesk.

Binance earlier posted a series of sometimes contradictory messages, insisting that “user funds are completely safe” but also saying it would “cover all losses.”

Paolo Ardoino, the boss of Tether, a company that issues a cryptocurrency known as USDT, said his firm froze about US$1.6 billion “related to a potential Binance exchange hack.”

Jeremy Allaire, who runs cryptocurrency platform Circle, said his company had frozen more than US$800 million in USDC.

USDT and USDC are both “stablecoins,” or digital currencies whose value is linked to a traditional currency, the US dollar.

Crypto prices tumble

For several hours before Binance confirmed the attack, industry observers said hackers had managed to reach the platform.

The prices of most major cryptocurrencies fell on news of the cyberattack, except for the stablecoins, which by definition can only fluctuate within tight margins.

Bitcoin plunged nearly five per cent after the news, falling overnight to around US$76,400, its lowest level since mid-September, before recovering slightly to trade at about US$77,300.

Ethereum dropped nearly six per cent, while BNB, native to Binance, tumbled nearly 10 per cent.

The attack on Binance comes as many observers express worries that the ever-expanding capabilities of artificial intelligence (AI) models could compromise cryptography and IT security protocols. — AFP

NEW YORK, Oct 31 — Nvidia’s US$3 billion (RM12 billion) investment in Meta’s share sale, announced Tuesday, is the latest addition to a portfolio of stakes, loans and guarantees that has made the chip giant what some analysts describe as the central bank of the artificial intelligence boom.

The galaxy of deals has helped keep demand running high for Nvidia’s processors, which power vast data centres around the world and are the central ingredient of the AI revolution.

That demand has made Nvidia the world’s most valuable company by market capitalisation and turned chief executive Jensen Huang into AI’s kingmaker.

But the investments have raised a nagging question among some doubters on Wall Street: is Nvidia helping to inflate an AI bubble?

What is Nvidia investing in?

Nvidia has taken stakes in leading AI developers including OpenAI, Anthropic and Elon Musk’s xAI, now part of SpaceX.

It has also invested in “neocloud” companies such as CoreWeave and Nebius, which rent out computing power built on Nvidia chips.

Its bets extend well beyond the United States. In Europe, Nvidia has backed French AI developer Mistral and British self-driving startup Wayve. In Asia, it has teamed up with South Korea’s SK Group to build data centres.

Beyond equity, the company has offered financial backstops, acting as a customer of last resort.

In CoreWeave’s case, Nvidia committed to buy up to US$6.3 billion of unused computing capacity if no other customer takes it.

Nvidia also has around US$36 billion in cloud backstops and a guarantee of up to US$105 billion linked to an OpenAI data centre, according to US media.

Why is Nvidia doing this?

Experts say Nvidia’s enormous profits give it few better options.

“They’re essentially becoming a bank,” said Michael Cusumano, a professor at the MIT Sloan School of Management.

“Channeling it back to infrastructure investment tied to purchases of Nvidia equipment is a smart thing.”

He said the alternatives were less attractive.

Running its own data centers would put Nvidia in competition with its biggest customers “and that might also trigger a whole bunch of antitrust complaints,” Cusumano added.

Gil Luria, head of technology research at D.A. Davidson, said Nvidia identifies parts of the AI ecosystem that are not investing enough and puts money into them to fill the gaps.

“It’s unprecedented, but it appears to be working,” he said.

Huang has defended the approach, arguing that frontier AI labs are the first generation of startups that need tens of billions of dollars to get started, not just millions.

Nvidia’s investments effectively give those companies more time to succeed.

Is it ‘circular’ financing?

Critics have compared the deals to the dot-com era, when companies inflated their growth by investing in startups that then bought their products.

“There is nothing intrinsically wrong with Nvidia helping its clients,” said Paulo Carvão, a senior fellow at the Harvard Kennedy School.

“But the closer these relationships are, the harder it is for one to assess true sustainable demand.”

Luria said not all demand was equal.

“If Nvidia gives CoreWeave money to turn around and buy Nvidia chips, that’s not as good as Microsoft buying Nvidia chips because they have a customer in OpenAI that has a customer in an enterprise technology that’s willing to pay for it,” he said.

What are the risks?

The main concern is concentration. Two direct customers accounted for 22 percent and 14 per cent of Nvidia’s revenue in its 2026 fiscal year, according to the company’s annual report.

Carvão said the web of overlapping investments increases the risk of contagion if a weaker company such as CoreWeave runs into trouble.

“If AI demand disappoints, spending cuts could hit chipmakers, data-center builders and their financiers at once,” he said.

Those concerns have grown this month. Shares of several Nvidia-linked neocloud companies, including CoreWeave, Nebius and IREN, fell at least 30 per cent in October amid worries about tighter credit for AI projects.

Carvão noted that the market for AI chips remains limited by supply. He estimated demand would keep growing for another 12 to 18 months before it begins to level off.

Cusumano said he expected high demand for Nvidia chips to continue for three to five years. — AFP

DAMASCUS, Oct 30 — Taxi driver Mohammed Kanaan drives his shiny new electric car around Damascus’s rundown streets, hoping for higher profits as spiking petrol prices made his old car too expensive to run.

He is among some in the Syrian capital who are steering towards electric cars — mostly Chinese-made — after repeated fuel shortages during the country’s civil war and petrol price hikes, most recently due to the Middle East war.

“I used to have a car that ran on petrol but lately fuel quality has been low and prices have gone up,” said Kanaan, 42, who had barely been covering his operating costs.

“In the end, I decided to buy an electric car and set up a charging point,” he told AFP.

Before the overthrow of longtime ruler Bashar al-Assad nearly two years ago, it was rare to see modern cars in Damascus, particularly after civil war erupted in 2011.

The economy tanked, and imports of new vehicles screeched to a halt due to Western sanctions, which have largely been lifted since the new authorities took power.

When the new authorities came to power and reduced tariffs, some 100,000 cars were imported, before they halted imports of used cars due to concerns over quality.

Not all Syrians can afford to make the switch to electric, with the percentage remaining negligible as most still live in poverty.

Sub-par petrol 

Some Syrians took to the streets in protest last month after petrol costs jumped by 26 percent following a government decision to increase prices amid global surges due to the regional conflict.

Kanaan said his old gas-guzzler needed US$26 (RM105) worth of petrol to drive around 200km, but he can now cover the same distance for around US$6 by charging his car through the state power grid.

During the civil war, Damascus experienced lengthy power cuts, but supply has improved in recent months as authorities seek to revive the economy and ailing infrastructure.

Still, some people with electric cars have set up solar charging stations to dodge the problem altogether.

Other issues persist. Drivers told AFP that a few weeks earlier, a batch of poor-quality petrol caused problems and breakdowns for hundreds of cars.

The energy ministry subsequently said the sub-par petrol had reached markets due to an “operational error”, pledging accountability and compensation for affected motorists.

Syria depends partly on imported petrol, leaving its people susceptible to shortages and long lines at stations.

Citing energy ministry figures, state news agency SANA said last month that Syria’s average daily petrol supply was around 2.32 million litres, around a third of it imported.

‘Everybody is happy’ 

Walking between vehicles at his family company’s showroom outside Damascus, Hamza Sukkar, 25, said electric car purchases had accelerated recently.

“For around eight months, the demand for electric cars and plug-in hybrid vehicles has increased due to the rise in petrol prices and its low quality, pushing people to turn to electric cars,” he told AFP.

The cheapest petrol-powered car in his showroom costs more than US$12,000, while the electric cars start at US$9,000, making them an increasingly attractive choice.

“We now sell three to four electric cars for every petrol-powered car,” Sukkar said.

This reflects global figures, where one in four new cars sold worldwide in 2025 was electric, according to the International Energy Agency.

Though Syria as a whole is far from that proportion, the market for electric cars is growing rapidly.

Transport companies are also noticing a shift in gear.

At the headquarters of YallaGo!, a leading ride-hailing app in Damascus, local operations manager Rami al-Hamad said “the number of electric cars registered with us has risen by around 20 per cent” in recent months.

He attributed the change to “lower operating costs compared to running petrol-powered cars”, allowing drivers a chance of higher profits.

But many Syrians lack the funds to buy the cars in the first place, while ensuring regular charging and maintenance can also be a challenge, Hamad noted.

Taxi driver Ahmed al-Lahham, who has been using an electric car for three months, was among those who appeared satisfied with the change.

“Electric cars are new and economical. Passengers are happy with a new car, and I’m happy with the lower costs... so everybody is happy,” he said. — AFP

KUALA LUMPUR, Oct 30 — The ringgit extended its gains to close higher against the US dollar today as traders reassessed the possibility of an interest rate hike by the US Federal Reserve (Fed), an analyst said.

The Fed decided to keep the benchmark interest rate steady at 3.75 per cent to 4.00 per cent on Oct 28.

At 6 pm, the ringgit rose to 4.0555/0600 against the greenback from yesterday’s close of 4.0575/0620.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the dollar-ringgit was seen to be at around RM4.0425 during the morning session but later moved towards RM4.0577, giving a 0.05 per cent gain against the dollar.

“It appears that traders are reassessing the likelihood of a rate hike, which has led to lower US Dollar Index (DXY) by 0.32 per cent to 101.710 points,” he told Bernama.

Against major currencies, the ringgit eased against the British pound to 5.4461/4522 from 5.4009/4069 at Thursday’s close, slid against the euro to 4.5413/5464 from 4.5176/5226, and weakened vis-a-vis the Japanese yen to 2.5782/5812 from 2.5685/5715 previously.

The ringgit was also mostly lower against its Asean peers.

It gained vis-a-vis the Indonesian rupiah to 223.4/223.8 from yesterday’s close of 223.7/224.0, but slipped against the Singapore dollar to 3.1753/1791 from 3.1665/1702 previously.

It also lost against the Thai baht to 12.0373/0561 from 12.0165/0345 at yesterday’s close, and inched down vis-a-vis the Philippine peso at 6.36/6.37 from 6.35/6.36 previously. — Bernama

KUALA LUMPUR, Oct 30 — Bursa Malaysia’s key index ended higher today, supported by renewed buying in selected blue chip stocks, particularly financial services counters, amid mixed regional sentiment. 

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 4.44 points, or 0.28 per cent, to 1,615.60 from yesterday’s close of 1,611.16.

The benchmark index opened 0.70 of a point higher at 1,611.86 and moved between 1,606.72 and 1,620.76 during the trading session.

However, the broader market was negative, with losers outpacing gainers 648 to 430, while 501 counters were unchanged, 1,201 untraded, and 66 suspended.

Turnover increased to 3.15 billion units worth RM2.68 billion from yesterday’s 2.95 billion units worth RM2.43 billion.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said regional markets were mixed, with Japan and South Korea declining, amid renewed concerns over artificial intelligence (AI)-related investments, while Hong Kong rebounded on bargain hunting in selected technology counters.

“Meanwhile, Brent crude oil climbed above US$116 per barrel amid renewed supply disruptions in West Asia, sustaining inflationary risks.

“On the domestic front, investors continue to assess corporate earnings, elevated crude oil prices and external uncertainties,” he told Bernama. 

Among heavyweight stocks, Maybank, Public Bank and CIMB all climbed two sen to RM10.02, RM4.75 and RM6.91, respectively. Tenaga Nasional and IHH Healthcare were flat at RM13.30 and RM7.85, respectively.

In active trade, Zetrix AI eased 1.5 sen to 6.5 sen, GIIB Holdings shrank 18 sen to 36 sen, JAKS Resources shed half a sen to 14.5 sen, Ni Hsin slid 11 sen to 26 sen, and MAG was flat at 15.5 sen.

Kuala Lumpur Kepong topped the gainers, rising 44 sen to RM20.96, Ayer Holdings added 35 sen to RM8.10, APM Automotive Holdings garnered 25 sen to RM2.60, United Plantations put on 22 sen to RM29.22, and Petronas Dagangan rose 16 sen to RM19.50. 

Among the top losers, Malaysian Pacific Industries fell RM1.72 to RM39.78, Mega Fortris sank 52 sen to RM2.22, UWC declined 49 sen to RM7.15, MI Technovation lost 33 sen to RM6.53, and Hong Leong Bank erased 26 sen to RM21.14.

On the index board, the FBM Mid 70 Index decreased 63.43 points to 17,420.69, the FBM Emas Shariah Index slipped 1.37 points to 12,082.91, and the FBM ACE Index dropped 43.25 points to 5,403.91. 

The FBM Top 100 Index increased 12.90 points to 11,863.86 and the FBM Emas Index climbed 5.84 points to 12,061.73.

Sector-wise, the Financial Services Index rose 10.05 points to 18,547.99, the Industrial Products and Services Index added 0.98 of a point to 178.37, the Energy Index improved 7.80 points to 852.16, and the Plantation Index jumped 60.52 points to 8,697.42.

The Main Market volume expanded to 1.87 billion units worth RM2.42 billion from 1.57 billion units worth RM2.16 billion on Thursday.     

Warrants turnover dwindled to 893.97 million units worth RM115.16 million against 967.96 million units worth RM122.01 million previously.  

The ACE Market volume slipped to 384.14 million units valued at RM143.92 million from 408.81 million units valued at RM154.11 million yesterday.

Meanwhile, consumer products and services counters accounted for 218.43 million shares traded on the Main Market, industrial products and services (333.85 million), construction (188.68 million), technology (584.35 million), financial services (94.86 million), property (77.17 million), plantation (20.54 million), real estate investment trusts (14.99 million), closed-end fund (16,800), energy (82.58 million), healthcare (137.24 million), telecommunications and media (36.67 million), transportation and logistics (55.20 million), utilities (26.69 million), and business trusts (nil). — Bernama

HONG KONG, Oct 30 — Liquidators have agreed to sell the property management arm of struggling Chinese developer Evergrande to private equity firm PAG, according to a stock exchange filing today.

Evergrande Group was once the face of the country's real estate sector, surfing a decades-long property boom as it peddled home-ownership dreams before spectacularly defaulting on its colossal debts in 2021.

Asia Pacific-focused investment firm PAG will buy a majority stake in Evergrande Property Service for HK$4 billion (RM2.07 billion), according to today's filing. The deal would be the largest liquidation sale of the firm to date.

The liquidation of Evergrande began in 2024 and the team appointed by a court to carry it out said in a report this month that less than one per cent of the US$46 billion creditors sought had been claimed as of September.

The sale of about 100 artworks including pieces by Picasso, Monet, and Andy Warhol has recovered HK$255 million.

PAG added in today's statement that it planned to keep the Evergrande subsidiary listed in Hong Kong and did not plan to make major changes to its operations.

Evergrande's founder, Xu Jiayin, was sentenced to life imprisonment by the Chinese authorities in August. — AFP

BRUSSELS, Oct 30 — Eleven European countries pledged today to jointly release 42.6 million barrels of oil by the end of January, in line with a G7 deal struck this month to ease global energy supply concerns.

“EU member states have reaffirmed their commitment to an accelerated release of 42.6 million barrels from strategic reserves over the next months, and around half of this will be diesel,” the EU’s energy commissioner Dan Jorgensen told reporters.

Eleven countries including France, Germany and Italy said in a statement they would release the oil from their strategic reserves by the end of January 2027, including 20.5 million barrels of diesel.

The announcement comes weeks after the G7 economies said they would release 100 million barrels of diesel and crude oil after US President Donald Trump threatened a diesel export ban.

The other European countries involved are Belgium, Denmark, Greece, Latvia, Luxembourg, the Netherlands, Portugal and Sweden. Lithuania also endorsed the initiative, though it did not sign the joint pledge.

The International Energy Agency — to which all the EU nations belong — made a call in mid-October for its members to step up the release of oil stocks ahead of winter.

Trump ramped up the pressure on Europe to release reserves after the US-Israeli war with Iran sent energy prices skyrocketing, coming back to bite him at home with high fuel costs that have become a key issue ahead of congressional elections next week.

The EU said it was taking the impact of the crisis on households seriously but was not worried about supply.

“We do not expect the security of supply issue as such. But for the citizens that are struggling to pay the bills, that might not matter,” Jorgensen said. — AFP

NEW YORK, Oct 30 — General Motors will pay US$220 million to settle litigation over the sale of drivers’ driving data that was then used to raise insurance rates, New York’s attorney general said today.

The payments resolves a suit brought by New York and 35 other states alleging GM shared the data of drivers enrolled in its Smart Driver program despite saying it would not be given to insurers without express consent, James’s office said in a press release.

The program tracked actions such as sudden braking and whether drivers exceeded the speed limit. GM sold the data to data bankers who sold the info to insurers, who in some cases lifted premiums by significant levels, according to the press release.

“General Motors collected data on their customers’ personal driving habits without their knowledge and then sold it, potentially affecting their insurance rates,” James said. “Today, we are putting a stop to this illegal violation of drivers’ privacy.”

The case is part of a series of investigations and lawsuits over a GM program the automaker has ended.

GM in January 2025 reached a settlement with the US Federal Trade Commission over allegations it improperly collected and sold consumer data that could be used to set insurance rates.

GM announced in April 2024 that it was discontinuing the program, describing the move as a response to consumer feedback. It also announced the appointment of a new Chief Trust and Privacy Officer.

GM said in an October 2026 securities filing that it set aside US$500 million in connection with investigations and litigation on the matter. — AFP

NEW YORK, Oct 30 — Cryptocurrency platform Binance said today it had fallen victim to a major hack and indicated that more than US$2.5 billion (RM10.13 billion) in funds had been frozen in an effort to prevent a massive theft.

The company — the world’s largest crypto exchange by daily trading volumes — posted a series of sometimes contradictory messages on X, insisting that “user funds are completely safe” but also saying it would “cover all losses.”

The scope of the heist was not immediately known, but blockchain analytics company Chainalysis said its “current estimate on amount stolen is approx US$5.912B at time of theft.”

That would be almost four times the amount stolen in what has been the biggest-ever cyberattack of its kind to date: US$1.5 billion taken in February 2025 from the Bybit platform — an incident attributed to hackers affiliated with North Korea.

At about 0030 GMT tomorrow, Binance said all deposits and withdrawals had been “temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement.”

“This figure may continue to increase as our teams work closely with law enforcement, issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets,” the company said.

Neither the company nor industry observers offered any explanation as to how the cyberattack might have occurred.

“It does look like a hack on Binance,” said former Binance chief Changpeng Zhao, who no longer runs the group but remains a majority shareholder.

He estimated that the total losses could be “a bit higher” than US$1 billion.

Paolo Ardoino, the CEO of Tether — a company that issues a cryptocurrency known as USDT — said his firm froze about US$1.6 billion “related to a potential Binance exchange hack.”

Circle boss Jeremy Allaire said his company had frozen more than US$800 million in USDC.

USDT and USDC are both “stablecoins,” or digital currencies whose value is linked to a traditional currency, the US dollar.

The US Department of Justice and the FBI did not immediately respond to requests for comment.

Crypto prices tumble

For several hours before Binance confirmed the attack, several industry observers said hackers had managed to reach the platform.

The prices of most major cryptocurrencies fell on the news, except for the stablecoins, which by definition can only fluctuate within tight margins.

At about 0025 GMT, bitcoin had lost nearly five per cent, Ethereum fell nearly six per cent, and BNB, native to Binance, tumbled nearly 10 per cent.

The cyberattack on Binance comes as many observers express worries that the ever-expanding capabilities of artificial intelligence (AI) models could compromise cryptography and IT security protocols. — AFP

KUALA LUMPUR, Oct 30 — Bursa Malaysia slipped into negative territory on tomorrow after opening slightly higher, tracking weaker overnight sentiment on Wall Street amid disappointing technology earnings.

At 9.13am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.66 of a point, or 0.04 per cent, to 1,610.50 from today’s close of 1,611.16.

The benchmark index had opened 0.70 of a point higher at 1,611.86.

Across the broader market, losers outnumbered gainers 265 to 107, while 265 counters were unchanged, 2,143 remained untraded and 66 were suspended.

Turnover stood at 291.30 million units worth RM95.01 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Wall Street closed mostly lower following weaker earnings from US technology giant Alphabet Inc, reigniting concerns over the substantial capital expenditure required for artificial intelligence (AI) investments.

“On the home front, we believe the benchmark index remains in consolidation mode, with fundamentally sound blue chips offering selective opportunities following the recent correction.

“Hence, for today, we envisage the benchmark index hovering within the 1,600-1,620 range,” he told Bernama.

Among heavyweight stocks, Maybank rose two sen to RM10.02, while CIMB gained seven sen to RM6.96 and IHH Healthcare added four sen to RM7.89. Public Bank shed one sen to RM4.72, while Tenaga Nasional was unchanged at RM13.30.

In active trade, Zetrix AI and JAKS Resources shed one sen each to seven sen and 14 sen, respectively. GIIB Holdings fell 10.5 sen to 43.5 sen, while Ni Hsin and EWI Capital gained one sen each to 38 sen and 14.5 sen, respectively.

Country View topped the gainers, rising 14 sen to RM2.85, followed by Kein Hing, which added six sen to RM1.08. Genting Plantations gained five sen to RM5.10, while Lianson Fleet rose four sen to RM1.52.

Among the top losers, Malaysian Pacific Industries fell 60 sen to RM40.90, while UWC Bhd shed 20 sen to RM7.44. MN Holdings declined 12 sen to RM3.83, while Pentamaster Corporation lost nine sen to RM5.80.

On the index board, the FBM Emas Index fell 17.00 points to 12,038.89, while the FBM Top 100 Index shed 15.29 points to 11,835.67. The FBM Mid 70 Index declined 66.17 points to 17,417.95, the FBM Emas Shariah Index lost 32.73 points to 12,051.55, and the FBM ACE Index slipped 32.61 points to 5,414.55.

Sector-wise, the Energy Index increased 0.28 of a point to 844.64, the Financial Services Index jumped 18.69 points to 18,556.63, while the Plantation Index added 18.44 points to 8,655.34. The Industrial Products and Services Index edged down 0.36 of a point to 177.03. — Bernama

KUALA LUMPUR, Oct 30 — Zetrix AI Bhd has been left with just three directors and no members on its audit committee after four of its seven board members resigned this month, as the technology company grapples with a breach of its sukuk covenant.

The Edge reported today that independent directors Datuk Othman Semail and Mohaini Mohd Yusof resigned yesterday over personal commitments and also stepped down from the audit committee.

Their departures came three days after Wong Kok Chau resigned as an independent director and audit committee chairman, while another independent director had left earlier in the month.

Filings with Bursa Malaysia said Othman and Mohaini had no disagreement with the board and that there were no matters requiring shareholders’ attention.

The remaining directors are non-independent non-executive chairman Datuk Dr Norraesah Mohamad, group managing director Wong Thean Soon and non-independent non-executive director Datuk Mohd Jimmy Wong Abdullah.

Zetrix AI said it would take the necessary steps to comply with Bursa Malaysia’s board composition requirements and fill the vacancies within three months.

The board changes come as the company works to resolve a breach of a covenant under its RM2 billion sukuk programme requiring Wong to remain its largest shareholder.

Zetrix AI told Bursa yesterday that the breach had triggered a dissolution event, but said it was not required to immediately repay the outstanding sukuk and that no payment default had occurred.

The company said it would continue engaging with the sukuk trustee and sukukholders to resolve the outstanding matters.

KUALA LUMPUR, Oct 30 — The ringgit opened higher against the US dollar for the 10th consecutive trading day  yesterday reflecting sustained positive sentiment towards the local currency at the start of trading.

At 8 am, the ringgit edged up to 4.0570/0625 against the greenback from yesterday’s close of 4.0575/0620.

The local currency was trading near a seven-week high, following a previous opening level of 4.0560 recorded on Sept 9, 2026.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) fell 0.33 per cent to 101.854 points.

He said the decline came despite better-than-expected US gross domestic product growth in the third quarter of 2026 (3Q 2026) and a higher personal consumption expenditure (PCE) inflation rate in September.

Mohd Afzanizam said the two-year and 10-year US Treasury yields also fell by 10 and eight basis points to 4.60 per cent and 4.94 per cent, respectively.

“Hence, we believe the market is pricing in the possibility that the Federal Reserve (Fed) might change its direction on monetary policy.

“As such, the ringgit is likely to maintain its positive trend in the near term, given the limited scope for further Fed monetary tightening. The ringgit-US dollar pair could therefore hover between RM4.05 and RM4.07 today,” he told Bernama.

Against other major currencies, the ringgit traded lower at the opening.

It weakened against the British pound to 5.4275/4348 from 5.4009/4069 at Thursday’s close, and slipped against the euro to 4.5365/5427 from 4.5176/5226.

It also edged lower against the Japanese yen to 2.5707/5743 from 2.5685/5715 previously.

Against its Asean peers, the ringgit traded mixed.

It was little changed against the Indonesian rupiah at 223.6/224.0 from 223.7/224.0 at Thursday’s close, and remained flat against the Philippine peso at 6.35/6.36.

Meanwhile, the ringgit eased against the Singapore dollar to 3.1700/1746 from 3.1665/1702 at Thursday’s close, and slipped against the Thai baht to 12.0279/0513 from 12.0165/0345. — Bernama

PARIS, Oct 29 — Airbnb said yesterday it will begin donating a dime for each reservation made on its platform to finance its nonprofit that helps house people in crisis.

The short-term tourism rental platform, which is regularly criticised for reducing housing available for local residents, expects it will thus be able to provide US$500 million (RM2 billion) to Airbnb.org over the next five years.

“It will vastly expand our ability to help people because it’ll bring in a lot more resources to the organisation” which has been financed from donations from Airbnb and its own fundraising, Airbnb.org’s executive director Christoph Gorder told AFP.

The inspiration for the nonprofit came from Airbnb hosts welcoming people displaced by Hurricane Sandy, which lashed the east coast of the United States in 2012.

The movement developed informally and then Airbnb.org was launched in 2020.

Since then, the organisation has provided 1.6 million nights of free housing to more than 250,000 people following disasters.

It aims to raise that to one million nights of free housing annually.

The additional funds will also allow Airbnb.org to expand its help to families travelling for medical care in more countries, survivors of domestic violence and US veterans facing serious illnesses or undergoing intensive treatment.

This new funding model will not increase what guests pay or reduce host payouts, Airbnb said.

Airbnb announced in September it was donating US$250 million to unlock more than US$5 billion in capital to invest in housing construction. — AFP