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

Bank Negara Malaysia (BNM) is projecting Malaysia's gross domestic product (GDP) to expand between 4% and 5% in 2024, as compared with 3.7% in 2023, driven mainly by resilient domestic expenditure, with additional support emanating from the expected recovery in exports.

BNM sees economy expanding 4%-5% in 2024 amid resilient domestic expenditure, improved external demand

Headline and core inflation may stay moderate this year amid stable demand conditions and contained price pressures, Bank Negara Malaysia (BNM) said while flagging upside risks.

BNM expects inflation to stay moderate in 2024 amid muted pressures

PKR Wanita aims to train 100 women under the Women's School (Swan) programme, a platform for education in democracy, politics, and social issues to cultivate future leaders, said its chief Fadhlina Sidek.

PKR Wanita aims to train 100 women at Swan

The US on Tuesday said it revoked some licences that allow companies to ship goods, such as chips, to sanctioned Chinese telecommunications equipment maker Huawei Technologies.

US revokes some export licences for firms supplying Huawei

Singapore's United Overseas Bank (UOB) posted a smaller-than-expected 2% drop in first-quarter profit on Wednesday and said it was confident of preventing further declines in its net interest margin.

UOB posts small drop in quarterly profit, confident of maintaining key margin level

Singapore's central bank is following up with DBS Bank, the banking arm of DBS Group, to identify the root cause of recent disruptions to its internet banking and payment services and address it effectively, The Strait Times reported.

Singapore's central bank asks DBS to identify reasons for disruptions, Strait Times reports

Global venture capital funding reached just over US$22 billion (RM104.21 billion) in April 2024 — flat month-over-month and up a few percentage points year-on-year.

Global VC funding growth stays flat in April, reports Crunchbase

China has extended the visa-free policy for short-term visits to China for Malaysia and 11 other countries until the end of 2025, Xinhua reported, citing Chinese Foreign Ministry spokesperson Lin Jian.

China extends visa-free travel policy for Malaysia until end of 2025

(May 7): Kenvue will cut 4% of its global workforce amid investments to grow its key brands, the Tylenol and Band-Aid maker said on Tuesday, as it topped beat Wall Street estimates for first-quarter profit.

Since its spinoff from Johnson & Johnson last year, Kenvue has foc...

Tylenol maker Kenvue to cut 4% jobs, beats quarterly profit estimates

BEIJING (May 7): U.S. automaker Tesla sold 62,167 China-made electric vehicles in April, down 18% from a year earlier, lagging the broader market's surge, China Passenger Car Association (CPCA) data showed on Tuesday.

Tesla's China-made EV sales fall 18% in April; shares slip

World oil demand this year is expected to grow less than earlier forecast and output should expand faster than previous estimates, resulting in a more balanced market, the US Energy Information Administration (EIA) said on Tuesday.

EIA cuts 2024 world oil demand growth estimate, hikes output forecast

Taiwan's military is prepared for any moves China may make around the time president-elect Lai Ching-te takes office later this month, the island's deputy defence minister said on Wednesday.

Taiwan says its military is ready for China moves around the inauguration of new president 

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

Sime Darby Plantation, Pekat, Siab, OCK, Sapura Energy, CTOS, Awantec, Mobilia, Prolintas, Power Root

Former prime minister Tan Sri Muhyiddin Yassin has been granted a temporary release of his passport to visit a sick family member in Australia.

Sessions Court judge Azura Alwi allowed the Bersatu chief's application and ordered the travel document to be released on Wednesday and for it to be returned to the court on May 28.

Muhyiddin gets temporary release of passport to visit sick family member abroad

Shares in low-cost aviation operators Capital A Bhd (KL:CAPITALA) and AirAsia X Bhd (KL:AAX) rose in early trade on Wednesday, tracking gains at the broader market.

Capital A and AAX active, advance in post merger trade

Global sales of semiconductors jumped 15.2% year-on-year (y-o-y) to US$137.7 billion (RM653.24 billion) during the first quarter of 2024, according to the US-based Semiconductor Industry Association (SIA).

First-quarter global semicon sales jump 15.2% y-o-y to US$137.7b, says SIA 

Former National and Johor Darul Ta’zim (JDT) skipper Safiq Rahim became the third National footballer to be attacked within a week, although the JDT player’s attack seemed more of a warning than personal harm.

Two suspects on motorcycles break Safiq Rahim's car windscreen in third attack on footballers 

United Overseas Bank (M) Bhd (UOB Malaysia) has launched a programme to assist businesses in understanding and preparing for the European Union's (EU) carbon border adjustment mechanism (CBAM), a carbon border tax that is set to take effect in 2026 and affect some 75% of Malaysian exports to the region.

UOB Malaysia introduces masterclass to prepare businesses for EU’s carbon border tax

The FBM KLCI was little changed in early trade on Wednesday although it held firm above the 1,600-point level.

KLCI little changed in early trade, hovers above 1,600 resistance level

Shares of CTOS Digital Bhd (KL:CTOS) rose to their highest in nearly two months as analysts flagged a pickup in earnings ahead following the seasonally weaker first-quarter results.

CTOS rises to near two-month high; analysts see stronger quarters ahead

The head of Saudi Arabia’s new investment fund for semiconductor and artificial intelligence (AI) technology said the country would divest from China if it were asked to do so by the US.

Saudi Arabia AI fund would divest from China if US asked, CEO says

As Malaysia aims to achieve high-income status, it needs to improve its human capital outcomes to match those of high-income countries.

Aspiring to high-income status: Education matters

The S&amp;P 500 and Dow Jones Industrial Average both clung onto gains to ended slightly higher on Tuesday, extending recent winning streaks fueled by renewed expectations that the Federal Reserve (Fed) will cut interest rates this year.

S&P, Dow end slightly up, extend closing streaks despite Disney drag

China has extended the visa-free policy for short-term visits to China for Malaysia and 11 other countries until the end of 2025, Xinhua reported, citing Chinese Foreign Ministry spokesperson Lin Jian.

Wall Street pared earlier gains on Tuesday after equity markets elsewhere rallied as investors parsed when and by how much the Federal Reserve (Fed) cuts interest rates this year, while a resurgent dollar helped weaken the yen further.

Wall Street loses steam, dollar gains as investors mull rate cut timing

Hospital operator IHH Healthcare Bhd (KL: IHH) on Wednesday said it has invested in Belun Technology Company Ltd that makes devices tackling sleep apnea and other sleep disorders.

IHH Healthcare invests in Belun Technology for devices to tackle sleep disorders

Australia said on Wednesday it would raise the amount of savings international students will need to get a visa and warned several colleges of fraudulent student recruitment practices, as part of efforts to rein in record migration.

Australia raises minimum savings for student visa, warns on fake recruitment

IJM Land Bhd has achieved 55% take-up rate for serviced apartment Daffodil Residency since its launch on March 1, according to a press statement on May 7.&nbsp;

IJM Land’s Daffodil Residency achieves 55% take-up rate 

Reddit Inc jumped more than 10% in extended trading after reporting quarterly sales that topped analysts’ estimates, impressing investors in its first results as a public company.

Reddit gains after strong sales in first report since IPO

The US on Tuesday said it revoked some licences that allow companies to ship goods, such as chips, to sanctioned Chinese telecommunications equipment maker Huawei Technologies.

Currency markets have started pricing in elevated foreign exchange volatility around the US vote on Nov 5, even with election day almost six months away.

US election risks are starting to show up in foreign exchange markets

Kim Ki Nam, one of the longest-serving North Korean officials who served all three generations of its leaders cementing their political legitimacy and heading the propaganda apparatus for the dynastic state, has died, official media said on Wednesday.

Bnm-annual-report

‌
‌

Bnm-annual-report

‌‌

‌
‌