SCHNEIDER Electric and Gamuda Engineering signed a memorandum of understanding to boost construction efficiency through innovation and sustainable solutions. Through this partnership, Schneider Electric will be introducing the EcoStruxure Asset Advisor, a predictive maintenance offer. With that, Gamuda Engineering will be equipped to make data-driven decisions, avoid downtime, improve financial efficiency, and access expertise at their fingertips. Gamuda Engineering is also exploring more R&D collaboration opportunities with Schneider Electric to implement the right solutions for their expansion plan in the near future. As a leading engineering and construction company in Malaysia, we have to be at the forefront of this change,” said Gamuda Engineering managing director Justin Chin Jing Ho.

He added that Budget 2022 was drawn up carefully and comprehensively, taking into account the views of all quarters, including Opposition parties. Here are the highlights of the Budget 2022 speech as they are delivered:------------------------------------------Budget 2022 allocationBudget 2022 has a total allocation of RM332.1bil, the largest-ever for the country. Family focusThe Bantuan Keluarga Malaysia outlined in Budget 2022 will benefit over 9.6 million recipients with an allocation of RM8.2bil. Education firstEducation gets the biggest slice of the pie in Budget 2022 with RM52.6bil for the Education Ministry and RM14.5bil for the Higher Education Ministry. Sabah and SarawakThe two states will receive increased development allocations of RM5.2bil and RM4.6bil respectively under Budget 2022.

KUALA LUMPUR (Oct 28): The Malaysian Anti-Corruption Commission (MACC) is reviewing all applications, expenditure reports and programmes said to have been implemented by recipients of the Malaysian Indian Transformation Unit (MITRA) allocations from 2019 to 2021. “The highest allocation approved by MITRA was in 2019 for over RM90 million. Of the amount, eight companies obtained grant allocations of over RM1 million,” added the source. On Tuesday (Oct 26), the MACC announced the detention of 16 company directors suspected of being involved in the misappropriation of MITRA funds. “The MACC investigation is in phase two, with phase one focusing on about 27 companies, associations and NGOs which had received between RM1 million and RM9 million.

At 10.30am, BAT had increased by 2.35% or 34 sen to RM14.78, making it the third top gainer on Bursa, with 306,900 shares transacted so far. The company's net profit for 3QFY21 rose 23.43% to RM78.68 million year-on-year (y-o-y) from RM63.74 million, boosted by an increase in market share. “The 9MFY21 core net profit constituted 74% of our full-year forecast, which put it within our expectations. A further rise in the premium segment’s share of sales is an upside risk,” Kamarul noted. Read also:BAT Malaysia’s 3Q net profit rises 23.43% to RM78.68m, pays 26 sen dividend

He said this in a statement to Bernama after the Auditor-General’s report on the Federal Government’s financial statements and the 2020 Federal Ministries and Departments Compliance Audit was tabled at the Dewan Rakyat yesterday. Nik Azman said compliance audits involving a total of RM899.44mil had been carried out on three ministries and five federal departments, covering aspects of contract management amounting to RM772.40mil, government procurement (RM54.8mil) and revenue collection (RM72.24mil). It is the second tabling of the report in the Dewan Rakyat this year after AG Report 2019 Series 2 was tabled on Sept 28. The National Audit Department also briefed the Public Accounts Committee on the main issues of the Audit findings. The AG report can be accessed by the public via http://www.audit.gov.my while issues in the report’s Compliance Audit of Ministries and Federal Departments 2020 will be uploaded on the Auditor-General’s Dashboard Portal (AGD).

KUALA LUMPUR: EP Manufacturing Bhd (EPMB) has appointed two new directors to its board as it seeks to undertake a new business agenda to turnaround the prospects of the company. The two new directors are independent non-executive director Derek Cheng Sheng and executive director Mac Ho Kok Wei. Mac Ho Kok WeiMeanwhile, Ho has held the position of managing director of Asean for HKFAEx Group Limited since 2020 and CEO of SSH Capital Holdings Sdn Bhd. Goh, who has been in China for over a decade, holds the position of CEO in HKICEx Limited, managing director China of HKFAEx Group Limited as well as fund manager cum partner in CIS Pride Fund. He is also the director of SSH Capital Sdn Bhd.

KUALA LUMPUR (Oct 28): Non-compliance of federal ministries and departments with financial management has led to issues involving irregular payments, loss of public funds and wastage amounting to RM620.07 million in 2020. He said this in a statement to Bernama after the Auditor-General’s report (LKAN) on the federal government's financial statements and the 2020 Federal Ministries and Departments Compliance Audit was tabled at the Dewan Rakyat on Thursday. Meanwhile, in the Emphasis of Matter on the Federal Government's Financial Statements, the auditor-general stated that the federal government's debt in 2020 amounted to RM879.56 billion or 62.1% of gross domestic product (GDP). According to the statement, the (LKAN) report contains three main components, namely the verification of the federal government's financial statements for the year ended Dec 31, 2020 (FY20), the federal government's financial analysis and the compliance audit of federal ministries and departments. Overall, the federal government's financial statements showed a true and fair view of the government's financial position for FY20 and its accounting records orderly and up to date, Nik Azman said.

TOKYO (Oct 28): Oil prices fell on Wednesday for a second straight day, with Brent hitting its lowest in two weeks after official figures showed a surprise jump in U.S. inventories of crude. Brent crude dropped $1.36, or 1.6%, to $83.22 a barrel by 0130 GMT, a two-week low, having declined by 2.1% in the previous session. U.S. oil fell $1.28, or 1.6%, to $81.38 a barrel, a one-week low, after dropping 2.4% on Wednesday. Crude stocks rose by 4.3 million barrels last week, the U.S. Energy Department said, more than double the 1.9 million-barrel gain forecast by analysts. Still, gasoline stocks fell by 2 million barrels to the lowest in nearly four years, even as U.S. consumers struggle with rising prices to fill their tanks.

Last week, its group managing director and chief executive officer Datuk Mohd Abdul Karim Abdullah disposed of his entire holdings of 55.9 million warrants in Serba Dinamik. Fund managers and analysts said the disposal raised eyebrows ahead of the release of the special independent review. Credit rating agency S&P Global Ratings has downgraded Serba Dinamik lower to “CCC” from “B-” to reflect the group’s sizeable debt maturities of RM1.7bil. Trading in Serba Dinamik securities, including all warrants, have remained suspended since the afternoon of Oct 22. “It is important for Serba Dinamik to be transparent and provide speedier disclosure, as these are among the key actions for all public companies to observe,” said the fund manager.

KUALA LUMPUR (Bernama): The Federal Government’s Covid-19 expenditure amounted to RM38.019bil in 2020, says the Auditor-General. Operating expenditure declined 14.7% to RM224.6bil, a decrease of RM38.743bil compared to 2019 while development expenditure amounted to RM51.36bil, a decrease of RM2.813bil or 5.2% compared to RM54.173bil in 2019. Meanwhile, in the Emphasis of Matter on the Federal Government's Financial Statements, the Auditor-General stated that the federal government's debt in 2020 amounted to RM879.560bil or 62.1% of Gross Domestic Product (GDP). Nik Azman said overall, the Federal Government's financial statements showed a true and fair view of the government's financial position for the year ended Dec 31, 2020 and its accounting records were orderly and up to date. It is the second tabling of the report in the Dewan Rakyat this year after the Auditor-General's Report 2019 Series 2 was tabled on Sept 28.

8 Lee Zii Jia has suffered a shocking first round exit at the French Open after losing to Singapore's Loh Kean Yew on Wednesday (Oct 27). Zii Jia had previously pipped the Penang-born Kean Yew to the gold medal at the Philippines SEA Games in 2019. Playing in his fourth tournament in as many weeks might have taken its toll on Zii Jia. The match against Kean Yew was his 11th in the span of 30 days. Zii Jia has also been entered for the Hylo Open in Germany next week, but it remains to be seen if he will proceed with the plan.

BENGALURU: Asian currencies broadly fell on Wednesday, with Thailand's baht leading losses, as short-term U.S. Treasury yields jumped amid expectations that rising inflation will lead to earlier-than-expected interest rate hikes in the world's largest economy. Emerging Asian stocks slipped on fresh China jitters. Modern Land became the latest Chinese property developer to default on a bond payment, hurting Chinese property stocks and rekindling worries that China Evergrande Group's debt problems could pose a contagion risk. Stocks in Indonesia, Thailand and South Korea all slipped between 0.3% and 0.8%, tracking Chinese stocks, which fell 1.2%. The U.S. dollar edged up on Tuesday in narrow-range trading before slipping in early Asia trading hours.

SINGAPORE: When promised reimbursements and commissions were not paid, the victims smelled a rat and made police reports. On Tuesday (Oct 26), the police said they and their Malaysian counterparts have smashed two transnational job scam syndicates which allegedly cheated more than 390 people here of S$5mil (RM15.38mil). They were promised reimbursements of the full sum and a 5% to 15% commission. While the scammers kept their word at first, they later promised commissions only after a certain number of tasks had been done, and delayed payments. The victims realised they had fallen prey to a scam when they did not receive subsequent reimbursements and commissions.

SEREMBAN: The Negri Sembilan government wants all 36 assemblymen in the state to be given the Covid-19 vaccine booster shot, says Datuk Seri Aminuddin Harun (pic). "We want all state exco members and assemblymen to be given the shots as this will give them more confidence when meeting the people, including their constituents. The booster shot would be given on a voluntary basis and would be free under the National Covid-19 Immunisation Programme. Asked how the players and officials got infected, Aminuddin who is team adviser said this could not be established as yet. "Once we moved to Phase Four of the National Recovery Plan, the players were allowed to go home and travel inter-district.

PETALING JAYA: The Dec 31 deadline for employers to recalibrate their undocumented foreign workers should be extended, says the National Chamber of Commerce and Industry of Malaysia (NCCIM). More importantly, Low said the cost of legalising undocumented foreign workers should be reasonable, easy to apply and fast tracked for employers. The survey also revealed that the plantation industry needs 70,000 foreign workers, rubber glove industry (25,000), furniture (30,000), construction (200,000), services (45,000) and plastics (6,293). He hoped the government would eventually allow the furniture industry to bring in foreign workers. “What about Sabah, any legalisation programme for our foreign workers here who have overstayed?” he asked.