Business

Major US bank leaders like Jamie Dimon predict economic challenges ahead, citing inflation's impact on consumer purchasing power. With pandemic savings expected to deplete by mid-2023 and potential interest rate stabilization, banks are preparing for a potential mild to hard recession next year.

The European Union is proposing additional sanctions against Russia, targeting over 200 politicians, military officers, and key figures responsible for missile attacks and actions in Ukraine. The European Commission's recommendations include travel bans and asset freezes, pending approval from member nations.

Asian markets show mixed performance as Hong Kong and China stocks rise, despite worries about economic slowdown. The MSCI Asia-Pacific index edges up, with Hang Seng surging over 2% following China's COVID policy relaxation. Australian and Japanese markets experience declines, reflecting ongoing global economic uncertainties.

The Institute of Chartered Accountants in England and Wales (ICAEW) forecasts a challenging start for Asian economies in 2023, but highlights Malaysia's economic resilience. Despite global supply chain disruptions and inflation, the country is expected to maintain economic strength through the anticipated global economic downturn.

Banking stocks remain a relatively safe investment despite emerging challenges. The sector is experiencing declining interest rates, increasing deposit competition, and potential asset quality issues. Experts suggest focusing on non-interest revenue streams to maintain financial resilience in a potentially challenging economic landscape.

OPEC+ countries preserve production cuts ahead of EU Russian crude ban, while China's relaxing Covid measures signal potential increased fuel demand. Global oil benchmarks WTI and Brent show positive momentum, reflecting market optimism about future energy consumption.

Sarawak aims to achieve a record revenue of RM11 billion in 2023, with approximately RM5.25 billion from taxes. The state's income will come from diverse sources including crude oil, LNG, palm oil, and other industrial sectors.

Taiwanese economic officials are expressing concerns about recent US semiconductor restrictions potentially harming the island's critical technology export sector. The new Chips and Science Act could significantly disrupt Taiwan's advanced chip manufacturing ecosystem, introducing uncertainty into global supply chains.

RHB Bank is on track to meet most of its 2022 financial targets, including a 9.3% return on equity, 4-5% loan growth, and maintaining a low gross impaired loan ratio. Group CEO Mohd Rashid Mohamad reports progress across multiple key performance indicators.

The Malaysian stock market experienced a 1% decline with the KLCI index, while the ringgit reached a three-month high at 4.4760. Foreign investors returned to buying stocks, and potential political developments could drive pro-growth measures and domestic reforms.