MISC-owned AET signs MOU with Thai national energy company to build zero-emission oil tankers
KUALA LUMPUR (Sept 29): AET, the Singapore-based maritime transport operator wholly owned by MISC Bhd, has signed a memorandum of understanding (MOU) with Thailand's national energy company PTT for the construction of two Aframax oil tankers that will be powered by green ammonia. "This MOU sets another clear signal of PTT's and AET's commitment to reducing greenhouse gas (GHG) emissions from international shipping as energy efficiency improvements alone will not be sufficient." AET president and chief executive officer Capt Rajalingam Subramaniam said the company's collaboration with PTT also goes beyond these first two net-zero green ammonia powered Aframaxes. "Providing the much-needed boost to create a green ammonia corridor in Southeast Asia would be another desired outcome of this MOU. MISC's share price settled 10 sen or 1.47% higher at RM6.90 on Thursday (Sept 29), bringing a market capitalisation of RM30.8 billion.
Source:The Edge Markets
September 29, 2022 22:38 UTC
Rubberex to trade under new name of Hextar Healthcare effective Sept 29
KUALA LUMPUR (Sept 27): Glove maker Rubberex Corp (M) Bhd’s shares will be traded under the new name of Hextar Healthcare Bhd from Thursday (Sept 29). Rubberex had on Sept 14 received its shareholders’ nod for the group’s diversification into the healthcare business and change its name to Hextar Healthcare. Shareholders also approved the group’s acquisition of test kits manufacturer Reszon Diagnostics International Sdn Bhd for RM180 million. Rubberex shares finished 1.27% or half a sen higher at 40 sen on Tuesday (Sept 27), valuing the group at RM361.62 million. The counter, however, is down 21.67% year-to-date and lower by 35.48% over the past year.
Source:The Edge Markets
September 28, 2022 03:13 UTC
Netflix sets up first internal studio to develop video games
(Sept 27): Netflix Inc is creating its first in-house video games studio in a push to be less reliable on third-party creators and expand its gaming offerings. The new studio will be based in Helsinki and headed by Marko Lastikka, according to a statement from Netflix on Monday (Sept 26). The new games studio will be Netflix’s fourth overall, after the company acquired another Helsinki-based studio, Next Games, and Boss Fight Entertainment earlier this year. Netflix embarked on its push into video games in 2021 as a way to diversity its streaming offerings as growth stagnates. “It’s still early days, and we have much more work to do to deliver a great games experience on Netflix,” Rahimi said.
Source:The Edge Markets
September 27, 2022 05:26 UTC
My Say: Malaysia is a federation, so let’s act like one
This is because it concerns the very nature of the Federation of Malaysia, and of federalism’s role in the development of the country. The inter-ethnic balancing act behind the formation of Malaysia in 1963 is well known, where the addition of Chinese-majority Singapore was countered by indigenous peoples of Sabah and Sarawak. The Second Malaysia Plan opened the gates for policymaking to be strongly race-conscious and centralising. Looking back, it has been voters living in Kuala Lumpur who have suffered most dramatically in their loss of democratic rights. His recent books include Catharsis: A Second Chance for Democracy in Malaysia (2018, Penang Institute, SIRD and ISEAS).
Source:The Edge Markets
September 27, 2022 04:10 UTC
No easy battle ahead for Pejuang
IT looks certain that Tun Dr Mahathir Mohamad (pic), who now heads the Pejuang party, will defend his Langkawi parliamentary seat in the impending general election. The former prime minister, who turns 98 next year, does not have much choice as he is the only candidate from his party who has a realistic chance of winning.
Source:The Star
September 27, 2022 00:33 UTC
SSLR, CSR construction contracts likely to be mentioned in Budget 2023
THERE could be a couple of large road and highway construction contracts up for grabs following the tabling of Budget 2023 in parliament, people familiar with the matter tell The Edge. “We are expecting some announcements on these two contracts (CSR and SSLR), which could impact the construction sector positively in the budget next month,” says the managing director of a publicly traded construction company. The announcement of the contracts could generate interest in the long-suffering construction sector. A dearth of jobs, the slow economy and the ongoing pandemic, among others, have taken a toll on the construction sector. This means the road construction contracts in the state may be more hotly contested, with companies from the peninsula likely to bid.
Source:The Edge Markets
September 26, 2022 21:08 UTC
Bursa ends broadly lower, mirroring regional markets
KUALA LUMPUR (Sept 26): Bursa Malaysia ended broadly lower on Monday (Sept 26), tracking regional peers amid the weak sentiment globally, said an analyst. Total turnover swelled to 2.12 billion units worth RM1.85 billion, compared with 1.84 billion units worth RM1.57 billion last Friday. The Main Market volume stood at 1.42 billion shares worth RM1.64 billion against 1.29 billion shares worth RM1.37 billion last Friday. Warrants turnover widened to 272.54 million units valued at RM43.63 million from 197.29 million units valued at RM29.44 million previously. The ACE Market volume advanced to 422.84 million shares worth RM162.81 million from 353.22 million shares worth RM177.11 million last Friday.
Source:The Edge Markets
September 26, 2022 20:08 UTC
My Say: Be Bold To Fight Cancer Of Corruption
The following underlines Transparency International’s mission to combat corruption: Corruption undermines good government, fundamentally distorts public policy, leads to the misallocation of resources, and particularly hurts the poor. In September 2007, former Secretary-General of the United Nations Ban Ki-Moon stated that: Corruption undermines democracy and the rule of law. Corruption results in unsustainable development, environmental pollution, wealth distribution that is unequal and inequitable, and leakages of a nation’s resources. In China, the Qing dynasty in 220 BC identified the concept of corruption and imposed heavy penalties on the perpetrators. The original trial that was encountered by the first human being created by Allah had the element of corruption.
Source:The Edge Markets
September 26, 2022 18:41 UTC
RM2mil allocated to help bumiputra students as of August through YPM
ALOR GAJAH: Yayasan Pelajaran Mara (YPM) allocated a total of RM2 million from January to August this year, to provide assistance to 20,000 bumiputra students nationwide under the foundation’s corporate social responsibility (CSR) programme. Its chairman, Datuk Mohd Razman Yaacob, said that the assistance provided included laptops, bicycles and cash. At the event, YPM channelled assistance totalling RM14,600 to 78 recipients, in the form of RM100 cash, bicycles and laptops. Mohd Razman said it was YPM's seventh CSR programme under the Pendidikan Pesisir Pantai initiative, after Pangkor Island, Tioman Island, Tawau and Semporna, Tuba Island, Aman Island and Kerian. Donors can get a tax deduction of up to 10 per cent under subsection 44(6) of the Income Tax Act 1967.
Source:The Star
September 26, 2022 02:14 UTC
Malaysia to participate in International Telecommunication Union Plenipotentiary Conference 2022 in Romania
KUALA LUMPUR (Sept 25): Malaysia will participate in the International Telecommunication Union Plenipotentiary Conference 2022 (ITU PP22) in Bucharest, Romania starting Monday (Sept 26) until Oct 14. ITU PP22, which will be participated by 181 countries, is very special and significant for the country because Malaysia will bid for a seat in ITU Council under Region E (Asia and Australasia) for 2023-2026 term, he said. Therefore, in addition to organising a reception on Sept 29, Annuar said he and the Malaysian delegation would spend their time there to meet their counterparts to garner support for Malaysia. Annuar said Malaysia's direct involvement in the ITU PP22 conference would have a major impact on local experts who would benefit from ITU's telecommunications and ICT development programmes. Others are Malaysian Ambassador to Romania, Tengku Datuk Sirajuzzaman Tengku Mohamed Ariffin; as well as representatives from telecommunications network providers such as Telekom Malaysia Bhd, Maxis Bhd, DiGi, as well as MEASAT.
Source:The Edge Markets
September 25, 2022 22:45 UTC
My Say: Reporting money laundering: 5 things to know about the rules
Professionals such as lawyers, accountants and company secretaries, as well as various other entities, including trust companies, dealers in precious metals or precious stones, moneylenders, casinos and real estate agents, have been subject to AMLA reporting requirements for several years. RIs are required to adhere to these rules not only to counter money laundering but also terrorism financing and proliferation financing, which is the financing of weapons of mass destruction. How then should businesses implement a risk-based approach in dealing with anti-money laundering compliance? This tool can be similarly used in the context of AMLA compliance. Commonly identified risks as set out in Bank Negara’s policy documents are client risk, geographical risk and transaction risks.
Source:The Edge Markets
September 25, 2022 04:43 UTC
AirAsia bags World’s Best Low-Cost Airline award for 13th straight year
KUALA LUMPUR (Sept 24): AirAsia has been crowned the World’s Best Low-Cost Airline at the Skytrax World Airline Awards 2022 for the 13th consecutive year. Prime Minister Datuk Seri Ismail Sabri Yaakob also congratulated AirAsia on the award, saying that the airline has been a trailblazer in revolutionising low-cost travel in Malaysia and Asean, contributing significant tourism and economic benefits to the nation. “This is indeed a major milestone not just for AirAsia, but for Malaysia as well,” he said. Meanwhile, Skytrax chief executive officer Edward Plaisted said AirAsia redefined low-cost air travel in Asia and despite the recent post-pandemic challenges, continues to be a firm favourite with customers. “Winning the award for the World’s Best Low-Cost Airline and an extraordinary 13th time is a fantastic achievement, and we congratulate all the members of the AirAsia family on this momentous occasion,” he said.
Source:The Edge Markets
September 24, 2022 18:37 UTC
My Say: Tackling KL’s traffic congestion goes beyond free rides
Since Rapid KL is responsible for the vast majority of Kuala Lumpur’s rail and bus services, the news spurred hope that the unprecedented, city-wide free public transport would reduce traffic congestion. Recent reports indicate that traffic congestion in KL has exceeded pre-pandemic levels. The move to entice motorists with free public transport is against a backdrop of dismal ridership, which has plummeted since the outbreak of Covid-19. Each of the three indicators — namely workplaces, transit stations, grocery stores and pharmacies — are benchmarked against their respective pre-pandemic levels. However, apart from better provision of public transport, there is also a need to tackle the demand side of congestion.
Source:The Edge Markets
September 24, 2022 03:32 UTC
Ringgit likely to extend downtrend next week
“The demand for safe haven is expected to increase further, putting emerging market currencies, especially the ringgit, under pressure,” she told Bernama. However, the central bank said that ringgit movements “will continue to be market-determined and the foreign exchange market continues to function and intermediate effectively”. For the week ended, the local currency also traded mostly higher against a basket of major currencies. It climbed against the British pound to 5.0957/0985 from 5.2214/2242 and strengthened versus the euro to 4.4686/4710 from 4.5317/5342 last week. The ringgit rose against the Singapore dollar at 3.2130/2152 from 3.2238/2261 but weakened against the Japanese yen to 3.2091/2113 from 3.1647/1666 a week earlier.
Source:The Edge Markets
September 24, 2022 02:56 UTC
Bursa opens marginally lower
KUALA LUMPUR (Sept 23): Bursa Malaysia opened marginally lower on Friday (Sept 23), tracking Wall Street which slipped for the third consecutive trading day as central banks’ rate hikes continued to weigh on sentiment. At 9.03am, the FBM KLCI had inched down 0.96 of a point to 1,438.20 from Thursday's close at 1,439.16. Meanwhile, investors may watch for Malaysia’s inflation rate to gauge the upcoming overnight policy rate outlook by Bank Negara Malaysia," it said. “We remain positive on the banking sector on the back of the interest rate upcycle environment, while the telecommunications, solar-related, construction and building material-related sectors are expected to see some buying interest ahead of Budget 2023. Among the heavyweights, Public Bank Bhd shed one sen to RM4.38, Petronas Chemicals Group Bhd declined four sen to RM8.46 and IHH Healthcare Bhd slid five sen to RM5.95.
Source:The Edge Markets
September 23, 2022 07:59 UTC