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New Survey Reveals 80% of Respondents Prefer Natural Diamonds for their Engagement Rings

Two-thirds of respondents conduct online research for their ideal engagement rings and 94% would make their purchase in Hong Kong

HONG KONG SAR – Media OutReach – 24 August 2023 – Now that the pandemic is behind us, grooms and brides-to-be may be rethinking their wishes and priorities for their big day. However, certain core elements of engagements and weddings, such as the preciousness of an intimate “proposal” and a sparkling engagement ring adorned with natural diamonds, remain unchanged. These findings come from the latest online pre-bridal survey conducted by NielsenIQ.

Caption

The online survey, in its second consecutive year, continues to explore the latest engagement and wedding expectations in Hong Kong. Among the 482 respondents, 80% of them prefer natural diamonds for their engagement rings and 82% indicate engagement ring is an important detail in wedding planning. Two-thirds of the respondents research online about their ideal engagement rings, while 94% would conduct the purchase in local jewellery stores. The results also show that following the end of the pandemic, the preference for a more glamourous wedding has re-emerged, since social distancing is no longer a concern. More than half (54%) of the surveyed are in favour of a good balance of simplicity and grandeur in their weddings. A simple and casual wedding, which was highly popular last year, became the second choice (39%), followed by a travel wedding (28%).

The Proposal of Paramount Importance
However, regardless of how couples would like to structure their big day, 88% of the respondents stress the paramount importance of a proposal. Unlike the wedding style, the proposal is usually viewed as an intimate event, with the vast majority of respondents (80%) preferring the proposal to take place privately. In addition, over half (60%) enjoy a moment of “just the two of us.” The trend aligns largely with the results from last year.

Choose my own Engagement Ring
A large majority of respondents (82%) believe engagement rings are an important part of a wedding, a trend that has remained consistent before and after the pandemic. This ritual is followed in importance by pre-wedding photos (72%) and honeymoons (58%).

Regarding the selection of an engagement ring, 80% of the respondents prefer natural diamonds while 86% of them would like to be involved in handpicking the right ring. The top considerations during the selection include the conventional 4Cs (colour, clarity, carat and cut) (83%). In addition, 39% of respondents would prefer diamonds that come with certifications, and 21% value the origin of their diamonds.

Meaning of Marriage and Engagement Rings
As a new attempt this year, the survey included questions about meanings of marriage commitment. A majority of the respondents (70%) believe the marriage vow represents “everlasting love/life-long partnership”, while 63% think marriage commitment means “unconditional/mutual support.” Among those who opt for natural diamonds, over half of them (51%) appreciate natural diamonds are “one-of-a-kind”, while 49% see natural diamonds as “precious, rare and naturally formed through time and nature”.

Survey Methodology
Commissioned by De Beers Group, the pre-bridal survey was conducted by NielsenIQ in May 2023 via multiple social media channels, with a total of 482 participants aged 18-44. Among the participants, 77% were female, while 23% were male. A majority of them (72%) were either engaged or in a serious relationship. The design and data analysis of the survey were engineered by NielsenIQ.

FB: @DeBeers
IG: @debeersofficial
https://www.debeers.hk/
Hashtag: #DeBeers#NaturalDiamonds #diamondweddingrings

The issuer is solely responsible for the content of this announcement.

About De Beers Group

Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world’s largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group’s strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers Jewellers and De Beers Forevermark, and other pioneering solutions such as diamond sourcing and traceability initiatives Tracr and GemFair. De Beers Group also provides leading services and technology to the diamond industry in the form of education and laboratory services via De Beers Institute of Diamonds and a wide range of diamond sorting, detection and classification technology systems via De Beers Group Ignite. De Beers Group is committed to ‘,’ a holistic and integrated approach for creating a better future – where safety, human rights and ethical integrity continue to be paramount; where communities thrive and the environment is protected; and where there are equal opportunities for all. De Beers Group is a member of the Anglo American plc group. For further information, visit .

About NielsenIQ

NielsenIQ is the world’s leading consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. In 2023, NielsenIQ combined with GfK, bringing together the two industry leaders with unparalleled global reach. With a holistic retail read and the most comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NielsenIQ delivers the Full View(TM).

NielsenIQ, is an Advent International portfolio company with operations in 100+ markets, covering more than 90% of the world’s population. For more information, visit NIQ.com.

Five Vehicles Collide at Traffic Light in Vientiane Capital

A white SUV truck rear-ended four pickup trucks at a traffic light in Phonesart Village, Vientiane Capital, on Wednesday night 23 August 2023. (Photo: THOLAKHONG)

Five Vehicles collided at a traffic light in Phonesart Village, Vientiane Capital, on Wednesday night. The crash disrupted traffic, but no injuries were reported.

BEST Express Malaysia is committed to support SMEs in East Coast

KUALA LUMPUR, MALAYSIA – Media OutReach – 24 August 2023 – BEST Express Malaysia, a prominent player in the logistics industry, has announced its strong commitment to support the growth and development of small and medium-sized enterprises (SMEs) in East Coast Malaysia. The states encompassed in the East Coast, including Kelantan, Terengganu, and Pahang, are not just renowned for their natural beauty and unique culture but are also increasingly embracing e-commerce as a primary avenue for shopping.

Josi_2 (1).jpg

The exponential growth of e-commerce in Malaysia has unveiled new opportunities for local entrepreneurs, especially SMEs, to leverage online platforms in expanding their market presence. BEST Express Malaysia, renowned for its logistics and innovation expertise, aims to be a key driver of business growth in this digital era. By harnessing innovative platforms, the company seeks to empower businesses, particularly SMEs, to tap into the potential of e-commerce and reach more customers.

“We recognize the economic potential of the local businesses in East Coast, and we are committed to connect SMEs with the opportunities presented by digital transformation. The collaboration between our advanced logistics infrastructure and innovative technological solutions will be a milestone in advancing businesses in this East Coast region,” said Jessy Sun, General Manager of BEST Inc Malaysia and Singapore.

“This initiative will not only benefits SMEs in East Coast but will also have a positive impact on the overall economic growth. By enabling broader access to the digital market, SMEs will have the opportunity to increase sales and reach more customers,” Jessy Sun continued.

Puan Norizah, the owner of Batik Desa Paloh from Kuala Terengganu, who run her own batik brand,provides wholesale and retail services, both online and offline. I’ve been in this business for over 10 years. We diversify our techniques, including batik canting, blogging, and tie & dye, among others. My business has gradually shifted towards online sales, particularly for blouses and scarves, through social media.

She chose the services of BEST Express Malaysia in Kuala Terengganu, as online businesses require efficient delivery services, and BEST Express fulfils my needs.

Puan Norizah, the visionary owner of Batik Desa Paloh in Kuala Terengganu, has skillfully cultivated her own distinctive batik brand over the past decade.

Through a harmonious blend of tradition and innovation, her enterprise offers a captivating array of techniques, including the intricate artistry of batik canting, the vibrant allure of tie & dye, and the insightful storytelling of her blogging endeavors.

With an astute awareness of evolving market trends, Puan Norizah has adeptly steered her business towards a predominant online presence, focusing notably on the sale of blouses and scarves through various social media platforms.

To ensure swift and reliable delivery services crucial to online enterprises, she has judiciously partnered with BEST Express Malaysia in Kuala Terengganu. This strategic collaboration underscores her unwavering dedication to not only preserving the heritage of batik but also delivering a seamless and satisfying customer experience.

Encik Mohd Johan Ngiew Ah Sui @ Hassan, the enterprising force behind Josi Donut n Café in Kuala Lipis. His journey began modestly in 2014, selling donuts from home, and has since flourished into a bustling café that has become a local favourite. Starting with occasional festive cookies, the café now boasts an impressive line-up of over 30 cookie varieties available year-round, a true testament to Encik Mohd Johan’s dedication to his customers’ cravings.

As the cookies’ popularity grew, so did the need for reliable delivery services. Recognizing the importance of post-purchase satisfaction, Encik Mohd Johan partnered with BEST Express Kuala Lipis, a delivery service known for its strong customer support. This partnership aligns seamlessly with his commitment to providing not just delicious treats but also a delightful overall experience for his customers.

Hashtag: #BESTExpress

The issuer is solely responsible for the content of this announcement.

mPay Expands Cross-Border Payment Coverage to More Than 40 Countries, creating a Convenient Global Travel Smart e-wallet for Macao residents

MACAU – EQS Newswire – 24 August 2023 – Macau Pass S.A. (“Macau Pass”), together with Alipay+, will expand the coverage of the cross-border payment business of mPay to more than 40 countries overseas in the third or fourth quarter this year. These include the United Arab Emirates, the United Kingdom, Switzerland, the European Economic Area countries (such as France, Germany and Italy), Australia, New Zealand, Qatar, Singapore, Malaysia, South Korea, Japan, the Philippines, Thailand, and the United States of America. The relevant cross-border payment function is applicable to mPay’s Macao resident users at 3A, 3B and JR levels, it is done by simply switching the Alipay+ overseas payment code on mPay when seeing Alipay+ logo at the merchants in these countries.

海報 mPay澳門錢包覆蓋海外40余國家.jpg

According to the 2022 Household Information Technology Survey by the Statistics and Census Bureau of the Macao SAR Government, among the online shopping consumption in the fourth quarter of 2022 in Macao, the median consumption of “tourism services” (MOP2,000) ranked top on the list, and comparing 2021 and 2022, the number of consumers has increased by 142%. With the optimization of the entry-exit management policy of the Macao SAR government, the increase in search volume of outbound flights and accommodation in overseas countries indicates that the outbound travel demand of Macao residents continues to recover in 2023, and cross-border consumption is expected to surge.

Mr. Sun Ho, Chairman and CEO of Macau Pass, said that the change in consumer culture and modern technology goes hand in hand in the new era, and demand for electronic payments, especially cross-border mobile payments, is also booming rapidly. As one of the leading mobile payment e-wallets in Macao, mPay and Alipay+ which has launched a suite of innovative digital cross-border solutions, strive to create a smart e-wallet that facilitates Macao residents to travel globally, this could also solve the issues they encounter with payment while travelling overseas, thus improve travelers’ payment and shopping experience.

Mr. Sun said that when international payment services give consumers fine global travel consumption experience, it will also bring more cross-border businesses and tourism growth opportunities for global merchants. mPay will continue to expand electronic payment, lifestyle services and marketing technology services to develop more open and diversified intelligent payment business scenarios, which is dedicated to introducing the inclusive ecology and vitality of Macao and even Mainland China’s digital economy to the whole world and let them have a deeper understanding of the vibrant developments.

Hashtag: #MACAUPass

The issuer is solely responsible for the content of this announcement.

About Macau Pass S.A.

Macau Pass S.A. is a non-bank local financial institute with the scope of financial clearance, and is also a credit institution qualified to issue cards in Macao. In 2007, Macau Pass introduced the first contactless smart card in Macao, “Macau Pass Card”, which is now the largest contactless smart card and electronic payment system in Macao. Macau Pass introduced mobile payment into Macao in 2015 and created mPay app in 2018, which has now become the most used payment app in Macao, and is now actively integrating more non-payment scenarios to serve local merchants, residents and tourists. For details on Macau Pass’ information, please visit

India Lands Spacecraft Near the Moon’s South Pole, First for World as It Joins Elite Club

People watch the landing of Chandrayaan-3, or "moon craft" at Omani University in Hyderabad, India, Wednesday, 23 August 2023. (Photo: AP)

NEW DELHI (AP) — India became the first country to land a spacecraft near the moon’s south pole on Wednesday — a historic voyage to uncharted territory that scientists believe could hold vital reserves of frozen water, and a technological triumph for the world’s most populous nation.

DHL Global Forwarding announces strategic leadership appointments in Asia Pacific

  • Karsten Michaelis, previously SVP Ocean Freight DHL Global Forwarding Asia Pacific, appointed as President/ Representative Director, DHL Global Forwarding Japan, effective July 1, 2023
  • Edwin Pinto, currently Head of Marketing and Sales, DHL Global Forwarding, Thailand and Indochina, appointed as Managing Director of DHL Global Forwarding India, effective September 1, 2023
  • Praveen Gregory, currently VP Order Management Solutions Asia Pacific at DHL Global Forwarding, will assume the position of SVP Ocean Freight DHL Global Forwarding Asia Pacific, effective September 1, 2023

SINGAPORE – Media OutReach – 24 August 2023 – DHL Global Forwarding, the freight specialist arm of DHL Group, has announced three strategic leadership appointments in Asia Pacific with the upcoming retirement of Kelvin Leung and Charles Kauffman.

L-R: Karsten Michaelis, Edwin Pinto, Praveen Gregory
L-R: Karsten Michaelis, Edwin Pinto, Praveen Gregory

“With Kelvin and Charles retiring this year, it has opened up a few key positions that we had to fill, and I am glad that we could do so with candidates from the network. This goes to show that we can nurture and retain talent, while providing the right opportunities for growth to our employees.

All of them bring the right experience, the required expertise and will provide a fresh perspective to these roles,” said Niki Frank, CEO, DHL Global Forwarding, Asia Pacific.

Karsten Michaelis takes over from Charles Kauffman as President/ Representative Director, DHL Global Forwarding, Japan

Charles Kaufmann, CEO, DHL Global Forwarding North Asia South Pacific (NASP), will step down from his role after more than five decades of valued service for the Group. He will hand over the country responsibility for Japan to his successor, Karsten Michaelis, while continuing to look after the cluster until the end of the year.

Karsten will assume his new role as President/ Representative Director, DHL Global Forwarding Japan, effective July 1, 2023. In his new role Karsten will be based in Japan and report to Charles Kaufmann.

Karsten Michaelis has had an extensive career spanning over two decades in the logistics sector, he has been based primarily in the Asia Pacific region, in locations such as Hong Kong, Bangladesh, Australia and Singapore. Since joining the group in 2011, Karsten took on several managerial roles for Ocean Freight in Asia Pacific, including his most recent position as SVP, Ocean Freight DHL Global Forwarding Asia Pacific, in 2017.

Edwin Pinto appointed as Managing Director, DHL Global Forwarding, India

Following Niki Frank’s promotion, Edwin Pinto, currently Head of Sales & Marketing, DHL Global Forwarding, Thailand and Indochina, has been appointed as the Managing Director for DHL Global Forwarding, India. Edwin will assume his new role on September 1, 2023, and he will report to Niki Frank. Edwin will be based in India.

Edwin joined DHL in 2001 in India and has since worked in several management roles across DHL Global Forwarding. Working for the automotive sector, he gained experience across various positions until being announced Sector Director DGF for the South Asia Pacific and Africa region in 2010. As of 2012, he was promoted to Head of Key Account Management DGF India. Edwin relocated to Thailand in 2014, working as Director Commercial & Customer Program Management DGF, before taking on his current role in 2021.

Praveen Gregory will assume the position of SVP Ocean Freight, DHL Global Forwarding, Asia Pacific

Praveen Gregory, currently VP Order Management Solutions Asia Pacific at DHL Global Forwarding, will assume the position of SVP Ocean Freight DHL Global Forwarding Asia Pacific, effective September 1, 2023. In his new role, Praveen will be based in Singapore and report directly to Niki Frank, CEO DHL Global Forwarding Asia Pacific, with a dotted line to Casper Ellerbaek, EVP Global Ocean Freight DHL Global Forwarding.

Prior to joining DHL Group in Dubai Ocean Freight Operations in 2008, Praveen had worked for Maersk. In 2010, he relocated to Germany and held several roles in Market Intelligence & Strategy and Product Development. He moved to Hong Kong in 2018 to take on regional management roles in Ocean Commercial Center and Account Management ISC. In 2022, he assumed his current position as VP Order Management Solutions Asia Pacific.

Hashtag: #DHLGlobalForwarding




The issuer is solely responsible for the content of this announcement.

DHL

DHL – Excellence. Simply delivered.

DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 395,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as “The logistics company for the world”.

DHL is part of DHL Group. The Group generated revenues of more than 94 billion euros in 2022. With sustainable business practices and a commitment to society and the environment, the Group makes a positive contribution to the world. DHL Group aims to achieve net-zero emissions logistics by 2050.

ZJLD Group Achieved Impressive Revenue of RMB3,519 Million for FY2023 Interim Results Grasping Advantages and Persisting in Pursuing Quality and Sustainable Growth

HONG KONG SAR – Media OutReach – 24 August 2023 – ZJLD Group Inc. (“ZJLD” or the “Company”, together with the Company’s subsidiaries, collectively the “Group”) (SEHK stock code: 06979. HK), the fourth[1] largest private-owned baijiu enterprise in China, is pleased to announce its interim results for the six months ended June 30, 2023 (“FY2023 1H” or the “Period”).

The key financial and business highlights are as follows:

FY 2023 1H

(for the six months ended June 30, 2023)

(RMB’000)

FY 2022 1H

(for the six months ended June 30, 2022)

(RMB’000)

Increased by
Revenue 3,518,957 3,060,981 15%
Sales of the flagship brand, Zhen Jiu 2,305,867 2,007,262 14.9%
Gross profit 2,037,148 1,703,043 19.6%
Gross profit margin 57.9% 55.6% 2.3 percentage points
Adjusted net profit (non-IFRS measure) 802,519 657,638 22.0%
Adjusted net profit margin (non-IFRS measure) 22.8% 21.5% 1.3 percentage points

  • The flagship brand, Zhen Jiu, targeting sauce-aroma baijiu enthusiasts, contributed around 65.5% of the overall revenue during the Period.
  • The gross profit increase was primarily due to the Group’s strategic optimization of the core product mix by increasing the total revenue generated from deluxe baijiu products, improving the revenue contribution of baijiu products with a higher gross profit margin in the same price range, and gradually replacing third-party produced base liquor with in-house production, thereby reducing the unit cost.

Achieving Consistent Growth through Well-defined Strategy and Operational Excellence

The baijiu industry has entered a new phase of adjustments characterized by gradual and rational growth during the Period. The Group strives to capture the growing trend and underlying market opportunities consisting of the increasing popularity of sauce aroma baijiu across China, consumer preferences towards premiumization and market consolidation to achieve sustainable and quality growth, through strategic brand premiumization initiatives to optimize the product mix and increase revenue from deluxe baijiu and that of baijiu products with higher gross profit margins within the same price range. At the same time, the Group is actively developing mid-range baijiu products to meet the diversified market demand for quality baijiu at affordable prices in 2023. It also invested resources to accelerate and promote sell-through and sell-out, maintaining healthy inventory levels at the distributors’ ends and optimizing the distributor base. As a result, the Group’s baijiu sales increased by approximately RMB457.98 million, up 15.0% compared to the same period in 2022, with adjusted net profit margin (non-IFRS measure) increased by 1.3 percentage points.

Expanding Production Capacity and Press Ahead Product Innovation to Enhance Brand Presence

The Group has experienced remarkable growth driven by the increasing popularity of sauce-aroma baijiu in China and the rising consumer preferences towards premiumization. Capitalizing on these favourable market trends, the Group is dedicated to proactively expanding its production capacity to meet the market demand and to support product premiumization. As of June 30, 2023, the Group has completed the construction of a new production facility, Li Du (Zheng Jia Shan), which is now operational with a designed production capacity of 5,000 tons of base liquor per year. This achievement aligns with the Company’s strategic focus on building a substantial and sustainable base liquor production capacity and inventory, which are crucial to its core competitiveness. With the continuous expansion of production capacity, the Company can ensure an adequate and long-term reserve of aged liquor and base liquor to enrich its premium and deluxe product offerings, strengthen competitiveness, and meet the growing market demand for deluxe and above baijiu products. This new production facility, situated in Lidu, Jiangxi, spans an area of 373,570 square meters, providing ample room for further expansion.

Furthermore, the Group’s product development team is spearheaded by a technical committee of 28 renowned baijiu experts with extensive industry experience. With its solid collaboration with several esteemed universities and research institutions, the Group can leverage their technical and academic expertise to identify traceable components during the baijiu brewing process to improve the flavour and functional quality of its baijiu products. In the first half of 2023, the flagship brand Zhen Jiu launched three new package-free baijiu products (光瓶酒) within the deluxe and premium price ranges, which gained significant market acceptance and popularity and impressively contributed to the growth in revenue for the Period.

Embracing Market Trends and Implementing an Integrated Multi-Channel Sales Strategy

The Group has devised a series of strategic plans to respond to the prevailing trends of premiumization and market consolidation within the baijiu industry. It has developed a variety of sales channels nationwide, allowing it to expand its consumer outreach constantly. In addition to broadening its national offline sales channels while simultaneously deploying online marketing strategies, the Group has also adopted digital infrastructure to boost growth and grasp greater efficiency. The established integrated digitalized management system, coupled with a comprehensive inventory management policy, plays a pivotal role in supporting the major aspects of operations, optimizing inventory levels, and enhancing the overall profitability of ZJLD Group. By incorporating sales data analytics, the Group can improve transparency and efficiency in distribution channels. The internally developed QR code system also helped the Group effectively manage distribution channels and monitor the inventory levels of dealers. By leveraging consumer insights to drive informed business decisions, streamline operational costs, and optimize overall efficiency, the Group is confident in applying a multi-channel sales strategy through a combination of online and offline marketing plans.

Mr. Wu Xiangdong, Founder and Chairman of ZJLD Group, commented, “Amidst China’s post-pandemic economic recovery in Q2 2023, our baijiu business has resumed its normal course. After recognizing the tremendous opportunities in the increasing popularity of sauce-aroma baijiu and the growing demand for premiumization, we were committed to implementing a product optimization plan and employing various marketing strategies to strengthen our existing distribution network, improve channel turnover, and promote sell-out. Simultaneously, we focused on enhancing cooperation with retail partners for deluxe and premium products to optimize resource allocation. The Group will continue to expand or construct production facilities to bolster capacity, consolidate and advance our market share in the sauce-aroma as well as deluxe and premium baijiu markets. Being included in the Hang Seng Composite Index marks another significant milestone, underscoring our thriving development. With a strong position for robust growth and enhanced profitability, ZJLD remains committed to delivering long-term returns for our valued investors and sincerely appreciates our board of directors for their unwavering support and dedication.”


[1] According to Frost & Sullivan, the Company was the fourth-largest private baijiu company in China in terms of revenue in 2022.

Hashtag: #ZJLDGroup

The issuer is solely responsible for the content of this announcement.

ZJLD Group Inc.

Zhenjiu was established in 1975 in Zunyi, Guizhou, China’s primary production area of sauce-aroma baijiu. In 1988, it was honored with the Silver Award of the National Quality Award at the 5th National Wine Appreciation Conference. It is one of the “Three Great Sauce Flavor Brands in Guizhou”, along with Moutai and Xijiu. In the same year, it was approved by the Protocol Department of the Ministry of Foreign Affairs, the Communication Department of the Ministry of Economy and Trade, and the Great Hall of the People Management Bureau to become one of the four baijiu brands served at state banquets.

ZJLD Group Inc. is a leading baijiu group in China devoted to offering baijiu products, including sauce-aroma, mixed-aroma, and strong-aroma, with sauce-aroma being its core. In terms of revenue in 2022, the Company was deemed the fourth-largest private baijiu company in China, according to Frost & Sullivan statistics. The Company operates four baijiu brands in China, including Zhenjiu, Lidu, and two leading regional names, Xiangjiao and Kaikaixiao. ZJLD prides itself on inheriting the time-honored baijiu-brewing techniques and reinvigorating them to develop iconic recipes and classical flavours. It strives to develop a wide variety of aromatic and mellow baijiu products to meet the diverse preferences of consumers, seize broader market opportunities, and promote traditional Chinese baijiu culture.

Malaysia’s annual inflation may fall for the fifth month in a row

Malaysian inflation is likely to decline for the fifth consecutive month in July. Will it have an impact on Bank Negara Malaysia (BNM)? How will the ringgit feel? Kar Yong Ang, the OctaFX financial market analyst, shares his opinion.

KUALA LUMPUR, MALAYSIA – Media OutReach – 24 August 2023 – The Department of Statistics will release monthly inflation data in Malaysia on 25 August. Annual inflation is expected to decline to 2.1% in July.

According to official data released last month, Malaysia’s annual inflation rate slowed to 2.4% in June 2023 from 2.8% in May. Lower inflation rates were recorded in food and non-alcoholic beverages, transportation, and miscellaneous goods and services.

Overall, inflation in Malaysia was lower compared to neighbouring regions, with June inflation in Indonesia, the Philippines, and Singapore at 3.5%, 5.4%, and 4.5%, respectively.

Malaysia’s economic growth is projected to end the year near the lower end of the 4.0%–5.0% range, contributing to a decline in annual inflation in the second half of 2023.

According to Kar Yong Ang, the OctaFX financial market analyst, annual inflation will drop further in July, the fifth consecutive month of decline. Such a decline cannot be ignored by BNM, which will have to signal a weakening of monetary policy or revise the annual inflation forecast.

‘BNM will likely choose to revise the annual inflation forecast slightly downwards. Even if the regulator does not do so, the local currency still tends to appreciate due to the continued growth of the Malaysian economy,’ said Kar Yong Ang. ‘With domestic demand picking up amid improving employment and falling inflation, the ringgit might appreciate, with USDMYR falling towards 4.520 and possibly lower.’

The issuer is solely responsible for the content of this announcement.

About OctaFX

is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services already utilised by clients from 180 countries who have opened more than 42 million trading accounts. Free educational webinars, articles, and analytical tools they provide help clients reach their investment goals.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

In the APAC region, OctaFX captured the ‘Best Forex Broker Malaysia 2022’ and the ‘Best Global Broker Asia 2022’ awards from Global Banking and Finance Review and International Business Magazine, respectively.