Sabah & Sarawak
Labuan fsa appoints Mah as director-general
The Labuan Financial Services Authority (Labuan FSA) has appointed Danial Mah Abdullah as its new Director-General for a three-year term, effective October 3, 2017. In a statement, Labuan FSA said Mah took over from Datuk Ahmad Hizzad Baharuddin upon expiry of his term.
Petronas prepares life as subdued oil price remains
Fiscal discipline, prudent spending and delivering value over volume are the three values instilled by Petronas to prepare life as oil prices are forecast to average at below US$50 per barrel for the foreseeable future. Executive vice-president and chief executive officer (CEO) for Upstream, Datuk Mohd Anuar Taib said based on these principles, the national oil company would continue to undertake portfolio high grading to ensure its assets have the strategic fit of value for the company to grow.
Community Hidayah inks JV agreement with pt. Mahkota Ibu Pertiwi
Investment, property and construction company, Community Hidayah (Labuan) Ltd, has signed a memorandum of understanding (MOU) on a joint-venture (JV) with Indonesian property developer, PT Mahkota Ibu Pertiwi, for several projects in Malaysia and Indonesia. Community Hidayah chief executive officer, Suwardi Zainuddin, said the companies would be collaborating in conducting import and export business activities, especially on commodities.
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National
Myceb, Malaysia Airlines extend strategic partnership agreement
Malaysia Convention & Exhibition Bureau (MyCEB) has renewed its Strategic Partnership Agreement (SPA) with Malaysia Airlines Bhd (MAB) for another year. This follows the positive collaboration between both national bodies in showcasing Malaysia as a world-class business and major events destination.
Malaysia climbs two spots in Global Competitiveness
Malaysia climbed two spots to rank 23rd out of 137 countries in the Global Competitiveness Report 2017-2018 (GCR) compared to last year where it was placed 25th out of 138 countries. In the report released by the World Economic Forum (WEF), Malaysia has overtaken Ireland, Qatar and remained ahead of economies such as South Korea, China, Iceland and Estonia. The study, which uses 70 per cent survey data and 30 per cent hard data from 137 countries, took into considerations 12 pillars of competitiveness to determine the country’s ranking.
Dr Li Chunrong appointed Perusahaan Otomobil Nasional new CEO
DRB-Hicom Bhd and Zhejiang Geely Holding Group Co Ltd (Geely) on Friday said it has appointed Dr Li Chunrong as Perusahaan Otomobil Nasional Sdn Bhd’s new chief executive officer effective Oct 1, 2017.
Extended reprieve for banks from NSFR requirement to 2019
Analysts laud Bank Negara Malaysia’s (BNM) move to defer the implementation of the Net Stability Funding Ratio (NSFR) to not later than January 1, 2019 instead of the original date of January 1, 2018 as required under the BASEL III framework. The Central Bank on Thusday said this is to allow the domestic banks to understand further the NSFR in terms of operational requirements to meet the NSFR standard.
PHB undertakes mixed development project with rm5 bln GDV
Pelaburan Hartanah Bhd is currently undertaking a mixed development project in Jalan Bangsar with a gross development value (GDV) of RM5 billion.
Group managing director/chief executive officer, Datuk Kamalul Arifin Othman, said the project, to be built on 7.69 hectares, would comprise seven office and residential towers.
Proton-Geely aims to turn profitable after five years
Proton Holdings Bhd aims to turn around its operations and expects to be profitable after five years. Chairman, Datuk Seri Syed Faisal Albar, said developing a new product consisting of designing and production, among others, would take about three years.
Govt has no plans to raise taxes in 2018 Budget — Johari
The government is not planning to raise taxes in the 2018 Budget as it will burden the people currently dealing with the higher cost of living, said Second Finance Minister, Datuk Seri Johari Abdul Ghani.