Latest news with #AmBankGroup
The Sun
7 days ago
- Business
- The Sun
Bank Negara likely to maintain OPR at 2.75% for rest of year: AmBank chief economist
KUALA LUMPUR: AmBank Group expects Bank Negara Malaysia (BNM) to maintain the Overnight Policy Rate (OPR) at 2.75% for the remainder of the year, citing current economic conditions as supportive of the existing rate. AmBank Group chief eonomist Firdaos Rosli said the current OPR level is appropriate and no adjustments are anticipated in the near term. 'We believe the current OPR of 2.75% is adequate. Given the prevailing economic landscape, we do not foresee any changes in the coming months. It is likely to remain unchanged through the end of 2025,' he told reporters at the National Economic Forum 2025 today. However, Firdaos cautioned that the outlook for 2026 may differ, depending on external developments. 'There is still considerable uncertainty surrounding economic conditions in the United States and other key markets. The situation could evolve in ways that impact our projections,' he noted. On Malaysia's economic performance, Firdaos said that second-quarter gross domestic product (GDP) growth may moderate slightly to the lower end of the 4% range, following a decline in the Industrial Production Index (IPI). Malaysia's IPI grew by just 0.3% year-on-year in May, a notable slowdown from the 2.7% expansion recorded in April. 'Given the slowdown in industrial output, GDP growth for Q2 could come in closer to 4%, although still within the targeted range. External trade has remained relatively resilient, which supports overall performance,' he said. He attributed this resilience to front-loading activities, particularly among exporters shipping goods to the United States and other international markets ahead of potential trade disruptions. Firdaos pointed out that the strong 4.4% GDP growth recorded in the first quarter was likely boosted by early festive spending, some of which carried into the second quarter. 'Consumer spending has remained stable, especially with the Hari Raya period falling within the quarter,' he said. AmBank's full-year GDP forecast stands at 3.8%, slightly below the World Bank's projection of 3.9%. 'We are anticipating a general economic slowdown, primarily driven by external headwinds. Consumer and investment confidence remain somewhat subdued, and we expect this trend to continue in the near term,' Firdaos said. While not attributing the slowdown to any specific policy or shock, he emphasised the broader sentiment-driven nature of the deceleration. 'It's a general, broad-based slowdown – not due to any one specific factor such as tariffs – but rather an accumulation of uncertainty in the external environment,' he said. Tariffs, however, remain a key area of concern. 'In my view, tariffs continue to pose a significant uncertainty in the global trade landscape. The United States is taking a bilateral approach, and it's still unclear how other Asean countries will be treated under this policy direction,' he said. Firdaos noted that countries such as Vietnam and Indonesia have already received official communication from the US, while Singapore has not. Malaysia, he said, has also received such correspondence, with negotiations ongoing and expected to continue until August. 'There is a possibility that the negotiation deadline could be extended, which keeps sentiment cautious among businesses and investors,' he added. In light of this uncertainty, Firdaos said, companies may accelerate trade activities to hedge against potential tariff hikes. 'This cautious sentiment is a key reason behind the expected slowdown. Businesses and consumers are taking a more conservative stance amid unresolved global issues.'
Barnama
7 days ago
- Business
- Barnama
AmBank Group Projects Moderate Four Pct Malaysia GDP Growth For 2Q 2025
BUSINESS KUALA LUMPUR, July 17 (Bernama) -- AMMB Holdings Bhd (AmBank Group) expects Malaysia's gross domestic product (GDP) to grow at a moderate rate of around four per cent year-on-year in the second quarter of 2025 (2Q 2025), supported by continued front-loading activities that benefit the external sector. Its chief economist Firdaos Rosli said the growth momentum seen in 1Q 2025 is likely to ease in 2Q due to weaker industrial output. 'We think 2Q GDP will ease slightly, mainly due to the softer industrial production index (IPI). But, overall growth should remain in the low four per cent range,' he told reporters after speaking as a panellist at the National Economic Forum 2025 today. Firdaos added that the strong 1Q performance was likely driven by early economic activity, but external challenges are expected to weigh on the subsequent quarter. For the full year, the bank projects GDP growth at 3.8 per cent, which is slightly below the World Bank's forecast of 3.9 per cent, as weaker consumer and investment confidence continue to affect overall economic momentum, reflecting broader signs of a slowdown. 'Tariff uncertainties remain a key concern, particularly given the bilateral nature of trade decisions in the United States,' he said. The Department of Statistics Malaysia is scheduled to announce the advance GDP estimates for 2Q 2025 tomorrow, followed by an official announcement on Aug 15, 2025. On the overnight policy rate (OPR), Firdaos said AmBank expects it to remain at 2.75 per cent until the end of the year. On July 9, Bank Negara Malaysia's (BNM) Monetary Policy Committee (MPC) reduced the OPR by 25 basis points to 2.75 per cent, a pre-emptive measure to preserve Malaysia's steady growth path amid moderate inflation prospects.
Barnama
7 days ago
- Business
- Barnama
Long-Term Structural Reforms Needed To Address Cost Of Living
BUSINESS KUALA LUMPUR, July 17 (Bernama) -- The government should adopt more holistic and forward-looking reforms to manage the rising cost of living, beyond short-term fiscal support, said AmBank Group chief economist Firdaos Rosli. He noted that cash transfers remain an effective short-term measure which could immediately bring down the cost of living. 'They work and they are easy to implement. But these are short-term fixes. To build long-term resilience, we need sustainable economic strategies,' he told reporters after participating as a panelist at the National Economic Forum 2025 today. Firdaos said three key structural priorities for the government to consider as it seeks to ease the cost of living while driving growth, are deregulation, dynamic investment incentives and decentralisation. He said deregulating selected industries could boost national productivity and reduce bureaucratic barriers for businesses and this includes simplifying land and equity-related processes, as well as streamlining business procedures to make Malaysia a more competitive investment destination. While Malaysia already offers various investment incentives, Firdaos said the government must continuously assess the situation to remain competitive. 'If our neighbouring countries offer the same incentives, what makes us stand out. Our incentives must be dynamic and aligned with global economic trends,' he said. Firdaos also stated the need for decentralisation of certain administrative functions to speed up industrial development. Citing the Kulim Industrial Park as an example, he said faster processing of permits and infrastructure support at the local level can help attract more investments.
Borneo Post
20-06-2025
- Business
- Borneo Post
AmBank marks 50th anniversary by sponsoring RWMF for first time
Shazman says the RWMF sponsorship reflects AmBank's long-standing relationship with Sarawak. SANTUBONG (June 20): AmBank Group is marking its golden jubilee by becoming the official bank for the Rainforest World Music Festival (RWMF) 2025. The bank group's corporate communications and marketing head Shazman Shahid said the bank was proud to be supporting one of Sarawak's most prominent cultural events. 'AmBank is the official bank for this festival this year. We are thankful to the Sarawak Tourism Board (STB), and the Sarawak government as well. 'This is our first time sponsoring an event of this nature, especially in Sarawak. It's a meaningful milestone for us as we celebrate our 50th anniversary, our golden jubilee,' he said in an interview with The Borneo Post today. According to Shazman, the sponsorship reflects AmBank's commitment to the people, particularly in Sarawak. 'As a bank for the people, and with our tagline 'Your Bank, Malaysia's Bank, AmBank', we are always there for the community, especially the people of Sarawak. 'This initiative also aligns with the bank's long-standing relationship with the state. 'For decades, we have been supporting the people, and the Sarawak government, by extending our financial services and facilities.' On AmBank's presence at this year's RWMF, Shazman said the bank had already set up a booth at the venue, Sarawak Cultural Village (SCV), to provide visitors with an 'immersive AmBank experience'. 'Throughout the three days, the visitors will be able to look forward to exclusive engagements, promotions and activities to bring our brand closer to the people. 'Among these, we'll be powering onsite with our payment solutions and also offering generous discounts to our credit card customers. 'So wherever they are within the nation, they will be able to use our credit card to come over and to spend during the festival,' he said. Shazman also highlighted the alignment between AmBank's community focus and the 2025 RWMF theme, 'Connections: One Earth, One Love'. 'Our real focus is on connection. 'We want to connect with the local community, with visitors across the globe, and with many talented artists who are converging on Santubong.' On the festival's progress over the years, Shazman said AmBank had been observing the development closely before coming on board as a sponsor. 'Of course, before we started our journey to sponsor, we had studied throughout the year. 'It (RWMF) has evolved, and more and more visitors are coming over to Santubong to celebrate the festival for three days. 'The evolution of the RWMF is just amazing, seeing it grow year by year. 'Hopefully for next year, we would be able to work together with the festival organisers as well.' The RWMF, now in its 28th edition, continues to draw thousands of music lovers from around the globe to Sarawak for three days of cultural and musical exchanges. AmBank Kuching official bank rwmf
The Star
28-05-2025
- Business
- The Star
AmBank approves RM70mil financing for Sunview
AmBank Group SVP, commercial banking 1, business banking Edmund Tay (seated, left) and Sunview group executive director and group chief operating officer Chow Kian Hung (seated, right) together with (from left) AmBank Group head of commercial banking 1, business banking Yeow Swee Yun, AmBank Group managing director of business banking Christopher Yap and Sunview group executive director and group chief executive officer HP Ong. PETALING JAYA: AmBank Group, through AmBank Islamic Bhd, has approved banking facilities amounting to RM70mil for Fabulous Sunview Sdn Bhd (FSSB), a wholly owned subsidiary of Sunview Group Bhd . In a statement, the bank said the financing would partly fund the construction of a 29.99MWac ground-mounted photovoltaic solar power plant in Sungai Petani, Kuala Muda, Kedah. The project was awarded by Dayasinar Energy Sdn Bhd under the Corporate Green Power Programme. The project with a contract amounting to RM98.29mil will be executed by FSSB where it includes design, procurement, erection, connection, commissioning and testing as well as supply of equipment for the construction of a ground mounted photovoltaic solar generation facility. 'We are pleased to support FSSB and Sunview Group in this initiative. Looking ahead, we remain committed to strengthening our contribution to Malaysia's renewable energy ecosystem,' AmBank Group managing director, business banking Christopher Yap said.
