Proton offers assistance to flood-affected customers
Proton Edar chief executive officer Roslan Abdullah said the floods have affected thousands and especially hit hard in Selangor and Shah Alam where Proton is headquartered. "Many of our customers have seen their homes and businesses damaged by flood waters and this extends to their cars as well. Proton will be working hard to ensure we can repair cars as quickly as possible and advise all affected customers to visit our authorised service centres to enjoy these benefits,” he said. However, the company mobilised the Kelab Proton, an in-house social and well-being organisation to create care packages and offer clean-up assistance to more than 1,000 affected staff. Customers are advised to call Proton’s customer care line at 1-800-88-8398 for more information.
Source:The Star
December 22, 2021 18:47 UTC
SMART TUNNEL STRETCHED BEYOND THE MAX
Diversion of stormwater twice its handling capacity averted major floods in KL centreTHE Stormwater Management and Road Tunnel (SMART) tunnel diverted five million cubic metres of water – despite three million cubic metres being its maximum capacity – to prevent major floods in KL city centre over the weekend. The combined storage capacity of the SMART tunnel is three million cubic metres of water – equivalent to 2,000 Olympic-size swimming pools. The five million cubic metres of water were diverted from Sungai Klang and Sungai Ampang to the Taman Desa Reservoir. The SMART tunnel serves as a climate mitigation infrastructure and a showcase of Malaysia’s technological innovation. To date, the SMART Tunnel has diverted floodwaters on 40 occasions for Mode 3 and Mode 4, and averted an estimated RM1.4bil in public damage.
Source:The Star
December 22, 2021 12:43 UTC
Floods: Senior citizen heartbroken over loss of brother and niece
Nancy Tan Poh Har, from Taman Sri Muda, Seksyen 25 here, said when floodwaters rose quickly at around 8pm on Saturday (Dec 18), she tried to save her brother Tan Hong Yiap, 76, a heart and diabetes patient. “I swam towards my brother but unfortunately, I almost drowned and could not get to him in time. “My 47-year-old niece Karen (Tan Pei Pei) screamed when she saw her father’s body and jumped into the water. She waded out of the house and to her horror, saw the bodies of her brother and niece floating in the floodwaters. “I plan to return to my family in Kuala Lumpur after cleaning up my house and burying my family members.
Source:The Star
December 22, 2021 12:30 UTC
World Bank urges Malaysia to continue income relief measures for another 6 months
KUALA LUMPUR: The government should continue its existing income relief measures to target groups for at least another six months to maintain financial support for the poor and vulnerable group in the near term, said the World Bank Group. "As the economy and employment recover, resources could be directed to those who may continue to need support to obtain a job and who may not benefit from the existing wage subsidy programme,” she suggested. On the education system, she said within Malaysia’s education space, measures were required to improve learning processes, especially for socioeconomically disadvantaged children. "Active labour market policies should be strengthened to increase their responsiveness to economic shocks,” she added. - BernamaArticle type: metered User Type: anonymous web User Status: Campaign ID: 46 Cxense type: free User access status: 3Join our Telegram channel to get our Evening Alerts and breaking news highlights
Source:The Star
December 22, 2021 04:27 UTC
Censof acquires 51% stake in robotic process automation specialist
KUALA LUMPUR: Censof Holdings Bhd is acquiring a 51% equity interest in Cognitive Consulting Sdn Bhd (CCSB) for RM3.7mil with a profit guarantee scheme.In a statement, the technology holdings company said the purchase consideration was derived after taking into consideration the current average price-to-earnings multiple of 7.5 times and the average pre-tax profit of FY21 and FY22.It said the consideration is expected to be partially funded through the balance of proceeds from the disposal of Dagang Nexchange Bhd shares back in August 2020 and internal generated funds.CCSB is principally involved in the business of providing information technology consultancy and system integration services specialising in robotic process automation or more commonly referred to as RPA.Censof managing director Ameer Shaik Mydin said the strategic investment aligns with its strategies to grow and focus on its digital technology segment. "Both parties are able to leverage on each other’s strength and expertise by offering the RPA solutions to Censof’s large customer base, namely the government and commercial sectors. "Fundamentally, we can now offer our customers to digitalise and migrate onto cloud-based solutions via the utilisation of the RPA technologies. "This will progressively improve the efficiency and productivity of their work processes, as well as ensuring sustainability in their businesses,” he added.He said the acquisition will diversify Censof's revenue stream and contribute positive to its earnings from next year onwards.Meanwhile, CCSB CEO Zulkifli Md Ghairi @ Md Asri said the partnership will allow its solutions to reach a much wider market segment.
Source:The Star
December 21, 2021 19:37 UTC
My Say: Greed-driven pandemic still killing millions
Promises, promisesWith huge inequalities in vaccinations — especially between high-income countries (HICs) and low-income countries (LICs) — the virus has been enabled to continue replicating, mutating, infecting and killing, especially those who are least protected. Richer countries have taken more than half the first 7.5 billion vaccine doses. By late October, only about a tenth of the over 1.3 billion vaccine doses pledged had been delivered. COVAX was supposed to provide two billion doses by end-2021, but under 576 million were actually delivered by November. Pfizer expects to sell three billion doses by year end, and four billion more in 2022.
Source:The Edge Markets
December 21, 2021 17:36 UTC
Basic materials suppliers see growing momentum on improved demand
KUALA LUMPUR: Basic materials producers are bouncing back from low valuations, according to RHB Research, which said all three stocks under its coverage in the sector - Press Metal Aluminium Holdings Bhd, Cahya Mata Sarawak Bhd and Malayan Cement Bhd - have delivered positive results despite the pandemic.Moving forward, the research firm expects the trio to chart stronger earnings versus pre-pandemic levels. "Overall, valuations still look appealing, with Press Metal Aluminium Holdings and Cahya Mata Sarawak trading below -1SD to their respective mean P/E multiples of 29x and 15x, whereas Malayan Cement is trading below -1SD to its historical P/BV average of 1.8x," it added.RHB's top pick of the three stocks is Press Metal, which it expects to benefit from an ongoing deficit in the global primary aluminium market.The supply shortage is likely to persist heading into 2022 as supply growth from new capacity remains capped, where demand continues to rise, it said. "As such, we believe aluminium prices would have to stay higher for longer – with current prices at USD2,600-USD2,700/tonne – in order to incentivise the restarting of higher-cost idled smelters, as well as commissioning of new smelter projects to support market equilibrium going forward," it addedMeanwhile, the increase in bulk cement prices to RM275 a tonne in November should underpin Malayan Cement's recovery over subsequent quarters.The research house said the group had grappled with steeper coal feedstock prices and constrained cement demand during the recurring movement control order lockdowns.A sharp earnings rebound to RM128mil is forecast for FY22 after a milestone profitability turnaround in FY21. "This should be underpinned by the aforementioned, alongside the acquisition of YTL Cement’s domestic assets, which have historically led the industry in terms of cost efficiency as well as market share," said RHB.As for Cahya Mata Sarawak, the conclusive outcome to the recent Sarawak elections should pave the way for the deployment of the state's planned infrastructure development projects heading into 2022, which bodes well for the group's traditional businesses.RHB said the group should also receive an earnings boost from rising contributions from its diversified portfolio of strategic investments across various industrials and services sectors, especially its ferroalloy-producing associate.The brokerage noted that it is also a positive that most of the management team's vacated senior positions have been filled, apart from the group CFO role.However, RHB cautioned that a resurgence of Covid-19 could put a wrench in the outlook.Other downside risks include a deterioration in global macroeconomic conditions as well as unfavourable raw material and forex fluctuations
Source:The Star
December 21, 2021 17:08 UTC
Now-dominant Omicron variant drives surge in Covid-19 cases across US
The spike in COVID-19 cases is alarming public health officials, who fear an explosion of infections after the Christmas and New Year's holidays. With the new variant in circulation, COVID-19 cases are now doubling in 1-1/2 to three days in areas with community transmission, the World Health Organization said on Saturday. In New York City, COVID-19 cases rose 60% in the week that ended on Sunday as Omicron spread rapidly around the US Northeast. 'Just stay home'New York City Health Commissioner Dr. Dave Chokshi said on Monday that while new COVID-19 cases have "increased sharply," hospitalizations have not jumped at the same rate. The state's health director, Dr. Mary Bassett, is among those who have tested positive for COVID-19, Hochul said.
Source:The Edge Markets
December 21, 2021 15:31 UTC
Priyanka Chopra's mother shares heartfelt message on actress' success
It looks like she's taking her career up a notch this month with the release of The Matrix Resurrections in which the 39-year-old beauty stars opposite Keanu Reeves and Carrie-Anne Moss. Priyanka's lifelong No.1 fan, her mother Madhu Chopra shared her happiness on her daughter's success on Instagram recently. Madhu posted a photo of Priyanka and herself all glammed up for premiere of The Matrix Resurrections in San Francisco on Dec 19. In The Matrix Resurrections, Priyanka plays the older version of Sati (the young Indian girl who first appeared in 2003's The Matrix Revolutions). The Matrix Resurrections opens at cinemas nationwide on Dec 22.
Source:The Star
December 21, 2021 11:40 UTC
IOI Properties’ Palm Garden Hotel opens its doors
PETALING JAYA: IOI Properties Group Bhd ’s Palm Garden Hotel has officially opened in IOI Resort City, Putrajaya. Palm Garden Hotel, which includes 14 suites, draws inspiration from the verdant and flora-filled surroundings of the 788-acre IOI Resort City. In addition, with over 22,000 sq ft of flexible indoor meeting space, Palm Garden Hotel is ideal for business events and social gatherings. Palm Garden Hotel, a Tribute Portfolio Hotel, offers easy access to IOI City Mall, one of the largest shopping malls in Malaysia, as well as the 18-hole Palm Garden Golf Club. Following the opening of Palm Garden Hotel, IOI Properties chief executive offficer Datuk Voon Tin Yow said it is “one of many world-class brand hotels” owned by the group.
Source:The Star
December 21, 2021 03:18 UTC
Tomypak's subsidiary adequately insured of up to RM351mil coverage
KUALA LUMPUR: Tomypak Holdings Bhd has reiterated that its wholly-owned subsidiary, Tomypak Flexible Packaging Sdn Bhd (TFPSB), has adequate insurance coverage of up to RM271 million for property damage and stock in trade and RM80 million for business interruption of up to 24 months.In a filing with Bursa Malaysia today, the company said this is in reference to the fire outbreak at its Senai manufacturing plant in Johor Bahru which happened at approximately 12.30 pm on December 19 and was contained at approximately 7.00 am today.The food packaging materials manufacturer said the Fire Department forensic team has just commenced their investigation and there are still concerns of smouldering remnant smoke and the possibility of falling structures.It said personnel are not allowed into the premises, pending clearance from Fire Department. "The insurer and adjuster team are ready to be on-site to assist in helping the company to recover in the quickest possible time. The company will be working closely with the insurance adjuster in this respect. "Once we are able to gain access to the site, the company will be able to provide a more accurate assessment of the extent of damage and loss estimate,” it said.Additionally, it said the company is working on a recovery plan to recommence operations soonest possible and would make the necessary announcement at the appropriate time. "The company will make further announcements whenever there are any new developments on the physical recovery as well as any significant financial impact from the insurance claim,” it said.Tomypak’s shares fell to 30 sen after dropping as much as 20 sen or 40 per cent today following the company’s announcement of a fire that broke of at its factory warehouse in Johor during the weekend.The stock was suspended for one hour today from 9.00 am to 10.00 am and opened 19.5 sen or 39 per cent lower at 30.5 sen before paring losses to close 14.5 sen or 29 per cent lower at 35.5 sen at noon break.It saw 7.15 million shares changing hands, 13 times its 200-day trading average volume of 549,777 shares.
Source:The Star
December 21, 2021 03:03 UTC
India allows refined palm oil imports until Dec 2022
MUMBAI (Dec 20): India on Monday has allowed imports of refined palm oil until December 2022, the government said in a notification, as the world's biggest vegetable oil buyer tries to bring down edible oil prices. The move could reduce India's crude palm oil (CPO) imports, with buyers shifting to refined palm oil as exporting countries such as Indonesia levy higher taxes on CPO shipments than refined palm oil. The Indian Ministry of Commerce and Industry issued a notification on Monday saying imports of refined palm oil would be allowed until Dec 31, 2022. India fulfils more than two-thirds of edible oil demand through imports, and palm oil accounts for more than 60% of the total imports. In June, India had allowed imports of refined palm oil for six months.
Source:The Edge Markets
December 21, 2021 02:58 UTC
20% of large enterprises will use digital currencies by 2024, says Gartner
KUALA LUMPUR (Dec 20): Twenty per cent of large organisations will use digital currencies for payments, stored value or collateral by 2024. Gartner IT practice distinguished vice-president and analyst Avivah Litan said increasing mainstream acceptance of cryptocurrencies on traditional payment platforms and the rise of central bank digital currencies (CBDCs) will push many large enterprises to incorporate digital currencies into their applications in the coming years. Gartner experts recommended that organisations first clarify specific use cases for digital currencies before evaluating appropriate IT stacks to incorporate them within the enterprise. Gartner’s prediction for wider adoption of digital currencies by 2024 is partly driven by the already healthy environment of service providers and off-the-shelf solutions available to large enterprises that have identified a specific use case for digital currencies. Litan said among the primary use cases for digital currencies that Gartner had identified, there will be no need for most organisations to develop a customised blockchain application stack.
Source:The Edge Markets
December 20, 2021 14:26 UTC
CPO futures end lower tracking weaker soybean oil prices
KUALA LUMPUR (Dec 20): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Monday, tracking weaker Chicago Board of Trade (CBOT) soybean oil prices, said palm oil trader David Ng. He said the decline in crude oil prices also dragged the CPO futures market lower. “This will result in a big drop in December palm oil export, and if production does not get affected much, the December end palm oil inventories in Malaysia will considerably rise,” he added. “However, the key data will be the Dec 1-20 palm oil production estimates from Malaysian Palm Oil Association (MPOA), UOB and Southern Peninsula Palm Oil Millers' Association (SPPOMA). “Malaysia is also expected to announce its palm oil export tax for Jan 2022 this week,” he added.
Source:The Edge Markets
December 20, 2021 14:16 UTC
Stockbroking firms in talks with regulators to maintain stamp duty rate with reinstatement of cap
“The stamp duty tax hike could impact sentiment on Bursa Malaysia in the near term and dampen its global competitiveness. Local and foreign institutions as well as retail investors will be hard hit resulting from the proposed increase in the rate of stamp duty from 0.1% to 0.15% and the complete removal of the stamp duty cap. The association has proposed to retain the stamp duty rate at 0.1%, with a slightly higher cap above the current cap of RM200, instead of a complete abolishment. It is not possible to expect the industry to implement the stamp duty hike with no cap,” he adds. Another industry player opines that ASCM should send an official letter to the Ministry of Finance to request the reinstatement of the stamp duty cap.
Source:The Edge Markets
December 20, 2021 14:04 UTC