Money & Finance

IJM Corp has agreed to sell its entire 56.2% stake in IJM Plantations to KLK for RM1.53 billion, or RM3.10 per share. The transaction, announced in July, is subject to shareholder and creditor approval. KLK intends to keep IJM Plantations listed on Bursa Malaysia.

Bank Negara Malaysia and Bank of Thailand have launched a cross-border QR payment linkage, enabling instant payments between the two countries through their real-time retail payment platforms PromptPay and DuitNow.

Malaysia has maintained its crude palm oil (CPO) export tax at 8% for July 2021, with the tax rate applying when CPO market prices exceed RM3,450 per tonne. As the world's second-largest palm oil producer and exporter, the country set a reference price of RM4,668.15 per ton.

Malaysia and Singapore are positioning themselves as key centers for green and sustainable finance. The Climate Bonds Initiative, supported by HSBC, reports continued growth in the region's sustainable finance market, emphasizing the need for environmentally conscious economic recovery strategies.

Pharmaniaga bhd announced plans to supply Sinovac COVID-19 vaccine to state governments and private sectors. The company aims to support government efforts to achieve national immunity and help economic recovery. Their share price surged to RM5.54 following the announcement.

Luno Malaysia has recorded approximately US$1 billion in cryptocurrency transactions this year, significantly up from US$300 million in 2020. Country manager Aaron Tang notes cryptocurrency adoption is still in early stages, with only 2.5% of global population owning digital assets as an alternative investment and inflation hedge.

The Malaysian labour market faces ongoing pressure due to lockdown restrictions. Despite challenges, the workforce shows signs of recovery with conditional MCOs allowing companies to operate. Unemployment rates fluctuate, with the manufacturing sector operating at reduced capacity and supply chain disruptions affecting economic stability.

Malaysia's Ministry of Finance plans to implement cashless payments for all government services by 2022. The initiative, part of the MyDigital strategy, aims to improve transaction safety, governance, and reduce potential fraud through electronic payment methods and digital identification systems.

Despite Malaysia's ongoing COVID-19 restrictions and record infection rates, foreign direct investment continues to flow into the country. Economists like Lee Heng Guie suggest that while current lockdowns may temporarily impact investor sentiment, the medium-term economic outlook remains positive for international investments.

The semiconductor chip shortage has severely disrupted automotive production, leading to decreased manufacturing capabilities and higher prices for vehicles and electronics. Caused by increased pandemic-related demand for digital devices and compounded by natural disasters, experts predict the shortage will continue through 2022.