Stories That Caught Our Attention; Ringgit Weakened To Its Nadir in 28 Months, Oil Shock Send Much Of The World Into Recession and Nod For Main Market Listing And World Bank Lowers Forecasts for Global Growth

Ringgit Weakened to Its Nadir in 28 Months

Malaysian Ringgit has dropped to its 28-month low against the US dollar today, the last time Malaysian Ringgit was traded at USD0.23 was in April 2020.

According to analysts, the strengthening of US dollar is anticipated from the technical perspective, as the US dollar index has surpassed 103 points. To read the full story click here

Oil Shock Sending Much Of The World Into Recession

Saudi Arabia raised its oil prices just as the market had been focusing on OPEC’s commitment to increase supply.

OPEC has promised to increase supply to help with the energy shift away from Russia. OPEC never committed to lower Oil prices. To read the full story click here

Issue Of Hiring Workers From Three Countries Expected To Be Resolved Soon

The issue of hiring foreign workers from Indonesia, Bangladesh, and Cambodia is expected to be resolved in the near future, said Human Resources Minister, Datuk Seri M. Saravanan.

He said the final process that was being actively refined was such as technical matters, recruitment procedures, and the signing of memoranda between agencies or parties involved involving all countries. To read the full story click here

MOF Mulls Tabling Fiscal Responsibility Bill At Next Parliament Session

The Ministry of Finance (MoF) is looking to table the Fiscal Responsibility Bill at the next parliament session, scheduled to begin on July 18.

Finance Minister Tengku Zafrul Aziz said the Bill includes efforts to broaden the country’s tax base, including taxing the shadow economy, as well as improve tax compliance and administration towards helping boost tax collection. To read the full story click here

World Bank Lowers Forecasts for Global Growth

The World Bank has downgraded its outlook for the global economy, pointing to Russia’s war against Ukraine, the prospect of widespread food shortages and concerns about the potential return of stagflation.

The 189-country anti-poverty agency predicted Tuesday that the world economy will expand 2.9% this year. That would be down from 5.7% global growth in 2021 and from the 4.1% it had forecast for 2022 back in January. To read the full story click here

Malaysia As ASEAN Gateway For Saudi Enterprises

Malaysia and the Kingdon of Saudi Arabia are seeking to forge a greater trade relationship when MITI Minister Dato’ Seri Mohamed Azmin Ali hosted His Highness Prince Faisal bin Farhan Al-Saud, the Minister of Foreign Affairs for the Kingdom of Saudi Arabia and his delegation when both reaffirmed their commitments to strengthen bilateral trade and investment.

Malaysia has welcomed the Kingdom’s aim to leverage Malaysia’s position as the ideal gateway for Saudi Arabia’s enterprises to penetrate ASEAN market as well as the larger Asian market through the mega Regional Comprehensive Economic Partnership (RCEP) comprising 15 countries in the Asia-Pacific region. This would be particularly strategic in view of the recently launched Indo-Pacific Economic Framework (IPEF) of which Malaysia is a partner country. To read the full story click here

Soon To Be Listed Unitrade Posts Exceptional Results For Q4 2022

ACE Market bound, building materials wholesalers and distributors, Unitrade Industries Berhad have announced their fourth quarter with FY2022 revenue coming in at RM1.29 billion, which was a 25.9% year-on-year increase from RM1.03 billion posted in FY2021. Correspondingly, profit after tax and non-controlling interest climbed 50% YoY from RM28.8 million to RM43.2 million over the same period. The bottom line registered was the Group’s highest in its 43-year history.

In addition, Unitrade continued to record positive net operating cash flow, having generated an inflow of RM40.8 million in FY2022 while its gross cash and cash equivalents stood at RM95.7 million as of 31 March 2022. To read the full story click here.

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