The week at a glance 29 October 2017

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Sabah & Sarawak

HoB epitome of Sabah’s achievement in rainforest management, conservation

After a decade of implementation, the Heart of Borneo (HoB) initiative has become the epitome of Sabah’s exemplary achievement in the management and conservation of its tropical rainforests.

Sabah Chief Minister, Tan Sri Musa Aman, said as the custodian of the state’s rainforests, the Sabah Forestry Department continued to ensure the state’s rich biodiversity was duly safeguarded for the benefit of the current and future generations.

Petronas unit inks agreement for LNG supply to Jera

Petronas subsidiary, Malaysia LNG Sdn Bhd (MLNG), has signed a Heads of Agreement (HOA) with Jera Co Inc (JERA) to supply up to about 2.5 million tonnes of liquefied natural gas (LNG) annually for three years.

JERA is a joint venture between Tokyo Electric Power Company Fuel & Power, Inc and Chubu Electric Power Co Inc and is engaged in the power generation and energy supply business in Japan and overseas, it said.

 

Strong La Nina will have significant impact to palm oil production

The possibility of a strong La Nina happening soon will have significant impact to palm oil production.

According to the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research), Australia Bureau of Meteorology has activated its La Niña Watch with 50 per cent chance of La Niña forming in late 2017.

 

Sukuk ratings of Sarawak Energy subsidiaries reaffirmed

RAM Ratings has reaffirmed the AA2(s)/Stable rating of Sarawak Power Generation Sdn Bhd’s (SPG) RM215 million Serial Sukuk Musharakah (2006/2021) in addition to the the enhanced rating of Mukah Power Generation Sdn Bhd’s (MPG) RM665 million Senior Sukuk Mudharabah Programme (2006/2021) at AA2(s)/Stable.

 

BIMP-EAGA delegates meet to chart tourism collaboration

Malaysian business leaders met their counterparts from Brunei, Indonesia and the Philippines to explore joint-venture collaborations in the tourism sector.

They made up the East Asean Growth Area (BIMP-EAGA) delegates attending the 14th BIMP-EAGA (Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area) Joint Tourism Development Cluster Meeting here from October 24 to 27.

 

Budget 2018 well received by Labuan chambers of business

The Budget 2018 has been well received by a cross-section of people, with business chambers here describing it as comprehensive in covering the interest of all groups. Labuan Indian Chamber of Commerce and Industry President, Datuk Dahlif Singh said the proposals were consistent with the government’s efforts at improving the peoples’ economic standing.

 

National

Policies on SME development may be reviewed

Policies related to the development of small and medium enterprises (SMEs)  may be reviewed to strengthen the sector’s contribution to the economy. SME Corp Malaysia chief executive officer, Datuk Dr Hafsah Hashim, said the proposed policy review would be based on a research being

conducted by the agency and Universiti Putra Malaysia (UPM).

 

BNM to issue revised trade credit framework by year-end

A revised trade credit insurance/takaful framework will be issued by year-end or early next year, said Bank Negara

Malaysia director of Islamic banking and takaful department, Mohd Zabidi Md Nor. The current framework only covers trade credit insurance.

 

Business confidence hits record highs across Asia ditions Survey

Global economic confidence has improved slightly this quarter, as high performance across Asia and Africa offset depressed confidence in the Middle East and the Americas. According to the latest Global Economic Conditions Survey (GECS), produced by the Association of Chartered Certified

Accountants (ACCA) and the Institute of Management Accountants (IMA), confidence has benefitted from a sustained period of economic expansion since the global financial crisis.

 

REIT Index to offer greater transparency in industry

The new Bursa Malaysia’s Real Estate Investment Trust (REIT) Index will help provide greater transparency in the REIT Industry and promote stronger governance practices and instill greater market confidence.

Bursa Malaysia Bhd chief executive officer, Datuk Seri Tajuddin Atan, said the Malaysian REIT industry has matured to the point where the exchange felt it was the right time to launch the index.

 

Tenaga’s shares top gainer following sterling dividend

Shares of Tenaga Nasional Bhd’s (TNB) reached a new all-time high on Friday following the group’s announcement of dividends amounting to RM3.5 billion – also a new record. This came after TNB’s financial year 2017 results came within expectations and analysts believe that this was due to its strong macro backdrop and solid growth in its industrial segment.

 

2018 Budget to boost total investment to RM369 bln next year

The 2018 Budget is expected to increase the country’s total investment, comprising both private and public investments, by 6.7 per cent to RM369 billion, said Datuk

Seri Najib Tun Razak. The Prime Minister said the total investment would account for 25.5 per cent of gross domestic product in 2018.

 

Agriculture sector to rebound on higher palm oil, rubber output

The agriculture sector is expected to rebound to 5.6 per cent compared to the fall of 5.1 per cent in 2016, mainly driven by crude oil palm (CPO) and rubber sub-sectors, which accounted for 53.1 per cent of the sector.

According to the 2017/2018 Economic Report, the oil palm sub-sector

rebounded with a strong growth of 14.6 per cent attributed to higher production of CPO.