The ringgit was traded higher against a basket of other major currencies. — Bernama pic
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KUALA LUMPUR, Jan 31 — The ringgit opened marginally higher against the US dollar today on renewed buying interest.
At 9.02am, the local note rose slightly to 4.1855/1905 versus the greenback from 4.1880/1915 at Friday’s close.
A dealer said higher oil prices lent support to the ringgit’s performance in the early session.
At the time of writing, Brent crude jumped 1.02 per cent to US$90.95 and West Texas Intermediate jumped 1.21 per cent to US$88.03.
The oil market strengthened in early trade amid signs of sustained global demand and geopolitical events in Ukraine.
Meanwhile, the ringgit was traded higher against a basket of other major currencies.
It eased against the Singapore dollar to 3.0867/0906 from Friday’s close of 3.0860/0890 and declined versus the euro at 4.6647/6703 compared with 4.6621/6660.
The domestic unit depreciated against the British pound to 5.6107/6174 from 5.6031/6078 and rose vis-a-vis the Japanese yen to 3.6241/6288 from 3.6222/6252. — Bernama
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Market breadth was positive with gainers leading losers 192 to 135, while 161 counters were unchanged, 1,760 untraded and 52 others suspended. — Bernama pic
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KUALA LUMPUR, Jan 31 — Bursa Malaysia opened lower but turned higher this morning, lifted by selected heavyweights led by IHH Healthcare and Press Metal.
At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) improved 1.16 points to 1,521.18 from 1,520.02 at Friday’s close, after opening 0.3 of-a-point lower at 1519.72.
Market breadth was positive with gainers leading losers 192 to 135, while 161 counters were unchanged, 1,760 untraded and 52 others suspended.
Turnover stood at 109.91 million units worth RM54.79 million.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said regional markets would remain volatile ahead of the Chinese New Year holiday.
“As for the local bourse, trading will only be for the morning session today. Hence, we believe participation would be rather muted.
“Therefore, we expect FBM KLCI to hover within the 1,515-1,525 range today. Meanwhile, crude palm oil is set to end January on a record high as it closed at RM5,610/tonne last week,” he told Bernama.
Regionally, Singapore’s Straits Times Index rose 0.46 per cent to 3,261.34, Japan’s Nikkei 225 gained 0.39 per cent to 26,822.41, while Hong Kong’s Hang Seng Index is closed ahead of the Lunar New Year holiday.
Bursa Malaysia’s heavyweights IHH Healthcare advanced five sen to RM6.45, Press Metal increased four sen to RM6.13, Axiata Group gained three sen to RM3.77, and Hong Leong Financial Group strengthened 22 sen to RM18.68.
As for the actives, Daya Materials inched up half a sen to one sen, Hibiscus Petroleum gained 4.5 sen to 99.5 sen, Pertama Digital up two sen to 68.5 sen, while AirasiaX inched down half a sen to 4.5 sen.
On the index board, FBM ACE slid 19.17 points to 6039.86, while FBM 70 improved 24.15 points to 13,385.36, FBM Emas Index firmed 5.97 points to 10907.01, FBMT 100 Index gained 10.58 points to 10,617.74, and FBM Emas Shariah Index climbed 11.92 points to 11,592.51.
Sector-wise, the Financial Services Index eased 0.06 of-a-point to 15,779.58, the Industrial Products and Services Index was 0.31 of-a-point better at 200.72, and the Plantation Index slipped 21.810 points to 6,628.30.
Bursa Malaysia will be traded for only half day on the eve of the Chinese New Year and close for two days on February 1 and 2 for the Chinese New Year celebration. — Bernama
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The greenback had its best week in seven months last week supported by investors seeking safety amid a sell-off in riskier assets and by analysts raising forecasts for US interest rate hikes. — Reuters pic
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HONG KONG, Jan 31 — The dollar was near a year-and-a-half high against the euro on Monday with equities markets volatility expected to push it higher in the short-term as traders eyed upcoming Australian, UK and European central bank meetings.
The euro was at US$1.1148, just off last Friday’s low of US$1.1119, its weakest since June 2020. The Aussie dollar was at US$0.6991, also languishing near Friday’s 18-month low, while sterling was at US$1.34015, near the one-month low hit last week.
The greenback had its best week in seven months last week supported by investors seeking safety amid a sell-off in riskier assets and by analysts raising forecasts for US interest rate hikes.
MSCI’s 50-country main world index is headed for its worst month since the start of the pandemic.
Market pricing now suggests a more than 90 per cent chance of at least four rate hikes by the end of the year and a 67 per cent chance of at least five.
“The USD ‘smiled’ again, drawing on a combination of rates repricing and much weaker risk sentiment,” said analysts at Barclays.
Looking forward, they said weak and volatile equities could support the dollar but the potential for further dollar gains based on rate hike expectations was limited, as last week’s moves mean an “aggressive normalisation cycle” is now priced in.
The dollar index, which measures the greenback against six major peers was at 97.205, just below Friday’s 18-month top of 97.441.
The yen was at 115.23 per dollar, in the middle of its recent range, buffeted by the headwind of rising US rates with little prospect of rate hikes at home, but supported by some demand for it as a safe-haven.
While US payroll figures are out on Friday, the focus this week shifts a little away from the Fed to other central banks.
Australia-watchers await the central bank’s Tuesday meeting, amid rising expectations for an announcement for the end of its quantitative easing programme. That will be followed by a as speech by the RBA’s governor on Wednesday and a statement on monetary policy Friday.
The week “will go far to define the psychology of the market for the next few months,” said Westpac analysts. “That QE will cease will not be a surprise, so the real focus is on the RBA’s shifting economic view and its implications for the (benchmark) cash rate.”
The Bank of England also has a meeting on Thursday, with a Reuters poll of economists predicting a second rate hike in less than two months, as the BOE reverses more pandemic stimulus, after inflation jumped to its highest in nearly 30 years.
The European Central Bank also has a policy meeting Thursday. While no policy change is expected, analysts are starting to warn that approaching rate hikes from the Fed will shrink the ECB’s window for action.
In cryptocurrencies, bitcoin was at US$37,700, after a quiet weekend for the digital asset. — Reuters
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People pass their time at a cafe which has dozens of screens showing the latest trends and prices on various cryptocurrencies for their crypto investors' customers in Nakhon Ratchasima, Thailand January 21, 2022. — Reuters pic
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NAKHON RATCHASIMA (Thailand), Jan 31 — A cafe in northeast Thailand has become home to cryptocurrency traders, adding banks of screens showing the latest market moves and dishing out investment advice alongside coffee and cake.
Behind a calm exterior of cherry blossom trees, customers of HIP Coffee & Restaurant stare at their laptops, supping nervously on iced coffee — part of a surging interest in digital assets in Thailand that has regulators worried.
“It’s exciting for me to be here because I get to meet people who share the same interests,” said Detnarong Satianphut, a 35-year-old crypto trader.
“We (traders) get to exchange information because in the trading world we are coming up against millions of people.”
Cryptocurrencies have been gaining momentum in Thailand, with as much as 251 billion baht (RM31.4 billion) in digital asset traded in November, according to the latest official data.
Earlier this month, Thailand said it would start to regulate the use of digital assets as payments, warning of potential risks to financial stability and the overall economic system.
HIP cafe, which has been around since 2013, got its crypto makeover in 2020.
Since then, according to staff, its customers have doubled. Manager Oakkharawat Yongsakuljinda said the cafe provides alternative investment opportunities for people in the surrounding Nakhon Ratchasima province.
It offers free investment consulting and is planning on starting its own cryptocurrency coin.
Its customers say trading in the cafe offers them the best chance of success in a volatile market, in which the most well known cryptocurrency, bitcoin, hit six-month lows this week.
“Having so many screens helps a lot We immediately know and get to analyse crashing factors and whether we should buy,” said 23-year-old trader Apakon Putnok. — Reuters
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Aamer Hayat Bhandara, co-founder of Digital Dera, guides a farmer on how to check the weather at his office in Chak Twenty-six SP January 7, 2022. — AFP pic
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CHAK TWENTY-SIX SP (Pakistan), Jan 31 — Agriculture entrepreneurs are bringing the digital age to Pakistan’s farmers, helping them plan crops better and distribute their produce when the time is right.
Until recently, “the most modern machine we had was the tractor”, Aamer Hayat Bhandara, a farmer and local councillor behind one such project told AFP in “Chak 26”, a village in the agricultural heartland of Punjab province.
Even making mobile phone calls can be difficult in many parts of Pakistan, but since October, farmers in Chak 26 and pilot projects elsewhere have been given free access to the internet — and it is revolutionising the way they work.
Agriculture is the mainstay of Pakistan’s economy, accounting for nearly 20 per cent of gross domestic product and around 40 per cent of the workforce.
It is estimated to be the world’s fifth-largest producer of sugarcane, seventh-largest of wheat and tenth-biggest rice grower — but it mostly relies on human labour and lags other big farming nations on mechanisation.
Cows and donkeys rest near a muddy road leading to a pavilion in Chak 26, which is connected to a network via a small satellite dish.
This is the “Digital Dera” — or meeting place — and six local farmers have come to see the computers and tablets that provide accurate weather forecasts, as well as the latest market prices and farming tips.
“I’ve never seen a tablet before,” said Munir Ahmed, 45, who grows maize, potatoes and wheat.
“Before, we relied on the experience of our ancestors or our own, but it wasn’t very accurate,” added Amjad Nasir, another farmer, who hopes the project “will bring more prosperity”.
Apps and apples
Communal internet access is not Bhandara’s only innovation.
A short drive away, on the wall of a shed, a modern electronic switch system is linked to an old water pump.
A tablet is now all he needs to control the irrigation on part of the 100 hectares (250 acres) he cultivates — although it is still subject to the vagaries of Pakistan’s intermittent power supply.
This year, Bhandara hopes, others will install the technology he says will reduce water consumption and labour.
“Digitising agriculture... and the rural population is the only way to prosper,” he told AFP.
At the other end of the supply chain, around 150 kilometres (90 miles) away in Lahore, dozens of men load fruit and vegetables onto delivery bikes at a warehouse belonging to the start-up Tazah, which acts as an intermediary between farmers and traders.
After just four months in operation, the company delivers about 100 tonnes of produce every day to merchants in Lahore and Karachi who place orders via a mobile app.
“Before, the merchant had to get up at 5 am or 5:30 am to buy the products in bulk, at the day’s price, and then hassle with transporting them,” said Inam Ulhaq, regional manager.
“Tazah brings some order to the madness.”
In the Tazah office, several employees manage the orders, but for the time being, purchases are still made by phone, as the part of the application intended for farmers is still in development.
The young company is also tackling a “centuries-old” system that stakeholders are reluctant to change, explains co-founder Abrar Bajwa.
Record investment
Fruit and vegetables often rot during their journey along poorly organised supply chains, says partner Mohsin Zaka, but apps like Tazah make the whole system more efficient.
In addition to Lahore, Tazah is already operating in the largest city, Karachi, and is preparing to move into the capital, Islamabad.
A US$20 million fundraising campaign is underway, the co-founder told AFP, at a time when investments are pouring into Pakistani start-ups.
Foreign investment in Pakistan startups exceeded US$310 million last year — five times the 2020 level and more than the previous six years combined, according to several reports.
Further down the chain, Airlift — which provides grocery deliveries — raised US$85 million in a record-breaking prospectus for the country in August.
“A lot of the markets that venture investors are looking for, like India or Indonesia, are saturated,” said Bajwa, a former director at Careem, the local ride-hailing app acquired by Uber in 2020.
Now Pakistan, the world’s fifth-most populous country, is attracting attention and agriculture is a sector that is “completely untapped from a technological point of view”, he said.
It is “certainly the one where we can have the biggest impact” here, he noted. — AFP
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Japan’s Nikkei dipped 0.3 per cent as data on industrial output and retail sales undershot forecasts. S&P 500 futures and Nasdaq futures both eased 0.3 per cent, undoing some of Friday’s bounce. — Reuters pic
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SYDNEY, Jan 31 — Asian share markets made a cautious start to a week that is likely to see a rise in UK interest rates and mixed reports on US jobs and manufacturing, while surging oil prices added to worries over inflation.
Data out yesterday showed China’s factory activity slowed in January as a resurgence of Covid-19 cases and tough lockdowns hit production and demand.
The standoff over Ukraine remains a thorn in the market’s side, with concerns a Russian invasion would also cut vital gas supplied to western Europe.
Lunar New Year holidays made for thin conditions and MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.1 per cent in slow trade.
Japan’s Nikkei dipped 0.3 per cent as data on industrial output and retail sales undershot forecasts. S&P 500 futures and Nasdaq futures both eased 0.3 per cent, undoing some of Friday’s bounce.
The Bank of England is likely to hike rates again this week, continuing the global trend toward tighter policy. The European Central Bank also meets but is expected to stick to its argument that inflation will recede over time.
Markets have swung to pricing in five hikes from the Federal Reserve this year to 1.25 per cent, though investors still see rates peaking at a historically low 1.75-2.0 per cent.
Analysts at BofA think that is not nearly hawkish enough.
“We point out that markets have underpriced Fed hikes at the start of the last two hiking cycles and we think that will be the case again,” says BofA chief economist Ethan Harris.
“Starting in March, we expect the Fed to start raising rates by 25bp at every remaining meeting this year for a total of seven hikes, with four more hikes next year,” he adds. “This would take the terminal rate to 2.75-3.00 per cent by the end of 2023, which should slow down growth and inflation.”
The Fed diary is rather sparse this week with only three regional presidents scheduled to speak, but there is plenty of data highlighted by the ISM readings on manufacturing and services, and the January jobs report.
The headline payrolls number is expected to be soft given a surge in coronavirus cases and adverse weather. The median forecast if for a rise of just 155,000, while forecasts range from a gain of 385,000 to a drop of 250,000.
“We expect nonfarm payrolls to rise by only 50,000 in January and for the unemployment rate to hold steady at 3.9 per cent,” said analysts at Barclays in a note.
“We see downside risk to our forecast given the 8.8 million adults that were not working during the week of January 11 in order to care for someone sick, or they themselves were sick.”
The hawkish turn by the Fed has seen US 10-year Treasury yields spike 27 basis points this month to 1.78 per cent, making bonds relatively more attractive compared to equities and particularly growth stocks with stretched valuations.
It has also bolstered the US dollar, which has jumped 1.7 per cent so far this moth against a basket of its main rivals to the highest since July 2020 at 97.441.
The euro shed 1.7 per cent last week alone to its lowest since June 2020 and was last trading at US$1.1151 (RM4.67). The dollar even gained on the safe haven yen, rising 1.3 per cent last week to stand at 115.27 yen.
Higher yields have been a deadweight for gold, which pays no return, and the metal was stuck at US$1,789 an ounce, having shed 2.4 per cent last week.
Oil prices were near seven-year peaks having climbed for six weeks straight as geopolitical tensions exacerbated concerns over tight energy supply.
Brent rose 94 cents to US$90.97 a barrel, while US crude added 89 cents to US$87.71 per barrel. — Reuters
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The chair of the US central bank, Jerome Powell, signaled this week the Fed plans to hike interest rates in March, telling reporters the recovery in the world’s largest economy is strong enough that it can handle higher borrowing costs. — Pool pic via Reuters
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NEW YORK, Jan 31 — The US Federal Reserve is not ruling out raising rates by half a percentage point if inflation remains high, Fed official Raphael Bostic said in an interview with the Financial Times.
The chair of the US central bank, Jerome Powell, signaled this week the Fed plans to hike interest rates in March, telling reporters the recovery in the world’s largest economy is strong enough that it can handle higher borrowing costs.
Powell declined to give details on the size of the planned increase, saying only that the Fed would be flexible. It typically raises rates by a quarter of a percentage point; a half-point increase would be uncommon.
In an interview with the Financial Times published Saturday night, Bostic, who heads the Federal Reserve Bank of Atlanta, said that “every option is on the table for every meeting.”
He still expects three quarter-percentage-point hikes by the end of the year.
But “if the data say that things have evolved in a way that a 50 basis point move is required or (would) be appropriate, then I’m going to lean into that.” Fifty basis points equal half a percentage point.
Bostic stressed that he would be “comfortable” with the idea of making a decision “in successive meetings,” suggesting there could be a rate hike at each of the seven remaining meetings between now and the end of the year.
The Fed’s key rates were lowered to a range of 0 per cent to 0.25 per cent in March 2020 in an attempt to mitigate the shock to the economy from the Covid-19 pandemic.
With growth back on track, the priority now for the Fed is to slow inflation, including by raising rates. — AFP
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Following the UK in mid-2020, Sweden became the second country in Europe and the first in the EU to explicitly ban network operators from using Huawei equipment in the buildup of the infrastructure needed to run its 5G network. — Illustration/Reuters file pic
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STOCKHOLM, Jan 31 — Huawei said yesterday it has initiated arbitration proceedings against Sweden under the World Bank Group after the Nordic country banned the Chinese tech giant from rolling out its 5G products.
“The Swedish authorities’ decision to discriminate against Huawei and exclude it from the 5G rollout has significantly harmed Huawei’s investment in Sweden, in breach of Sweden’s international obligations,” the Chinese company said in a statement to AFP.
The company had therefore “initiated arbitration proceedings” under the World Bank Group’s International Centre for Settlement of Investment Disputes (ICSID) “against the Kingdom of Sweden following a number of measures taken by the Swedish authorities targeting directly Huawei’s investments in Sweden and excluding Huawei from the rollout of 5G network products and services in the country,” Huawei added.
Huawei did not specify what damages it was seeking, but according to public broadcaster SVT, the initial sum sought was 5.2 billion Swedish kroner (US$550 million, 495 million euros), but it could end up being much higher.
Following the UK in mid-2020, Sweden became the second country in Europe and the first in the EU to explicitly ban network operators from using Huawei equipment in the buildup of the infrastructure needed to run its 5G network.
Sweden also ordered Huawei to remove already installed equipment by January 1, 2025.
After an appeal from Huawei a Swedish court confirmed the decision by Sweden’s Post and Telecom Authority in June 2021.
The decision strained relations between Sweden and China, with Beijing at the time warning that PTS’s decision could have “consequences” for the Scandinavian country’s companies in China, prompting Swedish telecom giant and Huawei competitor Ericsson to fear retaliation. — AFP
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Britain’s Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak take part in a science lesson at King Solomon Academy in Marylebone, London April 29, 2021. — Reuters pic
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LONDON, Jan 30 — A planned increase in British social security contributions from workers and employers will go ahead in April, Prime Minister Boris Johnson and finance minister Rishi Sunak said, despite calls to scrap the rise due to the strain on household budgets.
With surging inflation exacerbating a cost-of-living squeeze, the government has faced growing pressure, including from some of its own Conservative lawmakers, to delay or cancel a new health and social care levy that will see the rate of National Insurance rise by 1.25 percentage points.
Some British newspapers have speculated that Johnson, who faces a possible no confidence vote over social gatherings at Downing Street during Covid-19 lockdowns, might seek to shore up support by scrapping the rise.
Writing a joint article in the Sunday Times newspaper, Johnson and Sunak said: “We must continue to be responsible now, as we deal with Covid aftershocks — and above all with the Covid backlogs in healthcare... We must go ahead with the health and care levy.”
Britain racked up its biggest budget deficit since World War Two, equivalent to 15 per cent of gross domestic product, in the 2020/21 financial year.
The pair said that while they are “tax-cutting Conservatives” they need to be responsible with public finances.
“We believe people are the best judges of how to spend their money. We want to get through this phase and get on with our agenda,” they wrote.
“With healthy finances we will continue to drive business confidence, and with record investment we will lay the foundations for a sustained, long-term, jobs-led recovery.”
British inflation in December was its highest in nearly 30 years at 5.4 per cent, with rising energy costs adding to the pressure on household budgets.
Johnson and Sunak said they would continue to look at the best way to support people through the post-pandemic economic recovery and were considering the best medium and long-term plan to improve the security of Britain’s energy supply. — Reuters
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A general view of the Sime Darby Property headquarters in Petaling Jaya October 2, 2019. — Reuters pic
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KUALA LUMPUR, Jan 30 — Sime Darby Property Bhd’s annual Spotlight 8 Campaign recorded a total sales booking with an accumulated Gross Development Value (GDV) of RM1.83 billion.
In a statement today, it said newly launched products with a combined GDV of RM1.4 billion contributed the most to the successful campaign which was held from Aug 28, 2021 to Jan 8, 2022, garnering 81 per cent take-up of the total sales booking.
It said this was followed by the company’s existing stocks with a GDV of RM400 million, raking 19 per cent take-up of the overall sales booking.
Group managing director Datuk Azmir Merican Azmi Merican said Sime Darby Property products at each township were designed with versatile space, accessibility and sustainable features in mind to meet the demands of homebuyers who have different needs and priorities.
“We also leveraged on our digital platforms to strategically market our products and offer customers the convenience in completing transactions online.
“These were key factors which led to the Spotlight 8 Campaign’s success and encourages us to continue offering the market with more exciting products this year,” he added. — Bernama
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A worker works on a production line at a factory of a ship equipment manufacturer, in Nantong, Jiangsu province, China March 2, 2020. — China Daily pic via Reuters
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BEIJING, Jan 30 — Factory activity in China edged down in January, official figures showed Sunday, but slightly exceeded expectations as businesses struggled with sporadic disruptions due to coronavirus outbreaks.
The Purchasing Managers’ Index — a key gauge of manufacturing activity — in the world’s second-largest economy inched down to 50.1, just above the 50-point mark separating growth from contraction.
The data from the National Bureau of Statistics (NBS) shows a slight decrease from last month’s reading of 50.3, when activity was buoyed by an easing of commodity prices.
“Faced with a complex and severe economic environment and scattered outbreaks ... China’s economy continued to recover and develop, though growth levels somewhat declined,” said NBS statistician Zhao Qinghe.
The NBS reading contrasted with a private survey of smaller manufacturers, which fell by 1.8 points to 49.1.
“The slowdown is particularly severe for the small firms,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.
The NBS figures have hovered in growth territory since November, following a seven-month downward trend in part due to power shortages and high raw material prices.
The reading fell below 50 for two months in September and October as the power crunch hit business operations.
Meanwhile, the non-manufacturing business activity index was 51.1 in January, a contraction of 1.6 points from the previous month.
The decline was due in part to a slowing recovery in the services sector and a seasonal slowdown in construction.
Analysts have warned that domestic coronavirus outbreaks will likely continue to weigh on China’s economy as sporadic outbreaks dent consumer confidence and cause business shutdowns.
Beijing is on high alert for new virus outbreaks as it prepares to host next month’s Winter Olympics.
Authorities locked down an area neighbouring Beijing this week following a handful of reported cases, appearing not to publicly announce restrictions that have confined around 1.2 million people in Xiong’an New Area to their homes. — AFP
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GEORGE TOWN, Jan 30 — The world’s leading supplier of high-performance vacuum valves, Swiss-based VAT Group AG’s phase three extension in Penang is expected to contribute approximately 50 per cent of the group’s total global production capacity by 2028.
The company, which held a ground-breaking ceremony to initiate the extension last Thursday, said the 3.92-hectare new plant is estimated to create 500 employment opportunities once completed and running at full capacity, while doubling the production capacity of VAT’s Malaysian operation.
In a statement, VAT chief executive officer (CEO), Mike Allison said the Phase Three extension would substantially increase the company’s production capacity, with an initial investment of about RM321 million between 2022– 2024.
“Our team in Penang has done a great job in ramping up production in recent years to meet the needs of our fast-growing market, and our decision to expand further in Penang is in acknowledgement of their outstanding efforts.
“In addition, several of our largest original equipment manufacturer (OEM) customers have operations in the region, and boosting our production here will enhance our ability to collaborate with them more effectively and deliver value faster and more efficiently,” he said.
Allison added that VAT Manufacturing Malaysia would be the primary supplier for the company’s customers in South Korea, Japan, China and the rest of Asia.
He said currently, the local plant employs about 600 people, and with demand driven by long-term trends such as global digitalisation, the company anticipates employment to double to more than 1200 people by end-2027.
VAT’s manufacturing facility in Penang had commenced production in April 2013, with an investment of over RM102 million in a 6,000 square meter (sqm) factory.
In September 2019, VAT began the second extension of its Penang factory with an investment amounting to RM165 million, covering an area of 24,000 sqm to support the company’s significant growth.
It said the operations in Malaysia play a prominent role in the company’s strategy to further build its global market and technology leadership; to cater to its customers within niche and targeted sectors, especially key customers in Asia; as well as to increase the speed and flexibility of the company’s global footprint.
In the statement, Malaysian Investment Development Authority CEO, Datuk Arham Abdul Rahman said the extension of VAT’s enhanced vacuum valve technology manufacturing facility reflects the long-term global growth in demand for the industry, and that Malaysia is well-positioned to harness these opportunities.
“As of September 2021, MIDA has approved a total of 230 manufacturing projects from Switzerland worth RM14 billion, and the sustained inflow of Swiss investments into Malaysia reflects the country’s continuous competitiveness for businesses.
“The very fact that these companies continue to invest in Malaysia, even during such challenging times in the global economy, is indeed noteworthy and a testament to the conducive investment climate in the country,” he added. — Bernama
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Workers load palm fruits onto a lorry at a plantation in Sepang October 30, 2019. — Picture by Shafwan Zaidon
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KUALA LUMPUR, Jan 30 — With a population base of over 330 million and consumption of 2.34 million tonnes last year, an increase of eight per cent from 2020, the Middle East region will continue to be an important export destination for Malaysia, Malaysian Palm Oil Council (MPOC) said.
Chief executive officer Wan Aishah Wan Hamid said the region has shown consistent growth in consumption of specialty fats and palm oil would benefit from this trend due to its nutritional qualities and functional attributes.
“This region is also set to see a boost in demand due to the global events like Expo 2020 Dubai, Fifa 2022, religious tourism and more,” she told Bernama.
Last year, the export of Malaysian palm oil to the Middle East registered an increase of 8.2 per cent.
The leading importer from this region is Turkey with a volume of 703,588 tonnes followed by Iran with 404,319 tonnes.
These two markets have recorded increases of 19 per cent and 25 per cent respectively.
Other countries which recorded increases are United Arab Emirates (UAE), Yemen, Jordan, Syria, Qatar and Kuwait.
“The UAE palm oil market is expected to reach US$467.1 million (US$1=RM4.19) by 2025, according to a new report by Grand View Research Inc,” Wan Aishah said.
She said taking the example of the confectionery products in Turkey, the sector has increased approximately 50 per cent for a period of ten years beginning 2010 and the sector would continue its growth pattern and palm oil consumption.
She added that Turkey is also positioned strategically to explore re-export opportunities to Balkans and Central Asian region.
Meanwhile in Egypt, palm olein is on an upward trend to meet the growing demand in the hotel, restaurant and cafe (HORECA) sector especially after the improvements of tourism which was severely impacted by Covid-19 in the last two years.
The increase of palm olein blending in cooking oil is also another sector of growth in Egypt.
“While businesses continued to enjoy strong demand levels, they also reported a much sharper increase in input prices. The uptick was largely attributed to a rise in fuel and energy costs as well as higher raw material prices.
However, she said business confidence regarding future activity might be challenging ahead, especially to the UAE, due to the Omicron wave.
Nevertheless, she said this would depend on how the Omicron variant impacted worldwide travel and local restrictions
She said businesses also face the prospect of higher inflation after the latest data indicated the fastest rise in purchase costs for nine months due to an increase in energy and raw material prices.
Promotional efforts up in 2022
Wan Aishah said this year, the council would strengthen its promotional efforts for global recognition of Malaysian Sustainable Palm Oil (MSPO) as Malaysia’s sustainability standard.
“A 360-degree marketing and promotional programmes, to ensure visibility and understanding of MSPO, will be undertaken ranging from engagements with key government officials, seminars and talks with trade associations and the HORECA sector as well as roadshows and social media advertising for general consumers.
“This would be a long-term endeavour that will start with our neighbouring countries and the ripple effect will finally be seen on products proudly carrying our MSPO logo, an indication that the sustainability standard has gained international stature,” she said.
She said the MPOC has started promoting MSPO on the MPOC World Expo Dubai online contest website.
Additionally, she said the Malaysian Palm Oil Full of Goodness would be the main theme during the Sustainable Agri-Commodity Week from February 6 to February 12 to support Malaysian palm oil-based product manufacturers who would be marketing their products at LuLu Hypermarket in UAE.
She said being the fourth largest contributor to the Malaysian economy, the palm oil industry would be able to maintain its 2021 performance in 2022 backed by various marketing and promotional efforts to be conducted by the Ministry of Plantation Industries and Commodities and its agencies.
In 2021, the total exports of Malaysian palm oil and its derivatives stood at 24.26 million tonnes and due to high palm oil prices, total revenue increased by 40 per cent to RM 102.34 billion as compared to 2020. — Bernama
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Parked trucks are pictured during a protest against new Chilean entry protocols to the country, that demand all drivers test negative for Covid-19, at the Argentine border with Chile, in Uspallata, Mendoza, Argentina January 28, 2022. — Reuters pic
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USPALLATA, Jan 30 — Thousands of truck drivers from Argentina were stuck at the Chilean border on Saturday due to slow Covid-19 testing, as Chile faced its second transport delay crisis.
Since Jan. 21, more than 3,000 trucks have been stranded at the customs checkpoint of Cristo Redentor in Mendoza, according to the Argentinean Federation of Business Entities for Cargo Transport (FADEEAC).
The long wait has put both drivers and some of the trucks to the test, as trucks with refrigerator units must stay running at all times to keep the cargos at cold temperatures.
“This is becoming a real problem,” said Brazilian truck driver Junior Cesar, whose truck is parked in Uspallata, Argentina, near the Chilean border. “The engines are running day and night and they’re starting to fail and affect the cargo.”
Frustrated drivers waited by their trucks, cooking and sharing whatever food they could buy. They showered using buckets of water or a bathroom nearby that charges 300 Argentine pesos (RM12) per use.
“I’ve been here for two weeks,” said Ruben Soza, a truck driver from Mendoza. “I have a refrigeration unit as you can see, with garlic, and the gasoline is not enough to run the refrigeration unit.”
A similar problem has occurred at Chile’s northern border in the Tambo Quemado mountain pass, where drivers from Bolivia too face long waits in line for Covid-19 testing.
The FADEEAC has asked Argentina’s foreign ministry to intervene and try to prevent further delays and minimize the economic losses, which according to FADEEAC estimates add up to US$700 (RM2,930) a day.
On Friday, Chile’s health ministry reported 26,727 new Covid-19 cases. Argentina reported 63,884. — Reuters
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Editor's Note: This story originally appeared on NewRetirement. When can I retire? It’s a question you probably ask weekly or monthly, if not daily. The reality is that the answer to the question “When can I retire” is highly personal. And it is not always all about how much money you have. In fact, money doesn’t always have a whole lot to do with retirement decisions. Lifestyle factors often have...
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Editor's Note: This story originally appeared on NewRetirement. If you think you haven’t saved enough for a truly secure retirement, think again. The impossible could become possible with these creative ways to retire. You see, saving diligently your entire life and then quitting work to play bridge is only one way to get to retirement. And, the odds are that it is not your way.
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Editor's Note: This story originally appeared on NewRetirement. If you’re reading this, you’re likely someone who: saves money, has built up some assets, and is starting to think about how to create a retirement drawdown strategy — a plan for how to turn your assets into income that will last for life. Having a sound retirement drawdown strategy and keeping to it is crucial if you want to be able...
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Editor's Note: This story originally appeared on NewRetirement. We have a lot of choices about where to invest our money, both before and after retirement. Some options are clearly bad investments. Others seem like a good bet, but they probably aren’t. While we would all like to find a shortcut to massive wealth, a more steady approach is probably the best route to a secure retirement.
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People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, US, March 19, 2021. — Reuters pic
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NEW YORK, Jan 28 — Wall Street stocks retreated again early today following mixed corporate earnings and data suggesting a moderation in inflation in December.
Markets have been under pressure most of the week, with major indices near or in corrections as the Federal Reserve engineers a 180-degree shift in monetary policy to fight inflation after a highly accommodative stance throughout the pandemic.
Commerce Department data showed personal consumption prices rose 0.4 per cent last month, in line with analysts’ expectations and less than the month-on-month growth in the prior two months.
About 10 minutes into trading, the Dow Jones Industrial Average was down 0.8 per cent at 33,874.24.
The broad-based S&P 500 dropped 0.5 per cent to 4,303.43, while the tech-rich Nasdaq Composite Index shed 0.3 per cent to 13,315.61.
Apple gained 2.8 per cent after reporting a record US$124 billion quarterly revenue and higher hearings amid torrid demand for smartphones and other goods despite supply chain problems that pinched sales.
Among other companies reporting results, Caterpillar and Chevron both dropped more than four per cent while Visa shot up more than six per cent. — AFP
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Gold bars are pictured in a vault at Shinhan Bank in Seoul, South Korea. — AFP pic
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LONDON, Jan 28 — Global gold demand soared in the fourth quarter of 2021 as inflation rocketed, helping to recoup much of the drop triggered by the pandemic, industry data showed today.
Viewed as a haven investment in times of economic unrest, gold saw demand surge 50 per cent in the final three months of last year compared with the October-December period in 2020, the World Gold Council said in a report.
Overall last year, “demand recouped much of the Covid-related losses sustained during 2020”, the WGC said, adding that total physical purchases jumped 10 per cent to 4,021 tonnes.
Gold demand “in the consumer-driven jewellery and technology sectors recovered throughout the year in line with economic growth and sentiment, while central bank buying also far outpaced that of 2020”, the Council added.
Looking ahead, it said expansion of 5G telecoms infrastructure should help support demand for gold in the sector.
“But demand faces some risks from a slowdown in China as well as Covid-related restrictions,” the WGC warned.
Marriage boost
Gold jewellery demand jumped by more than half in 2021 on strong buying in India and China, as celebrations including marriages postponed by Covid finally took place.
In India, “millions of people get married, and that involves a certain amount of gold”, WGC spokesman John Mulligan told AFP.
Elsewhere, global bar and coin investment reached an eight-year high.
“Inflation concerns were a key driver, especially in the US and Germany, which both saw record annual demand,” the report said.
However global holdings of gold exchange-traded funds — that allow investment outside of futures market — fell by US$9 billion, or five per cent, last year.
Overall, “gold drew direction chiefly from inflation and interest rate expectations in 2021”, the WGC concluded.
Central banks are raising interest rates to combat decades-high inflation.
“Investment may struggle in 2022 amid competing forces but consumer demand should hold strong and central banks will likely keep buying.”
The gold price dropped four per cent last year. — AFP
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Company logos of China Unicom are displayed at a news conference during the company's announcement of its annual results in Hong Kong March 16, 2016. ― Reuters pic
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WASHINGTON, Jan 28 — The US Federal Communications Commission (FCC) on Thursday voted to revoke the authorisation for China Unicom’s US unit to operate in the United States, citing national security concerns.
The 4-0 vote to revoke the authority that had been granted in 2002 is the latest move by the American regulator to bar Chinese telecommunications carriers from the United States because of national security concerns.
The order requires China Unicom Americas to end domestic interstate and international telecommunications services in the United States within 60 days of the order’s publication.
China Unicom and the Chinese Embassy did not immediately respond to requests for comments.
The FCC said China Unicom Americas is ultimately owned and controlled by the Chinese government and provides mobile virtual network operator services and international private leased circuit and Ethernet private line services along with IP transit, cloud and resold services in the United States.
FCC Chairwoman Jessica Rosenworcel said since the approval “the national security landscape has shifted and there has been mounting evidence — and with it, a growing concern — that Chinese state-owned carriers pose a real threat to the security of our telecommunications networks.”
The FCC said China Unicom’s “responses were incomplete, misleading, or incorrect.” The company said in 2020 it had “a good record of compliance with its FCC regulatory obligations, and a demonstrated willingness to cooperate with US law enforcement agencies.”
Rosenworcel noted that last year the FCC published the first-ever list of communications equipment and services that pose an unacceptable risk to national security. This month, she wrote to the Commerce Department, the FBI, the Office of the Director of National Intelligence, and other agencies in order to update that list.
FCC Commissioner Geoffrey Starks said China Unicom “can continue to offer data center services to American consumers” despite the revocation.
He said the FCC and Congress should examine this issue and determine whether the commission needed broader authority to address security concerns posed by the centers.
The FCC began making efforts in March to revoke the authorization for China Unicom, Pacific Networks and its wholly owned subsidiary ComNet.
In October, the FCC revoked the US authorization for China Telecom (Americas), saying it “is subject to exploitation, influence and control by the Chinese government.” The Chinese failed to win an appeal of the decision.
In 2019, the FCC rejected China Mobile Ltd’s bid to provide US telecommunications services, citing security Hi, risks. — Reuters
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One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg. But the job doesn’t end there. Even if you’ve been a great saver during your working years, you can still reduce your retirement income by making some basic tax mistakes after quitting work. As you plan for retirement...
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For many people, hitting the big 4-0 can actually be quite freeing. You’re in or approaching your peak earning years, and your home may even be close to being paid off. The kids may be out of that house or nearly so, and you’re enjoying more of the other things life has to offer: hobbies, travel, restaurants that don’t serve french fries. To be sure, the 40s are tough for some people...
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File picture shows a worker cleaning the floor of the New York Stock Exchange (NYSE) March 20, 2020. — Reuters pic
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NEW YORK, Jan 27 — Wall Street stocks rose early today as good US economic data and solid earnings offset lingering unease over the pivot in Federal Reserve monetary policy.
The US economy grew at a better-than-expected 6.9 per cent in the fourth quarter, according to government data, concluding the strongest year for GDP expansion since 1984.
Analysts have also been broadly pleased with the deluge of corporate earnings this week, with several leading companies scoring higher profits despite ongoing pressures connected to Covid-19.
Apple, which is slated to report results after the closing bell, jumped more than two per cent in early trading.
About 20 minutes into trading, the Dow Jones Industrial Average was up 1.6 per cent at 34,717.46.
The broad-based S&P 500 jumped 1.6 per cent to 4,421.46, while the tech-rich Nasdaq Composite Index advanced 1.4 per cent to 13,743.28.
Stocks have been under pressure most of January, including yesterday after Federal Reserve Chair Jerome Powell signaled a likely interest rate increase in March.
Among individual companies, Tesla fell 3.9 per cent despite reporting record annual profits on surging sales as Chief Executive Elon Musk warned that supply chain problems would persist well into 2022.
Intel slumped 6.3 per cent on disappointment over the company’s first-quarter projections.
Netflix jumped 6.7 per cent as billionaire investor Bill Ackman announced buying 3.1 million shares of the streaming service. — AFP
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In this file illustration photo taken on March 25, 2020 a Facebook App logo is displayed on a smartphone in Arlington, Virginia. — AFP pic
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BRUSSELS, Jan 27 — The EU today cleared Facebook’s acquisition of Kustomer, a customer service technology, under the condition that rivals maintain unfettered access to the platform.
Facebook, now known as Meta, in 2020 announced its purchase of Kustomer, a then five-year-old US company that provides special software that allows businesses to manage within one tool customer interactions by phone, email, text messages, WhatsApp, Messenger and Instagram.
The commission, which runs the EU’s powerful antitrust authority, was asked by 10 national authorities to carry out the investigation, with Austria making the original demand.
The commission on Thursday gave its approval but with strict demands, including the nomination of an outside trustee who would ensure that Meta sticks to its promises.
“Our decision today will ensure that innovative rivals and new entrants in the customer relationship management (CRM) software market can effectively compete,” said EU Competition Chief Margrethe Vestager in a statement.
“The commitments offered by Meta ensure that its rivals will continue to have free and comparable access to Meta’s important messaging channels,” she said.
The transaction was below the EU’s usual financial threshold for merger investigations, but the commission has become extra vigilant over Big Tech’s appetite for startups and how it could harm competition.
Financial terms of the deal were not disclosed.
The acquisition of Kustomer raised red flags, coming as Meta continues a major push to link e-commerce services to its platforms, particularly its WhatsApp and Messenger messaging services.
Of particular concern was Kustomer’s popular “chat bot” technology, a customer dialogue channel used by banks, medical offices and airlines where users pump in sensitive information.
“We are pleased with the European Commission’s Kustomer merger clearance. It shows that our acquisition of Kustomer will create more choice in the competitive CRM market,” a Meta spokesperson said.
Google recently also saw unusually close scrutiny for its purchase of wearables company Fitbit and was forced to make assurances on data use in order to win the green light from Brussels. — AFP
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