Business

Ray Tech opens its first smart industrial X-ray inspection specialist plant in Johor (Thu, 25 Apr 2024)
KUALA LUMPUR: Ray Tech (Malaysia) Sdn Bhd, a subsidiary of Unicomp Technology China, has opened its first smart industrial X-ray inspection specialist plant in Gelang Patah, Johor. The X-ray technology company said the cutting-edge facility would revolutionise the production and distribution of X-ray equipment, catering to the growing demand for advanced X-ray imaging in various sectors and regions around the world. Ray Tech general manager Matthew Loh said the facility would not only bolster the company’s production capabilities but also strengthen its presence in the regional and overseas markets, enabling the company to better serve its customers. “We are excited to inaugurate our X-ray assembling plant in Malaysia, a testament to our continued investment in innovation and commitment to advancing the use of smart industrial X-ray in various sectors,” he said in a joint statement with the Malaysian Investment Development Authority (Mida) today. The company said Malaysia’s allure in attracting high-technology industries bodes well for the country as it brings along new technology and job opportunities. It noted that the launch of this plant underscores investors’ confidence in Malaysia’s business-friendly environment and affirms the country’s status as a preferred investment destination for high-value manufacturing and innovation-driven investments. “This 80% export-oriented project will be supported by the Malaysian technical workforce with more than 95% of the total manpower ranging from managerial, technical, and supervisory categories. “The advent and portrayal of X-ray go further than the medical sector and is now extended to the automotive, electronics semiconductor, lithium battery, public security, foreign object detection and non-destructive tests,” it said. The company said that among its noted clientele are Xiaomi, Tesla, BYD, Mercedes, BMW and Honda. Meanwhile, Mida deputy CEO of investment promotion and facilitation Sivasuriyamoorthy Sundara Raja said the new facility signified a significant step forward for Malaysia’s industry and promised numerous job opportunities for the local community. “We eagerly anticipate the growth and prosperity this investment will bring,” he said. This achievement showcases the trust of companies in the country’s long-term investment propositions and the confidence of local and global investors in Malaysia as a preferred sustainable investment destination, he added. – Bernama
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Daiso’s global distribution centre in Malaysia is its largest warehouse in the world (gio, 25 apr 2024)
PORT KLANG: Daiso Malaysia Group Sdn Bhd’s new Global Distribution Centre in Malaysia is set to be its largest warehouse in the world and is projected to have a net positive on the country’s logistics sector. According to Deputy Transport Minister Datuk Hasbi Habibollah, the centre is expected to handle an annual volume of 9,317 containers of outbound shipments in the future and the strategic location of Port Klang will enable the franchise to have better efficiency in its global supply chain, serving demand in Asia, the Americas, the Middle East, Australia,and New Zealand. “Daiso will bring in the automated storage and retrieval systems in the new global distribution centre, and I believe the transfer will not only foster opportunities for local businesses but will also empower logistics services providers with advanced tools and methodologies, revolutionising their operations and optimising supply chain management,” Hasbi said at the site officiating ceremony today. He added that the centre is expected to be built and start operations in January 2027, spanning about 1.7 million sq ft and will be even larger than any Daiso regional distribution centres in Japan. With a substantial investment of RM1 billion, he said, the investment will enhance the country’s global logistics capabilities, aiming to serve 22 countries and regions strategically. “With increased investment and job creation, we anticipate a surge in demand for goods and services, boosting sales and revenue to businesses. The growth of Daiso’s business will further stimulate local economic development by creating a demand for local suppliers, contractors, and service providers, fostering economic growth throughout the region,” he added. Hasbi said the presence of the centre in Malaysia symbolises a partnership that will enhance the capabilities of local companies and open doors to new business opportunities as well as strengthen the bonds between the franchise and local businesses, forging relationships that will be mutually beneficial. “As we look ahead, the government remains steadfast in its commitment to fostering a conducive business environment for the logistics services sector. By promoting innovation, investing in human capital development, and strengthening regulatory frameworks, we aim to elevate further Malaysia’s position as a premier logistics hub in the region,” he remarked. The centre was developed in partnership with Daiso and Kajima-SunCon joint venture, represented by Kajima (Malaysia) Sdn Bhd and Sunway Construction Sdn Bhd. The centre is set to handle a diverse range of products, including kitchen tools, cleaning supplies, personal care items, stationery, and more, totalling about 35,000 stock keeping units.
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Samenta: Exempt small traders, micro enterprises from e-invoice (gio, 25 apr 2024)
PETALING JAYA: The Small and Medium Enterprises Association of Malaysia (Samenta) has urged the government to exempt small traders and micro enterprises from the upcoming e-invoice regime. “Whilst we are supportive of the implementation of e-invoicing to enhance tax compliance and curb the shadow economy, the e-invoicing initiative must not unduly disrupt business operations,” said its national president Datuk William Ng. He added that 76.7% of all businesses are micro enterprises, with revenue under RM300,000 per annum. These include such businesses as barbers, food hawkers and sundry shops with few, if any, employees. “These businesses will be hard-pressed to issue e-invoices. Under this regime, an aunty selling char kway teow will be expected to stop frequently to issue e-invoices to customers. Even if the aunty learns how to do so, it will still disrupt the business and cause long delays to other customers. Some of these small traders may simply quit and close their businesses,” he said Samenta suggested that any business-to-consumer enterprise with revenue under RM300,000 per year be exempted from issuing e-invoice. Customers of such micro enterprises should be allowed to issue self-invoice to close the loop, instead of mandating this across the board, and causing irreversible damage to the economy. Ng said the current e-invoicing process remain overly complicated. “We appreciate that the Inland Revenue Board has been engaging with the industry and tax professionals to standardise the number of data fields required in e-invoices. However, the current 55 fields are far too many and will be a landmine for non-compliance. “Given that the first batch of e-invoicing will be implemented on Aug 1, 2024, the government still have time to step in to reduce the amount of data required. No system is fail-proof, and as such, we must balance the need for accuracy and being practical to reduce incidences of non-compliance and business disruption,” he added.
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Meta Bright secures RM24.8m equipment leasing contract from Australian company (gio, 25 apr 2024)
PETALING JAYA: Meta Bright Group Bhd, via wholly owned Australian subsidiary Meta Bright Australia Pty Ltd, has entered into a new leasing contract with Mt Cuthbert Resources Pty Ltd (MCR), marking another significant step in Meta Bright Group's strategic expansion in the equipment leasing market. A filing with Bursa Malaysia showed that under the terms of the contract, Meta Bright Australia will provide dry hire equipment rental services to MCR, supporting its copper mining operations in Australia with essential machinery and equipment valued at up to A$8 million (RM24.82 million). They include machinery, vehicles and other mining equipment necessary for MCR's readiness to respond to the promising copper mining outlook. The contract is expected to generate substantial monthly recurring rental income, estimated at A$222,950, enhancing Meta Bright Group's recurring revenue streams and reinforcing its presence in the Australian market. Meta Bright corporate and strategic planning executive director Derek Phang Kiew Lim said the contract strengthens its relationship with MCR and underscores its capability and commitment to support the mining industry with high-quality and reliable equipment. “Our strategic decision to diversify into machinery and equipment leasing has allowed us to tap into the robust growth of the mining sector in Australia, which continues to show significant potential.” The mining industry in Australia is a critical economic sector, with growth driven by increasing domestic and international demand for minerals. The industry's income from mineral exploration is projected to grow to A$5.7 billion by 2025, at a compound aggregate growth rate (CAGR) of 11.3% from 2023. The equipment leasing market in Australia is similarly promising, and expected to grow to US$1.9 billion by 2025. This growth is supported by the expansion of end-user industries such as mining, construction, and manufacturing, which rely heavily on leased equipment to reduce capital expenditure and enhance operational efficiency. “Our strategic focus on the equipment leasing sector is paying dividends, enabling us to leverage growth opportunities within Australia's dynamic industrial landscape. We are confident that this new contract with MCR will contribute positively to our financial performance, starting from the second quarter of the financial year 2025,” said Phang. He added that Meta Bright Group continues to explore opportunities to expand its leasing business, aligning with its goal to provide stable and sustainable returns to its shareholders.
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Malaysia’s inflation in March remains at 1.8% (gio, 25 apr 2024)
PETALING JAYA: Malaysia’s inflation remained at 1.8% in March 2024 with the index recorded at 132.2 points as against 129.9 points in the same month of the previous year, according to the Department of Statistics Malaysia. Inflation last month was driven by housing, water, electricity, gas & other fuels (3%); restaurant & accommodation services (3%); personal care, social protection & miscellaneous goods & services (2.6%) and transport (1.3%). However, this was offset by other main groups which recorded slower increases, health (2.1%); food & beverages (1.7%) and recreation, sport & culture (1.5%). Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said the increase of 3% compared to 2.7% in February 2024 for housing, water, electricity, gas & other fuels was contributed by the expenditure class of water supply which increased to 31.4% in March 2024 (February 2024: 28.8%). Kedah increased the water tariff rates for domestic category users starting in March 2024 compared to other states that have implemented the new tariff rates in February 2024. The food & beverages group which contributes 29.8% of the total Consumer Price Index weight recorded a slower increase of 1.7% in March 2024 (February 2024: 1.9%). The main subgroup of food at home increased to 0.3% in March 2024 (February 2024: 0.5%). Meanwhile, the main subgroup of food away from home increased 3.5%, the same rate as registered in February 2024. The expenditure class of cereals & cereal products increased by 2% in March 2024 (February 2024: 2.5%). This was contributed by Basmati rice which increased slower at 0.4% compared to 1% in February 2024. Meanwhile, rice flour inclined to 9.6% (February 2024: 8.8%). The inflation for the expenditure class of milk, other dairy products & eggs registered a slower increase of 1.4% in March 2024 (February 2024: 2.3%). The slower increase was recorded by expenditure item of fresh milk 2.4% (February 2024: 2.5%). Meanwhile, the inflation for the expenditure class of oil & fats remained in the negative range at negative 0.1% in March 2024 (February 2024: -0.2%). The inflation for the expenditure class of meat increased slower to 0.2% in March 2024 (February 2024: 0.5%). Chicken as the largest component comprised of 32.6% in the expenditure class of meat recorded a decline of negative 1.1% (February 2024:-0.7%). The average price of standard chicken at Malaysia and in March 2024 was RM10.28 per kilogramme as compared to RM10.40 per kilogramme in March 2023 (February 2024: RM10.29). The increase in inflation for restaurant & accommodation ervices to 3.0% (February 2024: 2.9%) due to the increase in beverage preparation services, 3.7% (February 2024: 3.4%). At the same time, inflation for personal care, social protection & miscellaneous goods & services increased by 2.6% (February 2024: 2.5%) due to the incline in the subgroup of other personal item, 9.8% (February 2024: 8.6%). Other than that, inflation for transport increased by 1.3% in March 2024 as compared to 1.2% in February 2024. The increase was due to the main subgroup of operation of personal transport equipment which increased to 1.4% in March 2024 (February 2024: 1.3%). The average price of Unleaded petrol RON97 in March 2024 was RM3.47 per litre as against RM3.35 per litre in March 2023 (February 2024: RM3.47). With regard to inflation at the state level, Mohd Uzir said most of the states recorded increases below the national inflation level of 1.8%. However, five states recorded increases above the national inflation level namely Penang (3%), Sarawak (2.9%), Pahang (2.1%), Selangor (2.1%) and Perlis (1.9%). In comparison to inflation in other selected countries, inflation in Malaysia (1.8%) was lower than inflation in Vietnam (4%), the Philippines (3.7%), the United States 3.5%), South Korea (3.1%) and Indonesia (3.1%). However, Malaysia’s inflatiuon rate is higher than that of China (0.1%) and Thailand (-0.5%).
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Rising oil and gas prices will affect Malaysia’s financial situation: Experts (gio, 25 apr 2024)
PETALING JAYA: Malaysia anticipates short-term gains in trade revenue as a net oil exporter, potentially offsetting current export challenges exacerbated by the weak standing of the ringgit amid escalating conflict in the Middle East, according to experts. Centre for Market education researcher Alfi Syahrin Ario Waskito noted that rising oil and gas prices will affect Malaysia’s financial situation, which potentially may lead to short-term increases in trade revenue within the oil and gas sector. “It definitely offset the weak export that Malaysia faces right now with the weak standing of the MYR,” he told SunBiz. He added, “But we also must be careful that raising prices in the long term can drive down consumer consumption because the hike will drive inflation.” Alfi Syahrin said geopolitical factors are major drivers of oil and gas prices, compounded by rising demand in China. Additionally, he said production cuts by Organisation of the Petroleum Exporting Countries (Opec) members, notably Saudi Arabia, and Russia have significantly contributed to global price increases. “And with the escalation of conflict in the Middle East (between Israel and Iran) the oil price will experience a massive hike, since Iran is one of the major players in Opec,” he said. Economic Club Of Kuala Lumpur chairman and KSI Strategic Institute for Asia Pacific deputy chairman Datuk Seri Mohamed Iqbal Rawther also noted that oil prices have risen. He said Malaysia as an oil-exporting nation and its role in state-owned entities such as Petroliam Nasional Bhd (Petronas) may stimulate the country’s financial position. “Those who export oil are Petronas and government-owned companies. So, this is a good thing. This means that our returns from those sales will increase, and this may stimulate Malaysia’s financial position,” he told SunBiz. However, he said higher oil prices may also lead to increased inflation, which could impact consumer spending. “There are also concerns about the depreciation of the ringgit.” In terms of consumers, he said the Malaysian government provides subsidies. “Therefore, market prices will not rise significantly,” he added.
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Govt to explain mechanism, criteria, implications of subsidy rationalisation: Rafizi (gio, 25 apr 2024)
KUALA LUMPUR: The government will communicate to the people the mechanisms and criteria of the targeted subsidy initiative in the coming weeks, said Economy Minister Rafizi Ramli. He added that the government will also explain the implications of the subsidy rationalisation to each strata of society. “The government knows exactly what will happen, what is the mechanism. It hasn’t been communicated because we want to manage communication,” he said in his address at the public launch of the World Bank April 2024 Malaysia Economic Monitor today. Rafizi said Padu, the platform that integrates and holds the personal data of Malaysians above the age of 18 to be used for the targeted subsidy rationalisation, has registered 11.6 million individuals, equivalent to 52.6% of Malaysians aged 18 and above. He remarked that this gives the government sufficient bandwidth to implement subsidy rationalisation and transition away from the regressive model of blanket subsidies. With this level of necessary, granular data, he said the government can minimise both exclusion and inclusion errors, and ensure an equitable distribution of subsidies to those that need them most. Rafizi noted World Bank estimates indicate that the redirection of these subsidy savings into social assistance can double poverty reduction and still generate fiscal savings if the government can pull the subsidy rationalisation off. “Malaysia can start plugging the hole of the expanding federal debt, which stands at 64.3% of GDP (gross domestic product) in undertaking this once-in-a-generation fiscal reform. This is especially pertinent in this high interest rate environment, where our debt service charges are increasing,” he said. With this consolidation of the fiscal position, he added, the search for new growth verticals remains pressing. Rafizi said this rationale underpins the government’s recent introduction of KL20 which marks a divergence from previous strategies. In addition to launching the KL20 Action Paper, the government has implemented a series of reforms aimed at positioning Kuala Lumpur as a premier destination for venture capitalists and startup founders. “The vindication of these reforms lies in the announcements of several deals. These include the RM3 billion Asean Investment Initiative, the presence of 12 international VCs (venture capitalists) opening new offices here, and Southeast Asia’s largest IC design park backed by companies like Arm and Phison,” he said. On the labour market front, Rafizi said the progressive wage policy white paper was tabled and passed in Parliament last November. “Next month, we will already be opening registration for the pilot project which will be a case study for wider adoption across the country, as we debottleneck our stagnating wages,” he added.
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Carlsberg Malaysia confident of continuing investment into business operations (mer, 24 apr 2024)
KUALA LUMPUR: Carlsberg Brewery Malaysia Bhd is confident of continuing investment into its business operations in the country, as it focuses on the long-term benefits for the company as a whole. Managing director Stefano Clini said the brewer has a long presence in Malaysia of more than 50 years. The company believes that its continuous investment in its Malaysian operations will prove favourable in terms of long-term macroeconomic factors. “There is increasing population ... young population, the economy is bound to grow over time. We’re absolutely committed and our investment in assets is going to be proof of that,” he told reporters after its 54th virtual annual general meeting today. Clini said the company is looking ahead for long-term expansion, instead of focusing solely on short-term trend. He added that over the next few decades, it will likely face various “moments of great expansion” or even other factors such as negative consumer sentiments, high inflation and less consumer spending. “We cannot make long-term investment choices based on this year’s consumer sentiments (trend). That would make for very poor leadership and management judgement,” he said, adding that the company has to plan for growth and strategise accordingly. Carlsberg Malaysia has allocated RM92 million for its capital expenditure (capex) this year, for the installation of a new canning line and upgrade of a filtration plant. This brings a cumulative additional investment of RM200 million over the last three years, marking it as the largest capex in the brewery’s history since its inception. “We believe that investments behind brewery transformation will enable us to build a bold and exciting future of growth and become an even stronger company that can constantly strive for excellence in brewing and sustainability, aligning with the Accelerate SAIL strategy,” he said. On outlook, Clini said that it is cautiously optimistic this year, anticipating various challenges ahead such as continued inflationary pressures, high interest rates impacting consumer spending and currency fluctuations. “Despite these headwinds, we remain cautiously optimistic, and will focus on Accelerate SAIL. We will remain vigilant on cost management and cost optimisation opportunities in supply chain, allowing us to accelerate our reinvestments into our brands to sustain growth and deliver sustainable value for our shareholders,” he added. At the AGM, all seven resolutions were passed, including the payment of a final single-tier dividend of 31 sen per share for financial year 2023 (FY23). This brings the total paid and shareholder-approved dividends for FY23 to 93 sen per ordinary share, representing 87% of the group’s FY23 net profit.
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Petronas Chemicals focuses on growth initiatives, operational performance (mer, 24 apr 2024)
KUALA LUMPUR: Petronas Chemicals Group Bhd (PCG) is focused on advancing its growth initiatives and strengthening its operational performance despite the expectation that 2024 will continue to be a challenging year. The company said it will be strengthening its operational performance with the plant reliability strategy which includes asset risk prioritisation and proactive maintenance implementation to mitigate unplanned events. Managing director/CEO Mazuin Ismail said PCG will also continue fostering stronger relationships with its customers to ensure it delivers the products and solutions in keeping with dynamic market demand. “In addition, we will advance our sustainability efforts and explore new growth opportunities. “Through these efforts, PCG will be well-positioned and nimble to capture opportunities during the anticipated economic upcycle when the demand catches up with supply,” he said in a statement after its annual general meeting today. In 2023, the group noted that global economic growth had slowed, influenced by geopolitical tensions and China’s sluggish post-pandemic recovery with high energy costs and product oversupply worsening the industry’s downturn, with soft demand across the chemicals sector. Additionally, the company’s commodities business faced internal and external challenges which affected plant utilisation, resulting in lower production, PCG said. “Despite the challenges faced, with the diligent implementation of our strategic initiatives, we recorded a production volume of 10.4 million tonnes, including commodities and speciality chemicals, and a sales volume of 9.6 million tonnes while maintaining a track record on safety. “We closed 2023 with a revenue of RM28.7 billion and profit after tax of RM1.8 billion. The company paid a total dividend of 13 sen per share amounting to a total payout of RM1 billion, representing a 61% dividend payout ratio,” Mazuin said. He pointed out that PCG’s growth performance has remained stable over the years. In 2023, among other milestones, PCG achieved the Ready for Start-Up phase for two plants – a speciality ethoxylates and polyether polyols plant in Kerteh, Terengganu, and a nitrile butadiene latex (NBL) plant in Pengerang, Johor. The plant in Kerteh will enable PCG to meet the growing demand for foam products in the automotive sector, cleaning and personal care products, while the production of NBL allows PCG to capture opportunities in the global latex glove market, given Malaysia’s status as the largest glove producer in the world, it said. There were also several new developments under PCG’s speciality chemicals platform, through its subsidiaries, Perstorp Group and BRB Group, the company said. PCG noted that the chemical industry plays a key role in developing technologies and sustainable solutions that support the transition to a low-carbon economy. In 2023, PCG took a significant step forward in its Circular Economy agenda to contribute to a sustainable plastics ecosystem by sanctioning the construction of an advanced chemical recycling plant in Pengerang, it said. In addition, through its speciality chemicals subsidiary Perstorp, PCG continues to grow its sustainable product portfolio with the launch of five new ISCC PLUS certified products such as 2-EH Pro 100 and Valeric Acid Pro 100, which have a low carbon footprint and are made from 100% renewable content. “We are pleased to have made good progress on our sustainability ambitions. However, there is still much work to be done as we strive to further integrate sustainability into more aspects of our operations. “We remain steadfast in our commitment to reduce our environ-mental footprint and continue to pursue our net zero emissions ambition, in line with our Net Zero Carbon Emissions 2050 Roadmap,” Mazuin said. – Bernama
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MyEG and Zetrix in MoU with HK’s MaiCapital to launch virtual asset fund (mer, 24 apr 2024)
PETALING JAYA: Zetrix Foundation and MY E.G. Services Bhd (MyEG) have signed a memorandum of understanding (MoU) with MaiCapital Ltd, a licensed virtual asset manager in Hong Kong, to collaborate on the launch of a virtual asset fund or Hong Kong virtual assets exchange-traded fund (ETF) products. The MoU focuses on a collaboration to issue a Hong Kong Securities and Futures Commission-approved ETF, which will consist of a basket of cryptocurrencies. The collaboration follows MyEG-developed Zetrix’s announcement of a strategic alliance with Web3Labs Hong Kong, a powerhouse in Web3 development and investment, alongside venture capital firm Summer Capital. Together, they aim to drive forward Hong Kong’s Web3 ambitions and position Zetrix as the preferred blockchain infrastructure for applications aligned with the Hong Kong government’s objectives, an initiative launched earlier this year. The collaborative effort between MyEG and MaiCapital is timely, coming just as the Hong Kong commission has begun granting approvals to several asset managers to launch the first spot bitcoin and ethereum ETFs. MyEG managing director TS Wong said this partnership marks another milestone in integrating digital assets into mainstream finance. He added that the collaboration aims to provide investors with additional avenues for diversification across multiple cryptocurrencies, thereby helping to mitigate risks and volatility associated with owning a single cryptocurrency. MaiCapital managing partner Marco Lim said the collaboration is a testament that Hong Kong’s embrace of Web3 technologies and positioning itself as a hub for innovation in this space is bearing fruit. “VAs are a key part of a vibrant Web3 ecosystem, and more and more leading Web3 players are recognising Hong Kong’s progressive yet prudent stance on Web3. Our latest MoU with Zetrix Foundation/MYEG is yet another testament,” he added.
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I-Bhd pledges RM100m infusion to propel future growth of i-City (mer, 24 apr 2024)
PETALING JAYA: I-Berhad (I-Bhd), master developer of i-City, today announced a RM100 million investment pledge in Redeemable Preference Shares from its major shareholder Tan Sri Lim Kim Hong. The financial backing is geared towards expediting property development pipeline in i-City, to leverage the anticipated upswing in the property market. It also underscores a strong vote of confidence in i-City’s growth potential and strategic initiatives especially with the acceleration of Malaysia Digital agenda which extends towards digital townships. According to Lim, it is a “shared vision for a future where technology and lifestyle intersect to forge unparalleled destination to eat, play and live. It reaffirms our strategy to not only construct buildings but also cultivate communities and experiences that resonate with contemporary urbanite”. In the past two years, the group has been rebuilding its property development roadmap that was disrupted by the pandemic and is now positioned for significant growth where unbilled sales increased to RM113 million at the end of 2023 from RM39 million in the same period in 2021. As such, the group is accelerating the completion of the current projects to ride the wave of the expected upturn in the property market. In a press statement, the group said the RM100 million infusion will catalyse the development of the remaining gross development value of RM5 billion and strengthen the path for growth and prosperity. With the financial backing in place, the group is set to grow its RM1 billion investment property portfolio and maximise returns from assets such as GBI Grade A Mercu Maybank corporate tower, 5-star DoubleTree Hilton i-City, Best Western hotel, Central i-City regional mall, Tier-3 Data Centre and carpark facilities. This focus enables i-City to deliver a compelling value proposition to both tenants and business partners, ensuring enhanced profitability and growth opportunities. I-Bhd said the group’s unwavering focus on positioning i-City as a vibrant destination has created sustained long-term multiplying effects for its property development, property investment, and leisure divisions.
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Berjaya Food debuts Paris Baguette in the Philippines (mer, 24 apr 2024)
PETALING JAYA: Berjaya Food Bhd (BFood) has set the stage for a culinary revolution in the Philippines with the introduction of the much-anticipated arrival of Paris Baguette, the quintessential French-inspired South Korean bakery café, to the bustling SM Mall of Asia in Metro Manila. Paris Baguette, owned by SPC Group, a leading South Korean food and confectionery conglomerate, first made waves in 1988, captivating hearts and taste buds worldwide with its fusion of French sophistication and Korean culinary finesse. In August 2023, BFood made a monumental move where they inked a master franchise agreement with the Philippines’ Middle Trade Inc and Paris Baguette Singapore, marking a new era for gastronomic delight in the Philippines. Under the visionary pact, BFood’s unit, Berjaya Food (International) Sdn Bhd, in collaboration with Middle Trade Inc, assumed the role of Paris Baguette's local operations under Berjaya Paris Baguette Philippines. The grand opening of the number one French-inspired bakery cafe in South Korea was attended by dignitaries including South Korea Ambassador to the Philippines Lee Sang-Hwa, SPC Group president and CEO Hur Jin-soo, BFood Group CEO and Berjaya Paris Baguette Philippines chairman Datuk Sydney Quays, Berjaya Paris Baguette Philippines vice-chairman Frederick Siy, Paris Baguette Southeast Asia CEO Hana Lee and SM Supermalls president Steven Tan. Guests were treated to an array of Paris Baguette’s global favourites such as the signature silky roll, strawberry yoghurt cake, and its most sought-after flakey-buttery croissants. Adding a touch of Filipino flair, the event unveiled the Philippines-exclusive Ube Series and Ensaïmada, showcasing the brand’s commitment to innovation while honouring local tastes. Quays said: “We are thrilled to unveil our ambitious expansion plans, including the opening of four additional stores in strategic locations across the Philippines and venturing into other Asean markets. With Malaysia and the Philippines as our starting points, BFood embarks on a journey of growth and culinary exploration, bringing Paris Baguette’s renowned offerings closer to Asean communities.” Today, Paris Baguette boasts a presence with over 3,400 stores in its homeland, making them the number one bakery chain in South Korea. With expansions in Malaysia, the United States, the United Kingdom, Canada, China, France, Vietnam, Indonesia, Cambodia, Singapore and now the Philippines, the brand’s global footprint reaches nearly 4,000 locations.
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Digital Ministry to update Public Sector Strategic Digitalisation Plan (mer, 24 apr 2024)
KUALA LUMPUR: The Digital Ministry will update the Public Sector Strategic Digitalisation Plan (PSPSA), which is set to expire in 2025, to align with the current needs of the country, said Deputy Minister Datuk Wilson Ugak Anak Kumbong. “We have the PSPSA, a strategic plan running from 2021 to 2025. But this framework must be elevated so that it aligns with our new digital growth. We need to sketch out, agree upon and acquire the best skills to align ourselves with Singapore, along with Korea, Thailand, and others,” he told reporters after the launch of ActivpayRoll’s new office today. Activpayroll is a leading integrated global human resource (HR) and payroll platform which plans to strengthen its strategic position in Malaysia and to tap into the growing Asia-Pacific (Apac) payroll and HR outsourcing market with the opening of its office in Bukit Damansara. The event was attended by British High Commissioner to Malaysia Ailsa Terry and Malaysia Digital Economy Corp CEO Mahadhir Aziz. Wilson Ugak said the ministry, along with seven related agencies, will also discuss creating a more community-based plan, which will provide opportunities for rural communities to embrace technology and digitalisation. “This includes equity in the digital industry between urban and rural areas, in line with the government’s desire for rapid digital transformation to prevent falling behind and to compete effectively,“ he added. Wilson Ugak also said the ministry will launch its new direction through three cores: Malaysia Digital, Digital Economy, and Digital Community to enhance digital aspects at all levels. Activpayroll for Apac executive director Andrew Philip said the opening of the new office sets a benchmark for Activpayroll to lead in shaping the future of global payroll and HR services in the region. “We view our continuous investment in our operational team based in Malaysia as an instrument to expand and develop Activpayroll services in this region. With the availability of skilled resources in Kuala Lumpur, we believe we can offer the necessary support to our customers to succeed in the APAC,“ he remarked. Philip said the market is expected to reach a value of US$37.9 billion (RM180.8 billion) in 2027, with a compound annual growth rate of 8.2% starting from 2022. This expansion in Malaysia is also in response to the increasing demand for professional services covering cross-border regional and global-scale HR and payroll in APAC. Philip said it is particularly significant, considering that 57% of companies in Asia outsource their HR functions, and this trend is expected to grow in the coming years. “As the industry experiences unprecedented growth, our expansion in Kuala Lumpur is timely. This move not only strengthens our presence here but also sets the stage for Activpayroll to lead in shaping the future of global payroll and HR services in the region,” he said. Activpayroll’s new Kuala Lumpur office will serve as its primary Global Support Service Centre. By establishing a full suite of teams, including tech and international payments, they aim to streamline service delivery and enhance customer experience. The new office is set to become Activpayroll’s largest in terms of headcount, with expectations of a robust top-line revenue expansion exceeding 40%. Furthermore, it plans to quadruple its workforce by 2028, supported by an average operational and capital expenditure increase of 37%. Activpayroll said the Malaysian office has already doubled its number of employees in less than a year. It has invested in training and development programmes to upskill local talent, thereby supporting Malaysia’s goals of becoming a hub of skilled talent pool, it added.
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Single window, one-stop online platform MYStartup launched (mar, 23 apr 2024)
KUALA LUMPUR: Malaysia’s Single Window for the Startup Ecosystem (MYStartup), a game-changing one-stop online platform for startups was launched today at KL20 Summit 2024. Science, Technology and Innovation Minister Chang Lih Kang in his keynote address at the launch of MYStartup said the platform was developed as the foundation for a seamless business environment for all things related to startups in Malaysia. He said it boasts a wide range of features and services for startups to access resources, mentorship, funding and regulatory support, thereby empowering the next generation of entrepreneurs to thrive and succeed. “MYStartup aims to unite founders, investors, tech talents, government agencies and ecosystem players while offering comprehensive data, insights and resources on starting and scaling a business, navigating funding options, and accessing essential support services within Malaysia's startup ecosystem. “If you are a startup and you do not where to find funders or funding, You can go to our website, register yourself and inform the platform what kind of startup you are. The website will direct you to relevant funding agencies or if you are a tech talent looking for employment (with a startup), you can also look for relevant jobs,” he said. Chang added that even more impressive, MYStartup powered by Cradle Funds comes equipped with artificial intelligence which is able to answer queries and provide insights about starting a business in Malaysia directly to its users. “Cradle Funds also spearheads the Malaysia Startup Ecosystem Roadmap (SUPER) 2021-2030, which emphasises the importance of a sustainable and inclusive startup environment to stimulate a robust economy by providing everyone with the opportunity to get access to entrepreneurial knowledge, connections to corporate, investor and government bodies,” he said. MYStartup was established in 2021 to nurture the national startuo ecosystem through capacity-building programmes, including hackathons, accelerators, pre-accelerators, and bootcamps-all while connecting startups, investors and tech talents through its portal. It is part of the government’s initiatives to make Malaysia a top 20 global startup ecosystem by 2030, through efforts of creating a seamless business environment and nurturing 5,000 new startups by 2025 as outlined in SUPER. – Bernama
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Tropicana to re-enter Johor property market, two launches slated for this year (mar, 23 apr 2024)
PETALING JAYA: Tropicana Bhd is re-entering the Johor property market after a hiatus of about three years, with two launches planned for 2024, spurred by rapid growth in the state. According to Tropicana marketing and sales/business development managing director Ixora Ang, the company’s outlook for the southern state is bullish, underpinned by the announcements of several key developments such as the Johor Bahru–Singapore Rapid Transit System project and the special economic zone. “Tropicana has always identified very prime landbanks and there’s no better time than now to launch these projects in the southern region,” she told reporters at a press conference today after its signing ceremony with Maybank Islamic’s HouzKEY solution and Ikea Malaysia. Currently, it has a landbank of about 2,000 acres in Johor. The property developer first entered Johor in 2010, with the introduction of 37-acre Tropicana Danga Bay, a joint venture township development with Iskandar Waterfront Sdn Bhd. Since then, the group has introduced several more developments in the state. Ang said it will be the group’s re-entry into the southern state after a pause of two to three years due to a dip in the Johor market previously. Of its planned launches in 2024, she remarked that its projects in Johor occupy two out of seven developments, while the rest are located within the areas of Klang Valley, Genting and Langkawi. Ang shared that two projects are slated to be launched in Johor this year, with the first project expected to launch by early third quarter, followed by the latter in the third or fourth quarter. “Projects slated to be launched in Johor this year will be residential developments at Lido Waterfront Boulevard and Tropicana Uplands. We plan to roll out modern high-rise development and premium landed homes,” she said. Recently, the company signed a sale and purchase agreement with Perbadanan Kemajuan Negeri Selangor to acquire a piece of leasehold land in Kota Damansara for RM224 million, measuring 7.79 acres, situated adjacent to its mixed development, Tropicana Gardens. Tropicana deputy CEO Khoo Thian Shyang said the new development will be introduced to the market once approval has been obtained from relevant authorities.
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CGS International Securities Malaysia unveils new brand and value proposition (mar, 23 apr 2024)
KUALA LUMPUR: CGS International Securities Malaysia (CGS MY) today unveiled its new brand and proposition for the company following the acquisition of 100% stake in CGS-CIMB Securities (Malaysia) by China Galaxy Securities (CGS) on Dec 29, 2023. The rebranding exercise features a new corporate name and refreshed logo that is reflective of the group’s heritage, signifying its evolution, new growth ambitions and plans. The new name, CGS International Securities Malaysia, builds upon the positive brand equity of the CGS-CIMB joint venture and its capabilities, both locally and regionally through its network. The acquisition is expected to enhance CGS International Securities Pte Ltd’s (CGS International) networks in China and Asean, specifically in Malaysia, Indonesia, Singapore, and Thailand, and is expected to provide CGS MY with greater connections with regional clients and investment opportunities. Deputy Finance Minister Lim Hui Ying said that this development signifies the continued relationship with their biggest trading partner, China. “As a nation, Malaysia will continue to explore opportunities to strengthen our trade relationship, especially in being an investment and business destination. Building financial resilience for the nation in this increasingly competitive and challenging environment remains a focus for the government and we are pleased to work with China’s leading securities firm, CGS, to mutually offer to grow the industry and talent, and offer local and regional access to a much broader range of investment opportunities and solutions to help advance our businesses and investors’ wealth.” She added that CGS’s decision to grow its presence in this region represents increased confidence in its fundamentals and vibrancy, specifically the importance of Malaysia’s economy and capital markets, as a significant contributor to the Group’s revenue and growth. “We look forward to greater innovation from the group, and advanced regional access as CGS International serves as a nexus and gateway for not only Chinese and international investors looking to invest in and/or operate in Malaysia but also for Malaysian investors and companies looking for greater opportunities in the region,” she remarked. On the new CGS International, group CEO Carol Fong said, “In 2022, we set out our strategic blueprint to steer the group towards a diversified and sustainable business, and have already achieved significant milestones. These include completing over 40 investment banking deals in Singapore, Malaysia and Thailand, and obtaining investment banking licences in Malaysia, Indonesia, Singapore and Thailand and asset management licences in Singapore, Malaysia and Thailand. These achievements are just a small glimpse of the scale of our ambitions as we broaden our fundamental value proposition. Together with CGS, we aim to facilitate greater economic collaboration, cross-border investments and financing, and support the expansion of quality Chinese and Asean companies.” Following the rebranding, CGS MY CEO Azizah Mohd Yatim said they look forward to taking their business to greater heights, by building on their strategic growth pillars which include enhancing their platforms, customer service and experience, whilst broadening their advisory and equity capital market capabilities and wealth management solutions.
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Nidec posts unexpected quarterly loss, hit by restructuring costs amid China EV war (mar, 23 apr 2024)
TOKYO: Japanese electric motor maker Nidec on Tuesday posted an unexpected operating loss for the January to March quarter, hit by the costs of restructuring steps taken to deal with fierce price competition in China's electric vehicle market. The company's fourth-quarter operating loss was 6.17 billion yen ($40 million), undershooting an average estimate for a 21.48 billion yen profit in a survey of eight analysts by LSEG. Nidec has sought to tap a growing share of the battery-powered vehicle market globally through developing and making an e-axle traction motor that combines an EV's gear, motor and power-control electronics. In January, however, the Kyoto-based manufacturer had slashed its operating profit estimate for the year that ended March 31 by nearly a fifth to 180 billion yen, warning of uncertainty in demand and intensifying price competition in China's EV market. ALSO READ: Tesla cuts prices in China, Germany and around globe after US cuts Nidec's operating profit for the year to March 2024 rose 63.1% to 163.1 billion yen, well below the January estimate. For the current business year to March 2025, Nidec expects operating profit to grow 41% from a year earlier to 230 billion yen, although the outlook is still below an average estimate of a 242.93 billion yen profit by 18 analysts. “Signs of recovery in demand for IT-related equipment is gradually coming into sight,“ Nidec said in its financial statement. “In addition, new business opportunities such as water-cooling modules are emerging with the increase of demand for data centers in the fields of generative AI.” ALSO READ: Asean to sustain EV growth on low base while world market slows Iwai Cosmo Securities analyst Kazuyoshi Saito said Nidec's profit growth forecast of more than 40%, substantial though it is, is unlikely to prompt investors to chase the company's shares sharply higher. “The company plans a powerful recovery. So it’s not negative, but a robust rise in its share price seems hard to come by,“ Saito said, citing a slowdown in EV demand. Ahead of the announcement, shares of Nidec closed down 0.25%, underperforming the benchmark Nikkei average, which gained 0.3%. But the stock has still gained about 18% so far this year. ($1 = 154.7300 yen)
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Markets up ahead of US data and earnings, London hits fresh record (mar, 23 apr 2024)
HONG KONG: Asian markets mostly rose Tuesday and London hit a fresh record, with hopes for earnings this week from tech titans helping to offset worries about the Federal Reserve's interest rate plans ahead of the release of key US growth and inflation data. The apparent easing of Iran-Israel tensions after the rivals launched missile attacks against each other continued to weigh on oil prices, while the yen inched slightly higher as Japan again warned authorities had the room to intervene to support the currency. Investors are a little more upbeat after last week's struggles fuelled by dimming hopes for US interest rate cuts and concerns the Middle East crisis could escalate into a regional war. Focus is now on the corporate reports from Wall Street titans including Amazon, Apple, Netflix and General Motors, with observers saying that traders are keen to see strong earnings as well as positive outlooks. However, there is a worry that equities could take a hit if the results disappoint, with the surge in markets in recent months partly helped by bets on firms providing bumper returns, even as hopes for a Fed rate cut fade. ALSO READ: Middle East tensions weigh on markets Still, all three main indexes in New York chalked up much-needed gains. And most of Asia followed suit, extending their advances from Monday. Hong Kong piled on more than one percent, while Tokyo, Sydney, Singapore, Taipei, Mumbai, Bangkok, Manila and Jakarta were also enjoying buying action. Shanghai, Seoul and Wellington struggled. London rose again, having closed at a record high Monday with the Bank of England tipped to slash interest rates soon thanks to cooling inflation. Paris and Frankfurt were also both up. Key data out of Washington this week will provide a fresh idea about the central bank's plans, with updates on US gross domestic product and monetary policymakers' preferred gauge of inflation the standouts. ALSO READ: US economy cooling in first quarter; inflation appears sticky The personal consumption expenditures index, which is due Friday, comes after three months of above-forecast readings on consumer prices that have seen investors lowering their outlook for rate cuts this year. They now see two at best, compared with six forecast at the start of 2024. Decision-makers have also moved to push back against market expectations for how many reductions were in the pipeline. “The debate surrounding the Federal Reserve’s stance on rate cuts persists, especially after Chair Jerome Powell and other policymakers adopted a more hawkish tone last week in response to persistent inflationary pressures,“ said SPI Asset Management’s Stephen Innes. “These releases will be crucial in determining whether the Fed maintains its current policy stance, keeping rates higher for longer.” Oil prices edged up slightly, having retreated Monday on relief that Tehran had not retaliated to an Israeli strike at the end of last week that fanned worries of a potentially catastrophic escalation of the Middle East crisis. ALSO READ: Oil prices rise 1% on signs of tightening supplies The commodity is still up about 14 percent this year owing to output cuts by OPEC and other key producers, as well as concerns about the impact of Russia's war in Ukraine. “Crude has unwound the Israel-Iran risk premium but could slip into a holding pattern,“ said Vandana Hari at Vanda Insights. “It’s hard to see a correction from current levels unless there’s a breakthrough on the Gaza front.” The yen ticked higher after Japanese Finance Minister Shunichi Suzuki again warned against the sharp moves in currency markets, which have often been blamed on speculation. “I think it’s fair to assume that the environment for taking appropriate action on forex is in place, though I won’t say what the action is,“ he said. The Bank of Japan's policy decision will be pored over for an idea about its plans for rates after hiking last month for the first time in 17 years. - Key figures around 0715 GMT - Tokyo - Nikkei 225: UP 0.3 percent at 37,552.16 (close) Hong Kong - Hang Seng Index: UP 1.7 percent at 16,786.54 Shanghai - Composite: UP 0.7 percent at 3,021.98 (close) London - FTSE 100: UP 0.2 percent at 8,037.74 Dollar/yen: DOWN at 154.71 yen from 154.84 yen on Monday Euro/dollar: DOWN at $1.0645 from $1.0656 Pound/dollar: DOWN at $1.2345 from $1.2354 Euro/pound: DOWN at 86.23 pence from 86.24 pence West Texas Intermediate: UP 0.1 percent at $82.01 per barrel Brent North Sea Crude: UP 0.2 percent at $87.13 per barrel New York - Dow: UP 0.7 percent at 38,239.98 (close)
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AirAsia Consultancy plans further engagement with IFC over SriLankan Airlines (mar, 23 apr 2024)
KUALA LUMPUR: AirAsia Consulting is planning further engagement with International Finance Corp (IFC) which is mandated to advise the Sri Lanka government on the divestiture of SriLankan Airlines Ltd. The consultancy was responding to the latest news report on AirAsia being among six bidders for Sri Lanka's state-run carrier SriLankan Airlines since the island nation was looking to reduce losses incurred by government-owned enterprises under a US$2.9 billion (RM13.8 billion) International Monetary Fund (IMF) programme. AirAsia Consulting CEO Subashini Silvadas said as per consultancy’s mandate, it was involved in the request for qualification (RFQ) process for SriLankan Airlines. “Currently, it is in the prequalification stage, and no purchase price bid or cash was involved,” she told Bernama. If selected, she noted that prequalified bidders will be given the opportunity to conduct due diligence on SriLankan Airlines. “Nevertheless, we are bound by confidentiality obligations and unable to disclose specific details at this time,” she added. Established in April 2021, AirAsia Consulting, which is soon to be renamed Capital A Consultancy, specialises in reviewing airline partnerships, franchise opportunities and offers consultancy services to airlines globally. It operates under Capital A Aviation Services, which comprises maintenance and engineering service provider Asia Digital Engineering, food services company Santan, ground handling company GTR and the shared service centre DARTS. According to the news report, the consultancy has submitted a RFQ from potential investors for the acquisition of shares in SriLankan Airlines. Other bidders named were Dharshaan Elite Investment Holding (Pvt) Ltd, FITS Aviation (Private) Ltd, Sherisha Technologies Private Ltd, Treasure Republic Guardians Ltd and local conglomerate Hayleys PLC as the other bidders.
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Topmix opens at 41 sen for 32.3% premium in debut on ACE Market (mar, 23 apr 2024)
KUALA LUMPUR: Total surface decorative products company Topmix Bhd today debuted on the ACE Market of Bursa Malaysia Securities with its share price opening at 41 sen, representing a premium of 32.3% over the issue price of 31 sen, on volume of 12.249 million shares. The counter closed at 42 sen on volume of 124.866 million shares, 11 sen or 35.5% above the issue price. Topmix managing director Teo Quek Siang said, “Today marks a pivotal milestone for Topmix as we embark on a new chapter of growth as a publicly listed company. The success of our initial public offering (IPO) underscores our commitment to propel Topmix forward, solidifying our group’s position in the surface decorative products market.” He added the fresh capital raised through the IPO positions them strongly to execute their expansion plans and their immediate focus includes broadening their product range by expanding into the assembly of melamine-faced chipboard (MFC) products, catering to new customer segments like furniture manufacturers. “MFC provides a cost-effective option for furniture carcasses, while complementing our existing HPL surface decorative products. This allows us to offer customers complete, colour-coordinated products at competitive prices,” he said. Teo said Topmix will establish a sales office in Penang to capture business opportunities in the northern region of Peninsular Malaysia. This strategic expansion will allow them to meet the rising demand from customers, increase brand and product awareness, and respond more promptly to product orders across the region, he added. Recognising the growth potential in the central region, Teo said, they are committed to serving the expanding demand for their product applications in both residential and commercial properties. “Thus, we intend to expand our warehouse capacity in the central region, facilitating a wider range of inventory for faster order fulfilment,” he said, adding that their growth plans are well-aligned with the recovery and growth observed in the property markets, driven by various government initiatives and approved investments in spurring property developments. The group raised RM25.6 million from the IPO, of which RM11.3 million (44.2%) is directed towards general working capital, and RM6 million (23.3%) to facilitate business expansion, marketing and sales initiatives, including the establishment of a new sales office and warehouse expansion. Furthermore, Topmix has allocated RM5.3 million (20.8%) for the expansion into MFC products assembly. The remaining RM3. million (11.7%) is set aside to cover listing expenses.
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