15/07/2025

BIZ & FINANCE TUESDAY | JULY 15, 2025

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Wholesale, retail trade sales in May hit RM154.3b, up 4.4% year-on-year KUALA LUMPUR: Malaysia’s wholesale and retail trade registered total sales of RM154.3 billion in May, reflecting a 4.4% growth year-on-year (y-o-y), according to the Department of Statistics Malaysia (DOSM). In a statement yesterday, Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said the growth was primarily supported by the performance of the retail and wholesale trade sub sectors. “The retail trade sub-sector registered RM67.1 billion in sales, an increase of RM3.1 billion or 4.9% y-o-y. “The wholesale trade sub-sector recorded RM68.2 billion, up RM3.1 billion or 4.7% y-o-y, reflecting steady business activity across supply chains,” he said. May’s online retail sales showed an increase, with the index rising by 2.2% y o-y, he said. “However, after seasonal adjustment, the index recorded a month-on-month decline of negative 3.4%,” he said. In terms of volume index, he said wholesale and retail trade posted a higher y-o-y increase at 4.1%, driven by the wholesale trade sub-sector, which rose by 5.8%, followed by retail trade with a 3.7% increase. Complementing the trade growth, Mohd Uzir said, Malaysia’s digital payment transactions recorded a strong y-o-y gain in May. “E-money transactions surged by 70.2% y-o-y to RM21.5 billion, reflecting heightened adoption of digital pay ments. “Real-time retail payments platform transactions amounted to RM289.4 billion, underscoring the growing demand for instantaneous payment solutions. “Meanwhile, financial process ex change transactions expanded by 21.1% to RM39.2 billion, driven by increased online banking activity,” he said. The chief statistician said credit card usage remained stable at RM18.7 billion, while debit card transactions registered an 8% growth to RM14.1 billion. “Collectively, these trends highlight the sustained expansion of digital payment channels, in line with evol ving consumer preferences and the broader digitalisation of Malaysia’s payment infrastructure,” he added. – Bernama

Baker Hughes, Petronas in Asia energy transition tie-up

PETALING JAYA: Baker Hughes, a global energy technology company, and Petroliam Nasional Bhd (Petronas) recently signed a memorandum of understanding (MoU) on a strategic partnership to explore initiatives that have the potential to support the delivery of Asia’s energy expansion and transition. The MoU serves as a foundation for collaboration between the two companies to enhance local supply chain capabilities and explore the feasibility of implementing tech nology solutions. These in-clude enhanced liquefied natural gas (LNG) services footprint and cross border talent training and develop ment programmes to strengthen local field operations capabilities. They will collaborate on exploration and production, chemicals and mature assets solutions, and digital solutions, including artificial inteliigence and explore sustainable energy solutions, including carbon capture, utilisation and storage, as well as lubricants and biofuels for the turbomachi nery supply chain. In support of these initiatives,

needed to deliver Asia’s energy transition.” Baker Hughes’ longstanding relationship with Petronas began in 1975 when the companies jointly pioneered LNG solutions for natural gas supply and collaborated on exploration and production projects. Currently, Baker Hughes – which has headquarters in Houston, Texas and London – operates two turbo machinery services facilities in Malaysia – an aeroderivative gas turbine repairs facility in Port Klang, Selangor, which is operationalised through Aero Alliance, a joint venture between Baker Hughes and GE Vernova – and a heavy-duty gas turbine technology repairs, field service and digital services facility operated through its joint venture with Sapura Energy. Baker Hughes also operates two supply bases to support its in country oilfield services operations, while a Kuala Lumpur based facility provides monitoring and diag nostics for Baker Hughes’ turbo machinery equipment across the region.

o They will collaborate to enhance local supply chains, explore implementation of tech solutions

man and CEO Lorenzo Simonelli. “We look forward to working alongside Petronas, as well as other local partners, to realise this additional localisation effort to help ensure energy is available today and in the future.” Petronas senior vice-president of projects, technology and health, safety, security and environment Mohd Yusri Mohamed Yusof said, “Our extended strategic partnership with Baker Hughes is poised to drive excellence in project delivery, decar bonisation, supply chain resilience, and technology adoption. “It signifies what’s possible when two industry leaders unite to foster innovation ecosystems and shape the future of energy. Furthermore, the setting up of an enhanced aeroderivative facility here is a positive development towards the region’s cleaner energy pursuit, underlining the strong partnerships

Baker Hughes announced plans to expand its existing services footprint in Malaysia to develop a full aeroderivative gas turbine module repair services facility, inclusive of disassembly, assembly, grinding and testing capabilities. With an installed base of over 600 gas turbines and continued expected growth given the energy expansion, these augmented ser vice capabilities will provide enhanced service to customers across the region to accelerate ser vice turnaround time and enable continued best-in-class reliability and availability. “It is critically important to grow alongside our customers in Asia Pacific, including Petronas, as we work toward our shared goal of sustainable energy development to provide for a world that needs more reliable, secure and lower-carbon energy,” said Baker Hughes chair

In support of the latest initiatives, Baker Hughes will expand its services footprint in Malaysia. – BAKER HUGHES PIC

M’sians strongly support sustainable palm oil, MSPO: Trada survey PETALING JAYA: Malaysians strongly support sustainably produced palm oil and place high trust in the Malaysian Sustainable Palm Oil (MSPO) certification scheme. in the future of the palm oil in dustry.

through education platforms, social media and community outreach. Joseph said MSPO’s role in strengthening sustainable practices must be matched by better public awareness. “MSPO has helped raise the bar for how palm oil is produced in Malaysia. But to sustain that progress, Malay sians, and especially the youth, must know why MSPO matters. They must feel confident that palm oil is not only produced responsibly, but also bene ficial to consume.” Trada also urged all stakeholders to build a future-ready national narrative which connects sustainability, health, and national pride. By equipping the next generation with knowledge and clarity, Malaysia can continue to lead globally, not only in production but also in trans parency, accountability and public trust, it said.

“It is surprising that although most Malaysians use palm oil in their everyday cooking, many are still unsure whether it is suitable for their health. This shows that more needs to be done to help people understand the real facts,” he said. He stressed the impor

standards,” he said in a statement. Conducted in 2024 by the independent research firm Green Zebras Sdn Bhd, the survey engaged 1,000 respondents aged 18 to 50 across Peninsular and East Malaysia. The results showed that 62% of Malaysians believe palm oil is pro duced in an environmentally friendly manner. Among those who were aware of the MSPO certification, 96% agreed that independent certification is essential. Additionally, 99% believed MSPO supports fair labour practices, while 75% said the government is prioriti sing sustainability. However, Joseph expressed con cern over lingering health miscon ceptions. While 54% considered palm oil to be healthy, 37% still associated it with high cholesterol.

“They are the next generation of consumers, communicators and pro ducers. It is crucial that they are equipped with accurate, science based knowledge so they can speak with confidence about what this industry truly represents,” he added. Trada is calling for a coordinated national effort to improve understanding of palm oil’s health profile, sustainability standards and contribution to the economy. This includes collaboration with ministries, univer sities, youth groups,

A national survey commissioned by the Dayak Transformation Asso ciation (Trada) showed that persistent misconceptions on palm oil and health should be addressed, parti cularly among younger Malaysians, who will shape the future of the industry. Trada president Joseph Janting ( pic ) welcomed the findings, noting the growing public trust in sustain able palm oil and Malaysia’s leader ship in responsible production. “This survey shows that Malaysians understand the importance of sustainability, and that MSPO plays a key role in building trust. It is encouraging to see continued public support for strengthening industry

tance of involving youth in public education efforts, particularly in regions like Sarawak, where many young people are directly con nected to agricultural communities. “ Y o u n g

Malaysians, especially those in East Malaysia,

health experts and NGOs to deliver accurate and accessible information

have a per sonal stake