Malaysia

KUALA LUMPUR, Dec 15 (NNN-Bernama) — ASEAN markets will miss out on gross domestic product (GDP) growth of roughly US$400 billion (US$1=RM4.05) in 2020 and 2021 as compared to 2019 due to the COVID-19 impact, according to latest publication by Malaysian Reinsurance Bhd (Malaysian Re).

The ASEAN Insurance Pulse 2020, which was launched virtually today, is the fourth edition of Malaysian Re annual regional Thought Leadership Publication.

KUALA LUMPUR, Dec 14 (NNN-Bernama) — Japan and Malaysia are poised for a stronger economic relations in the future, said Ambassador of Japan to Malaysia, Hiroshi Oka.

He said Japan was the fourth largest trading partner of Malaysia last year and was the largest source of foreign direct investment to Malaysia, accounting for one-third of total investments.

“So there is solid basis for business relations between Japan and Malaysia.

KUALA LUMPUR, Dec 9 (NNN-Bernama) — Despite a renewed emphasis on improving relations with traditional allies in Asia, the United States’ (US) policy towards China is unlikely to change dramatically under President-elect Joe Biden’s administration, according to a new report by Moody’s Investors Service (Moody’s).

With ongoing trade frictions, Biden is unlikely to undo the measures taken by the Trump administration against China, said assistant vice-president and analyst Nishad Majmudar in a statement Wednesday.

KUALA LUMPUR (Reuters) - Malaysia will hold a general election when the novel coronavirus pandemic is over, Prime Minister Muhyiddin Yassin said on Saturday, shortly after he averted a showdown by winning parliamentary support for his administration’s budget.

Parliament passed the largest-ever budget by a voice vote on Thursday despite weeks of threats by the opposition and some of Muhyiddin’s allies to derail the government’s 2021 spending plan, which could have triggered a crisis.

KUALA LUMPUR, Nov 25 (NNN-BERNAMA) — More than 200 million people from 194 countries, including world leaders, had gathered virtually on Sunday to call for world peace.

Organised by the Universal Peace Foundation (UPF) to commemorate the 70th anniversary of the Korean War, the event was the third of the ‘Rally of Hope’ series, held this year. The first and second ones were held in August and Sept, respectively.

KUALA LUMPUR, Nov 23 (Bernama) — Kanger International Bhd (Kanger), a Malaysia-based investment holding company said it has received support from Ministry of Science, Technology and Innovation Malaysia (MOSTI) to purchase COVID-19 vaccines for private sector use in Malaysia.

In a statement Monday, the company said the National Institutes of Biotechnology Malaysia (NIBM) — an agency under MOSTI — has no objections for the company to liaise with the China National Pharmaceutical Group Corporation (Sinopharm) on the purchase of the vaccines.

KUALA LUMPUR (Reuters) - A virtual summit of Asia Pacific leaders started on Friday with U.S. President Donald Trump and his Chinese counterpart Xi Jinping in attendance to discuss the coronavirus crisis and global economic recovery amid lingering trade differences.

The pair joined a meeting of the leaders of the 21-nation Asia-Pacific Economic Cooperation (APEC) hosted virtually by Malaysia just two weeks after Trump lost his re-election bid.

KUALA LUMPUR, Nov 19 (NNN-Bernama) –The recent ASEAN Business and Investment Summit highlighted the importance of fostering digital innovation and economic partnership for the future of the UK-ASEAN ties, particularly in education and digital trade.

UK Secretary of State for International Trade Liz Truss said 2020 has been a challenging year but it has also been a year of greater UK-ASEAN partnership.

“The UK is making a decisive tilt to Indo-Pacific and she looks forward to deepening UK-ASEAN economic and digital relationship,” she said.

KUALA LUMPUR, Nov 19 (NNN-BERNAMA) — US President-elect Joe Biden’s administration is likely to have a more constructive and multilateral approach in trade with other countries, especially within the Asia-Pacific Economic Cooperation (APEC) region, said Singapore Prime Minister Lee Hsien Loong.

He said APEC has made slow progress in the past few years with the approach taken by the Donald Trump administration seen as derailing trade within the region. 

KUALA LUMPUR, Nov 16 (NNN-Bernama) — Economic growth in the Asia Pacific Economic Cooperation (APEC) region declined by 3.7 per cent in the first six months of 2020 as consumption, trade and investments reversed to bigger-than-expected contractions, said the APEC Policy Support Unit.

For the whole year, the region’s economy is expected to contract by 2.5 per cent or equal to an output loss of US$1.8 trillion (US$1=RM4.11), the regional economic forum’s research and analysis arm said.