Business and Economics

Banking, Telecoms And Healthcare Among Beneficiaries Of Economic Recovery

THE reimposition of the nationwide Movement Control Order (MCO) on June 1 has certainly weighed on the pace of the country’s economic recovery, which was just gathering speed when most activities were halted. The World Bank has slashed its GDP growth forecast for Malaysia this year, citing the resurgence in Covid-19 cases and slower-than-expected vaccine …

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Oil Touches Six-Year High After OPEC Fails To Get Deal, Then Turns Negative

Oil jumped to its highest level in six years after talks between OPEC and its oil-producing allies were postponed indefinitely, with the group failing to reach an agreement on production policy for August and beyond. On Tuesday, U.S. oil benchmark West Texas Intermediate crude futures traded as high as $76.98, a price not seen since November 2014. But …

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Fed Chair Powell Says It’s ‘Very, Very Unlikely’ The U.S. Will See 1970S-Style Inflation

Federal Reserve Chairman Jerome Powell acknowledged Tuesday that some inflation pressures are stronger and more persistent than he had anticipated, though still not on par with some of the worst episodes the U.S. has seen historically. Under questioning from a special House panel, the central bank leader continued to attribute most of the recent inflation surge to …

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Biden Tax Plan Forecast To Bring In $3.6 Trillion In Decade

(May 29): President Joe Biden’s proposed tax hikes are forecast to bring in US$3.6 trillion over the next decade, the Treasury Department said Friday, a key funding source for the US$4 trillion he hopes to spend remaking the American economy and social safety net. The figure, representing the sum of all tax increases if enacted …

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The State Of The Nation: Bank Negara: Gdp Growth Targets On Track Despite Mco 3.0

ONCE again, the much dreaded nationwide Movement Control Order (MCO 3.0) has been imposed on Malaysia, from May 12 to June 7. The significant difference this time around, compared with the first nationwide MCO implemented in March 2020, is that most economic activities will be allowed to operate. But specific standard operating procedures (SOPs) will …

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Masking Tape Maker Central Global Expands Construction Segment

A maker of masking tapes since 1972, Central Global Bhd (CGB) (previously known as Central Industrial Corp Bhd) ventured into the construction business in 2019 and aimed to make the segment another engine of growth for the group. In February, CGB strengthened its position in the construction industry with the acquisition of the remaining 49% …

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94% of consumers in Asia-Pacific considering using emerging payment methods this year

KUALA LUMPUR (May 17): 94% of consumers in the Asia-Pacific region are considering using emerging payment methods this year — according to Mastercard New Payments Index conducted across 18 markets globally. In a statement, Mastercard found that 94% of the people surveyed in the Asia-Pacific region would consider using at least one emerging payment method, …

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Public Bank’s Record Quarterly Profit Supports Positive Outlook On Malaysian Banks

KUALA LUMPUR (May 12): Analysts are upgrading forecasts on Public Bank Bhd following record results in the first quarter ended March 31, 2021 (1QFY21) today. The results also support the positive outlook for Malaysian banks on the back of improved credit costs, analysts said. Shares of Public Bank rose six sen or 1.76% to RM4.16 …

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