Dott. Giulio Perrotta
Dott. Giulio Perrotta

          Dal "2 Maggio 2012"!

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LA "RASSEGNA STAMPA QUOTIDIANA INTERNAZIONALE" (II PARTE)

Tutte le notizie dal "The Sun Daily" (Regno Unito)

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Business

Nearly 500 exhibitors expected for The Oil & Gas Asia 2024 (Mon, 18 Mar 2024)
KUALA LUMPUR: The Oil & Gas Asia 2024 (OGA 2024) is anticipated to attract close to 500 exhibitors from 100 countries, said Informa Markets Malaysia country general manager Gerard Leeuwenburgh. “Last year, (OGA 2023) ended up with close to 430 exhibitors, at this point of time comparing the year on year pacing, we are already halfway there. Based on pipeline, we’re very certain that we are going to surpass what we achieved last year,” he said during the OGA 2024 and Petrochemicals Sustainability Conference 2024 (PSC 2024) press conference today. “Definitely we look at increasing at least five to 10% on a yearly basis. OGA has become annual and we see the market demand and we see the potential in growing this to be the regional show in Southeast Asia,” Leeuwenburgh said, adding that it recorded more than 28,000 attendees during OGA 2023. “From exhibitors to visitors, there will be a presence of over 100 countries and 10 international pavilions, that is a strong sign of bilateral business interactions and the extensive prospects at the show,” he added. Concurrently, he shared that last year’s event generated about RM211 million in potential negotiated sales. It hopes to achieve similar or better performance this year, driven by market demand. “The event has increased in relevance and risen in value as a business platform for the industry which is facing the challenges of energy transition,” Leeuwenburgh remarked. The three-day event will be held from Sept 25 to 27 with Malaysian Petrochemicals Association (MPA) and Malaysian Oil, Gas & Energy Services Council (MOGSC) as strategic partners. Moreover, the conference will be held alongside the biennial Petrochemical Sustainability Conference 2024 (PSC 2024) on Sept 26 and 27 to engage regional stakeholders to navigate a low-carbon future. Touching on the PSC, MPA president Shakeel Ahmad Khan said the petrochemical industry is a crucial enabler in driving sustainability initiatives and achieving the country’s ambitious goal of net-zero carbon emissions. “It lies at the heart of modern economies, providing essential materials for renewable energy systems, lightweight and fuel-efficient vehicles, energy-efficient buildings, and a myriad of other applications that contribute to reducing the global carbon footprint. “It is our aim that PSC 2024 will be a melting pot of ideas, where industry leaders, innovators, policymakers, and academics converge to forge a path to sustainability that is not only visionary but actionable,” he added. PSC is organised by the MPA in alliance with its counterparts, Singapore Chemical Industry Council and Federation of Thai Industries - Petrochemical Club, creating new impetus for the progress of sustainable development in the region.
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Soybean oil futures now traded on Bursa Malaysia Derivatives (lun, 18 mar 2024)
PETALING JAYA: Bursa Malaysia Derivatives Bhd has commenced trading of the Bursa Malaysia DCE Soybean Oil Futures (FSOY) contract. This follows the signing of an agreement between ursa Malaysia Derivatives and Dalian Commodity Exchange (DCE) for the licensing of soybean oil futures settlement price, which was announced last year. The FSOY contract marks the first non-palm-based edible oil futures contract to be listed on Bursa Malaysia Derivatives, the operator of the world’s most liquid crude palm oil futures contract. DCE operates the world’s most liquid soybean oil futures contract. The relative prices of palm and soybean oils, the two most widely consumed edible oils, are important for market players particularly food manufacturers, as the oils are frequently used interchangeably as recipe ingredients. According to Bursa Malaysia Derivatives chairman and Bursa Malaysia Bhd CEO Datuk Muhamad Umar Swift, an important aspect of fostering a more facilitative and competitive marketplace entails expanding its derivatives offerings and establishing cross-exchange collaborations. “We are pleased to be the first exchange outside of China to be granted licence to incorporate DCE's commodity futures settlement prices into our product offering. “In addition to our existing futures contracts, market participants can now leverage FSOY as a risk-management tool to hedge against price fluctuations in times of market volatility and evolving complexities of international markets,” he said in a statement today. Meanwhile, a DCE spokesperson said the launch of FSOY is a pragmatic outcome of cooperation that is in line with the ‘Belt and Road’ initiative and celebrates the 50th anniversary of China-Malaysia diplomatic relations. “It enriches the tools available for global oils and fats industry chain participants to manage price risks, and strengthens the connections between the two countries' futures markets. “Moving forward, DCE will continue to explore ways to enhance communication and deepen cooperation with overseas exchanges, steadily increase its level of opening-up, and serve the stable and healthy development of global commodity trade.” Bursa Malaysia Derivatives director Mohd Saleem Kader Bakas said that the introduction of the contract is timely, given the evolving dynamics of soybean oil's usage as both cooking oil and feedstock for biofuels. “FSOY allows international traders to participate in soybean oil futures trading based on China’s market fundamentals, while simultaneously providing the flexibility to trade crude palm oil futures on the same exchange. This enables traders to seize arbitrage opportunities between the two commonly substituted commodities through spread trading,” he added.
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Foreign investors keep up selling momentum for third successive week (lun, 18 mar 2024)
PETALING JAYA: Foreign investors maintained their selling momentum on Bursa Malaysia for the third consecutive week, where they net sold RM415.1 million worth of equities last week, moderating from RM1.51 billion in the week prior, said MIDF Research. In its weekly fund flow, the research house said foreign investors net bought RM46.5 million on Tuesday but were net sellers for the rest of the week. “The sectors with the highest net foreign inflows were property (RM81.1 million), construction (RM37.1 million), as well as transportation and logistics (RM17.7 million). “Meanwhile, the sectors that recorded the highest net foreign outflows were financial services (RM186 million), plantation (RM115.7 million) and energy (RM59.6 million),” it said. MIDF Research noted, however, that local institutions continued their trend of net buying for the third consecutive week as they net bought RM575.8 million. As opposed to foreign investors, they were net sellers at RM24 million on Tuesday but were net buyers for the rest of the week. “Local retailers shifted their stance to net selling at RM160.7 million, after briefly net buying for two weeks. They net sold every day last week and have been net sellers for seven consecutive trading days,” MIDF Research said. In terms of participation, the average daily trading volume rose across all investor classes. Local retailers saw an increase of 13.9% while local institutions and foreign investors saw increases of 11.2% and 30.1%, respectively.
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Kelington expanding reach to Germany and Hong Kong (lun, 18 mar 2024)
PETALING JAYA: Integrated engineering solutions provide Kelington Group Bhd is taking a step forward in its global growth strategy by expanding into Germany and Hong Kong. This move positions Kelington to capitalise on the flourishing global semiconductor industry and broaden its geographical reach. CEO Raymond Gan said, “The semiconductor industry outlook is bright. Chipmakers are aggressively expanding production capacity to meet surging demand for chips, driven by factors like geopolitical diversification and the need for advanced technologies like artificial intelligence, internet of things, electric vehicles and Industry 4.0.” As these technologies advance, he added, the demand for semiconductor manufacturing facilities remains strong. “After a contraction in 2023 due to the cyclical nature of the industry, semiconductor manufacturing equipment growth is expected to resume in 2024, with sales expected to strongly rebound in 2025. This is driven by capacity expansion, new fab projects, and high demand for advanced technologies and solutions across the front-end and back-end segments,” said Gan. He added that Germany and Hong Kong are key hubs for innovation in these sectors, and Kelington is optimistic of capturing a larger share of the global semiconductor capital expenditure in these two markets. “Leveraging on the group’s track record of completing successful projects for leading multinational clients in Malaysia, Singapore, China and Taiwan, we are well-positioned to attract new clients in Germany and Hong Kong as well as to serve existing clients who are expanding their manufacturing footprint in these regions,” Gan remarked. Kelington provides integrated engineering solutions, including ultra-high purity systems, process engineering and general contracting services which are critical elements required for building new semiconductor manufacturing plants. Having benefitted from the capacity ramp up among semiconductor players, the group reported record-high revenue and net profit of RM1.6 billion and RM102.7 million respectively for the financial year ended Dec 31, 2023, To expand in both markets, Kelington has incorporated Kelington Engineering (Germany) GmbH and Kelington Engineering (HK) Limited as indirect wholly owned subsidiaries.
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Malaysia’s total trade in February up 3.3% year-on-year to RM211.8b (lun, 18 mar 2024)
PETALING JAYA: Malaysia’s trade continued to gain momentum in February 2024, increasing 3.3% to RM211.8 billion from RM205 billion in the same month of the previous year. The increase in total trade was due largely to a year-on-year (y-o-y) rise of 8.4% in imports to RM100.5 billion, comprising mainly capital goods (excluding transport equipment). On the contrary, exports dropped marginally by 0.8% y-o-y or RM939.5 million while the trade balance fell by 44.4% to RM10.9 billion in February 2024. Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said, “Malaysia’s export performance decreased in February 2024 in line with the decline in re-exports. Re-exports amounted to RM19.8 billion, dropped by 20.2% while domestic exports worth RM91.5 billion, contributing 82.2% to total exports rose by 4.7% as compared to February 2023. In contrast, imports were worth RM100.5 billion, increased by 8.4%.” He added that the smaller trade surplus of RM10.9 billion in February was the 46th consecutive month of surplus since May 2020. Comparing last month’s trade performance with January 2024, exports, imports and total trade recorded contractions of 9.1%, 10.5% and 9.7%, respectively. However, the trade balance recorded an increase of 6.9%. From the perspective of commodity group, 113 out of 257 export groups declined, while 172 out of 259 import groups increased compared with the same month of the previous year. Mohd Uzir said the lower exports were attributable to decrease in shipments to Singapore (-RM2.8 billion) followed by Hong Kong (-RM2.1 billion), Thailand (-RM1.0 billion), South Korea (-RM476.7 million) and Brazil (-RM396.8 million). Meanwhile, higher imports were mainly contributed by Singapore (+RM2.8 billion) followed by the United States (+RM1.1 billion), the United Arab Emirates (+RM871.0 million), South Korea (+RM793.5 million) and the European Union (+RM739.7 million). Commenting on exports, he said the drop was in line with the decrease in electrical & electronic products (-RM4.4 billion); petroleum products (-RM1.7 billion); palm oil & palm-based agriculture products (-RM579.4 million) and chemical & chemical products (-RM351.8 million). Meanwhile, increases in imports were logged for electrical & electronic products (+RM2.8 billion); machinery, equipment & parts (+RM2.0 billion); petroleum products (+RM1.1 billion) and manufacture of metal (+RM872.4 million). Mohd Uzir said, “The rise in imports by end-use was in line with higher demand for capital goods, consumption goods and intermediate goods. Imports of capital goods with a value of RM10.2 billion, rose by 30.3% as compared to February 2023, representing 10.2% of total imports. Consumption goods (8.4% of total imports), grew by 19.7% from RM7.0 billion in the previous year to RM8.4 billion. Intermediate goods (55.5% of total imports), valued at RM55.8 billion, registered an increase of 14.3% or RM7.0 billion. Total trade, exports and imports for the period of January to February 2024 registered an improvement. Total trade grew by 8.3%, from RM412.1 billion to RM446.4 billion, in line with the rise in exports (+3.9%) as well as imports (+13.6%). On the contrary, trade surplus decreased by 44.2% to post a value of RM21 billion.
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EPF commits RM250 mln to catalysing Malaysian mid-to-growth stage companies (lun, 18 mar 2024)
KUALA LUMPUR: The Employees Provident Fund (EPF) is committing up to RM250 million aimed at catalysing mid-to-growth-stage companies in Malaysia through its partnership with Gobi Partners. Gobi Partners is a pan-Asian venture capital firm with an extensive investing track record. The partnership is part of its commitment to increase deployment into the domestic market, strengthening its position as the largest investor in the domestic market with assets under management of RM702.48 billion as of December 2023, the EPF said in a statement today. “The investments will focus on six strategic themes, which include healthcare focusing on aged care and the silver economy; agriculture and food science looking at improving the food production ecosystem; financial services inclusivity; sustainability focusing on energy transition; education aiming at provision of quality education; and social infrastructure as well as future themes that would fit into the EPF’s strategic mandate,” it said. EPF chief executive officer Ahmad Zulqarnain Onn said that the retirement fund is committed to participating in the growth journey of high-potential companies in Malaysia as it aligns its strategy with the development of an inclusive social protection ecosystem. “This commitment was mandated to cater to several strategic investment themes which include healthcare, with a specific focus on aged care and the silver economy, reflecting the EPF’s recognition of the importance of addressing the needs of an ageing population. “In the long run, we hope this effort contributes to building a resilient society to economic and social challenges while delivering profitable returns for our members,” he said. Meanwhile, Gobi Partners co-founder and chairperson Thomas G. Tsao said the venture capital firm is proud to stand alongside the EPF in this significant commitment towards the growth of mid-to-growth-stage companies in Malaysia. “Our strategic focus on the six key themes underscores our dedication to driving innovation and creating lasting socio-economic impact,” he said. The EPF remains committed to increasing its investments in mid-to-growth companies as they are integral to the provident fund’s mission of creating long-term value for members and providing capital to the Malaysian economy as a whole. “In support of the Madani Economy Framework, the EPF seeks to play an integral role with the other government-linked investment companies in supporting and advancing the early-stage ecosystem, and by strategically investing and addressing critical gaps where it could help propel the growth trajectory of these earlier stage companies while reaping attractive risk-adjusted returns. “The commitment also represents EPF’s continuous efforts to strengthen social protection through strategic investments in promising mid-sized companies within the Malaysian landscape,” it added.
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Petronas to enhance Bumiputera participation in projects, (lun, 18 mar 2024)
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) aims to improve efforts to include Bumiputera companies moving forward and emphasised that Solarvest Energy appointment was merit-based. “We will enhance efforts to include more Bumiputera participation (in other projects)”, said its president and CEO Tan Sri Tengku Muhammad Taufik Tengku Aziz at a recent press conference to announce Petronas’ financial performance for 2023. Recently, the national oil and gas company received scrutiny due to its appointment of a non-Bumiputera company, Solarvest Energy Sdn Bhd, to install solar power systems at over 300 Petronas stations nationwide. Addressing the issue, he explained that the selection was based on merit, with technical standards leading to the turnkey contract. “I agree in the recent contract there was a package awarded to Solarvest but on behalf of Gentari and Petronas Dagangan, I would like to stress that the selection was based on merit. It was a turnkey contract, off scale and required to be delivered within a timeframe. “We did include Bumiputera players from a list generated by Sustainable Energy Development Authority but unfortunately the selection process did not result in them being successful,” he added. Previously, it was reported that the Malaysian Malay Chamber of Commerce have questioned Petronas’ decision for appointing a non-Bumiputera company for the contract. On contract value, Tengku Taufik shared that it is not worth hundreds of million as claimed by certain parties. “This contract is far smaller than hundreds of million,“ he said. On the oil and gas (O&G) market, he reckoned that it will face uncertainties due to slower global demand, while supply risks are anticipated to heighten following increased geopolitical tension in the Middle East and Europe regions. “Average prices for oil (in 2023) were 20% lower than in 2022. At the same time, the energy industry is experiencing a shift towards cleaner solutions,” he added. On dividend payout for FY 2024, Petronas executive vice-president and group CFO Liza Mustapha said the board has recently approved a dividend payment of RM32 billion. “It will be paid in the month of March to December. The board just approved (it),“ she remarked. Petronas has paid RM40 billion in dividends to the government in 2023, while contributing RM2 billion to National Trust Fund. “Having carefully and rigorously assessed the group’s affordability to continue to fund its operations, service its debts and meet its obligations as well as invest in growth, Petronas last year made the scheduled dividend payment of RM40 billion to the government,” he shared.
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Malaysia seen remaining as important partner to Saudi Arabia (lun, 18 mar 2024)
PETALING JAYA: Malaysia will continue to be an important partner to Saudi Arabia, ties are expected to strengthen with the latter forging ahead to realise its Saudi Vision 2030. According to Diriyah Gate Development Authority Group CEO Jerry Inzerillo, the relationship between both countries is strong, particularly in diplomatic, economic and religious aspects. Of late, he noted, there has been an influx of Malaysian tourists and delegations into Saudi Arabia, which further helped to bolster relations between both countries. “We've had a lot of delegations from Malaysia even recently, so it's very important. The Malaysian people have been coming here quite a bit now” he told SunBiz in a studio recording during a celebration event in Riyadh recently. Moreover, new Saudi visa rules since 2022 have extended the Umrah-specific Saudi visa validity period from 30 days to 90 days, which allows pilgrims more time to complete their Umrah holy rituals. “With the Umrah pilgrimages, now it's very special because prior to 2019, you had to return after you did your pilgrimages here. But now, you can come for a full 90 days and go anywhere in the kingdom, which allows tourists to see a very hospitable country, in addition to the two holy cities of Mecca and Medina. “We've received a lot of support from Malaysia, it's a very close relationship. My project today, I'm working with over 20 Malaysian companies, so very strong relationship interpersonally, from a sociological and a commercial point of view,” said Inzerillo. Early this month, Saudi Arabia received international recognition from the United Nations Tourism and the World Travel and Tourism Council for welcoming over 100 million tourists in 2023, ahead of its 2030 target year. Its government plans to spend about US$800 billion on tourism and has since revised its 2030 target to 150 million visitors, aiming for around 70 million tourists coming from abroad. Saudi Vision 2030, a long-term development plan seeks to transform Saudi Arabia, to diversify its economy away from its historic dependence on oil. Malaysian industry players have taken the opportunity to be involved in various projects planned by the Middle Eastern country. Last year, Malaysian-based SIBS Group secured a multi-billion-ringgit contract to deliver 2,174 apartments to Neom, one of the largest urbanisation projects located in northwest Saudi Arabia. As per reports, the project will be delivered in the form of turnkey buildings from a finalised bottom slab upwards. In addition, the entire project is expected to be delivered and commissioned by the third quarter of this year. In the same year, three memorandums of understanding (MoU) between Malaysia and Saudi Arabia private companies, during an official visit to Jeddah attended by prime minister Datuk Seri Anwar Ibrahim . The MoU were signed between Dagang Nexchange Bhd and Ajlan and Bros Holding Group Co; the Kuala Lumpur International Chamber of Commerce and Wadi Makkah Knowledge Co; and Qhub International Sdn Bhd and Eromman Technologies Sdn Bhd.
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Expert says efforts to enhance Malaysia-China ties the right move (lun, 18 mar 2024)
PETALING JAYA: Prime Minister Datuk Seri Anwar Ibrahim’s administration has set its sights rightly on furthering bilateral ties with China, said Emir Research head of social, law and human rights, Jason Loh Seong Wei (pic). He pointed to the promising avenues for collaboration between Malaysia and China. “We should capitalise on China’s quantum technology (QT) edge by inviting Chinese experts to comprise the mainstay of our international advisory panel in the formulation and drafting of our national quantum strategy or policy. China leads in the submissions of QT-related patents – far ahead by leaps and bounds of its closest rivals such as India and Japan,” Loh told SunBiz. QT refers to technologies that harness the principles of quantum mechanics to perform tasks that are beyond the capabilities of classical technologies. Loh highlighted the impact of QT on Malaysia’s digitalisation efforts. He mentioned the Fourth Industrial Revolution and the Fifth Industrial Revolution, which are characterised by the integration of digital technologies into society and industry. He also drew attention to other areas ranging from green technology and logistics to high-speed rail projects and vocational education. “We should be tapping into China’s expertise as now the world’s leading electric vehicle (EV) producer ... it’ll be a great catch if we can rope in Chinese investments and expertise for our HSR (high-speed rail) project ... not least, and as already recognised by the Madani government, China (compared to Japan or South Korea) should be our leading model and source when it comes to the development of our TVET (technical and vocational education and training) schemes,” Loh said. He added that it is not surprising if the prime minister would make a trip to China this year – to follow up on his two trips last year that were made in close succession. “It’s vital to recognise that for the prime minister, the Look East Policy extends beyond Japan and South Korea and encompasses China also. “This isn’t about counterbalancing or hedging but economic sense – in diversifying the strategic partnerships from the wider region which includes industrial collaboration and technological transfer,” he said. Thus far, Loh said, the flashpoint and contentious issue of overlapping territorial claims in the South China Sea have not dampened or soured bilateral relations. “In fact, we even purchased four littoral mission ships from China since 2019 with the final delivery completed in 2021, that is, the Keris-class patrol vessels,” he said. Loh said Emir Research still sees Malaysia – while not giving in on national sovereignty vis-à-vis the South China Sea – remaining open and committed to strengthening and elevating bilateral relations with China. “So, bilateral relations will continue to be dynamic and resilient notwithstanding the regional and geopolitical disputes over the South China Sea (in the relevant areas of overlapping territorial claims),” he said. Assistant professor at Japan’s National Graduate Institute for Policy Studies, Guanie Lim. remarked that Chinese automotive company Zhejiang Geely Holding Group Co Ltd’s acquisition of a substantial stake in Proton Holdings Bhd underscores the potential for synergy in the automotive sector. Unlike some other international automotive players that have operations spread across multiple Southeast Asian countries, Geely’s focus in the region is primarily centered on Proton in Malaysia. Lim said Proton cars have seemingly regained some momentum since Geely’s acquisition of a 49.9% share in the Malaysian national carmaker. “What matters in the coming years is whether Proton, under Geely’s management, can boost its exports from the Malaysian operations,” he told SunBiz. Lim pointed out that Geely has earmarked EVs as one of its next growth engines. “In Southeast Asia at least, Geely has openly declared that it will leverage its Malaysian/Proton operations. While it is still early days when it comes to EV adoption, it would be in Malaysian interest to have a fit-again Proton, albeit much of its ‘brains’ will be from Geely,” he said. According to Investment, Trade and Industry Ministry secretary general Datuk Hairil Yahri Yaacob, Malaysia, as the upcoming country coordinator for Asean-China from July this year until 2027, is committed to playing a constructive role in advancing Asean-China relations. Hairil Yahri said Malaysia is determined to expand its trade linkages by ensuring the successful implementation of the Asean-China Free Trade Area (ACFTA), and Regional Comprehensive Partnership (RCEP), of which both China and Malaysia are members. “Malaysia will assume a constructive role in advancing Asean-China relations particularly in supporting the efforts towards the conclusion of the ACFTA 3.0 upgrade negotiations which are currently being led by Miti,” he said in his speech at the soft launch of the Malaysia-China Summit 2024 recently. He said that in the midst of global uncertainties, FTAs have been instrumental in facilitating businesses and ensuring that supply chains operate mostly across the region. “I myself am involved in a number of FTA negotiations with a number of trading partners and we will make sure that we will continue to negotiate FTAs with China and other countries to boost our trade relations. Specifically for Asean, the free trade area agreement with China or ACFTA has been the cornerstone for economic relations. “To this end, Malaysia is committed to elevating ACFTA to ensure it remains comprehensive, relevant and mutually beneficial to all 10 Asean member countries as well as China,” Hairil Yahri said. He added that to this end Malaysia will double efforts next year as it assumes the Asean chairmanship role by emphasising stronger digital cooperation among Asean members and bringing relations with Asean’s dialogue partners including China closer. “The RCEP is set to boost our economic prospects. It provides improved market access for Malaysian businesses to the other 14 countries covering a customer base of 2.3 billion people with seamless and better connected supply chain,” he said. The Malaysia-China Summit 2024 (MCS 2024), one of the highest ever profiled events focusing on Malaysian and China’s diplomatic, trade and investment relations, will be held from Dec 17 to 19 at Malaysia International Trade and Exhibition Centre in Kuala Lumpur. MCS 2024 is held to commemorate the 50th anniversary of ties between Malaysia and China this year.
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Tax Matters – High net worth individuals are on IRB’s radar (lun, 18 mar 2024)
PRIME MINISTER Datuk Seri Anwar Ibrahim has reminded the Inland Revenue Board (IRB) to take stern action against all tax evaders, regardless of their social status, and be resolute in its collection efforts to dispel any perception that affluent individuals would not face any consequences for evading tax. Following this statement, IRB Director General Datuk Abu Tariq reiterated the prime minister’s position that the focus by the IRB would be to address the issue of tax leakages involving individuals with assets and wealth that are not commensurate with tax reporting. High net worth individuals (HNWI) are certainly on the radar of the IRB. The key question is: Can they explain the sources of their income, and whether the taxes have been accounted for correctly? Where do HNWI stand? HNWI must be prepared to explain how the wealth came about (i.e. what or where are the sources that have led to their current wealth position). As far as the law is concerned, if the issue of fraud or negligence does not arise, the tax authorities can only go back five years to collect any additional income tax. However, if there is any fraud or negligence involved, there is no time limitation. In the current environment, it is absolutely important for the HNWI to prepare a capital statement for at least the past five years to understand their position before the IRB looks into their affairs. The capital statement is basically the individual’s “balance sheet” which will record the assets and liabilities and will compare the growth or decline in the wealth of the individual on a year-on-year basis. The increase or decrease in the wealth on a year-on-year basis, together with personal expenditure of the individual for each year, should reconcile with the amount of taxable income declared together with income or gains not subjected to tax. If the HNWI are unable to reconcile the discrepancies, it is advisable for them to volunteer to pay the extra taxes. There is a golden opportunity for HNWI until May 31, 2024 to use the self-voluntary declaration scheme to pay the additional taxes without any penalties. What will the IRB do? The starting point will be to request a capital statement if they suspect the HNWI has not declared the right amount of taxes. Suspicions will usually arise when the HNWI has significant assets, or their expenditure patterns are not commensurate to the income declared for tax purposes. Large overseas bank accounts and financial assets overseas can add to the curiosity. Third party information supplied by vendors of luxury items can also initiate such scrutiny. Don’t forget that HNWI mentioned in the Pandora Papers, Panama Papers and Paradise Papers are certainly on the radar of the IRB because having tax haven companies leads to the usual suspicion that the HNWI want to hide the wealth or income in these locations where there is no or minimum taxes. The IRB has a sophisticated intelligence group that is constantly scouring information on the internet and other sources of information to locate errant taxpayers. With digital technology and artificial intelligence, it is not difficult to collect information about HNWI. Will the past be forgotten? The IRB can go beyond five years in the event they are able to obtain information and good evidence that the HNWI had failed to declare income in their returns. An example would be where the HNWI had been dabbling in shares or property on a frequent basis, or received income which is associated to his business, such income should have been brought to tax. The failure to do so is sufficient for the IRB to raise assessments beyond five years. HNWI must be prepared to be challenged by the IRB. It is best to avoid such a challenge by voluntarily declaring any shortfalls because defending such challenges are extremely time consuming and could end up being costly to the HNWI. This article is contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai (www.thannees.com).
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BNM: Google published inaccurate US$/RM exchange rate data, the second incident this year (sab, 16 mar 2024)
KUALA LUMPUR: Bank Negara Malaysia (BNM) today dismissed the inaccurate ringgit exchange rate data circulating on social media based on an erroneous USD/RM exchange rate published by Google on Friday, March 15. “This is an inaccurate information that does not reflect the actual trading,“ the central bank said in a statement. Yesterday, the ringgit was quoted at 4.7015 against the US dollar at 9 am. and 4.7045 at 5 pm, with an intraday high of 4.7075 in the onshore interbank market for ringgit, as published on the BNM website. In the past two weeks (March 1-15, 2024), the ringgit has strengthened 0.76% against the US dollar BNM pointed out that this was the second incident that Google published an inaccurate US$/RM exchange rate data in 2024. The central bank had earlier issued a stern warning letter to Google when the first misreporting occurred on Feb 6, 2024. “As this is the second instance of misreporting, BNM will be engaging Google for an explanation of how the inaccurate reporting occurred and the corrective measures taken given that this is a recurring issue that has afflicted Malaysia and other countries in the past few months,” it said. BNM advised members of the public to rely on official data, including from the central bank. The public should also exercise caution against using, circulating or speculating on unverifiable sources as a reference for the ringgit, it said. “The exchange rate is a market-sensitive data and any inaccurate reporting and circulation of unverified data can cause serious implications for the financial markets,” BNM added. The ringgit ended the week easier against the US dollar, alongside regional currencies, as the US producer price index data came in higher than expected. At 6 pm Friday, the ringgit slid to 4.7050/7095 against the greenback from Thursday’s close of 4.6845/6878. -Bernama
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Bursa Malaysia likely to remain steady next week (sab, 16 mar 2024)
KUALA LUMPUR: Bursa Malaysia is expected to stay steady next week, supported by attractive valuations, strengthened corporate earnings, and improving economic conditions. “We believe in the attractiveness of Malaysian equities’ valuation, therefore, we expect the buying momentum to continue next week,” Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng told Bernama. Additionally, he said the increasing daily trading volume suggests an upswing in overall sentiment. The local benchmark index also rebounded and tested breaking above the 20-day Exponential Moving Average (EMA) on Friday. Despite the FBM KLCI experiencing a slight rebound, and both the 20-day and 50-day EMAs are showing signs of improvement, which indicated a potential shift to a positive trend in the upcoming sessions, Thong still expected choppy market conditions ahead. “We expect consolidation to persist, with the benchmark fluctuating around the 20-day EMA. If residual selling pressure persists, there may be a retest of the 1,508-1,520 levels. “Therefore, we anticipate the index to trade within the range of 1,540– 1,570 next week, with immediate support at 1,520 followed by 1,508 and resistance at 1,557 followed by 1,575,” he said. On a Friday-to-Friday basis, the FBM KLCI added 12.97 points to 1,552.83 from last week’s 1,539.86. On the index board, the FBM Emas Index advanced 119.61 points to 11,543.59, the FBMT 100 Index jumped 117.25 points to 11,205.30, the FBM 70 Index surged 261.26 points to 15,664.64, the FBM Emas Shariah Index gained 167.62 points to 11,591.60, and the FBM ACE Index improved 20.01 points to 4,709.06. Sector-wise, the Financial Services Index declined 92.11 points to 17,276.63, the Energy Index advanced 12.43 points to 916.0, the Industrial Products and Services Index earned 2.73 points to 176.89, and the Plantation Index slipped 23.98 points to 7,292.35. Weekly turnover widened to 20.96 billion units worth RM15.95 billion from 17.37 billion units worth RM13.36 billion in the preceding week. The Main Market volume improved to 13.79 billion shares worth RM14.54 billion from 9.26 billion shares worth RM11.97 billion a week ago. Warrants turnover decreased to 4.30 billion units valued at RM534.73 million versus 5.14 billion units valued at RM681.73 million last week. The ACE Market volume eased to 2.79 billion shares worth RM869.22 million from 2.88 billion shares worth RM701.42 million previously. -Bernama
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Ringgit expected to trade between 4.69 and 4.70 next week (sab, 16 mar 2024)
KUALA LUMPUR: The ringgit is expected to trade between 4.69 and 4.70 next week as markets focus on the US Federal Open Market Committee (FOMC) meeting on March 19-20. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said that prior to that, the Bank of Japan (BoJ) would also convene its monetary policy meeting on March 18-19. He said markets would be closely monitoring the Japanese central bank’s decision whether it would end its negative interest rate policy (NIRP) and the yield curve control (YCC) as Japan’s biggest companies have agreed to raise wages by 5.28 per cent for 2024, which would exacerbate the inflation rate. As for the US Federal Reserve (Fed), Mohd Afzanizam said the critical area to look at is the Fed Dot Plot, which is the survey among Fed members on the Fed Fund Rate. Last December, the Fed staff has projected three rate cuts in 2024. “A pushback in the degree of policy accommodation would bolster the value of US dollar. “On that note, expect ringgit to trade around RM4.69 to RM4.70 next week,” he told Bernama. Meanwhile, Kenanga Research said as the market braces for the upcoming FOMC meeting, the allure of the safe-haven US dollar may persist, particularly in light of the US economy's persistent resilience. Unless clear indicators of an imminent downturn emerge, US dollar bears may remain in hibernation, particularly with expectations that the BoJ may defer any significant moves until April, rather than acting next week. “However, potential support for the ringgit could materialise if China's key data releases and Malaysia's trade figures exceed expectations,” said the research firm. It further said the ringgit-US dollar outlook is neutral next week, with the pair expected to hover around its five-day exponential moving average (EMA) of 4.695. “Technically, the pair may trade in the range of 4.687 to 4.713. However, higher demand for US dollar may weaken the ringgit,” Kenanga Research said. On a Friday-to-Friday basis, the ringgit weakened to 4.7050/7095 against the greenback compared with 4.6815/6855 a week earlier. The local note however traded higher against most major currencies. It improved vis-a-vis the Japanese yen to 3.1637/1669 from 3.1821/1850 a week earlier, higher against the British pound to 6.0003/0060 from 6.0050/0101 but was lower against the euro at 5.1275/1324 from 5.1188/1231 previously. The ringgit traded mixed against ASEAN currencies. It appreciated to 13.1480/1661 against the Thai baht from 13.2134/2321 last Friday, but fell versus the Singapore dollar to 3.5183/5219 from 3.5160/5192 a week ago. The ringgit slid against the Indonesian rupiah to 301.5/302.0 from 300.2/300.6 last Friday, and dropped against the Philippines peso to 8.47/8.48 from 8.42/8.43 last week. -Bernama
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Tengku Zafrul facilitating PM’s meeting with Microsoft CEO in mission to make Malaysia Asean’s digital hub (ven, 15 mar 2024)
KUALA LUMPUR: Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz will facilitate a meeting between Prime Minister Datuk Seri Anwar Ibrahim and Satya Nadella, the chairman and chief executive officer (CEO) of Microsoft. MITI, together with other relevant agencies, is working closely with Microsoft to devise a strategy to make Malaysia the digital hub of Asean. “The ‘Kekal Bersama Malaysia’ initiative is witnessing a collaboration between Malaysia and Microsoft to make our country the digital hub of Asean,” said Tengku Zafrul through a post on his X account today. He added that Satya will visit the country soon to strengthen the collaboration. “Looking forward to closer collaboration with Microsoft to drive Malaysia’s leadership in the Asean digital sphere,” Tengku Zafrul said. Satya succeeded Steve Ballmer in 2014 as CEO and John W. Thompson in 2021 as the multinational technology company’s chairman.-Bernama
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Biden says US Steel must remain domestically owned and operated (ven, 15 mar 2024)
WASHINGTON: US Steel Corp, which has agreed to be bought by Japan’s Nippon Steel for US$14.9 billion (RM69.8 billion), must remain a domestically owned and operated American firm, President Joe Biden said on Thursday, opposing the proposed merger. The United States needs to “maintain strong American steel companies powered by American steelworkers,“ Biden said. “U.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated,“ the president added in a statement. Shares of US Steel tumbled 6.4% to end at US$38.26 on Thursday (March 14). The company was not immediately available for comment. Biden called United Steelworkers International (USW) president David McCall on Thursday “to reiterate that he has the steelworkers’ back”, the White House said. The union welcomed Biden’s position. “Allowing one of our nation’s largest steel manufacturers to be purchased by a foreign-owned corporation leaves us vulnerable when it comes to meeting both our defence and critical infrastructure needs,” McCall said in a statement. “The president’s statements should end the debate: US Steel must remain ‘domestically owned and operated’.” Biden, who is running for re-election this year, has courted unions as a key constituent of political support. McCall expressed appreciation in his statement for the Democratic president’s “unfailing support.” The issue has the potential to overshadow an April 10 summit between Biden and Japanese Prime Minister Fumio Kishida aimed at boosting the long-standing security alliance between their countries in the face of growing Chinese influence. It was not immediately clear whether Biden would use any U.S regulatory authorities to scuttle the deal. The Committee on Foreign Investment in the United States (CFIUS), a powerful panel that reviews foreign investments in US companies, has met with the parties to discuss the deal, a person familiar with the matter said. The committee could recommend that the president block it over national security concerns. “The CFIUS review process is an independent analysis ... free from political interests unrelated to national security,” said Tatiana Sullivan, a CFIUS lawyer with Skadden, Arps, Slate, Meagher & Flom LLP. “It would be unusual for the president to prejudice that process with his thoughts before CFIUS has concluded their review,” she added. A January filing showed Nippon Steel assuaged US Steel’s concerns that the deal might not survive CFIUS scrutiny by committing to “all actions required” to obtaining committee clearance, and to paying US Steel a US$565 million breakup fee if it failed to do so. The White House had said Nippon Steel’s proposed acquisition deserved “serious scrutiny” after some US lawmakers said the deal threatens the supply of steel and jobs in the United States. The Treasury Department, which leads CFIUS, did not immediately respond to a request for comment, and the White House declined to comment on whether Biden planned to use its powers to block the deal. Nippon Steel clinched a deal to buy the American steelmaker for a hefty premium in December, betting that US Steel would benefit from the spending and tax incentives in Biden’s infrastructure bill. “There are always complications when foreign companies look to buy US-based corporations, and this deal is no different,” said Art Hogan, chief market strategist at B Riley Wealth in New York. “In an election year, it will be a heavy lift to get all the stakeholders comfortable with the acquisition of a US manufacturing icon,“ he added. – Reuters
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US economy cooling in first quarter; inflation appears sticky (ven, 15 mar 2024)
WASHINGTON: US retail sales rebounded less than expected in February, suggesting a slowdown in consumer spending in the first quarter amid rising inflation and high borrowing costs. The signs of slowing economic activity are, however, unlikely to spur the Federal Reserve (Fed) to start cutting interest rates before June as other data on Thursday (March 14) showed a larger-than-expected increase in producer prices last month. The labour market also remains fairly tight. Fewer Americans applied for unemployment benefits last week and annual revisions to the weekly claims data showed laid-off workers were quickly finding new work and not spending as long a period of time on jobless benefits as had been previously thought. “When the Fed is contemplating a series of rate cuts and is confronted by suddenly slower economic growth and suddenly brisker inflation, they will respond to the new news on the inflation side every time,” said Chris Low, chief economist at FHN Financial. “After all, this is not the first time in the past couple of years consumers have paused spending for a couple of months to catch their breath.” Retail sales rose 0.6% last month, the Commerce Department's Census Bureau said. Data for January was revised lower to show sales tumbling 1.1% instead the previously reported 0.8%. Sales in December were also downgraded. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, would rise 0.8% in February. They increased 1.5% on a year-on-year basis in February. Sales last month were boosted by a 1.6% rebound in receipts at motor vehicles and parts dealers. Sales at petrol stations increased 0.9%, reflecting higher prices at the pump. Receipts at electronics and appliance outlets surged 1.5%. Building material and garden equipment store sales rebounded 2.2%. But online sales dipped 0.1%. There were also decreases in sales at clothing, health and personal care stores. Furniture store sales decreased 1.1%. Sales at sporting goods, hobby, musical instrument and book stores were unchanged. Sales at food services and drinking places, the only services component in the report, rebounded 0.4% after dropping 1.0% in January. Economists view dining out as a key indicator of household finances. Households are increasingly focusing on essentials and cutting back on discretionary spending. “There’s ultimately more competition for consumers’ dollars today while still-high prices for frequent purchases like food and gasoline (petrol) may be diverting discretionary funds, just as higher interest payments may also be somewhat crowding out consumption,” said Tim Quinlan, a senior economist at Wells Fargo. Retail sales excluding motor vehicles, petrol, building materials and food services were unchanged in February. This so-called core retail sales measure corresponds most closely with the consumer spending component of gross domestic product. Core sales for January were revised to show them decreasing 0.3% instead of the previously reported 0.4%. Core sales in December were revised lower. The data and an unexpectedly flat reading in business inventories in January prompted the Atlanta Fed to trim its first-quarter GDP growth estimate to a 2.3% annualised rate from a 2.5% pace. The economy grew at a 3.2% rate in the fourth quarter, fuelled by consumer spending. Stocks on Wall Street were trading lower. The dollar rose against a basket of currencies. U.S. Treasury prices fell. A separate report from the Labor Department on Thursday showed initial claims for state unemployment benefits fell 1,000 to a seasonally adjusted 209,000 for the week ended March 9. Economists had forecast 218,000 claims for the latest week. The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 17,000 to 1.811 million during the week ending March 2. The government revised the data for both initial and so-called continuing claims from 2019 through 2023. It also implemented new models to seasonally adjust both initial claims and continued claims this year and revised seasonal factors for both series from 2019 through 2023. The level of continuing claims over the last year was revised sharply lower. Data for January and February were also downgraded, aligning with strong payrolls growth that period. “The revised data for continued claims are consistent with a job market that is showing some signs of loosening but is still relatively strong,” said Nancy Vanden Houten, lead US economist at Oxford Economics. The US central bank has raised its policy rate by 525 basis points to the current 5.25%-5.50% range since March 2022, and is expected to start lowering borrowing costs by June. Another report from the Labor Department showed the producer price index for final demand rose 0.6% in February after advancing 0.3% in January. Economists had forecast the PPI would climb 0.3%. A 1.2% jump in goods prices accounted for nearly two-thirds of the increase in the PPI. Wholesale petrol prices rose 6.8%. Food prices were up 1.0%. In the 12 months through February, the PPI shot up 1.6% after advancing 1.0% in January. The report followed news on Tuesday that consumer prices increased strongly for a second straight month in February. Excluding food and energy, goods prices rose 0.3%, matching January's gain. This suggests that goods deflation, the major driver of lower inflation, was drawing to an end and services would need to pick up the slack in easing price pressures. Services gained 0.3% in February after rising 0.5% in the prior month. A 3.8% increase in the cost of hotel and motel rooms accounted for a quarter of the rise in services prices. There were also increases in the costs of outpatient care and airline tickets. Portfolio management fees gained 0.2% after accelerating by 5.9% in January. These are among the components that go into the calculation of the personal consumption expenditures (PCE) price indexes, the inflation measures tracked by the Fed for its 2% target. Based on the CPI and PPI data, economists estimated that the core PCE price index increased 0.3% in February after gaining 0.4% in January. Core inflation is forecast to rise 2.8% in February, which would match January's gain. “The Fed will start its cutting cycle in June,“ said Stephen Juneau, an economist at Bank of America Securities. “However, it will need to see more improvement in the upcoming inflation data to have enough confidence to begin to ease.” – Reuters
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Oil prices climb as revised IEA outlook signals tighter market (gio, 14 mar 2024)
HOUSTON: Oil prices rose on Thursday (March 14)) to settle at four-month highs as the International Energy Agency (IEA) predicted a tighter market in 2024 and raised its view on oil demand growth this year. Brent crude oil futures for May climbed US$1.39, or 1.7%, to settle at US$85.42 (RM400.27) a barrel, the highest close since Nov 6. US West Texas Intermediate crude for April rose US$1.54, or 1.9%, to end at US$81.26 (RM380.78), also its highest since early November. Both benchmarks had chalked up gains close to 3% on Wednesday. The IEA raised its view on 2024 oil demand growth for a fourth time since November as Houthi attacks disrupt Red Sea shipping but warned that “the global economic slowdown acts as an additional headwind to oil use”. The energy watchdog forecast demand will rise by 1.3 million barrels per day in 2024, up 110,000 bpd from last month, but still lower than growth of 2.3 million bpd last year. The IEA also cut its 2024 supply forecast and now expects oil supply to rise by 800,000 bpd to 102.9 million bpd this year. “Demand is staying high, while supplies are getting tighter, particularly on the fuel side. The refining margins are also very strong and a positive for crude demand,” said Dennis Kissler, senior vice president of trading at BOK Financial. The 3-2-1 crack spread, a proxy for refining margins, rose to their highest since mid-September on Wednesday, incentivising more crude processing. Meanwhile, Ukrainian drone strikes on Russian refining facilities continued for a second day on Wednesday, targeting four large oil refineries. Russia’s energy ministry said Russia’s seaborne fuel exports fell 1.5% from the previous month in February because of refinery downtime stemming from Ukrainian drone attacks and fires. The damage to refineries could cut Russian petrol production by more than 10%, said Kissler. Meanwhile in the US, crude and petrol inventories plunged last week, government data showed on Wednesday, with sharply higher pump prices expected in the coming weeks as major refinery outages have cut supplies ahead of the summer driving season. US producer prices rose 0.6% in February, partly because petrol prices increased by more than forecasts for a 0.3% advance. Traders now see a 63.5% chance of the Federal Reserve cutting rates in June, according to the CME FedWatch tool, down from 67% prior to the data. Lower interest rates cut consumer borrowing costs, which can boost economic growth and demand for oil. Near-term growth in global oil and liquids production will be driven primarily by the United States, Guyana, Canada and Brazil, offsetting voluntary production cuts by Opec+, the US Energy Information Agency forecast on Thursday. – Reuters
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Wall Street ends down after producer price data and as chipmakers fall (gio, 14 mar 2024)
NEW YORK: US stocks dropped on Thursday (March 14), with chipmaker stocks extending losses for a second day, and as a jump in producer prices left investors wondering if the Federal Reserve (Fed) might wait longer than expected to cut interest rates. The Dow Jones Industrial Average fell 137.66 points, or 0.35%, to 38,905.66. The S&P 500 lost 14.83 points, or 0.29%, at 5,150.48 and the Nasdaq Composite dropped 49.24 points, or 0.3%, to 16,128.53. The S&P 500 remains up about 8% for the year to date. The small cap Russell 2000 fell 2% on the day, underperforming the broader market. Data showed US producer prices increased more than expected in February as the cost of goods like gasoline and food surged. Rate-sensitive utilities and real estate were the day’s weakest sectors, with real estate down 1.6% and utilities off 0.8%. The Fed is expected to leave rates unchanged at its policy meeting next week. The market has trimmed the odds of a cut of at least 25 basis points at its June meeting to 62.9%, CME’s FedWatch Tool showed, down from 81.7% a week ago. “If we take inflation as a whole, we’ve had relatively hot inflation readings the last two months now, yet the market has kind of powered higher,” said Tony Welch, chief investment officer of SignatureFD. “Fed policy may not be as loose as the market wanted it to be this year, but the prospect of further tightening still remains a low probability.” Nvidia shares fell 3.2%, while an index of semiconductors was down 1.8%. The index is down 3.5% for the week so far, with investors taking profits after recent sharp gains. “There’s nervousness about the market being very extended with a relatively narrow breath. You can see the anxiety from the hotter PPI expressed in the Russell index of small and midcap names,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. Other data showed US retail sales rebounded in February, rising 0.6%, but less than the 0.8% advance expected. – Reuters
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Maxis, Huawei to collaborate on 5G-Advanced acceleration (gio, 14 mar 2024)
PETALING JAYA: Maxis Bhd and Huawei Technologies (Malaysia) Sdn Bhd have inked a memorandum of understanding (MoU) to work on a 5G-Advanced (5.5G) acceleration programme. This includes various areas to drive commercialisation and adoption in Malaysia, spanning use cases, key technologies, technology evolution and the ecosystem. The MoU was formalised at Mobile World Congress 2024 held in Barcelona, Spain, in the presence of Communications Minister Fahmi Fadzil and Malaysian Communications and Multimedia Commission chairman Tan Sri Mohamad Salim Fateh Din. Maxis and Huawei will work with solution providers to drive applications and ecosystem innovation. They will explore initiatives to promote adoption and facilitate migration, further accelerating the technology’s acceptance. Maxis and Huawei will also showcase the benefits of end-to-end 5.5G versatility, security and robustness via trial and testing. At the same time, both companies will utilise network insights to identify opportunities for business solutions and optimisation enabled by 5G and 5.5G, focusing on consumers and businesses, including small and medium enterprises. This includes exploring opportunities in key technologies related to digital operations, network slicing and network programmability. “As Malaysia’s leading integrated telecommunications provider, we look forward to developing impactful solutions that take advantage of existing 5G capabilities, as well as the speed, massive connections and latency improvements afforded by 5.5G to deliver useful solutions and an even better customer experience,” said Maxis CEO Goh Seow Eng. Huawei Malaysia CEO Simon Sun said, “Banking on our world-renowned capabilities in Research and Development and innovative technologies, we are excited to work alongside Maxis to expand the commercial horizons of 5.5G. This will show the world that Malaysia leads the region in digital infrastructure, proving its enabling environment and digital facilities are one of the best to attract and retain foreign investments.” As key ecosystem players, Maxis and Huawei will also study future technology and spectrum evolution and provide recommendations in line with business cases and ecosystem readiness. These will be aligned with Malaysian Government policy to support the advancement of 5.5G in the country. The MoU is a result of Maxis’ and Huawei’s prior technology association. Most recently, both companies successfully showcased the first 5.5G or 5G-Advanced technology trial in Malaysia and Southeast Asia. The trials included a single-user live speed test to demonstrate 5.5G capabilities to achieve ultra-fast peak speeds of up to 8Gbps, in line with the promise of 5G-Advanced technology.
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CMM’s Elevate Programme helps SMEs access financing, scale up (gio, 14 mar 2024)
PETALING JAYA: Capital Markets Malaysia (CMM), an affiliate of Securities Commission Malaysia (SC), welcomes high-growth small and medium enterprises to its Elevate Programme, aimed at enabling businesses to successfully fundraise through the capital market and prepare for the next stage of growth. Launched with the support of the SC and Bursa Malaysia, the programme lays the foundation for businesses to meet governance requirements and prepare organisations for the nuances of fundraising through the capital market, including potentially listing on the Main or ACE Market, which requires them to be more structured and visible to potential investors and financial intermediaries. It is further intended to prepare senior leadership to inculcate an innovation mindset, to strengthen their business models and to learn to articulate a vision of growth. CMM chairman and SC executive chairman Datuk Seri Dr Awang Adek Hussin said, “The SC recognises the importance of SMEs to Malaysia’s economy and the need to address the supply-demand gap in financing. The capital market is well positioned to foster investor confidence and attract capital to support further growth of our high potential small businesses.” CMM’s programme, he added, is designed to meet the needs of businesses looking to scale up, raise capital or embark on their IPO journey. “Against the backdrop of an increasingly competitive global marketplace, our aim is to accelerate the advancement of Malaysia’s high-growth SMEs,” he said. The programme is one of several initiatives driven by the SC and its affiliates to support SME access to capital market financing. In 2023 the SC signed a memorandum of understanding with SME Corp aimed at building a strong pipeline of capital-market ready MSMEs and to boost access to financing for this important segment of the economy. CMM board member Brahmal Vasudevan said CMM’s goal is to support high-growth Malaysian businesses and their leadership with the knowledge and network for their fund-raising needs and advancement. The executive leadership programme is tailored for SMEs and mid-tier companies (MTCs) with an annual revenue above RM 5 million and is fully funded by CMM. The programme covers vital focus areas including design-thinking, branding, and marketing strategies as well as environmental, social and governance considerations. The 10-day programme spanning four months culminates in an investors’ roadshow and opportunities for participating companies to network with and present to investors, venture capital and private equity firms. The programme was first introduced in 2020 for MTCs preparing to enter the capital markets. Since then, CMM has expanded the eligibility criteria for the latest instalment of the programme to broaden its reach and efficacy and has enhanced the programme design to ensure increased value for more SMEs and MTCs to derive substantial value from the programme.
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