Sabah & Sarawak
Malaysia seeks boost in palm oil with tax-free extension
Malaysia’s extension of tax-free exports of crude palm oil (CPO) until the year-end is intended to support prices and curb the buildup of reserves, said Plantation Industries and Commodities Minister Datuk Amar Douglas Uggah
Embas.
“We hope this will continue to prevent any drastic fall in the price,” Uggah said in an interview Monday after the government announced the decision for November and December in Budget
2015.
Ibraco, subsidiary to jointly develop land in Kuching
Ibraco Bhd on Wednesday entered into a memorandum of understanding with its 70 per cent-owned subsidiary, Ibraco HGS Sdn Bhd, for the joint development of 12 parcels of mixed zone land in Kuching, Sarawak. The development land are contiguous in nature and as such the two parties would be able to maximise returns if the land were jointly developed, Ibraco said in a filing to Bursa Malaysia.
The company has successfully developed the surrounding areas andis confident that the proposed joint development would be equally as successful.
Instacom still optimistic on towers, cables announced in Budget
Instacom Group Bhd (Instacom) is still optimistic on the RM2.7 billion allocation to construct 1,000 new towers and undersea cables all over the country, including Sarawak. Under Budget 2015, Prime Minister Datuk Seri Najib Tun Razak reiterated the said commitment over the next three years with the aim of bringing telecommunication coverage to many rural areas.
Chief executive officer Anne Kung affirmed that these 149 towers planned for Sarawak will bring cellular coverage to many rural areas currently without coverage and will surely be most welcomed by the inhabitants who have waited long for this essential
service.
DiGi’s new interactive retail store rings in Bintulu
DiGi Telecommunications Sdn Bhd (DiGi) on Thursday launched its flagship DiGi Store in Bintulu, an interactive retail concept which promises improved in-store experience. The unique retail space is designed to enhance in-store engagement and overall experience of DiGi customers. Located on the ground floor of Block 31 Bintulu Central, DiGi Store Bintulu is also the third DiGi Store in Sarawak after Kuching and Miri.
Coramax takes pride in Vivacity Mall’s unique tenant mix
Coramax Sdn Bhd (Coramax), the developer of Vivacity Megamall, believes the appeal of new and popular brands as well as good mixed of tenants will help draw a large amount of shoppers to its shopping mall which is on track for completion. Coramax director Sim Yaw Yen on Friday revealed that Vivacity Megamall, with a gross floor area of 1.3 million square feet, will be the largest shopping complex in Sarawak when it opens its doors to the public in the third quarter of 2015 (3Q15). It is currently 80 per cent completed.
—–
National
SC should come up with way to ensure consistency in auditing standards
The Institute of Internal Auditors Malaysia (IIAM) hopes that the Securities Commission (SC) consider introducing a mechanism to help ensure consistency in auditing standards in Malaysia. Its president, Philip Satish Rao, said currently 57 per cent of the 1,000 private listed companies in the country outsourced their internal auditing to parties that did not follow consistent standards.
Malaysia tax incentives chase stringent funds
Malaysia is extending tax breaks on sukuk structures that are acceptable to Middle Eastern investors as it seeks to attract more money from the oil-rich region. Issuers of Ijarah and Wakalah bonds will be excluded from sales taxes for a further three years to 2018, Prime Minister Datuk Seri Najib Tun Razak said in his October 10 budget speech that didn’t include the renewal of the incentive for Tawarruq.
Malaysia’s 2015 corporate earnings growth to be lower than industry estimate
Malaysia’s corporate earnings growth next year is likely to inch down from the industry estimate of 10 to 11 per cent, on weaker consumption and implementation of the Goods and Services Tax (GST), said Eastspring Investments Bhd on Tuesday.
The growth is nonetheless an expansion from the current three to five per cent.
Finance, banking industry records highest wage increases
Malaysia’s finance and banking industry saw the highest spike in wages over 12 months of between 10 and 25 per cent, based onMalaysia Salary Guide 2014/2015.
Kelly Services (M) Sdn Bhd managing director Kamal Karanth said the increase in salaries was due to the growth of skill-specific sector (like Islamic banking and finance) and job-positive policies put in place by the government.
MAS asks shareholders to take RM1.38 billion offer
Malaysian Airline System Bhd (MAS), the carrier reeling from the crash of two planes this year, said small shareholders should accept a buyout offer from the carrier’s majority owner as it called the proposal fair. The airline’s directors recommended the plan after the audit committee found parent Khazanah Nasional Bhd’s offer fair and reasonable, the Subang, Malaysia-based company said in a statement to the stock exchange Wednesday.
Asean is Malaysia’s biggest merchandise trade partner
Asean member states (AMSs) accounted for 28.1 per cent of Malaysia’s exports last year, says the Statistics Department in a statement Thursday. AMSs’ export share of 28.1 per cent was the highest followed by China (13.4 per cent) and Japan (11.1 per cent). It said AMSs accounted for 26.7 per cent of Malaysia’s imports, followed by China (16.4 per cent) and the European Union (10.8 per cent).
MoF to improve nation’s financial management system via CAPAM 2014
The Ministry of Finance (MoF) is participating in the Commonwealth Association for Public Administration and Management (CAPAM) 2014 from Oct 19 to 21 to improve the country’s financial management system.
MoF Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah on Friday said among the issues that would be discussed during the conference were the Accrual Accounting System and Goods and Services Tax (GST) which will be implemented in April next
year.