Business

Malaysia's political landscape is in flux as the King begins the process of selecting a new Prime Minister following Muhyiddin Yassin's resignation. The former leader stepped down after criticism of his pandemic response, which saw Malaysia experiencing high infection and death rates despite prolonged lockdowns.

Japan has approved a $338 million semiconductor research project with TSMC to develop advanced chip technology. The collaboration aims to enhance Japan's competitiveness in the semiconductor sector, addressing global chip shortages and supporting key industries like automotive manufacturing.

Chinese bubble tea chain Nayuki Ltd. is set to raise US$656 million through its Hong Kong initial public offering. Founded in Shenzhen in 2014 by Peng Xin and Zhao Lin, the company plans to sell 257.3 million shares at HK$17.2 to HK$19.8, potentially valuing the founders' stake at over US$1.1 billion.

Telecommunications giants Axiata Group and Telenor Asia have completed a strategic merger of their Malaysian wireless operations, creating a commercially stronger digital service provider. The new entity, MergeCo, will be jointly owned by Axiata and Telenor, each holding a 33.1% stake, with projected pre-tax profits of 5.7 billion ringgit and significant potential for synergies and growth.

Britain and Singapore are initiating talks on a digital trade agreement, part of the UK's strategy to establish itself as a global tech hub after leaving the European Union. The potential deal aims to reduce barriers in digital commerce and support British tech companies' international expansion efforts.

UEM Sunrise Bhd has partnered with Maybank Islamic's HouzKEY to help first and second-time homeowners acquire their dream homes. The collaboration offers zero down payments, zero payments during construction, and 100% financing for 10 projects, making homeownership more accessible.

Malaysia's Digital Nasional Bhd has chosen Ericsson to deploy a nationwide 5G network, valued at RM11 billion. The project aims to accelerate the country's digital transformation, with Ericsson believing critical network infrastructure is essential for economic progress.

Malaysian engineering firm KAB partners with Janakuasa to enter Vietnam's renewable energy market, targeting three hydropower stations with 180 MW total capacity. The projects have power purchase agreements valid from 2030 to 2039, with commercial operations already established between 2015 and 2019.

A Federal Reserve study shows Trump-era tariffs caused billions in losses, with unusual trade reporting patterns emerging between the US and China, potentially due to strategic valuation manipulations by exporters and importers.

The World Bank has lowered Malaysia's GDP growth projection to 4.5% in 2021, down from the previous 6%, due to the resurgence of COVID-19 infections. The reduction reflects slower pandemic containment and vaccination efforts, raising concerns about the country's health system capacity and economic recovery.