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Old July 10th, 2019, 03:15 PM   #1561
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S Korea, Malaysia to hold first round of FTA talks this week
Bernama July 10, 2019 16:59 pm +08
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SEOUL (July 10): South Korea plans to hold the first round of negotiations on the bilateral free trade agreement (FTA) with Malaysia this week, as part of efforts to strengthen economic ties with the Southeast Asian country and boost trade, Yonhap news agency reported, quoting the trade ministry Wednesday.

The two countries will hold the FTA talks in Kuala Lumpur on Thursday (July 11), according to the Ministry of Trade, Industry and Energy.

The meeting comes three months after the leaders of the two countries agreed to launch negotiations for a bilateral FTA during their summit in March.

Seoul and Kuala Lumpur plan to conclude the deal in time for South Korea's summit with the Association of Southeast Asian Nations (ASEAN) in November.

During this week's meeting, the two countries plan to set details on the schedule and ways to boost their bilateral trade.

South Korea already has a free trade agreement with ASEAN, but Seoul is seeking to broaden economic ties with individual members through separate free trade deals.

Asia's fourth-largest economy has clinched FTAs with Vietnam and Singapore, and is currently in talks with Indonesia and the Philippines as well. If all the negotiations under way are successful, South Korea will have free trade deals with all five of its top ASEAN trading partners. — Bernama
https://www.theedgemarkets.com/artic...fta-talks-week
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Old July 18th, 2019, 10:50 AM   #1562
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Maybank extends five-year partnership with Manchester United
Bernama July 18, 2019 13:26 pm +08



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KUALA LUMPUR (July 18): Maybank today announced the extension of its regional co-brand partnership with Manchester United FC.

The five-year agreement, which covers Malaysia, Singapore and the Philippines, will continue from the 2019-2020 season.

Maybank in a statement said the renewal reflects the success of the partnership in helping the bank to engage more with its customers in key markets and enhance its global brand awareness.

The relationship will also continue to play an important role in boosting its global profile and supporting the business growth of its card products, namely credit cards and debit cards.

“The Maybank Manchester United credit card continues to be very well received in Malaysia and recorded a healthy growth of about 12 per cent in card base and 15 per cent in card billings last year,” said Maybank, community financial services, group chief executive officer, Datuk John Chong.

Maybank is currently the leader in the cards business in Malaysia with over 14 million credit cards, charge cards and debit cards in circulation.

The bank commands an over 20 per cent market share for credit and charge cards in the country, and over 28 per cent for debit cards.

“Our partnership with Maybank is one of the longest and most successful financial services partnerships the Club has had to-date.

“It is testament to Maybank’s dedication to delivering engaging and beneficial campaigns for its clients,” Manchester United Director of Partnerships, Sean Jefferson said.
https://www.theedgemarkets.com/artic...chester-united
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Old July 26th, 2019, 02:31 PM   #1563
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Hibiscus secures option to participate in exploration permit in Australia
Surin Murugiah July 26, 2019 14:08 pm +08


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KUALA LUMPUR (July 26): Hibiscus Petroleum Bhd has secured an option to participate in the VIC/P74 exploration permit in Australia.

In a statement today, Hibiscus said its Australian Stock Exchange-listed associate company 3D Oil Ltd had been awarded the permit in the offshore Gippsland Basin by the National Offshore Petroleum Titles Administrator.

The firm said the 1,006km2 permit is located on the southern side of the Gippsland Basin, adjacent to the Kingfish oilfield.

Hibiscus said the Kingfish oilfield is the largest oilfield ever discovered in Australia and to date has produced over one billion barrels of oil.

The firm said it has 30 days to enter into a joint venture with 3D Oil for up to a 50% non-operated interest in VIC/P74 on a ground floor basis.

Hibiscus's unit Oceania Hibiscus Sdn Bhd holds 11.7% equity interest in 3D Oil.

Meanwhile, 3D Oil holds interests in three other offshore permits — 24.9% in VIC/P57, which is also located in the Gippsland Basin, 100% in T/49P in the Otway Basin adjacent to the Thylacine Gas Field, and 100% in WA527P in the Bedout sub-basin, adjacent to the recent significant oil discovery at Dorado.

Hibiscus holds 75.1% direct interest in VIC/P57 and 100% interest in VIC/L31, which is also located in the Gippsland Basin.

At the midday break, Hibiscus was flat at RM1.06 for a market capitalisation of RM1.68 billion.
https://www.theedgemarkets.com/artic...rmit-australia
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Old July 26th, 2019, 02:32 PM   #1564
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More Malaysian investments welcomed in Turkey - Erdogan
Bernama July 26, 2019 12:06 pm +08


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ANKARA (July 26): Turkey hopes more Malaysian companies will invest in the country, especially in the defence industry.

President Recep Tayyip Erdogan said the defence industry should be the top topic of discussion among the Malaysian and Turkish governments as well as private sectors.

Furthermore, trade cooperation should be improved, he said, noting that the two countries had maintained good bilateral relations since 1964.

“I believe trade volumes should be better. We can focus on specific areas. In terms of business cooperation, every level should be improved,” he said during a joint media conference with Malaysian Prime Minister Tun Dr Mahathir Mohamad at the Presidential Complex here Thursday.

Erdogan said he and Dr Mahathir had made a significant decision to cooperate further in the future, especially in the economic sector.

Earlier, Dr Mahathir visited Turkish Aerospace Industries (TAI), which is Turkey's centre of technology in design, development, modernisation, manufacturing, integration and life cycle support of integrated aerospace systems, from fixed and rotary wing air platforms to unmanned aerial vehicles and satellites.

Turkey is an important economic partner for Malaysia. In 2018, total trade between the two countries stood at RM9.79 billion.

Exports from Malaysia to Turkey totalled RM7.97 billion while imports from Turkey to Malaysia amounted to RM1.82 billion.

Turkey is Malaysia’s third largest trading partner from West Asia while for Turkey, Malaysia is the largest partner among ASEAN countries.
https://www.theedgemarkets.com/artic...turkey-erdogan
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Old July 26th, 2019, 02:52 PM   #1565
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Rural products set to enter Dubai market
Bernama July 25, 2019 22:39 pm +08

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SINGAPORE (July 25): Malaysian rural entrepreneurs will have an opportunity to penetrate the Dubai market next year via the “Rural to Global” programme under the Rural Development Ministry.

The Emirates will be the third destination under the programme, which gives eligible rural entrepreneurs the opportunity to market their products in global cities.

Its Minister, Datuk Seri Rina Mohd Harun told Bernama at the Malaysia Fest 2019 here today that Japan was the first destination for the programme.

She said in order to ensure that the high quality of products is maintained, the Ministry has been encouraging continuous improvements in terms of packaging and product lifespan, among others.

The “Rural to Global” programme was one of the strategies outlined in the Rural Development Plan launched last year, which was followed by the Rural Development Policy launched by Prime Minister Tun Dr Mahathir Mohamad on June 27.

In order to take part in the programme, the entrepreneurs would first have to go through a screening process conducted by State agencies.

Held from July 24-28 in Singapore, the Malaysia Fest 2019 featured 15 rural small and medium enterprises (SMEs) which were selected to promote their products in the republic, which was the second destination under the programme.

The SMEs were Pasir Pekan Food Industries, Ramun Food Industries, Far Cekap Enterprise, MH Saujana Maju, Qurba Food Manufacturing, Sutera Consultancy & Services, Gogee Marketing and Anieps Enterprise.

Others were IEJA Marketing, Kelimas Food Industries, Resepi Mok Kawe, Rosfaniaga Service, Al-Taj Food Marketing & Services, Koko Minda Food Industries and Azaib Holdings.
https://www.theedgemarkets.com/artic...r-dubai-market
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Old July 26th, 2019, 05:57 PM   #1566
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Rubber glove industry urged to further tap into African market
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Wednesday, 24 Jul 2019 12:14 PM MYT


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KUALA LUMPUR: The Malaysian rubber glove industry has been urged to strengthen its efforts to further tap into Africa’s vast market potential.

Primary Industries Minister Teresa Kok Suh Sim said the awareness in the importance of and demand for rubber gloves has been increasing as it was used as the first line of defence by medical personnel against various contagious disease as shown in the recent Ebola outbreak in Africa.

In 2018, Malaysia exported US$100 million worth of rubber gloves to 49 out of 55 countries in the African continent, she said in her speech during the Malaysian Rubber Glove Manufacturers Association (MARGMA) networking dinner with the African Heads of Mission in Malaysia on Tuesday night.

"Exports to this continent has been growing and demand for gloves has been increasing amid the rising awareness of its importance.

"Malaysia is a friend to the African nations with strong diplomatic ties, hence industry players should continue the marketing efforts to enhance the positive relationship so that both parties can reap the benefits,” said Kok.

Meanwhile, MARGMA president Denis Low Jau Foo told Bernama that rubber glove exports to the continent is expected to increase by 50 per cent to about US$150 million this year.

He said Africa is a huge continent with a population of 1.2 billion people and has 22 diplomatic missions in Malaysia.

Out of the US$100 million worth of rubber glove exports to African countries last year, 72 per cent or US$72.2 million was in the form of medical gloves, followed by other natural rubber gloves and surgical gloves, he said, adding that Egypt, South Africa and Kenya were the top importing countries.

Low said as of July 18 this year, rubber gloves usage in Africa was low at only two pairs per capita, compared with China (5), Brazil (12), Europe (50) and the US (75).

"As such, the African continent has a high potential to become the new market for growth.

"With their new regulations, the rising healthcare awareness among the people and the increase in economic power, we expect to see a boost in the demand for healthcare products, including gloves,” he said.

Low said the global demand for rubber gloves this year is expected to increase by 12 per cent to 300 billion gloves with a projected export revenue of US$4.95 billion.

Malaysia is expected to have the largest market share of about 63 per cent
ahead of Thailand (18 per cent) China (10 per cent) and Indonesia (three per cent). - Bernama
Read more at https://www.thestar.com.my/business/...xgZuJbrRrGZ.99
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Old July 27th, 2019, 10:08 AM   #1567
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Malaysia opens up 3 core sectors for Turkish investment
By Kadir Dikoh
July 26, 2019 @ 10:55pm


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ISTANBUL, Turkey: Turkish companies can invest in three core sectors in Malaysia namely aerospace, automotive, machinery and equipment, said Prime Minister Tun Dr Mahathir Mohamad.

“Our aim is to build main players in aerospace industry by 2030 by focusing on engineering and aircraft interior design.

“The same goes to automotive sector for jobs that could generate high income, including critical components and electrical.

“Malaysia is also one of the biggest in ASEAN in in machinery and equipment. Turkish companies are welcome to invest in these technologies,” he said.

Dr Mahathir said this during the question-and-answer session with captains of indusrty comprising 35 major Turkish companies here, today.

Also present were Foreign Minister Datuk Saifuddin Abdullah, Defence Minister Mohamad Sabu, International Trade and Industry Minister Datuk Ignatius Darell Leiking, Malaysian Investment Development Authority (MIDA) chief executive officer Datuk Azman Mahmud and Malaysia External Trade Development Corporation (MATRADE) chief executive officer Datuk Wan Latiff Wan Musa.

Turkish delegation was led by Industry and Technology Minister Mustafa Varank.

Dr Mahathir said potential Turkish investors in Malaysia should also think about ASEAN nations comprising a total of 650 million people.

He also welcomed suggestions by the event participant for Malaysia to help market Turkish products in ASEAN countries.

The Prime Minister said food industry was another area that could be explored further, especially halal products
https://www.nst.com.my/news/nation/2...ish-investment
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Old August 7th, 2019, 06:55 PM   #1568
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Amcorp Properties JV to buy Shanghai office blocks for RM865m
Chong Jin Hun August 07, 2019 14:01 pm +08


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KUALA LUMPUR (Aug 7): Amcorp Properties Bhd's (AMPROP) indirect wholly-owned subsidiary Amcorp Dynamic Ltd will acquire a 40% stake in Daning Partners Ltd for US$22.95 million (about RM96.18 million) to undertake the planned purchase of four office blocks within Shanghai's Daning International Commercial Plaza for RMB1.454 billion (about RM865 million).

AMPROP told Bursa Malaysia today that Daning International Commercial Plaza is located along Gonghexin Road within Shanghai's Jing'an district.

AMPROP said Amcorp Dynamic had signed a co-investment agreement yesterday with Chelsfield Asia Fund 1, Ltd Partnership, KHI Overseas Ltd and JRN Holdings Ltd for the 40% stake buy in joint venture company (JV Co) Daning Partners, which will be established with a capital commitment of US$57.38 million.

"The co-investment agreement takes effect from the date of its execution. The co-investment is expected to contribute positively to the future earnings and growth of AMPROP group.

"The capital commitment of Amcorp Dynamic will be funded by advances from AMPROP by way of internally generated funds of AMPROP group and/or bank borrowings, the breakdown of which would be ascertained at a later date," AMPROP said.

AMPROP said Chelsfield will own a 30% stake in Daning Partners while KHI and JRN will hold 15% each in the JV Co. Daning Partners will own 100% equity interest in Daning Holdings Ltd.

Simultaneously, Daning Partners and Extra Noble Ltd will sign a shareholders' agreement whereby Extra Noble will subscribe for 50% equity interest in Daning Holdings, according to AMPROP.

AMPROP said Daning Investment Ltd, a wholly-owned subsidiary of Daning Holdings, will sign a share purchase agreement (SPA) to acquire the entire stake in Bassan Development Inc from Time Best Global Ltd.

Bassan, in turn, owns the entire stake in four property holding companies which are incorporated in Hong Kong, AMPROP said. The four companies, China Real Estate I Ltd, China Real Estate II Ltd, China Real Estate III Ltd and China Real Estate V Ltd, own the strata titles within the leasehold office blocks, according to AMPROP

"Upon execution of the SPA, Daning Investment will acquire the entire equity interest in Bassan from the vendor (Time Best) for a total consideration of RMB1.454 billion (equivalent to approximately RM0.865 billion) subject to adjustment for the net asset of Bassan at the completion date.

"The proposed acquisition is expected to be completed by the fourth quarter of 2019," AMPROP said.
https://www.theedgemarkets.com/artic...-blocks-rm865m
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Old August 7th, 2019, 07:09 PM   #1569
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Dr Mahathir conferred honorary doctorate by Japan university
Bernama August 07, 2019 10:24 am +08
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FUKUOKA (Aug 7): Malaysian Prime Minister Tun Dr Mahathir Mohamad on Wednesday was conferred an honorary doctorate by the International University of Japan (IUJ) in recognition of his outstanding contributions to Malaysia and Japan relationships.

Dr Mahathir received the Honorary Doctorate of Philosophy from IUJ president Hiroyuki Itami in a ceremony held at a hotel in Fukuoka City in the course of his two-day working visit to the prefecture.

At the ceremony, Itami emphasised that the Look East Policy, which was mooted by Dr Mahathir, had a major impact on higher education in ASEAN countries.

“It is recognised and appreciated that many Malaysian young people who studied abroad in Japan have contributed to today's development in Malaysia under this (Look East) policy,” he said, according to IUJ statement released in conjunction with the conferment.

Itami said the Look East Policy had served as the bedrock of the strong relationship between Malaysia and Japan.

Under the Look East Policy, the Malaysian government has sent hundreds of students and corporate trainees to Japan.

“Upon returning to Malaysia after graduating from universities or finishing their programmes at companies in Japan, these students have played an active and leading role in developing Malaysia and served as a bridge between Japan and Malaysia,” he said.

He said IUJ has taught more than 20 such Malaysian students sent by Malaysian government since the 1990s.

Itami said the IUJ had launched a programme called Japan-Global Development Program (JGDP) last year (2018) to offer learning opportunities to future top leaders from Japan, Asia, including Malaysia, Africa, and Latin America, about the Japanese experience of economic and societal development since the Meiji restoration and the logic behind this development.

“IUJ warmly welcomes students from Malaysia joining the JGDP,” he said.

Itami also expressed his hope that an even stronger bilateral relationship between Japan and Malaysia would grow under the Look East Policy in the new era.

“We believe that the International University of Japan will play an important role in Tun Mahathir’s Look East Policy, and in strengthening the relationship between Japan and Malaysia,” he said.

Dr Mahathir, in his acceptance speech, said he was merely carrying out the duties of a leader.

“Any leader, given the opportunity and power would do what I have done. Malaysia was a poor agricultural country, but because of the need to create jobs, we had to create infrastructure to facilitate that (demands).

“I am grateful for being recognised for doing something that is regarded as unusual (turning an agricultural country into an industrial nation), and for playing the role of a leader,” he said.
https://www.theedgemarkets.com/artic...pan-university

Quote:
International University of Japan (IUJ)
Established: 1982
Location: Minamiuonuma, Niigata Prefecture, Japan
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Old August 12th, 2019, 01:12 PM   #1570
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Japan serious about helping Malaysia develop — Mahathir
Bernama August 09, 2019 01:49 am +08


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FUKUOKA (Japan) (Aug 8): Japan is taking seriously its role to help Malaysia develop, going by the discussions its key advisor and experts have had with visiting Tun Dr Mahathir Mohamad.

The Malaysian Prime Minister said the Japanese Government viewed his working visit to Fukuoka as an opportunity to discuss this role of Japan.

Dr Mahathir Thursday had a meeting with the special advisor to the Japanese Prime Minister, Hiroto Izumi, who is also responsible for Malaysian affairs, and the latter was accompanied by nine experts in various disciplines including finance, debt, transport and education.

“It looks like the Japanese Government has discussed seriously what it can do to help us and they put forward proposals and asked us for our opinion,” Dr Mahathir told Malaysian journalists after concluding his two-day working visit to Fukuoka Thursday.

He had delivered annual lectures on leadership at the Japan Future Leaders School on Wednesday and the Kyushu-Asia Institute of Leadership on Thursday.

Dr Mahathir said that at their meeting, the experts, for example, gave their views on the land, rail and water transportation policy that Malaysia can draw up to derive maximum benefit.

He said he will raise the matters discussed at the Cabinet meeting for the Ministers to take the appropriate action.
https://www.theedgemarkets.com/artic...80%94-mahathir
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Old August 15th, 2019, 01:34 PM   #1571
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Sime Darby buys New Zealand's Gough Group
Wong Ee Lin August 13, 2019 16:06 pm +08


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KUALA LUMPUR (Aug 13): Sime Darby Bhd is acquiring New Zealand's Gough Group Ltd for NZ$211 million (RM572 million) in its largest transaction since the group's pure play restructuring exercise in 2017.

In a filing with Bursa Malaysia, Sime Darby said its indirect wholly-owned unit Sime Darby (NZ) Holdings Ltd is buying Gough Group from Gough Holdings Ltd.

Gough Group, it said, has the Caterpillar dealership with service territory in New Zealand and interests in the transport and materials handling business in New Zealand and Australia.

"The New Zealand Caterpillar dealership has a rich history spanning 90 years, making it one of the oldest dealerships of Caterpillar equipment outside of the United States," Sime Darby said in a separate statement.

Gough Group's transport and materials handling businesses span across construction, infrastructure, transport and power system industries, distributing a wide range of premium global brands, such as SAF, Palfinger and WABCO in New Zealand and Australia, said Sime Darby.

Gough Group currently employs about 950 people across a network of over 50 locations in Australia and New Zealand.

Sime Darby's group chief executive officer Datuk Jeffri Salim Davidson said the transaction allows the group to enhance its relationship with Caterpillar, and gain exposure to the construction and forestry sectors in New Zealand, further reinforcing Sime Darby Industrial's footprint in the Asia Pacific region.

"The Gough Group's transport and material handling portfolio will complement Sime Darby Motors' commercial truck business in New Zealand, enable growth in aftersales operations and broaden our suite of franchises, essentially strengthening our position in Australasia," he added.

In Australia, Sime Darby is represented by Hastings Deering, one of Caterpillar's leading dealers, as well as through Sime Darby Motors' dealerships for BMW, Volvo, Ferrari and Rolls Royce in Brisbane and Porsche in Sydney.

In New Zealand, Sime Darby Motors operates under the Continental Cars and City Nissan dealerships in Auckland, representing brands such as BMW, Porsche, Volkswagen, Audi, Ferrari and Nissan. Sime Darby's automotive arm also has a Commercial Transport arm representing brands such as Volvo, Hino, Mack and UD Trucks.

Sime Darby said the Gough Group grew its revenue by more than 18% year-on-year to NZ$540 million in 2018, driven by improvements in sales for both its Caterpillar and transport and material handling businesses.

The group said the transaction will be fully funded by bank borrowings, on a cash-free and debt-free basis, and is subject to New Zealand's Overseas Investment Office approval and the typical completion conditions.

The deal is expected to be completed by Sept 30, 2019.

At 4.23pm, shares of Sime Darby were down three sen or 1.37% at RM2.16, valuing the group at RM14.69 billion.
https://www.theedgemarkets.com/artic...ds-gough-group
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Old August 22nd, 2019, 09:02 PM   #1572
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New Malaysian UN ambassador underscores importance of multilateralism
Bernama August 20, 2019 11:16 am +08


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NEW YORK (Aug 20): The new Malaysian permanent representative to the United Nations, who assumed office few weeks back, considers multilateralism to be very important for Malaysia.

The envoy, Datuk Syed Mohamad Hasrin Aidid, explained in an interview with Bernama in his office at the Malaysian mission, that “the multilateral system is important to us, as any change can impact us”.

“The UN is an important platform to project our development. Malaysia plays an active role at the UN,” said Mohamad Hasrin who has been in Malaysia’s diplomatic service since June 1994 and brings a wealth of diplomatic experience in earlier postings abroad, including at the Malaysian mission in New York, as consul general in Dubai, the deputy chief of mission at the Malaysian Embassy in Jakarta and as Malaysian ambassador to the United Arab Emirates.

The envoy said that multilateralism, as manifested at the world body, was an essential element in solving the world’s problems.

Reflecting on the UN evolution of the world body, which celebrates its 75th birth anniversary in 2020, he said that the world’s geopolitics had changed, pointing out that lot of discussions were taking place on the changing relations of the big powers, as reflected in the ongoing US-China trade war, etc.

“We feel our voice should also be heard. We need a rules-based order (not only) in international security but also in international trade which should be free and fair. In our view, it is unfair to impose tariffs, for example, on our palm-oil exports. That is why I would reiterate that globalisation should be based on a free and fair international trading system,” he explained.

Malaysia will also pursue the Palestine issue which requires a two-state political solution, according to Mohamed Hasrin.

Meanwhile, the United Nations Relief Works Agency (UNRWA), which supports more than five million registered Palestinian refugees, faces chronic shortage of funding with the US, its largest contributor, having withdrawn its support from the agency.

“We will continue our support for the Palestine issue at the UN and work with other member states,” he said.

Malaysia had taken the lead, along with other non-permanent Security Council members, to table Security Council resolution 2334 on Dec 23, 2016 on Israeli settlements in Palestinian territories occupied since 1967, including East Jerusalem. The resolution was passed with a 14-0 vote by UNSC members. The four veto-wielding permanent members, China, France, Russia and Britain, voted for the resolution while the US abstained.

It was the first UNSC resolution to pass regarding Israel and the Palestine territories since Resolution 1860 in 2009, and the first to address the issue of Israeli settlements with such specificity since Resolution 465 in 1980.

The Rohingya displacement was another troubling issue. Malaysia would take up this issue at international bodies, including the UN and the Organisation of Islamic Cooperation (OIC).

Touching on the question of Malaysia’s contribution to the UN peace-keeping forces, the envoy said that Malaysia had steadfastly contributed with peacekeepers — the “blue helmets”, as they are called — under the UN flag.

“Since independence, Malaysia has contributed a total of 31,000 troops; the largest contingent of peacekeepers is stationed in Lebanon, including a large number of female peacekeepers. We have also been conducting specialised UN Humanitarian Civil-Military Coordination Course in May at the Malaysian Peacekeeping Centre in Port Dickson,” he recalled.

Mohamad Hasrin said that many states had also expressed their desire that the US and Russia would continue their arms agreement. The US recently withdrew from the Intermediate-Range Nuclear Forces (INF) Treaty with Russia.

The US withdrawal puts an end to a landmark arms control pact that has limited the development of ground-based missiles with a range of 500 to 5,500 kilometers and is sparking fears of a new arms race.

The Malaysian envoy will chair the Third Preparatory Committee for the 2020 Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT).

NPT held its third session from April 29 to May 10 this year at the UN in New York. This was the third and final session prior to the 2020 Review Conference.

The NPT is celebrating its 50th anniversary next year. “We have a lot of work to do, especially since next year is the 50th anniversary of the NPT,” Mohamed Hasrin said.

He pointed out that Malaysia’s national development goals were, in fact, in sync with the UN’s Social Development Goals (SDGs) as outlined in the 2030 Agenda.

“We have almost eradicated poverty. Presently, poverty is only 1% and our next target will be to ensure that all Malaysians enjoy equality in prosperity and development. Malaysia’s Economic Affairs Ministry has already put in place a SDG Progress Monitoring System,” he said.
https://www.theedgemarkets.com/artic...ultilateralism
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Old August 23rd, 2019, 02:50 AM   #1573
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How is Malaysia bucking the global slowdown?

Firmer growth, low inflation, and a healthy external payments position – everything is coming together to support investor confidence despite the current global economic turmoil. That said, we don’t think the authorities will relax just yet - we expect another 50 basis points of rate cuts in 2019

In this article
So far so good – an economy that surpasses expectations
What’s behind the export outperformance?
Further exploring electronics potential
Near-term economic outlook - steady as she goes
Weak public finances, healthy external payments
Inflation isn’t an issue, nor will it be anytime soon
How low can BNM policy rates go?

https://think.ing.com/articles/why-i...obal-slowdown/

Bottom line

Firmer growth, low inflation, and a healthy external payments position – are all coming together in support of positive investor confidence in the economy in the current global economic turmoil. Recent affirmation by rating agency S&P's Malaysia’s ‘A-‘ long-term sovereign ratings with a stable outlook was a vote of confidence in country’s balanced economic outlook for the near-term, with monetary flexibility offsetting weaker yet relatively stable public finances.

With this, we see the Malaysian ringgit continuing to be among the most resilient Asian currencies in the period ahead with the exchange rate against the USD hovering just around 4.2.
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Old August 27th, 2019, 03:08 PM   #1574
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Malaysia to boost local firms’ participation in Kazakhstan: Envoy
Published on: Monday, August 26, 2019
By: Bernama


Quote:
Kuala Lumpur: Malaysia is looking to boost the participation of local companies in Kazakhstan to capitalise on the potential growth in specific economic sectors in the former Soviet Union republic.

Malaysian Ambassador to Kazakhstan Syed Mohamad Bakri Syed Abd Rahman said among new potential areas that Malaysian companies could consider expanding into were tourism, education and banking.

He added that Kazakhstan was looking for investments in education, where Malaysia has the expertise, as the country planned to open international schools based on the Cambridge IGCSE (International General Certificate of Secondary Education) curriculum in three cities, namely Shymkent, Nur-Sultan and Almaty.

“There is a lot of room to increase bilateral trade between Malaysia and Kazakhstan. We are working hard towards it.

“We at the embassy, the Asean Chamber of Commerce and Malaysia-Kazakhstan Business Council (MKBC) are trying to attract more Malaysian businesses to expand their operations into Kazakhstan,” he told Bernama in an interview, recently. Malaysia is currently represented by less than five companies in Kazakhstan, he added.

In 2018, Malaysia-Kazakhstan bilateral trade stood at US$478 million (US$1=RM4.19), out of which 73 per cent comprised Kazakhstan’s exports to Malaysia, while the remaining 27 per cent is made up of imports from Malaysia.

“We have a cement factory as well as two oil and gas companies (operating) in Kazakhstan. In terms of exports, we export palm oil to Kazakhstan. It is not for consumption but more for manufacturing such as in the production of margarine,” said Syed Mohamad Bakri.

Meanwhile, the Asean Chamber of Commerce President Datuk Moehamad Izat Emir said the Eurasian Economic Union had huge geopolitical and trade potential as it essentially extends from the borders of the European Union to the borders of China.

“The Eurasian bloc has a significantly higher gross domestic product per capita income than Asean itself, meaning the Eurasian market has plenty of money to buy,” he added.

Moehamad Izat said Malaysia, Singapore, Thailand and Vietnam had invested the most in the Eurasian countries, with about US$49.3 billion, mainly in agriculture, food and tobacco. – Bernama
http://www.dailyexpress.com.my/news/...akhstan-envoy/
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Old September 1st, 2019, 09:26 AM   #1575
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Guan Chong plans RM278m new cocoa bean processing plant in Africa
Justin Lim August 31, 2019 01:42 am +08



Quote:
KUALA LUMPUR (Aug 30): Cocoa grinder Guan Chong Bhd, whose share price has jumped over 73% in the past 12 months as it reports stonger earnings, has set aside up to €60 million (about RM278 million) to build a new cocoa bean processing plant in Africa over the next 18 months.

The plant will be located in Côte d'Ivoire and is expected to be commissioned and operational by the first quarter of 2021, which is expected to raise its production capacity by 60,000 tonnes per annum and allow Guan Chong to expand its market presence and strengthen its competitive advantage in the European market.

“In addition, the new plant will be processing cocoa beans directly sourced from within Côte d'Ivoire, being one the world’s largest cocoa beans producers, which will in turn enable the company to achieve savings in freight/transportation costs,” it added.

Guan Chong currently has a combined grinding capacity of 250,000 tonnes per annum, of which 130,000 tonnes comes from its two factories in Pasir Gudang, Johor, while 120,000 tonnes come from its plant in Batam, Indonesia.

The group said investment in the new plant is expected to be funded via internally-generated funds, bank borrowings, and/or proceeds from a proposed private placement exercise.

Last week, Guan Chong announced that its net profit jumped 42% year-on-year to RM60.1 million or 12.77 sen per share in its second quarter ended June 30, 2019 (2QFY19), on higher sales volume of cocoa products, which pushed revenue up 53% to RM753.06 million. In contrast, the group posted a net profit of RM43.03 million or 9.01 sen per share in the same period last year, when revenue was RM491.58 million.

The stronger 2QFY19 profit pushed its cumulative net profit for the first six months of FY19 up 39% y-o-y to RM114.14 million or 23.89 sen per share, from RM82.36 million or 17.24 sen per share. Revenue climbed at the same rate to RM1.4 billion from RM1.01 billion.

Guan Chong's shares closed unchanged at RM3.95 today, giving it a market capitalisation of RM1.89 billion. A year ago, it was trading at RM2.28 apiece.
https://www.theedgemarkets.com/artic...g-plant-africa
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Old September 6th, 2019, 02:30 AM   #1576
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Stronger ringgit, India's tax hike pose double whammy for CPO futures
Bernama September 05, 2019 22:46 pm +08
Quote:
KUALA LUMPUR (Sept 5): A stronger ringgit, coupled with India's move to raise the import tax on refined palm oil from Malaysia, pressured the crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives to close lower today.

At 6pm, the ringgit jumped 140 basis points to finish at 4.1880/1910 against the US dollar from yesterday's close of 4.2020/2050.

Palm oil trader David Ng said the double whammy had curbed demand for the commodity.

"We locate support at RM2,150 per tonne and resistance at RM2,250 per tonne," he told Bernama.

On Wednesday, India, the world’s largest importer of vegetable oils, announced that it had raised the tax on Malaysian refined palm oil to 50 percent from 45 percent until March 2, 2020 to curb imports and boost local refining.

India currently imposes a 40 percent import tax on CPO and 50 percent on refined palm oil, but under an agreement with Malaysia, shipments of refined palm oil from Malaysia had been taxed at 45 percent since January this year.

However, Malaysian Palm Oil Council chief executive officer Datuk Kalyana Sundram opined that the higher refined palm oil tax would result in greater demand for CPO from India.

“Because of tax differentiation, we expect CPO will start finding its way into the India market now. We will see what the Indian importers will start doing,” he spoke to reporters on the sidelines of an event earlier today.

At the close, CPO futures contracts for September 2019 and October 2019 fell RM10 each to RM2,090 and RM2,142 per tonne respectively, November 2019 retreated RM5 to RM2,182 per tonne and December 2019 was RM3 easier at RM2,221 per tonne.

Turnover fell to 57,657 lots from 59,240 lots on Wednesday, while open interest weakened to 226,092 contracts versus 232,763 contracts yesterday.

On the physical market, September South was unchanged at RM2,130 per tonne.
https://www.theedgemarkets.com/artic...my-cpo-futures
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Old September 6th, 2019, 02:36 AM   #1577
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Russia's move to develop eastern provinces opens new market opportunities for Malaysia
Bernama September 05, 2019 19:37 pm +08


Quote:
VLADIVOSTOK (Sept 5): Russia's initiatives to develop its eastern provinces will open up new market opportunities for Malaysia, Tun Dr Mahathir Mohamad said.

The Prime Minister said Malaysia, as a trading nation, is always looking for new markets, especially developed areas.

“We always had the impression that Russia was not paying enough attention to eastern territories. Now we see the interest is very real that Russia wants to develop the eastern provinces,” he told a full house 5th Eastern Economic Forum in Vladivostok, Russia, which was telecast live on RTM, on Thursday.

Mahathir, who is on his first working visit to Russia since assuming office as Malaysia’s seventh Prime Minister, received a thunderous applause from the participants during the plenary session which was also joined by other leaders, including Japanese Prime Minister Shinzo Abe and Mongolian President Khaltmaagin Battulga.

Mahathir said, however, not much is known about Vladivostok and that part of Russia.

Vladivostok, about 6,416km from Moscow, is a port city overlooking Golden Horn Bay. It is located near the borders with China and North Korea.

“There should be more promotion and publicity about this part of Russia so that more Malaysians want to come here and (the) regions nearby.

“Malaysian investors might also be coming here if the situation is attractive enough. Malaysians also travel the world a lot and (are) always looking for new places to go to,” said Mahathir.

He added that attracting foreign investment was the vital part that has transformed Malaysia into an industrialised country.

“I just came from Cambodia, in its capital Phnom Pehn alone there are 3,000 Malaysian businessmen working and living there and contributed to Cambodian development,” he said, adding that Malaysian hoteliers are also very active all over the world.

“For example, recently a Malaysian hotelier bought 20 hotels in Iceland and Malaysian businessmen (are) also building new hotels in Kyoto,” he said.

Citing tourism as one of the ways that could increase Vladivostok visibility, he said, it has done well for Malaysia, contributing a lot to its development.

“Malaysia also hosted various sporting events such as Le Tour de Langkawi and (the) F1 race which attract lots of tourists from all over the world. These events were covered by TV stations all over the world,” he said.

The Premier said the events also increased Malaysians' interest in cycling and auto engineering.

Mahathir said Malaysia is a good hub for Russia to market its products in the ASEAN region.

"Malaysia is a good place to market their products, focusing on the aerospace sector, as well as engineering.

“When Russia exhibited their warplanes in (the) Langkawi International Maritime and Airshow, immediately there was interest in Russian planes and sales were made.

“Malaysia is also looking forward to greater cooperation in education with Russia and welcomes Russia’s interest in opening a school on aerospace engineering in Malaysia, as we are already an education hub in the region.

“I had a long discussion with President Putin this morning, we covered a lot of the areas where we can work together, I can only see benefits from our closer relationship and friendship," he said.
https://www.theedgemarkets.com/artic...ities-malaysia
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Old September 6th, 2019, 02:37 AM   #1578
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MATRADE partners Middle Eastern e-commerce platform
Bernama September 05, 2019 16:14 pm +08
Quote:
KUALA LUMPUR (Sept 5): The Malaysia External Trade Development Corporation (MATRADE) has added eRomman.com as the first online marketplace collaborator for the Middle East region under its eTRADE programme.

In a statement today, it said e-commerce is set for strong growth in the Middle East and North Africa region, with a new research by Bain & Company and Google signalling the market would more than triple by 2022 to reach US$28.5 billion (about RM120 billion).

“Through the collaboration, Malaysian small and medium enterprises (SMEs) can now leverage on the eTRADE Programme to capitalise on the strong purchasing power of consumers in the Middle East.

“Via the collaboration, companies who register on eRomman.com will be receiving advisory and product consultation, online store registration, unlimited product listing, and designated relationship manager, among other things, for a period of one year,” it said.

It added that as the language of the target market is primarily Arabic, product translation, banner advertising, social media promotion and influencer campaign in the native language are also included in the package.

Meanwhile, eRomman.com’s co-founder Hussain Zawiya said with the selection of eRomman, Malaysian SMEs can now explore the prospects of selling local products to retail buyers in 22 countries in the Middle East via e-marketplace.

“eRomman is the first Arabic cross-border marketplace in the ASEAN region that aims to connect online sellers based in Malaysia and the ASEAN region with online buyers in the Middle East,” he said. — Bernama
https://www.theedgemarkets.com/artic...merce-platform
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Old September 10th, 2019, 02:44 PM   #1579
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Old September 11th, 2019, 02:10 PM   #1580
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Uganda minister welcomes Malaysian investors, highlights business opportunities
Published 1 week ago on 04 September 2019
BY JOHN BUNYAN



Quote:
IPOH, Sept 4 — Uganda’s Lands, Housing and Urban Development Minister Isaac Musumba today welcomed foreign investors to his country highlighting that there was a strong potential for collaboration with Malaysia.

“We promise that there will not be any problem for foreigners to do business in our country.

“We have resorted the faith and confidence in foreign investors. The market is open for everyone, including Malaysian,” he told a press conference after attending the Perak-Uganda Trade Gateway Forum 2019 at Impiana hotel here.

Yesterday, Al Jazeera reported that five foreigners were killed and 189 people were arrested in the rallies linked to the anti-foreigners sentiment in Alexandra, South Africa on Tuesday.

The Qatari broadcaster also reported that hundreds of protesters in Pretoria set fire to buildings last week, looting mostly foreign-owned businesses.

Musumba said that while Uganda experienced similar sentiments in the early 1970s, these no longer existed and later administrations also made reparations to those affected.

“In 1971 and 1972, we had a president who expelled all foreigners from Uganda. Asian who invested in businesses, properties, real estate suffered losses because they were simply told to go.

“However, twenty years later, the current government realised that if you want to encourage people to invest in your country, you must first instil their confidence. And the first thing we did was that we had returned the properties to all those affected foreigners.

“We have been returning the properties since 1985 to date. It is important not to exploit the properties of foreigners, we cannot make such a mistake again,” he said.

Uganda’s High Commissioner to Malaysia Dorothy Samali Hyuha said her country held a wealth of investment opportunities in sectors such as agriculture, tourism, mining, construction, and information technology, among others.

Perak Investment, Industrial and Regional Development Committee chairman Datuk Seri Mohammad Nizar Jamaluddin noted that Chinese and Japanese investors were also entering Uganda, which he said Malaysians should take as a vote of confidence in the African nation.

Earlier, the Perak state government and the Ugandan government signed a memorandum of understanding on the Perak-Uganda Trade Gateway.
https://www.malaymail.com/news/malay...-bases/1787191
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