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Bangladesh interim leader raises Rohingya plight in meeting with Turkish Parliament team

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BANGLADESH interim leader Muhammad Yunus (picture) discussed the Rohingya humanitarian crisis in a meeting with visiting Turkish lawmakers in Dhaka on Monday.

“The plight of the Rohingya community remains one of the most tragic humanitarian crises of our time. These people are suffering simply because they are Muslims, and their citizenship has been stripped away,” Yunus told the Turkish delegation, according to a Bangladesh Sangbad Sangstha news agency report.

Bangladesh hosts more than 1.3 million Rohingya refugees who have escaped a campaign of genocide and persecution in Myanmar.

They survive in harsh conditions in sprawling camps in the Cox’s Bazar area of Bangladesh while Myanmar remains mired in violent ethnic conflicts and bloodshed despite international efforts to resolve the crisis.

Atrocities against the Rohingya community led to an exodus of refugees from the Rakhine region in 2017.

“After eight years in camps, their children are growing up with limited access to education or opportunities for the future — a situation that could lead to frustration and instability,” Yunus said.

He said the Rohingya people have endured injustice for decades and the world must not forget their plight.

The five-member Turkish parliamentary team led by Mehmet Akif Yilmaz on Sunday visited Rohingya camps in Cox’s Bazar and saw first-hand the humanitarian work various Turkish groups are doing there.

The Disaster and Emergency Management Authority (AFAD), Turkish Cooperation and Coordination Agency (TİKA), Turkish Red Crescent (Türk Kızılay) and Humanitarian Relief Foundation (IHH) are among the Turkish organisations that have helped Rohingya refugees in Bangladesh.

Yilmaz in a social media post on Monday said 1.2 million refugees are living in a narrow area that lacks the most basic human needs.

Turkish humanitarian teams are stepping up their efforts to create more health facilities, schools, homes for the Rohingya community, he said. — BERNAMA

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Malaysia’s rare earth potential stalls amid forest reserve restrictions

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EFFORTS to mine rare earth elements (REE) have been hindered as most of the deposits are located within permanent forest reserves (PRF).

If the government decides to capitalise on these mineral resources, the designated forest areas would first need to be temporarily excised to allow mining activities to proceed.

Current mapping shows that over 70% of REE deposits lie within forest reserves, while the rest are on state-owned land. Maintaining these reserves as protected forests could cost the nation about RM800 billion by the estimated value of the REE deposits. Malaysia could also lose around RM500 billion by 2050 if the rare earth industry continues to be delayed.

Terengganu Environment, Science and Plantation Select Committee chairman Datuk Ahmad Amzad Hashim said over 40% of the deposits are located in Terengganu, making it one of the key states with high REE potential. However, existing policies prohibit any mining activity within forest reserves.

“We cannot continue to rely on outdated policies when modern technology now allows controlled and sustainable mining without harming the environment.

“The pilot project in Kenering, Perak, which uses the in-situ leaching (ISL) method, has proven successful without disturbing the forest ecosystem,” he said, as quoted by Utusan Malaysia.

Ahmad Amzad urged the government to establish a temporary delisting mechanism for forest reserves identified with high potential, subject to stringent environmental impact assessments (EIA) and a comprehensive forest rehabilitation plan after mining.

As of September 2023, more than 5,700 metric tonnes of Rare Earth Carbonate (REC) had been exported to China through the pilot project before the government imposed a ban on raw material exports to ensure domestic processing.

“The delay in approving legal mining operations has encouraged illegal activities that use hazardous methods such as high-concentration acid leaching. These REC materials are easy to smuggle out as they resemble limestone chunks,” he said.

In terms of industrial development, Lynas Malaysia Sdn Bhd has expressed readiness to invest over RM1 billion to build a new facility dedicated to processing local REE separately from the Mount Weld feedstock currently handled at its existing plant.

According to parliamentary briefings and engagements with relevant agencies, continuous monitoring by the Department of Environment (DOE), International Atomic Energy Agency (IAEA) and Atomic Energy Licensing Board (AELB) found no significant environmental impact from REE projects conducted under international standards.

“We already have strict laws governing this industry, including water quality regulations and atomic energy licensing. With firm enforcement, REE could become a major contributor to the national economy,” he said.

Meanwhile, rare earth consultant Datuk Dr Badhrulhisham Abdul Aziz said while major powers like the US and China compete for dominance over critical minerals such as REE, Malaysia remains bogged down by bureaucracy, conflicting state-federal policies and political instability that hinder sectoral growth.

He estimated that Malaysia could lose the equivalent of 1% of GDP which is more than RM500 billion and about 25,000 potential jobs by 2050 if the REE industry is not developed soon.

“Based on several studies, if we capitalise on just 5% of Malaysia’s total 16 million metric tonnes of REE, each state could gain between RM300 million and RM500 million annually in mining royalties.

“Royalties typically range between 12% and 15%, depending on the quantity of reserves. By 2030, losses from the upstream or mining sector alone could exceed RM2 billion, with 3,000 jobs missed,” he said.

Badhrulhisham called on the government and SG4 states, Terengganu, Kedah, Kelantan and Perlis to set aside political disputes for the sake of national development.

“Take a break from political conflict and focus on cooperation between the states and the federal government.

“The East Coast states of Terengganu, Kelantan and Pahang, along with Kedah and Perak in the north, collectively hold more than one million metric tonnes of REE and are able to position Malaysia as the regional leader in South-East Asia’s rare earth industry,” he said.

Badhrulhisham also proposed establishing two major processing plants on the west and east coasts to produce rare earth oxides and attract joint venture (JV) investments with international firms to develop super magnet plants in Malaysia.

“With the right resources, local expertise and shared commitment, Malaysia can emerge as a global player in the rare earth industry without having to take sides between the US and China.

“By trusting the capability of our people and institutions, we can progress as a sovereign nation built upon strategic modern resources,” he added.

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South Korea triples AI spending in 2026 budget plan

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SOUTH KOREA will triple spending on artificial intelligence, developing infrastructure and encouraging adoption of the technology, President Lee Jae Myung said Tuesday in his annual parliamentary budget speech.

Lee said 10.1 trillion won ($7 billion) would go towards “a major transformation aimed at propelling South Korea into the ranks of the world’s top three AI powers” with the United States and China.

“We will significantly expand investment to usher in the ‘AI era’,” Lee said, noting that the amount was more than three times the current year’s AI-related budget.

The proposal was made in a speech outlining his government’s spending plans for 2026.

Overall, the budget plan totals 728 trillion won — an 8.1 percent increase from this year.

Lee needs a majority vote in parliament to pass his budget proposal, which is likely given his party’s majority.

South Korea is home to two of the world’s leading memory chip makers, Samsung Electronics and SK hynix.

The two tech giants manufacture chips essential for AI products and the power-hungry data centres that the fast-evolving industry relies on.

Both firms recently signed preliminary deals with ChatGPT maker OpenAI to provide chips and other equipment for its Stargate AI infrastructure project.

Lee said 2.6 trillion won of next year’s AI budget “will be invested in introducing AI across industry, daily life and the public sector, while 7.5 trillion won will go towards talent development and infrastructure building”.

Jensen Huang, the CEO of US chip titan Nvidia, announced last week plans to supply 260,000 of the firm’s most advanced chips to South Korea.

After the announcement on Friday, Huang described that goal as “ambitious”.

But, he said, “there’s no reason why Korea cannot achieve it — you have the technology, you have the software expertise and you also have a natural ability to build manufacturing plants”. — AFP

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Green momentum gaining ground at IGEM 2025

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The event draws 55,000 visitors from more than 40 countries, featuring 420 booths and 8 international pavilions (pics: HUSSEIN SHAHARUDDIN/TMR)

Held alongside KLSS 2025, the event reflects the intent to anchor sustainability as both a national priority and regional export

by AUFA MARDHIAH

AS THE 15th International Greentech and Eco Products Exhibition and Conference Malaysia (IGEM 2025) concluded in Kuala Lumpur (KL), the tone was less celebratory and more forward-looking.

Held alongside the inaugural KL Sustainability Summit (KLSS 2025), the event reflected Malaysia’s intent to anchor sustainability as both a national priority and a regional export.

IGEM 2025 carried a RM5.5 billion investment target, following RM10.18 billion in business leads recorded in 2024. Yet, it once again outperformed expectations.

According to the Malaysian Investment Development Authority (MIDA), the exhibition generated RM7.3 billion in potential green investments through 38 strategic business-matching sessions under its Biz Bridge initiative.

These potential investments span renewable energy (RE), sustainable manufacturing and clean-technology projects, further bolstered by MIDA’s partnership with Malayan Banking Bhd (Maybank) to accelerate green financing and environmental, social and governance (ESG)-aligned investments.

MIDA said the outcome reaffirms Malaysia’s position as South-East Asia’s emerging clean-energy hub, backed by frameworks such as the National Energy Transition Roadmap (NETR) and the New Industrial Master Plan 2030 (NIMP 2030).

The event also drew 55,000 visitors from more than 40 countries, featuring 420 booths and eight international pavilions, while KLSS 2025 gathered over 300 organisations and 17 nations in a shared dialogue on sustainability, transforming policy discussions into a marketplace for collaboration.

The world has spent too long in conversation and too little in transformation, says Johari

From Declaration to Deployment

The week’s defining outcome was the KL Declaration on Climate Resilience, adopted at the closing of KLSS 2025 and presented during IGEM’s official opening ceremony.

It reaffirmed Malaysia’s commitment to inclusive, region-wide climate adaptation and mitigation, earning support from global and ASEAN leaders, including United Nations (UN) Secretary General climate advisor Selwin Hart and Malaysia’s institutional investors.

The declaration builds upon the KL Sustainable Declaration on Localising ASEAN Community Vision 2045, adopted through the Meeting of Governors and Mayors of ASEAN Capitals (MGMAC) Communique 2025 signed by the mayor of KL.

It extends a spirit of regional solidarity into Malaysia’s national context by aligning local, city and federal efforts under a unified sustainability framework.

In his keynote, acting Natural Resources and Environmental Sustainability (NRES) Minister Datuk Seri Johari Abdul Ghani described the declaration as a bridge between rhetoric and results.

He urged ASEAN economies to move “from pledges to projects” and warned that global warming had already surpassed critical thresholds.

“The world has spent too long in conversation and too little in transformation,” he said. Across IGEM’s three days, that call for action was echoed through sessions such as the ASEAN Circular Economy Forum, Malaysia- Japan Environment Week and the third Malaysia Carbon Market Forum.

Each aimed to turn policy commitments into measurable outcomes from advancing regional carbon trading frameworks to scaling renewable energy and building inclusive supply chains.

On the other hand, NRES Secretary General Datuk Dr Ching Thoo Kim called the week “a catalyst for change, a marketplace of ideas and a testament to what we can achieve when united behind a common purpose”.

He said Malaysia’s forthcoming Climate Change Bill and the newly launched National Climate Change Policy 2.0 would establish a stronger legal foundation for long-term climate governance and protection for vulnerable communities.

The bill is expected to be tabled in Parliament following Budget 2026.

COP Pavilion Debuts

Another major highlight at IGEM 2025 was the unveiling of Malaysia’s Conference of Planet (COP) Pavilion — of which Johari officiated the soft launch of the Malaysia Pavilion @ COP30 on Oct 16 at the MGTC Arena.

Themed “Climate Action Now: Net-zero Pathways Unlocked”, the launch marked Malaysia’s preparation for its participation at COP30 in Belém, Brazil, this month.

In his keynote address, Johari said the pavilion would serve as a national and ASEAN-level platform to promote investment-ready projects and collaborative pathways toward decarbonisation.

The initiative, led by Malaysian Green Tech and Climate Change Corp (MGTC) and the NRES, will spotlight Malaysia’s focus areas including energy transition, nature-based solutions, green finance, adaptation and youth inclusion.

The Malaysia Pavilion @ COP30 builds on momentum from IGEM 2025, where the COP Pavilion previewed the country’s international presence.

Structured around thematic clusters such as energy transition, tech and innovation, and nature-based solutions, it showcased how domestic progress aligns with global net-zero objectives.

The pavilion’s design reinforced MGTC’s message that Malaysia is no longer merely adopting climate solutions but also exporting innovation, policy models and partnerships to the wider region.

Johari’s officiation highlighted Malaysia’s aim to act as a regional convener for climate action, bridging policy, finance and technology between ASEAN and global partners ahead of COP30.

Johari (fifth from left) during the launch of KWAP’s Dana Iklim+ fund, a RM2b climate-focused investment fund

Finance Steps into Climate Action

Among the tangible outcomes was the launch of Dana Iklim+, a RM2 billion climate-focused investment fund by Retirement Fund (Inc) (KWAP).

Introduced during the opening of IGEM, it became Malaysia’s first institutional vehicle dedicated to climate finance, directing capital into infrastructure, private equity, real estate and nature-based solutions.

The fund aims to mobilise institutional capital toward measurable decarbonisation outcomes while delivering sustainable returns.

Its impact framework targets the mitigation of up to one million metric tonnes of CO2 equaivalent, guided by the UN Sustainable Development Goals (SDG) and aligned with the NETR, Ekonomi Madani and the Finance Ministry’s GEAR-uP initiative.

The initiative symbolised how domestic finance is beginning to close Malaysia’s green-investment gap, which is a shift from policy aspiration to portfolio action.

A seminar held during IGEM 2025. IGEM will extend its visibility abroad through smaller satellite showcases ahead of future editions

Energising Investment and Regional Leadership

For MGTC acting group CEO and COO Saiful Adib Abdul Munaff, the outcome of IGEM 2025 reflects both the maturity of Malaysia’s clean-energy transition and the growing confidence among investors.

He said the focus remains on the energy sector, which contributes around 80% of national emissions, making it the core of Malaysia’s decarbonisation strategy.

“With the NETR setting out a clear pathway, investors now see that Malaysia is serious about this transition. This gives rise to businesses offering solutions and investors ready to support those programmes,” he told The Malaysian Reserve (TMR).

MGTC has since partnered over 20 financial institutions to bridge technical gaps in sustainable lending. Its Green Finance Readiness Programme and MyHijau Mark certification help banks assess ESG compliance and project viability.

“There is a clear focus from local banks to support the development of small and medium enterprises (SMEs) and local businesses across the value chain,” he said, referring to the MIDA-Maybank partnership announced at IGEM’s opening.

He noted that MGTC’s role has expanded beyond investment promotion to ecosystem building including developing standards, talent, and training for low-carbon industries.

Malaysia’s ASEAN chairmanship 2025, he added, offers a chance to position the country as the region’s green-technology hub, serving as both a production and knowledge centre for clean-energy solutions.

Additionally, MGTC and the ministry are exploring ways to link Malaysia’s carbon market with other ASEAN economies under the ASEAN Common Carbon Framework, ensuring regional alignment while protecting domestic interests.

At the community level, Saiful Adib highlighted grassroots initiatives showcased at IGEM from converting used cooking oil into soap to recycling discarded fishing nets into nylon pellets for resale.

“These projects help create small local ecosystems that benefit communities, municipalities and small businesses,” he said.

This year also marked the introduction of MGTC’s interactive public experience, the Green Transformation Ecosystem Walk-through, themed “Race Towards Net-zero: Inclusivity and Sustainability”.

The experiential walkway guided visitors through six checkpoints representing pillars of MGTC’s sustainability ecosystem from policy and finance to innovation and lifestyle change.

The initiative drew thousands of visitors and reflected MGTC’s goal of making Malaysia’s climate transition accessible, educational and people-driven.

Nearly 200 organisations and community representatives also signed a climate-resilience pledge during KLSS 2025, highlighting a shift from corporate-led to community-driven sustainability. MGTC plans to expand these partnerships through local councils and NGOs nationwide.

On the international front, MGTC aims to extend IGEM’s visibility abroad through smaller satellite showcases ahead of future editions in KL.

“We’re exploring opportunities in China, India, Singapore and Europe to bring global investors here to see what Malaysia has to offer,” said Saiful Adib.

Grab Malaysia showcasing its electric vehicle as part of efforts to enable the country’s transition to low-emission transport

Private Innovators Driving Low-Carbon Shift

Beyond policy commitments, private players used IGEM 2025 to demonstrate how Malaysia’s green economy is taking root through large-scale projects and viable technologies.

Itramas Corp Sdn Bhd, one of Malaysia’s earliest solar developers, has been part of IGEM since its inception 16 years ago.

Chief business officer Lee Yong Shen said IGEM continues to serve as a practical platform to generate business leads and align with policy objectives.

“It helps companies like us showcase what we’re doing and align with government policy so we can play a bigger role in achieving national energy-transition targets,” he said.

He said Malaysia’s policy clarity — from the Corporate RE Supply (CRES) scheme to the upcoming Accelerated Transition Solar Adoption Programme (ATSAP) — is attracting global partners.

“With the right policies in place, companies like ours can grow locally first, then regionally. Malaysia is on the right track for the green-technology sector,” he added.

Under its CREST-model solar park, Itramas is developing a 1.5 gigawatt (GW) solar plus industrial park in Johor, recognised as a flagship project under the NETR. Work has already begun, with completion targeted within two years.

Meanwhile, Worldwide PMC Sdn Bhd is advancing Malaysia’s waste-to-energy (WTE) agenda.

Lead planner Mohd Fouzul Marzuq SMO Abdul Salam said IGEM has helped raise awareness and attract new collaborations.

“Many visitors were surprised to learn Malaysia is building waste-to-energy plants. They’re eager to understand how it works and its safety aspects,” he told TMR.

The subsidiary of Worldwide Holdings Bhd is developing the largest WTE complex in South-East Asia, located in Jeram, Selangor, as part of the state’s long-term plan to phase out landfills.

“The first unit is expected to start in the first quarter next year (1Q26), followed by the second in 2Q26. A third plant has just begun construction in Tanjung 12,” he said.

The project’s electricity output will be channelled directly into the national grid, contributing to Malaysia’s RE mix. The energy generated will be distributed for household and industrial use based on Tenaga Nasional Bhd’s (TNB) allocation.

For Worldwide PMC, policy support and public understanding remain key.

The company views the current regulatory framework as favourable but believes more funding and education are needed to strengthen local confidence in WTE technology.

“There’s a need to help the public see waste not as a burden, but as a renewable resource,” said Mohd Fouzul Marzuq.

IGEM 2025 reaffirmed that climate leadership depends as much on inclusion as innovation.

Johari stressed that the platform must not serve large corporations alone but act as a launchpad for micro, small and medium enterprises (MSMEs).

“By engaging MSMEs, Malaysia ensures that the benefits of the green transition are shared widely,” he said, noting their role in supply chains and job creation.

This year’s exhibitors reflected that diversity, from Petronas’ hydrogen and carbon-capture projects to TNB’s solar and grid technologies, and Overseas-Chinese Bank Corp Ltd’s (OCBC Bank) green-financing solutions.

Eight international pavilions, namely from Austria, Canada, China, Finland, Indonesia, Japan, Korea and Thailand highlighted Malaysia’s growing profile as an ASEAN hub for clean-tech exchange.

Nextrgreen Global Bhd’s
exhibiting the 1st integrated oil palm biomass processing hub since 2022

Budget 2026: A Policy Tailwind

Momentum was further reinforced by measures in Budget 2026, which introduced a full Green Investment Tax Allowance (GITA) for companies adopting locally manufactured green-technology products under the MyHijau Mark.

Together with the Green Technology Financing Scheme 5.0, the incentives aim to boost demand for home-grown innovation and strengthen Malaysia’s manufacturing base.

MGTC chairperson Shareen Shariza Abdul Ghani said the corporation’s ecosystem approach now supports 3,745 MSMEs and has facilitated RM76.8 billion in green investments since 2010.

Through partnerships with eight state governments and 67 local authorities, MGTC’s programmes have contributed to 22 million tonnes of carbon reduction and created 29,000 green jobs nationwide.

She described IGEM and KLSS as “movements that redefine how Malaysia grows, invests and collaborates for the future”.

As ASEAN chair 2025, Malaysia used IGEM and KLSS to strengthen its regional role in shaping the green economy.

Johari said the government is finalising the National Carbon Market Policy and Third Nationally Determined Contribution (NDC 3.0), alongside the newly passed Carbon Capture, Utilisation and Storage (CCUS) Bill, which positions Malaysia as a regional hub for carbon management worth up to US$250 billion (RM1.06 trillion) over the next three decades.

By bringing policy, finance, and industry under one roof, IGEM 2025 showed Malaysia’s ability not only to convene but also to lead.

The event reflected a nation ready to transform ambition into measurable outcomes — supported by institutions, investors and communities aligned toward a shared vision.

IGEM 2025 therefore closed not as an exhibition but as a statement of intent.

Malaysia’s capacity to connect strategy with execution from investment and technology to grassroots inclusion emphasised a maturing green-economy ecosystem ready to compete globally.

As the world turns its attention to COP30, the challenge now lies in sustaining that momentum beyond the exhibition floor to ensure that every pledge made under the KL Declaration and every partnership sealed at IGEM 2025 translates into real, traceable progress towards net-zero 2050.

The next edition, IGEM 2026, will return to the KL Convention Centre (KLCC) from Oct 7-9, 2026, continuing Malaysia’s mission to position itself as a regional hub for green technology, innovation and investment.

This article first appeared in The Malaysian Reserve weekly print edition

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News World

Cryptocurrencies slump as October liquidations repel buyers

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CRYPTOCURRENCIES remained under pressure on Monday, with Bitcoin trading below $107,000 and altcoins struggling even more, three weeks after a historic liquidation event shook the asset class and wiped out billions of dollars in leveraged positions.

This comes as, for the first time in seven months, institutional demand for Bitcoin has also slipped below the rate at which new coins are being mined, according to Charles Edwards, founder of Capriole Investments. While this move suggests that large buyers may be pulling back, other activity shows a risk-off attitude across the crypto market as a whole.

A MarketVector index tracking the bottom half of the largest 100 digital assets fell for a third consecutive trading session, dropping as much as 8.8% with some tokens retesting the lows seen during the October flash crash. The index is down around 60% this year.

Bitcoin slipped as much as 4.3% on Monday to around $105,300, and is still about 14% higher since December. Even so, Bitcoin has lagged global equities in recent weeks as investors rotate toward risk assets more sensitive to macroeconomic developments, leaving crypto struggling to find its footing despite a broadly positive global backdrop.

Elsewhere, Ton, a digital asset from a blockchain project that was initially linked to Telegram Messenger, fell around 10%. Last week, the digital asset treasury firm TON Strategy Inc. revealed that it received a warning from Nasdaq that it failed to comply with shareholder approval requirements. The DAT’s stock fell 4% on Monday, and is down 37% this year.

The October event wiped out roughly $19 billion in long positions and market participants say rebuilding that capital base takes time. In this, experts say sentiment remains cautious as investors wait for confirmation that prices have found a low point.

“The market will have to first show that a convincing bottom in price is near before making a fresh attempt at breaking upwards,” said Jordi Alexander, CEO at crypto trading and market making firm Selini Capital. He added that the crypto market is in a “hangover phase” from October’s liquidation shock. While many point to October as an inflection point for crypto market volatility, others still see soft prices across the asset class as a mystery.

“I view this as somewhat of a puzzling correction,” said Matthew Kimmell, a digital asset analyst at CoinShares. While Kimmell believes that the crypto market is “still experiencing some reverberations” from the liquidation event, he highlighted indicators in Bitcoin supply through noting the movements of previously stagnant wallets in the coin’s open transaction records.

“Those coins have been moving, likely coming back onto the market, providing some sale pressure, investors taking profit,” Kimmell added. “That’s something I’m continuing to monitor.”

This is why prices are trending lower, said Jake Hanley, a managing director at Teucrium ETFs, who noted that the current technical picture shows a bifurcated market. “Prices have been trending lower, topping out with Bitcoin since the summertime and certainly trending lower in XRP since mid-summer,” he said. “As that’s been happening, this price is just telling you that folks are taking profits.” –BLOOMBERG

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Money News

Ringgit rises as weaker US dollar faces policy uncertainties

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THE ringgit opened higher against the US dollar and stayed on a firm footing, as lingering uncertainty over US monetary policy weighed on the greenback.

At 8 am, the ringgit stood at 4.1900/2065 against the US dollar, compared with Monday’s close of 4.1980/2025.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar-ringgit pair is expected to remain in a narrow range, hovering around the RM4.20 level today.

He said US Federal Reserve (Fed) Governor Lisa Cook acknowledged that the labour market is weakening but stopped short of giving rate guidance for the December meeting. Meanwhile, Fed Governor Stephen Miran, who voted for a 50-basis-point cut, described the current monetary policy stance as restrictive.

“The US Dollar Index (DXY) remained at an elevated level, rising 0.07 per cent to 99.871 points in response to the remarks,” Mohd Afzanizam told Bernama.

On the US economy, he said the ISM Manufacturing Index fell to 48.7 points in October, marking the eighth consecutive month below the 50-point demarcation line.

“Judging from the ISM survey responses, most businesses have been pessimistic, as tariffs have led to higher prices and supply chain disruptions, given the limited options to source production inputs domestically,” he added.

At the opening, the ringgit traded higher against major currencies.

It strengthened against the yen to 2.7157/7265 from 2.7230/7261 at Monday’s close, edged up against the British pound to 5.5006/5223 from 5.5099/5158, and rose versus the euro to 4.8244/8434 from 4.8344/8396 previously.

The local note also traded better against ASEAN currencies.

It improved against the Singapore dollar to 3.2095/2224 from 3.2206/2243, firmed against the Philippine peso to 7.12/7.16 from 7.14/7.15, and advanced against the Thai baht to 12.8852/9431 from 12.9285/9483.

It was little changed against the Indonesian rupiah at 251.2/252.3 from 251.7/252.1 previously. — BERNAMA

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Markets News

Bursa Malaysia rebounds after soft open

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BURSA MALAYSIA opened slightly lower but rebounded thereafter on Tuesday, tracking the mixed performance of regional markets and overnight Wall Street.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.78 points, or 0.11 per cent, to 1,624.20 from Monday’s close of 1,622.42.

The benchmark index had opened 1.20 points weaker at 1,621.22.

Market breadth, however, was negative, with decliners outpacing gainers 228 to 156, while 310 counters were unchanged, 1,953 untraded and 13 suspended.

Turnover stood at 228.39 million shares worth RM101.04 million.

Rakuten Trade Sdn Bhd vice-president of equity research, Thong Pak Leng, said Wall Street closed mixed overnight as artificial intelligence (AI)-related stocks continued to prosper.

He added that Hong Kong’s Hang Seng Index rebounded following recent trade negotiations that appeared to ease tensions between the two superpowers and improve overall investor sentiment.

“Additionally, we expect local institutions to be the main buyers and hope that foreign funds will stay a tad longer. Hence, we anticipate the FBM KLCI to trend between the 1,620 and 1,630 range today,” he told Bernama.

Among the heavyweights, Maybank and CIMB Group advanced four sen each to RM9.99 and RM7.46, respectively. Public Bank added two sen to RM4.26, while Tenaga Nasional and IHH Healthcare were unchanged at RM13.34 and RM8.35, respectively.

On the most active list, Borneo Oil and MMAG were flat at half-a-sen and 18.5 sen, respectively. NexG eased half-a-sen to 34.5 sen, while Perak Transit gained one sen to 32 sen and Dagang Nexchange inched up half-a-sen to 33.5 sen.

Among the top gainers, Fraser & Neave surged 40 sen to RM28.32, Ajinomoto climbed 36 sen to RM13.88, Petronas Dagangan rose 16 sen to RM22.68, KLCC Properties & REITS added nine sen to RM8.79, and United Plantations gained eight sen to RM24.98.

Top losers included Nestle, which shed 90 sen to RM112.30, Batu Kawan, which slid 30 sen to RM19, Malaysian Pacific Industries, which fell 20 sen to RM30.80, Hong Leong Industries, which trimmed 16 sen to RM13.90, and Lim Seong Hai Capital, which eased nine sen to RM2.21.

On the index board, the FBMT 100 Index gained 6.73 points to 11,835.29, and the FBM Emas Index strengthened 5.44 points to 12,088.44.

The FBM Emas Shariah Index fell 10.23 points to 12,124.87, the FBM ACE Index declined 29.44 points to 5,142.33, and the FBM Mid 70 Index decreased 17.49 points to 17,008.15.

By sector, the Financial Services Index grew 69.60 points to 18,379.26, the Plantation Index dipped 20.17 points to 8,032.01, the Industrial Products and Services Index edged down 0.03 of-a-point to 172.36, and the Energy Index eased 1.13 points to 772.26. — BERNAMA

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Breaking News Markets News

Teo Seng initiates Neutral call on, target price up at RM1.05

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TEO Seng Capital Bhd is one of the largest egg producers in Malaysia, having the capacity to produce 4.5m eggs/day. With ample experience for over 40 years in the industry, the group has developed into a fully integrated layer farming business, supported by complementary divisions to ensure its quality. Teo Seng’s earnings recorded an impressive 4-year compound annual growth rate of 157% for FY20-24, mainly due to improved operational efficiencies and government grants. Looking ahead, while we expect earnings for FY25-26F to decline by an average of 20% due to the absence of government subsidy, we take comfort in Teo Seng’s ongoing initiatives to enhance operational efficiency, which should help to mitigate the impact of subsidy removal. Additionally, we foresee rising egg demand, on the back of steady population growth in Malaysia and Singapore. Therefore, we expect earnings to rebound by 6% in FY27F. We initiate coverage on Teo Seng with a Neutral rating and a target price of RM1.05, pegging it to c.5x price earnings multiple based on FY26F earnings per share. – Public Investment Bank Bhd (Nov 4, 2025)

(Calls by analysts tracked by Bloomberg: 0 Buy, 1 Hold, 0 Sell; Consensus target price: RM1.05)

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Corporate Malaysia News

Already Making Waves Ahead of Launch! The vivo X300 Series Blind Pre-Order Craze Sweeps Malaysia, Crowned as 2025’s Ultimate Concert Phone

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The 200 MP ZEISS Imaging King, the vivo X300 Series Is About to Land in Malaysia

Kuala Lumpur, 3 November 2025 — Riding on massive anticipation even before its official debut, vivo Malaysia is preparing to unveil its latest X-series flagships, the vivo X300 and vivo X300 Pro. The new series has already sparked an overwhelming response, with blind pre-orders soaring to 13 times higher than the previous model, reflecting the strong excitement surrounding what many are calling 2025’s ultimate concert phone. Combining cutting-edge imaging technology, sleek design, and a user-focused experience, the vivo X300 series marks a new milestone in vivo’s pursuit of innovation and photographic excellence.

Advanced Photography and Videography Innovation

The vivo X300 Series turns every concert moment into cinematic brilliance

Engineered as the ultimate concert phone, the vivo X300 series allows users to capture every on-stage moment with lifelike detail and vibrant color, even from a distance or in challenging low-light conditions, ensuring fans never miss a beat.

The vivo X300 Pro debuts with a 200 MP ZEISS APO Telephoto Camera and a 50 MP ZEISS Gimbal-Grade Main Camera, delivering industry-leading stability with CIPA 5.5-rated stabilization, clarity, and ultra-clear imaging. Powered by the new vivo’s Pro Imaging Chip VS1, it captures faster, sharper, and more detailed shots than ever. The vivo X300 Pro also expands creative possibilities with 20x Long-Range Motion Snapshot, Telephoto Flower & Bird Shots, and support for 4K 120 fps Dolby Vision Video and 10-bit Log Video, enabling cinematic-quality footage with exceptional clarity and dynamic range. For added versatility, the vivo X300 Pro supports the vivo ZEISS 2.35x Telephoto Extender Kit, delivering sharper clarity, richer detail, and soft, natural bokeh effects.

Experience every concert like the front row with the vivo X300 Series, the ultimate phone for capturing every beat in stunning detail.

The vivo X300 features a 200 MP ZEISS Main Camera paired with an upgraded ZEISS APO Telephoto Camera, providing high dynamic range, enhanced telephoto performance, and CIPA 4.5-rated stabilization. Both models include a 50 MP ZEISS Wide-Angle Front Camera with autofocus, supported by vivo’s high-resolution portrait algorithm, for naturally detailed selfies and professional-grade video capture. The vivo X300 series pushes creative boundaries with features designed for all-scenario imaging. Stage Mode 2.0, Dual-View Stage Video, AI One-Shot Multi-Crop, and AI Landscape Master allow users to capture professional-quality images and videos across casual and live-event scenarios.

Premium Design and Aesthetics

Beyond imaging, the vivo X300 series is crafted for comfort and elegance. Both models feature a Unibody 3D Glass Design that seamlessly integrates the camera module. The rear coral velvet glass offers a silky, fingerprint-resistant, and skin-friendly texture.

The vivo X300 sports a compact 6.31-inch flat display, weighing just 190g with a 7.95mm profile for a minimalist, balanced feel. The vivo X300 Pro features a 6.78-inch flat display housed in a slim 7.99mm body, projecting a professional and premium look.

A curated color palette ensures personalization for every style. The vivo X300 model features Phantom Black and Mist Blue, alongside Halo Pink, a vibrant and fashionable shade that embodies a chic and refined aesthetic. The vivo X300 Pro retains Phantom Black, Mist Blue, and Dune Brown, delivering a classic and mature look.

For more information, visit the official website and follow vivo Malaysia on social media:

Official Website: https://www.vivo.com/my

Facebook: https://www.facebook.com/vivoMalaysia/

Instagram: https://www.instagram.com/vivo_malaysia/

The post Already Making Waves Ahead of Launch! The vivo X300 Series Blind Pre-Order Craze Sweeps Malaysia, Crowned as 2025’s Ultimate Concert Phone appeared first on The Malaysian Reserve.

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PR Newswire

RBX, a founding father of West Coast Hip-Hop, Files a Class Action Lawsuit Against Spotify Concerning Alleged Streaming Fraud

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LOS ANGELES, Nov. 3, 2025 /PRNewswire/ — Today, the nationally recognized law firm of Baron & Budd, P.C. alongside Irpino Avin & Hawkins, filed a class action lawsuit in federal court in Los Angeles on behalf of musician and hip-hop producer Eric Dwayne Collins, professionally known as RBX, against Spotify. The lawsuit asserts that, for years, the company failed to properly address streaming fraud on its platform.

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According to the lawsuit, “streaming fraud is carried out by deploying ‘Bots,’ which are automated software programs that run scripts to perform repetitive tasks on the internet at high speeds. In the context of streaming fraud, large numbers of Bots are programmed to repeatedly and continuously stream certain songs, thereby fraudulently inflating the total number of streams for that music.” Among other things, the suit asserts that “billions of fraudulent streams have been generated with respect to songs of ‘the most streamed artist of all time,’ Aubrey Drake Graham, professionally known as Drake (“Drake”).”

The lawsuit explains that musicians, songwriters and others are paid “on a monthly basis, based on their proportional share of total music streams for that month.” “Given the way Spotify pays royalty holders, allocating a limited pool of money based on each song’s proportional share of streams for a particular period, if someone cheats the system, fraudulently inflating their streams, it takes from everyone else,” said Baron & Budd Shareholder Mark Pifko, attorney for the Plaintiff. As asserted in the complaint, “[a]ny time a Rights Holder’s share of the revenue pool increases due to increased music streams, the shares for other Rights Holders necessarily decrease.”

The lawsuit alleges that although streaming fraud is prohibited by Spotify and the company claims that it has policies and procedures in place to address streaming fraud, “Spotify has an incentive for turning a blind eye to the blatant streaming fraud occurring on its service.” According to the lawsuit, “[t]he more users (including fake users) Spotify has, the more advertisements it can sell, the more profits the company can report, all of which serves to increase the purported value delivered to shareholders.” The lawsuit further alleges, “Spotify offers a free, ad-supported version of its streaming service, which does not require the use of a valid credit card to sign up. This creates the ideal conditions for fraudulent Bot Accounts to create fake Spotify accounts.”

In the lawsuit, Plaintiff Eric Dwayne Collins, who performs under the name RBX, seeks to represent a class of other artists in California and the United States who earn money from royalties on Spotify. “Not everyone who makes a living in the music business is a household name like Taylor Swift — there are thousands of songwriters, performers, and producers who earn revenue from music streaming who you’ve never heard of. These people are the backbone of the music business and this case is about them,” Mr. Pifko added. The complaint seeks monetary damages, injunctive relief and restitution from Spotify.

About Baron & Budd, P.C.

With more than 40 years of experience, Baron & Budd has the expertise and resources to handle complex litigation throughout the United States. As a law firm that takes pride in remaining at the forefront of litigation, Baron & Budd has spearheaded many significant cases for hundreds of public entities and tens of thousands of individuals. Since the firm was founded in 1977, Baron & Budd has achieved substantial national acclaim for its work on cutting-edge litigation, trying hundreds of cases to verdict and settling tens of thousands of cases in areas of litigation as diverse and significant as dangerous and highly addictive pharmaceuticals, defective medical devices, asbestos and mesothelioma, wildfires, environmental contamination, fraudulent banking practices, e-cigarettes, motor vehicles, federal whistleblower cases, and other consumer fraud issues.

View original content to download multimedia:https://www.prnewswire.com/news-releases/rbx-a-founding-father-of-west-coast-hip-hop-files-a-class-action-lawsuit-against-spotify-concerning-alleged-streaming-fraud-302603347.html

SOURCE Baron & Budd, P.C.

The post RBX, a founding father of West Coast Hip-Hop, Files a Class Action Lawsuit Against Spotify Concerning Alleged Streaming Fraud appeared first on The Malaysian Reserve.

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