Business

The Hong Kong Special Administrative Region government celebrates its top ranking in the Economic Freedom of the World 2022 Annual Report. The Fraser Institute highlighted Hong Kong's continued leadership in "Freedom to Trade Internationally" and commitment to maintaining an efficient, open market environment.

Malaysia's franchise sector is experiencing rapid growth, with sales expected to reach RM22.66 billion by 2025. The industry currently has 1,149 registered franchisers and 13,779 outlets, creating approximately 49,000 jobs nationwide. Prime Minister Ismail Sabri Yaakob highlights the sector's potential for job creation and international brand expansion.

Bank Negara Malaysia's Monetary Policy Committee increased the overnight policy rate (OPR) by 25 basis points to 2.5% on September 8. This marks the third consecutive rate hike in 2022, bringing the year-to-date increase to 75 basis points. The move reflects improving economic conditions and inflation trends.

Bursa Malaysia broke its losing streak on Wednesday, with the FBM KLCI index gaining 3.08 points to close at 1,491.35. The Malaysian ringgit weakened to 4.5028 against the US dollar, marking its lowest level since 1998. Trading volume reached 2.36 billion shares valued at RM1.62 billion.

Sarawak is set to experience significant improvements in internet connectivity with the launch of the Batam Sarawak Internet cable system (Basics) and a new data center. Developed by PPTEL under the Irix brand, these infrastructure investments aim to address connectivity challenges, especially in rural areas.

OPEC+ and allied oil producers, including Russia, have slightly reduced their oil output for October, a modest 100,000 barrel per day decrease. This symbolic cut comes amid growing recession fears and falling crude prices, which have already dropped from June's $120 per barrel peak.

SK Hynix will invest 15 trillion won ($10.9 billion) to build a new semiconductor manufacturing plant called M15X in Cheongju, South Korea. Construction begins in October 2023, with completion expected in early 2025, marking a significant expansion of the company's memory chip production capabilities.

Malaysia's palm oil inventories climbed 14.5% to 2.03 million tonnes by end-August, reaching a two-year high. Production increased 8% to 1.7 million tonnes, driven by favorable rainfall and moisture conditions. Experts predict September production growth might slow down as crop 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, enabling Shariah-compliant securities trading while supporting risk management for market participants.

Indonesia hikes subsidized fuel prices by 30%, with Pertalite gasoline rising from 51 to 67 cents per liter. Long lines at gas stations as motorists rush to fill tanks before price increase takes effect. President Joko Widodo cites economic necessity for subsidy reduction.