My Say: Dubious benefits for Malaysia in ratifying the CPTPP
Vietnam stood to gain most from TPP trade “normalisation”, owing to punitive post-war US trade sanctions. Bogus claims for trade dealVarious studies — including two by US government agencies — all found negligible trade gains from the TPP. The Peterson Institute of International Economics (PIIE) has been the principal TPP and Comprehensive and Progressive TPP (CPTPP) cheerleader in the West. Its report found supposed TPP gains to be paltry over the long time horizon involved. There are dubious gains from ratifying the CPTPP, especially in the light of its paltry benefits.
Source:The Edge Markets
May 04, 2022 03:49 UTC
Special Report: Cost, labour headwinds threaten construction’s recovery
“For building projects, key materials such as steel bar, cement and diesel account for a lower percentage —10% to 15%. Still, not every contractor is able to overcome the rise in building material costs. “Raw material prices are always fluctuating and we have to take that into account in our tender pricing. “The drastic increase in building material prices, along with the rise in subcontractor and foreign labour costs, is unprecedented. Ahmad ’Asri says: “The increase in material prices will [raise] construction costs by 8% to 15%.
Source:The Edge Markets
May 03, 2022 17:59 UTC
HR manager loses almost RM133,000 to bogus Health Ministry officer
KUALA LUMPUR: A human resources manager lost over RM132,900 after being conned by a person posing as a Health Ministry official. City Commercial Crime Investigation Department chief Asst Comm Mahidisham Ishak said that the 47-year-old victim lodged a report on the matter on April 30. ACP Mahidisham said the victim was then told she had a criminal record for involvement in money laundering activities. ACP Mahidisham said the victim was then contacted again on April 30 and ordered to transfer more money. ACP Mahidisham said that the public can also cross check suspicious bank account and mobile phone numbers through the http://ccid.rmp.gov.my/semakmule website.
Source:The Star
May 03, 2022 17:34 UTC
Condivergence: Decentralised versus centralised finance
It is very fashionable to talk about decentralised finance (DeFi), meaning finance that is more democratic or broad-based than centralised finance (CeFi), which is conventional finance. The concentration comes from the network effect in which a few hubs dominate the connections to the users (nodes versus links). They do not worry about the volatility of the cyber currency because they hold it for payment convenience. In other words, digital assets are now being created and traded using cyber currency because the young find it convenient. In most cyber currency outfits, the sponsors “mine” or create the cyber currency and benefit if the liability side (the cyber coin) reaches higher market valuation.
Source:The Edge Markets
May 03, 2022 15:33 UTC
Myanmar lifts quarantine requirement for fully-vaccinated inbound travellers
YANGON (Xinhua): Myanmar's Ministry of Health on Sunday (May 1) lifted the quarantine requirement for fully vaccinated travellers who test negative for Covid-19 in a rapid test at the Yangon International Airport. The rapid diagnostic test (RDT) for Covid-19 at the airport costs 15,000 kyats per testing for travellers, and the result comes within an hour, the health ministry said. All foreign travellers entering the country before Sunday had to wait in quarantine at designated hotels for about 24 hours for the RT-PCR (polymerase chain reaction) test result. Myanmar's health ministry said it has lifted and shortened the quarantine periods as the Covid-19 positivity rate of incoming tourists was very low. The health ministry's official figures showed that over 23.47 million people in Myanmar have been fully vaccinated against Covid-19.
Source:The Star
May 03, 2022 09:24 UTC
Apple hit with EU antitrust charge over its payment technology
BRUSSELS (May 2): EU antitrust regulators charged Apple on Monday (May 2) with restricting rivals' access to its NFC chip technology in a move that could result in a hefty fine for the iPhone maker and force it to open its mobile payment system to competitors. The European Commission said it had sent a charge sheet known as a statement of objections to Apple, detailing how the company had abused its dominant position in markets for mobile wallets on iOS devices. "We have indications that Apple restricted third-party access to key technology necessary to develop rival mobile wallet solutions on Apple's devices," EU antitrust chief Margrethe Vestager said in a statement. "In our statement of objections, we preliminarily found that Apple may have restricted competition to the benefit of its own solution Apple Pay," she said. The Commission's decision to send a charge sheet known as a statement of objections to Apple confirmed a Reuters story in October last year.
Source:The Edge Markets
May 02, 2022 22:53 UTC
My Say: Ringgit, inflation and the economy: A fine balancing act
A sharp rise in inflation can affect inflation expectations, reduce public spending and demand and, as a result, economic growth. The government acknowledges the impact of inflation on the economy and households, and has taken various measures to help the nation face these challenges. Inter-relationship between the ringgit, interest rates and intercountries’ trade valueAnother fact to acknowledge is that the movement of any currency, including the ringgit, is closely related to inflation rates and monetary policies. Singapore has raised their policy rates three times in the last six months, while South Korea, twice this year. The ringgit can be strengthened, but...To strengthen the ringgit and control inflation, some have suggested that Bank Negara raise interest rates and tighten our monetary policy.
Source:The Edge Markets
May 02, 2022 19:28 UTC
China contagion threatens to derail emerging markets
(May 2): A widespread sell-off in China is rippling through emerging markets, threatening to snuff out growth and drag down everything from stocks to currencies and bonds. That’s pushing them to sell not just China’s currency, bonds and stocks but the assets of any developing nation which relies heavily on trade with the second-biggest economy. The MSCI Emerging Markets Currency Index, with almost a 30% weight for the Chinese currency, tumbled in tandem. “If China’s economy slows significantly, emerging markets currencies as well as the yuan could experience a period of elevated and persistent volatility,” said Brendan McKenna, a currency strategist at Wells Fargo Securities in New York. Money managers quickly moved to downgrade their currency outlook for emerging markets.
Source:The Edge Markets
May 02, 2022 19:24 UTC
MySijil app helps spot fake academic certs
KUALA LUMPUR: Percetakan Nasional Malaysia Bhd (PNMB) has developed a mobile application to counter the increasing use of fake academic certificates purportedly issued by public and private institutions of higher learning. Its Security Design and Security Printing Unit head Razlan Abdullah said the MySijil app was developed to scan certificates or security documents produced by PNMB to verify their authenticity. "The app is currently being used by 17 higher education institutions including International Islamic University Malaysia, Universiti Putra Malaysia, and Infrastructure University Kuala Lumpur. "It is also being used by Kolej Universiti Poly-Tech Mara Kuala Lumpur, and the Technical University of Malaysia," he said in a recent interview. He noted that low-security features in certificates, diplomas and degrees awarded by higher learning institutions in the country have apparently allowed fake degree scams to proliferate.
Source:The Star
May 02, 2022 16:29 UTC
Qantas orders Airbus jets for world's longest non-stop flight
SYDNEY (May 2): Qantas Airways Ltd said on Monday (May 2) it had ordered 12 A350-1000 planes from Airbus SE to be used on what will be the world's longest commercial flight from Sydney to London as well as 40 narrow-body jets to renew its domestic fleet. Non-stop flights from Sydney to London, which will take nearly 20 hours, will begin in late 2025 following the delivery of A350-1000s, the airline said. The A350s will carry 238 passengers across first class, business class, premium economy and economy class, with more than 40% of the cabin dedicated to premium seating, it added. The deliveries of 20 A321XLRs will start in late 2024, while 20 smaller A220s will arrive from late 2023, renewing the carrier's ageing domestic fleet. Qantas in December selected Airbus as the preferred supplier for a major order to renew its ageing narrow-body fleet in a blow to incumbent supplier Boeing.
Source:The Edge Markets
May 02, 2022 08:12 UTC
Wheat drops for fourth session to three-week low on US weather
SINGAPORE (May 2): Chicago wheat futures dropped to a three-week low on Monday (May 2), falling for a fourth consecutive session, as showers in key growing parts of the US Plains provided a much-needed boost to the crop. In monthly cereal supply and demand estimates, the Commission cut its outlook for usable production of common wheat, or soft wheat, in the July 2022 to June 2023 season to 130.1 million tonnes from 131.3 million tonnes previously. Ukraine's grain exports had reached 45.709 million tonnes so far in the 2021/22 July-June season, the Agriculture Ministry said last Friday as it resumed publishing grain export data. Senior agriculture officials said this month that Ukraine exported 300,000 tonnes of grain in March. Large speculators cut their net long position in CBOT corn futures in the week to April 26, regulatory data released last Friday showed.
Source:The Edge Markets
May 02, 2022 07:57 UTC
National hero determined to compete in Paris despite major op
“But I would have had a very high chance of getting a cardiac arrest had I continued on with my sports career without going for corrective heart surgery. “It was not surprising as I was told this happens to patients who have gone for open heart surgery. The focus for the Terengganu-born athlete is to ensure that he makes a full recovery and, hopefully, he will be able to make a comeback to compete in the 2024 Paris Olympics. The silver was the second Olympics medal in his illustrious career after winning bronze in keirin in Rio de Janeiro in 2016. “If I can do this (improve), there should be no issue with me going for the 2024 Paris Olympics,” added Azizul, who apologised for not disclosing his condition earlier.
Source:The Star
May 02, 2022 05:48 UTC
New RM920,000 Lucky Garden food court to open soon
The new Lucky Garden food court in Lorong Ara Kiri 3, Bangsar, Kuala Lumpur is expected to start operating this month. “Currently, we are waiting for water meters to be installed before launching the food court. “The food court development project cost RM920,000,” it said. Lembah Pantai MP Fahmi Fadzil said visitors could expect a more comfortable setting with additional facilities at the food court. Anuar Fish Head Curry trader Mohamed Salman Mohamed Mydin was looking forward to the reopening of the food court.
Source:The Star
May 02, 2022 05:07 UTC
Malaysia to propose for informal engagement between ASEAN and Myanmar's NUG
KUANTAN (May 1): Malaysia will propose for ASEAN to establish an informal engagement with the National Unity Government (NUG) elected by the people of Myanmar prior to the coup. Malaysia lamented that "no progress could be seen" on the implementation of the 5PC despite the hard work of two ASEAN special envoys, largely due to the junta's lack of cooperation, he said. On the second proposal to double humanitarian aid in Myanmar, he said it will include the involvement of international organisations that may be guided by the United Nations. Mercy Malaysia, said Saifuddin, is the only foreign non-governmental organisation (NGO) that can still operate in Myanmar, and therefore Malaysia will propose for the NGO to be recognised as one of the NGOs from ASEAN countries. "We also suggest, if possible, for every ASEAN country to have their NGOs there to help because I believe each country has its own capabilities.
Source:The Edge Markets
May 01, 2022 20:05 UTC
More than 5,000 motorists caught speeding on first day of Ops Hari Raya Aidilfitri 2022, says JPJ
The enforcement agency in a statement on Saturday (April 30) said from 236,671 vehicles which passed through Awas cameras at traffic lights, 966 of them, were found running the red light. According to the statement, 29 Awas cameras were to monitor speeding, and 16 Awas cameras to monitor traffic lights went into full operation from Friday. The statement said on the first day of Ops Hari Raya Aidilfitri (HRA) 2022 on Friday, infringing the speed limit was the highest violations committed by motorists. According to the statement, the two offences would be subject to court action and cannot be compounded according to Section 79, Act 333 (JPJ). Road users are advised to abide by the rules set to ensure safety and reduce the rate of accidents and deaths on the road," it said.- Bernama
Source:The Star
May 01, 2022 16:05 UTC