The iPhone maker’s contract manufacturers account for roughly three-fourths of the country’s smartphone exports, helping transform India into one of the world’s fastest-growing handset export hubs. Apple aims to ship most US-bound iPhones from India by year-end, reinforcing India’s position as the top maker of smartphones sold in the US. With nearly every smartphone sold in India now assembled locally, officials believe the initial incentive programme has largely met its goal of satisfying local demand, the people said. The new incentives are expected to dovetail with New Delhi’s Electronics Components Manufacturing Scheme, which aims to promote domestic production of parts and sub-assemblies. Since the current PLI programme for smartphone assembly ends this month, companies have been seeking clarity for months on the new version of the incentive programme to draw up plans for India exports, one of the people said.

KUALA LUMPUR: The ringgit strengthened against the US dollar, other major currencies, and ASEAN peers at Wednesday’s close following news that the International Energy Agency (IEA) has proposed releasing oil reserves, which could help stabilise global crude oil prices. At 6 pm, the local currency rose to 3.9175/9230 against the greenback from Tuesday’s close of 3.9200/9260. At the time of writing, the price of Brent crude rose 4.24 per cent to US$91.52 per barrel. At the close, the ringgit rose against the Japanese yen to 2.4719/4755 from 2.4859/4899 at Tuesday's close, climbed against the British pound to 5.2545/2619 from 5.2744/2824, and was firmer against the euro at 4.5412/5475 from 4.5668/5738. The local note also traded higher against most ASEAN currencies.

ALSO READ:Anwar also said all government agencies, government-linked companies (GLCs) and government-linked investment companies (GLICs) were ordered not to hold Hari Raya Aidilfitri open houses. “This sends a message for more prudent spending,” said Anwar. Malaysia, said Anwar, has also urged Iran to ensure that retaliatory strikes on Israel do not spill over to neighbouring countries. Anwar said he conveyed his deepest condolences to Iran over the passing of its Supreme Leader Ayatollah Ali Hosseini Khamenei. “Therefore, it has become a larger conflict, and it is no longer confined to selected nations,” said Anwar.

NEW DELHI (March 12): Iran will allow India-flagged tankers to transit the Strait of Hormuz, through which 40% of India's crude imports pass, an Indian source said on Thursday, though an Iranian source based outside the country denied any such agreement had been reached. India’s foreign ministry and the Iranian embassy in New Delhi did not immediately respond to requests for comment. The Indian source declined to be named, citing a lack of authorisation to speak to the media, while the Iranian source pointed to the sensitivity of the matter. A Thai vessel bound for Kandla port in western India was attacked in the Strait on Wednesday, prompting strong criticism from New Delhi. The near-closure of the route has compelled India, the world's No 3 oil consumer, to scramble for alternatives like buying more from Russia.

SINGAPORE (March 12): China has ordered an immediate ban on refined fuel exports in March in a further step to pre-empt a potential domestic fuel shortage caused by the US-Israeli war on Iran, four sources with knowledge of the matter said on Thursday. The ban, issued by the National Development and Reform Commission (NDRC), includes shipments of gasoline, diesel and aviation fuel, the sources said. Jet fuel for aviation bunkering is not included under the ban, two of the four sources said. Chinese oil majors had planned to ramp up fuel exports in February and March to profit from stronger margins amid a seasonal lull in domestic demand during the Lunar New Year holiday period, traders have said. Traders had previously forecast March fuel exports at 2.2 million to 2.3 million tons for gasoline, diesel and jet fuel, excluding volumes for aviation bunkering, up by 300,000 to 400,000 tons from February estimates.

Malaysia has been making steady progress in artificial intelligence (AI) adoption, but the real story today is not about access to technology — it is about how organisations are choosing to apply it. This suggests that while many organisations have moved beyond curiosity and experimentation, fewer have fully translated AI into sustained, strategic value. In order to create meaningful benefits from AI, organisations must approach adoption strategically and build capabilities that are the right fit for the business. Myth 3: AI requires a full in-house teamMany organisations believe they need large, specialised teams in-house to get AI ambitions off the ground. Through training, enablement, and shared expertise, partners bring new capabilities and confidence that many businesses lack in-house.

(March 12): Bridge Data Centres plans to invest as much as S$5 billion (US$3.9 billion or RM15.4 billion) in artificial intelligence (AI) technology development in its home market of Singapore, seeking to accelerate its growth across Asia. The closely held firm will invest in research initiatives and facilities focused on advanced power architectures, next-generation cooling systems, AI-enabled operations, and energy optimisation for high-density computing environments, according to Eric Fan, BDC’s chief executive officer. It’s one of a slew of data centre operators expanding in markets from India to Southeast Asia, tapping rising demand from AI developers. Among Bridge Data’s initiatives is Singapore’s first floating hydrogen power generation solution, which it’s developing with Concord New Energy. The barge-based structure is intended to power future AI data centres.

KUALA LUMPUR (March 12): Consumer spending in Malaysia expanded at a slower pace in January as wholesale and retail sales eased from the strong pace recorded a month earlier. Wholesale and retail trade totalled RM159.8 billion in January, an increase of 7.3% when compared to the same month in 2025, the Department of Statistics Malaysia said in a statement. In December 2025, distributive trade had risen 7.6% year-on-year, the fastest pace in nearly three years. The wholesale sector, meanwhile, rose 6% year-on-year to RM70.8 billion mainly attributed to stronger sales of perfumeries, cosmetics, soap and toiletries, as well as stationery, books, magazines and newspapers, and jewellery. In terms of volume, wholesale and retail trade registered growth of 5.8% in January compared with the same month in 2025.

(March 12): Bitcoin weakened early on Thursday in Asia as oil surged back above US$100 (RM395) a barrel on deepening concerns about the Iran conflict. The original cryptocurrency fell as much as 2% after attacks on two oil tankers in Iraqi waters and remained around US$69,600 at 12.15pm. Bitcoin has been relatively stable compared with other assets since the US and Israel initiated a bombing campaign against Iran on Feb 28. US President Donald Trump suggested this week that the war could end soon, but the timeline remains unclear. Holders of large amounts of Bitcoin, known as whales, were also buying as prices dipped, he added.

(March 12): Asian buyers of liquefied natural gas (LNG) are preparing for the war in the Middle East to disrupt deliveries for months, as a prolonged outage at the world’s largest export plant threatens tighter supply and higher prices. Companies in Thailand are looking to buy LNG cargoes for delivery through May, according to traders with knowledge of the matter. Major buyers in Taiwan and South Korea are also preparing to buy more supply for those two months, they said. The moves demonstrate that Asia’s importers aren’t relying on a swift resolution to the war with Iran, and that the outage in Qatar — which supplies 20% of the world’s LNG — is expected to be prolonged. Spot LNG prices in Asia are trading at about US$18 per million British thermal units, according to traders.

PUTRAJAYA (March 12): A trial run of the Vehicle Access Management System (VAMS) is currently underway at the Kuala Lumpur International Airport (KLIA) Terminal 2 (T2) following the successful implementation of the system at Terminal 1 (T1) last year. “After the trial period concludes, applicable charges will be implemented for vehicles that exceed the permitted kerbside time,” it said. VAMS at KLIA provides a 10-minute grace period for vehicles dropping off or picking up passengers. MAHB said during the trial period at T2, no penalties will be imposed, as the focus is on monitoring traffic patterns and driver behaviour ahead of full implementation. “The improvement has helped maintain smoother traffic circulation at the terminal kerbside while supporting safer traffic operations.

PUTRAJAYA (March 12): The Ministry of Domestic Trade and Cost of Living (KPDN) is strengthening enforcement of the RON95 petrol subsidy under the Budi Madani RON95 (Budi95) initiative nationwide through an intelligence-led approach to prevent misuse. KPDN enforcement director-general Datuk Azman Adam said the move aims to ensure there are no leakages in the implementation of Budi95. Meanwhile, Azman said KPDN is intensifying monitoring at petrol stations nationwide to prevent leakages through a new modus operandi. Meanwhile, Azman also said KPDN has established strategic cooperation with several enforcement agencies, including the Royal Malaysia Police and the Royal Malaysian Customs Department, to combat subsidy abuse. He warned that KPDN will not compromise with any party involved in subsidised petrol abuse.

PETALING JAYA: Students today have many artificial intelligence (AI) tools that can generate explanations and instant answers to just about any question. Also, he said, relying on AI to simply generate answers could undermine learning. English language tuition teacher Arwind Kumar also says there has been no decline in enrolment at his Kuala Lumpur centre, which has about 70 students. Soloman Santhiaboo, who runs a tuition centre in Serdang, said only a small number of high-performing students can use AI tools effectively. “Students can easily generate answers using AI tools, but that does not mean they understand the concepts behind the answers.

However, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the government should explore various options to safeguard fuel supply, given Malaysia’s reliance on imported refined petroleum products.' “This shows there is a direct link in how oil supply disruptions in the Middle East could affect Malaysia indirectly,” he said when contacted yesterday. “I would be cautious about introducing measures such as limiting how much fuel consumers can purchase,” he said. The government, he said, intends to keep RON95 at RM1.99 per litre for now despite rising oil prices linked to geopolitical tensions. However, he noted that oil pri­ces have so far risen only moderately despite geopolitical risks.

NEW YORK: Oil prices settled up nearly 5% on Wednesday as fresh attacks on ships in the Strait of Hormuz worsened supply disruption fears, and analysts said the International Energy Agency's proposal for a record release of oil reserves is inadequate to ease those worries. Three more vessels have been hit by projectiles in the Strait of Hormuz, maritime security and risk firms said on Wednesday. President Donald Trump has said the United States is prepared to escort tankers through the Strait of Hormuz when necessary. Oil prices also shrugged off a US government report that showed crude oil stockpiles in the top oil-producing country had grown more than expected last week. Energy consultancyWood Mackenzie said the war is currently cutting Gulf oil and oil products supply to the market by some 15 million barrels per day, which could raise crude prices to US$150 per barrel.