Tag: Businesses

Bursa Malaysia, UMW, and Maybank have partnered to develop a centralized sustainability platform in collaboration with LSEG. The initiative aims to streamline ESG disclosures, support carbon emissions tracking, and create green financing opportunities for listed and non-listed companies.

ECB hawks from Austria and Belgium support further rate hikes to control persistent eurozone inflation, which stands at 8.5%. Despite recent banking sector turbulence, the central bank raised rates by 50 basis points last week, signaling commitment to fighting price increases.

German Chancellor Olaf Scholz meets with Japanese officials to explore strategies for diversifying economic partnerships, addressing vulnerabilities exposed by the Ukraine war and COVID-19 pandemic. The nations aim to reduce reliance on single economic partners and strengthen collaborative approaches to global economic challenges.

Malaysia's exports rose 9.8% to RM112.28 billion in February 2023, with robust sales of petroleum products, electrical and electronic goods, and liquefied natural gas. Imports increased 12.4% to RM92.71 billion, resulting in a RM19.56 billion trade balance, marking a 7.9% increase from January.

RAM Ratings assesses Malaysian banking sector's strength, noting less than 25% bond investments and robust regulatory oversight differentiating local banks from SVB's risky investment strategy.

Silicon Valley Bank's parent company filed for bankruptcy protection, marking the largest bank collapse since 2008. The move follows regulatory takeover and aims to manage asset sales amid industry uncertainty.

The failure of Silicon Valley Bank exposed deep rifts in the venture capital world, with investors publicly criticizing each other's actions during the bank run. Many VCs urged their portfolio companies to withdraw funds, potentially contributing to the bank's rapid collapse and highlighting internal industry tensions.

Singapore bank stocks dropped as global markets reacted to Credit Suisse's financial turmoil and consecutive US bank failures. The Swiss bank's stock plummeted 30% after its largest shareholder declined additional investment, raising concerns about wider financial sector risks and potential systemic instability.

Maybank introduces an integrated financing solution for electric and hybrid vehicle owners, covering comprehensive financing, insurance, and charging station access. The initiative aligns with the bank's sustainability objectives and supports the government's vision to increase EV market share to 38% by 2040.

Moody's Investors Service predicts Malaysia, Indonesia, and Turkiye will become the largest sovereign sukuk issuers in 2023-2024. Malaysia's fiscal deficit is expected to decrease to around 5% of GDP, supporting annual sovereign sukuk issuance of US$20-22 billion.