Over 3,000 personnel deployed to prevent profiteering
PETALING JAYA: More than 3,000 personnel under the Domestic Trade and Cost of Living Ministry will be acting as “price monitors” across the country to prevent profiteering by unscrupulous traders following the recent diesel subsidy rationalisation. The ministry said some 900 of these officers will monitor any trend in price changes or unreasonable price hikes after the government kicked off the targeted diesel subsidy on June 10. A ministry spokesman said the 900 are in addition to over 2,200 personnel from its enforcement division who will go on daily rounds nationwide to carry out price surveillance in response to public complaints. “If consumers find that prices are higher and were raised after the implementation of the targeted diesel subsidy, they can report it to the ministry by providing detailed information. “Such information should include the location of the business premises and the ‘before and after’ prices of the goods.
Source:The Star
June 23, 2024 02:32 UTC
Malaysia 10th most peaceful country in global index
KUALA LUMPUR: Malaysia has climbed nine spots in the 2024 Global Peace Index (GPI), now ranking 10th as one of the world's most peaceful countries this year. According to the Institute for Economics and Peace (IEP) 2024 GPI, global peacefulness declined by 0.56 per cent this year, marking the fifth consecutive year of deterioration. Malaysia ranked as the third-most peaceful country in the Asia-Pacific region, with New Zealand leading the list followed by Singapore, according to the 2024 Global Peace Index (GPI). Iceland retained its position as the most peaceful country globally, followed by Ireland in second place, Austria in third, New Zealand in fourth, and Singapore in fifth. Conversely, Yemen was identified as the least peaceful country worldwide, alongside Sudan (ranked 162nd), South Sudan (161st), Afghanistan (160th), and Ukraine (159th).
Source:The Star
June 16, 2024 06:58 UTC
Over 2.5 million vehicles expected on major highways for Aidiladha
KUALA LUMPUR: The Malaysian Highway Authority (LLM) expects the number of vehicles using the North-South Expressway, the Kuala Lumpur-Karak Expressway and the East Coast Expressway (LPT) 1 and LPT2 to increase to 2.52 million in conjunction with the Aidiladha celebration on Monday (June 17). It said in a statement on Saturday (June 15) that all highway concessionaires have been ordered to stop construction and maintenance work involving lane closures from last Wednesday until June 19 to minimise the impact of increased traffic. LLM then added that the highways and all facilities are operating well, especially at the rest and recreation (R&R) area, lay-bys and the toll collection system with additional temporary lanes provided. "The concessionaires are also instructed to provide additional parking facilities and portable toilets at several R&Rs, increase the number of personnel, ensure sufficient water and fuel supply at fuel stations, and activate smart lanes at several locations," it said. Those planning to use the highways can refer to the MyPLUS-TTA application by PLUS Berhad for travel on the North-South Expressway and the Travel Time Proposal (TTA) by Anih Berhad for the KL-Karak Expressway and the East Coast Expressway Phase 1 to plan their journey.
Source:The Star
June 15, 2024 16:36 UTC
Diesel subsidy rationalisation: 10 companies hauled-up for price gouging
The notice was issued under Section 21 of the Price Control and Anti-Profiteering Act 2011 (AKHAP 2011). "The identified companies will be asked to explain their price hikes on goods and services," said Minister Datuk Armizan Mohd Ali in a statement on Friday (June 14). He said the 10 companies comprised three transport companies, three construction companies, two beverage companies and two machinery rental companies. ALSO READ: Govt to focus on targeted diesel subsidy initiative for now"Two of the companies were summoned on Thursday (June 13), while the others will follow according to schedule," he added. ALSO READ: Public wants govt to ensure smooth implementation of diesel subsidy rationalisation"Each company will be called to provide detailed information and documentation on their services and sales of goods for a profiteering analysis.
Source:The Star
June 14, 2024 23:02 UTC
P.I.E. Industrial gets UMA query from Bursa Malaysia
KUALA LUMPUR: Bursa Malaysia has issued an unusual market activity (UMA) to P.I.E. Industrial Bhd due to the sharp rise in the price and trading volume today. The electronics manufacturing services company rose 14.54%, or nine sen to RM7.09, its record high. It is currently the top gainer on Bursa Malaysia with 2.04 million shares traded. Bursa Malaysia advised investors to take note of the company’s reply to the UMA query that will be posted on Bursa Malaysia before making their investment decision.
Source:The Star
June 14, 2024 07:58 UTC
Sabah to speed up digital economy in rural areas
KOTA KINABALU: Sabah is focused on broadening its digital base to reach out to rural areas to boost economic and financial transformation, says Chief Minister Datuk Seri Hajiji Noor. The government's digital economy, he said, targets cashless financial transactions and initiatives aimed at accelerating the implementation of digital technology and driving economic and financial transformation in the country. Cashless transactions offer many benefits that will ensure easier, faster and safer payments, he said. "This initiative does not only facilitate daily transactions but also solves the issue of the lack of ATM machines in rural areas. He said the state-owned Sabah Net is also working with Bank Negara as well as other banks as part of Sabah's digital financial initiative to bridge the digital gap with rural communities.
Source:The Star
June 12, 2024 19:34 UTC
'Flesh-eating' bacterium infections hit record high in Japan
TOKYO (Bernama-Xinhua): Streptococcal toxic shock syndrome, a potentially fatal illness caused by a "flesh-eating" bacterium, is increasing notably across Japan, with cases in the first half of this year already exceeding last year's record, local media has reported on Tuesday. The figure in the first six months of 2024 already surpassed last year's 941, the highest annual number of cases tallied since mandatory reporting began in 1999, the report said. Tokyo logged the highest number of cases at 145. Infections of more virulent and contagious strains of the bacterium are increasingly being reported, particularly in the Kanto region centering on Tokyo, it added. "High fever accompanied by delirium or rapid swelling of wounds are dangerous signs", and immediate medical attention should be sought, he said.
Source:The Star
June 12, 2024 09:01 UTC
We must not remain in our comfort zone, says PM
KUALA LUMPUR: Malaysia must not be complacent and continue to remain in its comfort zone, especially when it is competing with countries like Singapore, Indonesia and Vietnam, says Datuk Seri Anwar Ibrahim. Anwar emphasised the importance of adapting the education system to current demands, such as artificial intelligence (AI) and other emerging disciplines by establishing specialised faculties and revising outdated processes. He encouraged industries to adopt TVET programmes, noting that companies like PETRONAS, Proton and Geely can further expand their involvement. Anwar said such collaboration allows industries to define the necessary training and leverage their practical insights over conventional education systems. On another matter, Anwar said the government holds the responsibility of building internal strength and emphasising the growth of local industries.
Source:The Star
June 12, 2024 08:13 UTC
PUC to acquire two companies for RM200mil
PETALING JAYA: PUC Bhd has entered into a heads of agreement for the purchase of the entire equity stakes in Alevate Capital Sdn Bhd and Alevate Solutions Sdn Bhd for RM200mil to be satisfied by cash and shares. The vendors of the companies are Eatcosys Sdn Bhd, a wholly-owned subsidiary of Incite Innovation Sdn Bhd and Tham Lih Chung. Under the terms of the agreement, PUC said in a statement yesterday, that it would settle the first RM100mil of the purchase consideration through the issuance of 800 million PUC shares at 12.5 sen a share. An additional RM7.5mil in cash will be payable once Alevate Capital and Alevate Solutions achieves a pre-tax profit of RM16mil from July 1, 2024, to June 30, 2025. The balance will be subject to achieving a further profit guarantee milestone of RM32mil in pre-tax profit from July 1, 2024 to June 30, 2026.
Source:The Star
June 11, 2024 11:34 UTC
Diesel subsidy rationalisation: Amir Hamzah to hold PC at 5pm today
PETALING JAYA: Finance Minister II Datuk Seri Amir Hamzah Azizan will be holding a press conference on the diesel subsidy rationalisation on Sunday (June 9). On May 24, Amir Hamzah said that diesel subsidies cost the government RM1bil a month, while losses from leakages amount to a whopping RM4.5mil a day. In announcing the fuel subsidy rationalisation in a national address on May 21, Prime Minister Datuk Seri Anwar Ibrahim said subsidies for diesel would be withdrawn for “the rich and foreigners”. The diesel subsidy will first be rationalised in the peninsula, while the implementation in Sabah and Sarawak will happen later, he said, without mentioning any timeline for implementation. Diesel subsidies will also continue for certain categories of fishermen.
Source:The Star
June 09, 2024 16:40 UTC
Dolly Parton plans for a musical on her life using her songs to land on Broadway in 2026
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Source:The Star
June 07, 2024 01:08 UTC
Malaysia can achieve double-digit growth in rubber gloves export in 2024
PETALING JAYA: The Ministry of Plantation and Commodities is cautiously optimistic that Malaysia will be able to achieve a double digit growth in rubber gloves export revenue this year. Deputy Plantation and Commodities Minister Datuk Chan Foong Hin said that last year, Malaysia exported over RM11 billion worth of rubber gloves, which accounts for 58 per cent of the nation’s total export of rubber products. "Malaysia is also the global leader in the rubber gloves industry. Malaysia recorded RM3.3 billion rubber gloves export revenue in the first quarter of 2024. On another development, Oon said MARGMA is currently exploring the establishment of industry standards for Malaysian-manufactured rubber gloves and implementing the 'Malaysia Sustainable Natural Rubber' initiatives, including 'Green Gloves' and other ecofriendly options.
Source:The Star
June 07, 2024 00:39 UTC
Kimlun to ride wave of infrastructure projects
The research house said it is maintaining its “buy” call with an unchanged target price of RM1.72, as Kimlun has proven itself to be a proxy for mahor infrastructure projects. Meanwhile, Kenanga Research said it is maintaining its “market perform” call with a higher target price of RM1.47 as Kimlun is poised to benefit from a new wave of public infrastructure projects. The research house said it expects a brighter outlook for Kimlun as it eyes work packages and pre-cast concrete orders from multiple projects. These include the Pan Borneo Highway, flood mitigation projects, semiconductor factories and urban transit projects in Singapore. Kenanga Research said some of the downside risks for the company include delays in the rollout of public infrastructure projects, liquidated ascertained damages arising from cost overruns and delays, rising cost of building materials and labour shortages.
Source:The Star
June 06, 2024 09:15 UTC
Bank Rakyat offers up to RM50mil financing for Indian entrepreneurs via BRIEF-i
KUALA LUMPUR: Bank Rakyat has allocated RM50 million via the Bank Rakyat Indian Entrepreneur Financing-i (BRIEF-i) programme to assist the Indian entrepreneur community operating micro, small and medium enterprises (MSMEs) in terms of working capital and capital expenditure for business expansion. This assistance for the Indian entrepreneur community will help to achieve the government’s aspiration in eradicating hardcore poverty and bridging the economic gap for a prosperous MADANI Malaysia, he said. "BRIEF-i is an initiative that can create a brighter future for the Indian entrepreneur community. As for small and medium enterprises (SMEs), the financing rate is base financing rate (BFR) plus 0.67 per cent per annum with a guarantee fee, and the financing amount is between RM50,001 and RM1 million. Those keen to apply or obtain further information can go to Bank Rakyat’s official portal and QR2E (Quick Response to Entrepreneurs) at www.bankrakyat.com.my and https://qr2e.bankrakyat.com.my, respectively, or visit any Bank Rakyat Business Banking Centre.
Source:The Star
June 05, 2024 16:21 UTC
No issues for TNB from implementation of third-party access
PETALING JAYA: The upcoming implementation of third-party access (TPA) framework is not expected to be a threat to the country’s sole electricity provider, Tenaga Nasional Bhd (TNB), says RHB Research. RHB Research noted this is because TNB will still own the infrastructure and may have to incur capital expenditure (capex) to upgrade it. RHB Research maintained a “buy” call on TNB with a target price of RM16.10 a share. The research house believes TNB should continue to benefit from the continuous upgrades of its T&D assets, with energy demand supported by the mushrooming development of data centres. It also noted that TNB’s valuations have run ahead of fundamentals at this juncture and that any weaker-than-expected capex in the upcoming RP4 determination is a valuation de-rating risk.
Source:The Star
June 05, 2024 10:42 UTC