Money & Finance

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.

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.