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Industry

BYD to step up Malaysia EV push with local assembly instead of imports

China\'s electric vehicle maker BYD is moving to assemble cars in Malaysia to reduce reliance on imported finished vehicles and accelerate its push in Southeast Asia. BYD Malaysia has named Inokom, a unit of Sime Motors, as its local assembly partner and signed an MOU in Shenzhen. The company plans CKD production at Inokom\'s plant in Kulim, Kedah. Model details, timing and output have not been disclosed.

Crypto

Ledger incident rattles trust - can crypto hardware wallets be trusted?

A malicious implant secretly placed in Ledger hardware wallets was found to have stolen users\' recovery phrases, spotlighting trust risks during distribution, Cointelegraph reported. Losses were reported in devices sold by an authorised reseller in Indonesia, Malaysia and the Philippines, and Ledger said it confirmed an unauthorised component in one affected unit. Experts said most users cannot detect sophisticated tampering and urged spreading risk across providers.

Industry

Oil-importing countries save $20 billion as EV use expands

Oil-importing countries cut crude consumption by about $20 billion over six months as electric vehicle use expanded worldwide, analysis showed. Energy think tank Ember estimated EVs in oil-importing countries replaced demand for about 200 million barrels of crude in March to August. China had the biggest impact, while the United States lagged in EV share. Ember said EV expansion is becoming an energy security strategy alongside cutting carbon emissions.