1. finance
2. bank

MALAYSIAeBiz
WEEKLY BUSINESS ROUNDUP 05 - 09 JANUARY, 2015
This Week’s Highlight :
Corporate Sector Corruption, Political
Fundings Under Greater Focus In 2015
Wednesday
JANUARY 9, 2015
CIMB Tops M&A, DCM & ECM
2014 League Tables
KUALA LUMPUR -- CIMB Group has
topped Bloomberg’s Mergers and
Acquisitions (M&A) and Debt Capital
Markets (DCM) as well as Dealogic’s
Equity Capital Market (ECM) league
tables for 2014. CIMB Group Acting
Chief Executive, Tengku Datuk Zafrul
Tengku Abdul Aziz, said these league
table positions represented the bank’s
strengths and abilities, despite the
weaker capital market environment.
“We have positioned ourselves well and
our deep relationship with our clients
have ensured that we continue to lead
in the space,” he said in a statement
here Wednesday.
Thursday
BNM Records RM405.5
Reserves At Dec 31, 2014
MOVE UP, CLEAN UP…Datuk Seri Najib Tun Razak aspires to see Malaysia having
the cleanest public administration in the world. --fotoBERNAMA
By Shanty Devi Ayadurai
KUALA LUMPUR -- Never mind
some of the brickbats and stingy
commendations that followed the
release of the 2014 Corruption
Perception Index last month despite
Malaysia’s improved performance,
the National Key Result Area’s AntiCorruption team is unperturbed
and seems set on going about its
business to help Malaysia join the
league of 30 cleanest governments
in the world by 2020. In the 2014
CPI, Malaysia’s ranking improved to
50th spot from 53rd in 2013 in a
list of 175 countries. Prime Minister
Datuk Seri Najib Tun Razak, who
commended the performance, also
voiced his aspiration to see Malaysia
move further up in the ladder and
having among the cleanest public
administration in the world.
This Week’s Top Stories
Monday
MAHB, First Asian Company To
Fully Own European Airport
KUALA LUMPUR -- Malaysia
Airports Holdings Bhd (MAHB) has
completed the transaction to acquire
the remaining 40 per cent equity
stake in the Istanbul Sabiha Gokcen
International Airport (ISG). It is now
the first Asian company to own 100
per cent of a European airport. “As
announced on Bursa Malaysia, the
proposed acquisition received the
necessary approval from all relevant
authorities of both countries and
the share purchase agreement was
signed on Dec 31, 2014,” the group
said in a statement here Monday.
Tuesday
LIAM Announces Flood Relief
Measures
KUALA LUMPUR -- The Life Insurance
Association of Malaysia (LIAM), through
its Insurans Hayat Cares platform,
has announced flood relief measures
to be undertaken by its members.
LIAM President Vincent Kwo said in a
statement here Tuesday, the measures
include restructuring of premium paying
modes from annual to monthly basis,
and extending the grace period for
payment of premiums. Life insurance
companies will also reduce or waive
interest charges for policy loan and
Automatic Premium Loan, besides
duplicating lost policy documents
without any cost and waiving fees for
medical card replacement.
Bln
KUALA LUMPUR -- The international
reserves of Bank Negara Malaysia
(BNM) amounted to RM405.5 billion
(equivalent to US$116.0 billion) as at
Dec 31, 2014 compared to RM441.9
billion (US$134.9 billion) as at end2013. The reserves level as at Dec 31,
2014 took into account the quarterly
adjustment for foreign exchange
revaluation changes, BNM said in a
statement here Thursday. The reserves
position is sufficient to finance 8.4
months of retained imports and is 1.1
times the short-term external debt, it
added.
Friday
MAHB’s SGIA To Garner 33 Mln
Passengers By 2018
From Azlee Nor Mahmud
ISTANBUL -- The newly-acquired
Sabiha Gokcen International Airport
(SGIA) by Malaysian airport operator,
Malaysia Airports Holdings Bhd
(MAHB), is expected to garner strong
traffic growth with some 33 million
passengers by 2018. SGIA Chief
Executive Officer Gokhan Bugday
said the airport, which was MAHB’s
latest offshore asset, had experienced
growth of 29 per cent in the first nine
months of 2014 and has recorded
passenger traffic of over 23 million
in the last twelve months. “SGIA
shall hail an increase in national air
passenger numbers supported by
expansion of fleet by the national flag
carrier, Turkish Airlines and low cost
carrier, Pegasus, as well as, interest
of other foreign carriers,” Bugday told
a press conference here Friday.
© 2014 BERNAMA. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
MALAYSIAeBiz : 1
SMEbrief
Johor Set To Launch SME
Strategic Action Plan
JOHOR BAHARU -- The Johor
Small Medium Enterprises (SMEs)
Strategic Action Plan is expected to
be launched in April with the aim of
empowering entrepreneurs in the
state by 2020. Johor Education,
Entrepreneur Development and
Cooperatives chairman Md Jais
Sarday said the plan, which is also
the basis for the state government’s
application for an allocation under
the 11th Malaysia Plan (RMK11), involves 38 Federal and state
government agencies. “Johor is the
first state to have formulated such
a plan in cooperation with SME
Corporation Malaysia (SME Corp)
to produce entrepreneurs who can
effectively compete. The input for
this development plan embraces
access to financing, marketing skills,
MALAYSIAeBiz
technology and infrastructure,” he SME Corp To Turn 120 SMEs Into
World-Class Companies
added.
JOHOR BAHARU -- SME Corporation
SME Corp Sets Up RM10 Mln
Malaysia (SME Corp) aims to turn
SME Emergency Fund
120 small and medium enterprises
KUALA LUMPUR -- SME Corp (SMEs) from six sub-sectors into
Malaysia has allocated RM10 world-class companies within five
million for the Small and Medium years. Its Chief Executive Officer,
Enterprises (SMEs) Emergency Datuk Hafsah Hashim said the subFund to help ease the burden of sectors were namely, oil and gas,
SMEs affected by the floods. In a aerospace, shipbuilding and repair,
statement here Thursday, SME Corp biotechnology, medical utensils, and
said the fund would offer grants and light emitting diodes (LED). “The
easy financing in collaboration with target of developing 20 SMEs from
Malaysian Industrial Development each of the six sub-sectors into icons
Finance Bhd. Chief Executive Officer, for other SMEs to emulate is our
Datuk Hafsah Hashim, said those new key performance indicator,” she
affected by the floods, drought, told reporters after the presentation
beach erosion and landslide would of grants to eight recipients under
be offered grants of up to RM20,000 the Bumiputera SME Capability
and the loan of between RM50,000 Enhancement Programme here,
and RM100,000.
Thursday.
Propertyupdate
PropUP
Johor Property Developers Must
Work To Regain Buyers’ Trust
KUALA LUMPUR -- Johor’s Welton
Development Sdn Bhd has urged
property developers in the state to
deliver what they have promised to
purchasers in a bid to regain their
confidence in the market. “Every
developer in Johor will have their part
to play to return to what Iskandar Johor
should be ‘as it was known to the
region’ since it’s partially everyone’s
fault that caused the slowdown in
Iskandar,” Chief Executive Officer,
Thomas C.Y. Ling said in a statement
here Monday. He also noted that due
to low confidence of purchasers in the
Johor property market coupled with
the rising interest rates, they might opt
to invest in unit trusts or fixed deposits
to get better short-term returns.
and an international property exposition
to be held at the Subterranean
Penang International Convention
and Exhibition Centre (SPICE) this
weekend, is expected to attract over
30,000 potential house-buyers. The
summit, themed, ’Managing Future
Trends and Challenges’ is from Jan
9-10 and the property exhibition from
Jan 9-11. State Housing and Town
and Country Planning Committee
chairman Jagdeep Singh Deo said
the three-day event is a platform for
all stakeholders to come together and
speak on issues they faced. “This is the
first time, we are having an exhibition
with a summit, as we want to address
every issue globally, at one event,” he
told reporters here Monday.
Country Garden Opens Online
Platform To Answer Queries On
Penang Int’l Property Expo Aims
Forest City Project
To Attract 30,000 House-Buyers
JOHOR BAHARU -- Country Garden
GEORGE TOWN -- The inaugural Pacificview Sdn Bhd, the master
Penang International Property Summit, developer and creator for the Forest
City project, is opening an online
platform for stakeholders and those
interested to know more about the
project. In a statement here Monday,
the company said a dedicated online
vehicle, which would serve as a fully
transparent Frequently Asked Question
and query response platform, would
go live by this weekend. All questions
would be answered within 48 hours,
subject to volume, it said. Executive
Director, Datuk Md Othman, said the
platform was for stakeholders and
interested parties to know the latest
developments and to answer any
questions pertaining to the project.
For those who are interested to know
more about the project, you can leave
your questions for Country Garden
Pacificview and the Forest City project
on countrygardenmalaysia@gmail.
com or to askus@countrygarden.com.
my and the responses can be found
on
www.cgpvforestcity.wordpress.
com,” he said.
© 2014 BERNAMA. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
MALAYSIAeBiz : 2
Banking
&Finance
MALAYSIAeBiz
MARKET
Main Market volume dwindled to 1.03
billion shares worth RM1.60 billion from
yesterday’s 1.05 billion shares worth
Scoreboard
Gainers - 424
RM1.64 billion.
Exchange Rate
(Ringgit : Foreign Currency)
Losers - 342
Buying
Selling
Not Traded - 654
USD
3.5610
3. 5640
Unchanged - 319
EUR
4.2038
4. 2084
Value - 1809622256
GBP
5.3825
5. 3881
Volume - 17176550
100 YEN
2.9819
2.9857
BURSA: KL Shares Extend Gains,
CI Up 0.25 Pct
KUALA LUMPUR -- Bursa Malaysia
extended gains for the second day
Friday with the benchmark FTSE
Bursa Malaysia KLCI (FBM KLCI)
up 4.38 points, or 0.25 per cent,
to 1,732.44. Petronas Chemicals
was the top contributor to the index,
adding 16 sen to RM5.06, with 1.60
million shares traded. Other leading
movers were IHH Healthcare and
Maxis, which gained 10 sen each to
RM4.87 and RM6.90 respectively,
PBB Group, up 46 sen to RM14.26,
and Sime Darby improving eight sen
to RM9.18.
An equity trader said investors and
bargain hunters started nibbling at
value buy selectively, and the local
bourse rose in tandem with most
regional peers Friday, on hopes of a
solid US job report data due tonight.
Back home, he added, Malaysia’s
better November 2014 export data
which placed the country’s trade
surplus at its highest in three years,
successfully attracted buyers and
saw market rebound.
On the broader market, gainers
outpaced losers by 424 to 342
with 319 counters unchanged, 654
counters untraded and 19 others
suspended. Total volume surged to
1.72 billion shares worth RM1.81
billion from 1.60 billion shares
worth RM1.84 billion on Thursday.
SGD
2.6596 2. 6623
Source: Bank Negara Malaysia
excess liquidity from the financial system.
The liquidity surplus in the conventional
system slipped to RM22.78 billion from
RM30.19 billion earlier, while in the
Islamic system, the excess declined to
RM3.21 billion from RM6.57 billion. In
the morning, the central bank called for
six tenders -- four conventional and two
Al-Wadiah.
The central bank also conducted a late
conventional money market tender for
RM22.9 billion and a RM3.2 billion AlWadiah money market tender, both for
three-day money. The overnight Islamic
reference rate stood at 3.22 per cent,
while the one-, two- and three-week
rates stood at 3.28 per cent, 3.32 per
cent and 3.36 per cent, respectively.
KLIBOR Futures End Slightly
Higher
FOREX: Ringgit Ends Marginally KUALA LUMPUR -- The three-month
Kuala Lumpur Interbank Offered Rate
Higher Against US Dollar
KUALA LUMPUR -- The ringgit ended
marginally higher Friday against the dollar
in tandem with other emerging currencies
despite the firmer greenback against major
currencies, a dealer said.
(KLIBOR) futures contracts ended slightly
higher Friday.
March 2015 earned one tick to 96.18,
while January 2015, February 2015
and June 2015 all remained pegged at
As at 5 pm, the local note was quoted 96.14, 96.15 and 96.17 respectively.
at 3.5610/5640 against the greenback
compared with 3.5650/5680 on Thursday. Volume stood at 50 lots, while open
The dealer said the ringgit opened at interest amounted to 1,420 contracts. At
a much higher level but pared earlier the 11 am fixing, the underlying threegains following the strong dollar ahead of month KLIBOR stood at 3.86 per cent.
expectations of a strong US employment
report to be released later Friday.
KLCI Futures End Lower
KUALA LUMPUR -- The FTSE Bursa
He said however, the steadier crude oil Malaysia KLCI (FBM KLCI) futures
prices provided a support to the local contracts on Bursa Malaysia Derivatives
currency. The ringgit was traded mixed closed lower Friday on lack of long takers
against other major currencies. It was flat
despite gains on cash market.
against the euro at 4.2038/2084 from
4.2038/2085 on Thursday and fell against
the yen to 2.9819/9857 from 2.9765/9803 All its three contracts -- January 2015,
Thursday. The local unit weakened February 2015 and March 2015 -against the pound to 5.3825/3881 from slipped seven points each, to close at
Thursday’s 5.3603/3659 but rose against 1,727.50, 1,726 and 1,726, respectively
the Singapore dollar to 2.6596/6623 from while distant month June 2015 untraded.
2.6642/6675, previously.
Turnover increased to 8,544 lots from
Money Market: Short-Term 8,079 lots on Thursday, while open
Rates Close Steady On BNM interest expanded to 36,251 contracts
Intervention
from 35,632 contracts previously. The
KUALA LUMPUR -- Short-term interbank
underlying FBM KLCI ended 4.38 points
rates ended steady Friday on Bank Negara
Malaysia’s (BNM) intervention to absorb higher today at 1,732.44.
© 2014 BERNAMA. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
MALAYSIAeBiz : 3
EPF members with RHB, Maybank
Housing Loans Can Submit
Withdrawal Applications Online
KUALA LUMPUR -- The Employees
Provident Fund (EPF) announced that
members who have housing loans
with RHB Bank and Maybank can opt
to submit their withdrawal applications
online via the e-Pengeluaran facility
for housing loan repayments.
The facility, which is available via
i-Akaun, facilitates online withdrawal
applications for repayment of
housing loan monthly installments
and to reduce or redeem housing
loan balance, it said in a statement
here Monday. “Members must be a
registered i-Akaun holder in order
to use the e-Pengeluaran facility,” it
said. Deputy Chief Executive Officer
for Operations Datuk Mohd Naim
Daruwish said the fund had initially
introduced the e-Pengeluaran with
RHB Bank, and to date had received
more than 10,000 withdrawal
applications from members who have
housing loans with the bank.
MALAYSIAeBiz
as the financial industry moved
rapidly towards digitalisation, it was
imperative to leverage on the power
of online communities and engage
with young professional customers
as content creators. “In conjunction
with the launch, customers who sign
up for TRUE Lab at https://community.
truebyambank.com can participate in
the TRUE Potential campaign, aimed at
helping young professionals discover
their TRUE potential,” he said.
No GST For Life Insurance
Premiums - Chua
PETALING JAYA -- The premiums on
life insurance would not be subjected
to the Goods and Services Tax (GST),
which will come into effect Apr 1, said
Deputy Finance Minister Datuk Chua
Tee Yong. “Other than life insurance,
the GST of six per cent standard
rate will be imposed on insurance
premiums,” he told reporters after
attending a ‘Hand Holding’ programme
for the retail sector especially on the
GST here Wednesday. He said the tax
imposed on insurance premiums was
Bank Of China Appointed As Yuan not something new as currently, it was
Clearing Bank
subjected to sales and services tax.
KUALA LUMPUR -- The People’s Bank
of China (PBC) has appointed Bank ADFIM Members To Be Flexible
of China (Malaysia) Limited as the In Helping Customers In Floodyuan clearing bank in Malaysia. PBC, Hit Areas
in a statement here Monday, said KUALA LUMPUR -- The Association
Bank of China (Malaysia) Limited was of Development Finance Institutions
authorised to act as the clearing bank of Malaysia (ADFIM) will be flexible
for renminbi business in Malaysia PBC in dealing with the customers of its
and Bank Negara Malaysia signed a members affected by the recent floods.
memorandum of understanding on In a statement here Wednesday, ADFIM
the establishment of RMB clearing said its members would offer temporary
arrangements in Malaysia On Nov 10, suspension of loan payments, loan
2014.
restructuring, assistance in making
faster insurance claims and extending
Ambank Launches
transaction period for customers in
Crowdsourcing Platform
flood-hit areas. “ADFIM will continue
KUALA LUMPUR -- Ambank (M) to monitor developments in areas
Bhd has launched a crowdsourcing worst affected by floods in Pahang,
platform, “TRUE Lab”, to enhance its Terengganu, Kelantan, Perlis and Johor.
connectivity with young professional The customers are advised to contact
customers aged between 25 and 34. their nearest branches to find out
In a statement here Tuesday, Ambank more on the facilities offered by ADFIM
said the platform was designed to members,” it said. The members of
seek ideas from young professionals ADFIM are Agrobank, Bank Rakyat, Bank
on banking solutions and services Simpanan Nasional, SME Bank, Amanah
with the aim of co-creating innovative Ikhtiar Malaysia, Majlis Amanah Rakyat,
solutions. Maybank Retail Banking, Perbadanan Nasional Bhd and Tekun
Acting Head, Anthony Chin said Nasional.
Pelaburan Mara To Make Inroads
In Asean Countries
KUALA LUMPUR -- Pelaburan
Mara Bhd plans to make inroads in
Asean countries through financial
services by capitalising on Malaysia’s
chairmanship of Asean from Jan 1 and
the emergence of the Asean Economic
Community (AEC) by year-end. Its
chairman, Datuk Sohaimi Shahadan
said in enhancing its position in the
fund management industry, Pelaburan
Mara would collaborate with a China’s
credit rating company to pave the
way for an Asian credit rating firm
to meet market needs for funds,
bonds and sukuk in China and Asean
countries. Pelaburan Mara would also
forge cooperation with an American
investment information services
company to provide equity investment
models to Asean fund managers, he
said here Wednesday.
Bank Muamalat Savings
Account Promotion Receives
Overwhelming Response
LABUAN -- Bank Muamalat’s new
savings accounts promotion, dubbed,
the ‘Oh Yeah 2! Savings Account
Campaign’ has received overwhelming
response here, with hundreds of
account holders making a beeline
to its counter from Wednesday. The
campaign, launched in June last year,
is aimed at encouraging account
holders to keep their savings accounts
active. Bank Muamalat Labuan
Branch Manager Ross Haridas said
the campaign also offers opportunities
to win prizes by account holders. “It
invites the public to open a new Oh
Yeah 2! Savings Account with the
bank to be eligible for monthly and
grand draws with a minimum deposit
of RM1,000 maintained,” she told
Bernama after a Meet-the-Customer
Day Thursday. The grand prize for the
contest from November 2014 to May
2015 now stands at RM2 million.The
monthly prizes (from June 2014- May
2015) offers RM50,000 for the first
prize, RM25,000 (second prize) and
RM15,000 to the third winner.
© 2014 BERNAMA. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed in anyform except with the prior written permission of BERNAMA.
MALAYSIAeBiz : 4
MALAYSIAeBiz
Boeing Achieves Milestone Year For
Deliveries & Orders In 2014
KUALA LUMPUR -- Boeing Commercial
Airplanes set a record for the most
commercial airplanes delivered in a
single year at 723 units in 2014. It broke
the company’s record for a second
consecutive year. In a statement here
Wednesday, Boeing said it booked 1,432
net orders with a value of US$232.7
billion at list prices, while breaking the
previous all-time high set in 2007, with
unfilled commercial orders standing at
5,789 at the end of the year. It was also
Boeing’s new all-time high. From 1,432
net commercial orders, Boeing said, the
Next-Generation 737 and 737 MAX led
the way with 1,104 orders, followed by
the 777 and 777X with 283 orders.
Weak Ringgit A Boon For Tourism &
Exporters
PETALING JAYA -- The weak ringgit
is a boon for the tourism sector and
exporters, while enhancing Malaysia’s
competitiveness, says Deputy Finance
Minister Datuk Chua Tee Yong. He said
Bank Negara Malaysia was monitoring
the performance of the ringgit and trade
activities to stablilise the situation. “The
weak ringgit to the US dollar is due
to the short term drop in global crude
oil prices. Oil is an export item that
has contributed to the country’s trade
surplus. It used to contribute about 40
per cent, but this has since dropped
to 29 per cent. Since oil, represents a
portion of income for the government,
the ringgit has to bear with the current
situation,” he told reporters here
Wednesday.
HongLeong
Investment
Sees
Positive Outlook For Construction
Sector
KUALA LUMPUR -- The surge in
development expenditure and rollout
of new mega projects, alongside the
unveiling of the 11th Malaysia Plan
in May, are expected to boost the
construction sector in 2015. HongLeong
Investment Bank in a research note
Wednesday has retained its “overweight”
rating on the construction sector as it
The BOTTOM Line
expects job flows to it to remain robust.
“The weak crude oil price environment
has raised concerns that development
expenditure may be cut. The downside
to this is largely mitigated via savings
from the removal of fuel subsidies,” it
said.
M’sia’s Nov 2014 Exports Up 2.1 Pct
To RM63.73 Bln
KUALA LUMPUR -- Malaysia’s exports
in November 2014 rose by 2.1 per cent
to RM63.73 billion, the highest ever
recorded for the month of November,
said the Ministry of International Trade
and Industry (MITI).In a statement
here Wednesday, MITI said exports of
manufactured goods rose by 4.6 per
cent to RM49.58 billion compared with
November 2013 due to higher exports
of electrical and electronics products by
RM1.52 billion followed by chemicals
and chemical products (RM404.6
million) as well as iron and steel products
(RM347.2 million). It said exports of
agricultural goods dropped by 13.4 per
cent to RM5.17 billion because of the
decline in exports of palm oil and crude
natural rubber, due to the lower volumes
and prices. The ministry said the trade
surplus of RM11.13 billion registered
was the highest value since November
2011. Imports were maintained at
RM52.6 billion, it said.
2015 Car Sales Set To Grow By 3.15
Pct To 685,950 Units
KUALA LUMPUR -- Malaysia’s car sales
are expected to grow by 3.15 per cent
to 685,950 units year-on-year for 2015,
said Frost & Sullivan. Its senior partner,
Kavan Mukhtyar, said the decline in fuel
prices would lead to higher car sales in
the first quarter of this year. “We foresee
an increase in the sales of compact
cars as consumers would focus on fuelefficient vehicles,” Mukhtyar said at the
presentation of the Malaysia Automotive
Outlook 2015 here Wednesday. He said
sales of both national and non-national
cars for 2014 were expected to be at
665,000 units. For the national car
market segment, Mukhtyar expected the
53.2 per cent market share for this year
to be same as 2014’s.
Scomi Energy Services Gets
RM175.4 Mln Coal Contract From
TNB
KUALA LUMPUR -- Scomi Energy
Services Bhd has received a letter of
award (LOA) from Tenaga Nasional Bhd’s
wholly-owned subsidiary, TNB Fuel
Services Sdn Bhd (TNBF) for a RM175.4
million contract of affreightment (COA)
for carriage of bulk coal. Under the
contract, Scomi Energy Services is
expected to transport about 1.2 million
metric tonnes of coal per annum for
a period of two years from May 1,
2015, Scomi Energy Services said
in a statement here Wednesday. The
LOA comes with an option for TNBF to
extend it for another year. Scomi Energy
Services Chief Executive Officer Shah
Hakim Zain said this was the second
COA contract after its first award worth
RM158.7 million in July 2013.
Hatten, MBSB Ink RM256.5 Mln In
Financing Deal
MELAKA -- Hatten Group Sdn Bhd
Wednesday inked a financing agreement
worth RM256.5 million with Malaysia
Building Society Bhd (MBSB) to develop
the Imperio@Hatten City project within
the Melaka Raya commercial area here.
Hatten Group Managing Director Colin
Tan said the integrated development
overlooking the Melaka Straits
comprises the six-storey Imperio Mall
retail mall and the Imperio Residence
with 949 units of luxury apartments.
“Imperio@Hatten City is just a few
minutes’ drive from Melaka’s tourism
attractions like Jonker Street, making
it a highly viable commercial area,”
he said at a press conference here
Wednesday. Earlier, Hatten Group Chief
Executive Officer (CEO) Edwin Tan and
MBSB CEO Datuk Ahmad Zaini Othman
signed the agreement at Hotel Hatten in
Bandar Hilir here witnessed by Melaka
Governor Tun Mohd Khalil Yaakob.
MIDF Maintains Positive Outlook On
Semiconductor Sector
KUALA LUMPUR -- MIDF Research has
maintained its positive stance on the
semiconductor sector, given that the
global semiconductor sales (GSS) in
© 2014 BERNAMA. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
MALAYSIAeBiz : 5
MALAYSIAeBiz
November 2014 expanded by 9.1 per
cent year-on-year (y-o-y) to US$29.7
billion. For the first 11 months of 2014,
it said cumulative GSS amounted to
US$304.2 billion, which exceeded
sales of US$303.3 billion for the whole
of 2013. “On monthly cumulative basis,
GSS is on track to meet the World
Semiconductor Trade Statistics (WSTS)
2014 sales target of US$333.1 billion,
as it now already accounts for 91.3 per
cent of its full-year estimate,” MIDF said
in a research note here Wednesday.
The research house said that WSTS
expected sales for December 2014 to
hit about US$29 billion, representing a
growth of 8.8 per cent y-o-y.
Samsung Malaysia Sees Mobile
Segment At Forefront Of IoT By
2017
KUALA LUMPUR -- The mobile
segment will be at the forefront in the
implementation of the Internet-ofThings (IoT) by 2017, says Samsung
Malaysia Electronics Sdn Bhd Mobile
Division Product Manager Au Kuan
Yew. Wednesday, Samsung Electronics
Co Ltd (Samsung Global) announced
that all of its devices will be installed
with IoT systems and company will
invest more than US$100 million
(US$1=RM3.5705) in its developer
community this year. “We welcome the
announcement and I am confident that
Malaysia will get a lot of investment
from what ever figures that our leader
has mentioned,” Au told the media at
the launch of the Samsung Galaxy A5
and A3 models here Thursday.
The BOTTOM Line
same financial year. Gross distribution
declared for Dana Al-Jadid was 1.90
sen per unit, while that for Dana Al-Ifrah
was 2.07 sen per unit, BSN said in a
statement here Thursday. Investors who
held the units until Dec 31, 2014 are
entitled to these distributions in the form
of reinvestments units. Based on the
opening prices for the 2014 financial
year, Al-Jadid’s income distribution is
equivalent to a return of 7.5 per cent
and for Dana Al-Ifrah, 8.0 per cent.
GST To Help Achieve GDP Growth
Target This Year - IRB
MELAKA -- The Goods and Services
Tax (GST) is one of the key initiatives to
assist the country in achieving the gross
domestic product (GDP) growth target
of more than 5.0 per cent this year.
Inland Revenue Board (IRB) chairman
Tan Sri Dr Mohd Irwan Serigar Abdullah
who is also Treasury Secretary-General
said even though the country was
faced with economic uncertainties, the
government believed the target could
be achieved with various initiatives that
had been planned. “The fall in oil prices
made an impact on the global economy,
nevertheless, the government believes
initiatives such as the GST will help the
country’s economy,” he told a press
conference here, Thursday.
MITI Sees A Challenging Year For
Trade Sector Ahead
KUALA LUMPUR -- The trade sector
may face challenging prospects this
year, Minister of International Trade and
Industry, Datuk Seri Mustapa Mohamed.
Mustapa said a team of experts from
PBSNB
Declares
Income the ministry was currently working on
Distributions For Two Islamic Unit the trade forecast figures for this year.
Trust Funds
“The team is looking at the impact on
KUALA LUMPUR -- Permodalan current oil prices, economy, balance of
BSN Bhd (PBSNB), a wholly-owned payments, fiscal deficit as well as the
subsidiary of Bank Simpanan Nasional Goods and Services Tax. The figures
(BSN), has announced an income would be announced in several weeks’
distribution of RM4.47 million for its time. 2015 is a challenging year but
BSN Dana Al-Jadid (Al-Jadid) for the I don’t want to pre-empt as more
financial year ended Dec 31, 2014. detailed analyses needed to be done,”
The bank also declared a RM4.60 he told reporters this after launching
million income distribution for the BSN the Malaysian Association of Asean
Dana Dividen Al-Ifrah (Al-Ifrah) for the Young Entrepreneurs (MAAYE) here
Thursday. He said the ministry would
revisit its forecast figures on foreign
direct investments and export value for
electrical and electronic products in view
of the current ringgit’s performance.
ERL Targets 11 Mln Riderships
This Year
By Rosmalis Anuar
SEPANG -- Express Rail Link Sdn Bhd
(ERL), the high-speed train service
operator between KL Sentral and the
Kuala Lumpur International Airport
(KLIA), targets 11 million riderships for
this year, up 20 per cent from last year.
ERL Chief Executive Officer, Noormah
Mohd Noor, said the ridership increase
by 43 per cent last year was largely due
to the opening of the KL International
Airport 2. “In 2013, we did 6.4 million,
last year 9 million and for this year we
are targeting 11 million riderships,”
she told Bernama after the launch of
KL TravelPass by Tourism and Culture
Minister Datuk Seri Mohamed Nazri
Abdul Aziz at KLIA here Thursday.
Nov 2014 Manufacturing Sales Up
2.5 Pct To RM54.3 Bln
KUALA LUMPUR -- The sales value
of the manufacturing sector in
November 2014 rose by 2.5 per
cent (RM1.3 billion) to RM54.3
billion compared with RM53.0 billion
reported a year ago. On a monthon-month basis, the sales value
decreased by 1.5 per cent (RM0.8
billion) compared with the preceding
month. Year-on-year, the increase
in sales value for the month under
review was contributed by 59 of 138
industries surveyed, the Department
of Statistics Malaysia said in its
Monthly Manufacturing Statistics
here Friday. “On a seasonally
adjusted month-on-month basis,
the sales value in November 2014
increased by 3.5 per cent,” it said. The
department said the total employees
engaged in the manufacturing
sector for the month was 1,030,383
persons, an increase of 0.1 per cent
from the preceding month.
© 2014 BERNAMA. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
MALAYSIAeBiz : 6
BizTALK
MALAYSIAeBiz
Businesses In M’sia To Boost
Sales Force - Survey
KUALA LUMPUR -- Businesses in
Malaysia will focus on improving
their sales force effectiveness
in facing the challenging global
economy, according to the Grant
Thornton Business Report (IBR).
The survey revealed that due to
the uncertainties, business owners
are most likely to improve sales
force effectiveness (62 per cent),
expand business overseas (40
per cent), and expand business
domestically (34 per cent), Grant
Thornton International Ltd said in a
statement here Monday. “The sales
force is one of the most effective
channels for businesses to engage
with their customers. Business
owners are rethinking their sales
strategies, sales processes, reward
plans, training and other aspects,
to improve their businesses” it said.
MITI Optimistic Over
1Q15 Trade Data Amidst
Uncertainties
KUALA LUMPUR -- The Ministry
of International Trade and Industry
(MITI) is optimistic over Malaysia’s
first quarter 2015 (1Q15) trade
data amidst the uncertainty in
current oil prices. Deputy Minister
(Trade) Datuk Lee Chee Leong said
despite oil prices being expected to
weaken further, the manufacturing
and tourism segments are projected
to support the 1Q15 data. “Judging
from the trade figures for last year,
it is still slightly better as compared
to 2013. Although, the ringgit has
depreciated at present, I expect the
two segments to balance out our
trade data,” he told reporters here,
Monday.
Shareholders To Vote On
Restructuring At EGM Puncak Niaga
SHAH ALAM -- Puncak Niaga
Holdings Bhd (PNHB) says
shareholders at the extraordinary
general meeting (EGM) on
Wednesday will vote on the
restructuring of the company as
proposed by the Selangor state
government. PNHB Chief Operating
Officer Datuk Syed Danial Syed
Ariffin said the EGM is to get
approval for the restructuring
proposal from at least 75 per
cent of the shareholders. On Nov
11, PNHB entered into a sale and
purchase agreement to dispose of
its 100 per cent and 70 per cent
stakes in Puncak Niaga Sdn Bhd
(PNSB) and Syarikat Bekalan Air
Selangor (Syabas) respectively to
a subsidiary of state investment
arm Kumpulan Darul Ehsan Bhd,
and the shareholders’ approval is
one of the conditions for the deal to
proceed. “Although the agreement
has been signed, we still need the
support of shareholders,” he told
reporters here Monday.
Proton Chips In To Help Flood
Victims
KUALA LUMPUR -- Concerned with
the fate of the flood victims in the
Peninsular Malaysia’s east coast
region, Proton Holdings Bhd has
embarked on initiatives to support
the affected families post-deluge.
Under the Proton Flood Relief
Mission to the East Coast, the
company helped in the massive
clean-up of public places and
houses of the poor and the elderly,
while serving affected communities
in dire need of humanitarian
assistance. “We are saddened by
the hardships caused by the floods
in the East Coast as many were
forced to flee from their homes
unexpectedly when the floods hit
the region last month with brutal
force,” Proton Chief Executive
Officer Datuk Abdul Harith Abdullah
said in a statement here Tuesday.
NCB MD To Oversee Kontena
Nasional’s Business As CEO
Resigns
KUALA LUMPUR -- NCB Group
Managing Director, Abi Sofian
Abdul Hamid, will be overseeing
the business of Kontena Nasional
Bhd following the resignation of
Syahrul Azmir Ahmad Zaki as
the Chief Executive Officer of the
logistics company. In its filing to
Bursa Malaysia here Tuesday,
NCB Group, the parent company
of Kontena Nasional, said Syahrul
Azmir has decided to pursue other
opportunities. His effective date of
resignation is Jan 1, 2015.
Discount For CCM Fines
Extended To Feb 28
KUALA LUMPUR -- The Companies
Commission of Malaysia (CCM)
has extended its offer of 80 per
cent discount on compound rates
for offences committed under the
Companies Act 1965 to Feb 28 this
year. The discount, effective from Nov
1, was to have ended on Dec 31 last
year. Domestic Trade, Cooperatives
and Consumerism Minister Datuk
Seri Hasan Malek said the extension
takes into account the floods that
hit Peninsular Malaysia’s east coast
states as well as several other states.
“The incentive is extended in order
to ease the burden of flood victims,
especially companies and company
directors involved in settling
outstanding compounds,” he said in
a statement here Wednesday.
CIDB Proposes Centre
Of Excellence To Drive
Sustainable Infrastructure
KUALA LUMPUR -- The Construction
Industry Development Board (CIDB)
has proposed the establishment of a
Centre Of Excellence for Sustainable
Infrastructure. The proposed centre
will provide a platform to collaborate
with renowned researchers and
research institutions, conduct
training and knowledge-sharing,
as well as provide consultancy and
accreditation to further improve
the industry. CIDB Chief Executive
Datuk Seri Judin Abdul Karim said
the establishment was proposed
under the Second Construction
Industry Master Plan which is in the
final stages of being drafted.
Puncak Niaga To Diversify Into
Agriculture, Construction
SHAH ALAM -- Puncak Niaga
Holdings Bhd (PNHB) is looking
at diversifying its business into
agriculture
and
construction
sectors following the disposal of
its water assets to Kumpulan Darul
Ehsan Bhd (KDEB). Its Executive
Chairman, Tan Sri Rozali Ismail, said
the company also expected to see
a five to 10 per cent growth in its
oil and gas revenue going forward.
He said the oil and gas business
© 2014 BERNAMA. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
MALAYSIAeBiz : 7
BizTALK
MALAYSIAeBiz
currently contributes about 30-40
per cent to PNHB’s revenue. “For
2015, we will focus on wastewater
and environment (engineering)
business, while at the same time
diversify into agriculture and
construction business,” he told
reporters here Wednesday.
M’sia’s Trade To Be
Supported By E&E Sector MIDF Research
KUALA LUMPUR -- Malaysia’s
trade is likely to be supported
by the electrical and electronics
(E&E) industry on the expectation
that overall export growth will
moderate as the economies of
other major trading partners
continue to be uneven, says MIDF
Research. “Major economies
except for China seem to be
improving. The economies of the
United States and Japan seem
to be in an expansionary phase
judging from their manufacturing
Purchasing Managers Index
results,” the research house said in
a research note Wednesday. It said
Malaysia’s exports for November
improved on better performance
by manufactured goods, rising
4.6 per cent due to the rebound in
exports of E&E products at 7.1 per
cent and chemicals and chemical
products at 10.4 per cent.
M’sia’s Middle Class Cites
Health Among Top Life Goals
KUALA LUMPUR -- Sixty-eight
per cent of Malaysia’s middle
class rated being healthy as one
of their top life goals, 38 per cent
cited having a happy marriage
or relationship while 35 per cent
gave top priority for a comfortable
retirement. This was the result of
a survey undertaken by AIA on
Malaysia’s Middle Class Hopes and
Aspiration conducted in July 2014.
AIA Bhd Chief Marketing Officer
Thomas Wong said Malaysia’s
middle class also expected their
life situations to improve over the
next 12 months, as indicated by
the AIA Middle Class Index (MCI)
score of 60.5, where scores above
50 shows more expect situations
to improve than to worsen.
“Even so, they cited affordability
of healthcare (51 per cent),
unexpected emergencies (46 per
cent) and cost of housing (31 per
cent) as their main concerns. This
demonstrated that the group placed
more value on health over wealth,”
he told reporters here Thursday.
Sime
Darby
Foundation
Contributes RM1.2 Mln To Aid
Flood Victims
KUALA LUMPUR -- Sime Darby
Foundation (YSD) has contributed
over RM1.2 million to assist flood
victims in Kelantan, Pahang and
Terengganu. Of this amount,
RM700,000 was channelled to the
Malaysian Medical Relief Society
(MERCY Malaysia) Humanitarian
Relief Fund and RM500,000 for
relief efforts by Sime Darby group
corporate responsibility and Sime
Darby Plantation (SDP) to provide
essential supplies to affected
communities in its estates. In a
statement here Thursday, YSD
chairman Tun Musa Hitam said he
hoped the contribution would help
flood victims get through the rough
days ahead as they rebuild their
lives. “YSD is also working with
MERCY Malaysia to reconstruct
homes that were demolished by
flood waters in three villages in Kuala
Krai. In addition, we will provide
school uniforms, school shoes,
socks, backpacks, pencil cases and
stationeries to 300 children there,”
he added.
RedTone Unit, XS21 Wireless
To Set Up JV
KUALA LUMPUR -- Redtone
International Bhd’s wholly-owned
subsidiary, Redtone Marketing
Sdn Bhd, has entered into an
agreement with XS21 Wireless Sdn
Bhd to establish a joint venture
(JV) company for the provision of a
high capacity wireless connectivity
services. Redtone International
in a filing to Bursa Malaysia here
Thursday said the agreement was
part of its expansion drive to grow
its telecommunications and data
business. “This business venture
is expected to contribute positively
to the future earnings of RedTone
International group,” it added.
Asean Social Security
Association Appoints EPF
CEO As Chairman
KUALA LUMPUR -- Datuk Shahril
Ridza Ridzuan, the Employees
Provident Fund (EPF) Chief
Executive Officer (CEO), has
been appointed Chairman of the
Asean Social Security Association
(ASSA). The EPF, in a statement
here Friday, also disclosed the
appointment of its Deputy Chief
Executive Officer (Strategy) Tunku
Alizakri Raja Muhammad Alias,
as the association’s SecretaryGeneral. “We are truly honoured
by the appointment as it
reinforces our efforts to pursue the
establishment of a National Social
Security Council in Malaysia, as we
will soon be facing social security
issues already being experienced
by more developed nations,”
Shahril Ridza said. Established in
1995, the ASSA is a regional body
representing all social security
organisations of Asean member
countries and acts as a platform to
foster regional cooperation among
social security organisations,
especially in the areas of training,
research and development.
MyCC Forges Stronger Ties
With Consumer Watchdog
PPIM
KUALA LUMPUR -- The Malaysia
Competition Commission (MyCC)
and the Muslim Consumers
Association of Malaysia (Persatuan
Pengguna Islam Malaysia or PPIM)
will collaborate to combat price
fixing by any association. MyCC
Chief Executive Officer Dr Mohd
Khalid Abdul Samad said while
price hikes on their own are not
anti-competitive in nature, price
hikes which result from collusion
through price fixing agreements by
any association or group of sellers,
suppliers or manufacturers could
be investigated under Section 4
of the Competition Act 2010. “We
take note of PPIM’s concerns on
the possibility of traders colluding
to fix high prices, and look forward
to collaborating with PPIM on
gaining leads regarding such cases
at the grassroots level,” he said in
a statement here Friday.
© 2014 BERNAMA. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
MALAYSIAeBiz : 8
Insight
BizEVENTS
Eversendai’s Unit Bags RM44 Mln
Contract In Dubai
KUALA LUMPUR -- Eversendai Corp
Bhd’s unit in Dubai, United Arab
Emirates, has secured the Nas Arena
contract worth RM44 million. In a
filing to Bursa Malaysia here Monday,
the specialist engineering and
construction services provider said
the contract was for the connection
design, fabrication, supply and
erection of structural steel works for
the Nas Indoor Futsal and Volleyball
Arena. The new arena, which has
a gross capacity of 5,000 seats,
would be used to host international
tournaments, it said.
Shahril Mokhtar Clocks In As
MRT Corp CEO
KUALA LUMPUR -- Datuk Seri Shahril
Mokhtar has assumed the post of Chief
Executive Officer (CEO) of Mass Rapid
Transit Corporation Sdn Bhd (MRT Corp)
Monday. Shahril, the former Group
Managing Director of Syarikat Prasarana
Malaysia Bhd, takes over from Datuk
Wira Azhar Abdul Hamid, who resigned
last year. In a statement here Monday,
the company said after a meeting with
the management team, Shahril called
on MRT Corp Chairman, Tan Sri Dr Ali
Hamsa, as part of his duties on the first
day as CEO. Shahril said his main focus
would be to ensure the momentum that
has brought about good progress for the
MRT Sungai Buloh-Kajang Line, which
stood at 57.62 per cent as at Dec 15
last year, was maintained.
1MDB Names Arul Kanda As
President & Group Executive
Director
KUALA LUMPUR -- 1Malaysia
Development Bhd (1MDB), a strategic
development company wholly-owned
by the Government of Malaysia, has
announced the appointment of Arul
Kanda as President and Group Executive
Director with immediate effect. In a
statement here Monday, 1MDB said Arul
succeeds Mohd Hazem Abd Rahman,
who will step down as Managing Director
and Chief Executive Officer as well as
member of the Board of Directors, as
part of a transition plan. The Board of
Directors also announced that 1MDB
will be undertaking a strategic review to
explore and determine a course of action
that will allow the company to maximise
returns for all of its stakeholders.
ETCM Unveils New Nissan
Almera
KUALA LUMPUR -- Edaran Tan Chong
Motor Sdn Bhd (ETCM) has unveiled
the new Nissan Almera (facelift) with
more aggressive and aerodynamic
features. The model features a newlydesigned front bumper with signature
three-dimensional front grille and new
multi-reflector headlamps among
others, ETCM said in a statement
here Monday. ETCM also noted that to
date, there were about 56,000 Almera
units on the road. The car is priced at
RM 66,900 (E variant Manual), RM
69,900 (E variant Automatic), RM
76,900 (V variant) and RM 79,900 (VL
variant) on-the-road with insurance,
alongside a warranty period of three
years or 100,000 kilometres in terms
of mileage.
Perodua Opens Booking For New
Myvi
KUALA LUMPUR -- Perodua has opened
bookings for its new Myvi model to be
launched on Jan 15. In a statement here
Wednesday, the company said the car
will feature enhanced safety standards. It
added that the new safety features were
given a four-star rating by the Asean
New Car Assessment Programme.
“These improvements were made
after an extensive study,” said Perodua
President and Chief Executive Officer,
Datuk Aminar Rashid Salleh. Myvi is
currently Perodua’s most successful
model and has been Malaysia’s bestseller for nine consecutive years. The
new Myvi is priced between RM41,500
and RM58,900 in Peninsular Malaysia
and comes in two new colours, Electric
Blue and Cosmic Gold.
Hershey Appoints Schiller As
Regional President For AEMEA
KUALA LUMPUR -- The Hershey
Company (Hershey) has appointed
Steven Schiller as Regional President
MALAYSIAeBiz
for the Asia, Europe, the Middle East
and Africa (AEMEA) region, effective
Jan 1, 2015. In a statement here
Wednesday, the company said in
this new role, he will lead Hershey’s
businesses across AEMEA and report
to Humberto P. Alfonso, President of
Hershey International. Alfonso said,
Schiller was a seasoned leader who
brought a great wealth of global
market expertise to this role.
Handbook On List Of Taxable
Goods For Traders Introduced
KUALA LUMPUR -- The government
Wednesday introduced a handbook
on the list of taxable and non-taxable
goods for sundry goods specifically
for traders in preparation for the
Goods and Services Tax (GST) on April
1. Deputy Finance Minister Datuk
Chua Tee Yong said the book, jointly
published by the Royal Malaysian
Customs Department and the Finance
Ministry, listed 1,800 goods initially
and would add the remaining 8,200
list of goods for registered traders
in the near future. “The handbook is
not for the use of consumers as the
list of 10,000 goods is for traders’
reference to enable them to make the
necessary preparation,” he said in a
press conference here Wednesday.
All Samsung Hardware To Be IoTReady By 2017
KUALA LUMPUR -- Samsung
Electronics Co Ltd aims to install
Internet-of-Things (IoT) systems in
all of its devices by 2017. In the IoT
scenario, data can be transferred over
a network without requiring humanto-human or human-to-computer
interaction. Samsung Electronics
Chief Executive Officer BK Yoon said
in two years’ time, all Samsung
televisions will be IoT devices, and in
five years all Samsung hardware will
be IoT-ready, further accelerating the
expansion of IoT devices available in
the market, the company said in a
statement here Wednesday.
http://www.radio24.com.my
© 2014 BERNAMA. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
MALAYSIAeBiz : 9
Malaysia Remains Resilient Despite Double Whammy
is confident that Malaysia is on track to achieve a 5 per
cent to 6 per cent GDP in 2015 despite low crude oil
prices.
He said: “Given the fact that our economy has diversified
and our exports of oil and condensate only makes up 4.5
per cent of our total exports, the impact on the Malaysian
economy would still be manageable.
“Overall, it [the economy next year] has both positives
and negatives, [but] I still believe that the growth target
between 5 per cent and 6 per cent is still achievable,”
he said.
ON TRACK...Minister in the Prime Minister’s Department Datuk Seri Abdul
Wahid Omar says GDP on track - fotoBERNAMA
No Adverse Effect
By Salbiah Said
The fluctuation of the ringgit has not adversely affected
Malaysia’s economy in showing a balanced impact over
KUALA LUMPUR -- The Malaysian economy remains the medium term, he said.
resilient despite the difficult and challenging year
following the double whammy - disastrous east coast Abdul Wahid said the issue is underpinned by the
floods and weak ringgit - with the nation still reeling from country’s strong fundamentals via the current account
the rising costs of living.
surplus in the balance of payments of RM41 billion for
the first nine months of the year compared to RM37
Prime Minister Datuk Seri Najib Tun Razak in his New billion in 2013.
Year message said: “This has been the most challenging
year of my career – and one of the most difficult years in “At the same time, Malaysia’s economic structure has
Malaysia’s history.
been diversified and no longer dependent on just the
agriculture and commodity sectors,” he said.
But I take heart from the way we came together, as one
nation, to #prayforMH370 and #prayforMH17. I believe Abdul Wahid said since Malaysia is no longer dependent
we will come out of these twin tragedies stronger and on the commodity sector, if there is any sudden decline,
more determined. We have been tested by disaster, but the impact would not be harsh due to the diversified
the spirit of the nation remains strong,” he said in in his economy.
New Year message.
Citing the 1997 global economic crisis as an example, he
The government’s 2015 priority is recovery: to rebuild the said Malaysia could still overcome the challenges then,
infrastructure, the businesses and the homes that were as the economic fundamentals are strong and expanding
damaged or lost. We must ensure that the development over the last four decades.
we pursue is environmentally friendly, so that we are not
making future floods more likely – or more damaging,” Strong Fundamentals
said Najib.
“It is true that from time to time, there would be external
GST To Boost Economy
factors which can influence the prices of commodities
and the currency movement. But, what is important is,
Treasury Secretary-General Tan Sri Dr Mohd Irwan Serigar if the economic fundamentals and financial position of
Abdullah said despite facing economic uncertainties, the the country is strong, we can overcome the issues,” he
government believes Malaysia could achieve its Gross added.
Domestic Product (GDP) target of more than five per cent
this year.
As at Dec 31, 2014, Bank Negara’s international reserves
amounted to RM405.5 billion (equivalent to US$116.0
“The fall in oil prices made an impact on the global billion) compared to RM441.9 billion (US$134.9 billion)
economy, nevertheless, the government believes as at end-2013.
initiatives such as the Goods and Services Tax (GST) will
help the country’s economy,” he said.
The reserves position is sufficient to finance 8.4 months
of retained imports and is 1.1 times the short-term
Minister in the Prime Minister’s Department responsible external debt, it added.
for economic planning, Datuk Seri Abdul Wahid Omar,
© 2014 BERNAMA. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
MALAYSIAeBiz : 10