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The European Union's palm oil imports have significantly decreased, with purchases dropping to 1.872 million tons from 2.43 million tons the previous year. Key suppliers like Indonesia and Malaysia saw exports decline by 23% and 30%, respectively, while only Papua New Guinea increased its exports by 7%. The reduction is attributed to the Renewable Energy Directive (RED II), which phases out palm oil biofuels by 2030, alongside a rise in biodiesel supply from waste oils in Germany.
Malaysian fintech startup Versa has raised 30 million ringgit (approximately US$6.78 million) in a Series A funding round led by AHAM Asset Management Berhad, with participation from Tengku Fahad Mua’adzam Shah and CEO Teoh Wei-Xiang. The funds will be used for expansion and product enhancements over the next five years. Since its launch in 2021, Versa has attracted around 300,000 users and facilitated over 500 million ringgit (US$112.98 million) in savings, offering nearly 20 funds while eliminating front-end fees.
Citigroup's CEO Jane Fraser announced plans to allocate more global roles to India, citing the country's strong talent pool and economic growth potential. She emphasized India's competitive advantage, driven by a skilled workforce and government investments in digitization and infrastructure, positioning it as a key player in the global economy. Fraser also reassured that the rise of artificial intelligence will create new job opportunities rather than threaten existing global capability centers in India.
Asset managers are retreating from climate-related investments following the inauguration of President Trump, who has dismissed climate change and withdrawn the US from the Paris Agreement. Major firms like BlackRock and leading US banks have exited climate-focused alliances, impacting global financing for climate initiatives, particularly in vulnerable regions like Southeast Asia. This shift has led to a significant decline in support for climate resolutions and a notable withdrawal of funds from climate-focused investments, highlighting the challenges facing the sector.
Howden has promoted Bryan Pee to CEO for Singapore and Malaysia and Shirley Sy to deputy CEO for Hong Kong, aiming to enhance its private wealth management team. Citigroup has appointed Ben Connolly and Philippe Perzi as co-heads of capital markets and advisory in Australia and New Zealand, while also making several key hires in its private banking division.
Howden has promoted Bryan Pee to CEO for Singapore and Malaysia and Shirley Sy to deputy CEO for Hong Kong, emphasizing investment in home-grown talent. Meanwhile, Citigroup has appointed Ben Connolly and Philippe Perzi as co-heads of capital markets and advisory in Australia and New Zealand, pending regulatory approval. Both firms are enhancing their leadership to support growth and client services in the Asia-Pacific region.
UBS has upgraded Thailand to 'Overweight', citing improved market attractiveness and reduced political uncertainties. The firm anticipates a decrease in credit costs and highlights potential in Thai stocks, particularly CP All and Airports of Thailand, amid evolving market dynamics and government policy support. Despite global economic challenges, UBS sees opportunities for tactical outperformance in emerging markets, driven by a recovery in consumption and tourism.
Morgan Stanley has maintained an Overweight rating on Prudential plc, despite an anticipated profit decline for FY24. The financial services group primarily focuses on life and health insurance, which accounts for 96.8% of its revenues, with significant market presence in Hong Kong, Singapore, Malaysia, and Indonesia. Additionally, Prudential's asset management segment, Eastspring, manages USD 237.1 billion in funds as of 2023.
Catcha Digital, through its subsidiary iMedia Asia, is set to acquire a 60% stake in Framemotion Studio for 37.32 million ringgit (approximately US$8.39 million). The acquisition involves purchasing 600,000 shares of the digital media advertising solutions provider.Framemotion is projected to achieve a profit after tax and minority interest of at least 6.8 million ringgit (around US$1.5 million) in the first year post-acquisition, with a similar target for the following year. This deal aims to leverage Catcha Digital’s expertise in digital advertising alongside Framemotion’s capabilities in virtual and augmented reality content.
Indonesia is facing a significant economic crisis, highlighted by a 20.2% increase in mass layoffs across various sectors, resulting in 78,000 job losses in 2024 alone. The manufacturing sector, once a cornerstone of the economy, has seen its contribution to GDP plummet from 32% in 2002 to just 18% in 2024, signaling a troubling trend of premature deindustrialization. Analysts urge the government to implement swift fiscal and monetary incentives to combat the economic downturn.
MYS
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
eu palm oil imports decline significantly amid changing biofuel regulations
06:07 20.03.2025
malaysian fintech versa secures 6.8 million in series a funding round
05:07 20.03.2025
Citigroup to Increase Global Roles in India Amid Economic Growth Confidence
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16:20 19.03.2025
asset managers retreat from climate investments amid political and economic pressures
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15:50 19.03.2025
wealth management appointments at howden and citigroup in asia pacific
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01:19 19.03.2025
wealth management appointments in asia pacific howden and citigroup updates
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20:42 18.03.2025
ubs upgrades thailand market outlook to overweight amid positive policy changes
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Morgan Stanley maintains overweight rating on Prudential amid profit forecast decline
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09:02 18.03.2025
Catcha Digital to acquire 60 percent stake in Framemotion for 37 million ringgit
15:09 17.03.2025
indonesia faces economic crisis as mass layoffs surge across sectors
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10:30 17.03.2025
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