Money & Finance

Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus reports that Malaysia is unlikely to enter a recession this year. Strong domestic demand and expenditure are expected to support economic growth, with the first quarter of 2023 showing more robust performance compared to the previous quarter.

The United States is rebuilding its military presence in the Philippines after more than 30 years, gaining access to additional military camps. This move is part of a broader strategy to fortify alliances in Asia and respond to China's increasingly aggressive regional posture, with infrastructure investments supporting rotating US troop deployments.

The European Union and G7 allies have banned Russian diesel and refined oil products, aiming to reduce Moscow's energy income without disrupting global markets. The move targets Russia's military funding while preserving diesel supplies for critical economic sectors like transportation and agriculture.

European Union representatives arrived in Kyiv as rescue workers searched through debris from a Russian missile attack on an apartment complex in Kramatorsk, marking nearly a year since the invasion began. The attack resulted in at least three deaths and around 20 injuries.

YU Syndicate's leaders replace exposed directors at ALX Assets after being caught in a scandal involving YNH Property Bhd & Rapid Synergy Bhd.

The Biden administration warns that Russia's refusal to resume on-site nuclear treaty inspections endangers the New START pact and bilateral arms control efforts, marking a significant breakdown in diplomatic relations.

Cambodia's commerce minister Pan Sorasak reports significant trade improvements in 2022, with foreign trade value reaching $52.425 billion. Imports and exports increased by 4.32% and 16.44% respectively, leading to a 20.60% reduction in trade deficit. The ministry focuses on reforms and enhancing business environment for continued growth.

A leading Malaysian business leader anticipates increased Chinese investment will support Malaysia's transition to a low-carbon economy. Datuk Liew Chee Ming highlights potential growth in high-tech industries, particularly electric vehicle production, as Chinese economic recovery progresses.

Philippine Peso and Malaysian Ringgit lead Asian currency gains, supported by resilient U.S. economic data. Both currencies strengthen in January, with ringgit appreciating about 4% year-to-date, reflecting improved economic outlook and investor optimism.

Malaysia's total trade reached RM236.0 billion in December 2022, marking an 8.6% year-on-year increase. Exports rose 6.0% to RM131.9 billion, while imports grew 12.0% to RM104.1 billion. The country's total trade for 2022 hit a new milestone of RM2.8 trillion.