Business

South Korea's semiconductor inventory jumped 28% in January, marking the fastest increase in 27 years. The spike reflects a prolonged tech downturn affecting the nation's export-driven economy, with chipmakers contributing 12% of total exports and facing declining global demand amid geopolitical tensions.

Following Miti's approval for Tesla to import battery electric vehicles, several Malaysian EV-linked stocks experienced significant gains, including KESM Industries, Pentamaster, and Genetec Technology.

Malaysia's Department of Statistics reports a significant rise in total trade for December 2022, reaching RM236.0 billion. Exports increased by 6.0% to RM131.9 billion, while imports grew 12.0% to RM104.1 billion. The annual trade milestone of RM2.8 trillion was achieved, with states like Johor and Sarawak contributing to the export performance.

Cathay Pacific Airways reported a substantial loss of up to US$893.77 million for the fiscal year 2022, reflecting ongoing challenges from COVID-19 pandemic restrictions. Despite the financial setback, the airline remains optimistic about recovery following the relaxation of quarantine regulations in Hong Kong and mainland China.

Chile's ratification of the CPTPP creates significant opportunities for Malaysian businesses, offering reduced tariff rates and easier market access across 11 Pacific Rim countries, according to Minister Tengku Zafrul Abdul Aziz.

The Malaysian consumer sector is expected to maintain robust performance, supported by strong domestic demand and improving supply chain operations. Despite challenges like inflation and potential recession concerns, businesses adapting to customer needs can successfully navigate the market. Commodity price stabilization and restocking ease are contributing to sector stability.

Bursa Malaysia has announced 21 new additions to the FTSE4Good Bursa Malaysia (F4GBM) Index, increasing total constituents to 98. The index, which tracks companies with strong environmental, social, and governance principles, continues its growth since launching in 2014, highlighting commitment to sustainable business practices.

The semiconductor equipment industry is set to achieve a record-breaking US$108.5 billion in sales for 2022, surpassing the previous year's US$102.5 billion. SEMI predicts continued growth in front-end and back-end manufacturing categories, despite an anticipated market decline to US$91.2 billion in 2023.

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 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.