Sabah & Sarawak

Wood-based manufacturers’ earnings prospects to face challenges in 2018

Wood-based manufacturers’ earnings prospects are projected by analysts to face some challenges in 2018. The research arm of Hong Leong Investment Bank Bhd believed earnings prospects of the wood-based manufacturing players will face some challenges in 2018, underpinned mainly by the sharp strengthening of the ringgit towards the later part of 2018, which may negatively affect manufacturers’ margins.

Palm oil ban an economic colonialisation — Felda

The Federal Land Development Authority (Felda) has labelled the European Union (EU) as hypocrite and accused it of trying to carry out an economic colonialisation of palm oil producing countries over its proposed ban on the commodity. Chairman Shahrir Abdul Samad said the move was skewed towards colonialisation as it was prompted by a baseless argument as they knew there was a connection between oil palm and income of the people in the rural areas.

Govt wants Labuan IBFC to trigger local economy

The federal government strives to turn the Labuan International Business and Financial Centre (IBFC) into a business and financial hub that can help trigger more meaningful economic activities on the island, Datuk Seri Najib Tun Razak said. The Prime Minister said it was time for Labuan IBFC to take a relook at its operational journey to enable it to provide an additional spillover and integrate its operations with the local economy.

Full MSPO certification for KLK’s operations

All Kuala Lumpur Kepong Bhd’s (KLK) upstream operations – its supplying estates and palm oil mills – in Malaysia have been certified under the Malaysian Sustainable Palm Oil (MSPO) standards as at end of December 2017, a year ahead of the mandatory timeline for producers that already have Roundtable on Sustainable Palm Oil (RSPO) certifications.

Smallholders, rubber tappers yet to apply for monsoon season aid

About 155,829 smallholders and rubber tappers have yet to apply for the monsoon season aid  (MSA) approved under the 2017 Budget, said Plantation and Commodities Minister Datuk Seri Mah Siew Keong.

National

First US dollar denominated security to be listed in Malaysia

i-VCAP Management Sdn Bhd (i-VCAP) on Monday launched the prospectus for its fifth Islamic exchange traded fund (ETF), the MyETF Dow Jones US Titans 50 (MyETF-US50).

MyETF-US50 will be the first US dollar denominated syariah-compliant security to be listed on Bursa Malaysia Securities Berhad, entirely tradeable in US dollars on the domestic

bourse.

Japan HSR equity offer to M’sia, S’pore companies

Japanese companies will offer a substantial equity participation to local partners, besides establishing cooperation in a variety of areas, in the event of a successful bid for the Kuala Lumpur-Singapore High-Speed Rail (HSR) project. Japanese Ambassador to Malaysia, Makio Miyagawa said it would also trigger a boom for Malaysian and Singaporean companies, including small and medium enterprises.

Malaysia-Singapore ink agreement on RTS

Malaysia and Singapore signed a bilateral agreement on the 4-km Rapid Transit System (RTS) Link between Johor Bahru and Singapore at the 8th Singapore-Malaysia Leaders’ Retreat. The cross-border MRT system, first announced in 2010, will run from Bukit Chagar in Johor to Woodlands North station in Singapore. The RTS Link will be able to carry up to 10,000 passengers per hour in each direction once ready in 2024.

Malaysia will intensify efforts, explain on palm oil to EU ministers, commissions

Malaysia will intensify its efforts to explain about the palm oil industry to the European ministers as well as the European Commissions before the bloc made its final decision on banning the use of the commodity in biofuels starting 2021. Plantation Industries and Commodities Minister, Datuk Seri Mah Siew Keong said before the ban would be legalised as a law, it needed to go through two layers of processes, namely approvals from the council of the European Union (EU) or council of ministers as well as the European Commissions.

ABM: Commercial banks adhere to responsible financing guidelines for products, services

The Association of Banks in Malaysia (ABM) said loans approved by its member banks are assessed stringently and in accordance to their internal approving guidelines and procedures.

Be wary of initial coin offerings

Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM) have advised the public to be wary of any initial coin offering (ICO) schemes. The public are reminded to exercise caution before participating in any ICO schemes by checking their names against the list of institutions that are licensed under the laws administered by regulators.