The week at a glance 23 July 2017

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Sabah & Sarawak

Malaysia, Indonesia may take EU plan to curb palm oil imports to WTO

Malaysia and Indonesia plan to raise the prospect of European Union curbs on the imports of palm oil with the World Trade Organisation, both countries said in a joint statement. A resolution by the European Parliament in April called for the EU to phase out by 2020 the use of vegetable oils in biodiesel that are produced in an unsustainable way leading to deforestation.

 

Zurich aims to double life insurance business in East Malaysia

Zurich Insurance Malaysia Bhd (Zurich) aims to aggressively expands its market in Sarawak and Sabah which currently makes up 10 per cent of the group’s total life insurance sales in the country. Zurich Malaysia general manager of its life insutance division Mukesh Dhawan said the insurance is looking towards aggressive market capture and expansion within the two states.

 

Asian supply base optimistic of weathering economic turbulence

Fully integrated logistics hub, Asian Supply Base Sdn Bhd (ASB), is optimistic of weathering the unpredictable economic condition as it has diversified its earnings base over the years. The Labuan-based Sabah government’s government-linked company is expanding its business operations into halal distribution as part its diversification plan.

 

Thailand’s PTT considers taking stake in Malaysia gas facility

Thailand’s state-owned oil and gas giant PTT Plc is considering taking a stake in a natural gas liquefaction plant to be built in Malaysia, a company spokesman said on Thursday. PTT’s board will on Friday consider the project, to be built with Malaysia’s Petronas, making a decision on the size of any potential stake, the spokesman added.

 

SCB urges business events, industry members to go digital

In response to Chief Minister Datuk Amar Abang Johari Tun Openg’s vision for a digitalised Sarawak, the state’s latest campaign for Business Events, Redefining Global Tribes, encourages industry members to leverage on digital technologies and solutions to continue to propel the sector.

 

Agrobank opens first Corporate Financing Centre in Kuching

The opening of Malaysia’s first Agrobank Corporate Financing Centre located in Kuching is a historic event which signified devolution of power from the bank’s headquarters in Kuala Lumpur to Sarawak. Officiating at its official opening on Friday, Deputy Chief Minister Datuk Amar Douglas Uggah Embas said this showed Agrobank was sensitive to the need to improve its service delivery to the people in Sarawak.

 

National

SC reviewing due diligence guidelines

The Securities Commission (SC) Malaysia is reviewing its due diligence guidelines to enhance effectiveness in the evaluation of corporate proposals, said deputy chief executive Datuk Ahmad Fairuz Zainol Abidin. The revised guidelines would provide clarity on standards and expectations, as well as, the accountability of the parties involved.

 

Investors watchful amid central banks’ more hawkish stance, says RAM

Foreign investors reduced their holdings of Malaysian bonds by 0.6 per cent in June, following two consecutive months of strong net foreign fund inflows, RAM Ratings says.

 

BNM releases strategy paper on VBI

Bank Negara Malaysia (BNM), in collaboration with the Islamic finance industry, has released a strategy paper on Value-based Intermediation (VBI) to articulate strategies to strengthen the roles and impact of Islamic banking institutions (IBIs) towards a sustainable financial ecosystem.

 

PRG signs agreement with China’s Jiangsu to undertake construction activities in Malaysia

PRG Holdings Bhd (PRG), a Bursa Malaysia Main Market-listed investment holding Company with its interest in property development, construction, and manufacturing businesses, has entered into a strategic cooperation agreement with China’s Jiangsu Provincial Construction Group Co Ltd (JPC) to jointly undertake infrastructure, property, and construction activities in Malaysia and internationally.

 

Malaysia’s bpo market to soar to us$1.4 bln by 2021

Malaysia’s Business Process Outsourcing market is expected to reach US$1.4 billion by end-2021 at a compound annual growth rate of 7.9 per cent, said International Data Corporation.

 

SSM BizTrust minimises risk of fraudulent online businesses

BizTrust, the latest product introduced by the Companies Commission of Malaysia (SSM), will be able to minimise the risk of fraudulent online businesses, said Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainudin.

 

PIVB joins Bursa’s Islamic pos list

Bursa Malaysia Bhd has added Public Investment Bank Bhd (PIVB) to its Islamic Participating Organisations (Islamic POs) list, making it the 13th stockbroking house to partner Bursa Malaysia-i. Bursa Malaysia chief executive officer Datuk Seri Tajuddin Atan said through the latest addition, the exchange hoped that it would be able to provide a conducive marketplace for the syariah investing community and would continue to spur the growth and vibrancy of the Islamic capital market, domestically and regionally.