Business

The European Union is proposing sanctions against over 200 Russian politicians and military officers, targeting political parties, regional governors, and government ministers. The European Commission recommends travel bans and asset freezes, with final approval pending from member nations.

Asian stocks showed modest gains as Hong Kong and China markets rebounded, despite ongoing concerns about global economic slowdown and potential Federal Reserve interest rate hikes. The MSCI Asia-Pacific index increased 0.19%, with Hong Kong's Hang Seng Index surging over 2% following recent COVID-19 policy changes.

- ICAEW predicts Malaysia will maintain economic resilience in 2023, highlighting the nation's ability to withstand global supply chain disruptions and inflation pressures. Despite anticipated economic challenges, Malaysia stands out as a relatively stable performer in the Asian region.

Banking stocks remain a relatively safe investment despite waning sectoral tailwinds. The industry is navigating increasing deposit competition, declining account rates, and potential macroeconomic challenges. Researchers suggest focusing on non-interest revenues and maintaining asset quality in the coming year.

Oil prices rise as OPEC+ maintains production cuts and China relaxes COVID-19 curbs. WTI crude futures climb 0.9% to $80.68, while Brent crude increases 0.8% to $86.29 per barrel, signaling potential demand recovery and market stability.

Sarawak aims to generate over RM11 billion in revenue for 2023, with approximately RM5.25 billion from taxes. The state expects substantial income from diverse sources including crude oil, LNG, palm oil, and industrial products, positioning itself for economic growth.

Taiwanese economic officials warn that recent US semiconductor regulations, including the $50 billion Chips and Science Act, could potentially harm Taiwan's critical technology export sector. The uncertainty surrounding these measures may impact production and international trade for the island's semiconductor industry.

RHB Bank is poised to achieve most of its 2022 key performance indicators, including a 9.3% return on equity, 4-5% loan growth, and a gross impaired loan ratio under 1.7%. Group CEO Mohd Rashid Mohamad reports the bank has met four out of five targets, with only the CASA ratio slightly lagging.

The Ringgit strengthened to 4.4760 against the US dollar, reaching a three-month high. Bursa Malaysia closed 1% lower, with losers outpacing gainers. Foreign investors returned, buying RM341 million in stocks after six days of outflows, amid anticipation of potential pro-growth political measures and budget reintroduction.

Bank Negara Malaysia has published an exposure draft detailing the licensing and regulatory framework for digital insurers and takaful operators (DITOs). The proposed framework aims to enhance insurance market inclusiveness, competition, and efficiency by establishing clear guidelines for business models and distribution methods.