Business

KUALA LUMPUR, Nestle (Malaysia) Bhd’s net profit almost halved to RM93.60 million in the second quarter (2Q) ended June 30, 2024, from RM180.92 million a year ago due to lower sales and its conscious choices regarding pricing. The food and beverage manufacturer said that as Malaysian families coped with rising food prices and other basic items, it made efforts to moderate the translation of external cost increases to its final prices by absorbing part of the costs and actively mitigating cost pressure through various actions. Meanwhile, revenue for the quarter under review fell to RM1.52 billion from a historic high

KUALA LUMPUR, The forward-looking ASEAN Digital Economy Framework (DEFA), currently under negotiation, is likely to be completed during the ASEAN Summit next year, said Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Tengku Abdul Aziz. He said that intra-trade within ASEAN currently stands at 20 per cent, and DEFA is expected to boost intra-trade between member states, particularly for small and medium enterprises (SMEs). ‘One way to increase ASEAN’s intra-trade is through increasing digital e-commerce and this would help SMEs, especially when we trade more between the ASEAN members,’ he told reporters on the sidelines of the Eighth

KUALA LUMPUR, The Malaysian Investment Development Authority (MIDA) and Invest Selangor Bhd (ISB) have co-hosted the MIDA Invest Series – Selangor: ‘Unfolding Its Business Potential’ to showcase Selangor’s investment landscape and opportunities. MIDA chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid said the event, which attracted 200 participants, reflected MIDA’s commitment to engage with local investors and explore the vast opportunities available within Selangor. ‘This effort underscores MIDA’s pivotal role as a facilitator, connecting investors with promising opportunities and fostering a robust investment environment in Malaysia. ‘Following the success of the first Invest Selangor series in August 2019, we

PETALING JAYA, Prime Minister Datuk Seri Anwar Ibrahim today announced a RM1 million donation to the National Chamber of Commerce and Industry of Malaysia (NCCIM) in recognition of its support for the government’s efforts to encourage domestic and international investment. He also expressed his gratitude to the chamber for its support in coordinating and understanding government policies, empowering the people and assisting in every foreign visit to attract new investments. “The efforts by the Malaysian Investment Development Authority (MIDA) and other government agencies could not have succeeded without the full support of NCCIM,” he said at NCCIM’s 62nd Anniversary Gala

KUALA LUMPUR, Malaysia’s 2023 nominal gross domestic product (GDP) amounted to RM1.8 trillion, said the Department of Statistics Malaysia (DOSM). Growth moderated to 1.6 per cent from the double-digit 15.9 per cent in 2022. In a statement, chief statistician Datuk Seri Dr Mohd Uzir Mahidin said that despite the moderated performance, the economy remained resilient, particularly through private final consumption expenditure, which increased 6.7 per cent. ‘The growth was propelled by ongoing enhancement in employment and wage through the implementation of a new minimum wage of RM1,500 starting May 2023,’ he said. DOSM today released the statistics for Malaysia’s Gross