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KUALALUMPUR: Sultan Ibrahim Sultan Iskandar, the King of Malaysia, expressed confidence that Malaysia and China will continue to foster strong cooperation, despite the ongoing global geopolitical challenges. The King made these remarks during a meeting with Chinese President Xi Jinping at Istana Negara on Wednesday. Sultan Ibrahim highlighted Malaysia’s commitment to deepening its economic integration, boosting supply chain and industrial collaboration, and enhancing connectivity. He also emphasised the importance of mutual respect and benefit in Malaysia’s engagement with global partners, including China. He praised the potential for Chinese companies and investors to explore opportunities in Malaysia, particularly within the Forest City Special Financial Hub, located in the Johor-Singapore Special Economic Zone, which has become a prominent regional investment location. The King further noted that Malaysia is keen to promote language exchanges between the two nations, with growing student exchanges as a key area of focus. Sultan Ibrahim announced his intention to actively support the establishment of the Sultan Ibrahim Malay Studies Chair at Beijing Foreign Studies University, highlighting the role of language as a vital bridge for strengthening bilateral ties. President Xi Jinping, who is on a three-day state visit to Malaysia, was also welcomed at Istana Negara with a state ceremony. This marks Xi’s second official visit to Malaysia in 12 years, following the upgrade of the diplomatic relations between the two countries to a Comprehensive Strategic Partnership in 2013. Xi’s visit is part of his first state visit series of 2025, which also includes stops in Vietnam and Cambodia. Malaysia and China have maintained strong diplomatic and trade relations since 1974, with China remaining Malaysia’s largest trading partner for 16 consecutive years. In 2024, bilateral trade between the two nations reached RM484.12 billion, representing 16.8% of Malaysia’s total global trade. Sultan Ibrahim’s optimism underscores the ongoing strength of the Malaysia-China partnership and the potential for continued collaboration in the years ahead.

KUALA LUMPUR:  Malaysia and China have taken a significant step to deepen their economic cooperation, signing several memoranda of understanding (MOUs) that aim to enhance trade in services, industrial cooperation, and technology exchanges, particularly in the fields of artificial intelligence (AI) and the digital economy. The signing ceremony, which took place on Wednesday, was witnessed by Malaysian Prime Minister Datuk Seri Anwar Ibrahim and visiting Chinese President Xi Jinping. The MOUs focus on various critical sectors, including trade in services, industrial parks, and technological advancements. Notably, the two countries have committed to upgrading the “Two Countries, Twin Parks” initiative, which includes the Malaysia-China Kuantan Industrial Park and the China-Malaysia Qinzhou Industrial Park. These parks have already become models for cross-border industrial cooperation, fostering business growth and increasing investment flows. Other MOUs signed during the event include agreements between the Digital Ministry of Malaysia and China’s National Development and Reform Commission (NDRC), focusing on AI collaboration and digital economy advancements. These agreements reflect both countries’ commitment to enhancing their technological and digital capabilities, driving innovation, and addressing global challenges in the technology sector. Additionally, a separate MOU was signed between the State Administration for Market Regulation of China and Malaysia’s Department of Standards to promote cooperation in standardisation efforts. This will allow both nations to harmonise standards, enhancing the quality of goods and services, and improving bilateral trade. The ceremony was held at the Seri Perdana Complex in Putrajaya, coinciding with President Xi Jinping’s three-day state visit to Malaysia. The MOUs were exchanged by high-ranking officials from both nations, including Malaysia’s Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz and China’s Minister of Commerce Wang Wengtao. This new wave of agreements comes as both countries continue to seek stronger trade and investment linkages, with a particular emphasis on innovation and sustainability in key industries. The partnership is expected to bring mutual benefits, positioning both Malaysia and China as leaders in regional economic and technological development.

KUALA LUMPUR: Malaysia’s takaful industry continues its upward trajectory, disbursing a record RM10.2 billion in benefits to certificate holders in 2024 — a 16.73% jump from the previous year. The significant increase reflects growing consumer confidence in Islamic insurance as a core pillar of financial security and social protection. This surge in payouts, the highest on record for the industry, aligns with the Malaysian Takaful Association (MTA)’s Hijrah27 transformation agenda, which focuses on sustainable growth and value-based intermediation. Family Takaful led the way, accounting for 77.37% of total benefits paid, amounting to RM7.89 billion. General Takaful contributed RM2.31 billion. The industry’s growth is underpinned by increasing uptake. In 2024, nearly one million (993,393) new Family Takaful certificates were issued, lifting the total number of in-force certificates to 6.69 million. This helped sustain a penetration rate of 19.57%—a notable achievement given Malaysia’s population growth of 700,000 during the same period. “RM10.2 billion in payouts is not just a number—it reflects the trust placed by millions of Malaysians in takaful as a reliable safety net,” said Wan Saifulrizal Wan Ismail, Interim Chairman of the MTA. “It also affirms our commitment to the social and ethical goals outlined in Maqasid al-Shariah.” From a business performance lens, the Family Takaful segment saw a 1.48% increase in new business gross contributions, rising to RM9.73 billion. Business in-force contributions also strengthened, increasing by 7.2% to RM9.62 billion. Over a three-year horizon (2022–2024), the average annual payout increase stood at RM1.54 billion—almost 400% higher than the RM393.34 million average recorded between 2019–2021. The agent network expanded in tandem, with 26,714 new Family Takaful agents registered in 2024, bringing the total number of agents to 92,866. Agents’ share of new business rose to 25.56%, while Bancatakaful continued its dominance at 52.05%. In the General Takaful space, gross written contributions climbed 8.46% to RM5.91 billion, led by strong demand for motor takaful, which made up 68.77% of total contributions. The uptick in fire takaful—up 7.27% to RM1 billion—also pointed to broader awareness of property risk, spurred in part by recent public incidents. Digitisation efforts are also beginning to bear fruit. Internet sales channels accounted for 6.58% of business in 2024, up from 5.79% the year prior. “Making takaful more accessible is a top priority,” Wan Saifulrizal added. “This is where technology, collaboration, and public awareness converge.” Social impact remained a core pillar of the industry’s mandate. In the first half of 2024 alone, RM31.19 million in zakat was channelled towards value-based development initiatives. This figure represents more than 60% of the total zakat disbursed in 2023, a strong indicator of takaful’s role in advancing the broader objectives of Shariah. As the industry enters a new fiscal cycle, stakeholders appear aligned in their vision: to enhance protection, deepen inclusion, and scale the role of takaful as Malaysia’s foremost social safety net.

GEMAS: Fraser & Neave Holdings Bhd (F&NHB) has marked a major milestone in its agricultural expansion strategy with the arrival of its first commercial batch of 2,500 dairy heifers from Chile at its state-of-the-art dairy farm in Gemas, Negeri Sembilan. This follows a successful trial batch and coincides with a recent visit from the Menteri Besar of Negeri Sembilan to F&N AgriValley on 11 April. “This represents a historic moment not just for F&NHB, but also for Malaysia’s dairy industry as a whole,” said Lim Yew Hoe, CEO of F&NHB. “It is the largest single importation of breeding cattle in Malaysian history and marks the country’s first-ever cattle import from Chile. These heifers lay the foundation for Malaysia’s future in sustainable, large-scale dairy farming.” The imported Chilean Holstein cattle underwent 100% genomic testing, with Genomic Total Performance Index (GTPI) scores that match the performance benchmarks of cattle originally intended for import from the United States. The journey from Santiago to Malaysia was a carefully coordinated effort involving a dedicated livestock carrier. Throughout the voyage, the cattle were overseen by experienced livestock handlers who monitored their health, nutrition, and comfort. The vessel was equipped with enhanced ventilation systems and maintained a steady supply of feed and water to ensure the animals’ well-being during transit. “The safe arrival and transport of these cattle are a testament to the efforts of our cross-functional team and key partners,” said Dr Yap Peng Kang, Managing Director of Agriculture and Dairy Farming at F&NHB. “We are especially grateful to the Royal Malaysian Customs Department, Royal Malaysian Police, Johor Port Berhad, and all relevant authorities at Pasir Gudang for their critical support in facilitating a seamless transition from port to farm.” The Department of Veterinary Services (DVS) played a key role in upholding Malaysia’s biosecurity standards through rigorous certification and disease prevention protocols. Meanwhile, the Malaysian Quarantine and Inspection Services (MAQIS) ensured full compliance with import regulations, safeguarding animal health throughout the process. The heifers are now undergoing a mandatory quarantine at F&N AgriValley, which hosts Malaysia’s largest on-site quarantine facility for a single livestock batch. These animals are housed in technologically advanced barns equipped with intelligent environmental control systems designed to optimise comfort and health. “This initiative reflects our long-term commitment to strengthening Malaysia’s food security and developing a robust domestic dairy industry,” Dr Yap added.

KUALA LUMPUR: RHB Bank Bhd (KL:RHBBANK), Malaysia’s fourth-largest bank by assets, confirmed on Tuesday it has been named as the third defendant in a RM313.08 million lawsuit over the sale of a luxury property in Taman U-Thant, Kuala Lumpur. The suit, filed by Prismaworld Embassyview Sdn Bhd in the High Court, pertains to the sale of the condominium site for RM145 million in December 2024. The property had been charged to RHB Bank as collateral for banking facilities, according to the bank’s filing with Bursa Malaysia. Other defendants named in the suit include Tanah Bayumas Sdn Bhd — a 70%-owned subsidiary of Paramount Corp Bhd (KL:PARAMON) — along with Datuk Adam Primus Varghese Abdullah and Macpherson Simon of legal firm Adamprimus & Co. Prismaworld is seeking several declarations, including the nullification of the land sale agreement, alleging that RHB breached its duty of care. The plaintiff also seeks an injunction to restrain all defendants from dealing with the land pending a proposed sale to Al Shamal L.L.C-FZ. Additionally, Prismaworld has requested a redemption statement from RHB to facilitate the proposed transaction, and is demanding RM313.08 million in damages, along with rectification of the land title to reinstate it as the registered proprietor. RHB clarified that the land was sold by the owner in receivership, not by the bank itself. “The property remains charged in favour of RHB Bank until and unless the redemption sum is paid to discharge the charge, regardless of the purchaser,” it said. The bank said it has appointed legal counsel to contest the suit, and its solicitors believe RHB has a strong defence against the claims and the interim injunction. RHB also stated it does not anticipate any material financial or operational impact as a result of the proceedings. The application for the interim injunction is scheduled to be heard on 20 May. RHB shares closed five sen higher at RM6.64 on Tuesday, valuing the bank at RM28.95 billion.

BEIJING: In response to rising protectionism from Washington, China is moving swiftly to broaden its global trade alliances and position itself as a proponent of open markets. Chinese officials on Tuesday framed the country’s strategy as one of “tearing down walls” and deepening global economic ties, amidst an intensifying tariff conflict with the United States. The remarks come after US President Donald Trump imposed sweeping tariff increases of up to 145% on Chinese imports this year, escalating tensions with Beijing and drawing criticism from international trade observers. China has retaliated with its own tariffs, raising levies on US goods by 125%. “In the face of external uncertainties, China will insist on shaking hands rather than shaking fists, tearing down walls instead of building barriers, connecting instead of decoupling,” said Lin Jian, spokesperson for the Chinese Foreign Ministry. The trade row has raised alarms at the World Trade Organization, which warned that the conflict could reduce trade flows between the world’s two largest economies by as much as 80%, posing a significant risk to global economic growth. Amid the heightened tensions, Chinese President Xi Jinping has embarked on a diplomatic tour across Southeast Asia, aiming to solidify regional partnerships. In Vietnam—currently facing potential US tariffs of up to 46%—Xi called for stronger cooperation in production and supply chains and denounced “unilateral bullying.” The two nations signed multiple agreements covering trade, supply chain integration, and railway development. Xi’s tour continues this week with visits to Malaysia and Cambodia, both of which are also under scrutiny by US trade authorities and could be subject to new tariffs of 24% and 49%, respectively. Back in Washington, US Treasury Secretary Scott Bessent defended the administration’s actions. “These are not a joke. I mean these are big numbers,” Bessent told Bloomberg Television. “I think no one thinks they’re sustainable or wants them to remain here, but it’s far from a joke.” Bessent also noted that any resolution to the trade dispute would require high-level engagement between President Trump and President Xi. A commentary published in the state-owned People’s Daily reinforced China’s message of multilateralism and unity, urging countries to work together amid growing economic volatility. Citing The Wizard of Oz, the editorial argued, “Only unity and cooperation can meet the challenge,” and highlighted Beijing’s zero-tariff policies for several of its least developed trading partners. As the global trade environment becomes increasingly fragmented, China is positioning itself as a counterbalance to protectionist policies—one that welcomes new alliances, particularly in the Global South and Southeast Asia.–REUTERS

PUTRAJAYA: U Mobile Sdn Bhd has appointed Chinese telecommunications giants Huawei Technologies Co Ltd and ZTE Corp as key technology partners in its rollout of Malaysia’s second 5G network, under the dual network model endorsed by the government. The partnership was announced during a signing ceremony on Tuesday, where U Mobile chairman Tan Sri Vincent Tan Chee Yioun stated that the vendors were selected through a stringent and transparent evaluation process. Huawei will spearhead the deployment in Peninsular Malaysia, while ZTE will handle operations in East Malaysia. “Huawei and ZTE are long-standing infrastructure partners of U Mobile with strong global deployment credentials,” said Tan. “We are confident in their capabilities to support us as we scale up our 5G ambitions.” Chief executive officer Wong Heang Tuck revealed that the telco plans to finance the network expansion through a combination of internal resources, bank loans, vendor financing, and proceeds from its anticipated initial public offering (IPO). While he did not disclose the exact investment amount, Wong indicated that the expenditure would run into the billions of ringgit. To date, U Mobile has invested over RM8 billion in network and technology infrastructure, operating over 10,000 network sites across the country. Addressing the issue of pricing, Wong said U Mobile’s 5G wholesale rates would be comparable to those currently offered by Digital Nasional Bhd (DNB), the state-backed 5G operator. “All pricing will be similar to what DNB offered,” Wong noted. “It doesn’t make sense to go higher or lower than that.” Currently, DNB’s wholesale pricing stands at RM30,000 per gigabit per second per month, or approximately 13 sen per gigabyte. Appointed by the government last November to develop the second 5G network, U Mobile is targeting 80% coverage of populated areas (CoPA) within the first year and 90% in the following year. As for its IPO ambitions, U Mobile reaffirmed its intent to list publicly, but noted that market volatility could influence the timeline. “Global market conditions are quite uncertain right now,” Wong said. “Internally, we’re getting everything in place, but for the actual timing, we’ll need all stars to align before we move forward.”