Malaysia’s central bank kept its benchmark interest rate at the same level it has been at since May last year, as a stable economic backdrop gives policymakers room to hang tight, the Wall Street Journal reported. Bank Negara Malaysia on Wednesday maintained its overnight policy rate at 3.00%. The central bank reiterated that its stance remains supportive of the economy and in line with its assessment of inflation and growth. Economists had largely expected another rate hold, as Malaysia’s inflation has remained under control and its growth trajectory intact.
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TGI Fridays Malaysia has assured customers that the local franchise restaurants will continue operating as usual and remains unaffected by the recent chapter 11 filing by TGI Fridays Inc. in the U.S., Business Today reported. Craveat International Sdn Bhd, a wholly owned subsidiary of Techna-X Berhad, the Master franchisee and developer for TGI Fridays Malaysia, operates under a franchise agreement with TGI Fridays Franchisor, LLC, which it said is separate from TGI Fridays Inc. and is not impacted by this restructuring in the U.S., it said in a statement today.
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The Malaysian High Court on Monday fixed Jan 6, 2025, to hear former prime minister Datuk Seri Najib Razak and his son Datuk Nazifuddin Najib's appeals to stay bankruptcy proceedings for their failure to settle RM1.69 billion and RM37.64 million in tax arrears to the Inland Revenue Board (IRB), The Edge Malaysia reported. Their initial applications had been denied by the deputy registrar in July. The date was fixed following case management before High Court (Insolvency) Senior Assistant Registrar Naeilah Nikrul Tarmizi on Monday.
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Malaysia’s central bank extended its policy-rate pause yet again, declining to join a growing group of peers starting their easing cycles as it keeps an eye on inflation, the Wall Street Journal reported. Bank Negara Malaysia on Thursday maintained its overnight policy rate at 3.00%, where it has been at since May last year. “At the current OPR level, the monetary policy stance remains supportive of the economy and is consistent with the current assessment of inflation and growth prospects,” Bank Negara Malaysia said.
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Switzerland's federal criminal court on Wednesday convicted two top managers of a Saudi oil company on charges including fraud and money laundering in a vast scam that swiped at least $1.8 billion from a Malaysian state-owned investment fund, the Associated Press reported. PetroSaudi executive Tarek Obaid, a Saudi-Swiss dual national, received a seven-year sentence and British-Swiss associate Patrick Mahony was handed a six-year sentence from the Federal Criminal Court in southern Bellinzona, officials said.
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Malaysia is weighing the return of a broad-based consumption tax instead of implementing subsidy cuts for a commonly-used gasoline as the government seeks to bolster its finances, Bloomberg News reported. Prime Minister Anwar Ibrahim’s cabinet has been discussing the viability of bringing back the goods and services tax, the people said, asking not to be identified as the information is private. No decision has been reached given the political sensitivities.
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