My Say: The inflation bogey is blocking recovery
Inflation bogey revivedIn addition, there is growing talk of stagflation — of rising inflation with slow growth and high unemployment, as in the 1970s. Blunt instrumentThe WEO seems more concerned with inflation than employment as financial markets demand monetary tightening, interest rate hikes and fiscal austerity. Inflation is reduced by raising interest rates, cutting growth and increasing unemployment — “tough medicine”, indeed. One must also wonder how interest rate hikes are supposed to address actual problems. But neoliberals have not hesitated to claim credit for taming inflation during the Great Moderation via fiscal austerity, debt ceilings and inflation targeting.
Source:The Edge Markets
October 27, 2021 04:58 UTC
Elon Musk now worth more than Exxon’s market cap
NEW YORK: It’s just one more arresting data point amid a flurry of superlatives, but Elon Musk’s soaring net worth now makes him more valuable than Exxon Mobil Corp. The wealth of the world’s richest person jumped to US$288.6bil (RM1.19 trillion), according to the Bloomberg Billionaires Index. The US$36.2bil (RM150.27bil) gain followed a surge in Tesla Inc’s stock price after Hertz Global Holdings Inc ordered 100,000 cars. Despite being overtaken by Musk at the start of 2021, Exxon has been on a tear since then. — Bloomberg
Source:The Star
October 27, 2021 02:28 UTC
Ancom shareholders approve takeover of Nylex assets, liabilities
The acquisition will be satisfied via cash payment of RM50 million and the issuance of 31.1 million new Ancom shares valued at RM46.7 million (fixed at RM1.50 per Ancom share). Ancom noted that Nylex will retain RM15 million cash in the company and be classified as a cash company upon approval by the Securities Commission Malaysia. The balance of RM81.7 million sales proceeds will be distributed to all shareholders of Nylex, other than Ancom, via cash payout of RM35 million and consideration shares valued at RM46.7 million, said Ancom. At the EGM, Ancom shareholders also passed the resolution of the proposed change of name of the group from “Ancom Bhd” to “Ancom Nylex Bhd”. Ancom shares were down by 4.41% or 13 sen to RM2.82, giving it a market value of RM723.8 million.
Source:The Edge Markets
October 26, 2021 23:24 UTC
All female theatre cast set for imaginative retelling of Mahsuri legend
The tale of Mahsuri, regarded as one of the most famed local legends, is getting a contemporary update in a new multidisciplinary performance in Langkawi, Kedah. This interpretation of the Mahsuri legend, called Pulau Sri, is helmed by spoken word poet Sheena Baharudin and singer-songwriter and producer Takahara Suiko (of indie band The Venopian Solitude). As the legend goes, Mahsuri, said to be the most beautiful woman in all of Langkawi, is married to the warrior Wan Derus. While her husband leaves for war to fight against the Siamese, Mahsuri befriends a young traveller named Deraman. Indie musician Takahara Suiko is one of the co-creators of 'Pulau Sri'.
Source:The Star
October 26, 2021 21:49 UTC
YouTube, TikTok defend teen privacy plans amid Facebook scrutiny
Social media companies YouTube, TikTok and Snap will tout established protections of teen privacy to counter lawmaker questioning at a Tuesday hearing, seeking to distance themselves from the criticism faced by rival Facebook. The three social media companies will seek to set themselves apart from Facebook in their approach to online safety. YouTube plans to tell the panel that its YouTube Kids, created in 2015, provides parents with tools to control and customise the app for children, according to remarks shared with Bloomberg. The company will say that kids under 13 who aren’t in a parental “supervised experience” are not allowed on YouTube. The law currently restricts collection of personal information of children under age 13.
Source:The Star
October 26, 2021 21:48 UTC
Vaccinated but stuck: Indians await WHO nod for homegrown shot to travel abroad
PANDALAM, India (Reuters) - Stuck in a village in southern India for nine months and unable to return to his job in Saudi Arabia, Sugathan P.R. is hoping the World Health Organization will approve the Indian COVID-19 shot Covaxin, paving the way for his trip back. Like Sugathan, millions of Indians have taken Covaxin and many have complained of travel struggles as the vaccine has not been recognised for international travel by several countries. Without a WHO nod, the two-dose Covaxin is unlikely to be accepted as a valid vaccine globally and would complicate travel plans for Indians who have taken it. "I can buy a ticket to Kuwait only if the Kuwait government app shows a green signal."
Source:The Star
October 26, 2021 20:35 UTC
Deepavali food packs for 3,500 families
Compiled by C. ARUNO, JUNAID IBRAHIM and R. ARAVINTHANTHE Selangor government has earmarked RM192,000 for special Deepavali grocery packets for 3,500 Indian families, Makkal Osai reported. Selangor state exco member holding the socio-economic development, caring government and employee empowerment portfolio V. Ganapathi Rao said the measure was intended to help Indian families in the B40 category. The food packets will be distributed to the families through community leaders in the state. The state government has also decided against holding the annual Deepavali open house despite the state being in Phase Four of the National Recovery Plan. > Seven policemen in Tamil Nadu, India, have been suspended for allowing five prisoners to meet with their families after accepting mutton briyani as a bribe, Makkal Osai reported.
Source:The Star
October 26, 2021 18:45 UTC
Commodities come to the rescue
Notably, the rise in crude oil prices to above US$84 (RM348.84) per barrel, the highest level since October 2018, augurs well for government coffers. In addition, crude palm oil prices have been on a positive trajectory since early this year. In an earlier report, TA Research estimated that every US$1 (RM4.15) increase in oil prices would add RM300mil to the government’s coffers – excluding dividends from Petronas and other oil tax-related revenues. Note that current prices of crude oil have somewhat doubled from US$42 (RM174.42) per barrel when Budget 2021 was drawn up. “Underpinning Budget 2022 is the expectation that Malaysia’s economic situation will recover from the effects of the Covid-19 pandemic over the course of next year.
Source:The Star
October 26, 2021 04:41 UTC
My Say: Reset the 12MP’s approach to poverty
The current Malaysian PLI approach grossly underestimates poverty incidence and continues to be designed to project “feel-good” numbers about poverty reduction. The latest data from the 2019 Household Income and Basic Amenities Report conclusively shows how poverty affects all communities and emphasises the importance of race-blind, fair and equitable poverty alleviation policies. Until the earlier top-down bureaucratic approach of the previous Malaysia Plans is rejected, there will continue to be umpteen examples of failed poverty alleviation projects and hundreds of billions of ringgit wasted. Our proposed bottom-up approach, which provides material and financial foundations for development-driven poverty alleviation especially directed at the eco-economy of impoverished areas, can be the game changer in ensuring real progress is made in the national poverty alleviation programme. Recommendations for 12MP policy resetting and programming• Consolidation of poverty programmes.
Source:The Edge Markets
October 26, 2021 03:51 UTC
Singapore mum charged with failing to protect daughter from being sexually abused by son
SINGAPORE (The Straits Times/Asia News Network): A woman appeared in a district court on Monday (Oct 25) as she is accused of failing to take steps to protect her daughter from being sexually abused by her son. Seven other charges for sexual offences were taken into consideration. When he was 13, he started sexually abusing his younger sister, then five, when he felt the urge to perform the acts depicted in pornographic animations that he watched online. The court heard on Monday that in 2010 and 2017, the mother allegedly omitted to give any information about the sexual offences committed against her daughter. The mother is accused of failing to take steps to protect her daughter from such risks.
Source:The Star
October 26, 2021 02:30 UTC
Bank officer under probe over purchase of gold bars using his customers' FD deposits
KUALA LUMPUR: Bukit Aman is investigating seven police reports of criminal breach of trust (CBT) amounting to about RM4mil involving a bank's customer relations officer. "He was charged under Section 408 of the Penal Code on Sept 27 but pleaded not guilty and granted bail at RM30,000. "We are still investigating six other reports involving the suspect," he said in a statement on Monday (Oct 25). Comm Kamarudin said investigations showed that there could be more victims but they have yet to lodge a police report. "We urge these victims to come forward and file a report at the nearest police station," he said.
Source:The Star
October 26, 2021 01:48 UTC
KUB Malaysia eyeing multi-year high, says RHB Retail Research
KUALA LUMPUR (Oct 26): RHB Retail Research said KUB Malaysia Bhd is eyeing its multi-year high as it bounced off from the recent pullback to breach the 75.5 sen recent high – printing a “higher high” bullish pattern with a “White Marubozu” candlestick. In a trading stocks note on Tuesday (Oct 26), the research house said the bullish momentum above that level may propel the stock towards its multi-year high of 83 sen, and then the 96 sen threshold. “That said, this expectation will be nullified if it falls below the support level of 70.5 sen – yesterday’s (Monday) low,” it said.
Source:The Edge Markets
October 26, 2021 01:17 UTC
Smart solutions for the cities of the future
Among the goals is to turn some of the cities into smart cities but what does a ‘smart city’ mean. The Smart City Council defines them as one “that uses information and communication technology (ICT)to enhance liveability, workability, and sustainability. For instance, smart environment and smart living, are found to be the two important factors for smart city. Whilst Smart Living, is about community urban farming, safe city, smart grid, digital healthcare and integrated CCTV. As part of Malakoff group, AFES has the advantage to leverage Malakoff’s capabilities in creating a smart grid solution for smart city developments.
Source:The Edge Markets
October 26, 2021 00:33 UTC
Public Bank’s proactive measures enable SMEs rebuild businesses
Tay Ah Lek Public Bank.jpg Aug20Although customers of the bank are gradually getting back on their feet again financially, Tay stressed Public Bank is always ready to "handhold them again at any time". The biscuit manufacturer with more than 70 workers managed to tide through the pandemic with the subsequent repayment assistances offered by Public Bank. Arif said the application process for the financial assistance was smooth and approval was granted in less than a day. Sujendran said: “Public Bank staff explained to me patiently and they were empathetic when I asked for help,” he said. “I have been a customer of Public Bank for many years.
Source:The Star
October 25, 2021 20:50 UTC
Genetec 2Q net profit soars sixfold to RM16.3m, 12-for-one bonus issue proposed
At Monday's closing share price of RM46.70, Genetec's shares were trading at a price-earnings ratio of 48.2 times. This would mean that Genetec's shares are being valued at roughly 28 times at the closing share price of RM46.70. For the six months ended Sept 30, 2021, its net profit soared to RM24.49 million from RM549,000 previously. The company said that the bonus issue could encourage greater participation and broaden its shareholder base while potentially improving trading liquidity of Genetec shares on Bursa Malaysia. Based on the five-day volume weighted average price (VWAP) and the lowest three-month daily VWAP of Genetec shares up to Oct 15, the theoretical ex-bonus price of Genetec shares is expected to be between RM1.32 and RM3.28.
Source:The Edge Markets
October 25, 2021 18:21 UTC