Tag: Economy

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.

Indonesia's ASEAN presidency aims to boost economic recovery by improving regional connectivity, enhancing competitiveness, and strengthening financial services and food security. Minister Airlangga Hartarto emphasizes the importance of bridging the digital divide among member nations.

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.

The EU is weighing industrial subsidies to compete with US green technology investments, but tensions arise as larger economies like Germany and France might disproportionately benefit, potentially undermining the single market's principles and smaller nations' economic interests.

The UN Food and Agriculture Organization reported that global food prices reached an all-time high in 2022, averaging 14% higher than 2021. Factors including the Russian-Ukrainian war, widespread drought, and economic challenges contributed to significant food commodity price increases, with vegetable oil prices showing notable declines.

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.

The European Union and its member states are mobilizing €10 billion to support infrastructure investments in ASEAN countries. The initiative focuses on key sectors like energy, transportation, digitalization, and education, aiming to help South-East Asia transition to a green economy and improve economic opportunities.

The European Union has agreed on a new round of sanctions against Russia, targeting the country's economic interests in response to its continued military aggression in Ukraine. The sanctions package was finalized after extensive discussions among EU member states.

IBM is collaborating with Rapidus, a new Japanese government-backed chipmaker, to develop advanced semiconductor technology. This partnership comes amid global chip shortages and geopolitical tensions, with Japan seeking to regain its competitive edge in semiconductor manufacturing and secure critical technology for its automotive and IT industries.