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Amendments to CMA not meant to curb free speech, says Fahmi

6 days ago

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by HIDAYATH HISHAM

THE amendments to the Communications and Multimedia Act 1998 (Act 588) are not intended to restrict freedom of speech, but to ensure Malaysia’s digital ecosystem remains safe, ethical and responsible.

Communications Minister Datuk Fahmi Fadzil said the government respects the public’s right to free expression as guaranteed under the Federal Constitution, but stressed that such freedom is not absolute and must be practised with decorum.

“The government has no intention of limiting free speech, but aims to ensure it is exercised responsibly and not misused in ways that threaten harmony or cause public unrest,” he said during the winding-up of the 2026 Supply Bill debate at the policy stage in the Dewan Rakyat today.

He said freedom of speech must also take into account Malaysia’s cultural and religious diversity, in line with Article 10(2)(a) of the Federal Constitution, which allows Parliament to impose restrictions for reasons of national security, public order, morality, international relations, and the protection of Parliament and the judiciary.

Fahmi said the amendments to Section 233 of Act 588 — which took effect on Feb 11, 2025, following its gazettement on Feb 7 — strengthen online communication regulations by expanding the interpretation of network and social media misuse.

He said the enhancements include elements of extreme obscenity, fraudulent intent, and six new definitions to guide the public, authorities, prosecutors and courts in identifying offensive communications.

Fahmi said the revisions aim to keep the law relevant to current challenges, including the spread of false information, extremist content and digital manipulation, while preserving the people’s right to voice their opinions.

He added that the step is crucial to strike a balance between free speech and the security and integrity of the online ecosystem.

“We want the digital space to remain open, but governed by laws that protect public interest,” he said.

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Bursa Malaysia ends at intraday high amid renewed bargain hunting

6 days ago

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KUALA LUMPUR — Bursa Malaysia closed higher on Monday, settling at its intraday high on renewed bargain-hunting activity after last week’s lacklustre trading, in line with the upbeat performance across regional markets.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.27 points, or 0.82 per cent, to 1,622.42 from Friday’s close of 1,609.15.

The benchmark index opened 1.64 points firmer at 1,610.79 and hit a low of 1,608.85 in the early trading session before gaining momentum for the rest of the day.

Market breadth was negative with 762 losers outpacing 450 gainers, while 520 counters were unchanged, 905 untraded, and 13 suspended.

Turnover slid to 3.25 billion units worth RM2.48 billion compared with 3.55 billion units worth RM2.68 billion last Friday.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said regional markets also advanced, supported by optimism over the US-China trade truce and continued enthusiasm for artificial intelligence-related investments, which helped maintain a healthy risk appetite.

“At the same time, investors remain attentive to key developments, including last week’s US central bank meeting and the US-China agreement on a year-long trade truce, which broadly met expectations,” he told Bernama.

On the local bourse, Thong noted that the index continues to hold well above key support levels seen in recent weeks, indicating that investor sentiment remains resilient despite lingering global uncertainties, and renewed buying interest, particularly in select blue-chips, helped to lift the overall market tone.

Meanwhile, IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said banking stocks led the gains among the FBM KLCI components, supported by “delayed rate cut” optimism following the US Federal Reserve’s policy easing last week and expectations of stable domestic monetary settings.

“We maintain our view that Bank Negara Malaysia will leave the overnight policy rate unchanged at the upcoming Monetary Policy Committee meeting, balancing the need to sustain growth while preserving monetary space amid heightened external uncertainty,” he said.

Among heavyweights, Maybank advanced eight sen to RM9.95, Public Bank added two sen to RM4.24, CIMB Group jumped 12 sen to RM7.42, Tenaga Nasional improved six sen to RM13.34, and IHH Healthcare rose 10 sen to RM8.35.

On the most active list, Genting Malaysia perked up one sen to RM2.34, and Dagang NeXchange gained 2.5 sen to 33 sen. Meanwhile, Perak Transit and Zetrix AI eased three sen to 31 sen and 81.5 sen respectively, and MMAG Holdings tumbled 27.5 sen to 18.5 sen.

For top gainers, Malaysian Pacific surged RM1.00 to RM31.00, Hong Leong Bank jumped 36 sen to RM20.92, Allianz Malaysia climbed 34 sen to RM18.30, while Hong Leong Industries and Dutch Lady advanced 30 sen each to RM14.06 and RM26.50 respectively.

Among top losers, Fraser & Neave slipped 24 sen to RM27.92, Perak Corporation declined 19.5 sen to 75 sen, Pentamaster Corporation slid 19 sen to RM4.10, and Petronas Dagangan dipped 16 sen to RM22.52.

Meanwhile, Bursa Malaysia Securities Bhd has issued an unusual market activity query to MMAG today following the sharp fall in the price of its shares.

It has also suspended the intraday short-selling (IDSS) for the stock after its last done price dropped by more than 15 per cent or 15 sen from the reference price. The short selling under IDSS will be activated on Nov 4, 2025 at 8.30 am.

On the index board, the FBM Emas Index rose 59.64 points to 12,083.00, the FBMT 100 Index garnered 67.39 points to 11,828.56 and the FBM Emas Shariah Index gained 36.98 points to 12,135.10.

Meanwhile, the FBM 70 Index slid 30.43 points to 17,025.64 and the FBM ACE Index slipped 49.62 points to 5,171.77.

By sector, the Financial Services Index jumped 186.40 points to 18,309.66, the Plantation Index surged 65.09 points to 8,052.18, the Energy Index edged up 2.15 points to 773.39, and the Industrial Products and Services Index inched up 0.78 of-a-point to 172.39.

The Main Market volume shrank to 1.70 billion units valued at RM2.20 billion from 1.88 billion units valued at RM2.40 billion last Friday.

Warrants turnover dipped to 1.05 billion units worth RM131.14 million compared with 1.28 billion units worth RM123.62 million previously.

The ACE Market volume expanded to 490.56 million units valued at RM144.10 million from 381.42 million units valued at RM155.65 million last Friday.

Consumer products and services counters accounted for 409.18 million shares traded on the Main Market, industrial products and services (273.41 million), construction (124.85 million), technology (363.04 million), financial services (61.70 million), property (159.98 million), plantation (28.71 million), real estate investment trusts (23.30 million), closed-end fund (16,500), energy (81.37 million), healthcare (70.75 million), telecommunications and media (44.78 million), transportation and logistics (26.30 million), utilities (37.37 million), and business trusts (128,900). — BERNAMA

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News

Govt reviewing 10 subsidiary instruments under Online Safety Act for full implementation

6 days ago

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by HIDAYATH HISHAM

THE government is reviewing 10 subsidiary instruments under the Online Safety Act 2024 (Act 866) for comprehensive and effective implementation.

Communications Minister Datuk Fahmi Fadzil (picture) said the Malaysian Communications and Multimedia Commission (MCMC) is conducting the study, covering aspects of licensing, content regulation and responsibilities of digital platform and online gaming providers.

“The government is currently reviewing 10 subsidiary instruments under the Online Safety Act that will apply to social media platforms, online games and digital service providers,” he said during the winding-up of the 2026 Supply Bill debate at the policy stage in the Dewan Rakyat today.

He said the development of these instruments is crucial to outline enforcement mechanisms, regulatory procedures and user protection measures — particularly to safeguard children from inappropriate or AI-manipulated content.

Fahmi said all digital platform operators, including online gaming companies, must comply with local laws and obtain licences before the Act is fully enforced.

“There are parties lobbying to be exempted from certain instruments, but the government’s view is that all platforms and companies, including big tech firms, must be subject to the same rules,” he said.

He said the MCMC is in the final stages of preparing the draft instruments, expected to be completed by the end of next year, ahead of the Act’s phased implementation from the fourth quarter of 2025 to the second quarter of 2026.

Fahmi added that the move reflects the government’s commitment to strengthening digital safety, improving online content governance and protecting children from exploitation and cyber threats.

“The government’s approach is not merely to impose bans, but to ensure a safer and more responsible digital ecosystem governed by clear laws,” he said.

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News Technology

Govt drafting National Blockchain Policy to chart post-2025 roadmap, says digital minister

6 days ago

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by HIDAYATH HISHAM

THE government is formulating the National Blockchain Policy (NBP) to replace the National Blockchain Roadmap 2021–2025.

The Digital Ministry will act as the lead agency in developing strategic direction and policies for emerging digital technologies, including blockchain, in line with efforts to strengthen Malaysia’s digital economy.

“The main focus of this task force is to identify strategic priorities in the development and adoption of blockchain technology in Malaysia, covering both crypto and non-crypto aspects,” digital minister Gobind Singh Deo (picture) told the Dewan Rakyat today.

In response to Syarleena Abdul Rashid (PH–Bukit Bendera), he said the NBP working group, comprising experts and industry players from both the public and private sectors, has been established to ensure the policy is holistic and inclusive.

Gobind said the ministry is currently reviewing key components of the policy, which will focus on enhancing efficiency, security and transparency across government, industry and society through blockchain adoption.

“The application of blockchain technology through asset tokenisation is also being studied, particularly in asset management and capital market development, to ensure transaction security and the stability of the digital ecosystem,” he said.

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News World

Airbus-led group to pay Norway US$351m over cancelled helicopters

6 days ago

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OSLO — Airbus-led defence firm NHIndustries (NHI) has agreed to pay Norway 305 million euros ($351 million) to settle a dispute over a cancelled order for long-delayed military helicopters, the government said Monday.

Norway ordered 14 NH90 helicopters in 2001 to equip its navy frigates and coast guard by the end of 2008.

But the program was plagued by long delays, prompting the Norwegian government to tear up the contract in 2022 after receiving only eight aircraft.

Oslo then sued NHI — a consortium comprised of Airbus Helicopters, Italian defence firm Leonardo and Dutch counterpart Fokker — seeking nearly 2.9 billion euros in reimbursement and damages.

The two sides ended up reaching a settlement that ends all legal proceedings, the Norwegian defence ministry said in a statement.

In 2023, Norway ordered six Seahawk helicopters from US manufacturer Sikorsky to replace the NH90 aircraft it gave up on. — AFP

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News

Appeals court upholds acquittal of ex-Felda senior officer for abetment in CBT case

6 days ago

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PUTRAJAYA — The Court of Appeal today upheld the acquittal of a former Felda senior officer on two counts of abetment in a criminal breach of trust case involving Felda funds of more than RM47 million.

A three-member bench led by Justice Datuk Azmi Ariffin unanimously dismissed the prosecution’s appeal to reinstate the Sessions Court’s decision to convict Datuk Faizoull Ahmad, 65, for the offence.

The panel, which also comprised Justices Datuk Noorin Badaruddin and Datuk Meor Hashimi Abdul Hamid, ruled that there was no reason to disturb the High Court’s decision that acquitted and discharged the former Felda director-general.

Justice Azmi, in delivering the court’s decision, said the prosecution’s appeal did not have merit and the appellate court concurred with the findings of the High Court.

“There is no reason for us to interfere with the decision and findings of the High Court,” he said, affirming the High Court’s decision that had set aside the Sessions Court’s verdict.

Faizoull was previously charged in the Sessions Court with two counts of abetting Felda’s former deputy director-general (Strategic Resources) Muhammad Sufi Mahbub (now deceased) in committing criminal breach of trust involving RM47.63 million.

Muhammad Sufi was accused of dishonestly disposing of and approving payments of RM25,999,000 and RM21,626,500 without the approval of Felda’s Board of Directors or its Tender Committee.

The alleged offences took place at Wisma Felda building, Jalan Perumahan Gurney, between Jan 13 and July 23, 2014.

On June 8, 2018, the Sessions Court convicted both men, sentencing Muhammad Sufi to five years’ imprisonment on each count and Faizoull to two years’ jail on each count, with the sentences to run concurrently.

However, on Sept 22, 2022, the High Court allowed Faizoull’s appeal, setting aside his conviction and ordering his acquittal and discharge.

As for Muhammad Sufi, the High Court struck out both his appeal and the prosecution’s cross-appeal on the sentence after his death during the appeal proceedings. Muhammad Sufi was 58 years old then.

Deputy Public Prosecutors Mohd Radzi Shah Ab Razak and Elyza Amira Habeeb Rahman, from the Malaysian Anti-Corruption Commission, appeared for the prosecution while Faizoull was represented by a legal team led by Datuk Sukri Mohamed. — BERNAMA

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6 days ago 0 comments

Economy News

Targeted diesel subsidy to save govt up to RM4b annually, says Lim

6 days ago

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by HIDAYATH HISHAM

THE government expects to save between RM2 billion and RM4 billion a year through the implementation of the Individual Diesel Subsidy Assistance (BUDI) system.

Deputy Finance Minister Lim Hui Ying (picture) said the estimated savings were based on global crude oil prices ranging between US$60 and US$80 per barrel.

“The savings will be channelled back into strengthening people’s welfare initiatives and supporting national economic development,” she told the Dewan Rakyat today in response to an additional question from Chong Zhe Min (PH–Kampar).

She said the measure forms part of the government’s strategy to ensure diesel subsidies are used more efficiently and reach intended recipients.

Lim said BUDI’s first month of implementation recorded encouraging results with no congestion reported at petrol stations, while users are becoming more familiar with the BUDI95 system to access subsidised diesel.

“The BUDI system provides a transparent and easily monitored digital platform. Each transaction is recorded, allowing authorities to detect any misuse and enhance transparency and accountability in subsidy distribution,” she said.

Lim added that the government is continuously reviewing the system for improvement, including adding more participating stations and extending access to targeted groups in rural areas to ensure assistance reaches those who truly need it.

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Markets News

Seoul stocks soar to record high, breaching 4,200 mark for 1st time

6 days ago

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SEOUL — South Korean shares surged nearly 2.8 per cent Monday to again set an all-time high, led by sharp gains in big-cap chip and defence shares. The local currency lost ground against the US dollar, Yonhap News Agency reported.

The benchmark Korea Composite Stock Price Index (KOSPI) skyrocketed 114.37 points, or 2.78 per cent, to 4,221.87.

It marked the first time in history the KOSPI surpassed the 4,200 mark. The achievement was made just a session after the index breached the 4,100 mark for the first time Friday.

Trade volume was heavy at 468 million shares worth 22.5 trillion won (US$15.7 billion), with losers outnumbering winners 611 to 288.

Retail investors went on a buying spree, net purchasing 651.2 billion won worth of local shares, while institutions bought 185.4 billion won. Foreign investors, however, unloaded a net 795 billion won in apparent profit-taking.

“The domestic stock market continued to see positive momentum following the Asia-Pacific Economic Cooperation (APEC) gathering last week,” Lee Kyoung-min, an analyst at Daishin Securities, said.

“In particular, Nvidia’s announcement on Friday to supply up to 260,000 units of artificial intelligence (AI) chips to South Korea boosted the KOSPI, fueling expectations for an expansion of data centres and AI partnerships,” Lee added, noting shares related to semiconductor, electric power equipments and renewable energy were bullish.

The KOSPI’s rise came in line with major US indexes, which closed higher Friday on the back of sharp gains in Amazon Web Services (AWS) and Tesla. The Dow Jones Industrial Average rose 0.09 per cent, the tech-heavy Nasdaq composite increased 0.61 per cent, and the S&P 500 added 0.26 per cent.

In Seoul, tech behemoth Samsung Electronics rose 3.35 per cent to a record high of 111,100 won, while its chipmaking rival SK hynix shot up 10.91 per cent, also to its highest-ever mark of 620,000 won, continuing their recent rally sparked by growing optimism for the AI sector.

The AI optimism also boosted information technology (IT) and energy shares.

Defence and shipbuilding shares were bullish, with major firms posting robust third-quarter earnings.

The Korean won was quoted at 1,428.8 won per dollar at 3:30 p.m., down 4.4 won from the previous session. — BERNAMA-YONHAP

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Markets News

MMAG top loser after counter drops 60%

6 days ago

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ACE-Market listed MMAG Holdings Bhd was the top loser on the local stock exchange today, with the counter dropping 60% or 27.5 sen to 18.5 sen today. It received an unusual market activity (UMA) query mid-day.

In a separate announcement, MMAG’s shares were suspended the intraday short-selling (IDSS) after their last done price dropped by more than 15% or 15 sen from the reference price. The short selling under IDSS will only be activated at 8.30am tomorrow (Nov 4).

MMAG badges itself as a full-fledged integrated supply chain management company that provides first, mid and last-mile delivery services in Malaysia and across Asia with full connectivity by air, sea and land.

Its aviation arm, MMAG Aviation Consortium Sdn Bhd (MAC), is in the logistics and supply chain industry operating from the strategic hub of Kuala Lumpur International Airport (KLIA).

It offers cargo solutions, including MJets Air Sdn Bhd for air freight services, XCT Aviation Sdn Bhd for advanced cargo terminal operations and ground handling solutions, Oceanic Transshipment Sdn Bhd for live seafood and perishable goods logistics and scalable on-demand cargo warehousing with SkyVault Cargo Sdn Bhd.

Its board is led by Datuk Wira Farhash Wafa Salvador who is also currently the group executive chairman of Apex Equity Holdings Bhd, executive chairman of Excel Force MSC Bhd and Key Alliance Group Bhd, as well as a non-independent non-executive chairman of 7-Eleven Malaysia Holdings Bhd.

MMAG’s executive directors are Jeff Chong Koon Meng, Ahmad Luqman Mohd Azmi and Victor Chin Boon Lon. — TMR

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News

Govt reviewing new diesel subsidy mechanism for e-hailing, taxi drivers

6 days ago

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by HIDAYATH HISHAM

THE government is reviewing a new diesel subsidy mechanism for e-hailing and taxi (p-hailing) drivers to ensure that aid is channelled in a targeted and transparent manner.

Deputy Finance Minister Lim Hui Ying said the subsidy allocations differ between the two categories — with an additional 300 litres per month for e-hailing drivers and 1,400 litres per month for taxi drivers — and the new mechanism will streamline the distribution of this assistance.

“This measure is introduced to prevent leakages and ensure that no group is left out from receiving the subsidy,” she told the Dewan Rakyat today.

Lim was replying to a question from Abdul Latiff Abdul Rahman (PN–Kuala Krai) who asked regarding the matter.

She said the new mechanism would also strengthen the verification process, including usage records and eligibility checks, to ensure that the subsidy reaches only the intended recipients.

The deputy minister also said the ministry is expected to announce the official mechanism this week, after completing detailed studies and finalising all procedures.

She said the initiative is part of the BUDI or Individual Diesel Subsidy Assistance system, which aims to make subsidy distribution fairer, more effective and more beneficial to the targeted groups, including e-hailing and taxi drivers.

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