BMCC Newsletter Issue #367 - 21 August 2023
Dear Subscriber, |
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Bank Negara Malaysia's Economic and Financial Developments in the Second Quarter of 2023 |
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The economy grew by 2.9% in the second quarter Malaysia's economy grew 2.9% in Q2 2023 (1Q 2023: 5.6%). Slow external demand was a drag, but strong domestic consumption and investment, aided by employment and government spending, drove growth. Inbound tourism countered weaker exports, though a high Q2 2022 base affected performance. Services and construction thrived, while weather and maintenance hurt agriculture and mining. Quarter-on-quarter growth rose to 1.5% from 0.9% in Q1.
Exchange rate developments Inflation eased to 2.8% in Q2 (Q1: 3.6%). Concerns about slow global growth, China's economic rebound, US debt ceiling, and expected monetary tightening in advanced economies affected market sentiment. Lower commodity prices and semiconductor demand also impacted domestic markets. While the ringgit depreciated by 5.8% in Q2 2023, it rebounded by 1.1% in Q3. Bank Negara Malaysia will continue to monitor the financial conditions and ensure market adjustments remain orderly.
Financing conditions Private sector credit growth slowed to 3.8% (Q1: 4.1%) due to weaker business loans, while corporate bonds improved to 4.9% (Q1: 4.4%). Business loans grew 0.7%, impacted by non-SME working capital loans. Investment loans stayed steady, supporting assets and property purchases. Household loans rose 5.1%, driven by homes and cars.
For the remainder of 2023, growth to remain moderate amid external headwinds but continues to be supported by resilient domestic demand 2023's growth outlook is projected to expand close to the lower end of 4.0% to 5.0%, backed by domestic demand, jobs, and projects. Tourism growth is a boost. The downside risk is global weakness, but strong tourism and projects are potential upsides, per Gov. Datuk Abdul Rasheed Ghaffour.
In the 2H 2023, headline and core inflations are projected to trend lower within expectations due to a higher base effect. Risks are domestic policy changes, global commodity prices, and financial markets.
For in-depth insights, please click on the links below: |
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| Bank Negara Malaysia | Monetary Policy Statement (MPS) Snapshot: July 2023 |
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Last week, the Monetary Policy Committee (MPC) of Bank Negara Malaysia decided to maintain the Overnight Policy Rate (OPR) at 3.00%.
At the current OPR level, the monetary policy stance is slightly accommodative and remains supportive of the economy.
The MPC continues to see limited risks of future financial imbalances. |
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The MPC remains vigilant to ongoing developments and will continue to monitor incoming data to inform the assessment of the outlook of domestic inflation and growth.
The MPC will ensure that the monetary policy stance remains conducive to sustainable economic growth amid price stability.
Please click on the links below for more info: |
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| BMCC Members Exclusive Invitation To EIC Pre-Conference Networking @ Oil & Gas Asia 2023 |
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BMCC is proud to partner with EIC to support the upcoming Oil & Gas Asia 2023.
We are excited to offer an exclusive invitation to our members, to join us at the Pre-Conference Networking Event. |
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This prestigious networking event promises to be an intimate gathering of industry leaders, representatives from the region's oil companies, professionals, and enthusiasts. Don't miss this unique opportunity for networking, knowledge sharing, and business development.
A total of 30 passes are available! BMCC Members who are eager to participate can secure their spot by clicking here to RSVP now! |
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| Calling All British Tech Sector Businesses Interested in Exploring Opportunities in Malaysia |
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BMCC is thrilled to be a supporting partner of wippd's trade mission to Malaysia. This is your prime opportunity to enhance your business or investment prospects within Malaysia's technology and innovation ecosystem.
Take hold of this invaluable opportunity to showcase your cutting-edge solutions at the renowned ASEAN Business Conference, deliver impactful investor presentations, and engage in high-level networking events. |
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BMCC Members can seize this advantage at a reduced rate of £2,450, down from £2,950. Don't miss out!
The key offerings include: - Six nights accommodation at a 4-star hotel and hassle-free airport transfers
- A 3x3m booth at the prestigious ASEAN Business Conference's Smart Cities & Digital Section with a chance to secure a speaking slot
- Roundtable discussions and/or meetings with government officials and industry decision-makers
- Engage with SE Asia Net Zero Investors
- Exclusive ticket to the networking dinner
- Meetings with esteemed government representatives from ASEAN regions
- VIP walkaround guided by senior state stakeholders
- Insightful session dedicated to understanding smart city opportunities in Malaysia
- Opportunity to deliver investor presentations
- Half-day speed dating business matching
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| BMCC Education Committee | Looking for Companies to Host Short-Term Work Experience for Students 16-18 Years Old |
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The BMCC Education Committee (3-18 Years) consists of several established private international schools and is actively sharing ideas and initiatives to enhance the student learning experiences available to their students. These schools are looking out for companies to host their 16 to 18-year-old students for short-term work experience, ranging from a few days to a few weeks, depending on the company’s ability to host.
They hope that this short-term work experience will expose the students to different career paths and work cultures as part of their learning before entering their tertiary education.
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| Selangor Youth Community | A Fundraising Hi Tea in London with The Crown Prince of Selangor |
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Selangor Youth Community (SAY) cordially invites you to an afternoon of elegance, networking, and purpose, graciously hosted by His Highness Crown Prince of Selangor, Tengku Amir Shah Ibni Sultan Sharafuddin Idris Shah Alhaj.
SAY is taking a step forward in its mission to empower Malaysian youth. This exclusive event is more than just tea and conversation – it's a chance to make a lasting impact. Together with esteemed guests, businesses, agencies, the local community, and His Highness, let's dive into meaningful dialogue and forge pathways to empower at-risk Malaysian youth. Your presence matters, your ideas count. Let's shape a better tomorrow, one young life at a time.
Seats are limited, please click here to RSVP by 5 September. Successful registrants will receive an email confirmation. |
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| Talentcorp | Life At Work Awards 2023 is Now Open For Submission |
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The LIFE AT WORK AWARDS 2023 (LAWA) by Talent Corporation Malaysia (TalentCorp) is now open for submissions.
Themed "A Celebration Of Diversity, Equity & Inclusion At The Workplace," the award celebrates the outstanding achievements in creating diverse, equitable, and inclusive workplaces across Malaysia, regardless of organisation size or sector.
Seize this opportunity to proudly showcase your organisation's remarkable accomplishments and notable efforts in fostering an inclusive work environment.
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| ACCA | Sign Up and Get Exclusive Offer to the Technical Symposium 2023 |
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Themed “Embracing Sustainability in Financial Reporting, Tax, and Audit,” the virtual ACCA Technical Symposium 2023 will bring together experts to provide you with the latest and most important technical developments in corporate reporting, tax, and assurance to give you a comprehensive update within a day focusing on global and local developments in both Malaysia and Singapore.
Date: 21 September 2023 Time: 9.00 am - 5.00 pm CPD Points: 7.0 units
Exclusive Offer for BMCC Members: Take advantage of a 10% discount off the published public rate. Use the code "PartnerTS" during registration to enjoy this special offer. |
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| Charterhouse Malaysia | Outstanding A Level Results |
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Charterhouse Malaysia's Class of 2023 has achieved incredible A Level results, setting the standard exceptionally high. Charterhouse Malaysia takes immense pride in this success, which truly embodies the spirit of its institution. These achievements truly resonate with the ethos of Charterhouse Malaysia, showcasing the outstanding quality of education they provide. Click here to find out more about Charterhouse Malaysia's outstanding A Level results.
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| Deloitte Malaysia | Join the 2023 Global Employer Services Southeast Asia seminar in Malaysia |
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It is crucial to stay current on manpower strategies to effectively manage an evolving workforce!
Date: 12 September 2023, Tuesday Time: 8.00 am - 5.30 pm Venue: One World Hotel, Petaling Jaya Join the Deloitte 2023 Global Employer Services Southeast Asia seminar, where Deloitte speakers will equip you with efficient strategies that will future-proof your workforce, and align your business and talent goals. With a strong focus on governance, this seminar will also provide the latest updates in #tax and immigration policies, specifically in Malaysia and other Southeast Asian countries. Time to optimise, reshape, and transform your mobility and talent programmes successfully! Click here to register! BMCC Members get to enjoy a special discounted fee of RM680 per person for the conference.
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| Marlborough College Malaysia | Open Morning on Saturday, 9 September 2023 |
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The Master of Marlborough College Malaysia extends a warm invitation to its Admissions Open Morning on Saturday, 9 September from 8.30 am - 12.30 pm.
MCM is proud to be listed in the leading 100 schools globally (Spears Index 2022). Coupled with international award-winning pastoral care and boarding within a 90-acre campus, MCM provides opportunities for your child to flourish in the classroom and beyond. - Outstanding academic results
- Not for profit
- UK National Curriculum, IGCSE & IB Diploma
- Full co-curricular programme within the school day
- Lifelong membership of the worldwide Old Marlburian network
Click here f or more information or to register for this event. |
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| Universiti Malaya | Asia-Pacific Society for Artificial Organs (APSAO) 2023 Congress |
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Universiti Malaya and The Asia-Pacific Society for Artificial Organs (APSAO) are organising the APSAO 2023 Congress from 25 to 26 September 2023. Themed 'Making breakthrough via multidisciplinary approach,' the event aims to bring together professionals from diverse fields, including cardiothoracic surgeons, physicians, engineers, computer, and biomaterial scientists working in the area of cardiovascular, respiratory, and renal support systems.
The event covers four main themes in the fields of cardiovascular, respiratory, and renal support systems: - Patient management
- Design, development, evaluation, and clinical translation
- Digital health and numerical simulation
- Biomaterials and tissue engineering
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| IGB International School | Open Day on 26 August, 10.00 am |
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Join IGB International School OPEN DAY to discover how IB education approaches and IB Approaches to Learning skills could support lifelong learning and prepare students for their university journey and beyond.
Date: 26 August 2023 (Saturday) Time: 10.00 am - 12.30 pm The IB Approaches to Learning skills empower students to develop their critical thinking, effective communication, research proficiency, self-management abilities, and strong social skills. On this Open Day, meet our leadership team and engage in a talk about how the IB Approaches to Learning skills, together with the IB education approach, could support lifelong learning and prepare students for their university journey and beyond. Join our school tour, which allows you to explore our state-of-the-art facilities. A counselling session is also available for your better understanding of the school. All attendees receive a *waiver worth up to RM26,000 upon enrolment to IGBIS.
*T&Cs apply |
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| Invest Selangor | 7th Selangor International Business Summit 2023 |
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The 7th Selangor International Business Summit (SIBS) will be held from 19 - 22 October 2023. SIBS has stamped itself as the main definitive platform for industries to expand opportunities into new markets in Malaysia and ASEAN.
Over the years, SIBS has shown tremendous progress and become the event of choice for industry players not only in Selangor but also in the whole of Malaysia.
Held at the prestigious Kuala Lumpur Convention Centre, SIBS 2023 comprises many components under one roof, namely Selangor International Expo (F&B), Selangor International Expo (Medic), Selangor Industrial Park Expo, Selangor ASEAN Business Conference, Selangor Smart City, and Digital Economy Convention and Selangor R&D and Innovation Expo. All components are carefully curated to benefit the industry players in all aspects of their businesses.
Interested to visit or exhibit? Click here now for more info. |
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| EnviroSolutions and Consulting | IFRS S1, S2 and Proposed ISSA 5000 Shape Global Sustainability Disclosures |
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The International Sustainability Standards Board (ISSB) issued its inaugural sustainability reporting standards – IFRS S1 and IFRS S2 – to serve as a global baseline for sustainability disclosure requirements. The International Auditing and Assurance Standards Board (IAASB) issued its proposed International Standard on Sustainability Assurance (ISSA) 5000 to provide external assurance on a company’s sustainability reporting.
Click here to read more about this regulatory update. |
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| Milestone Production | Concert of the Champions - Long Live the Queen |
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Milestone Production presents the awe-inspiring "Concert of the Champions - Long Live the Queen," a magnificent music celebration dedicated to the iconic band Queen and the legendary lead vocalist Freddie Mercury.
Do not miss this exceptional opportunity to be astounded by the concert, featuring impeccable renditions of Queen's music. Experience the legend once more with a sensational selection of Queen's timeless classics, including the exhilarating anthems "We Will Rock You," "Bohemian Rhapsody," "We Are The Champions," and many more.
Concert of the Champions - Long Live the Queen Date: 20 - 23 September 2023 Time: 8.30 pm Venue: Zepp Kuala Lumpur
BMCC Members get to enjoy an exclusive 15% discount when purchasing selected tickets.
- Applicable to Premium, VIP, CAT A, and CAT B only.
- Key in “BMCC15” in the promo code column.
- Not applicable with any other ongoing promotions and/or offers.
- Promo is valid for all shows.
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Stay up-to-date with the Chamber’s latest news and activities through this newsletter or follow us on our social media platforms. |
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British Malaysian Chamber of Commerce Berhad 201801018075 (1280091-P) E04C0, 4th Floor East Block, Wisma Golden Eagle Realty, 142-B Jalan Ampang, 50450 Kuala Lumpur Copyright © BMCC 2023 |
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