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Economics

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Malaysia invites proposals for revival of Kuala Lumpur-Singapore High-Speed Rail project

Malaysia has called for concept proposals to revive the Kuala Lumpur-Singapore High-Speed Rail project. The Request for Information exercise, initiated by MyHSR Corp, allows local and international firms to submit proposals through a public-private partnership. Malaysian Transport Minister has confirmed strong interest from several companies.

Ringgit hits record low against Singapore dollar, dropped to a seven-year low against the British pound

The ringgit hit a historic low versus the Singapore dollar on Wednesday (12 Jul), falling to 3.4783. It surpassed the previous record of 3.4717 on 22 June. Meanwhile, the ringgit gained against the US dollar the US dollar on Wednesday morning, trading at around 4.6470.

Temasek Holdings reports S$7.3 Billion loss for FY2023, while Norway’s Sovereign Wealth Fund sees a US$84 billion quarterly profit

Singapore’s Temasek Holdings reported a loss of S$7.3 billion for FY2023, marking a 5.2% drop in net portfolio value. Meanwhile, Norway’s SWF posted a quarterly profit of US$84 billion.

Zafrul vows to roll out the red carpet ‘from airport to hotel’ if Dr M’s RM500 billion investment claim is valid

The Malaysian Minister for Investment, Trade, and Industry (MITI) Tengku Zafrul, seeks details on investors interested in a staggering RM500 billion Langkawi investment. If true, the government will certainly “roll out the red carpet from the airport to the hotel” to welcome them, he said. Tengku Zafrul emphasizes the significance, surpassing Malaysia’s highest investment ever approved at RM309 billion annually.

US Fed official calls for increase to bank capital requirements

A senior Federal Reserve official proposed raising capital requirements for large US banks to strengthen oversight and mitigate financial instability. The proposals aim to subject more banks to risk-sensitive capital rules and introduce a long-term debt requirement for all large banks.

Asian Infrastructure Investment Bank’s internal review found ‘no evidence’ of China influence

The Asian Infrastructure Investment Bank (AIIB) stated that there is “no evidence” of Beijing’s dominance over the bank, following allegations made by a former executive. The AIIB conducted an internal review and found no improper influence, affirming its adherence to multilateral governance standards. The bank acknowledged the need to address certain issues raised during the review but dismissed the allegations as unsubstantiated. The AIIB, established as a counterweight to Western financial institutions, has 106 global members but not the United States.

‘No second chance’ to save Sri Lanka, central banker warns

Central bank chief Nandalal Weerasinghe warns that Sri Lanka’s economic crisis is its last chance for recovery, after facing years of mismanagement and debt. With an IMF bailout in progress, Weerasinghe emphasizes the need for strict reforms and warns that failure could spell the end for the nation’s economy.

MAS records largest net loss of S$30.8 Billion amid strong Singapore dollar

The Monetary Authority of Singapore (MAS) has posted a record net loss of S$30.8 billion due to a rise in the Singapore dollar, offsetting concerns over inflation but raising uncertainty over growth.

US Treasury Secretary to visit China, raising need to ‘responsibly manage’ ties

US Treasury Secretary Janet Yellen’s visit to Beijing aims to manage the US-China relationship, address global challenges, and build communication channels.