Sabah & Sarawak
Singapore’s Scoot will fly to Kuantan, Pahang and Kuching next year
Singapore’s low-cost airline, Scoot, which has successfully merged with Tigerair Singapore this month, will fly to Kuantan, Pahang and Kuching, Sarawak not later than the first quarter of next year. The medium- to long-haul arm of the Singapore Airlines Group will service the Kuching route seven times a week by end-October this year and Kuantan there times weekly by the first quarter of 2018.
Three chambers disagree on Labuan Port tender
Three chambers of commerce here are against the Labuan Port Authority’s (LPA) decision to tender the terminal management and operations, describing it as a ‘hasty’. The Labuan Indian Chamber of Commerce (LICC), Labuan Chinese Chamber of Commerce (LCCC) and the Labuan Malay Entrepreneurs Chamber (DUML) said the LPA was just established this year and has yet to assess the performance of the current port operator, Labuan Liberty Port Management Sdn Bhd (LLPM).
Timber, product exports rise to rm9.75 bln in first five months
Malaysia’s timber and timber product exports rose 6.76 per cent to RM9.75 billion in the first five months of this year compared with the same period a year ago, Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong said. He said the timber industry was one of the major contributors to the nation’s export earnings, recording between RM20 billion and RM22 billion in revenue annually over the past 10 years.
MSPO certification progressing, aid for smallholders soon
Implementation of the Malaysian Sustainable Palm Oil (MSPO) certification is progressing, with more planted areas expected to be certified, before being made mandatory at end-2019.
Petronas divests interest in Petronas’s Bintulu LNG 9
Petronas has signed an agreement with PTTGL Investment Ltd (PTTGLI) for PTTGLI’s equity participation of a 10 per cent equity interest in Petronas LNG 9 Sdn Bhd (PL9SB) in Bintulu. PL9SB, a subsidiary of Petronas, owns the ninth LNG liquefaction train in the Petronas LNG Complex in Bintulu, Sarawak.
Labuan IBFC, Labuan FSA collaborate with ADGM
Labuan International Business and Financial Centre, Labuan Financial Services Authority and Abu Dhabi Global Market inked two separate memorandums of understanding to collaborate on joint financial activities and regulatory practice.
National
IMF upgrades Malaysia’s economic growth rate to 4.8 pct
The International Monetary Fund (IMF) has upgraded Malaysia’s economic growth rate for 2017 to 4.8 per cent from 4.5 per cent as projected in the Annual Consultation Report on Malaysia released in May this year. Economic counsellor and director of Research Department, Dr Maurice Obstfeld, said the revision was due to favourable economic data and steady hands in monetary policy.
LEAP Market to take smes to the next level
Bursa Malaysia Bhd’s new Leading Entrepreneur Accelerator Platform (LEAP) Market will help take the growth of small medium enterprises (SMEs) to the next level, says Prime Minister Datuk Seri Najib Tun Razak. Through LEAP, which was officially launched by Najib at the Invest Malaysia 2017 here,wealthy investors can lend money via the capital market to the SMEs.
Malaysian capital market grew nine pct to rm3.1 trln over six months of 2017
The Malaysian capital market increased nine per cent to RM3.1 trillion in the first six months of this year and is now ranked fifth in Asia, relative to the gross domestic product (GDP). Malaysia is also home to the largest number of listed companies in Asean and at US$29 billion, Bursa Malaysia also recorded the highest in funds raised in the last five years among the 10-member regional body.
Malaysians need to brace for possible electricity surcharge
The Energy Commission (EC), Malaysia’s regulatory body for the electricity supply industry, said the government is concerned about tariff increases. However, he said, consumers needed to be mindful that electricity rebates will not continue forever and they must brace for possible imposition of a surcharge.
Five M’sian companies on Forbes ‘Best Under A Billion’ list
Five Malaysian companies – Elsoft Research Bhd, Kerjaya Prospek Group Bhd, My EG Services Bhd, Pentamaster Corp Bhd and Vitrox Corp Bhd, are on Forbes 2017 ‘Best Under A Billion’ list. The annual list highlights 200 public companies in Asia pacific with less than US$1 billion in revenue and have a consistent top- and bottom-line growth.
HRDF prepares for 4th Industrial Revolution with new initiatives
The Human Resources Development Fund (HRDF) launched its Industrial Revolution 4.0 (IR4) initiatives, aimed at preparing the local workforce for the Fourth Industrial Revolution that is rapidly taking place.
Petronas installs biggest crude distillation column at PIC
Petroliam Nasional Bhd (Petronas) recently installed the biggest crude distillation column for its Refinery and Petrochemical Integrated Development (Rapid), currently under construction within the Pengerang Integrated Complex (PIC).