Business

Bank Negara Malaysia's international reserves increased to US$111 billion, with foreign exchange reserves of US$99.6 billion. The central bank's reserve position can fund 1.2 times imported goods and cover 8.5 months of short-term foreign debt, demonstrating strong financial resilience.

Despite the Biden government's call for the closure of domestic semiconductor manufacturing. GlobalFoundries Inc will build a US$4 billion (RM16.4 billion) chip factory in...

Singapore and Vietnam are working to accelerate joint efforts in developing digital economy partnerships. Foreign Affairs Minister Vivian Balakrishnan met with Vietnamese counterpart Bui Thanh Son to discuss bilateral cooperation, including health certificate recognition and travel resumption between the two nations.

Several major Malaysian companies including Petronas, SEA Ltd, Genting, and YTL Corp are preparing to apply for digital banking licenses as Malaysia opens its financial industry to technological innovation. Consortiums are forming to strengthen license applications in this competitive landscape.

Maybank Investment Bank (Maybank IB) secured top honors in investment banking categories at the FinanceAsia Country Awards and Alpha Southeast Asia best FI awards. The bank won "Best Investment Bank", "Best ECM House", "Best DCM House", "Best Bond House", and "Best Institutional Broker in Malaysia" for 2021.

IJM Corp has agreed to sell its entire 56.2% stake in IJM Plantations to KLK for RM1.53 billion in cash, or RM3.10 per share. The transaction requires shareholder and creditor approval at an extraordinary general meeting. IJM will remain entitled to a 10 cents per share dividend.

Bank Negara Malaysia and 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 through their respective real-time retail payment platforms.

Malaysia keeps Crude Palm Oil export tax at 8% for July, with a reference price of RM4,668.15 per ton, reflecting the country's significant role in the global palm oil market.

Malaysia and Singapore are emerging as key regional centers for green and sustainable finance. A recent report by the Climate Bonds Initiative, supported by HSBC, reveals the ASEAN sustainable finance market's resilience, with Malaysia's green bond and Sukuk market reaching US $2.6 billion and 15 sustainable financial arrangements.

Luno Malaysia has recorded approximately US$1 billion in cryptocurrency transactions this year, marking significant growth from US$300 million in 2020. Country manager Aaron Tang suggests cryptocurrency adoption is still in early stages, with only 2.5% of global population owning digital assets as investments and inflation hedges.