Malaysia

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.

KUALA LUMPUR – The Lumut Maritime Industrial City (LuMIC) project in Perak is projected to attract €15 billion (approximately RM72 billion) in investments over the next 25 years, reinforcing the state’s ambitions to become a key player in the regional maritime and industrial sectors. Announced by Perak Menteri Besar Datuk Seri Saarani Mohamad during the unveiling of the LuMIC Masterplan at the World Trade Centre, the development is expected to generate over 50,000 jobs and open doors for local entrepreneurs and businesses, positioning Perak as a high-growth investment destination. Designed as a flexible, demand-driven initiative, LuMIC will be developed in phases, aligning with global trends across the green, blue, and digital economies. Spanning 9,307 hectares, the project will include a globally recognised port, a sustainable smart city, and an eco-friendly industrial zone. “Perak is well-placed to lead the blue economy with strong potential in maritime tourism, fisheries, marine biotech, and renewable energy. In 2023 alone, the state contributed nearly 23 per cent of Malaysia’s total fisheries output,” Saarani said. He added that LuMIC’s sustainable development model—emphasising carbon reduction, clean energy, and resilient supply chains—supports the National Energy Transition Roadmap (NETR) and enhances Perak’s position as a regional leader in maritime sustainability. The feasibility study, funded by the European Union and developed in collaboration with the Port of Antwerp-Bruges International (PoABI), identified several competitive advantages: Lumut’s captive industrial base, rich natural resources, a skilled talent pool, and strong institutional support. Datuk Redza Rafiq Abdul Razak, CEO of the Perak State Development Corporation (PKNPk), noted that the collaboration with Europe’s second-largest port marks a major milestone in the state’s industrial transformation. “Together with PoABI, we’re developing a robust and actionable blueprint to establish Lumut as a world-class maritime and industrial hub. This partnership not only drives economic growth but also uplifts communities through sustainable development,” he said. With its strategic location along the Straits of Malacca—a key artery for global trade—LuMIC is expected to unlock significant regional economic opportunities and cement Perak’s role as a central node in Malaysia’s future industrial landscape.

In a strategic move to reinforce regional trade cooperation and counter escalating US tariffs, China and Malaysia have held high-level discussions focused on economic collaboration and a unified ASEAN response. Chinese Commerce Minister Wang Wentao and Malaysia’s Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, convened via video call as part of Malaysia’s role as the current ASEAN chair. The dialogue, reported by Xinhua, covered bilateral trade cooperation and a collective stance against the United States’ proposed “reciprocal tariffs.” Minister Wang criticised the US tariffs as a “unilateral bullying act” that undermines years of multilateral trade efforts and threatens global economic stability. He reaffirmed China’s readiness to implement countermeasures and called for greater coordination with ASEAN to preserve the multilateral trading system. Tengku Zafrul echoed similar concerns, stating that the US measures are inconsistent with the principles of free and fair trade as outlined by the World Trade Organisation (WTO). Malaysia has issued a formal statement opposing the policy and plans to consult ASEAN counterparts for a coordinated regional response. Both ministers emphasised the importance of open dialogue, mutual respect, and multilateralism in addressing global trade challenges and sustaining regional economic resilience.