Hiring of foreign workers now allowed in land warehousing sub-sector
PUTRAJAYA (Nov 26): The Ministry of Human Resources on Saturday (Nov 26) announced the employment of foreign workers for the land warehouse sub-sector. In a statement, the ministry said this is in line with the decision of the joint committee meeting between the home minister and the human resources minister on the management of foreign workers on July 18. The Ministry of Human Resources said further inquiries can be made through its migrant worker management division at 03-8885 2939/2940 or email [email protected]. Inquiries can also be made by contacting the regulatory agency, which is the trade logistics unit, strategic and iInternational planning division of the Ministry of Transport at [email protected] (03-8892 1278) or [email protected] (03-8892 1268) for the land warehouse sub-sector. For the wholesale and retail sub-sector, contact the Ministry of Domestic Trade and Consumer Affairs' distributive trade and services industry secretariat via [email protected].
Source:The Edge Markets
November 26, 2022 13:30 UTC
My Say: Thailand, the Land of Smiles, may smile again
Economic growth has slowed to the point where some now believe that Thailand is stuck in the middle-income trap. Cyclically, Thailand is looking good in a bad year for the rest of the worldMost forecasters are downcast about the global economy in 2023. One reason why Thailand’s economy will shine is the tourism recovery. • Foreign direct investment (FDI) will drive up private investment: Private investment is still below pre-pandemic levels. Strong reserves of resilience will help Thailand weather the volatility in the global economyThere are, of course, downside risks in the near term but it looks like these are likely to be manageable.
Source:The Edge Markets
November 25, 2022 22:10 UTC
Malaysia will work with Singapore to further elevate bilateral ties, says PM
KUALA LUMPUR: Malaysia will work together with Singapore to further elevate Malaysia-Singapore bilateral relations, says Prime Minister Datuk Seri Anwar Ibrahim. Anwar said this in reply to Singapore Prime Minister Lee Hsien Loong's tweet on his appointment as the 10th Prime Minister of Malaysia. As close neighbours and partners in Asean, Malaysia and Singapore also share many commonalities, intertwined history and very close and active people-to-people connections. "I look forward to meeting you at the earliest opportunity and working together to further elevate Malaysia-Singapore bilateral relations," Anwar tweeted. Lee, in his earlier tweet, congratulated Anwar and expressed his interest to work together with Anwar as well as the new Malaysian government to further strengthen bilateral ties.
Source:The Star
November 25, 2022 21:15 UTC
First international defence expo in Vietnam begins Dec 8
HANOI (Vietnam News Network): Vietnam International Defence Expo 2022 is slated for Dec 8 to 10 in the capital city with representatives from 30 countries taking part. Initially planned by the Ministry of National Defence (MoD) to take place in 2020, the expo was postponed due to the global Covid-19 pandemic. An additional 45 high-level delegations will also visit Vietnam on the sidelines of the expo. Senior Colonel Phạm Mạnh Thắng, deputy director of the MoD’s Department of Foreign Relations said: “Hosting the first international defence expo in Vietnam is one of the most important activities of the Ministry of National Defence international integration and defence this year. “Vietnam International Defence Expo 2022 is an opportunity to promote the strength and potential of Vietnam's national defence, while also being an opportunity for local manufacturers to meet with international partners in showcasing, introducing and exchanging new technology and co-develop the defence industry.”The show will be open to the Vietnamese public aged 18 and above, who have registered in advance, on the last day of the exhibition.
Source:The Star
November 25, 2022 15:49 UTC
Lotte Chemical Titan declares 13.98 sen special dividend
KUALA LUMPUR (Nov 24): Lotte Chemical Titan Holding Bhd (LCT) has declared a special single-tier dividend of 13.98 sen per share for the financial year ending Dec 31, 2022 (FY2022) out of the retained earnings intended to reward its shareholders. The special dividend, LCT said, notwithstanding the group's dividend policy is to pay approximately 50% of its consolidated financial year profit after tax and minority interests after taking into account working capital and maintenance capital expenditure requirements. Its net loss was at RM145.92 million in the immediate preceding quarter on a revenue of RM2.82 billion. Quarterly revenue, however, grew 6.12% to RM2.37 billion, from RM2.24 billion a year ago, mainly due to an increase in average product selling prices. Read also:Lotte Chemical Titan drops 10% after posting second straight quarterly lossLotte Chemical Titan posts second straight quarterly loss of RM355 mil at 3QFY22
Source:The Edge Markets
November 24, 2022 23:39 UTC
Jail for man who used forged qualifications to land jobs for more than 10 years
Since 2009, Yeoh Keng Swee, 55, forged degrees, certificates and transcripts, which he then used to get hired by 11 companies. But his long paper trail of forged qualifications was uncovered when Nanyang Technological University (NTU) filed a police report against him in January 2021. The report said the school had received a request for degree verification, and that the degree submitted by Yeoh was forged. According to court documents, the other companies that hired him from 2009 to 2015 based on forged qualifications are:Yeoh forged the qualifications by searching for copies online and printing them out to use as templates. In December 2020, he applied for a job as a construction project manager at Success Forever Construction using forged documents.
Source:The Star
November 24, 2022 20:26 UTC
ACE Market-bound steel product maker Leform’s IPO oversubscribed by 1.42 times
In a statement, the group said a total of 5,285 applications were received from the Malaysian public for 179.51 million shares. Of these, 2,747 applications were for 59.43 million shares allocated for the Bumiputera, representing an oversubscription rate of 0.61 times. The non-Bumiputera portion, meanwhile, received 2,538 applications for 120.08 million shares, representing an oversubscription rate of 2.24 times. The private placement of 207.34 million shares — involving 22.22 million shares for identified institutional and/or selected investors, along with 185.18 million shares for identified Bumiputera investors approved by the Ministry of International Trade and Industry — have also been fully placed out, said Leform. Read also:Leform to raise RM71.5m for strategic expansion through ACE Market IPOACE Market-bound Leform inks underwriting deal with MIDF InvestmentSteel product maker Leform gets nod to list on ACE MarketSteel products manufacturer Leform eyes ACE Market listing
Source:The Edge Markets
November 24, 2022 15:22 UTC
How much taxes do gaming companies, NFOs and breweries pay?
Based on their annual reports, Genting Bhd, Genting Malaysia Bhd, breweries Carlsberg Brewery Malaysia Bhd and Heineken Bhd, and NFOs Sports Toto Bhd and Magnum Bhd have paid a combined RM792.03 million and RM1.07 billion in income taxes in FY2021 and FY2020, respectively. As for the NFOs, there are three levels of taxes — netted off when arriving at net gaming revenue, then under cost of sales, and finally, the usual corporate income taxes, a gaming analyst explained. Tax hikes in gaming industryThe last hike on gaming taxes was when Pakatan Harapan (PH) came into power in 2018, after defeating the ruling coalition government Barisan Nasional (BN) in the 14th general elections (GE14). Back then, the MOF raised casino duties to 35% from 25% on gross gaming income, and gaming machine duties to 30% from 20% on gross collection. “We gather from channel checks that the NFO industry contributes almost RM3 billion a year, while Genting Malaysia contributes over RM1 billion a year of gaming taxes based on our estimates,” it added.
Source:The Edge Markets
November 24, 2022 04:12 UTC
Public free to travel anywhere despite roadblocks
JOHOR BARU: Police have assured the public that they are free to travel despite the setting up of 24-hour roadblocks. Johor police chief Comm Datuk Kamarul Zaman Mamat said a total of 22 roadblocks had been set up in strategic locations throughout the state. The public should not be fearful as the roadblocks are set up for their own security. ALSO READ: Police roadblocks to ensure peace, says IGP“The public should not listen to rumours,” he said yesterday. Members of the public, said Comm Kamarul Zaman, were free to travel to any place they wanted to, including Kuala Lumpur.
Source:The Star
November 24, 2022 03:28 UTC
Drugs for cholesterol and diabetes also help reduce this eye condition
Taking drugs to control diabetes and lower cholesterol may reduce a person’s risk of developing a common eye disease, a new study suggests. Researchers found that people taking drugs to lower cholesterol had a 15% reduced risk of developing AMD, compared to those who were not taking the drugs. Meanwhile, people taking medicine to control diabetes appeared to have a 22% lesser risk. No such associations were found for the other types of drugs being taken by people involved in the study. “Our study indicates an association of systemic use of LLD (lipid-lowering drugs) and antidiabetic drugs with lower AMD prevalence across several European cohort studies,” the authors wrote.
Source:The Star
November 23, 2022 16:09 UTC
China regulators stress real estate facilities
BEIJING: China’s financial regulators stressed the need for facilitating financing for the real estate sector to ensure economic stability. The programme of “the second arrow” – a risk-sharing scheme to facilitate bond financing of private enterprises, including private real estate enterprises – was also expanded, he said. “We should pay close attention to the difficulties and challenges facing the real estate sector,” Yi Huiman, chairman of the China Securities Regulatory Commission (CSRC), said at the forum on Monday. The CSRC will support real estate enterprises’ plans to improve their balance sheets, mergers and acquisitions in the real estate sector and equity financing of enterprises that have a certain size of real estate business, he said. As the country ramps up support to stabilise the real estate sector, some experts said the over-five-year LPR still has room to drop in the coming months, which will help shore up home-buying demand and further stabilise the real estate sector.
Source:The Star
November 23, 2022 09:50 UTC
Agong to decide soon on appointment of 10th PM
KUALA LUMPUR (Nov 22): Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah said he will decide on the appointment of the 10th prime minister soon. His Majesty also called on the people to accept the decision on the appointment and the formation of the new Government, whatever it may be. "Let's accept the decision of the people, accept the decision of the people's representatives, and accept the decision of the Yang di-Pertuan Agong. "Let me make the decision as soon as possible," Al-Sultan Abdullah told reporters outside Istana Negara Gate 2 on Tuesday (Nov 22). Parti Kesejahteraan Demokratik Masyarakat and Parti Bangsa Malaysia secured one seat each, while two more seats were won by independents.
Source:The Edge Markets
November 23, 2022 05:17 UTC
My Say: COP27 fiddling as the world warms
COP27 takes place amid worsening poverty, hunger and war, and higher prices, exacerbating many interlinked climate, environmental and socio-economic crises. Crossing it, the world faces risks of far more severe climate change effects on people and ecosystems, especially in the tropics and sub-tropical zone. Stronger climate action neededIn international negotiations, rich nations have evaded historical responsibility for climate debt by only focusing on current emissions. Another world is possibleAnother world is possible. The luxury hotels there are charging rates that have put COP27 beyond the means of many, especially climate justice activists from poorer countries.
Source:The Edge Markets
November 22, 2022 11:36 UTC
Bursa ends lower as market awaits new govt formation
KUALA LUMPUR (Nov 21): Bursa Malaysia pared most of its early losses to close marginally lower on Monday (Nov 21), as uncertainty over the formation of a new government continued to weigh on market sentiment. Turnover swelled to 4.29 billion units worth RM2.5 billion versus 2.63 billion units valued at RM1.85 billion on Thursday last week. The Main Market volume surged to 3.6 billion shares worth RM12.33 billion from 1.85 billion shares worth RM1.65 billion on Thursday. Warrants turnover decreased to 322.42 million units valued at RM46.07 million from Thursday's 399.82 million units valued at RM75.64 million. The ACE Market volume slid to 363.97 million shares worth RM121.19 million from 387.19 million shares worth RM120.68 million previously.
Source:The Edge Markets
November 21, 2022 21:47 UTC
Uzma bags five-year O&M contract from Petronas Carigali
KUALA LUMPUR (Nov 21): Uzma Bhd's wholly owned subsidiary Uzma Engineering Sdn Bhd has bagged a contract from Petronas Carigali Sdn Bhd for the leasing, operation and maintenance of a D18 water injection facility. In a Bursa Malaysia filing on Monday (Nov 21), Uzma said the scope of work comprises continuing the facility's operations, which has been at the exact location since July 2016, under operation and maintenance (O&M) by Uzma Engineering. The contract duration, which is valid for five years commencing from the date of the letter until Oct 28, 2027, is expected to contribute positively towards the earnings and net assets per share of the company for the financial year ending June 30, 2023, and onwards until the expiry of the contract. On Monday, Uzma's share price settled unchanged at 39 sen, bringing the group a market capitalisation of RM137.3 million.
Source:The Edge Markets
November 21, 2022 17:35 UTC