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KUALA LUMPUR: Malaysia has proposed a technology safeguard agreement to the United States in an effort to reinforce investor confidence and protect the stability of global supply chains amid increasing trade tensions and tariff uncertainties. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the proposal aims to reassure both the US government and American companies operating in Malaysia, particularly those involved in semiconductor and electrical and electronics (E&E) manufacturing. “Many of the companies operating in Malaysia and exporting to the US are American-owned. We are working closely with these stakeholders, especially as semiconductors could potentially be impacted by upcoming tariff policies,” Zafrul said in an interview with CNBC on Friday. Semiconductors currently account for approximately 30% of Malaysia’s exports to the US, with another 30% comprising broader E&E products — sectors that are particularly vulnerable to shifts in global trade policies. Zafrul acknowledged that Malaysia’s open economy could face repercussions from the broader global tariff environment, particularly if the US implements new duties on Chinese imports or if there is further decoupling in critical technology sectors such as artificial intelligence and chip manufacturing. “We are studying the potential impact closely. Any tariff escalation, whether involving the US or China, affects not only direct trade but also multinational firms, including Malaysian companies integrated within global supply chains,” he said. He added that a forced decoupling between the US and China in high-tech industries would likely result in higher operational costs and supply chain disruptions — trends that are already becoming apparent. “With tariffs imposed on China and other parts of the world, we foresee further cost escalation. This, in turn, could dampen demand and impact global supply flows,” he noted. Malaysia’s pitch for a technology safeguard agreement comes at a time when governments and corporations are racing to mitigate geopolitical risks in the technology sector, particularly around semiconductors, which are central to everything from smartphones to advanced defence systems. Zafrul reiterated Malaysia’s commitment to fostering a stable, predictable investment environment and said such agreements could serve as a model for greater US-Malaysia collaboration in high-value industries. The country is also aligning its industrial policies, including the recently launched New Industrial Master Plan 2030, to build long-term resilience and competitiveness in advanced manufacturing and digital technologies.

KUALA LUMPUR: Sapura Resources Bhd has taken legal action against its former managing director, Datuk Shahriman Shamsuddin, and three other parties, seeking more than RM3.2 million in damages for alleged breaches of fiduciary, statutory, and contractual duties, as well as conspiracy to injure the company and its subsidiaries. The suit follows an internal investigation concluded in March, with findings submitted to both Bursa Malaysia and the Companies Commission of Malaysia (SSM). A formal complaint was also filed with the SSM for potential violations of the Companies Act 2016, and a police report has been lodged as part of regulatory requirements. In a filing with Bursa on Thursday, Sapura Resources said the writ of summons was filed at the High Court of Malaya in Kuala Lumpur, naming Shahriman as the first defendant. The other defendants include former employees Syed Haroon Omar Alshatrie, Syed Muhammad Hasan Alsagoff, and Explorer Group Sdn Bhd. The claims relate to payments made for deposits to Malaysia Airports Holdings Bhd (MAHB), mutual separation schemes, consultancy fees, trip expenses, and legal costs. The company is also seeking general, aggravated, and equitable compensation for alleged losses, including foregone business opportunities such as a potential IPO valued at RM82.1 million. Shahriman was placed on garden leave in September 2024 when the investigation commenced and subsequently resigned from his position in October. He had served on Sapura Resources’ board since 2005, and was appointed managing director in 2007. The legal proceedings come amid a long-standing dispute between Shahriman and his brother, Tan Sri Shahril Shamsuddin, over their family’s investment entity, Sapura Holdings Sdn Bhd, where both hold equal stakes of 40.5%. A petition to wind up Sapura Holdings was filed by Shahriman in September 2024, marking a significant escalation in their ongoing feud. At the centre of the investigation is Shahriman’s alleged interest in Explorer Group, a company said to be in direct competition with Sapura Resources’ aviation units, Sapura Aero Sdn Bhd and DNest Aviation Sdn Bhd. He has served as a director of Explorer Group since 2019. Sapura Resources said further updates will be provided to Bursa Malaysia as material developments arise. The company’s shares remained unchanged at 25 sen on Thursday, giving it a market capitalisation of approximately RM65 million.

AMMB Holdings Bhd (AmBank Group) has announced the resignation of its Group Chief Financial Officer (CFO), Shafiq Abdul Jabbar, effective 1 July 2025. According to a recent Bursa Malaysia filing, Shafiq will commence his garden leave starting 10 April. Industry sources indicate that Shafiq is expected to take on the role of Group CFO at Malayan Banking Bhd (Maybank), filling the vacancy left by Khalijah Ismail earlier this year. Khalijah’s departure in February followed an internal inquiry, with Maybank citing non-compliance with internal procedures. While she has disputed the circumstances of her exit, the bank confirmed that no financial losses were incurred. In the interim, Malique Firdaus Ahmad Sidique from Maybank’s Islamic banking division has been serving as acting CFO. Maybank has not issued an official statement regarding Shafiq’s potential appointment. AmBank Group Chief Executive Officer Jamie Ling will assume oversight of the finance division pending the appointment of a new CFO. Ling, who previously served as the Group CFO, is expected to provide continuity during the transition. Shafiq joined AmBank in February 2024 and brings extensive experience in financial leadership, having previously served as CFO at Astro Malaysia Holdings Bhd and CIMB Bank Bhd. The potential move signals a key leadership reshuffle among two of Malaysia’s major banking institutions and may have strategic implications for both financial groups moving forward.

SINGAPORE:  Global stocks staged a strong rebound on Thursday, while bond markets stabilised following US President Donald Trump’s unexpected decision to pause newly imposed tariffs on dozens of countries for 90 days. The move offered markets temporary relief after a turbulent week marked by sharp selloffs and investor anxiety. Trump’s reversal came after a wave of financial market volatility triggered by his tariff announcement, which had wiped trillions off global equities and sparked fears of a global economic slowdown. Although the pause brought some calm, investors remain wary of the broader implications of US trade policy, especially as tensions with China continue to escalate. Market Reaction Mixed Following the announcement, European stock futures surged, with EUROSTOXX 50 and DAX futures gaining nearly 8%, and the FTSE futures up by 5.4%. In Asia, Japan’s Nikkei jumped over 8%, while China’s CSI300 rose 1%, and Hong Kong’s Hang Seng Index advanced 2.4%. However, the momentum faded somewhat in the US, where Wall Street futures pulled back. Nasdaq futures dropped more than 1%, and S&P 500 futures fell 0.8%, after both indexes saw their biggest daily percentage gains in over a decade on Wednesday. “The world, political and financial, is looking on with horror — not bemusement — at an administration that flip-flops on major policies like tariffs,” said Martin Whetton, Head of Financial Markets Strategy at Westpac. He criticised the inconsistency of the administration, noting the contrast between tariff reversals and unrelated executive actions. The US dollar also slipped, falling 0.8% against the yen and 0.6% versus the Swiss franc, both seen as safe haven currencies. Khoon Goh, Head of Asia Research at ANZ, described the rally as a “massive short-covering move” that offered the world some breathing room. “Markets were starting to price in the worst-case scenario. Now that the dust has settled, investors will reassess the direction,” he said. Not a Complete Reversal Despite the pause, Trump maintained a 10% blanket duty on almost all US imports. Additionally, existing duties on autos, steel, and aluminium remain in effect. The White House also confirmed a steep increase in tariffs on Chinese goods — from 104% to 125%. China responded swiftly, raising its own duties on US products to 84% and imposing new restrictions on 18 American companies, mainly in defence-related sectors. China Supply Chains in Focus Despite rising Sino-US tensions, investors are cautiously optimistic that the global trading system will hold — at least for now. “At least the relief is that global trade won’t grind to a complete halt,” said Wong Kok Hoong, Head of Equity Sales Trading at Maybank. He noted that companies still had room to adjust supply chain routes under the current 10% tariff structure. The “China + 1” strategy, where firms diversify production beyond China, remains intact, Wong added. However, the Chinese yuan fell to 7.3518 per US dollar — its lowest since December 2007 — as the People’s Bank of China set the midpoint at its weakest since September 2023. Bond Market Calms After Brutal Selloff The US bond market also showed signs of recovery. The benchmark 10-year Treasury yield eased to 4.29%, down from Wednesday’s high of 4.515%, a spike that had fuelled fears of instability in the world’s largest bond market. “Sticky inflation, a patient Fed, foreign buyer hesitation, and poor market liquidity are all pushing yields higher,” said Lawrence Gillum, Chief Fixed Income Strategist at LPL Financial. Minutes from the Federal Reserve’s mid-March meeting revealed that policymakers are unlikely to cut interest rates soon, citing expectations that tariffs could stoke inflation even as they pose risks to growth. As a result, markets have revised down expectations for rate cuts this year — now pricing in just 80 basis points compared to over 100 earlier in the week. Commodities and Safe Havens React Oil prices dipped as investors continued to digest the implications of worsening US-China trade tensions. Meanwhile, spot gold rose 1.5% to US$3,128.92 per ounce, reflecting the continued demand for safe haven assets.

ASEAN has announced it will not respond with retaliatory measures to the recent wave of tariffs imposed by US President Donald Trump, instead calling for open and constructive engagement to resolve trade tensions. In a joint statement issued following a meeting of ASEAN economic ministers in Kuala Lumpur, the 10-nation bloc reaffirmed its commitment to protecting regional economic interests while preserving strong and mutually beneficial relations with the United States. “ASEAN commits to not imposing any retaliatory measures in response to the US tariffs,” the statement read. “Open communication and collaboration will be crucial to ensuring a balanced and sustainable relationship.” The statement comes in the wake of sweeping US tariffs that triggered significant financial market turmoil, erasing trillions from global stock exchanges and raising concerns of a looming recession. Though President Trump has since announced a 90-day delay for many of the tariffs, he has maintained a 10% blanket duty on numerous imports and increased tariffs on Chinese goods to 125%. ASEAN ministers warned that the tariffs threaten to disrupt global trade and investment flows, strain supply chains, and negatively impact businesses and consumers worldwide—including within the US itself. They also cautioned that economic progress in the region could be compromised, especially given that the US was ASEAN’s largest foreign direct investor and second-largest trading partner in 2024. Malaysia’s Minister of Investment, Trade and Industry Tengku Zafrul Aziz echoed this sentiment earlier in the day, stating that while the temporary delay offers some relief, the ongoing unpredictability of US trade policy continues to cast a shadow over regional and global trade dynamics. In their statement, ASEAN leaders expressed their intention to work collaboratively with Washington through the ASEAN-US Trade and Investment Framework Agreement, aiming to find “mutually acceptable solutions” to shared concerns. These include facilitating two-way trade and investment, strengthening strategic economic ties, and enhancing supply chain resilience through digital innovation and technological cooperation. “ASEAN believes that an enhanced, robust, and forward-looking ASEAN-US economic cooperation framework will contribute to the prosperity of our people and the broader global economy,” the ministers said. They added that such a framework would support deeper regional supply chain integration, spur innovation, and reinforce the bloc’s position as a reliable partner in a secure and stable global trade ecosystem.