Sabah & Sarawak
Labuan IBFC sees 8-10 pct rise in offshore firms
The Labuan International Business and Financial Centre (Labuan IBFC) expects to see a eight to 10 per cent increase in the number of companies set up in the offshore international business and financial centre this year. Chief executive officer of Labuan IBFC Incorporated Sdn Bhd Danial Mah Abdullah said the vibrant outlook is due not only to the attractiveness of the centre but also to the region’s positive economic prospects.
Press Metal’s JV in China to benefit group in the long run
Press Metal Bhd’s (Press Metal) move to participate in a 20:80 joint venture (JV) to set up a greenfield carbon anode plant in China has generally garnered positive views from analysts as the move is expected to benefit the group in the long-run. Press Metal had announced that it had entered into a JV with Sunstone Development Co Ltd in China, to establish and operate a new JV company with the primary purpose of manufacturing pre-baked carbon anodes.
Jaya Tiasa earnings contribution from palm oil division to improve
Jaya Tiasa Holdings Bhd’s (Jaya Tiasa) earnings contribution from the palm oil division is poised to improve over the medium term. Affin Hwang Investment Bank Bhd said earnings contribution from the company’s plantation segment is going to increase as more plantation estates mature coupled with higher average selling prices of crude palm oil.
Sheda calls for equal treatment with PR1MA developers
The Sarawak Housing and Real Estate Developers Association (Sheda) called on the government to for equal treatment with Pr1MA developers. This comes as PR1MA launched 13 projects with a total of 16,787 houses throughout Sarawak with the selling price capped at RM400,000 per unit a few months ago.
Property market in Sarawak to see slowdown
The property market market in Sarawak will slow down further in news sales, coming from weaker household incomes and higher-than-expected property prices. According to Sarawak Housing and Real Estate Developers Association (Sheda) president Joseph Wong, launches of new developments were smaller in number and are of selective types of properties due to market sentiment.
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National
BNM: Responsible lending guidelines ensures borrowers’ affordability
Bank Negara Malaysia (BNM) affirms that financial institutions will continue to lend to individuals who can afford to take on a housing loan, including for the purchases of their first homes. This is with reference to media reports on requests for BNM to review the lending guidelines in relation to the extension of the loan repayment period from 35 to 40 years.
UOB projects RM47 bln allocation for development expenditure
United Overseas Bank (M) Bhd (UOB) has projected a slightly higher allocation for development expenditure of RM47 billion in Malaysia’s Budget 2017 versus RM46 billion for 2016. Economist Julia Goh,said the development expenditure will be focused on transportation, logistics, education, health, housing, defence and national security, agriculture and rural development.
SC’s crowdfunding framework sends right signal to investors
The Securities Commission Malaysia’s (SC) excellent crowdfunding framework, which enables Malaysia to raise more alternative capital in the market, was highly regarded at the Global Symposium on Innovative Financial Inclusion on Thusday.
PSC charge change leave mixed reviews for airport handler
With Transport Minister Datuk Seri Liow Tiong Lai affirming that the Passenger Service Charge (PSC) will be implemented beginning January 1 next year, analysts are speculative of its impact to aviation sector players without much confirmation on the quantum of the hike at this juncture. Currently, passengers leaving via the Kuala Lumpur International Airport (KLIA) now pay RM65 as the PSC for international flights and RM9 for domestic flights. Passengers leaving via klia2 pay RM32 and RM6 respectively.
AirAsia to appeal against proposed increase in airport tax
AirAsia Bhd (AirAsia) will submit an appeal to the government to rescind a proposed increase in the Passenger Service Charge (PSC) or airport tax. In a statement, the low cost airline said it had received numerous enquiries on an article published by a local news portal on the impending increase in the airport tax, but that the low-cost carrier had not received any official notification from the Malaysian Aviation Commission.