Business

Malaysian engineering firm KAB partners with Janakuasa to enter Vietnam's renewable energy market. They will establish a special purpose company to acquire majority stakes in three hydropower stations, each with power purchase agreements valid until 2039.

Federal Reserve research indicates Trump-era tariffs caused billions in economic losses, with potential data manipulation by exporters and importers during trade war period.

The World Bank has lowered Malaysia's GDP growth projection to 4.5% for 2021, down from the previous 6%, due to COVID-19 resurgence. The reduction reflects slower pandemic containment and vaccination efforts, raising concerns about the health system's capacity and economic disruptions for businesses and families.

Bank Negara Malaysia's international reserves increased to US$111 billion, comprising foreign exchange reserves, IMF reserve position, special drawing rights, gold, and other currency reserves. The reserve position can fund 1.2 times imported goods and short-term foreign debt for 8.5 months.

GlobalFoundries Inc is investing $4 billion in a new chip factory in Singapore, joining rivals like TSMC and Samsung in addressing global semiconductor shortages. The company plans expansions across Asia, the US, and Germany, with strategic investments totaling $6 billion to enhance production capacity in key markets.

Singapore and Vietnam are accelerating joint efforts to boost their digital economy through mutual agreements. Foreign Affairs Minister Vivian Balakrishnan met with Vietnamese counterpart Bui Thanh Son to discuss reciprocal arrangements and health certificate recognition for safe travel resumption between the two nations.

Major Malaysian corporations including Petronas, SEA Ltd, Genting, and YTL Corp are exploring digital banking license opportunities. Ride-hailing platform Grab and other firms are also expressing interest in Malaysia's emerging digital financial sector, signaling potential innovation and competition in the country's banking ecosystem.

Maybank Investment Bank secured prestigious awards including "Best Investment Bank", "Best ECM House", and "Best DCM House" at the FinanceAsia Country Awards 2021. Despite challenges in 2020, the bank demonstrated resilience and leadership in the financial sector, winning multiple accolades for its outstanding performance.

IJM Corp has agreed to sell 56.2% of IJM Plantations to KLK for RM1.53 billion in cash at RM3.10 per share. The transaction is subject to shareholder and creditor approval at an extraordinary general meeting. IJM will retain a dividend entitlement of 10 cents per share after the sale.

Bank Negara Malaysia and The Bank of Thailand have launched a cross-border QR payment linkage, allowing shoppers and traders in both countries to create and receive instant cross-border QR code payments. The project, initiated in June 2020, connects the real-time retail payment platforms RPP/DuitNow and PromptPay.