UMS inks deal to collaborate with fruit plantations in Sabah
KOTA KINABALU: A letter of intent has been signed between Universiti Malaysia Sabah's Sustainable Agriculture Faculty and the Sabah Durian & Tropical Fruit Planters Association (Masda) to collaborate and develop agriculture in the state. Masda is a registered association of planters based in Kota Kinabalu, whose members comprise plantation owners across Sabah. The collaboration is expected to benefit faculty students through field work and industrial training at Masda member plantations. "The faculty aims to train human resources to help improve the country's agriculture field based on the three main principles of sustainability, awareness and high technology. "In line with that, working with industry members like Masda will ensure the agriculture industry of Sabah can be further boosted," he said in a statement on Wednesday (June 8).
Source:The Star
June 08, 2022 19:46 UTC
My Say: Sanctions are now weapons of mass starvation
US and allied economic sanctions against Russia for its illegal invasion of Ukraine have not achieved their declared objectives. Sanctions pushing up food pricesWar and sanctions are now the main drivers of increased food insecurity. Unsurprisingly, economic sanctions violate the UN Convention on the Rights of Children. Economic sanctions are the modern equivalent of ancient sieges, trying to starve populations into submission. No one seems likely to protect them against sanctions, today’s weapons of mass starvation.
Source:The Edge Markets
June 08, 2022 19:41 UTC
Serba Dinamik's creditors agree to stay appointment of interim liquidator
Mak Lin Kum appeared for Serba Dinamik and its subsidiaries — SD Controls Sdn Bhd, Serba Dinamik Development Sdn Bhd, Serba Dinamik Group Bhd (SDGB), and Serba Dinamik Sdn Bhd (SDSB). "The financial institutions negotiated for safeguards like the appointment of monitoring accountants as well as independent financial advisers to oversee Serba Dinamik," they said. The creditors proposed Victor Saw Seng Kee, a licensed liquidator of PricewaterhouseCoopers Advisory Services Sdn Bhd, to act as liquidator for Serba Dinamik, SDGB, SDSB and SDIL. The court documents said SDGB, SDSB and SDIL were named as the security parties under the syndicated term financing. Read also:Banks reach settlement with Serba Dinamik on scheme of arrangement
Source:The Edge Markets
June 08, 2022 12:21 UTC
Nightmare for couple after neighbour starts renovating house in Mantin
"Cracks began appearing in several parts of my unit soon after renovation work started. "Several areas stated leaking whenever it rained," he claimed, adding that he lodged a police report on the matter. His wife also claimed to have been affected emotionally since the renovation work started. Masri said anyone planning to do renovation work must get approval to ensure all safety aspects are adhered to and to prevent any issues for others. Nilai assemblyman J. Arulkumar, in a Facebook post reminded all house owners that they must get the approval from the local council before they can start renovation work.
Source:The Star
June 08, 2022 08:23 UTC
Stagflation danger spurs World Bank to cut global growth outlook
(June 7): The World Bank cut its forecast for global economic expansion in 2022 further, warning that several years of above-average inflation and below-average growth lie ahead with potentially destabilizing consequences for low- and middle-income economies. “The world economy is again in danger,” President David Malpass said in the foreword of the latest edition of the lender’s Global Economic Prospects report released Tuesday. The world economy expanded 5.7% in 2021 after the Covid-19 pandemic triggered the deepest global recession since World War II. Accelerating inflation and slowing growth have raised World Bank officials’ concerns that the global economy is entering a period of stagflation reminiscent of the 1970s. With emerging and developing economies’ debt at multi-decade highs, “the associated rise in global borrowing costs and exchange-rate depreciations may trigger financial crises, as it did in the early 1980s,” the World Bank said.
Source:The Edge Markets
June 08, 2022 02:27 UTC
Hibiscus halts Sabah sales tax payment, cites potential disruption to ops
KUALA LUMPUR (June 7): Hibiscus Petroleum Bhd said its subsidiary REPSOL Oil & Gas M Ltd (RML) has discontinued the payment of state sales tax (SST) imposed by Sabah, after its appeal against the tax enforcement was met with silence from the Sabah finance minister. RML, which has a production sharing contract (PSC) in the Kinabalu Oil Field, had been making SST payment since 2020 "under protest", said Hibiscus. "No processing of RML's crude oil [into other products] takes place at either the Samarang Platform or LCOT," Hibiscus said. It added that RML's crude oil is offloaded and sold via crude oil tankers through lifting operations at the LCOT Single Buoy Mooring (SBM), located 5km offshore from the LCOT facility. Shares of Hibiscus settled down one sen or 0.77% to RM1.29, giving the group a market capitalisation of RM2.6 billion.
Source:The Edge Markets
June 08, 2022 01:00 UTC
Dayang wins oil field contract
KUALA LUMPUR: Dayang Enterprise Holdings Bhd has bagged a contract to provide maintenance, construction and modification of PM8E Seligi oil fields located 240km offshore Peninsular Malaysia. In a filing with Bursa Malaysia, Dayang said the contract was awarded to its wholly owned subsidiary Dayang Enterprise Sdn Bhd from Enquest Petroleum Production Malaysia Ltd.“The value of the contract is based on work orders issued by Enquest throughout the contract duration and shall include any or all other work and services generally related to the scope of works in the contract at a fixed schedule of rates,” it added.
Source:The Star
June 07, 2022 23:03 UTC
International expo a chance to position Penang as industry hub, says CM
GEORGE TOWN: Participants from South-East Asia and beyond are expected to throng the 11th Penang International Halal Expo & Conference (PIHEC 2022) at the SPICE Convention Centre here next month. "There is much to be discussed about how businesses should readjust and PIHEC 2022 is a timely platform to reconvene and discuss the future of the halal industry and forge greater business partnerships." State trade, industry and entrepreneur development committee chairman Datuk Abdul Halim Hussain said Penang will witness a congregation of various business communities across South-East Asia and other parts of the world. "We would like to position Penang as the destination of choice for investment – not only for the high-tech industry, but also as an Asean trade and innovation hub, which includes the halal industry. There will be 161 booths representing various business sectors in the halal industry open to the public for free.
Source:The Star
June 07, 2022 17:37 UTC
MMEA hopes to get at least one offshore patrol vessel this year
KUALA TERENGGANU: The Malaysian Maritime Enforcement Agency (MMEA) hopes to receive at least one offshore patrol vessel (OPV) this year to beef up patrols in the country’s waters. MMEA deputy director-general (logistics) Rear Admiral (M) Datuk Saiful Lizan Ibrahim said currently his agency has 70 vessels and 190 boats nationwide, but most of them were obsolete and not functioning well. Also present was Terengganu MMEA director Maritime Captain Muhammad Suffi Mohd Ramli. Meanwhile, he said throughout the 16 years of its establishment, the MMEA had handled 2,500 cases involving various incidents. "Of the total, 805 cases involved vessel and boat incidents; human beings (944 cases), asset assistance (525 cases); medical advisory services (19 cases) as well as providing support assistance and logistics services to other agencies (207 cases),” he said.
Source:The Star
June 07, 2022 16:25 UTC
Tourists can’t stay away from Penang
GEORGE TOWN: Tourists have been pouring into Penang lately, especially when there is a long weekend and it is no different over the past weekend with most roads filled with out-of-state vehicles. Pre-pandemic, I would visit Penang three times a year, so I am happy to be back here now. Engineer S. Jaya, 32, who lives in Kuala Lumpur, was back in Penang for the weekend to see her family. The popular cendol stall off Penang Road was packed with visitors.The long weekend was attributed to the Yang di-Pertuan Agong’s official birthday falling on June 6. Meanwhile, many Malaysians also made the most of the long weekend to explore other destinations such as Cameron Highlands, Pulau Batik in Perak and Melaka.
Source:The Star
June 07, 2022 12:37 UTC
My Say: Pegging the ringgit would make little sense
In pegging, the government announces an “official” fixed exchange rate against a major trading currency. So, pegged exchange rates would require capital controls if monetary independence is desired. Pegged exchange rates have the main advantage of providing exchange rate stability for the home currency against the pegged currency. A third key problem is the incentive pegged exchange rates provide for a free ride by way of arbitraging. Absent the risk of the exchange rate changing, even small interest rate differentials would be profitable to arbitrage.
Source:The Edge Markets
June 07, 2022 11:31 UTC
Cypark’s debt and cash flow problems spook investors
There are concerns as to how Cypark could meet its debt obligation [given the delay in projects].”He points out that certain quarters had previously raised concerns that Cypark’s cash flow could be strangled by its floating solar projects. If these projects are really causing cash flow problems to Cypark, then the management needs to find ways to rectify the situation urgently. Furthermore, Cypark’s biogas plant in Kg Gajah, Perak, also successfully achieved its COD on Dec 31 last year. It is also worth noting that Cypark secured a solar project in Kuantan, Pahang, in June last year under the net energy metering scheme 3.0. Cypark adds that RAM Ratings’ rating assessment has also considered the extraordinary resolution notice that was circulated to the sukuk holders on May 23.
Source:The Edge Markets
June 07, 2022 08:37 UTC
Reservoir Link secures two solar rooftop projects
KUALA LUMPUR (June 7): Reservoir Link Energy Bhd has secured letters of award (LoAs) to develop two solar rooftops. Reservoir Link said that RL Sunseap Energy had also signed a rooftop solar supply agreement with PE Land (Penang) Sdn Bhd on May 25, 2022. Reservoir Link said to date it has successfully secured four contracts to provide rooftop solar PV systems totalling 10 Megawatts. Reservoir Link executive director Thien Chiet Chai said the recent wins are a testament of the strong synergy formed with RL Sunseap Energy. At the midday break, Reservoir Link shed 1.33% or 0.5 sen to 37 sen with 104,000 shares done.
Source:The Edge Markets
June 07, 2022 06:28 UTC
QuickCheck: Did teacher recruitment through the Contract of Service 2021 face a transparency problem?
IT HAS been alleged that the Education Ministry's recruitment of teachers through the Contract of Service (COS) 2021 was a scam, and lacked transparency with many not getting jobs as DG41 Education Services Officers. Is this claim true? VERDICT:FALSEIn a recent Facebook video on the Education Ministry's official account, its Minister Datuk Radzi Jidin denied the allegation, saying that those who hold degrees that specialise in education were considered first to fill the 18,702 empty teaching slots. The Education Minister said that this is because they are already trained to be teachers, adding that this includes an understanding of the pedagogies of education. He said that places would be opened up to degree-holders with non-education specialisations if there was an insufficient people with education degrees to fill all the vacancies.
Source:The Star
June 06, 2022 19:28 UTC
QuickCheck: Was Muzium Negara built at the site of another museum?
THE National Museum, or Muzium Negara, is a landmark in Kuala Lumpur, with its unique and beautiful architecture but is it true that there was another museum at the site before it was constructed? VERDICT:TRUEYes, the National Museum was built at the site of the former Selangor Museum, which was partly destroyed during World War II. “During World War II, part of the Selangor Museum building was ruined as a result of the bombings by the Allied air force in World War II on March 10, 1945,” reads an excerpt on the Muzium Negara website. Later, the idea to build the national museum was sparked by Malaysia’s first prime minister Tunku Abdul Rahman. Work to build the National Museum, located at Jalan Damansara in Kuala Lumpur, began in 1959 and it was fully completed in August 1963.
Source:The Star
June 06, 2022 17:00 UTC