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Business news in brief: Penang LRT budget capped at RM16-17b

Penang LRT budget capped at RM16-17b, says Loke

Transport Minister Anthony Loke announced a budget ceiling of RM16–17 billion for the 29.5km Penang LRT “Mutiara Line,” higher than the initial RM10 billion projection in Budget 2024. He clarified the earlier figure was preliminary and did not include value management exercises. The ceiling is not the final cost, as tenders for remaining work packages are pending. The government aims to reduce expenses through open tender. The project will include 21 stations, linking Penang island to the mainland.

Malaysia engaging both US, China to develop its rare earth industry, says Zafrul

Malaysia “cannot have two different standards” when dealing with the US and China in the Southeast Asian country’s pursuit to develop its own rare earth industry, said Investment and Trade Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Treasury yields edge higher as traders gear up for Fed minutes

Treasury yields ticked slightly higher on Monday as traders geared up for the Federal Reserve’s annual symposium and the release of its July meeting minutes.

US homebuilder sentiment retreats as buyers lack motivation

US homebuilder confidence fell this month to match the lowest level since 2022, forcing firms to lean more heavily on incentives to counter high mortgage rates and persuade unmotivated buyer.

China’s central bank official highlights role of movable property financing

Zou Lan, deputy governor of the People’s Bank of China (PBOC), the central bank, highlighted the important role of movable property financing in an article made public on Monday.

China ramps up rare-earth exports after fright for global buyers

China’s exports of rare earth products — including magnets — extended their recovery in July, months after Beijing threatened a disruptive global shortage by crimping supplies to fight a trade clash with US President Donald Trump.