Business – Page 14 – Thesundailymys

Microsoft hits $4 trillion valuation as AI drives stock surge

NEW YORK: Microsoft’s market valuation surged past $4 trillion early Thursday as investor enthusiasm for artificial intelligence propelled its shares higher following robust earnings. The tech giant reported $27.2 billion in quarterly profits, with its stock jumping 5.3 percent. Microsoft is now the second company to cross the $4 trillion mark, trailing AI leader Nvidia.… Continue reading

13th Malaysia Plan 2026-2030 sets bold, ambitious path for economy

KUALA LUMPUR: Malaysia is setting the stage for a high-value, inclusive and technologically advanced economy through the 13th Malaysia Plan (13MP). Prime Minister Datuk Seri Anwar Ibrahim said Malaysia, with an ambitious growth forecast of 4.5% to 5.5% annually between 2026 and 2030, is laying down a multi-pronged blueprint to reposition the country as a… Continue reading

Green and blue economy initiatives key pillars of 13th Malaysia Plan

PETALING JAYA: Malaysia’s 13th Malaysia Plan (13MP) has cast the green and blue economy as key pillars for driving high-value, sustainable growth by 2030, with initiatives ranging from carbon trading and hydrogen hubs to rare earth elements (REE) and maritime industries. While some economists view these plans as a timely move to position Malaysia as… Continue reading

13MP creates opportunities for local skincare startups, says Encorium founder

PETALING JAYA: The 13th Malaysia Plan (13MP) could mark a turning point for the country’s RM6.8 billion skincare and wellness sectors. According to Encorium, a local e-commerce-first skincare brand focused on barrier-first formulations for sensitive skin, the plan’s emphasis on value creation, digital-first models and “Made by Malaysia” products creates meaningful opportunities for independent skincare… Continue reading

13MP – Malaysia’s growth prospects closely linked to global developments, domestic challenges

KUALA LUMPUR: Prospects for the country’s economic growth are closely linked to the global economic environment, which is expected to moderate during the 13th Malaysia Plan (13MP) period due to various current challenges, according to the 13MP Main Document 2026-2030, themed “Redefining Development”. The document, citing projections from the International Monetary Fund (IMF), expects the… Continue reading

AmFIRST REIT posts improved Q1 results

PETALING JAYA: AmREIT Managers Sdn Bhd, the manager of AmFIRST Real Estate Investment Trust, reported improved financial performance for the first quarter of the current financial year, underpinned by higher rental income from improved portfolio occupancy and higher carpark income. Also, a one-off compensation received for waiver of reinstatement liability has also contributed to the… Continue reading

Petronas, Microsoft deepen ties to support Malaysia’s AI adoption, energy transition

KUALA LUMPUR: Petronas and Microsoft signed a MoU, further extending their strategic collaboration in multiple areas across innovation and sustainability to support the development of an artificial intelligence (AI)-enabled economy and ecosystem in Malaysia, while advancing efforts towards energy transition in Asia. At the signing ceremony held on the sidelines of Energy Asia 2025, Petronas… Continue reading

RMK-13: MPRC Welcomes Recognition of OGSE Companies in Catalysing CCUS Industry

KUALA LUMPUR: Malaysia Petroleum Resources Corporation (MPRC) welcomes the Government’s continued emphasis on strengthening the green economy, one of the 10 key economic diversification areas in the 13th Malaysia Plan (RMK-13) announced by Prime Minister Datuk Seri Anwar Ibrahim today. This focus reaffirms new opportunities for Malaysia’s Oil & Gas Services and Equipment (OGSE) companies… Continue reading

Malaysia’s foreign reserves hit US$120.61 billion in June 2025

KUALA LUMPUR: Malaysia’s official reserve assets reached US$120.61 billion as of end-June 2025, according to Bank Negara Malaysia (BNM). Other foreign currency assets stood at US$1.21 billion, reinforcing the country’s financial stability. The central bank highlighted that the detailed breakdown of international reserves follows the International Monetary Fund’s (IMF) Special Data Dissemination Standard (SDDS) format.… Continue reading

Malaysia’s foreign reserves hit US$120.61 billion in June 2025

Alliance Bank posts record net profit of RM751m

Kam says the bank’s loan growth outpaced the industry average. KUALA LUMPUR: Alliance Bank Malaysia Bhd has posted a record net profit of RM751 million for the financial year ended March 31 2025 (FY25), supported by double-digit loan growth and the ongoing execution of its Acceler8 transformation plan. At its 43rd annual general meeting and… Continue reading

Clearing doubts on rental and leasing service tax

EFFECTIVE July 1, 2025, rental and leasing services have become subject to an 8% service tax under Group K, First Schedule of the Service Tax Regulations (STR) 2018. This marks a significant expansion of the service tax regime, impacting a wide range of businesses engaged in leasing or renting tangible assets in Malaysia. Who is… Continue reading

BNM imposes penalties on BIMB, Bank Rakyat and BSN for non-compliance

KUALA LUMPUR: Bank Negara Malaysia (BNM) has imposed an administrative monetary penalty (AMP) totalling RM3.445 million on Bank Islam Malaysia Bhd (BIMB) for non-compliance with the Islamic Financial Services Act 2013 (IFSA) and the relevant policy documents. The relevant policy documents include Risk Management in Technology Policy Document (RMiT PD) and Anti-Money Laundering Countering Financing… Continue reading

BNM fines Bank Islam, Bank Rakyat, BSN for regulatory breaches

KUALA LUMPUR: Bank Negara Malaysia (BNM) has imposed administrative monetary penalties totalling RM9 million on Bank Islam Malaysia Bhd (BIMB), Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat), and Bank Simpanan Nasional (BSN) for breaches of financial regulations. BNM stated today that it fined BIMB RM5.145 million for non-compliance with the Islamic Financial Services Act 2013… Continue reading

Will stablecoins become everyday money?

NEW YORK: Stablecoins may not create overnight millionaires like Bitcoin once did, but they’re designed for more practical, everyday use. The GENIUS Act, a regulatory framework recently signed into law by US President Donald Trump, may boost stablecoins, digital currencies with values pegged to a country’s traditional currency. Here are potential uses for stablecoins, the… Continue reading

Tesla signs US$4.3b LG battery deal to cut China dependence

SEOUL: South Korea’s LG Energy Solution (LGES) has signed a US$4.3 billion (RM18.2 billion) deal to supply Tesla with energy storage system batteries, said a person familiar with the matter, as the US company looks to reduce reliance on Chinese imports due to tariffs. The lithium iron phosphate (LFP) batteries will be supplied from LGES’s… Continue reading

Affin Group names RM1m grand prize winner in flexible savings plan campaign

KUALA LUMPUR: Affin group has announced the quarter three winners of its flexible savings plan (FSP) millionaire campaign, with the grand prize of RM1 million going to one lucky participant. The prize presentation ceremony was held at Menara Affin @ TRX and marked the conclusion of the campaign, which ran from Aug 8 2024 to… Continue reading

Firefly moves jet operations to KLIA on Aug 19

SEPANG: Malaysia Aviation Group (MAG) yesterday announced the relocation of its regional airline Firefly’s jet operations from Sultan Abdul Aziz Shah Airport (SZB) to Kuala Lumpur International Airport (KLIA) Terminal 1, effective Aug 19. The airline will continue to operate its turboprop services from SZB, ensuring ongoing connectivity to key regional destinations. This strategic move… Continue reading

Malaysia’s coffee market hits US$1.05 billion amid global supply challenges

KUALA LUMPUR: Malaysia’s domestic coffee market has reached a valuation of US$1.05 billion, supported by over 6,400 cafes operating across the country. Deputy Plantation and Commodities Minister Datuk Chan Foong Hin highlighted the sector’s growth while addressing external pressures affecting global supply chains. Speaking at the 24th Malaysian International Food and Beverage Trade Fair (MIFB… Continue reading

13MP to boost high-value economic sectors and banking growth

KUALA LUMPUR: Alliance Bank Malaysia Bhd expects the upcoming 13th Malaysia Plan (13MP) to strengthen national efforts in developing high-value economic sectors, creating a supportive environment for banking sector expansion. Group chief executive officer Kellee Kam stated that the 13MP would likely build on recent progress, particularly in energy transition, infrastructure, and high-technology industries. “We… Continue reading

13MP to boost high-value economic sectors and banking growth

KAB announces shareholding change, reaffirms strategic focus

KUALA LUMPUR: Kinergy Advancement Bhd (KAB), a leading Malaysian provider of sustainable energy and engineering solutions, has announced the cessation of Kington Tong Kum Loong as a substantial shareholder following his disposal of 25,037,543 ordinary shares via a direct business transaction. According to a filing with Bursa Malaysia, the change was officially notified on July… Continue reading

Malaysia’s structural reforms key to economic resilience says BNM governor

KUALA LUMPUR: Malaysia’s ongoing structural reforms to ensure long-term resilience are critical to defend the economy against global shocks, Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour said during an exclusive interview with Bernama. He said Malaysia’s foresight enabled the country to weather these shocks, such as the ravaging COVID-19 pandemic five years… Continue reading

Malaysia’s structural reforms key to economic resilience says BNM governor

RM11.3b in manufacturing now operational – Zafrul

KUALA LUMPUR: A total of 11 manufacturing projects worth RM11.3 billion have been approved and have begun operations nationwide under the MADANI government’s leadership. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the companies were part of a broader wave of investments, with more projects still under construction. “This is only… Continue reading

RM11.3b in manufacturing now operational – Zafrul

Bursa Malaysia opens lower ahead of Fed rate cut decision

KUALA LUMPUR: Bursa Malaysia opened lower on Wednesday, tracking losses from overnight Wall Street performance as profit-taking emerged ahead of the United States (US) Federal Reserve (Fed) interest rate cut decision later today. At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.43 points, or 0.12 per cent, to 1,521.39 from Tuesday’s close… Continue reading

Bursa Malaysia opens lower ahead of Fed rate cut decision

Ringgit steady vs US dollar ahead of FOMC meeting

KUALA LUMPUR: The ringgit was little changed against the US dollar on Wednesday morning as traders adopted a wait-and-see approach ahead of the Federal Open Market Committee (FOMC) meeting, which will be unfolding tonight, said an analyst. At 8 am, the local note was slightly higher at 4.2300/2400 against the greenback from Tuesday’s close of… Continue reading

Ringgit steady vs US dollar ahead of FOMC meeting

IMF raises Malaysia’s GDP growth forecast to 4.5% in 2025

KUALA LUMPUR: The International Monetary Fund (IMF) has raised its forecast for Malaysia’s real gross domestic product (GDP) growth to 4.5 per cent in 2025 and 4.0 per cent in 2026. In its July 2025 World Economic Outlook (WEO) update released today, titled ‘Global Economy: Tenuous Resilience amid Persistent Uncertainty’, the IMF said the forecast… Continue reading

IMF raises Malaysia’s GDP growth forecast to 4.5% in 2025

Keeping deliveries fresh without melting margins

THE cold chain logistics industry is no longer a niche vertical; it is a backbone of modern supply chains. In Malaysia, the market was valued at RM2.5 billion in 2023, reflecting the country’s growing reliance on temperature-controlled logistics. Beyond urban centres, cold chain logistics plays a vital role in transporting temperature-sensitive items, such as food,… Continue reading

Coherent opens new research facility

PETALING JAYA: Coherent Corp, a global leader in photonics, opened its new Datacom Research and Development Centre in Gelugor, Penang, yesterday, underscoring the company’s strategic commitment to serving its rapidly growing global markets. Situated at Menara IJM Land, the Penang R&D Centre joins the company’s expanding network in Malaysia, complementing its larger manufacturing sites in… Continue reading

melt

Keeping deliveries fresh without melting margins THE cold chain logistics industry is no longer a niche vertical; it is a backbone of modern supply chains. In Malaysia, the market was valued at RM2.5 billion in 2023, reflecting the country’s growing reliance on temperature-controlled logistics. Beyond urban centres, cold chain logistics plays a vital role in… Continue reading

Report reveals growing ‘hacktivism’ in Malaysia

PETALING JAYA: Ensign InfoSecurity (Ensign), Asia’s largest pure-play cybersecurity services provider, released its sixth Cyber Threat Landscape Report (CTLR), revealing a thriving underground cyberthreat economy and growing supply chain vulnerabilities across Asia-Pacific. In Malaysia, the report observed a rise in hacktivist activity, with these ideologically motivated threat actors growing in scale and sophistication within a… Continue reading

Ramssol forges landmark AI, cloud computing collaboration with Tencent, Equinix

PETALING JAYA: Malaysia is set to accelerate its digital transformation by tapping Chinese expertise in artificial intelligence (AI) and cloud computing, following a landmark collaboration spearheaded by Ramssol Group Bhd with Tencent Cloud and supported by Equinix. The Malaysia-China Tech & Trade Cooperation Exchange Conference 2025, held in Sheraton Petaling Jaya today, underscored the nation’s… Continue reading

inDrive pledges to rebuild trust and strengthen Malaysia operations

KUALA LUMPUR: Ride hailing firm inDrive aims to rebuild trust and strengthen its Malaysia operations following compliance breaches involving driver permit requirements. Macroregional director for Asia-Pacific Mark Tolley admitted that inDrive made errors which led to regulatory scrutiny but has improved its internal systems and is committed to implementing stronger safety and compliance measures. “Where… Continue reading

Investments crucial in advancing Asean sustainability agenda: SC chairman

KUALA LUMPUR: Investments are crucial in accelerating Asean’s sustainability journey, particularly in the development of green industries such as renewable energy, clean technology, and regional carbon markets. To achieve carbon neutrality by 2050, the region will require an estimated US$3.7 trillion to US$6.7 trillion (RM15.6 trillion to RM28.3 trillion) in green investments. Securities Commission Malaysia… Continue reading

Malaysia’s total trade reaches record high RM2.9 trillion in 2024

PETALING JAYA: Malaysia’s trade performance in 2024 showed strong momentum, reflecting the country’s adaptability and resilience as a trading nation, according to Department of Statistics, Malaysia. Total trade rose by RM242.3 billion or 9.2% year-on-year (y-o-y) to a record high of RM2.9 trillion in tandem with increases in exports (5.8%) and imports (13.1%). Chief Statistician… Continue reading

Vape players reject ban, call it flawed

KUALA LUMPUR: A coalition of vape associations has strongly opposed the government’s move to ban vape sales, warning that such a move would harm adult consumers and drive them toward the unregulated black market. They also argue that prohibition is not a practical solution to misuse and would instead worsen the situation by encouraging the… Continue reading

Bursa Malaysia confident securities trading will pick up in second half of 2025

KUALA LUMPUR: Bursa Malaysia Bhd is optimistic that securities trading activity will improve in the second half of 2025 on the back of strong domestic liquidity and improved sentiment. CEO Datuk Fad’l Mohamed said Malaysia has “very strong domestic liquidity”, with asset managers currently holding substantial cash positions. “So they will want to deploy that… Continue reading

Oxford Innotech to boost capacity, deepen presence in modular building systems and semiconductors

KUALA LUMPUR: Oxford Innotech Bhd (OXB) plans to more than double its production capacity by 2027 and deepen its presence in modular building systems and semiconductors, betting on accelerating demand from 5G, Internet of Things and artificial intelligence (AI) industries following its debut on Bursa Malaysia’s ACE Market today. Managing director Ng Thean Gin said… Continue reading

Philips cuts tariff impact by 100 million euros after US-EU deal

AMSTERDAM: Dutch healthcare giant Philips has lowered its estimated financial impact from U.S. import tariffs by 100 million euros following a trade agreement between the U.S. and the European Union. The company now expects tariffs to cost between 150-200 million euros this year, down from its earlier forecast of 250-300 million euros. Philips CEO Roy… Continue reading

Malaysia’s GFCF surges 12% to RM352.3 bln in 2024, led by services

KUALA LUMPUR: Malaysia’s Gross Fixed Capital Formation (GFCF) recorded double-digit growth of 12.0 per cent to RM352.3 billion in 2024, compared with RM314.5 billion in 2023, driven by strong foreign direct investment inflows and sustained domestic investment growth. The Department of Statistics Malaysia (DOSM), chief statistician Datuk Seri Dr Mohd Uzir Mahidin, said all sectors… Continue reading

Malaysia’s GFCF surges 12% to RM352.3 bln in 2024, led by services

Malaysia consumer spending outlook positive for 2025-2026, says BMI

KUALA LUMPUR: BMI, a Fitch solutions company, has maintained its broadly positive outlook for consumer spending in Malaysia over 2025, with the country’s healthy macroeconomic outlook driving real-term growth in household incomes. With inflation averaging lower than expected in May, BMI lowered its forecast for headline inflation to average at 1.9 per cent year-on-year (y-o-y)… Continue reading

Malaysia consumer spending outlook positive for 2025-2026, says BMI

Gold prices steady near 3-week low as trade tensions ease

GOLD prices remained steady on Tuesday, hovering close to a three-week low as reduced concerns over global trade conflicts and a firmer US dollar weakened demand for the safe-haven metal. Spot gold was unchanged at $3,318.79 per ounce after hitting its lowest level since July 9 in the previous session. US gold futures saw a… Continue reading

Indonesia’s FDI falls 6.95% in Q2, steepest drop since 2020

JAKARTA: Foreign direct investment into Indonesia dropped 6.95% in the second quarter from a year earlier to 202.2 trillion rupiah ($12.3 billion), investment ministry data showed on Tuesday, marking the deepest contraction in five years. The data excludes investment in the financial and oil and gas sectors. The fall in FDI was biggest since a… Continue reading