PETALING JAYA: Velesto Energy Bhd has been awarded a drilling contract by PETRONAS Carigali Sdn Bhd to undertake drilling activities worth US$157mil. In a statement, the oil and gas firm said its Naga two jack-up rig would undertake drilling activities, with operations having commenced last month for a period of five years. “The contract is expected to contribute positively to the group’s rig utilisation and earnings visibility from 2026 to 2030,” it saidVelesto president Megat Zariman Abdul Rahim pointed out that the five-year engagement for Naga two reflected the group’s continued progress in maximising the utilisation of its core assets while strengthening earnings visibility. “The contract aligns with the group’s focus on disciplined execution across its operating markets in South-East Asia and Malaysia.”Naga two is an independent-leg cantilever jack-up drilling rig with a drilling depth capability of 30,000 ft and has a rated operating water depth of 350 ft.

The Monetary Authority of Singapore (MAS) has had meetings with lenders over recent months to assess the potential of the city-state as a physical trading hub, according to people familiar with the matter. DBS, UOB and OCBC confirmed they have been working with the MAS to support the growth of a Singapore gold market. “Since last year, MAS has been actively working with key gold market participants to look at ways to support the growth of the gold market in Singapore,” said a spokesperson for MAS. UOB is the only Singaporean lender offering physical gold sales and vault services to retail customers. OCBC, meanwhile, has said it is exploring a custody business for institutional and wealthy clients’ physical gold.

KUALA LUMPUR: The government is not planning any further amendments to Section 233 of the Communications and Multimedia Act 1998 (CMA) for now, says Communications Minister Fahmi Fadzil (pic). However, Fahmi said this position remains subject to further study of the recommendations in the Federal Court’s judgment. He said the government respects the Federal Court’s Feb 6, 2026, decision in the case of the Malaysian Government v activist Heidy Quah Gaik Li, which concerned the validity of parts of Section 233 of the CMA. Fahmi added that the ministry takes seriously the reasoning set out in the court’s decision and will work with the Attorney General’s Chambers and the police to scrutinise several matters highlighted by the apex court. Section 233 of the Communications and Multimedia Act 1998 (CMA) criminalises the “improper use of network facilities or network service” to transmit communication that is obscene, indecent, false, menacing or offensive, with the intent to annoy, abuse, threaten or harass.

PETALING JAYA: Sunway Medical Centre, Sunway City (SMC) has been ranked No. 1 in Malaysia in Newsweek’s World’s Best Hospitals 2026, reaffirming the hospital’s continued commitment to clinical excellence, patient safety and patient-centred care. In the World’s Best Hospitals 2026 ranking, SMC rose to achieve 138th position globally, improving from 193rd in 2025 and 233rd in 2024, while maintaining its No. Sunway Healthcare Group president Datuk Lau Beng Long said, “We are honoured to be recognised in Newsweek’s World’s Best Hospitals 2026 and proud to be ranked No. This recognition reflects a global benchmark that spans top academic and university hospitals as well as leading private hospitals.

The yield on benchmark U.S. 10-year notes rose 7.6 basis points to 4.038%, from 3.962% late on Friday while the 30-year bond yield rose 5.3 basis points to 4.6855%. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose about 0.9%. The euro was down 1.01% at $1.1694 while against the Japanese yen, the dollar strengthened 0.86% to 157.37. In precious metals, safe-haven gold advanced on Monday, driven by escalating concerns of prolonged conflict in the Middle East. Spot gold rose 1.09% to $5,335.04 an ounce.

As a result, the Badminton World Federation (BWF) are on high alert and prepared for all possibilities, including revising the competition schedule if any players are stranded. “The Badminton World Federation (BWF) and Badminton England are closely monitoring the travel challenges arising from the ongoing geopolitical situation in the Middle East. We remain in regular contact with teams and players whose journeys to Birmingham for the All-England may be affected. “We will continue to share updates as the situation evolves and more information becomes available,” said BWF in an official statement. Among those affected is 2019 world champion P. V. Sindhu, who is stranded at Dubai International Airport with her coach.

GEORGE TOWN: Penang’s economy is expected to start the lunar year on a strong footing and remain stable, according to predictions from the Tua Pek Kong deity during the annual flame-watching ritual at Hai Choo Soo Temple in Tanjung Tokong. The ceremony began at about 11.40pm, once the sea tide reached its highest, with three flames emerging minutes apart, each representing a four-month period in the lunar calendar. “The first flame at 11.50pm was particularly strong, with the glow visible even at the base of the urn. “The third flame at 11.54pm took longer to rise and was weaker than the first, but it remained stable nevertheless. Held towards the end of the Chinese New Year celebrations each year, the ritual has been practised for generations.

RESIDENTS of Taman Tun Dr Ismail (TTDI) in Kuala Lumpur have voiced concerns over potential noise pollution and parking issues arising from a proposed open-air pickleball court on Jalan Burhanuddin Helmi. Residents living along Lorong Burhanuddin Helmi 1, located directly behind the proposed site, said the development could disrupt daily life. Khairudin: Foundation works for the pickleball court began about a month ago. “The back part of my house is only about 2.13m away from the proposed site. Ng Heok Seong, 63, questioned the need for another pickleball court in the area, noting that existing facilities were already available nearby.

KUALA LUMPUR: Malaysians could face higher unsubsidised fuel prices if global oil prices continue to climb. According to Khairul Annuar, Malaysia’s pump prices are based on the Mean of Platts Singapore (MOPS), which reflects refined fuel prices in the region. “When diesel and RON97 wholesale prices increase, dealers must inject more capital to maintain normal stock levels. The unsubsidised fuel prices in Malaysia may increase if global oil prices climb to between US$80 (RM314.68) and US$100 (RM393.35) a barrel for a prolonged period, say economists and industry players. “Should oil prices hit these rates for a prolonged period, the government might have to raise pump prices gradually to maintain fiscal sustainability,” he said.

(March 3): The multibillion dollar ramp-up in loans by Asian banks to the Middle East faces growing uncertainty as Iran’s escalating conflict raises the risk of broader financial fallout. For now, most Asian banks are adopting a wait-and-see approach, though early signs suggest some are considering pausing deals with Gulf borrowers, following missile strikes by the US and Israel that killed Iran’s Supreme Leader. Abu Dhabi National Oil Co, the UAE’s biggest oil producer, has halted plans to market its first-ever yuan-denominated bond, which could have raised as much as 14 billion yuan (US$2 billion or RM7.99 billion). Separately, a Gulf financial institution had sought a multibillion-dollar loan from Chinese investors in recent weeks, but the deal appears unlikely to proceed for now, separate people familiar with the matter said. Chinese banks’ headquarters could be reluctant to approve transactions from the region at present, they said, asking not to be identified discussing private matters.

(March 3): The US State Department urged Americans to leave countries across the Middle East, citing “serious safety risks” from the war with Iran. The security update, posted Monday on X by Assistant Secretary of State for Consular Affairs Mora Namdar, told Americans to “depart now via commercial means”. The @SecRubio @StateDept urges Americans to DEPART NOW from the countries below using available commercial transportation, due to serious safety risks. In a video posted on his own X account, Secretary of State Marco Rubio said that the department’s top priority is the safety and the security of American citizens. Rubio urged Americans to register with the Smart Traveler Enrollment Program and follow security updates via the department’s WhatsApp channel and social media.

PETALING JAYA: The closure of airspace in the Middle East took a group of Malaysian volunteers, who were delivering aid to refugees in Syria, on a journey through three countries. Thanks to the (strength of the) Malaysian passport, the process of crossing over was fast,” added the 33-year-old. Travel is only possible if flights are operating and transit routes remain open,” she said. “We are also concerned about prolonged airspace closures that may leave us stranded longer than expected. But deep down I keep telling myself that it will be okay, and this will end soon if God permits.”

KUALA LUMPUR: The quality and quantity of RON95 petrol remain unchanged despite the subsidy targeting exercise under the Budi Madani RON95 (BUDI95) programme, says Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali. He said the initiative, which began on Sept 30, 2025, only involved changes to the subsidy delivery and control mechanisms, not the fuel itself. “There is no difference in the quality or quantity of RON95 sold in the market before and after the implementation of targeted subsidies that would disadvantage consumers,” he said in a written reply to Hassan Saad (PN–Baling) on Tuesday (March 3). He said enforcement officers had previously investigated viral claims alleging that consumers were short-changed on RON95 quantities at the pump. “Firm action can be taken against any petrol station operator found to have breached the laws in force,” he said.

Japan, the world's second largest LNG importer, bought 3.4 million metric tonnes of LNG from Qatar last year, customs data shows. Together with LNG supply from Oman and the United Arab Emirates, Japan imported around seven million tonnes of LNG from the Middle East last year, making up about 11% of its supply. Some of Japan's biggest LNG importers, including JERA and Kansai Electric Power, have offtake contracts with the Middle Eastern producers. Japan trades around 40 million tonnes of LNG annually and could redirect some of that back home in case of emergency. It also has a mechanism in place to buy at least one LNG cargo – or 70,000 metric tonnes – per month to mitigate supply risks.

PETALING JAYA: Despite recent tensions in the Middle East triggering flight cancellations and airspace disruptions, most Malaysians are taking a wait-and-see approach rather than cancelling their trips. Malaysian Association of Tour and Travel Agents (MATTA) vice-president (air transportation) Dr Fazil Khan said the majority of changes to travel plans at this stage have been due to airline-imposed flight cancellations, rather than travellers abandoning their trips. “So far, we have not observed a significant increase in Malaysians cancelling or postponing leisure trips abroad with the current tensions in the Middle East. Fazil said travellers whose flights to affected regions have been cancelled, including those undertaking religious pilgrimages such as Umrah, are adjusting their plans accordingly. “Most travel agents, especially MATTA members, are equipped to provide informed advice on international travel and we strongly recommend consulting them before making any bookings.