Sabah & Sarawak
MPOB increases palm oil production through technology integration
The Malaysian Palm Oil Board (MPOB) has targeted to raise the production of palm oil to six tonnes per hectare by increasing productivity through up-to-date technology integration, its Director-General, Datuk Dr Ahmad Kushairi Din said. The MPOB is actively stepping up palm oil research and development activities through selective genome seed-breeding and tissue culture technology
Palm oil exports to exceed RM70 bln this year
Palm oil exports value is expected to exceed RM70 billion this year compared with RM67 billion recorded last year, said Minister of Plantation Industries and Commodities, Datuk Seri Mah Siew Keong. He said the anticipated higher exports value would be driven by imports from European countries, India, China, Asean countries and new markets such as Iran.
MPOB, AladdinStreet partners to enhance palm oil market
The Malaysian Palm Oil Board (MPOB) through its Palm Oil Research and Technical Service Institute in China and AladdinStreet China has forged a strategic alliance to enhance Malaysian palm oil market through e-commerce platform in the republic.
Through the partnership, AladdinStreet China will grant free registration value at RM191,423.29 to the first 10 Malaysian palm oil exporters or merchants which successfully joined its platform.
Malaysia, Indonesia to jointly counter EU discrimination against palm oil
Malaysia and Indonesia view the export restriction against palm oil into the European Union (EU) very seriously and are ready to take joint action to counter the discrimination which will otherwise jeopardise more than 18 million smallholders in both countries, says Prime Minister Datuk Seri Najib Tun Razak. The premier and President Joko Widodo raised the matter during the ASEAN-EU Summit which was also attended by EU President Donald Tusk.
Sarawak’s swine exports to Singapore a major breakthrough
The state exported its first batch of live pigs to Singapore with a shipment of 350 livestock. Deputy Chief Minister and Minister of Modernisation of Agriculture, Native Land and Regional Development Datuk Amar Douglas Uggah Embas said this was a major breakthrough for Sarawak as we are now the second source market for Singapore, after Indonesia.
The firm, Green Breeder Sdn Bhd from the Pig Farming Area (PFA) at Pasir Puteh, Simunjan, had previously exported 90 metric tonnes of frozen pork since February 2015 on a monthly basis, marketing under a premium brand ‘Borneo Pork’.
KPMG: Most Budget 2018 boons an extension of existing incentives
A majority of Budget 2018’s incentives are mostly extensions of current incentives, and with lesser new incentives being introduced, Malaysians are now feeling the tightening measures.
In his commentary, following KPMG Tax Services Sdn Bhd’s (KPMG) director Tang Yeth Fong’s presentation on the 2018 Budget tax proposals at the KPMG Sarawak Tax Budget Seminar 2017, executive director of Corporate Tax Tai Lai Kok observed that there are very little new tax incentives being proposed these days.
X-FAB breaks ground for office extension
Semiconductor manufacturer X-FAB Sarawak Sdn Bhd (X-FAB Sarawak) broke ground for its administration office extension project in a simple ceremony held at the compound of the building.
Present to officiate the ground-breaking ceremony were X-FAB Silicon Foundries board of director member Tan Sri Datuk Amar Hamid Bugo, X-FAB Group chief operating officer Dr Manfred Reimer, X-FAB Sarawak chief executive officer Robert Michael Young, Jurubina Unireka consulting architect Chai Long Sen and Hock Seng Lee Bhd executive director Simon Lau Kiing Kang.
National
BNM releases exposure draft to enhance syariah governance
Bank Negara Malaysia (BNM) has released an Exposure Draft aimed to enhance existing regulatory requirements and expectations on syariah governance for Islamic financial institutions. “The draft aims to strengthen the effectiveness of syariah governance implementation within Islamic financial institutions due to the growing scale and complexity of Islamic financial business alongside recent policy developments in the area of governance, compliance and risk management,” BNM said on its website.
Positive reaction to Maybank’s digital initiatives
Malayan Banking Bhd (Maybank) has left analysts feeling optimistic on the potential of the group’s digital initiatives, following Maybank Group Digital Day. According to the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research), Maybank’s digital offering is not new as it was one of the leading proponents in online banking.
Quek family seventh richest in Asia
The Kwek/Quek family from Singapore and Malaysia emerged as the seventh richest in Asia with a net worth of US$23.3 billion, according to the 2017 Forbes list of Asia’s Richest Families. India’s Ambani family topped the list for the first time with a net worth of US$44.8 billion followed by South Korea’s Lee family whose wealth soared US$11.2 billion to US$40.8 billion this year.
eGUMIS set to simplify unclaimed monies check next year
The government aims to launch the Electronic Government Unclaimed Money Information System (eGUMIS) in the second quarter of next year to make it convenient for the public, especially for those living in the rural areas to check on their unclaimed monies. Deputy Finance Minister Datuk Othman Aziz said of 52,015 applications for unclaimed monies so far this year, 34,353 were from those living in the capital.
QSR brands, developers cooperate to open new restaurants
QSR Brands (M) Holdings Bhd, the operator of the Kentucky Fried Chicken (KFC) and Pizza Hut restaurant chains, plans to work closely with major developers nationwide to open new restaurants as part of its new business model. Its Managing Director, Datuk Mohamed Azahari Kamil, said the company wanted to collaborate with developers that were undertaking integrated township developments.
BNM: Economy expands 6.2 per cent in 3Q17
Malaysia’s economy grew at a faster pace of 6.2 per cent in the third quarter (3Q) of 2017 compared to 4.3 per cent in the same quarter last year, driven by domestic demand, particularly private sector spending.