Business

The first session of the 15th Malaysian Parliament will begin on December 19, with Prime Minister Anwar Ibrahim prioritizing employee emoluments and promising to table a new or revised budget within a month.

Boustead Plantations Bhd expects continued volatility in palm oil prices for the remainder of the year, citing high stock levels in Malaysia and Indonesia, increased production costs from higher minimum wages, and rising fertilizer and diesel prices. The company remains optimistic about cost management strategies.

S&P Global anticipates steady loan growth in Malaysia's banking sector, with 5-6% expansion expected in 2023. The country's stable economy and banks' strong capitalization support this projection, with GDP growth estimated at 4.5% over the next three years.

Asia-Pacific leaders at the APEC summit condemned Russia's war in Ukraine and emphasized the importance of open trade. The majority of the 21 participating countries denounced the conflict, with the statement acknowledging diverse perspectives on how the war impacts the global economy and regional stability.

WTO Director-General Ngozi Okonjo-Iweala highlights potential recession in major economies, emphasizing impacts on developing nations and calling for collaborative solutions to global economic challenges.

Brunei performed exceptionally well in the Fraser Institute's Economic Freedom Index, ranking second globally in regulation. The country scored 8.8 out of 10 in regulations, placing fourth in labor market regulation and eighth in business regulation, despite dropping seven places overall compared to the 2019 index.

AmBank has strategically partnered with Persatuan Usahawan Maju Malaysian (PUMM) to empower small and medium enterprises. The two-year collaboration aims to enhance financial awareness, provide financing access, and support business owners from diverse sectors like construction, IT, logistics, F&B, and advertising.

Norwegian Telenor and Malaysian Axiata Group have received Securities Commission clearance for merging their local telecom units Celcom Axiata and DiGi.Com. The proposed tie-up aims to create a stronger competitive entity in Malaysia's challenging telecommunications market, potentially valued at $15 billion.

Malaysia is unlikely to face a recession due to its diversified economy, with services contributing 57% and manufacturing 24.3% of GDP, reducing dependence on commodities and ensuring economic stability.

Hong Kong's government celebrated its top ranking in the Economic Freedom of the World 2022 Annual Report by the Fraser Institute. The territory was recognized for its international trade freedom and commitment to maintaining an open, efficient market environment, demonstrating economic resilience and flexibility.