After investigation, MyCC issued a proposed decision on Feb 22, 2017, on the basis that the Competition Act had been infringed. CAT’s decision regarding Bank Negara will no doubt boost MyCC’s confidence when enforcing competition law in industries where other regulators may assert exclusive powers. CAT’s decision that the Competition Act did not apply to PIAM has severe ramifications curtailing MyCC’s powers against trade associations and their members. Trade associations are a coming-together of competitors in the same industry and, by their very nature, risky endeavours from a competition law perspective. Mervyn Lai (LLM [Dist] Competition Law, University of Glasgow) is a partner at law firm Tommy Thomas Advocates & Solicitors

KUALA LUMPUR: The ringgit ended lower against the US dollar on Friday due to a lack of market catalysts, exacerbated by global market uncertainties, dealers said. At 6 pm, the local note depreciated by 35 basis points to 4.7460/7495 against the greenback from Thursday's close of 4.7425/7460. Innes said there is a significant element of political risk weighing on the ringgit ahead of the 15th General Election, which is keeping foreign investors sidelined, hence the demand for the local note remains muted. Meanwhile, the ringgit was traded mostly lower against a basket of major currencies. The local note, however, appreciated against the British pound to 5.3231/3270 from 5.3372/3411 previously.

to 2.75% p.a. to 2.75% p.a. RHBRHB Banking Group will revise its SBR, BR and BLR/BFR upwards by 25bps effective Nov 7 in line with the increase in the OPR by BNM. CIMB Bank and CIMB IslamicCIMB Bank Bhd and CIMB Islamic Bank Bhd are raising their SBR, BR and fixed deposit/fixed return income account-i board rates by 25bps. "This will affect all floating rate financing packages pegged to the SBR, BR and BFR," it said in a statement.

KUALA LUMPUR: Drug-laced vape liquids are being sold openly, say the police. Police secretary Datuk Noorsiah Mohd Saaduddin said actions to combat such activities have been and are being taken, including the successful busting of a drug trafficking syndicate distributing and processing drugs in the form of vape liquids around the Klang Valley last month,She said that drugs and property worth RM3.47mil were seized in the raid and the arrest of seven suspects. "We are serious in eradicating all activities involving the distribution and abuse of drugs and stern action will be imposed on any party involved,” she said in a statement on Wednesday (Nov 2). This comes after local media reported that drug-laced vape liquids are widely sold online and openly marketed to consumers.

ALSO READ: Kota Tinggi hit by flash floodsJoel, who is also Asian Environmental Solutions Sdn Bhd director (technical operations), said a comprehensive study was needed to address flash floods in parts of Johor Baru. “Flash floods which hit several parts of the city on May 25, Aug 2 and Sept 25, required the authorities to address the issue once and for all,” he said. Joel: Flash floods are likely to happen with climate change as witnessed in various parts of Malaysia over the past two years. Johor Baru mayor Datuk Noorazam Osman said Johor Baru City Council (MBJB) had embarked on a flood mitigation project last month which was part of the medium-term plan to address flash floods in the city. It involves installing six water pumps and constructing nine weirs along a 5km stretch of the 8km river as the stretch is more vulnerable to flash floods.

BNPL deals represented 50% of the value of all payment deals in 2021, a boom year for M&A in payments. Visa and Mastercard diversify beyond cardsMeanwhile, payments companies must deal with the prospect of more consumers using digital and account-to-account payments. Visa has been pushing into consumer and business payments and extending into account-based payments. The company made two major acquisitions in 2021 — European open banking platform Tink and cross-border payments platform CurrencyCloud. Similarly, in the Philippines, UnionBank purchased Citi’s consumer business to boost growth in its retail banking sector.

KUALA LUMPUR (Nov 3): Slightly more than two weeks before the 15th general election, Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) raised the overnight policy rate (OPR) by 25 basis points (bps) to 2.75% on Thursday (Nov 3). “Against the backdrop of continued positive growth prospects for the Malaysian economy, the MPC decided to further adjust the degree of monetary accommodation. BNM noted that with the latest OPR level, its stance on monetary policy remains accommodative and supportive of economic growth. “Nevertheless, external demand is expected to moderate following softening global growth,” it added. “Despite bouts of heightened volatility in the global financial and foreign exchange markets, these developments are not expected to derail Malaysia’s growth,” BNM assured.

KUALA LUMPUR (Nov 3): Petronas Chemicals Group Bhd (PCG) and US-based fertiliser maker Anuvia Plant Nutrients have entered into an agreement, under which PCG will produce and market Anuvia's fertiliser in the Asia-Pacific region. “PCG is excited to be a part of this journey towards improving farmers’ income and global food security," PCG managing director and chief executive officer Mohd Yusri Mohamed Yusof said in a statement on Wednesday (Nov 2). According to the statement, the partnership aims to assist PCG’s venture into the sustainable fertiliser segment, and contribute to the company's overall goal to reach net zero carbon emissions by 2050. For Anuvia, the partnership opens its technology to one of the world’s largest agricultural markets, the statement said. “Working with Petronas, we can make immediate, significant impact on food security and soil health, all while decreasing the environmental footprint of agriculture,” Yoder said.

KUALA LUMPUR (Nov 2): Energy-linked stocks on Bursa Malaysia advanced on Wednesday (Nov 2) as oil prices rose. At market close, the energy index on Bursa gained 2.13% or 14.83 points to 710.33. Among energy stocks, Hengyuan Refining Company Bhd rose 11.42% or 49 sen to RM4.78, Petron Malaysia Refining & Marketing Bhd gained 6.33% or 29 sen to RM4.87, Coastal Contracts Bhd rose 4.90% or 10 sen to RM2.14, Uzma Bhd was up 2.63% or one sen to 39 sen and Bumi Armada Bhd gained 2.53% or one sen to 40.5 sen.Reuters said oil prices rose in early trade on Wednesday, after industry data showed a surprise drop in US crude stockpiles, suggesting that demand is holding up despite steep interest rate hikes dampening global growth. Brent crude futures had picked up 17 cents, or 0.1%, to US$94.82 a barrel at 0014 GMT, while US West Texas Intermediate crude futures rose 26 cents, or 0.3%, to US$88.63 a barrel. Both benchmark contracts rose about 2% in the previous session on a weaker US dollar, and after an unverified note trending on social media said the Chinese government is going to consider ways to relax Covid-19 rules from March 2023, Reuters reported.

KUALA LUMPUR (Nov 2): Shares in glovemakers rose in morning trades on Wednesday (Nov 2) as coronavirus cases continue flaring up in several provinces in China and Health Minister Khairy Jamaluddin said Malaysia is currently experiencing a small wave of Covid-19 cases. At the time of writing, Top Glove Corp Bhd added 0.63% or 0.5 sen to 80 sen, Careplus Group Bhd ticked up 0.98% or 0.5 sen to 51.5 sen, Hartalega Holdings Bhd added 0.94% or two sen to RM2.15, while Adventa Bhd rose 2.14% or 1.5 sen to 71.5 sen.Chinese government-controlled Global Times on Wednesday reported that as Covid-19 flares up in several places across China with total daily cases nearing 3,000, many localities, including Central China's Henan and South China's Guangdong, are stepping up efforts to contain the virus and resume work and life as soon as possible. It said to better take precautions against potential Covid-19 outbreaks in the winter and next spring, Henan province held a meeting on Monday, calling for full preparations in face of the grim epidemic situation and requesting all local officials not to slack off and make all efforts to ensure people's safety and health.

The three genres of fiction that I enjoy the most are, in no particular order, murder mystery “whodunnits”, horror à la Stephen King and science fiction. While I have read the first two categories pretty much my entire life, I am much more of a newbie to the science fiction category. And over the years, other friends have made further wonderful recommendations to me in science fiction. One such recommendation — which I am happy to forward to anybody — is the Three Body trilogy, by Chinese science fiction writer, Liu Cixin. Further, those in power typically find it difficult to redistribute power, particularly to those who have been historically underrepresented.

LONDON/NEW YORK (Nov 1): Chinese stocks listed in the US surged in New York on Tuesday, fuelled by speculation that Beijing is preparing to phase out Covid Zero policies — even as the nation's Foreign Ministry said it is unaware of such a plan. The Nasdaq Golden Dragon Index of 65 Chinese companies rose as much as 7.6% in New York, the most in more than five months. "Whether the rally sustains or not will be dependent on if China's Covid Zero policy is officially over." Still, the speculation was enough to also boost stocks from New York to Johannesburg to London. Still, the strong share-price reaction showed that many Chinese stocks "have substantial upside in the event the rumours of an exit from [Covid Zero] translate to reality", he said.

PETALING JAYA: Former world No.1 shuttler Datuk Lee Chong Wei (pic) wants women’s doubles shuttler Pearly Tan-M. Thinaah to remain humble after their sensational French Open victory. “Pearly with her attacking prowess and Thinaah with her defensive strokes and cross court net shots; these two princesses did us real proud by being the first French Open women’s double champion,” said Chong Wei. Continue to be humble and train hard, the sky is the limit. “It’s still quite a way to the 2024 Paris Olympics to see if they have reached their potential. “But we hope this is the beginning of a process that the pair can go through to prepare for the Olympics,” he added.

KUALA LUMPUR (Oct 31): Piling specialist Econpile Holdings Bhd has bagged a RM24.09 million contract to undertake substructure works for a private hospital in Kota Bharu, Kelantan. The hospital comprises a 12-storey hospital block and 11-storey carpark block, the group said in a Bursa Malaysia filing. Econpile said its wholly-owned subsidiary, Econpile (M) Sdn Bhd, was awarded the contract by Kota Bharu Medical Centre Sdn Bhd. Shares of Econpile closed unchanged at 14 sen on Monday (Oct 31), giving the group a market capitalisation of RM198 million. The stock has fallen by 57.58% year to date, from 33 sen on Jan 3.

Many voters would have accepted the outcome of the 14th GE if the majority of them had indeed voted for a Malay-Muslim-dominant government. I told the MPs that the bigger picture of “their” politics did not matter to the voters whose trust they had betrayed. But unlike the fading graffiti in Kampung Tengah, the Sheraton Move should not be easily forgotten. Whatever political permutation emerges, voters must send the message that their votes are sacred and must not be taken for granted. But for political change to happen, we must first play our part by going out and voting.