Money & Finance

S&P Global Ratings expects Malaysian banks to maintain 5-6% loan growth in 2023, driven by the country's stable economy. With GDP projected to grow 4.5% and banks holding strong capitalization buffers, the banking sector demonstrates robust creditworthiness and capacity to manage potential asset quality risks.

At the APEC summit in Thailand, Asia-Pacific leaders united in condemning Russia's war in Ukraine, with most participants calling for an end to the conflict. The diplomatic gathering emphasized the economic impact of global security issues and reaffirmed commitment to sustainable growth and open trade.

The World Trade Organization (WTO) cautions that several key economies face a serious recession risk due to the Ukraine crisis, rising food and energy prices, and global economic instability. WTO Director-General Ngozi Okonjo-Iweala highlights the potential impact on developing nations and calls for international cooperation.

Brunei secured second ranking globally in business regulation, scoring 8.8 out of 10 in the Fraser Institute's Economic Freedom Index. The sultanate ranked 59th out of 165 economies, with strong performance in sound money, legal system, and property rights categories.

AmBank has strategically partnered with Persatuan Usahawan Maju Malaysian (PUMM) to empower small and medium enterprises. The two-year collaboration aims to enhance financial awareness, provide financing access, and help business owners optimize their financial strategies across various sectors like construction, IT, logistics, and F&B.

Telenor and Axiata have gained key approval from the Securities Commission Malaysia for their proposed merger of local telecom units Celcom Axiata and DiGi.Com. The deal, valued at approximately $15 billion, aims to create a stronger market leader in the competitive Malaysian telecommunications landscape.

Malaysia is unlikely to enter a recession due to its diversified economic structure, with services and manufacturing sectors providing stability. Bursa Malaysia chairman highlights the country's reduced dependence on commodities and varied trading partners as key strengths.

Hong Kong has been recognized as the world's freest economy by the Fraser Institute, highlighting its top ranking in "Freedom to Trade Internationally" and commitment to maintaining an efficient, open market environment that supports business flexibility and resilience.

Malaysia's franchise industry is set to expand significantly, with sales expected to reach RM22.66bil by 2025. The sector has seen a 47% increase in franchise outlets in 2021, creating approximately 49,000 jobs and showcasing strong potential for economic growth.

Bank Negara Malaysia increases overnight policy rate by 25 basis points to 2.5%, marking the third consecutive hike this year. The move aligns with improving economic growth forecasts and rising inflation, bringing year-to-date rate increases to 75 basis points.