Business

KUALA LUMPUR, Sarawak has attracted RM4.2 billion in approved investments in the first quarter of 2024 (1Q 2024), a key part of national growth story following the launch of the New Industrial Master Plan (NIMP) 2030. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said this ranks the state at fourth place in terms of value of investment flow. He said the key achievements since NIMP 2030’s launch almost a year ago include approved investments valued at RM329.5 billon recorded by Malaysia in 2023, potentially creating almost 130,000 jobs. ‘(We also achieved) approved investments of RM83.7 billion

KUALA LUMPUR, The aerotrain service at the Kuala Lumpur International Airport (KLIA) is expected to be operational in the first quarter of 2025, according to the Transport Ministry (MOT). This is in line with the aerotrain replacement plan at Terminal 1, KLIA, scheduled to be completed by Jan 31, 2025, it said. “MOT and Malaysia Airports Holding Bhd (MAHB) are committed to ensuring that the aerotrain replacement plan runs according to the set timeline,” MOT said on the Parliament website on Tuesday in response to Mohd Nazri Abu Hassan (Perikatan Nasional-Merbok) on the status of the KLIA aerotrain replacement including

KUALA LUMPUR, Malaysia’s banking sector is likely to stand firm against economic headwinds with the sector’s asset quality closely correlated to employment given its large share of household loans, according to the latest SandP Global Ratings midyear outlook 2024 report ‘Searching for calmer waters’ released today. In a country-by-country report on global banks, the credit ratings provider said ‘high household leverage poses some risk’ although stable employment and adequate household financial assets are mitigating factors. It also said banks have material exposure to the real estate sector and construction, at about eight per cent of total loans. ‘Oversupply in the

KUALA LUMPUR, Malaysian Reinsurance Bhd (Malaysian Re) has unveiled the fifth edition of its annual research publication, Malaysian Insurance Highlights 2024 (MIH 2024), exploring the impacts of a drastically changed risk landscape on Malaysia’s insurance market, focusing on personal insurance lines. President and chief executive officer Ahmad Noor Azhari Abdul Manaf said Malaysian Re is committed to showcasing the insurance industry’s grasp of market evolutions and its dedication to societal and economic responsibilities. ‘We are keen to demonstrate how our industry captures new developments in the market and fulfils its responsibility towards society and the economy. ‘Through MIH 2024, we

KUALA LUMPUR, Standard Chartered (Stanchart) has maintained Malaysia’s gross domestic product (GDP) growth for 2024 at 4.8 per cent, aligned with Bank Negara Malaysia’s projection of four to five per cent. Its head of Managed Investments and Advisory, Malaysia, Ng Shin Seong said this projection, however, has not taken into consideration the future measures on subsidy rationalisation. “On the fuel subsidy (diesel), we think it is a very targeted approach and the people that needs help will get some help back. “The subsidy rationalisation (on diesel) will help the government’s fiscal position and we think it is an upside for