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The Basecamp, 3rd Floor South Wing, Sri Pentas, 3,Persiaran Bandar Utama, 47800 PJ, SelangorDid you know that Malaysia holds a ‘hidden treasure’ beneath its soil? It’s not gold or diamonds, but something equally valuable – rare earth elements.According to Malaysia’s Minerals and Geoscience Department, rare earth minerals are found in ten of the country’s 13 states, spanning both the Malay Peninsula and Borneo Island.
As global demand for EVs and renewable energy technologies surge, the need for rare earth elements is expected to escalate. Malaysia’s actions follow those of other nations. In August 2023, China enforced an export ban on gallium and germanium in response to restrictions imposed by the U.S. and its allies on exporting advanced technologies to China.Pr, Nd, and Dy are indispensable for the development of efficient electric motors, enabling the proliferation of EVs and reducing reliance on fossil fuels.
During the Malaysia Global Business Forum in July 2019, Entrepreneurial Development Minister Mohd Redzuan Md Yusof mentioned that some investors have shown interest in rare earth ventures.regarding the government’s stance on rare earth processing in the country. Minister Mohd Redzuan explained that potential investors are awaiting clear regulatory guidelines before committing funds.
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Bank Negara Malaysia Governor: Ringgit does not reflect positive prospects of Malaysian economyBank Negara Malaysia Governor, Datuk Abdul Rasheed Ghaffour, stated that the current level of the ringgit does not accurately represent the positive outlook of the Malaysian economy. He attributed the recent performance of the ringgit to external factors such as changing US interest rate expectations, geopolitical concerns, and uncertainty surrounding China's economic prospects. Abdul Rasheed emphasized that growth in 2024 will be driven by improved external demand and strong domestic spending.
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Malaysia Airlines' decline blamed on 1972 decision, says Malaysia Aviation Group MDThe Malaysia Aviation Group managing director said the 1972 decision set up MAS to fail on the very first day. Malaysia Aviation Group managing director Izham Ismail said Malaysia Airlines is currently reinvesting in hardware such as seats and upgrading its in-flight dining and cabin services.
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Ringgit rises on BNM’s assurance, easing market concernsChina’s National People’s Congress session is expected to bolster the yuan, a favourable sign for the ringgit given the strong correlation between the two currencies, says analyst.
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Ringgit Expected to Hit 4.20-4.40 Against US Dollar by Year-EndThe ringgit is expected to hit 4.20-4.40 against the US dollar by year-end in view of the United States (US) Federal Reserve’s (Fed) likely interest rate cut decision in anticipation of an economic recession in the US this year, said Capital Dynamics Asset Management Sdn Bhd managing director Tan Teng Boo.
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Malaysian Manufacturers and SMEs Concerned About Weakened RinggitManufacturers and small and medium enterprises (SMEs) in Malaysia are worried about the fall of the ringgit and its impact on their businesses. However, export-oriented companies and the tourism sector may benefit from the weakened currency. The Federation of Malaysian Manufacturers suggests reducing reliance on the US dollar and increasing the use of alternative currencies like the Chinese renminbi, euro, and Japanese yen.
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Ringgit’s decline will attract FDI, says Tengku ZafrulMinister also expects currency to bounce back in the future.
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