Business

OPEC+ continues its 2 million barrel per day output reduction while China relaxes COVID curbs. U.S. West Texas Intermediate crude futures rose 0.9% to $80.68, and Brent crude increased 0.8% to $86.29, signaling potential demand recovery and market stability.

Sarawak Premier Tan Sri Abang Johari Openg revealed the state's ambitious revenue target for 2023, with approximately RM5.25 billion expected from taxes and substantial income streams from crude oil, LNG, palm oil, and other sectors.

Taiwanese economic expert Tsai Yu-Tai suggests US semiconductor policies may significantly impact Taiwan's critical chip industry exports, highlighting uncertainty around production and international trade in advanced technology sectors.

RHB Bank is poised to achieve most of its 2022 financial KPIs, including a 9.3% return on equity, 4-5% loan growth, and a gross impaired loan ratio of 1.7% or less. The bank's group CEO noted they've met most targets, with only the CASA ratio falling slightly short.

Malaysian stock market experiences a 1% drop as investors take profits. The ringgit strengthens to 4.4760 against the US dollar, driven by potential political reforms and economic outlook. Foreign investors return with net purchases of RM341 million after six days of outflows.

Bank Negara Malaysia has published an exposure draft detailing the licensing and regulatory framework for Digital Insurance and Takaful Operators (DITOs). The draft aims to promote inclusiveness, competition, and efficiency in the insurance sector, providing clear guidelines on business models and distribution methods.

Prime Minister Anwar Ibrahim's first parliamentary session will prioritize civil employee emoluments and Budget 2023. The 15th Parliament's initial session begins on December 19, with plans to table a new or revised budget within a month.

Boustead Plantations Bhd anticipates continued volatility in palm oil prices, citing high stock levels in Malaysia and Indonesia, increased production costs from higher minimum wages, and rising fertilizer and diesel prices. Despite challenges, the company remains optimistic about cost management and crop enhancement strategies for 2022.

S&P Global Ratings forecasts Malaysian banks will maintain 5-6% loan growth in 2023 due to economic stability. With projected GDP growth of 4.5% and strong bank capitalization at 14.3% Tier 1 ratio, the banking sector shows robust potential to navigate potential asset quality challenges.

At the APEC summit in Thailand, most Asia-Pacific leaders denounced Russia's war in Ukraine and committed to open trade. The gathering emphasized economic sustainability and acknowledged the global economic impacts of ongoing international conflicts, with diplomatic nuances reflected in the final statement.