Business

Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus reports Malaysia is unlikely to enter a recession this year. Strong domestic demand and expenditure are expected to support economic growth, with the first quarter of 2023 showing more robust performance compared to the previous quarter.

The United States is rebuilding its military footprint in the Philippines, accessing additional military camps and fortifying strategic alliances. This move comes over 30 years after closing previous bases, responding to increasing Chinese aggression in the region and seeking to enhance defensive capabilities.

The European Union and G7 allies have banned Russian diesel and refined oil products, aiming to reduce Moscow's energy revenue while maintaining global supply. The move is part of sanctions against Russia's military actions in Ukraine, with a price cap designed to minimize economic disruption.

EU representatives arrive in Kyiv as rescue workers search through debris of a Russian missile attack on an apartment complex in Kramatorsk, eastern Ukraine. The strike killed at least three and injured around 20, underscoring the persistent civilian casualties in the nearly year-long war.

YU Syndicate's leaders replace exposed directors at ALX Assets after being caught in a scandal involving YNH Property Bhd & Rapid Synergy Bhd.

The Biden administration warns that Russia's refusal to resume nuclear facility inspections undermines the New START treaty. Since the 2020 COVID-19 pandemic, both nations suspended on-site inspections, raising concerns about potential arms control breakdown.

Cambodia's commerce minister Pan Sorasak reports a significant increase in international trade, with foreign trade value reaching $52.425 billion in 2022. Imports and exports rose 4.32% and 16.44% respectively, leading to a 20.60% reduction in trade deficit. The ministry focuses on in-depth reforms and creating a favorable business environment.

A business leader in Perak suggests that increased Chinese investment and tourism could help Malaysia transition to low-carbon development, particularly in emerging sectors like electric vehicle manufacturing.

The Philippine Peso and Malaysian Ringgit led Asian currency gains, driven by positive U.S. economic data. Both currencies strengthened in January, with the ringgit appreciating about 4% and the peso reaching its highest level since June, reflecting improved economic outlook and investor optimism.

Malaysia's total trade reached RM236.0 billion in December 2022, marking an 8.6% increase year-on-year. Exports rose 6.0% to RM131.9 billion, while imports grew 12.0% to RM104.1 billion. The Department of Statistics Malaysia reported a new trade milestone for 2022, totaling RM2.8 trillion.