PETALING JAYA: Malaysia has strongly condemned the continued closure of the gates of Al-Aqsa Mosque to Muslim worshippers during Ramadan. “Israel has no sovereignty over Occupied East Jerusalem or its Islamic and Christian holy sites,” it added. Malaysia also rejected what it described as illegal and unjustified measures that undermine the sanctity and status of Al-Aqsa Mosque. The ministry said the entire 144-dunam compound of Al-Aqsa Mosque, also known as Al-Haram Al-Sharif, is a place of worship for Muslims. Malaysia also urged the international community to compel the occupying power to cease violations against Islamic and Christian holy sites in Jerusalem and respect their sanctity and historical status quo.

The latest to join the growing pile is Japan's Honda, which on Thursday said it expected a hit of US$15.7 billion over the next few years to restructure its EV business. HondaJapan's second-largest automaker said on March 12 it expects to lose ¥2.5 trillion over the next few years as it scraps the development of some planned EV models. The writedown includes payments of approximately €6.5 billion expected to be made over the next four years. Ford MotorThe Dearborn, Michigan-based company said in December it would take a US$19.5 billion writedown and kill several EV models, and pivot hard into gas and hybrid models instead. Volkswagen/ PorscheVolkswagen, Europe's top carmaker, said last September it would take a €5.1 billion hit from a far-reaching product overhaul at its Porsche unit, which delayed some EV models in favour of hybrids and combustion engine cars.

Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 213,000 for the week ended March 7, the Labor Department said on Thursday. Economists polled by Reuters had forecast 215,000 claims for the latest week. They remain at levels consistent with a stable labour market. The US-Israeli war with Iran, which has boosted oil and gasoline prices, poses a downside risk to the labour market, economists said. Last year's jobless college graduates are not included in the claims data because they have limited or no work history, disqualifying them from claiming unemployment benefits.

KUALA LUMPUR: Airlines feel "pretty powerless” at present amid escalating geopolitical tensions and volatile fuel prices, with little visibility on how the unfolding West Asia conflict will affect the aviation industry, said Tan Sri Tony Fernandes. Despite the challenging environment, Fernandes emphasised that AirAsia remains resilient and fundamentally strong enough to weather the situation. No matter what life throws at us - COVID-19, SARS, two wars - AirAsia is ready and fundamentally strong to weather this temporary storm,” he said. According to news reports, some 27,000 flights to West Asia have been cancelled since the conflict began, affecting thousands of passengers. Following the conflict, airlines in Asia are reviewing fares and operational plans as rising jet fuel prices linked to escalating tensions in West Asia begin to ripple across the aviation industry, with some carriers already introducing fuel surcharge adjustments.

KUALA LUMPUR (March 12): PeterLabs Holdings Bhd’s (KL:PLABS) former executive director Datuk Loh Saw Foong and his wife Datin Lin Ching Yein have ceased to be substantial shareholders in the company, a day ahead of non-interested shareholders voting on the pair’s repurchase of PeterLabs' 60% unit under a settlement agreement. After the disposals, Loh is left with a 1.1% stake, while Lin holds no equity interest in PeterLabs. A separate bourse filing showed that Leong Kok Hou acquired 32.63 million shares via a direct business transaction on the same day. The pair had sold TOTT to PeterLabs for RM10.8 million in a cash and share deal. The Malaysian Anti-Corruption Commission was also involved as it raided both the offices of PeterLabs and TOTT, of which Loh was a general manager, after a report was lodged by the company over the allegations involving Loh.

Hong Leong Investment Bank (HLIB) Research said it was unperturbed by the surge in energy prices, despite the sharp rise in coal, gas and crude oil prices following escalating geopolitical tensions in the Middle East. Even so, HLIB Research said TNB is protected because actual fuel costs do not immediately feed into its operating cost base. “As a result, we do not expect a near-term surge in fuel costs for TNB,” the research house said. “The introduction of the AFA allows for more timely tariff adjustments, enabling TNB to better manage cash flow during periods of volatile energy prices,” the research house said. “If coal prices continue to rise, TNB’s Genco should enjoy better coal fuel margins and this will likely boost its bottom line,” he told StarBiz.

NEARLY 500kg of unsold food was collected from five Ramadan bazaars in Subang Jaya and Puchong between Feb 19 and March 1 and given to the underprivileged. “There are 20 Ramadan bazaar sites with 1,207 lots offered this year,” it said. Menteri Besar Selangor Incorporated (MBI Selangor) via Selangor Platform (PLATS) distributed digital coupons worth RM10 to the first 300 visitors. WAW chief corporate officer Alvin Chen said diverting surplus food from landfills reduces greenhouse gases and the burden on urban waste management systems. “This initiative also provides savings by reducing the need to collect, transport and dispose of food waste,” said Chen.

Still, markets shrugged off the report, as it predated the war on Iran, which has sent crude prices soaring and could stoke inflation. Inflation jitters mounted after Iran's military command said the world should prepare for crude prices to hit US$200 per barrel, more than double their current level. "It’s all about the consumer, and how the shock of a sustained increase in oil prices is going to affect the consumer's pocketbook and their spending habits," Keator added. Among the 11 major sectors of the S&P 500, consumer staples notched the largest percentage decline, while energy was the clear outperformer, rising 2.5% on rising crude prices. The S&P 500 posted 2 new 52-week highs and 13 new lows while the Nasdaq Composite recorded 44 new highs and 112 new lows.

GOPENG: The Federation of Vegetable Farmers' Associations has urged the government to simplify the process of getting diesel subsidy for farming operations. Federation secretary Tan Chee Kiong said a lot of farmers are not applying for the Budi Agri-Komoditi subsidy because it was a troublesome and time-consuming process. Subsidised diesel price for the public land transport and goods transport sectors in Peninsular Malaysia is maintained at RM1.88 and RM2.15 per litre, respectively. The interim cash assistance for eligible diesel vehicle users under Budi Diesel Individu and Budi Diesel Agri-Komoditi would be increased to RM300 from RM200. "So if the price of fuel is increased but the price of vegetables cannot be increased, it will add to our costs to produce vegetables.

KUALA LUMPUR (March 12): Buy now, pay later (BNPL) use among Malaysian youth raises concern as those aged 30 and below make up about 40% of BNPL transactions in the country, Deputy Finance Minister Liew Chin Tong said. Liew said the government and Bank Negara Malaysia (BNM) have, over the years, introduced measures to prevent households from becoming overly indebted and ensure fair treatment of borrowers, but emerging risks have necessitated the Consumer Credit Act 2025 (CCA). “This is a major milestone for Malaysia’s credit landscape as the act introduces a more coordinated and consistent approach to regulating consumer credit, complementing existing laws and filling important gaps,” he said. The CCA, passed by Parliament in 2025, was gazetted on Dec 31, 2025 and took effect on March 1, 2026. He also reminded that licensing for credit providers and registration for credit service providers will begin on June 1, 2026, with a six-month transition period to support smooth implementation.

(March 12): The cost to ship goods in containers to Europe from China jumped over the past week as the war in the Middle East disrupts one of the world’s busiest shipping routes and lengthens delivery times. According to figures from the Drewry World Container Index posted on Thursday, the spot rate for a 40-foot container to Rotterdam from Shanghai increased 19% to US$2,443 (RM9,567) over the past week, the steepest weekly gain in percentage terms since June 2025. From Shanghai to Los Angeles, the rate was 4.2% higher than a week earlier at US$2,503, Drewry’s figures showed. The world’s major container carriers have added emergency fees and fuel surcharges to their long-haul rates since the US and Israel attacked Iran on Feb 28. “We expect transit times on transpacific and Asia-to-Europe lanes to start creeping up within the next week or two.”

(March 12): Deutsche Bank AG faces almost US$1 billion (RM3.92 billion) in combined claims from five former managers who say they were wrongfully blamed for the Banca Monte dei Paschi di Siena SpA accounting scandal. The cases against Deutsche Bank are the latest instances of former bank executives seeking damages after courts in Europe overturned previous convictions going back as much as a decade. A lawsuit by a sixth former employee, Michele Foresti, has been settled, Deutsche Bank said last month, without giving details. Deutsche Bank said at the time it was “pleased” with the court’s decision and that it had always firmly believed the bank’s individuals were innocent. The group suing Deutsche Bank in the UK includes Michele Faissola, former head of asset and wealth management, and Ivor Scott Dunbar, ex co-head of global capital markets.

PETALING JAYA: Men’s doubles pair Aaron Tai-Kang Khai Xing are closing in on their senior teammates in the world rankings after continuing their giant-killing run at the Swiss Open. Aaron-Khai Xing, who are currently competing in Basel, climbed six spots in the latest world rankings to No. Kim Wai will adopt the same approach when Aaron-Khai Xing face another Indonesian pair, third seeds Leo Rolly Carnando-Bagas Maulana, in the second round. “I will take the same approach before the match and hopefully it can help them in that game,” he added. Also advancing to the second round were veteran pair Nur Mohd Azriyn Ayub-Tan Wee Kiong after they defeated the United States duo Chen Zhi Yi-Presley Smith 21-15, 21-14.

PETALING JAYA: The Badminton Association of Malaysia (BAM) will tighten their rules and regulations for players who wish to leave the national body in the future. BAM performance committee chairman, Datuk Seri Lee Chong Wei, explained that the move is aimed at preventing players from leaving the national squad at will. According to Chong Wei, the proposal has been presented to the president, Tengku Datuk Seri Zafrul Abd Aziz, and will be finalised at the next Council meeting. Chong Wei added that while these rules are already included in players’ contracts, certain terms and regulations still need to be refined. If they feel they have a name now, they might want to leave the national squad,” said Chong Wei.

PETALING JAYA: Professional men’s singles shuttler Lee Zii Jia crashed out in the first round of the Swiss Open on Wednesday (March 11). Zii Jia struggled to find his rhythm against Jason Teh of Singapore before going down 14-21, 14-21 at St Jakobshalle in Basel. Malaysia, however, still had reason to cheer after compatriot Justin Hoh kept the challenge alive by advancing to the second round. In the women’s singles, Wong Ling Ching also delivered a convincing performance after defeating Taiwan’s Huang Yu-hsun 21-14, 21-9. Another Malaysian, K. Letshanaa, bowed out after going down to Thailand’s Busanan Ongbamruphan 21-23, 21-14, 14-21.