Business

OPEC and allied producers, including Russia, slightly reduced oil output for October, reflecting growing concerns about global demand. The 100,000 barrels per day reduction follows recent price drops from June's $120 per barrel peak, providing relief for consumers while challenging producer revenues.

SK Hynix plans to invest 15 trillion won ($10.9 billion) in a new M15X chip plant in Cheongju, South Korea. Construction begins in October 2023, with completion expected in early 2025. The investment underscores the company's commitment to expanding its semiconductor manufacturing infrastructure.

Malaysia's palm oil inventories surged 14.5% to 2.03 million tonnes in August, the highest in over two years. Production climbed 8% to 1.7 million tonnes, driven by favorable rainfall and soil conditions. Experts predict a production slowdown in September as yields stabilize.

Maybank Investment Bank has been added as a user and supplier under Bursa Malaysia's Islamic Securities Selling and Buying Negotiated Transaction (ISSBNT) framework. This development will facilitate the trading of Shariah-compliant securities while supporting risk management for market participants.

Indonesia has implemented a significant 30% fuel price increase, marking the first hike in eight years. Motorists rushed to gas stations before the price change, with Pertalite RON-90 gasoline rising from 51 to 67 cents per liter and diesel from 35 to 46 cents, reflecting the government's efforts to reduce costly energy subsidies.

EcoWorld Development Group has signed an MoU with Public Bank to provide special end-financing for green-certified properties. The Green 5Home and Green Swift plans offer preferential pricing and fast approval for sustainable residential and commercial projects, promoting environmental responsibility in real estate.

Asian stock markets show mixed performance ahead of critical US jobs report, with investors anticipating potential Federal Reserve actions based on employment figures and inflation trends.

Standard Chartered Malaysia introduces SmartStocks, a comprehensive online trading platform allowing Malaysian investors to access 12 stock exchanges across seven global markets. The platform offers a single brokerage account with competitive rates, addressing traditional barriers like high transaction fees for retail investors seeking international market exposure.

Malaysia secured RM123.3 billion in approved investments from January to June 2022, with foreign direct investments contributing 70.9% of the total. The services sector led the investment landscape, accounting for 63.3% of approved investments and driving economic recovery.

Arizona Governor Doug Ducey praised economic cooperation with Taiwan, highlighting a significant $12 billion semiconductor investment by TSMC. The meeting with President Tsai Ing-wen underscores growing tech partnerships between Taiwan and the United States, amid increasing geopolitical competition with China.