EU to mobilise RM47bil for Asean investments
The European Union and its member states will mobilize €10 billion to support infrastructure investments in ASEAN countries. The initiative targets key sectors including energy, transportation, digitalization, and education, aiming to help South-East Asia transition to a green economy and enhance sustainable connectivity.
EU approves new sanctions against Russia over Ukraine war
The European Union has approved a fresh round of sanctions against Russia, aimed at increasing pressure over the war in Ukraine. The package was agreed upon after days of discussions among EU ambassadors and is set to be formalized on Friday.
IBM partners with new chipmaker Rapidus to make up lost ground
IBM is collaborating with Rapidus, a new Japanese government-backed chipmaker, to develop cutting-edge semiconductor technology. This partnership comes amid ongoing US-China tech tensions and Japan's efforts to regain its competitive edge in chip production, supporting local automakers and IT firms.
Bursa Malaysia announces 21 additions to F4GBM index constituents
Bursa Malaysia has expanded its FTSE4Good Bursa Malaysia (F4GBM) Index with 21 new additions, increasing total constituents to 98. The index, which tracks companies with strong environmental, social, and governance principles, continues its growth trend since launching in 2014. The recent review period of December 2022 saw 21 additions and 10 deletions.
Global semiconductor equipment sales to hit record US$108.5bil this year
The semiconductor manufacturing equipment market is set to hit a record US$108.5 billion in 2022, surpassing the previous year's peak of US$102.5 billion. SEMI predicts strong growth in front-end and back-end equipment categories, though expecting a decline to US$91.2 billion in 2023.
US banks warn of recession amid rising inflation
JPMorgan Chase CEO Jamie Dimon warns of potential mild to hard recession, citing consumer savings depletion and economic weakening. Despite current economic stability, inflation and reduced purchasing power may trigger significant economic challenges in the coming year.
EU eyes Russian officials, banks, industry for sanctions.
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.
Asia stocks edge up despite global growth worries.
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.
Malaysian economy relatively resilient in 2023, says ICAEW
- 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.
Retail loan growth likely to remain strong
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.
