Sime Darby Plantation needs further engagement to resolve forced labour issue, says US Customs
KUALA LUMPUR (Feb 11): The US Customs and Border Protection (CBP) said it welcomes further engagement with Malaysian palm oil giant Sime Darby Plantation Bhd (SDP) on the forced labour finding against the company that was issued late last month. The CBP modified its forced labour finding against Top Glove in September last year after thoroughly reviewing evidence that the glove maker had addressed all indicators of forced labour identified at its Malaysian facilities. WROs are issued when information reasonably, but not conclusively, indicates that merchandise produced by forced labour is being, or is likely to be, imported into the US. A finding, however, is determination made that the information has conclusively demonstrated that merchandise was produced by forced labour. Sometimes, it takes restructuring by the company in order to address these indicators of forced labour.
Source:The Edge Markets
February 11, 2022 04:44 UTC
Samsung launches three new Galaxy Tab S8 tablets, including the first Ultra variant, priced from RM3,299
The new line up is made up of the Galaxy Tab S8, S8+ and for the first time an even more souped up Tab S8 Ultra variant. While the S8+ and S8 Ultra have the reader on the display, the S8 has the reader on its side key. For storage space, the S8 comes with 128GB, the S8+ and S8 Ultra have 256GB. The Tab S8 and S8+ come in three colour options: Graphite, Silver and Pink Gold, while the S8 Ultra comes in only Graphite. The tablets are priced at RM3,299 for the S8, RM4,599 for the S8+ and RM5,899 for the S8 Ultra.
Source:The Star
February 10, 2022 20:54 UTC
High Court strikes out Serba Dinamik’s bid to stop Bursa Malaysia from compelling company to release fact-finding update
Justice Ahmad Fairuz also ordered Serba Dinamik to pay RM30,000 costs to Bursa Malaysia, as the case was brought requiring immediate attention. Counsel Mak Lin Kum appeared for Serba Dinamik while senior counsel Datuk Loh Siew Cheang appeared for Bursa Malaysia. Besides the injunction, Serba Dinamik also sought to nullify the appointment of E&Y Consulting under Bursa Malaysia’s directive to conduct the special independent review (SIR). “It would be a failure on the part of Bursa Malaysia if it did not go through with the suspension,” he said. Bursa Malaysia did not direct Serba Dinamik to appoint but it was on the company's own choosing.
Source:The Edge Markets
February 10, 2022 20:07 UTC
HSBC expanding hedge fund business to draw Asia investments — sources
HSBC’s buildout will involve hiring more prime broking staff as well as investing in technology to enable the bank to compete with more established rivals, one of the people said. The unit will cater to US-based clients but with a focus on helping them access emerging-market investments, in particular in Asia. The bank’s ambitions to become a bigger player in the wealth management industry is one of the main rationales for growing in prime broking, the people said. After ArchegosThe move comes after Archegos Capital Management LP’s collapse upended Wall Street’s prime broking landscape. The ongoing restructuring of Europe’s largest lender is likely to dominate as the firm continues its pivot to Asia and wealth management.
Source:The Edge Markets
February 10, 2022 11:52 UTC
Girl offers virginity for sale, citing family financial woes
GEORGE TOWN: Claiming family financial troubles, a girl has posted a video on social media saying she is willing to lose her virginity for RM6,000. The 17-second video went viral on social media on Wednesday (Feb 9). In it, the girl says she is willing to sell her virginity for RM6,000 and asks people to give her a chance. The video has sparked heated discussions among social media users, some of whom left messages ridiculing the girl and others saying the price was too high. As at 11.15am on Thursday (Feb 10), the video on Facebook has received about 530 Likes and other responses, 426 comments and approximately 76,000 views.
Source:The Star
February 10, 2022 10:35 UTC
Retail-trading boom in India stays strong as foreigners flee
MUMBAI (Feb 9): India’s retail investors opened a record amount of new accounts last year, even as an exodus of foreign investors began to weigh on the multi-year rally in the nation’s stocks. Individuals opened an all-time high of 31 million stock-trading accounts during 2021 — more than Australia’s entire population — according to data released at the end of January by the Securities & Exchange Board of India. Foreigners have continued to sell Indian stocks, with their withdrawals totaling nearly US$10 billion since the end of September. “Indian markets will continue to gain momentum, be it in terms of new listings or new account openings,” said DAM Capital’s Mehta. The IPO manager expects new listings in India, which raised a record US$18 billion in 2021, to keep attracting retail investors as more individuals seek exposure to stocks as an asset class.
Source:The Edge Markets
February 10, 2022 04:27 UTC
MPOC: Malaysian sustainable palm oil-based products to be available in Dubai
DUBAI (Feb 9): Malaysian palm oil-based products namely food products, cosmetics and pharmaceuticals will be made available at LuLu Hypermarkets in Dubai, following a collaboration sealed between the Malaysia Palm Oil Council (MPOC) and Lulu International Group. Malaysian palm oil exports in 2021 were recorded at 15.56 million tonnes, while production was at 18.14 million tonnes. Malaysian palm oil and palm oil products exported to the Middle East amounted to 2.4 million tonnes, with a value of US$1.7 billion. The United Arab Emirates took up 10% of the total palm oil and palm oil products exported to this region, valued at US$192 million. The estimated export value of palm oil and palm oil products to the Middle East in 2021 was approximately US$2.5 billion.
Source:The Edge Markets
February 09, 2022 23:54 UTC
Asian stock valuations dip to a 21-month low
BENGALURU: Valuations of Asian equities dropped to a 21-month low at the end of January, as expectations of aggressive policy tightening by the Federal Reserve, and a surge in U.S. bond yields hit the regional stocks. That compares with the MSCI World index's P/E ratio of 17.24. China's Shanghai Composite Index declined 7.6% last month, which pulled down its forward P/E ratio to 10.18, the lowest in Asia. On the other hand, Indian shares were the most expensive in the region, with a forward P/E of 20.42. However, some analysts said Asian equities look attractive at these levels.
Source:The Star
February 09, 2022 22:27 UTC
Trader forced to sell eggless nasi lemak due to shortage
SHAH ALAM: A nasi lemak seller had no choice but to package the popular dish without eggs because it has been difficult to get supply for the past two weeks. Muhd Amareza Abu Bakar, 26, who sells nasi lemak at Section 30 here, said he had been getting complaints from customers who wanted their nasi lemak with eggs. “I have been selling nasi lemak for the past two years. Customers who want nasi lemak with eggs for their children have been complaining," he said. He added that he sells nasi lemak both in the morning and evening, and eggs are usually sold out early.
Source:The Star
February 09, 2022 17:59 UTC
IPI increases 5.8% in Dec 2021
IPI Dec 2021KUALA LUMPUR: The Industrial Production Index (IPI) increased 5.8 per cent in December 2021 as compared to the same month of the previous year, the Department of Statistics Malaysia (DoSM) said.Chief statistician Datuk Sri Mohd Uzir Mahidin said the expansion of IPI was contributed by the increment of 8.4 per cent in the manufacturing index and 3.7 per cent in the electricity index but the mining index recorded a decline of 2.5 per cent. "On a month-on-month basis, the IPI increased by 1.3 per cent driven by the manufacturing, mining and electricity indices,” he said in a statement today.He said the manufacturing sector output increased by 8.4 per cent year-on-year in December 2021 after recording a growth of 11.3 per cent in November 2021. "The main subsectors that contributed to the growth in the manufacturing sector in December 2021 were electrical and electronics products (18.2 per cent), food, beverages and tobacco products (10.3 per cent) and non-metallic mineral products, basic metal and fabricated metal products (5.3 per cent),” he said.Simultaneously, he said the growth of the manufacturing sector was driven by both export-oriented industry (9.6 per cent) and domestic-oriented industry (5.7 per cent). "Subsectors which surpassed the manufacturing index in 2019 were electrical and electronics products (17.2 per cent), petroleum, chemical, rubber and plastic products (12.2 per cent), food, beverages and tobacco (0.2 per cent). "While the subsectors that have not yet recovered were non-metallic mineral products, basic metal and fabricated metal products (-9.2 per cent), textile, wearing apparel, leather and footwear (-6.4 per cent), transport equipment and other manufacturers (-4.5 per cent) and wood, furniture, paper products and printing (-1.4 per cent),” he added.
Source:The Star
February 09, 2022 14:55 UTC
Reopening international borders: NRC agrees to quarantine-free travel from March 1, says Muhyiddin
PETALING JAYA: Malaysia’s borders are set to fully reopen on March 1, says National Recovery Council (NRC) chairman Tan Sri Muhyiddin Yassin. “It was recommended by the NRC that the country's borders be fully opened in due time to support the nation's recovery. "The opening of the nation's borders needs to be done accordingly and based on current risk assessment," he added. The borders had been partially closed since early 2020 following the Covid-19 outbreak to check the spread of the virus. Muhyiddin also said Health Minister Khairy Jamaluddin had briefed NRC on the current pandemic situation, particularly the spread of the Omicron variant.
Source:The Star
February 09, 2022 03:38 UTC
Rhone Ma proposes private placement to fund milk processing plant project
KUALA LUMPUR (Feb 8): Rhone Ma Holdings Bhd plans to undertake a private placement of 10% of its issued shares to raise between RM13.45 million and RM18.84 million to fund the setting up of a milk processing plant and for working capital purposes. Rhone Ma hopes to use RM7.5 million of the proceeds to build the plant with a capacity of 14.4 million litres per year in Kapar, Selangor by the third quarter of 2025. Rhone Ma will use another RM2.5 million of the proceeds for marketing expenses, while the balance will go towards working capital. The animal-health specialist plans to issue between 20.08 million and 28.12 million placement shares at an indicative price of 67 sen per share. The group has warrants expiring on Feb 4, 2026 with a conversion price of 70 sen per share.
Source:The Edge Markets
February 08, 2022 23:36 UTC
A pleasant surprise during my children’s vaccination
KUALA LUMPUR (Feb 8): Last Friday (Feb 4), I took my children to the World Trade Centre in Kuala Lumpur to be vaccinated. With the recently added new features, it made the entire process of securing the vaccination appointment for my kids at the designated vaccination centre a breeze. When we reached the vaccination centre, all the details of our kids were correctly synchronised with the vaccination centre system and importantly, the requested slot was assigned. Soon after the vaccination, MySejahtera app quickly displayed the vaccination information. Prasad Cooray is a Sri Lankan journalist based in Kuala Lumpur.
Source:The Edge Markets
February 08, 2022 23:06 UTC
QuickCheck: Did an ad campaign make diamond rings the de-facto engagement ring?
AN advertising campaign in the late 1940s popularised the use of diamonds in engagement rings. Although rings have been in use more or less since people started making jewellery, the history of wedding rings can be traced to ancient Rome and Greece. The modern exchange of rings derives from the customs of Europe during the Middle Ages, with the styles of the rings changing through time. Additionally, the material that the rings were made of was dependent on the social and economic class of the wearers. The practice of incorporating a diamond into an engagement ring only became popular after a comprehensive ad campaign that started in 1947 by De Beers.
Source:The Star
February 08, 2022 23:00 UTC
SPM 2021: Over 3,000 exam centres for speech and listening tests, science practicals
KUALA LUMPUR: A total of 3,382 examination centres for the speaking and listening tests (Bahasa Melayu and English) as well as the practical science test for the Sijil Pelajaran Malaysia (SPM) 2021 examination will be in operation nationwide starting Tuesday (Feb 8).The Education Ministry (MOE) in a statement on Monday (Feb 7) informed that 50,514 examination officers were appointed for the smooth running of the examination.The Malay Speaking Test will be held from Tuesday (Feb 8) to Thursday (Feb 10), the English Speaking Test on Feb 22-24 while the Listening Test for both languages will be held on Feb 21, involving 401,927 candidates for Malay and 401,087 candidates for English.The practical science tests for Physics, Chemistry and Biology will be conducted on Feb 15 involving 91,962 candidates (Physics); 93,353 candidates (Chemistry) and 72,669 candidates (Biology) while the Practical Science Test (Additional Science) will be held on Feb 17 with 1,049 candidates. "The Examination Board reminds all candidates to refer to the examination timetable which can be downloaded at http://lp.moe.gov.my to obtain information on the date, time, code and examination papers as well as instructions and warnings that need to be followed during the examination,” read the statement.Candidates are also reminded to bring identification documents and Examination Registration Statement to the examination centre and comply with the guidelines of the Central Assessment and Public Examinations Management as well as standard operating procedures (SOP) set by the National Security Council and the Health Ministry for Covid-19 prevention.
Source:The Star
February 08, 2022 03:25 UTC