The week at a glance 26 April 2015

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Sabah & Sarawak

Sarawak’s timber export will increase despite shortfall in 1Q

The Sarawak Timber Industry Development Corporation (STIDC) is confident that Sarawak will continue to see rising exports of timber deapite seeing a shortfall in the first quarter this year (1Q15). During the conclusion of the Sarawak Timber & SMEs Expo 2015, Assitant Minister of Industrial Development Sarawak (Investment and Promotion) and Assistant Minister of Rural Development Sarawak Datuk Julaihi Narawi said Sarawak recorded total export earnings of RM1.65 billion in 1Q15, which is a decrease by 6.8 per cent when compares to RM1.77 billion seen in the same period in 2014.

 

SESB’s data speak for itself

Recent figures released by Sabah Electricity Sdn Bhd (SESB) will unnerve its critics. The statistics, in the form of infographics, summarises SESB’s major accomplishment in uplifting the standard of living of Sabahans by responsibly carrying its role as the sole electric provider for the state. Power disruptions, the uppermost contentious issue raised by SESB detractors had actually fallen by many folds over the years since the utility company’s inception in 1998.

 

Halal Park to tap food and products in POIC

A halal park is being planned for the Lahad Datu Palm Oil Industrial Cluster (POIC Lahad Datu) to tap the potential in oil palm-based food and personal care products, as well as marine and fisheries-based manufactured products.

The park, to cover 100 acres of the POIC Lahad Datu, will create opportunities for small and medium enterprises and make the district a new economic growth centre in Sabah.

 

TAS Offshore posts lower revenue, earnings in 3QFY15

TAS Offshore Bhd (TAS Offshore) reported lower turnover and earnings for the third quarter financial year 2015 (3QFY15) ended February.

The company in a filing to Bursa Malaysia on April 23 said its net profit for 3QFY15 plunged 93.5 per cent year-on-year (y-o-y) to RM676,000 from RM10.46 million in 3QFY14.

 

 

National

Moody’s assigns definitive A3 rating to Malaysia’s international sukuk

Moody’s Investors Service assigned a definitive A3 senior unsecured rating to the US dollar trust certificates (sukuk) issued by Malaysia Sovereign Sukuk Bhd, a special purpose vehicle established by the Malaysian government. In a statement, Moody’s said the A3 rating assigned to the sukuk is at the same level as the long-term local-currency and foreign-currency issuer ratings of the government, as the sukuk certificate holders will effectively be exposed to its senior unsecured credit risk.

 

Four SJJB companies set for Bursa listing

Four companies under the Skim Jejak Jaya Bumiputera (SJJB) managed by Unit Peneraju Agenda Bumiputera (TERAJU) and Ekuinas are set to be listed on Bursa Malaysia this year. TERAJU Business/Entrepreneur Development Senior Director Megat M Yatim Megat Hamid said IT-based company Sedania Corporation Sdn Bhd has already obtained approval and is expected to be listed in June.

 

Asean needs to position itself as the ‘third force’ – Najib

Prime Minister Datuk Seri Najib Tun Razak said that Asean needs to position itself as the “third force” that is the focus of the global business community, which now seems to be drawn to markets such as China and India. He said Asean could emerge as a vibrant economic power of huge potential based on its collective population size of 625 million and an increasing middle class.

 

Malaysian franchise firms open outlets in 55 nations

Sixty local franchise firms have expanded overseas, opening 2,380 outlets in 55 countries, through the ‘Franchise Malaysia Goes Global’ programme, said Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek.

 

EPF welcomes Prime Minister’s announcement on 55 years full withdrawal age

The Employees Provident Fund (EPF) has welcomed the Prime Minister Datuk Seri Najib Tun Razak’s strong support for the members’ consultation exercise that began on April 21, 2015 and which will end on May 5, 2015.

The EPF further acknowledges the announcement and preference for the second option which preserves flexibility and protects the contributions of members post 55 years.

EPF proposals well received, but more thought needed for retirement Financial experts and advisers view the proposal to raise the withdrawal age of the employees provident fund (EPF) is a ‘lauded move’ as it addresses the issue of retirees not having enough money to live comfortably during their golden years.