Business

Federal Reserve economists uncover unusual trade patterns between US and China, suggesting potential reporting manipulations during trade tensions that led to billions in economic losses.

The World Bank has lowered Malaysia's GDP growth projection to 4.5% for 2021, citing concerns about the COVID-19 resurgence, health system capacity, and economic disruptions. The revised forecast reflects a slower pandemic containment and vaccination rollout, impacting families and businesses across the country.

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

GlobalFoundries is investing $4 billion in a new chip factory in Singapore and expanding operations in the US and Germany. The semiconductor manufacturer aims to increase production capacity alongside rivals TSMC and Samsung, addressing ongoing global chip supply challenges in automotive and consumer electronics industries.

Singapore and Vietnam are accelerating joint efforts to develop digital economy partnerships. Foreign Affairs Minister Vivian Balakrishnan met with Vietnamese counterpart Bui Thanh Son to discuss mutual health certificate recognition and travel resumption, marking the first ministerial visit since COVID-19 began.

Petronas and SEA Ltd are among several organizations eyeing Malaysia's digital banking licenses. Potential applicants include Genting, YTL Corp, Sarawak government, Grab Holdings, and Subway Bhd. Some companies like SEA and YTL are considering consortium applications as the country prepares to liberalize its financial industry.

Maybank Investment Bank (Maybank IB) has clinched top awards in investment banking categories, including "Best Investment Bank", "Best ECM House", and "Best DCM House" at the FinanceAsia Country Awards 2021. The bank also received "Best Bond House" and "Best Institutional Broker in Malaysia" at the Alpha Southeast Asia awards.

IJM Corp has agreed to sell its 56.2% stake in IJM Plantations to KLK Bhd for RM1.53 billion in cash, at RM3.10 per share. The transaction requires shareholder and creditor approval. After completion, IJM Plantations will no longer be a subsidiary, but IJM will retain a 10-cent per share dividend right.

Bank Negara Malaysia and Bank of Thailand have initiated a cross-border QR payment linkage, allowing shoppers and traders in both countries to make instant cross-border payments. The project, which began in June 2020, connects the real-time retail payment systems of RPP/DuitNow and PromptPay, enabling seamless financial transactions.

Malaysia has maintained its CPO export tax at 8% for July 2021, based on market prices exceeding RM3,450 per tonne. The Royal Malaysian Customs Department confirmed the rate, which applies to the world's second-largest palm oil producer and exporter.