Money & Finance

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.

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.