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PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim has strongly criticised American conservative political commentator Bill O’Reilly for his disparaging remarks about Southeast Asia’s economic standing, calling them “arrogant” and “ignorant”. O’Reilly, in a recent video segment, claimed that Malaysians “have no money” and were therefore irrelevant as a trading partner to China—a comment that drew sharp rebuke from Anwar, who is also the Finance Minister. “This is a clear display of extreme arrogance by individuals who are, in fact, poorly informed, ignorant, and who believe that only their group or nation is successful,” said Anwar during a media conference following the Ministry of Finance’s Hari Raya Aidilfitri celebration on Friday. “In social sciences, this is referred to as a trapped mindset — a worldview shaped by imperialist attitudes that fosters xenophobia, racial prejudice, and Islamophobia,” he added, pointing to what he described as a deeply entrenched colonialist outlook in O’Reilly’s commentary. Anwar was joined at the event by his wife, Datuk Seri Dr Wan Azizah Wan Ismail, along with Finance Minister II Datuk Seri Amir Hamzah Azizan, Deputy Finance Minister Lim Hui Ying, and Treasury Secretary-General Datuk Johan Mahmood Merican. O’Reilly’s comment came in response to Chinese President Xi Jinping’s recent visits to Malaysia, Vietnam and Cambodia. During Xi’s three-day official visit to Malaysia — his second since 2013 — the two countries elevated their diplomatic relationship to a comprehensive strategic partnership. Anwar and Xi also held bilateral discussions at the Seri Perdana Complex, covering key areas of cooperation and exchanging views on regional and international matters of mutual interest. The leaders witnessed the signing of 31 documents, including memoranda of understanding, agreements, and letters of intent between the Malaysian and Chinese governments. Malaysia and China have enjoyed strong diplomatic ties since 1974, celebrating the 50th anniversary of that relationship in 2024. China has been Malaysia’s largest trading partner for 16 consecutive years. In 2023, total bilateral trade reached RM484.12 billion, comprising 16.8% of Malaysia’s total global trade of RM2.88 trillion.

KUALA LUMPUR – Chinese electric vehicle (EV) manufacturer Leapmotor, in partnership with European automotive giant Stellantis, has officially launched its operations in Malaysia, signalling a strategic move to establish the country as a key regional production hub for EVs. The joint venture kicks off with an initial investment of €5 million (approximately RM24 million). The collaboration marks Leapmotor’s entry into the Malaysian market, with plans to begin local assembly using semi-knocked down (SKD) kits later this year. Malaysia will play a critical role in supporting the group’s wider production and export objectives across Southeast Asia. “By combining Leapmotor’s EV innovation and success with Stellantis’ regional expertise and global scale, we are laying the foundation for an accessible, sustainable future of mobility right here in Malaysia and across Southeast Asia,” said Ashwani Muppasani, Chief Operating Officer of Stellantis India & Asia Pacific, during the launch event. Isaac Yeo, Managing Director of Stellantis ASEAN, confirmed that production will begin with the Leapmotor C10, a D-segment SUV that launched in October 2024. Production is scheduled to commence by the end of 2025, with export activities anticipated between 2026 and 2027. “Operations will gradually scale up through 2030 to meet growing demand. We’ll also introduce new models such as the B10 and C10 RS over the next few years,” said Yeo. He added that the plant currently has an annual capacity of 60,000 units, with room for future expansion. The Leapmotor C10, measuring 4,739 mm in length and 1,900 mm in width with a 2,825 mm wheelbase, is positioned to compete strongly within its price segment, offering size and features that outpace several rivals. The local assembly initiative aligns with Malaysia’s National Automotive Policy and supports the government’s goals to strengthen EV manufacturing capabilities ahead of the nation’s ASEAN chairmanship in 2025. Leapmotor founder, chairman and CEO Zhu Jiang Ming, along with Leapmotor International CEO Tian Shu Xin, were also present at the launch, underscoring the significance of the partnership in accelerating EV adoption in the region. The companies plan to leverage Stellantis’ existing distribution network for further regional expansion, with Thailand already identified as the next target market.–BUSINESS TIMES

KUALA LUMPUR: Mohd Khairul Akmal Mohd Jasni, a former manager at Petroliam Nasional Bhd (Petronas), pleaded not guilty in the Sessions Court today to a charge of attempting to disclose confidential information related to the oil company’s operations and financial performance. The 40-year-old former Business Unit Performance manager was accused of attempting to reveal this confidential information, which he obtained in the course of his duties, to Sarawak Petroleum Company (Petros). The alleged incident took place on June 8, 2024, between 3.19pm and 3.21pm at a condominium unit located in Jalan Pinang, Kuala Lumpur. The document in question, titled “1Q 2024 Upstream Business Performance Operational & Financial,” was said to have been intended for disclosure to Petros. The charge is framed under Section 203A(1) of the Penal Code, which, in conjunction with Section 511, carries a penalty of up to RM1 million in fines or a prison term of up to one year upon conviction. Section 511 stipulates a prison sentence not exceeding half of that outlined in Section 203A(1) for attempted offences. Judge Siti Shakirah Mokhtarudin granted Mohd Khairul Akmal bail of RM20,000 with one surety and set May 19 for the case mention. Additionally, the accused was ordered to surrender his passport to the court. Deputy public prosecutor Mohd Sabri Othman is handling the prosecution, while lawyer Fadhli Sutris is representing the accused.–BERNAMA

KUALA LUMPUR: AmInvestment Bank has downgraded its outlook on Malaysia’s technology sector from ‘overweight’ to ‘neutral’, citing a weaker-than-expected growth outlook following the announcement of broader and more punitive reciprocal tariffs by the US. In its sector update released on Friday, the investment bank highlighted that ongoing policy uncertainty and geopolitical headwinds are likely to dampen demand and delay capital expenditure across the sector. While Malaysia remains relatively well-positioned compared to regional peers in terms of tariff exposure, AmInvestment cautioned that prolonged policy indecision could discourage new investment inflows. As a preemptive move, AmInvestment has trimmed earnings forecasts and target price-to-earnings (P/E) multiples for the tech firms under its coverage. It now applies valuation multiples at one standard deviation below the five-year average to reflect the sector’s more cautious outlook. The bank revised down FY2025 revenue projections by 13% and earnings by 23% for covered tech stocks. It now forecasts a 16% year-on-year earnings decline for the sector in 2025—markedly lower than the consensus estimate of 31% growth. Notable rating and target price adjustments include: ViTrox Corporation Bhd (KL:VITROX): Downgraded to ‘hold’, target price reduced from RM4.40 to RM2.40 Malaysian Pacific Industries Bhd (KL:MPI): Downgraded to ‘hold’, target price cut from RM27.80 to RM13 Inari Amertron Bhd (KL:INARI): ‘Hold’ maintained, target price reduced from RM2.05 to RM1.50 Pentamaster Corporation Bhd (KL:PENTA): ‘Hold’ maintained, target price lowered from RM3.25 to RM2.45 Greatech Technology Bhd (KL:GREATEC): ‘Buy’ rating retained, but target price trimmed from RM2.60 to RM1.60 VS Industry Bhd (KL:VS): ‘Buy’ retained, target price reduced from RM1.45 to 85 sen Despite the downgrades, AmInvestment remains optimistic about companies with strong US client exposure, such as Greatech and VS Industry, citing their resilience in adapting to the evolving tariff landscape.

KUALA LUMPUR: Malaysia is prepared to move forward with the development of the Pan-Asian Railway Network (PARN), a strategic infrastructure initiative aimed at enhancing connectivity between Malaysia and China, with a focus on expanding trade opportunities in the halal sector. Transport Minister Anthony Loke Siew Fook said Chinese President Xi Jinping had expressed support for the initiative during his recent state visit to Malaysia. The proposed rail network is expected to unlock access to markets in western China, including Inner Mongolia and Xinjiang—regions with substantial Muslim populations. “This presents valuable prospects for the direct export of halal products via rail to these emerging markets,” said Loke at a press conference following the Railway Assets Corporation’s (RAC) 2025 Appreciation Ceremony and Open Day on Friday. He stressed that the Unity Government continues to prioritise the development of global rail connectivity as part of its broader economic and regional cooperation goals. A key milestone in Malaysia’s international rail ambitions is the Asean Express, a pilot initiative launched in partnership with Thailand’s State Railway and logistics partners in China. The service transports cargo from Malaysia to Chongqing, China, with a current transit time of nine days. “Our hope is to see this become a regular, commercially viable service,” Loke said. However, Loke acknowledged that legal and regulatory frameworks remain key challenges in realising seamless cross-border rail services. Ongoing discussions with regional partners aim to address these issues. He also provided updates on domestic infrastructure progress, noting that the double-tracking upgrade from Johor Bahru to Padang Besar is expected to be completed by year-end. Once finalised, Malaysia will have a continuous double-track rail network along its west coast corridor, improving both passenger and cargo efficiency. Looking ahead, Loke is scheduled to meet with Thailand’s Deputy Prime Minister and Transport Minister, Suriya Juangroongruangkit, on May 2 to further discuss the PARN project and reinforce bilateral cooperation. In his closing remarks, Loke reiterated Malaysia’s call for stronger ASEAN integration through interconnected railway systems. “Linking rail networks from Peninsular Malaysia to Thailand, Laos, and China has long been part of ASEAN’s shared vision for regional connectivity,” he said.

BANGKOK: Prime Minister Datuk Seri Anwar Ibrahim has cautioned against trivialising the recent error involving an incomplete image of the Jalur Gemilang published by a local newspaper, stating that the national flag represents the sovereignty and dignity of the country. Speaking to Malaysian reporters at the conclusion of his two-day working visit to Thailand on Friday, Anwar underscored the importance of respecting national symbols, particularly the flag. “This is not a trivial matter. For any country, the flag is a very important symbol,” he said. “Let the legal process take its course.” The incident in question involved the publication of a Jalur Gemilang image without the crescent moon on the front page of the Sin Chew Daily on Tuesday. The illustration accompanied the newspaper’s coverage of Chinese President Xi Jinping’s state visit to Malaysia. The incomplete image drew criticism from various parties, including His Majesty Sultan Ibrahim, King of Malaysia, who emphasised the importance of editorial diligence and responsibility. Anwar stated that while investigations should proceed, actions must be proportionate and in accordance with the law. “I’ve also said we must not appear excessive in our actions just to meet certain demands — it must follow due legal process,” he added. In response to the backlash, Sin Chew Daily issued a public apology, attributing the mistake to an unintentional technical error.

KUALA LUMPUR:  Sarawak Premier Tan Sri Abang Johari Tun Openg has dismissed as speculation a report suggesting that the state is interested in acquiring a stake in AMMB Holdings Bhd (AmBank Group) for the purpose of merging it with its existing interest in Affin Bank Bhd. Speaking at the RECODA Raya Rindok event hosted by the Regional Corridor Development Authority (RECODA), Abang Johari clarified that the Sarawak government has not appointed any representative to initiate talks with AmBank. “If you want to propose, you should ask her father first… but in this context, the father doesn’t know about the matter, so how can you propose?” he quipped, addressing the rumour with a touch of humour. “Jokes aside, I was also surprised when I read the report… The report is just speculation. I have no comment because I don’t know about that.” Despite refuting the claim, Abang Johari noted that Sarawak remains open to discussions with any party interested in collaborating with the state government. The Edge Malaysia, in its April 14 edition, had reported that the Sarawak government was exploring the possibility of acquiring a stake in AmBank Group, with the intention of merging it with Affin Bank, in which the state holds a 31.25% interest via Sarawak-based entities. Citing unnamed sources, the report suggested that Sarawak aimed to eventually hold no more than a 20% stake in the merged entity, which would rank as the country’s fourth-largest banking group by assets. It further noted that informal approaches were made to AmBank’s substantial shareholder, Tan Sri Azman Hashim, who holds an 11.83% stake, although no formal negotiations had begun. In addition to AmBank, Sarawak is reportedly exploring other options in the banking sector, including DRB-Hicom Bhd’s 70%-owned Bank Muamalat Malaysia Bhd, and Kuwait Finance House (Malaysia) Bhd, which is said to be seeking buyers for its retail loan portfolio.–THE EDGE

KUALA LUMPUR:  Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Aziz will travel to Washington next week to engage with United States Trade Representative (USTR) Jamieson Greer and other US officials to discuss the reciprocal tariffs imposed on Malaysia and other ASEAN countries. The high-level meetings, scheduled for April 24, aim to convey Malaysia’s position on the ongoing tariff issue. “We will be meeting the USTR as well as other government officials from US President Donald Trump’s administration during my two-day visit,” Zafrul said during a recent media briefing. He stressed that the mission is not intended to initiate formal negotiations but to hold discussions on how Malaysia can contribute positively to the global supply chain, particularly in the semiconductor and electrical and electronics (E&E) sectors. “We need to go there to explain how Malaysia, as a neutral country, plays an important role in the semiconductor and E&E sectors. Our goal is to show that Malaysia can support industries in the US rather than posing a threat to them,” he added. Zafrul will be joined by MITI deputy secretary general (trade) Mastura Ahmad Mustafa, senior ministry officials, and representatives from Malaysia’s Embassy in Washington. The delegation also plans to meet with business chambers, companies, and industry groups to clarify Malaysia’s stance and address misconceptions. As the current chair of ASEAN, Zafrul will also take the opportunity to present the regional bloc’s unified position. “We believe in a rules-based global trading system and the principles of multilateralism,” he said, adding that ASEAN is not in favour of retaliatory actions and hopes to correct misperceptions around tariff issues. The visit comes amid heightened trade tensions, with ASEAN nations experiencing varying degrees of impact from the US-imposed tariffs. According to data from the recent special ASEAN Economic Ministers’ meeting, Cambodia, Laos, Vietnam, and Myanmar have been most affected, with combined tariffs reaching up to 49%. Malaysia and Brunei face a 24% rate, while Singapore sees a 10% baseline tariff. A 90-day pause on the reciprocal tariffs remains in effect for ASEAN countries, excluding China. ASEAN ministers, in a joint statement issued after their April 10 meeting, reaffirmed their commitment to constructive dialogue with the US while safeguarding the region’s economic interests.–BERNAMA

Malaysia Aviation Group Bhd (MAG) recorded a net profit of RM54 million for the financial year 2024, alongside an operating profit of RM113 million, despite facing significant operational challenges. The group reported a strong EBITDA of RM788 million, underscoring resilient performance amid headwinds such as supply chain disruptions that led to extended aircraft maintenance timelines and delays in new aircraft deliveries. These issues forced a reduction in capacity by 18% during the traditionally high-performing fourth quarter, ultimately weighing on full-year revenue, which slipped marginally by 1% year-on-year to RM13.68 billion. This came despite a 6% increase in available seat kilometre (ASK), reflecting improved efficiency. MAG Group Managing Director Datuk Captain Izham Ismail said the group remained profitable and forward-looking despite the disruptions. “We not only maintained profitability but ensured we were strategically positioned for the future while navigating operational challenges,” he said in a statement.