Business

Malaysia has maintained its Crude Palm Oil (CPO) export tax at 8% for July 2021, following the market price exceeding RM3,450 per tonne. As the world's second-largest palm oil exporter, the country's tax strategy continues to influence international palm oil markets.

Malaysia and Singapore are positioning themselves as key regional centers for green and sustainable finance. The Climate Bonds Initiative, supported by HSBC, reveals the ASEAN sustainable finance market's resilience during COVID-19, with Malaysia's green bond market reaching US $2.6 billion and 15 sustainable financial arrangements.

Cryptocurrency exchange Luno Malaysia has processed approximately US$1 billion in transactions this year, significantly up from US$300 million in 2020. Country manager Aaron Tang notes that crypto adoption is still in early stages, with only 2.5% of the global population owning digital currencies.

Austrian printed circuit board manufacturer AT&S selects Malaysia for its first Southeast Asian production facility, promising to create 5,000 high-tech jobs with an investment of 8.5 billion ringgits in Kedah's Kulim High-Tech Park.

As the Malaysian labour market experiences challenges during the pandemic, unemployment rates are expected to recover. Government-imposed conditional movement control orders (MCOs) allow businesses to operate at reduced capacities, with the workforce anticipated to gradually stabilize in the coming months.

The Malaysian government has extended the current income tax exemption for corporate investors of retail money market funds until January 1, 2022. This fiscal measure aims to provide continued support to businesses amid ongoing economic challenges from the pandemic.

Malaysia's Ministry of Finance plans to implement fully cashless payments for government services by 2022. This initiative, part of the MyDigital strategy, aims to improve transaction safety, reduce fraud, and enhance government transparency through digital payment methods and electronic identification systems.

Despite Malaysia's ongoing COVID-19 restrictions and record infection rates, foreign direct investment continues to flow into the country. Economists like Lee Heng Guie suggest that while current shutdowns may impact investor sentiment, the long-term investment outlook remains promising for Malaysia's economic recovery.

The global semiconductor chip shortage is significantly affecting the automotive industry, leading to reduced production, higher prices, and supply chain disruptions. Caused by increased demand for electronics during the COVID-19 pandemic and compounded by natural disasters, experts predict the shortage will continue through 2022.

Serba Dinamik Holdings is under scrutiny after its auditor KPMG could not verify contracts worth 3.5 billion ringgits. The company's top shareholders, including PNB and EPF, have expressed concerns about potential irregularities, prompting a securities investigation and plans for an independent contract review.