Bank Negara Malaysia released its Annual Report 2023 on Wednesday, together with two other flagship publications — Economic and Monetary Review 2023, and Financial Stability Review for 2nd Half 2023 — in which the central bank shared its assessments on the nation's economy and financial system, current and potential risks, and actions taken to manage them.

10 key charts from BNM's Annual Report 2023

Malaysia will not be facing a balance of payment crisis, the central bank said on Wednesday, after the current-account surplus narrowed sharply to its lowest in 26 years.

Current-account surplus is expected to improve in 2024, mainly driven by growth in the tourism sector and export recovery this year, Bank Negara Malaysia’s deputy governor Marzunisham Omar told reporters following the release of the central bank’s annual report.

Malaysia will avoid balance of payment crisis as current-account surplus widens, BNM says

Malaysia has a “window of opportunity” to undertake the necessary structural reforms on the back of steady economic growth projections, coupled with moderating and stable inflationary pressures, said Bank Negara Malaysia governor Datuk Shaik Abdul Rasheed Abdul Ghaffour.

Malaysia has window of opportunity for structural reforms amid growth rebound and stable inflation, says BNM governor

Bank Negara Malaysia (BNM) strongly urged Malaysian businesses from all sectors to repatriate their overseas investment income and convert export proceeds back to ringgit to support the central bank's efforts to manage short-term pressure on the local currency.

BNM finds rising foreign currency holdings, widens calls for repatriation to bolster ringgit

KUALA LUMPUR (March 20): Bank Negara Malaysia expects wages to increase further in 2024 following slowdown last year, while the jobless rate will likely remain stable near its past trend.

Wages to increase further in 2024, jobless rate to stay stable, says BNM

The upcoming Consumer Credit Act (CCA), aimed to promote responsible practices among credit lending activities, does not address credit scoring services provided by credit reporting agencies (CRAs).

Credit scores have 'useful purpose', not addressed in Consumer Credit Act, says BNM deputy governor

KUALA LUMPUR (March 20): The impact of reform measures such as subsidy rationalisation are temporary in measure and as such, do not require monetary policy intervention, said Bank Negara Malaysia (BNM) on Wednesday.

Subsidy reform measures do not require monetary policy intervention, says BNM governor

Malaysia’s current-account surplus in the balance of payment is expected to improve this year following a sharp decline to a 26-year low in 2023, Bank Negara Malaysia (BNM) said.

BNM projects current-account surplus to improve this year after hitting 26-year low in 2023

KUALA LUMPUR (March 20): The profitability of insurance and takaful funds declined in the second half of 2023 (2H2023) due to larger net underwriting losses of life insurance and family takaful funds as a result of an increase in medical claims payments, said Bank Negara Malaysia (BNM).

BNM: Insurance and takaful funds’ profit dropped in 2H2023 as payments of medical claims increased

KUALA LUMPUR (March 20): Malaysian banks remain well-capitalised to absorb unexpected shocks and support financial intermediation in the economy, according to Bank Negara Malaysia.

BNM: Malaysia’s banking system remains well-capitalised, resilient against liquidity shock

Bank Negara Malaysia (BNM) has pledged a monetary policy stance supportive of the economy, even as the central bank flagged potential risks to inflation and growth as the government tightened its budget for subsidies.

BNM pledges supportive monetary policy, flags risks to inflation, growth

Bank Negara Malaysia (BNM) recorded a marginal growth of 2.4% in its net profit after tax (PAT) to RM7.16 billion for the financial year ended Dec 31, 2023 (FY2023), against RM6.99 billion in FY2022, according to its annual report released on Wednesday.

BNM records marginal 2.4% growth in PAT to RM7.16b in FY2023

Get the key takeaways of the BNM Annual Report 2023 here.

Highlights of the BNM Annual Report 2023

The movement of the ringgit, which depreciated by 3.9% against the US dollar and by 3.7% against major trade partners in nominal effective terms, in recent times neither reflects the country’s economic fundamentals nor positive economic prospects, said Bank Negara Malaysia (BNM) in its Economic and Monetary Review 2023 report.

BNM: Ringgit fundamentally undervalued, will remain vulnerable to advanced economies' monetary policy trajectory

Heavy selling in US stocks and bonds spread to Asia Thursday after the Federal Reserve trimmed expectations for rate cuts next year.

Equity futures for Japan, Australia and Hong Kong pointed to markets opening lower after the S&P 500 suffered its worst day since August and biggest loss the day of a Fed decision since 2001.

Stock, bond selling spreads to Asia after Fed cut

The Federal Reserve has spoken, and as far as investors are concerned, the message was clear - clearly hawkish. Now it's over to the Bank of Japan and Bank of England, the two biggest and most important of the clutch of central bank policy decisions on Thursday.

Fed's 'hawkish cut' slams markets, BOJ up next

Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank has no desire to be involved in any government effort to stockpile large amounts of bitcoin.

"We're not allowed to own bitcoin," Powell said at a press conference following the Fed's latest two-day policy meeting, in which policymakers cut rates as expected while signaling a less certain path for monetary policy in the months ahead.

Powell says Fed cannot hold bitcoin, not seeking to change that

The U.S. central bank lowered interest rates on Wednesday, but Federal Reserve Chair Jerome Powell said more reductions in borrowing costs hinge on further progress in lowering stubbornly high inflation, remarks that showed policymakers are beginning to reckon with the prospects for sweeping economic change under an incoming Trump administration.

Fed lowers rates but sees fewer cuts in 2025 due to stubbornly high inflation

The Federal Reserve did what markets expected Wednesday. But that didn’t stop investors from dumping risk assets in droves.

Stock sold off violently at the end of the session after the Fed cut interest rates by a quarter of a percentage point, its third straight reduction, and Chair Jerome Powell indicated that the central bank will likely put further reductions on hold while inflation stays above its 2% target.

Wall Street pros say fears of fewer Fed cuts sparking selloff

The Federal Reserve’s waning enthusiasm for rate cuts jarred US markets Wednesday, sending stocks lower and pushing Treasury yields and the dollar sharply higher. It was the worst loss for the S&P 500 on the day of a rate decision since 2001.

S&P 500 sees worst Fed day since 2001; yields up

The Malaysian Anti-Corruption Commission (MACC) in Penang has arrested an enforcement officer for allegedly soliciting a bribe of around RM80,000 from a woman.

According to an MACC source, the 40-something male suspect contacted the woman on Nov 30 following the arrest of her husband and demanded a bribe, claiming it was to help release her husband, who was detained under the Security Offences (Special Measures) Act (SOSMA 2012).

Penang MACC arrests enforcement officer for soliciting RM80,000 bribe

China and India took a further step towards easing their long-running border dispute on Wednesday, with senior officials holding formal talks for the first time in five years and committing to finding mutually acceptable solutions.

Chinese, Indian officials in talks to ease dispute over Himalayan border area

Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday.

MRCB, Berjaya Corp, YTL Power, SD Guthrie, EcoWorld, Supermax, Scientex, YNH Property, T7 Global, PTT Synergy, RHB Bank, Ge-Shen, Aeon, Pestech, Quality Concrete, Advancecon

South Malaysia Industries (KL:SMI) insisted again on Wednesday that no extraordinary general meeting (EGM) of the company will take place on Jan 9,  amid ongoing clashes between two shareholder groups vying for control of SMI.

No EGM will be held until notice is issued and court rules on suits, says SMI

Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday.

Pestech International Bhd (KL:PESTECH), now a subsidiary of Dhaya Maju Infrastructure (Asia) Sdn Bhd, has proposed a scheme of arrangement involving a one-off upfront cash payment of RM65 million to settle its RM267 million outstanding debt.

Pestech proposes scheme of arrangement to settle outstanding RM267m debt 

T7 Global Bhd (KL:T7GLOBAL) has been appointed by Petroliam Nasional Bhd (Petronas) as a panel contractor to provide integrated well continuity services for a five year term.

T7 appointed Petronas panel contractor for well continuity services in sixth pan-Malaysia contract

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EVENING 5: Five things you need to know today

US authorities are considering a ban on China's TP-Link Technology Co over potential national security concerns after its home internet routers were linked to cyberattacks, The Wall Street Journal reported on Wednesday, citing people familiar with the matter.

US mulls ban on China's TP-Link over national security concerns — WSJ 

Transport Minister Anthony Loke has questioned the necessity of a Public Accounts Committee (PAC) investigation into the proposed 30-year electric train lease project, valued at RM10.7 billion.

He clarified that the project is still conceptual and no contract has been finalised.

Loke questions need for PAC to probe RM10.7 bil electric train lease

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Wednesday, said palm oil trader David Ng.

He said that CPO prices hit their lowest in a month due to mounting concerns over the implementation of the biodiesel B40 programme starting next month.

CPO futures close lower amid concerns over B40 biodiesel implementation

At a time when the American consumer’s resiliency has been questioned amid signs of a slowing economy, Walmart Inc has thrived. The world’s largest retailer, famed for its discount prices but increasingly known for its pursuits in advertising and an online marketplace, is headed for its best year since 1998.

Walmart cements retail dominance with best year since 1998 

Aeon Co (M) Bhd (KL:AEON) plans to appeal the High Court's ruling that the department store and mall operator had breached a tenancy agreement it had entered into with Betanaz Properties Sdn Bhd, a 51%-owned subsidiary of Ahmad Zaki Resources Bhd (KL:AZRB).

Aeon to appeal High Court's ruling in tenancy dispute with Ahmad Zaki's unit

Wall Street's main indexes were subdued in choppy trading on Wednesday, as investors anticipated an interest rate cut from the Federal Reserve in its final meeting of the year and awaited clues on what policymakers could do in 2025.

Wall Street muted as caution prevails ahead of Fed decision

PTT Synergy Group Bhd (KL:PTT) is divesting its 70% stake in sanitary wares and tapware manufacturer Heap Wah Barakah Sdn Bhd (HWBSB) in a deal that is expected to result in a one-off loss of RM13.8 million.

PTT Synergy hives off 70% stake in sanitary wares firm to fund working capital

Malaysia will “double down” on its strategy of deepening trade and collaboration with other countries in 2025, guided by three fundamental tenets of how Malaysia deals with the world, said Economy Minister Rafizi Ramli.&nbsp;

The three fundamental tenets are breakout development priority, good neighbour principle and “beyond-trade thinking”.

Malaysia to double down on collaboration, trade with other countries next year — Rafizi

South Malaysia Industries (KL:SMI) insisted again on Wednesday that no extraordinary general meeting (EGM) of the company will take place on Jan 9,&nbsp; amid ongoing clashes between two shareholder groups vying for control of SMI.

SD Guthrie will issue an official notice directing cattle farmers unlawfully occupying its land to relocate their livestock from the company’s plantation in Sabak Bernam by Jan 31.

Selangor Rural Development, Unity, and Consumer Affairs Committee chairman Datuk Rizam Ismail said the decision was made during a meeting with SD Guthrie representatives on Tuesday.

SD Guthrie to issue official notice to farmers to relocate livestock — Exco

The Malaysian Anti-Corruption Commission (MACC) in Penang has arrested an enforcement officer for allegedly soliciting a bribe of around RM80,000 from a woman.

According to an MACC source, the 40-something male suspect contacted the woman on Nov 30 following the arrest of her husband and demanded a bribe, claiming it was to help release her husband, who was detained under the Security Offences (Special Measures) Act (SOSMA 2012).

Distressed Hong Kong property firm New World Development Co is in talks with banks to extend the due dates of some bilateral loans, people familiar with the matter said, adding to concerns over its ability to service one of the heaviest debt loads of its kind.

Hong Kong builder New World seeking banks' extension of due dates of loans — Bloomberg

（吉隆坡18日讯）马资源（Malaysian Resources Corp Berhad）（KL:MRCB）退出了由成功集团（Berjaya Group）牵头参与隆新高铁（HSR）信息征询书（RFI）程序的财团，以寻求其他策略机会。

成功集团：马资源退出竞标隆新高铁的财团

The Federal Reserve’s waning enthusiasm for rate cuts jarred US markets Wednesday, sending stocks lower and pushing Treasury yields and the dollar sharply higher. It was the worst loss for the S&amp;P 500 on the day of a rate decision since 2001.

Malaysia-China economic ties have continued to strengthen, with bilateral trade reaching nearly US$98 billion (RM437.8 billion) in the 11 months of 2024, matching the total trade volume for all of 2023.

Zafrul: Malaysia-China trade nears US$98b in first eleven months of 2024

Federal&nbsp;Reserve Chair Jerome Powell said on Wednesday the U.S. central bank has no desire to be involved in any government effort to&nbsp;stockpile&nbsp;large amounts of bitcoin.

"We're&nbsp;not allowed to own bitcoin," Powell said at a press conference following the&nbsp;Fed's latest&nbsp;two-day policy meeting, in which&nbsp;policymakers cut rates as expected while signaling a less certain path for monetary policy in the months ahead.

BNM Annual Report

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