Business

The FAO Food Price Index has risen for 12 consecutive months, reaching 127.1 points in May - 4.8% higher than April and nearly 40% above May 2020 levels, signaling significant global food cost increases.

Malaysia's trade performance hit a record high in April, with exports reaching RM 105.6 billion, representing a 63% year-on-year increase. The Department of Statistics reported a trade surplus of RM 20.5 billion, driven primarily by strong domestic exports.

Foxconn seeks minority stake in DNeX's SilTerra Malaysia after being outbid earlier, potentially collaborating to expand semiconductor capabilities in a strategic tech partnership.

Malaysia's economic landscape is showing resilience, with the Statistics department reporting positive March indicators. Despite ongoing COVID-19 challenges, the country witnessed growth in approved housing units, metal imports, and new company registrations, signaling potential economic recovery.

Amazon has added Pakistan to its sellers list in 2021, providing Pakistani businesses a platform to reach international markets. This move offers potential job opportunities and revenue growth through online selling, marking a significant breakthrough for Pakistan's digital trade ecosystem.

Singapore's economy showed unexpected strength in the first quarter, with MTI reporting a 1.3% growth. While the full-year GDP forecast remains unchanged, analysts anticipate potential revisions in August based on global and domestic economic conditions.

Malaysian banks benefit from a competitive economic environment, with Moody's predicting strong growth prospects despite pandemic challenges. The banking sector shows resilience through effective macroeconomic policies and potential GDP growth of 5-5.5%.

Malaysia's Petronas, a leading petroleum company, has pioneered a groundbreaking LNG transaction using Canadian pricing indexes for a Far East cargo shipment, demonstrating the company's innovative approach to international energy trading and resource development.

Electric car manufacturer Tesla has secured a significant loan facility of 9 billion yuan ($1.29 billion) from Chinese lenders to support its Shanghai Gigafactory operations. The loan agreement includes both secured and unsecured components, enabling further development of Tesla's first manufacturing site outside the United States.

Singapore's non-oil domestic exports (NODX) increased by 6% in April, slower than March's 11.9% growth. Key sectors like hardware, semiconductors, and petrochemicals showed significant expansion, with electronic exports rising 10.9% due to higher shipments of computers, diodes, and semiconductors.