Economy

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz (Bloomberg filepix) - A + A KUALA LUMPUR (May 24): Malaysia's economy is heading towards the right direction despite the challenging environment, especially with the expectation of a higher inflation rate, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said. He said however, with the strong gross domestic product (GDP) growth of 5.0% in the first quarter of 2022, which was above expectation, the inflation remained comparative low. “We have increased the subsidies for petrol, some of the foods, goods, and essentials, hence, it has helped the inflation remain quite low for Malaysia. Inflation in Malaysia last month recorded 2.2%… So that's still good. “What we need to focus on now is to be more targeted in subsidies. I don't think we can have a subsidy that's meant for all, but for the vulnerable groups, which I think they still need us,” he said in an interview on CNBC on Tuesday (May 24). The … [Read more...] about Malaysia’s economy in right direction, inflation remains comparatively low, says Tengku Zafrul

by Martina Fuchs, Guo Shuang DAVOS, Switzerland, May 24 (Xinhua) -- The International Monetary Fund (IMF) on Tuesday warned of further headwinds for the global economy and spiralling inflation around the world due to the conflict in Ukraine, while voicing that China will remain an engine of growth after the "near-term headwinds". "We are seeing additional weaknesses in the global economy. The war is creating immense stress around the world with higher commodity prices everywhere," Gita Gopinath, the first deputy managing director of the Washington-based IMF told Xinhua during an exclusive interview at the World Economic Forum (WEF) in Davos, Switzerland. In April, the IMF in its World Economic Outlook forecasted global growth to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than it had projected in January. The Chinese economy, meanwhile, is expected to grow 4.4 percent this year, … [Read more...] about Interview: IMF warns of further downside risks for global economy

Neda chief Karl Kendrick Chua MANILA, Philippines — The resurgence of a virus is a major threat to the country’s domestic economy, National Economic and Development Authority (Neda) Secretary Karl Kendrick Chua said Wednesday. “I think right now, on the domestic economy, the only major threat is a possible resurgence of the virus, whether COVID or something else, but we have learned from our experience that we can manage both the economy and health together,” he said during the Kapihan sa Manila Bay forum. “The most important thing for me right now is to continue the vaccination program. Our booster vaccination rate is still, I think, one-fourth of the population. So, that is the most important to fast-track,” he shared. Children and senior citizens should be prioritized in the vaccination program as they are vulnerable to diseases, he added. According to Chua, policies and reforms are “well-placed to make the domestic economy grow.” However, main threats to the … [Read more...] about Resurgence of virus is major threat to domestic economy — Neda chief

Tengku Zafrul: I have gathered some new ideas that InsyaAllah will be shared with MoF (Ministry of Finance) staff for Budget 2023. (File photo by Zahid Izzani Mohd Said/The Edge) - A + A KUALA LUMPUR (May 25): Malaysia needs an inclusive digital transformation to build a competitive and progressive digital economy to keep in step with developed countries, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said. Tengku Zafrul said he shared the ideas for the future of the ASEAN digital community during a discussion titled "A Digital ASEAN for All" with several counterparts and corporate figures from Southeast Asian countries on the first day of the World Economic Forum (WEF). He shared Malaysia's success in bridging the financing gap for micro, small and medium enterprises (MSMEs), as well as the informal economy. "InsyaAllah, with the government's initiatives such as the implementation of the MSME digitalisation road map, our country will continue to … [Read more...] about Malaysia needs inclusive transformation to build competitive digital economy, says Tengku Zafrul

Representational Image. Source: Reuters The country's exports rose by 21.1 percent to USD 23.7 billion during May 1-21, on account of healthy growth in various sectors, such as petroleum products, engineering, and electronic goods, an official said. During the second week of this month (May 15-21), the exports grew by about 24 percent to USD 8.03 billion, the official added. Petroleum products, engineering, and electronic goods' exports during May 1-21 expanded by 81.1 percent, about 17 percent, and about 44 percent, respectively. The total figure for May is likely to be realized by the commerce ministry in June. In April, the exports rose by 30.7 percent to USD 40.19 billion. Imports during the month grew by 30.97 percent to USD 60.3 billion. Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes … [Read more...] about Exports rises 21% to $23.7 billion during May 1-21

Share to Twitter Share to Linkedin There is a lot of talk about the possibility of the U.S. heading into a recession . Whether it actually happens or not remains to be seen. And worrying about it will not help you. Continue focusing on the things in your life that you can control. Demonstrate leadership, and keep a level head. Here are three habits to continue should there be a recession: 1. Continue to save on finances . If you are hearing in the news that there may be a recession and the first thing you say to yourself is that you need to save money, you may be in a precarious situation. You should always be saving a certain amount of money so that you can weather life events. Continue your savings habit. 2. Maintain perspective. When people hear the word “recession,” many people get scared. Recessions are contractions of economic activity, so people equate recessions with losing jobs and money. And people get emotional when money is involved. … [Read more...] about 3 Habits To Continue In The Event Of A Recession

- A + A KUALA LUMPUR (May 24): The plantations and manufacturing segments have lifted Kuala Lumpur Kepong Bhd’s (KLK) net profit for the second quarter ended March 31, 2022 (2QFY22) to RM546.57 million, up 11.44% from RM490.44 million a year earlier. Earnings per share increased to 50.7 sen from 45.5 sen in the previous year. A bourse filing showed that KLK’s revenue in 2QFY22 climbed 41.56% to RM6.38 billion from RM4.51 billion in 2QFY21. The company also declared an interim dividend of 20 sen per share, to be paid on Aug 2. KLK’s plantations segment's 2QFY22 revenue grew 65.4% to RM423.3 million from RM255.87 million, driven by higher crude palm oil (CPO) and palm kernel selling prices and profit contribution from newly acquired subsidiaries. The manufacturing segment’s revenue, meanwhile, jumped 72.6% to RM377.89 million from RM218.97 million on higher contributions from oleochemical division and refineries as well as kernel crushing operations. For the … [Read more...] about Plantation and manufacturing segments lift KLK’s 2Q earnings 11.44% y-o-y to RM546.57m

- A + A KUALA LUMPUR (May 24): Logistics and express carrier provider GDEX Bhd posted a net loss of RM1.9 million in the first quarter ended March 31, 2022 (1QFY22), the first time since it was listed in 2005, amid tough competitions at home and higher operating costs. The group reported a 13.16% decline in revenue during the quarter to RM91.89 million, compared with RM105.81 million a year ago, amid lower contributions from its courier services segment. Geographically, Malaysia and Vietnam collectively made up the majority, or 99.6%, of GDEX's revenue, while Singapore contributed the balance 0.4%, according to GDEX. GDEX managing director Teong Teck Lean said in a statement accompanying the results that the group continues to face headwinds in Malaysia due to predatory pricing. "The competitive pricing environment is destructive, with some players offering free delivery service to grow their volume. However, this practice seems to be slowing down and we … [Read more...] about GDEX falls into the red for the first time ever amid stiff competitions in 1QFY22

- A + A NEW DELHI (May 24): India is considering cutting an import levy on soybean and sunflower oils, another step in a series of measures the country has taken to cool surging local prices of food. The government is deliberating whether to reduce the agriculture infrastructure and development cess, which is currently 5%, or abolish it, according to a person familiar with the matter. A final decision may be taken this week, said the person, who asked not to be identified as the information is private. A finance ministry spokesperson was not immediately available to comment. The extra levy is used by the government to collect funds for farm infrastructure projects. Curbing the tax could be one of the limited options available for the government to reduce surging vegetable oil prices in the world's second most-populous nation. India has already scrapped base import levies on most cooking oils, including palm oil and soybean oil, and imposed inventory limits to … [Read more...] about India considers tax cut on soybean and sunflower oil to cool prices

- A + A LONDON (May 24): Food protectionism is on the rise in the developing world as governments try to safeguard local supplies, and the effects are threatening to spill over into richer economies. Countries are restricting exports to cope with high prices that have been exacerbated by the war in Ukraine. Malaysia just announced a ban on chicken exports, causing consternation in Singapore, which gets a third of its supplies from there. India has moved to curb wheat and sugar shipments, Indonesia has limited palm oil sales, and some other nations have issued grain quotas. The poorest countries are most vulnerable to surging food prices and shortages, but wealthier economies are not immune. For example, almost 10 million Britons cut back on food in April amid a cost-of-living crisis. US restaurants are shrinking the size of their portions, while France has pledged to issue food vouchers to some households. "Lower-income households in the UK and the US are … [Read more...] about Rising global food protectionism risks worsening inflation woes