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Capital A reported a strong recovery in Q1 2025, achieving 5.3 billion ringgit (US$1.2 billion) in revenue and a profit after tax of 194 million ringgit (US$45.6 million), rebounding from a loss last year. The aviation segment contributed significantly, with passenger numbers up 5% to 16.2 million, while average fares dropped 9% to 241 ringgit (US$56.6). Diversification into non-aviation businesses proved critical, generating 15% of total revenue, as the company navigates industry challenges and aims for future growth through potential dual listings.
JPMorgan Chase has acknowledged a misstep in its strategy to bet against emerging market currencies, which have outperformed the US dollar since April 2nd. The bank has shifted its stance from underweight to overweight on Asian currencies, now bullish on the Malaysian ringgit and expecting stability in the Chinese Yuan. Amid rising recession risks, JPMorgan's analysts caution that US equities may no longer be a safe haven for investors.
Malaysian Prime Minister Anwar Ibrahim announced that the US is open to discussions on reducing tariffs on Malaysian exports, with a 24% tariff set to take effect in July unless an agreement is reached. He noted that Malaysia may not meet its economic growth target of 4.5% to 5.5% this year due to the global trade war, while the central bank is likely to revise growth forecasts downward. Despite challenges, Malaysia's trade volume increased by 9.2% in 2024, reflecting a strategic diversification in response to US tariffs.
Zus Coffee plans to open nearly 200 new stores in Southeast Asia by 2025, including 107 in Malaysia, 80 in the Philippines, and its first locations in Thailand and Indonesia. The chain has surpassed Starbucks as Malaysia’s largest coffee operator, capitalizing on Starbucks' recent decline due to geopolitical tensions affecting its local operator.With a technology-driven model, Zus Coffee reported a threefold increase in net income to 37 million ringgit (US$8.4 million) in 2024, with 70% of sales from online orders. Their strategy of localizing flavors and reducing operational costs allows them to offer products over 20% cheaper than Starbucks, effectively creating a new market segment in Malaysia.
UBS Group AG has entered an exclusive partnership with India's 360 One WAM Ltd, transferring its onshore wealth management business in India to the firm while acquiring a 4.95% stake valued at 21 billion rupees. This move aims to enhance UBS's presence in India's growing wealth market, despite facing stiff competition. The partnership is seen as a significant step for UBS in Asia, with potential for further developments in the future.
U Mobile has partnered with Huawei and ZTE to deploy Malaysia's 5G network using a dual model, with Huawei managing West Malaysia and ZTE overseeing East Malaysia. The company aims for 80% coverage in populated areas within 12 months, increasing to 90% the following year, while maintaining competitive wholesale rates similar to current operators. This strategy reflects Malaysia's distinct approach to 5G deployment amid global security concerns surrounding Chinese vendors.
Chinese President Xi Jinping arrived in Malaysia on April 15, 2025, for a three-day state visit aimed at strengthening trade relations amid US tariff threats. Discussions with Malaysia’s King and Prime Minister Anwar will focus on signing agreements to address economic challenges, particularly as Malaysia faces potential tariffs impacting its exports. The evolving Malaysia-China trade relationship, marked by significant growth and strategic partnerships, highlights the complexities of navigating economic ties in a competitive global landscape.
[Source]
Oil prices plummeted to a four-year low, marking the worst five-day drop since 2022, as escalating trade tensions between the US and China raised fears of a global recession. The US imposed significant tariffs on Chinese goods, prompting retaliatory measures from China and causing a sharp decline in commodity prices, including copper and iron ore. While China's oil demand growth is at risk, potential domestic stimulus could help mitigate losses.
The Indonesian rupiah opened at a record low of 16,898 per US dollar on April 7, falling 1.47%. It led declines among Asian currencies, with the Taiwan dollar, Malaysian ringgit, and Philippine peso also weakening. In contrast, the Japanese yen gained 0.49% against the dollar.
Malaysian Ringgit
Currency
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