Banking

Public Bank, SJPP collaborate to extend RM1bil in financing to SMEs

KUALA LUMPUR: Public Bank Bhd will be extending RM1 billion in financing to small and medium enterprises (SMEs) through a strategic collaboration with the Ministry of Finance’s (MoF) credit guarantee agency, Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP).

Corporate News

Greentech, Felda sign MoU to build waste management plant in Johor

KUALA LUMPUR: Greentech Axis Bhd and the Federal Land Development Authority (Felda) have signed a memorandum of understanding (MoU) to develop an integrated waste management plant.

Auto

Marii inks MoU with Indonesia's IOI on automotive industry collaboration

KUALA LUMPUR: The Malaysia Automotive Robotics and IoT Institute (MARii) and Indonesia Automotive Institute (IOI) inked a memorandum of understanding (MoU) on collaborating to advance the automotive industry of both countries.

Economy

Goldman Sachs pushes its forecast for Fed rate cut to Q4 2024

GOLDMAN Sachs economists said they now expect the U.S. Federal Reserve to begin its interest rate-cutting cycle in the fourth quarter of next year, later than an earlier forecast of a cut in the second quarter.

Markets

Stocks retreat, US yields advance, dollar strengthens on hawkish Fed

HONG KONG: Asian stocks followed Wall Street's lead on Thursday, dipping across the board as investors interpreted the U.S. Federal Reserve's latest policy statements as signalling higher-for-longer interest rates.

Corporate News

Sime Property partners TNB for sustainable energy initiatives

KUALA LUMPUR: Sime Darby Property Bhd has entered into a strategic partnership with Tenanga Nasional Bhd for the exploration and development of sustainable energy initiatives.

Commodities

Oil falls as rate hike expectations offset US stock draw

OIL prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles.

Markets

Bursa slides as Fed signals higher rates

KUALA LUMPUR: Regional markets including Bursa Malaysia are taking Wall Street's lead, and dropping in line with overnight comments from the US Federal Reserve that interest rates are expected to remain higher for longer.

Corporate News

KAB reaffirms commitment to sustainability

KUALA LUMPUR: Kinergy Advancement Bhd (KAB) said it remains committed to sustainability, which has been reflected in its strategic collaboration with Mah Sing Group Bhd and Alliance Bank Malaysia Bhd to foster the adoption of environmental, social and governance (ESG) best practices.

Corporate News

TPG Asia's Ganen Sarvananthan to lead Middle East expansion

KUALA LUMPUR: Global alternative asset management firm TPG has announced that TPG Asia managing partner Ganen Sarvananthan has been appointed to lead the firm's activity and continued expansion in the Middle East.

Corporate News

Indonesia to allow equity greater than 50% for contractors in new oil and gas blocks

JAKARTA: Indonesia's energy minister on Thursday said the government has made improvements in its oil and gas terms that would allow contractors to have equity shares greater than 50% in some new blocks to attract investment.

Forex

Ringgit opens slightly lower after US Fed keeps rate steady

KUALA LUMPUR: The ringgit opened slightly lower against the US dollar this morning after the US Federal Reserve (Fed) decided to pause rate hikes.

Analyst Reports

Consumer products sector continues to face inflationary pressures

KUALA LUMPUR: The coming quarters could continue to be challenging for the consumer products sector following a second quarter of 2023 that was impacted by rising operating costs and softer consumer spending.

Markets

Fed's hawkish remarks to dampen trading sentiment

KUALA LUMPUR: The hawkish tone set by the US Federal Reserve is likely to impact trading sentiment on Bursa Malaysia and other regional markets as it signalled that interest rates are likely to be higher for longer.

Commodities

Oil prices ease 1% after US Fed leaves interest rates unchanged

Oil prices fell about 1% on Wednesday, extending earlier declines, after the US Federal Reserve left interest rates unchanged as widely expected.

Markets

Wall Street closes lower after Fed holds rates steady

US stocks slumped on Wednesday after the US Federal Reserve held key interest rates unchanged as widely expected, and revised economic projections higher with warnings that the battle against inflation was far from over.

Analyst Reports

Trading ideas: Supermax, Opcom, Harvest Miracle, Scientex, Ramssol, Eco World International and PRG

KUALA LUMPUR: Stocks on investors' radar screen include Supermax, Opcom, Harvest Miracle, Scientex, Ramssol, Eco World International and PRG, said Apex Research.

Economy

ADB warns of ‘intensified’ risks for developing Asia

Developing Asia faces “intensified” risks from China’s troubled property sector and high interest rates around the world, the Asian Development Bank (ADB) says.

Economy

Fed set to pause rate hikes, but don’t count out another increase

The Federal Reserve (Fed) is expected to pause its interest-rate hikes for the second time this year following a slowing in inflation while leaving the door open for another increase as early as November.

Economy

Dollar rally affects popular trades of 2023

Fuelled by a widening rift in the global economy as the United States defies pessimistic forecasts and growth falters in China and Europe, the dollar has roared back, rising sharply against virtually every major currency over the last two months.