Malaysia remains preferred RE market in region but Vietnam is getting strong, says TNB official
KUALA LUMPUR (Nov 23): Malaysia remains the preferred destination in Southeast Asia for investors in the renewable energy (RE) space but Vietnam is another up and coming active market, says TNB Renewables Sdn Bhd managing director Mohd Yusrizal Mohd Yusof. “They have added close to 16 gigawatts (GW) of solar capacity this past two, three years but the main issue with the Vietnam grid system right now is they are facing sort of grid congestion whereby there are developers who are being curtailed with their production. “I believe until the issue is resolved — and we heard that Vietnam Electricity has already planned and allocated capital expenditure for the improvement of its grid system — Malaysia will continue to be the target market within this region,” he said. Mohd Yusrizal was speaking at the “Investment in Renewable Energy – Opportunities and Challenges” panel session in conjunction with Invest Malaysia 2021 Series 4: Renewable Energy – Decarbonising Malaysia, held virtually on Tuesday (Nov 23). Mohd Yusrizal said RE will be the focus of investors going forward, notwithstanding that there are some challenges that needed to be addressed.
Source:The Edge Markets
November 23, 2021 17:43 UTC
Reinvestment among US shale oil producers hit all-time low in 3Q21
KUALA LUMPUR (Nov 23): Reinvestment rates among US shale oil producers hit an all-time low in the third quarter of 2021 (3Q21), resulting in a record free cash flow in the quarter. The analysis focused on a peer group of 21 public US shale oil producers, excluding majors, that together account for 40% of the expected 2021 output. It said reinvestment rates are calculated by comparing shale producers’ oil and gas capital expenditure (capex) against their cash flow from operations (CFO). Rystad said the analysis showed US$7 billion (about RM29.32 billion) in underspending by shale producers over 3Q21, comparing oil and gas capex with the CFO. It said all but one operator balanced spending in 3Q21, reaching a new level of industry-wide cash balancing.
Source:The Edge Markets
November 23, 2021 13:47 UTC
Two men jointly charged with kidnap, murder of 39-year-old technician
PORT DICKSON: Two men have been jointly charged with the kidnapping and murder of a 39-year-old technician at the Magistrate's Court here on Tuesday (Nov 23). No plea was recorded from M. Murugan, 44, and Wong Yon Kuan, 43, after the charge was read to them before Magistrate V. Vanita. They were jointly charged with three others still at large with the kidnapping and murder of technician A. Vasudevan. They were charged under Section 302 of the Penal Code read together with Section 34 of the same legislation for the murder which carries the mandatory death penalty upon conviction. Both suspects were also charged under Section 170 for impersonating policemen when committing the crimes.
Source:The Star
November 23, 2021 11:46 UTC
MISC makes debut on Dow Jones Sustainability Emerging Markets Index
KUALA LUMPUR: MISC Bhd has made its debut as a constituent of the Dow Jones Sustainability Indices (DJSI) under the Emerging Markets category, making it the only Malaysian transportation sector company listed in DJSI Emerging Markets.In a statement, the energy shipping firm said it is one of the three Malaysian companies listed in DJSI Emerging Markets globally.President and group chief executive officer Datuk Yee Yang Chien described the achievement as a significant milestone in MISC’s sustainability journey on a global scale and strengthens its commitment to raise the bar in sustainability performance. "We believe that the advancement of our business should be balanced with the integration of environmental, social and governance (ESG) principles in various aspects of our strategy and operations and this makes good sense in order to create meaningful and sustainable value in the long term. "Our decisions and actions in the years to come will continue to be structured around our sustainability agenda, driven by the concerted effort of our employees, businesses and partners, and guided by our aspiration of moving energy to build a better world," he said.The DJSI Emerging Markets Index comprises emerging-market sustainability leaders as identified by S&P Global through the Corporate Sustainability Assessment.It aims to represent the top 10 per cent of the largest 800 companies in 20 emerging markets based on long-term economic, environmental and social criteria.A total of 108 global companies are featured on the DJSI Emerging Markets Index this year.
Source:The Star
November 23, 2021 06:46 UTC
Telenor and CP Group in US$8.6 bil merger of Thai telecom units
BANGKOK/SINGAPORE/OSLO/BENGALURU (Nov 22): Norway's Telenor and Thai conglomerate Charoen Pokphand Group (CP Group) have agreed to merge their telecom units in Thailand in an US$8.6 billion deal to create a firm with just over half the mobile subscribers in the Southeast Asian country. The deal, subject to regulatory approvals, will see Telenor and CP Group each owning a third of the combined company, with stock market investors holding the rest. Telenor and CP Group will have equal influence over the new business, the Norwegian firm's CEO said. CP Group will also inject cash, albeit a smaller amount, Telenor said, ensuring the two end up holding equal stakes. Citi is advising Telenor and JPMorgan is advising CP Group.
Source:The Edge Markets
November 23, 2021 06:45 UTC
Top Glove’s ESG efforts get global recognition
PETALING JAYA: Top Glove Corp Bhd has seen an improvement in its position in the S&P Global corporate sustainability assessment for the healthcare equipment and supplies industry category. The group is among the top 10% in the healthcare equipment and supplies industry category globally. The DJSI, operated by S&P Global, is a provider of ratings that evaluate the world’s leading companies in terms of ESG criteria. The record number of companies participating in the 2021 S&P Global Corporate Sustainability Assessment is testament to the growing movement for ESG disclosure and transparency,” S&P Global’s head of ESG research Manjit Jus said. Top Glove aims to reduce 25% of carbon emission intensity by FY25, against a base year of FY21.
Source:The Star
November 23, 2021 06:30 UTC
Immigration ready for Malaysia-S'pore VTL implementation from Nov 29
KUALA LUMPUR: The Immigration Department is ready for the implementation of the Vaccinated Travel Lane (VTL) between Singapore and Malaysia, which is scheduled to begin on Nov 29. Immigration director-general Datuk Khairul Dzaimee Daud (pic) said the department had made thorough preparations to ensure the programme ran smoothly. Meanwhile, Khairul Dzaimee said the "Recalibration Plan for Illegal Immigrants" programme, which ends on Dec 31, would not be extended. Khairul Dzaimee said 129 illegal immigrants were detained at a factory producing metal tools in Balakong, Seri Kembangan, here, at 8pm Monday (Nov 22), on suspicion of not having valid documents and misusing documents issued by Immigration. He said they comprised 110 men and 19 women from Indonesia, Myanmar, India and Bangladesh aged from 20 to 49 years old.
Source:The Star
November 23, 2021 04:05 UTC
Mavcap offers two new VC funds for local, regional start-ups
KUALA LUMPUR: Malaysia Venture Capital Management Bhd (MAVCAP) will provide equity funding to local and regional startups via two new venture capital (VC) funds, namely the Orbit Malaysia Fund I and the Ficus SEA Fund, with a total target fund size of RM160 million collectively. It said the funds would be focusing on verticals such as artificial intelligence (AI), financial technology (fintech), healthcare technology, green technology, industrial technology, Internet of Things (IoT) and educational technology. Chief executive officer (CEO) Shahril Anas Hasan Aziz said the new VC funds would further strengthen MAVCAP’s aspiration to help local startups grow their businesses and excel with a view towards becoming technology unicorns and tapping into regional growth opportunities. The country’s largest venture firm said the VC funds are the latest additions to MAVCAP’s 14 VC funds at various investment stages from Seed to Series C such as 500 Durians, Axiata Digital Innovation Fund, Asia Greentech Fund and Meranti Asean Growth Fund. Meanwhile, the Ficus SEA Fund is investing in highly promising local startups in logistic technology and green technology and is considering other potential areas including Islamic fintech, augmented reality and environmental, social and corporate governance (ESG) solutions.
Source:The Star
November 22, 2021 21:35 UTC
Top Glove included in Dow Jones Sustainability Indices for third consecutive year
KUALA LUMPUR (Nov 22): Top Glove Corp Bhd has been named to the Dow Jones Sustainability Indices (DJSI) under the emerging markets category for the third consecutive year. Top Glove said it joined two other Malaysian companies — Petronas Chemicals Group Bhd and MISC Bhd — in the 2021 index. The DJSI is operated by rating agency S&P Global which evaluates companies around the world in terms of environmental, social and governance (ESG) criteria. A DJSI distinction reflects being a sustainability leader in your industry," the statement quoted Manjit Jus, global head of ESG Research, S&P Global, as saying. "The record number of companies participating in the 2021 S&P Global Corporate Sustainability Assessment is testament to the growing movement for ESG disclosure and transparency," he said.
Source:The Edge Markets
November 22, 2021 21:31 UTC
Biden keeps Powell as Fed chief, elevates Brainard to vice chair
Brainard would replace Richard Clarida in the vice-chair slot and may face opposition from Senate Republicans for her confirmation. She was interviewed by Biden for the chair position and was seen as a strong contender for the separate job of vice chair for supervision, which remains vacant. Powell also had to answer for an ethics scandal after trading revelations by some senior Fed officials. A graduate of Harvard University, Brainard served in Bill Clinton’s White House as deputy national economic adviser. Powell said this month he won’t consider hiking rates until the labor market shows greater signs of healing.
Source:The Edge Markets
November 22, 2021 20:19 UTC
Gamuda said to be proposing early-stage funding for MRT3
GAMUDA Bhd is reportedly proposing an early-stage funding mechanism for the yet-to-be-launched Mass Rapid Transit 3 (MRT3) project, according to sources close to the matter. “Gamuda has proposed to the government that, for the MRT3 project, the funding for the first two years will be borne by Gamuda under a private finance initiative (PFI), given that the government’s finances are currently limited. The MRT3 project is estimated to cost between RM27 billion and RM32 billion, according to a report published in April by CGS-CIMB Research. He also took on the role of managing director of Gamuda Engineering on Aug 1. More recently, Chin held the position of Special Officer to Lin, before stepping up as an executive director of Gamuda Engineering in January.
Source:The Edge Markets
November 22, 2021 20:02 UTC
Rakuten Trade trims FBM KLCI year-end target to 1,585, says corporate earnings may be affected next year
KUALA LUMPUR (Nov 22): Rakuten Trade has slashed its FBM KLCI year-end target to 1,585 from 1,630 previously as it did not foresee a valuation premium to return anytime soon despite the presence of foreign funds. “On the latest corporate earnings, so far I have seen that the corporate’s results in 3Q are rather weak. “Saving grace for the local bourse would be the prevailing low market valuations that may limit outflows. “Our low valuations may translate to low volatility thus foreign funds may deem our market as a safe haven for now,” he said. “As such, we expect foreign funds to continue to flow into Malaysia as the anticipated low volatility will act as a cushion to any regional vagaries,” he said.
Source:The Edge Markets
November 22, 2021 06:20 UTC
Aemulus set to ride on robust demand
GEORGE TOWN: Aemulus Holdings Bhd has secured over RM60mil worth of orders for semiconductor automated test equipment to be delivered over the next 36 months. Group chief executive officer Ng Sang Beng (pic) told StarBiz the orders were from multinational companies in Malaysia and China. Aemulus factoryAccording to India-based 360 Research Report, the automotive test equipment market revenue will grow to US$3.47bil (RM14.52bil) in 2025 from US$2.49bil (RM10.42bil) in 2019, representing at a compounded annual growth rate of 5.6%. “Our automotive test equipment is primarily designed to test the essential electronic components used in the interior lightings and sensors of vehicles,“ he said. “This will require the country to purchase more automated test equipment from overseas.
Source:The Star
November 22, 2021 05:28 UTC
Consolidating cancer care into a one-stop centre
Cancer patients start their journey from the moment they find an abnormal mass, either by accident or through cancer screening. However, patients frequently have to seek treatment from multiple institutions or healthcare providers, which makes the cancer journey fragmented and complicated. — KRTWhat patients like Fara need is a one-stop cancer centre or integrated cancer care that can help ease some of the difficulties of the cancer journey. Instead of running from one place to the other, or giving up on treatment altogether due to financial hardship, cancer patients can greatly benefit from such integrated cancer care. According to consultant oncologist Datuk Dr Ibrahim Wahid, cancer treatment is becoming more and more specialised.
Source:The Star
November 22, 2021 05:07 UTC
IMPROVING SME CAPACITY IN HALAL INDUSTRY
Such economic growth will in turn increase the demand for halal products, enabling the creation of new opportunities for more halal entrepreneurs to participate in the industry. These initiatives include consultation for halal certification, the development of halal product branding, the improvement of manufacturing processes, training and human capital, as well as export incentives. Medac’s initiatives covers every aspect of an entrepreneur’s needs in the halal industry, said Rizal.These programmes are also in line with the National Entrepreneurship Policy 2030, in which the halal industry has been identified as one of the strategic sectors; as well as the Halal Industry Master Plan 2030 (HIMP 2030), under the sixth strategic thrust to produce more halal champions among local industry players and entrepreneurs. Another main challenge in obtaining halal certification is financial constraint, as there is cost incurred in complying with halal requirements. “It is our hope that the Government’s efforts can eventually contribute towards greater SME involvement in the halal industry, both domestically and internationally.
Source:The Star
November 21, 2021 23:29 UTC