The week at a glance 24 September 2017

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Sabah & Sarawak

14.5 mln contributors may lose out if epf sells PLUS

There is rising concern that some 14.5 million contributors to the Employees Provident Fund (EPF)  may lose out on a steady stream of dividend income if the pension fund sells its 49 per cent stake in highway operator, PLUS Malaysia Bhd.

The investment has been benefiting Malaysians including those from Sabah and Sarawak, hence PLUS Malaysia should continue to remain in EPF’s portfolio as a long-term strategic investment, the analysts said.

 

Apple co-founder to speak at 13th WIEF

Apple Inc’s (Apple) co-founder Steve Wozniak will speak at the Face to Face session during the 13th World Islamic Economic Forum (WIEF) which will be held at Borneo Convention Centre in Kuching, Sarawak, Malaysia from November 21 to 23, 2017.

This year, the anchoring forum revolve around the impact and challenges of disruptive change.

Wozniak will join other speakers including the Prime Minister of Malaysia, Chief Minister of Sarawak, President of the Republic of Tatarstan, President of the Republic of Seychelles, President of the Union of Comoros and the President of the Islamic Development Bank.

 

Bursa Malaysia a good platform for SMEs to grow

Local small and medium enterprises (SMEs) can gain an array of benefits and grow at a faster and more efficient way via listing on Bursa Malaysia.

This was highlighted by speakers at a jointly organised seminar by local Chinese associations, the Federation of Chinese Association (FCA) and Kuching Chinese General Chamber of Commerce and Industry (KCGCCI).

Held at the FCA headquarters in Kuching, the purpose of the seminar is to educate its members and local SMEs on the listing process on Bursa Malaysia and its newly launched market board catered specifically for SMEs; Leading Entrepreneur Accelerator Platform (Leap) market.

 

National

BNM seeks more focused delivery of mandates under malaysian development financial institutions

Bank Negara Malaysia (BNM) is planning to work with the leadership of local financial institutions and other stakeholders in government to address a more focused delivery of mandates under the Malaysian Development Financial Institutions.

Governor Tan Sri Muhammad Ibrahim said improving performance measurement frameworks and increasing transparency in the operations would be an important areas of focus.

 

Malaysia’s August inflation rate to rise to 3.8 pct

RAM Ratings expects the August 2017 inflation rate to increase to 3.8 per cent, following four consecutive months of declines.

The faster pace of growth in consumer prices is underpinned by higher retail petrol prices, which averaged RM2.12/litre in August (compared to RM1.96 in July) and amid strengthening global crude oil prices, it said in a statement.

 

Customs dept to be corporatised by January

The Customs Department may be corporatised by January next year, after a delay due to implementation of the Goods and Services Tax (GST), said Treasury Secretary General, Tan Sri Dr Mohd Irwan Serigar Abdullah.

 

BNM to provide guidelines on cryptocurrency by year-end

Bank Negara Malaysia (BNM) is planning to issue guidelines on cryptocurrency by year-end, said Governor, Tan Sri Muhammad Ibrahim.

He said cryptocurrency, or digital currency, had attracted a lot of attention from central banks around the globe.

 

Budget 2018 not expected to lift consumer sentiment significantly

While analysts project that there will be similar targeted measures during Malaysia’s Budget 2018, the budget is not expected to lift consumer sentiment significantly.

In the upcoming 2018 Budget, AmInvestment Bank Bhd (AmInvestment Bank) envisioned the government to continue lending support to the civil servants (1.6 million) and middle and the lower income group or bottom 60 per cent (B60) to sustain consumer spending, which accounts for more than 50 per cent of the economy.