Business

Malaysia's franchise sector is set to expand significantly, with sales expected to reach RM22.66 billion by 2025. The industry has seen a 47% increase in franchise outlets in 2021, generating around 49,000 jobs and demonstrating strong economic potential.

Bank Negara Malaysia increased its overnight policy rate by 25 basis points to 2.5%, marking the third consecutive rate hike in 2022. The decision aligns with improving economic growth forecasts and inflationary pressures, with GDP growth outlook raised to 6.8% for the year.

Bursa Malaysia ended Wednesday's trading session with a modest gain, with the FBM KLCI index rising 3.08 points to 1,491.35. The Malaysian ringgit weakened to 4.5028 against the US dollar, marking its lowest point since 1998. Market activity saw 2.36 billion shares traded, with losers outpacing gainers 477 to 348.

Sarawak's new submarine cable system (Basics) and data center, developed by PPTEL under the Irix brand, promises to revolutionize internet connectivity in the state. The infrastructure aims to resolve latency issues and provide better internet access, especially in rural areas, by connecting to Singapore via Batam.

OPEC and allied oil producers, including Russia, made a small trim in their October output, rolling back September's modest increase. Growing concerns about future demand have driven oil prices down from June's $120 per barrel peak, benefiting drivers with lower gasoline costs while impacting OPEC+ countries' revenues.

SK Hynix will invest 15 trillion won to build a new M15X semiconductor facility in Cheongju, starting construction in October and completing by early 2025. The investment signals continued growth in South Korea's semiconductor manufacturing sector.

Malaysia's palm oil inventories surged 14.5% to 2.03 million tonnes in August, the highest level in over two years. Production climbed 8% to 1.7 million tonnes, driven by favorable rainfall and increased yields. Experts predict a potential slowdown in September production as crop cycles stabilize.

Maybank Investment Bank has been added as a user and supplier under the Islamic Securities Selling and Buying — Negotiated Transaction (ISSBNT) framework. The bank will facilitate Shariah-compliant securities trading while supporting risk management activities for market participants.

Indonesia has dramatically increased fuel prices across the nation, with Pertalite gasoline rising from 51 to 67 cents per liter and diesel from 35 to 46 cents, marking the first price hike in eight years and sparking long lines at gas stations nationwide.

EcoWorld Development Group and Public Bank have signed an MoU to provide special green financing packages for properties with green certifications. The initiative includes preferential pricing and fast-track approval for residential and commercial properties certified by Green Building Index and GreenRE.