Muhammad Asim

In an audacious display of brinkmanship, a Chinese warship darted alarmingly close to the US destroyer USS Chung-Hoon in the Taiwan Strait, threatening international peace and escalating already heated tensions. The US military described this as a risky and unprofessional move by China, which only serves to ignite conflict in the area.

The FBI has released a declassified document about the 9/11 attacks, showing contacts between hijackers and Saudi officials. Ordered by President Biden, the 16-page report provides new insights while maintaining some redactions about potential Saudi government involvement.

Reliance Industries and Google have postponed their planned ultra-affordable smartphone launch in November, citing global semiconductor scarcity. The COVID-19 pandemic's shift to remote work has intensified demand for critical electronic components, affecting production across multiple sectors.

Senate Democrats are exploring a stock buyback tax as an alternative revenue source for their $3.5 trillion spending bill. The proposal comes amid challenges in raising taxes on wealthy individuals and corporations, with Republicans criticizing potential economic consequences of tax increases.

Toyota and Honda have strongly criticized a proposed tax incentive plan by House Democrats that would provide an additional $4,500 tax break for union-made electric vehicles. The automakers argue the bill discriminates against non-unionized workers and unfairly benefits Detroit's Big Three automakers. The proposal is part of a larger $3.5 trillion spending bill.

In a significant diplomatic move, US President Joe Biden spoke with Chinese President Xi Jinping for the first time since his inauguration. The call raises hopes for de-escalating the ongoing economic and trade war that intensified during the Trump administration.

World stocks experience volatility as investors assess economic recovery challenges. The Dow Jones and S&P 500 decline, reflecting market uncertainty about job growth and the potential impact of rising coronavirus infections. Central bank policies and reopening economies continue to influence market sentiment.

Moody's reports global Sukuk issuance expected to remain flat in 2023 after five years of growth. Malaysian and Indonesian markets show resilience, with 3% increase to $102 billion, while Gulf Cooperation Council region experiences reduced financing needs due to higher crude prices.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Azizi emphasizes the importance of innovative business models and unique strategies to address economic challenges, noting that Malaysia must develop new production techniques and quickly adapt to changing economic landscapes.

Malaysia is actively working to mitigate semiconductor order backlogs that emerged during the COVID-19 pandemic. Global supply chain issues, including lockdowns, factory incidents, and transportation challenges, have significantly impacted the semiconductor industry's production and delivery capabilities.