Business

Bank Negara Malaysia has released an exposure draft outlining licensing and regulatory guidelines for Digital Insurers and Takaful Operators (DITOs). The proposed framework aims to facilitate market entry, promote competition, and provide value-driven insurance solutions while ensuring sustainable business practices and policyholder benefits.

The first session of Malaysia's 15th Parliament will focus on approving civil servant emoluments and discussing Budget 2023. Prime Minister Anwar Ibrahim announced plans to table a new or revised budget within a month, marking a significant start to his administration's parliamentary agenda.

Boustead Plantations Bhd expects continued palm oil price volatility amid rising production costs, including higher minimum wages and increased fertilizer and diesel prices. The company remains optimistic about cost management and crop enhancement strategies to improve profitability in the coming year.

S&P Global Ratings predicts Malaysian banks will maintain loan growth between 5-6% in 2023, supported by a stable economy. The banking sector shows resilience with strong capitalization, 1.8% provisioning buffers, and a 14.3% common equity Tier 1 ratio, enabling banks to withstand potential asset quality pressures.

Asia-Pacific leaders gathered at the APEC summit in Thailand, strongly condemning Russia's war in Ukraine while emphasizing the need for open trade and economic stability. The majority of the 21 participating nations expressed concern about the conflict's global economic implications, marking a significant diplomatic moment.

World Trade Organization head Ngozi Okonjo-Iweala cautions about recession risks in key economies, highlighting challenges from Ukraine conflict, rising food and energy prices, and global inflation pressures.

Brunei has performed exceptionally well in business and labor market regulations, securing top global rankings in the Fraser Institute's Economic Freedom Index. The Sultanate scored 8.8 out of 10 in regulations, ranking fourth globally in labor market regulation and eighth in business regulation.

AmBank has formed a strategic two-year partnership with Persatuan Usahawan Maju Malaysian (PUMM), aiming to support over 3,000 business owners across various sectors. The collaboration focuses on enhancing financial literacy, providing financing access, and offering business optimization tools to help SMEs thrive.

Norwegian Telenor and Malaysian Axiata Group have secured regulatory clearance to merge their local telecommunications units Celcom Axiata and DiGi.Com. The proposed tie-up aims to create a stronger market leader in Malaysia's competitive telecom landscape, with an estimated enterprise value of $15 billion and potential to reshape the industry's competitive dynamics. - EXCERPT: Provides context, highlights main parties, deal value, and strategic intent within 100 words

Malaysia's economy remains robust due to its diversified sectors, with services contributing 57% and manufacturing 24.3%. The country's reduced dependence on commodities and varied trading partners provide economic resilience against potential downturns.