- Malaysia’s real GDP growth forecast has been revised down to 4.1%
- The Sapura family feud is spotlighted for everyone to view
- LG Energy withdraw from Indonesia’s battery joint venture
IN Malaysia
Semua ini kerana US tariff
- The International Monetary Fund (IMF) has downgraded its real gross domestic product (GDP) growth forecast for Malaysia to 4.1% this year, from its January estimate of 4.7%. Malaysia is not the only country facing the sword as other regional countries are also facing the cut.
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IMF stated that the market has just shown signs of stabilisation, however, events such as the US’s near-universal application of tariffs on April 2 did trigger shocks to the market. The full report by the IMF can be viewed here.
- Investment & Trade Minister Tengku Zafrul Aziz has arrived in Washington on Tuesday to kickstart the tariff negotiation ‘Russian roulette’ with the US trade representative Jamieson Greer. Malaysia seeks to find a fair ‘middle ground’ after the country was slapped with a 24% reciprocal tariff. All countries, including Malaysia, are looking to strike a deal with the US after President Donald Trump announced a 90-day grace period for the implementation of the tariff on all countries except China. For Malaysia, it is stuck between a rock and a hard place, as while we want to secure a good deal with the US, we also do not want to make China merajuk, lagi-lagi bila its leader, China President Xi Jinping, just visited our nation last week.
- Communications Minister Fahmi Fadzil stated that PM Anwar Ibrahim will deliver an explanatory session on the US tariffs during a Special Parliamentary Sitting scheduled for May 5. Fahmi added that following the PM Anwa’s session, a debate will be held during which both government backbenchers and opposition members will share their views.
In the midst of the US snub, Dasar Pandang Ke Timur is alive and well
- Transport Minister Anthony Loke announced that Malaysia and China have agreed to accelerate the development of a ‘twin hub’ between Kuala Lumpur International Airport (KLIA) and Zhengzhou Xinzheng International Airport to facilitate the development of the ASEAN-China Silk Road. Both sides will be committed to strengthening the technical exchange of civil aviation expertise, enhancing aviation logistics cooperation.
- A Japan-based advanced materials and component company, Ferrotec Holdings Corporation, is set to invest RM1 bil to expand its presence in Malaysia by constructing its second manufacturing facility in Kulim, Kedah. The second facility will create over 1,000 jobs and signal the company’s confidence in Malaysia’s semiconductor ecosystem. Cumulatively, including the new investment, Ferrotec has invested RM1.9 bil in Malaysia.
Just a little bit of fun, let’s cover some of the bising-bising at the court
In regard to the Sapura Holdings Sdn Bhd dissolution dispute, its founder, Shamsuddin Abdul Kadir, told the court that the company should still be considered as a family-run company, despite the inclusion of Rameli Musa, who is not a family member, as one of the shareholders. At the moment, Sapura Holdings is owned by Shamsuddin’s sons – Shahril and Shahriman (who both hold a 40.5% stake each), Brothers Capital Sdn Bhd (jointly owned by Shahril and Shahriman, controlling 15% of Sapura Holdings) and Rameli (owns the remaining 4%). The dispute started when Shahriman filed a petition to wind up Sapura Holdings to ensure fair asset distribution. However, the petition was then opposed by his brother Shahril, insisting that the firm is not a family company and would be unfair for the company to be wound up. Sapura Holdings is the parent company of more than 40 subsidiaries valued at RM832 mil. The group includes the listed entity Sapura Resources Bhd. This Sapura family feud is taking the ‘saudara gaduh pasal harta’ to the next level and for everyone to see.
Around the S.E.A.
The pull-out game in our neighbouring countries is strong
- South Korea’s LG Energy to exit Indonesia’s battery deal – LG Energy Solution has announced that the company will withdraw from the USD8.4 bil project to build an electric vehicle battery joint venture in Indonesia, dubbed the ‘Grand Project’ that was signed back in 2020. LG Energy blamed the unfavourable market conditions and investment environment as the main reason for the withdrawal. However, as Indonesians normally do, which is to taknak kalah, Indonesia Energy & Mineral Resources Minister Bahlil Lahadalia said that the ‘Grand Project’ will still continue even without LG Energy and stated that China’s Zhejiang Huayou Cobalt will take up the mantle. Despite the withdrawal, LG Energy is still an active player in the local EV battery scene via its joint venture with Hyundai Motor Group, the HLI Green Power that operates Indonesia’s first electric vehicle battery plant.
- Foodpanda to cabut from Thailand – Germany-based Delivery Hero SE, that owns the foodpanda brand, said that it will cease its Thailand operations next month after suffering losses for 13 years. After exiting the Thai market, Delivery Hero stated that it will focus its resources on other Asia Pacific markets that offer higher returns. In Malaysia, foodpanda has over 400 employees, 50,000 riders, and 100,000 partners, according to its website.
For your EYES only
To whoever having a long week, I feel you.
— ☔ (@Whotfismick) April 23, 2025
