Saturday, July 13, 2024

46 Hazardous Products That Were Recalled This Week

Stop sign
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Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. We expect manufacturers to know what they’re stocking the shelves with. We trust those products to be safe. But things have a way of slipping through the cracks. Fortunately, several federal regulatory agencies monitor for…



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Money in a Minute for the Week Ending July 12

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Every weekend, I recap “news you can use” from the week — a handful of quotes from major (and often expensive) news sources — so you can stay up to date on the news that affects your money without spending a dime and in less than a minute. Here’s an overview of what happened this week. Wholesale prices rose 0.2% in June, slightly hotter than expected (July 12, CNBC): The producer price…



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Friday, July 12, 2024

Dimension Bid partners with LinkFor to streamline e-invoicing processes in Malaysia

KUALA LUMPUR: Dimension Bid (M) Sdn Bhd, a provider of innovative well intervention solutions and perforation services on multiple conveyances in the oil and gas industry, has partnered with LinkFor to be amongst the first in Malaysia to be e-Invoicing capable.

This agreement signifies Dimension Bid's commitment to meeting compliance regulations while harnessing the value of the Peppol network to send and receive e-Invoices, benefiting both the government and the company.

“We are excited to embark on this journey with LinkFor to revolutionise our invoice processes,“ stated a representative from Dimension Bid. “With LinkFor’s expertise and innovative solutions, we are confident that we will not only achieve compliance but also unlock new opportunities for efficiency and growth.”

Dimension Bid (M) Sdn Bhd, known for its thought leadership and pioneering solutions, continues to lead the way in embracing technological advancements to streamline business operations.

“Dimension Bid’s decision to partner with LinkFor underscores their dedication to staying at the forefront of innovation,“ remarked Stephanie Xavier, Business Development Manager from LinkFor. “We are proud to support Dimension Bid in their quest for enhanced efficiency and productivity.”

Dimension Bid is expected to have its e-Invoicing network in place to meet compliance regulations in Malaysia while experiencing tangible business benefits from leveraging the Peppol network.



Source: The Sun Daily

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Here’s How Much Your Social Security COLA Might Be in 2025

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Inflation is easing. And while that is good news for shoppers, it might have a downside for Social Security recipients. The Social Security cost-of-living adjustment (COLA) is now expected to be 2.63% for 2025, according to a new forecast by the Senior Citizens League. That’s compared with the 3.2% COLA for this year. Today, the federal government released the Consumer Price Index for All…



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15 States With Back-to-School Sales Tax Breaks This Summer

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Who doesn’t love summer? Longer days, warmer weather, tax-free shopping. States across the nation kick off sales tax holidays in July and August. Stroll into your favorite store during these windows of time, and you may be able to purchase items without being charged state sales tax. Think of it as a way to boost your savings — and a rare opportunity to get an upper hand on the taxman.



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Thursday, July 11, 2024

Time to Stock up on Stamps — Come Sunday, They’ll Cost 7% More

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You might want to stock up on Forever stamps by Saturday — if you still use stamps, that is. Come Sunday, they will be about 7% more expensive. The price of a first-class stamp — the postage needed to mail a 1-ounce letter — will jump from 68 cents to 73 cents. This price change is among those that the U.S. Postal Service requested in April, and which take effect July 14. So, you have a few…



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Wednesday, July 10, 2024

IJM Land, Progressture Solar to explore opportunities

KUALA LUMPUR: IJM Land Bhd has signed a memorandum of understanding (MoU) with Progressture Power Sdn Bhd (Progressture Solar), a net-zero partner and clean energy provider, to jointly explore business opportunities in maximising deployment for a total capacity of 40 MWp solar energy in IJM Land’s future developments.

The scope of the partnership encompasses the pre-installation of solar rooftop PV systems with a capacity of 25 MWp for residential developments, along with the options for enabling homeowners to benefit from this implementation besides the development of a 15 MWp floating solar farm spanning 37.5 acres at IJM Rimbayu. Cumulatively, this solar deployment is projected to reduce 40,997 tonnes of carbon dioxide each year and over 1 million tonnes in the next 25 years.

CEO Datuk Wong Tuck Wai said that this intersection of real estate and renewable energy (RE) allows them to tap into new growth areas in the property industry.

“As we move in tandem with the roll-out of the National Energy Transition Roadmap (NETR), there is a greater recognition of the essential role consumers have in shaping our energy future. With IJM Land’s continued commitment to best facilitate homeownership for our customers, we are leveraging on our cross-industry strengths for the implementation of RE infrastructure and solutions,” he added.

Meanwhile, COO Datuk Tony Ling Thou Lung said that their current efforts validate solar as a viable source of RE, and to this effect, the solar deployment is a core component of their pilot project.

“We aim to maximise the use of IJM Land’s residential rooftop space and lake surface area in addressing solar adoption barriers such as space constraints and high capital costs. This is to ensure inclusivity towards our customers and their priorities, especially in the face of energy transition,” he added.

Progressture Solar co-founder and CEO Cliff Siaw Sze Hau said they are happy to collaborate with IJM Land to shape the future of sustainable urban development and accelerate the energy transition.

As an end-to-end solar PV solution and service provider, he added that they play a dynamic role in the integration of RE best practices for the real estate sector.

“We aim to strengthen this industry-wide movement by employing technologies that support advanced solar PV systems and optimised energy yields,” he said.

“This partnership directly supports Malaysia’s goal of achieving a 40% renewable energy mix by 2035. It is a testament to our commitment to advancing RE solutions, highlighting the crucial role that clean energy plays within the real estate sector. As a leading clean energy provider in Malaysia, we are excited to partner with IJM Land on this transformative venture,“ stated co-founder and COO Ng Yew Weng.

As part of the collaboration, IJM Land and Progressture Solar will be utilising the Energy-as-a-Service (EaaS) approach that will provide end-to-end management of energy assets and services for homeowners in IJM Land’s townships. Applied with high feasibility across a wide variety of sectors, the global EaaS market is estimated to reach RM693.21 billion by 2029.

The partnership is set to be operationalised in line with the implementation of the Third-Party Access for the nation’s electricity supply industry, which will enable other parties such as independent power producers to supply energy using Tenaga Nasional Bhd’s (TNB) transmission lines.



Source: The Sun Daily

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This Technology Could Predict Your Odds of Alzheimer’s Disease

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Artificial intelligence promises to revolutionize many aspects of life. It might even have the ability to predict who will get dementia. An AI computer program that analyzes speech patterns in voice recordings might be able to detect which patients with mild cognitive impairment will progress to Alzheimer’s disease within a period of six years, according to a recent study by Boston University…



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4 Ways to Save With Great Depression Money Hacks

Unemployed men during the Great Depression
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Invention is the mother of necessity, as the old saying goes. Economic hardship often leads to new ways of doing things or new inventions entirely. The COVID-19 lockdowns put companies such as Zoom and DoorDash into the spotlight. The gig economy rose to new heights. Previously, the 2008 recession brought a rise of streaming services such as Netflix and online shopping on Amazon.



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The 5 Cheapest Places to Buy Property Abroad in 2024

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High prices, a high mortgage rate and dwindling supply … Prospective homebuyers in the United States face a near-impossible situation, and home sales are suffering as a result. They’re at their lowest levels in 13 years. Instead of waiting on a frozen market to thaw, those interested in buying property for lifestyle or investment should look beyond the borders of the United States…



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Tuesday, July 9, 2024

25 Companies Hiring Now for Remote, Work-From-Home Jobs

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FlexJobs has highlighted companies offering remote, work-from-home jobs since 2007, but in recent years, a renewed spotlight has been put on the benefits of remote work. More companies are embracing permanent remote work options, and many people are focused on finding the best full-time, work-at-home jobs (and part-time, remote jobs). The companies on the following list are companies hiring for…



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Monday, July 8, 2024

Why the Housing Market Is More Important Than the Stock Market for Most People

Homebuyer family with a baby tour a new house with a real estate agent
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You might think you need to worry about the stock market. However, a great post by Ben Carlson on the Wealth of Common Sense blog makes the very compelling point that the stock market is probably not the most important barometer of financial health for most Americans. That designation should go to the housing market. Home prices and interest rates are the metrics that should worry most middle…



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Saturday, July 6, 2024

30 Hazardous Products That Were Recalled This Week

Stop sign
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Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. We expect manufacturers to know what they’re stocking the shelves with. We trust those products to be safe. But things have a way of slipping through the cracks. Fortunately, several federal regulatory agencies monitor for…



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The 15 Dirtiest Places in America

Pollution in Bakersfield, California
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City living comes with more entertainment, more job opportunities, and also more pollution, trash, and pests. Which U.S. cities are the filthiest? To find out, LawnStarter ranked the dirtiest cities in America. We expanded the scope of our study to encompass the biggest U.S. cities based on four categories. More specifically, we considered air pollution, water quality, waste management…



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Friday, July 5, 2024

The 5 Best Places for Stretching Your Dollars Abroad in 2024

Alicante, Spain
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Now is a good time to take stock of the dollar’s buying power overseas. There’s a mixed bag of winners and losers. The following countries offer the best “currency bargains” for 2024 so far, including a few markets that saw the dollar lose buying power this year but are still a good buy by historic standards. (This report analyzes the dollar’s performance in 2023 … but to ensure it’s current…



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Thursday, July 4, 2024

Airbnb’s Malaysia guide promotes responsible hosting

KUALA LUMPUR: Airbnb recently unveiled its Guide to Responsible Hosting in Buildings for short-term rental accommodations (STRA) in strata buildings, in line with its ongoing commitment to driving responsible hosting in Malaysia.

The guide provides strata hosts, property managers, joint management bodies (JMB), management corporations (MC), and strata developers with a toolkit of resources to conduct short-term rentals responsibly in their apartment buildings and condominiums. These include Airbnb’s recommended code of conduct for STRA outlining the responsibilities and common courtesies of hosts and guests, alongside resources such as the Neighbourhood Support Line in multiple languages including Bahasa Melayu for guests to flag urgent concerns about nearby listings.

Partnering with legal professionals Messrs Zaid Ibrahim & Co (in association with KPMG law), Airbnb developed reference building by-laws aimed at equipping condominiums and apartment buildings with suggestions to ease the management of their STRA activities.

They serve as a reference point for hosts, residents, and building management outlining a clear framework for short-term rental activities including procedures for addressing potential breaches.

JMBs and MCs are free to adopt and implement these reference by-laws at their own discretion. Implementation of these by-laws will draw on the existing Strata Management Act 2013 (SMA 2013) which empowers JMBs and MCs to implement rules to effectively manage day-to-day operations in their buildings.

Zaid Ibrahim & Co corporate and government advisory department partner and head Mohamad Izahar Mohamad Izham shared, “The introduction of these reference by-laws is a significant milestone in the regulatory framework of STRA operations. With the powers already provided under the SMA 2013, joint management bodies and management corporations are able to adopt these by-laws to provide minimum standards for STRA operations in strata properties. This would include among others parking management, the appropriate use of common properties, to name a few.”

Michelle Siew, JMB committee member for Ceylonz Suites situated within the Bukit Bintang prime location said, “We warmly welcome Airbnb’s Guide to Responsible Hosting in Buildings, offering a comprehensive resource for promoting responsible behavior within strata communities. The guide is clear, and easy to follow – allowing us to better foster greater harmony amongst residents and guests in our property. We look forward to implementing these by-laws and utilising the guide at Ceylonz Suites”

Sarah Othman, host at Legasi Kampung Bharu, said, “As committed hosts, we prioritise maintaining our property’s integrity by ensuring the security and cleanliness of the common premises. We look forward to collaborating closely with the building management to adopt and adapt the reference by-laws to create win-win solutions for our community at Legasi Kampung Bharu.”

The guide is the latest step in Airbnb’s ongoing efforts to encourage and support community safety.



Source: The Sun Daily

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Wednesday, July 3, 2024

The Supreme Court Just Limited Federal Power. Health Care Is Feeling the Shockwaves.

Supreme Court
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A landmark Supreme Court decision that reins in federal agencies’ authority is expected to hold dramatic consequences for the nation’s health care system, calling into question government rules on anything from consumer protections for patients to drug safety to nursing home care. The June 28 decision overturns a 1984 precedent that said courts should give deference to federal agencies in legal…



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What You Should Know Before Investing in Real Estate Abroad

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If you haven’t already begun diversifying your investment portfolio beyond U.S. borders, consider this your alarm sounding. Most investors would agree that this is no time to be 100% in the U.S. stock market. The question is where should you place your capital instead? We say real estate overseas. We like hard assets, and, while U.S. property markets are near bubble territory…



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12 Ways to Lower Your Cooling Costs This Summer

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Using an air conditioner to stay cool can take a big bite out of household budgets. Fortunately, there are many other ways to cool your home that also will cut your costs. Following are some tips for lowering the cost of keeping cool.



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Tuesday, July 2, 2024

BIS, partners complete blueprint for third phase of Project Nexus

PETALING JAYA: The Bank for International Settlements (BIS) and partners yesterday announced that they have completed the comprehensive blueprint for phase three of Project Nexus, which will allow ready participants to work towards the next stage of seamlessly connecting their instant payment systems (IPS).

Phase four will see Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, Bank of Thailand and domestic IPS operators – who worked together in phase three – joined by the Reserve Bank of India,

expanding the potential user base to India’s Unified Payments Interface (UPI), the world’s largest IPS.

Bank Indonesia (BI) will continue its association with the project with special observer status. BI took part in phase three and will continue in this capacity to follow the project in the next stage of its development.

In a statement today, BNM said Nexus is designed to standardise the way domestic IPS connect to one another. Rather than an IPS operator building custom connections for every new country to which it connects, the operator only needs to make one connection to Nexus. This single connection would allow the IPS to reach all other countries in the network.

BNM governor Datuk Abdul Rasheed Ghaffour said, “With the completion of phase three, we are another step closer to implementing a nextgeneration cross-border payment infrastructure. The comprehensive blueprint for taking Project Nexus forward is a product of the strong cooperation of participating Asean central banks working closely with the BIS to deliver a world-leading cross-border payment infrastructure. This will not only benefit our nations but also pave the way for greater global payment connectivity. We welcome India to the next phase of Project Nexus.”

BIS general manager Agustín Carstens said, “I wish our partners in Nexus every success as they advance the project from concept to reality. This is the first BIS Innovation Hub project that central banks are moving towards a live phase together with instant payment providers. When implemented, it will greatly enhance cross-border payments in line with both the G20 cross-border payments programme and our mission to develop public goods in the technology space to support central banks and improve the functioning of the financial system.”

Even with just the first wave of connected countries, he said Nexus has the potential to connect a market of 1.7 billion people globally, allowing them to make instant payments to each other easily and cheaply.

The conclusions and lessons of phase three of Nexus are described in a report published yesterday. This is complemented by a detailed scheme rulebook and technical implementation guides, as well as ISO 20022 message specifications, which are available to central banks on request.

To facilitate live implementation, the partner central banks and IPS operators have agreed to work towards establishing a new entity, Nexus Scheme Organisation (NSO), which will be responsible for managing the Nexus scheme, and continuing the mission to achieve instant cross-border payments at scale.

NSO will be wholly owned by the central banks and/or IPS in participating countries, depending on the specific domestic structures. In developing the blueprint in phase three of Nexus, BIS has fulfilled its role of supporting central banks in finding innovative solutions to deliver public goods and one of its key commitments as part of the G20 Roadmap for Enhancing Cross-border Payments.

While BIS will not own or operate NSO, it will continue its support by playing a technical advisory role as participating countries work towards taking Nexus live. It will also facilitate cooperation among members and the entry of new participants, helping to realise Nexus’s global ambition.



Source: The Sun Daily

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Comparing 3 U.S. Retirement Destinations to International Ones

Retired couple drinking champagne on sailboat
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Last year, more than 338,000 Americans moved away from home for retirement. That’s 44% more than in 2022. A cooling housing market and lower inflation help explain this big number. Put simply, more people could afford to move away from home last year compared to the year before. Where did all these retirees end up? If I were to guess, I’d say the top places were Mexico, Costa Rica, Portugal …



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These Are the 8 Best Benefits of Amazon Prime

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Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. Free shipping with no minimum purchase requirement was once the best-known Amazon Prime perk by far. But the benefits of a Prime membership have evolved to include so much more. If you’re on the fence about paying for Prime…



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10 Countries That Rich People Are Flocking to (USA Isn’t No. 1)

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A rich person has many reasons to move to a new place. Maybe they are in search of more opportunities or lower taxes. Or maybe they want to relocate simply because they have the means to do so. Some countries are seeing a large exodus of millionaires in 2024. The UK is expected to see a net loss of 9,500 millionaires relocating to new countries, according to Henley & Partners. Worldwide…



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Monday, July 1, 2024

The Rise of Skills-Based Hiring: What You Must Know

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In today’s rapidly evolving job market, traditional hiring practices often fall short of identifying a candidate’s true potential. As employers strive for innovation and inclusivity, a shift toward skills-based hiring is gaining momentum. This emerging approach prioritizes a candidate’s abilities, competencies and potential over their formal education or previous roles. We’ll explore skills…



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Tax Matters – Importance of deducting correct withholding taxes on payments to non-residents

WHENEVER there are payments being made to non-residents, the paying enterprise, whether it is a company or otherwise, should be mindful of the need to deduct withholding taxes.

If there is a failure to deduct withholding taxes, there are severe consequences which could result in the payer being denied a tax deduction for the expenditure, together with late payment penalty of 10% being imposed, and possibly a further penalty for underdeclaring your tax liability.

Effectively, if there was a 10% withholding tax that should have been deducted on a RM100 expenditure, any failure to do so could result in additional taxes and penalties amounting to about RM45. If the payer settles the withholding tax after the due date, his liability will be capped at about RM21. Failure to deduct withholding taxes is an expensive affair.

Importance of deducting the correct withholding taxes

The majority of withholding taxes under the Malaysian tax regime are 10%, except for payments to non-resident contractors with a business presence in Malaysia, which is 13%, and interest payments to non-residents, which is 15%. The 10% withholding tax is applicable to royalties, special classes of income such as payment for services performed in Malaysia, and rental of movable equipment. The rates can be reduced based on tax treaties.

Services versus contract payments

There is a lack of understanding in differentiating the 13% withholding tax versus the 10% withholding tax because reading the law on the surface, there appears to be an overlap. There is no overlap if you look at the law and the underlying principles carefully.

The answer lies in the fact that if the services are provided in Malaysia over a period of time, and there is business activity in Malaysia, it will trigger a business presence in Malaysia or a permanent establishment under the double taxation treaties.

If a business presence or a permanent establishment is triggered, then the withholding tax to be deducted is the contractor’s 13% withholding tax under Section 107A, and it is collected as a payment on account of the contractor’s and its expatriate employees’ Malaysian tax liability. The foreign contractor must file a tax return in Malaysia for activities carried out in Malaysia.

If the foreign contractor does not have a business presence or permanent establishment in Malaysia, then the services rendered in Malaysia will attract 10% withholding tax, which is normally regarded as the final tax and does not require the filing of a tax return in Malaysia.

From a payer’s perspective, if you deduct the 10% withholding tax as opposed to the 13% withholding tax, the Inland Revenue Board (IRB) can disallow the total payment and apply the relevant penalties on the grounds you have misdirected yourself.

Royalties versus services

If the payments are caught within the royalty definition such as payments for use of or right to use copyrights, patents, software, trademarks, designs, models, secret processes, knowhow, etc. Withholding tax of 10% kicks in whenever you make payments to the non-residents.

The recipients will be overseas recipients and, at the moment, the IRB is of the view that if you pay for digital services such as Facebook, Google, Amazon, etc, the royalty withholding tax is applicable.

However, if these services are viewed as purely services since there is no involvement of the use of software or copyrights, and if the services are provided from outside Malaysia, the payer need not deduct the withholding tax.

Currently, taxpayers are at loggerheads on this issue. Unless these matters are litigated at the highest court in Malaysia, IRB has an upper hand on this matter and will insist on collecting the royalty withholding tax.

This article is contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai (www.thannees.com).



Source: The Sun Daily

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Qew Group set for ‘Bright Future’ in Malaysia’s telecoms industry

KUALA LUMPUR: Qew Group Bhd’s “Bright Future” strategy focuses on significantly enhancing its presence and capabilities in the Malaysian telecommunications industry, exemplified through successful operations of 59 telco infrastructure sites, said CEO Datuk Muhamad Iqbal Mohamad.

The group’s target to complete 22 telco monopoles in the third quarter of 2024, he said, demonstrates its commitment to expanding its network and infrastructure.

“These projects are integral to the Bright Future strategy as they provide a robust foundation for sustained growth and service enhancement over the next decade, with a total asset value of about RM59 million that underscores the substantial investment that Qew Group is making to solidify its position in the telecommunications sector,” said Muhamad Iqbal in an exclusive interview with SunBiz.

Providing an update on its network of telecom towers, he said the latest additions are in Sabah where three out of 20 towers have been completed. That is aligned with the group’s aim to complete 120 towers nationwide before 2026.

“Financially, the estimated total value of the tower project is about RM20.35 million. This provides significant financial value to the group, enhancing portfolio and revenue potential.”

Muhamad Iqbal said the Bright Future strategy involves not only expanding its telecommunications infrastructure but also integrating cutting-edge technologies to enhance the group’s competitive edge in the market.

“The successful operation of 59 telecommunications infrastructure sites and the target to complete 22 monopoles in the third quarter of 2024 demonstrate the group’s commitment to innovation and technological advancement, with key technologies implemented. This involves advanced network infrastructure with state-of-the-art telecommunications equipment, smart monopoles equipped with real-time monitoring and maintenance capabilities.”

He said the integration of advanced digital technologies to enhance the efficiency and effectiveness of its projects is important in fostering the culture of innovation and sustainability of the group.

“Qew Group’s approach to foster a culture of innovation and sustainability involves promoting collaboration, maintaining transparency, and focusing on long-term economic and community benefits,” said Muhamad Iqbal.

Delving into the halal digital hub project, he emphasised that Digital Asean Halal Hub, located at Bukit Kayu Hitam, seeks to create a cutting-edge industrial ecosystem to bolster the halal industry’s growth within the Asean region, with the primary objective of pursuing innovation and excellence, attracting both domestic and foreign investors, fostering collaboration, generating economic growth and creating job opportunities for the local community.

“This project aligns with the group’s Bright Future where it aims to create a sustainable and robust ecosystem that supports innovative solutions and best practices in halal production and distribution. The strategic position of the hub as a border town within the Indonesia-Malaysia-Thailand Growth Triangle will enhance cross-border trade and economic collaboration,” he said.

Moreover, Muhamad Iqbal noted that in the group’s “Benevolent Future” strategy, a corporate strategic partnership was set up for the Affordable Housing Kelantan Project, which has reached 85% completion and is poised to be ready by September as scheduled.

“In Langkawi, Qew Communications, a subsidiary of Qew Group, is collaborating in a joint venture with the Pulau Tuba Islands Cooperative, where the island is home to almost 7,000 residents.

“The group has generated the local economy by channelling sophisticated capital to them through raised funds. The company has also created job opportunities for the residents and invested in the tourism sector of Pulau Tuba,” said Muhamad Iqbal.



Source: The Sun Daily

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