News

The BRICS coalition has reaffirmed its collective stance in support of a rules-based multilateral trading system, condemning the imposition of unilateral, punitive and discriminatory protectionist measures, especially those framed under environmental pretences but misaligned with international law. Comprising Brazil, Russia, India, China and South Africa, the bloc used the 17th BRICS Summit in Rio de Janeiro to call for greater equity in global trade and adherence to international norms. The summit was convened under the theme “Strengthening Global South Cooperation for a More Inclusive and Sustainable Governance”, and culminated in the adoption of the 31-page Rio de Janeiro Declaration, which captured the strategic direction and outcomes of Brazil’s 2025 BRICS Presidency. In the area of global finance, BRICS reiterated the urgent need to enhance the representation of emerging and developing economies within international financial institutions. The declaration explicitly called for an increase in the International Monetary Fund (IMF) quota allocations for these countries, as well as strengthened equity participation in the World Bank. The bloc further advocated for deeper engagement on the use of local currencies in trade and investment, alongside enhanced interoperability among member states’ payment systems. To bolster financial integration, discussions have commenced on the establishment of a BRICS Multilateral Guarantees (BMG) initiative. The declaration also highlighted efforts to reinforce reinsurance capacities among member countries. Artificial Intelligence (AI) was identified as a transformative force with significant potential to advance inclusive development. BRICS underscored the necessity for a global governance framework for AI that mitigates associated risks and ensures equitable access and benefit-sharing. The bloc emphasised that such governance should be inclusive, respect national sovereignty, and prioritise the needs of developing nations, particularly those in the Global South. The United Nations was identified as the central platform for advancing these governance mechanisms. Indonesia was formally welcomed as a BRICS member, expanding the bloc’s footprint and reinforcing its role as a representative body for the Global South. In addition to the new membership, BRICS recognised Belarus, Bolivia, Kazakhstan, Cuba, Nigeria, Malaysia, Thailand, Vietnam, Uganda and Uzbekistan as partner countries. Since its inception as a strategic platform for political and diplomatic cooperation among developing nations, BRICS has broadened its reach significantly. Initially comprising Brazil, Russia, India and China, the group expanded to include South Africa in 2011, followed by Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates in 2023, and Indonesia in 2025. -Bernama

Petroliam Nasional Berhad (Petronas), through Malaysia Petroleum Management (MPM), has formalised a series of strategic agreements with the Sabah state government, underscoring its commitment to advancing the region’s energy landscape. The announcements were made during the Sabah Oil, Gas & Energy Conference & Exhibition (SOGCE) 2025. In an official statement, the national oil company confirmed the handover of the Sabah Gas Strategy document. This strategic blueprint, developed in collaboration with the Sabah state government, outlines a long-term, structured framework to ensure reliable gas supply for the state’s growing domestic demand. Datuk Bacho Pilong, Senior Vice President of MPM, said the handover, along with other key milestones, reaffirms the organisation’s commitment to unlocking the full potential of Sabah’s energy resources in a responsible and sustainable manner. “We will continue working together to accelerate sustainable development, bolster energy security, and create long-term value for the benefit of both Sabah and the nation,” he said. The Sabah Gas Strategy was the result of joint efforts by Petronas, SMJ Energy Sdn Bhd, Sabah Energy Corporation Sdn Bhd, Sabah’s Energy Commission, and the Ministry of Industrial Development and Entrepreneurship. The initiative was guided by the Sabah Joint Coordination Committee. In further developments, Petronas signed a Technical Evaluation Agreement (TEA) with ConocoPhillips Malaysia New Ventures Ltd and PERTAMINA Hulu Energi for the Layang-Layang Basin. This agreement sets the stage for detailed subsurface studies, encompassing regional geological assessments and in-depth prospect analyses over a 44,500 square kilometre area offshore Sabah. Additionally, the company entered into a memorandum of understanding with DIALOG Resources Sdn Bhd to support the development of the Mutiara Cluster, located off Sabah’s east coast. To complement these initiatives, Petronas is also investing in seismic data acquisition programmes aimed at enhancing geological understanding and accelerating exploration activities across the region. These milestones collectively demonstrate Petronas’ sustained focus on collaborative, value-driven growth in support of Sabah’s long-term energy ambitions. -Bernama

KUALA LUMPUR : The Ministry of Investment, Trade and Industry (MITI) has established sufficient evidence that imports of galvanised iron or steel coil and sheet products from China, South Korea and Vietnam were entering Malaysia at dumped prices, in violation of fair trade practices. In a statement released today, MITI confirmed that this preliminary determination was made under Section 23 of the Countervailing and Anti-Dumping Duties Act 1993, following a detailed investigation. As a result, the Malaysian government will impose a provisional anti-dumping duty, effective from 7 July 2025. The duties, which will take the form of a bank guarantee, correspond to the identified dumping margins and range between 3.86% and 57.90%. These temporary duties will remain in effect for a maximum period of 120 days, during which the investigation will continue. A final determination will be issued no later than 3 November 2025, according to MITI. The anti-dumping investigation was initiated on 6 February 2025, following a formal petition by CSC Steel Sdn Bhd, a domestic producer of similar steel products. The company claimed that imports of the subject merchandise were being sold in Malaysia at prices lower than in the respective home markets, resulting in material injury to the local industry. The probe is being conducted under the provisions of the Countervailing and Anti-Dumping Duties Regulations 1994. MITI has invited interested parties — including importers, foreign producers, exporters and relevant associations — to submit their comments or views regarding the preliminary findings. All submissions must be made by 14 July 2025. The non-confidential version of the Preliminary Determination report is available through the Trade Remedies Investigation Management (TRIMA) system at https://traderemedies.miti.gov.my. -Bernama

TAWAU: Bank Muamalat Malaysia Berhad is reinforcing its commitment to Islamic finance as a key driver of socioeconomic development in Sabah, through a series of impactful social finance initiatives. President and Chief Executive Officer, Khairul Kamarudin, stated that the bank continues to focus on empowering underserved communities by fostering financial inclusion and entrepreneurship. Among the key initiatives highlighted was the presentation of participation certificates to 16 selected micro-entrepreneurs under the iTEKAD Bank Muamalat Sabah programme. These individuals, drawn from the B40 and asnaf communities, will receive up to RM10,000 in microfinancing and grants. The programme also provides fully sponsored entrepreneurship training and six months of structured mentoring to support sustainable business development. In conjunction with the Financial Literacy Carnival 2025 at Eastern Plaza, Bank Muamalat also formalised a strategic partnership through a memorandum of understanding with the Credit Counselling and Debt Management Agency (AKPK). Additionally, the bank launched the “Pek Ikhlas Sabahan” crowdfunding campaign under the Jariah Fund in collaboration with Yayasan Ikhlas, further extending its outreach to marginalised groups in Sabah. Khairul affirmed Bank Muamalat’s position as one of the pioneering Islamic financial institutions under Bank Negara Malaysia’s (BNM) iTEKAD initiative. He reiterated the bank’s commitment to broadening its social finance outreach in underserved states, aligning with the national agenda. “As of May 2025, a total of 3,397 B40 and asnaf entrepreneurs across the country have benefitted from the iTEKAD Bank Muamalat programme, with more than RM35 million in funding disbursed,” Khairul said. He emphasised that these initiatives reflect the bank’s steadfast support for the government and BNM’s aspirations to position Islamic finance as a cornerstone of inclusive and sustainable economic development. “Programmes such as iTEKAD not only uplift those in need, but also play a strategic role in driving national economic growth by cultivating resilient micro-entrepreneurs,” he added. -Bernama

Eight leading government-linked companies (GLCs) have been selected to participate in the Bengkel Inovasi GLC (BIG) programme, a strategic innovation initiative driven by the Ministry of Finance (MOF), the Ministry of Science, Technology and Innovation (MOSTI), and Cradle Fund Sdn Bhd. The selected GLCs include Bank Islam Malaysia Bhd, CelcomDigi Bhd, Edotco Group Sdn Bhd, Malaysia Aviation Group Bhd, Sime Darby Property Bhd, S P Setia Bhd, Tenaga Nasional Bhd and Cenviro Sdn Bhd. Cradle Fund, in its official release, highlighted that these organisations were chosen based on their strong application of innovative technologies, particularly within the realms of digital transformation and artificial intelligence. Their capabilities demonstrated significant potential to enhance operational efficiency, foster sustainable business growth and scale innovation across key sectors. Furthermore, the GLCs exhibited robust partnership frameworks with both domestic and international startups, aligning with the collaborative ethos of the BIG programme. Over the next six months, these corporations will engage with internal innovation teams, startups and venture builders via the Venture Client Track, the Venture Co-Creation Track, or a hybrid of both. Each collaboration will focus on the development of a proof-of-concept, leading up to a Demo Day which aims to showcase real-world deployment and commercially viable co-created ventures. Startups interested in exploring collaboration opportunities with the participating GLCs are invited to register their interest via the official BIG platform at https://big.myopeninnovation.com/ -The Star

Malaysia Aviation Group (MAG), the parent company of national carrier Malaysia Airlines, has confirmed the purchase of 20 additional Airbus A330neo aircraft, exercising its purchase rights through a direct order with the European aircraft manufacturer. The latest acquisition underscores MAG’s ongoing commitment to its long-term fleet renewal and network development strategy. With the expanded order, Malaysia Airlines is poised to become one of the largest A330neo operators in the Asia-Pacific region—enhancing its position as a premium full-service carrier in one of the fastest-growing global travel markets. This development follows MAG’s initial 2022 commitment to 20 A330neo aircraft, comprising 10 units directly purchased from Airbus and 10 leased from international aircraft lessor Avolon. The group’s total A330neo fleet commitment now stands at 40 aircraft. Deliveries from the additional 20 aircraft are scheduled to take place between 2029 and 2031, supporting MAG’s vision for a future-ready fleet. Group Managing Director of MAG, Datuk Captain Izham Ismail, stated that the A330neo continues to align with the Group’s operational and strategic needs. “With its enhanced fuel efficiency and flexibility across both regional and long-haul routes, the aircraft is a strong fit for our evolving market needs,” he said. “This additional order reinforces our long-term vision of building a future-ready fleet that supports sustainable growth, delivers consistent value to our passengers, and strengthens our competitiveness in key markets.” -Bernama

Sarawak registered a total trade volume of RM198.7 billion in 2024, achieving a trade surplus of RM71.1 billion, according to the Department of Statistics Malaysia (DoSM). This performance comes despite global economic headwinds, including market volatility and geopolitical tensions. Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin stated that elevated commodity prices, particularly crude palm oil, and firm global demand underpinned the state’s trade resilience. He noted that Sarawak’s key exports — palm oil, liquefied natural gas (LNG), and crude petroleum — continued to perform strongly throughout the year. “In 2024, Sarawak’s total trade rose by 2.7 per cent compared to 2023, while the trade surplus increased by 4.2 per cent to RM71.1 billion,” he said in a statement. Exports experienced a 3.1 per cent increase, reaching RM134.9 billion, while imports grew by 1.9 per cent to RM63.8 billion, reflecting robust domestic and international demand. Japan, China, South Korea, Peninsular Malaysia, and India emerged as Sarawak’s top five export destinations in 2024. Japan and China jointly accounted for 35.1 per cent of Sarawak’s total exports, valued at RM47.3 billion. Exports to Japan stood at RM29.1 billion, representing a year-on-year increase of 1.4 per cent. LNG led the exports to Japan at RM25.4 billion, followed by wood products at RM1.4 billion and iron and steel products valued at RM0.8 billion. Meanwhile, exports to China were valued at RM18.2 billion, contributing 13.5 per cent to the state’s total exports. However, this marked a 1.7 per cent decline, equivalent to RM0.3 billion, compared to the previous year. LNG exports to China remained dominant at RM13.5 billion, followed by manufactured metal products at RM1.1 billion, and palm oil and palm-based products at RM0.9 billion. -Bernama