US drops Malaysia from currency ‘monitoring list’ Posted on 15/11/2024 WASHINGTON, Nov 15 — The United States has added South Korea to its “monitoring list” of major trading partners whose currency practices call for closer attention, according to a Treasury Department report released Thursday. The semi-annual report looks into countries with large trade surpluses with respect to the United States that also actively intervene in foreign exchange markets to gain a competitive advantage. It concluded that no major US trading partner manipulated its exchange rate to prevent “effective balance of payments adjustments” or gain unfair competitive advantage in global trade in the four quarters through June 2024. Besides South Korea, other economies on the monitoring list were China, Japan, Taiwan, Singapore, Vietnam, and Germany. Of the group, Japan, South Korea, Taiwan, Vietnam and Germany met two of three criteria to merit enhanced analysis. These were “having a significant bilateral trade surplus with the United States and a material current account surplus.” Singapore was said to have engaged in “persistent, one-sided foreign exchange intervention.” Malaysia, which was previously on the monitoring list, has been removed. In keeping China on the list, the Treasury cited the country’s “failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism.” The Treasury called China “an outlier among major economies,” adding that Beijing also holds “outsized trade imbalance with the United States.” “Treasury firmly advocates for our major trading partners to adopt policies that support strong, sustainable, and balanced global growth and reduce excessive external imbalances,” said Treasury Secretary Janet Yellen in a statement. — AFP News
Penang cops nab Malaysian with 37 past criminal, drug records suspected behind Tasek Gelugor grocery robbery Posted on 10/11/2024 BUTTERWORTH, Nov 10 — Police have arrested a local man suspected of being involved in robbing a Pakistani national at a grocery store in Tasek Gelugor on Nov 4. Seberang Perai Utara district police chief ACP Anuar Abdul Rahman said the 30-something suspect was detained in the Tasek Gelugor area… Read More
Selangor Sultan frets over rise in drug abuse, especially among Malays Posted on 18/11/2024 SHAH ALAM, Nov 18 — The Sultan of Selangor, Sultan Sharafuddin Idris Shah expressed concern over the worsening menace of drug addiction among the community. According to a post on Selangor Royal Office’s Facebook, the Sultan revealed the matter following the disclosure of statistics of drug abusers and addicts in… Read More
Petros will need strategic alliances to grow, says Abang Jo Posted on 01/12/2024 Sarawak premier Abang Johari Openg speaking in Miri after a groundbreaking ceremony for a power plant. (Ukas Facebook pic) PETALING JAYA: Sarawak is not being greedy in its demands over oil and gas resources, and will further develop the state oil company Petros, said Sarawak premier Abang Johari Openg. He… Read More