Money & Finance

S&P Global Ratings predicts Malaysian banks will sustain loan growth of 5-6% in 2023, driven by the country's stable economy. With robust capitalization and provisioning buffers, banks are well-positioned to manage potential asset quality risks amid projected GDP growth of 4.5% over the next three years.

Asia-Pacific Economic Cooperation (APEC) leaders gathered in Bangkok, Thailand, to address global economic challenges. The summit focused on condemning the Russia-Ukraine conflict, promoting open trade, and seeking sustainable economic growth across the region. Most participants denounced the war, marking a significant diplomatic moment.

The World Trade Organization warns of potential recession in major economies, with Ukraine crisis, inflation, and food prices contributing to economic uncertainty. Developing nations face significant economic challenges.

Brunei secured impressive global rankings in business and labor market regulations, scoring 8.8 out of 10 in the Fraser Institute's Economic Freedom Index. The Sultanate ranked 59th globally among 165 economies, demonstrating strength in regulatory compliance and economic frameworks.

AmBank has formed a strategic two-year partnership with Persatuan Usahawan Maju Malaysian (PUMM) to enhance financial awareness and provide financing solutions for small and medium enterprises. The collaboration aims to empower over 3,000 business owners from various sectors by offering specialized banking products and tools.

Norwegian Telenor and Malaysian Axiata Group have secured key approval for merging their local telecommunications units Celcom Axiata and DiGi.Com. The proposed $15 billion deal aims to create a stronger market competitor in Malaysia's competitive telecom landscape, with the new entity named Celcom Digi pending final regulatory approvals.

Malaysia is unlikely to experience a recession due to its diversified economic structure. With services contributing 57%, manufacturing 24.3%, and agriculture and mining 14% to GDP, the country maintains economic stability through varied sectors and balanced international trade relationships.

Hong Kong's government celebrates its continued recognition as the world's freest economy by the Fraser Institute. The annual report highlights the territory's top ranking in "Freedom to Trade Internationally" and commitment to maintaining an efficient, open market environment.

Malaysia's franchise industry is experiencing rapid growth, with sales expected to reach RM22.66 billion by 2025. The sector has seen a 47% increase in franchise outlets in 2021, creating approximately 49,000 jobs and demonstrating strong potential for economic expansion.

Bank Negara Malaysia's Monetary Policy Committee raised the overnight policy rate by 25 basis points to 2.5%, in line with economists' expectations. This is the third consecutive rate hike this year, bringing the total increase to 75 basis points as the country's economic growth and inflation gain momentum.