Business, markets and economy news from Malaysia.
Malaysia's Deputy Prime Minister Ahmad Zahid Hamidi has called for comprehensive legal and diplomatic action against Norway following its decision to cancel the export licence for Naval Strike Missile systems destined for the Royal Malaysian Navy's Littoral Combat Ships.
Malaysia's defence minister says the exact financial toll from abandoning the Norway missile procurement agreement has yet to be finalised, with costs dependent on the direction taken moving forward.
Malaysia is pursuing diplomatic channels to resolve compensation claims from cancelling the Naval Strike Missile contract with Norwegian defence contractor Kongsberg Defence & Aerospace. Both defence and foreign ministries have formally notified Norway.