IN BRIEF (Page 16)

Malaysia opens up

Malaysia announced yesterday it will let foreigners hold a majority stake in insurance companies and investment banks, while five more foreign banks will be allowed to operate by 2011 in major steps toward financial liberalization.

Prime Minister Najib Razak told reporters he is raising the foreign ownership cap in insurance companies and investment banks - known as noncommercial banks - from 49 percent at present to 70 percent.