Day: March 14, 2023

Bursa Malaysia extended its losses at midday as the turmoil in the United States (US) banking sector weighed on broader market sentiment, said an analyst. At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 20.83 points, or 1.47 per cent, to 1,401.00 from Monday’s close of 1,421.83. The key index opened 4.87 points easier at 1,416.96. Market breadth remained in the red with decliners surpassing gainers 705 to 171, while 284 counters were unchanged, 1,087 untraded, and 11 others suspended. Turnover stood at 1.75 billion units valued at RM1.15 million. In a note, Malacca Securities Sdn Bhd said investors would be focusing on the consumer price index data to be released later today. “While investors may start pricing in the possibility of pausing rate hikes following the banking crisis in the US, volatility may remain in place on fears over a potential slowdown in the economic activity going forward,” it said. On the local bourse, the brokerage said defensive sectors with solid fundamentals may be set for a rebound. Sector-wise, in view of the mild rebound on Wall Street, the market could have priced in the near-term impact of the banking crisis, it said. Also, it continued, the local technology stocks may rebound on bargain-hunting activities. Besides, Malacca Securities expected investors to hunt for defensive stocks within the consumer, telecommunication and utilities sectors. Among Bursa Malaysia heavyweights, Maybank slipped four sen to RM8.40, Public Bank dipped eight sen to RM3.93, CIMB shrank 11 sen to RM5.22, Petronas Chemicals fell 15 sen to RM6.95, and TNB shaved two sen to RM9.30. Among the actives, Vinvest Capital eased half-a-sen to 22 sen, BSL Corporation edged down one sen to five sen, E.A. Technique (M) decreased seven sen to 22 sen, and Awanbiru Technology lost three sen to 44 sen, while MY E.G. Services gained one sen to 78.5 sen. On the index board, the FBM Emas Shariah Index dropped 135.87 points to 10,514.08, the FBM Emas Index reduced 142.21 points to 10,233.21, the FBM ACE trimmed 87.78 points to 5,211.28, the FBMT 100 Index narrowed 137.56 points to 9,924.35, and the FBM 70 retreated 139.05 points to 13,105.33. Sector-wise, the Financial Services Index dipped 226.99 points to 15,493.40, the Plantation Index contracted 106.11 points to 6,686.22, the Energy Index inched down by 17.60 points to 835.23, and the Industrial Products and Services Index eased 2.74 points to 169.83.

Source: BERNAMA News Agency

Prime Minister Datuk Seri Anwar Ibrahim today stressed that the investigation into the issues on Littoral Combat Ship (LCS) project must continue because earlier prosecution was not enough as the scandal was done on a large scale and involved leakage. In fact, he said the prosecution done before did not even involve the main culprits behind the LCS project issues. ‘My instruction is that the investigation must continue, including on the LCS project because I think earlier action was not enough to uncover and find the real culprits in the case…so, let the investigation continue.’ Anwar said this in reply to Ahmad Fadhli Shaari’s (PN-Pasir Mas) supplementary question about governance issues during Minister’s Question Time at the Dewan Rakyat sitting today. Anwar said the instruction has also been forwarded to the Malaysian Anti-Corruption Commission (MACC) for further action and that the agency had already informed him that there will be a second-round prosecution. Anwar also stressed that his instruction to the enforcement agencies, including MACC, was comprehensive and not just focused on any particular political party. ‘That’s why there was a case of Shah Alam UMNO chief being charged but not being focused on. Meaning, if MACC has solid evidence for anyone to be prosecuted, the Attorney-General should accept their prosecution proposal,’ he said. While reiterating his stance that he would not interfere in any court case involving any political leader, Anwar also hit out at the opposition and denied their allegation that he had interfered in the court case involving Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, including to reduce and withdraw the charges. ‘Do you have evidence that Anwar interfered? If you don’t have evidence, then you are being cruel, using religion and making accusations…mentioning my name. ‘I did not interfere. You can ask the MACC and the Attorney-General. I support actions based on solid facts and evidence, but don’t be cruel, and don’t make a bland allegation which can be challenged and disputed. ‘Don’t be so quick to judge me. I’m not a low-class politician,’ he said. Meanwhile, Anwar who is also Finance Minister said the government has taken several steps to ensure good governance including stopping all direct negotiation methods and instead managing them through tenders. He acknowledged that there is indeed a need to allocate projects to Bumiputera contractors, but it also needs to go through a tender or limited tender process in addition to having an adequate allocation for the needy. He said 475 chief digital officers (CDO) have also been appointed as digitalisation leaders in agencies in a bid to improve governance and digitalisation of the public sector. The Malaysian Administrative Modernisation and Management Planning Unit (MAMPU) has also been reassigned to pay attention from the point of view of planning and administrative management in addition to establishing the Implementation Monitoring Committee Cloud Framework Agreement (JPPCFA).

Source: BERNAMA News Agency

Almost 80 per cent of the labour shortage in the plantation industry has been resolved so far with the remaining under way, said Deputy Prime Minister Datuk Seri Fadillah Yusof. Fadillah, who is also the Plantation and Commodities Minister, said the labour shortage, however, remained challenging in certain parts of the country such as Sarawak. ‘We are almost there. I think it’s almost like 80 per cent now but the challenge will be in certain parts, for example Sarawak, because it is not receiving or accepting Bangladeshis to work there. ‘So, definitely there are challenges in getting more Indonesians to come in but in terms of (labour) application approvals, it has been almost 100 per cent achieved,’ he told reporters after launching the People Positive Palm Project (P3 Project) here today. He said the challenge was to bring in people from the source countries because their practices, rules and regulations were beyond the Malaysian government’s control. Meanwhile, Fadillah stressed the importance of Malaysia engaging the international communities, whether consultants or industry players, and meeting the regional and international standards and practices. He said the international standards must be recognised for industry players to fulfil the expectations of those buying Malaysian products or services.

Source: BERNAMA News Agency

The strengthening of the US dollar has so far not affected the government’s revenue and expenditure although food prices, especially the import of seeds and fertilisers have suffered due to the weakness of the ringgit against the currency. Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim said the ringgit remained positive against the British pound, Japanese yen, Australian dollar, Chinese yuan and Indonesian rupiah. ‘Fortunately our exposure to debt based on US dollar is much lower than before and as I mentioned, this US dollar payment includes the debt of 1Malaysia Development Bhd (1MDB),’ he said during the Minister’s Question Time in Parliament on Tuesday. Earlier, Datuk Ahmad Amzad Mohamed @ Hashim (PN-Kuala Terengganu) had asked the government to state the country’s fiscal strength due to the weakening of the ringgit and solutions to balance the situation. Anwar said the strengthening of the US dollar against the ringgit was driven by the increase in interest rates in the world’s largest economy compared to Bank Negara Malaysia’s (BNM) Overnight Policy Rate (OPR) which is currently at 2.75 per cent. Responding to Ahmad Amzad’s additional question about Malaysia’s steps in dealing with the increase in interest rates in the United States, the Prime Minister said he was confident that BNM would take the best steps to deal with this matter ‘I think BNM had taken into account all these factors which is why in the last meeting last week it decided to maintain the interest rate so as to be able to maintain the strength of the ringgit and inflation in our country. ‘I believe BNM in evaluating this matter also takes into account inflation which has not increased at the moment and therefore we can still hold out apart from our inability to control developments in the United States,’ he said. He said the national inflation is still based on the 3.3 per cent forecast for 2022 and is expected to remain at that rate for 2023, if not reduced. Earlier Dr Mohammed Taufiq Johari (PH-Sungai Petani) raised the question about the government’s measures to reduce the (fiscal) deficit to 3.2 per cent by 2025, Anwar said the projected deficit for 2023 and future years is ‘reasonable’ looking at the results achieved. Anwar said that besides the reduction in expenditure related to the COVID-19 pandemic, the revenue from the settlement from International Petroleum Investment Company (IPIC) is worth US$1.8 billion and the absence of 1MDB debt payments for next year. ‘For this year, we haven’t spent anything yet for COVID-19. ‘Another thing to be considered for 2023 is the 1MDB money that has to be paid this year of around RM13.5 billion but this is a one-off. Next year this amount is not included in the estimate,’ he said.

Source: BERNAMA News Agency

In line with this year’s International Women’s Day, Marrybrown Malaysia reaffirms its unwavering commitment to #EmbraceEquity for the underserved community by donating over RM5,000 worth of Marrybrown meals to residents of various organisations across Klang Valley and Johor. With the belief that Women Boleh, Marrybrown reached out to The Association of Services and Community Development of Gombak District (PSPK); Ti-Ratana Welfare; Women Aid Organisation; Women of Will; PersatuanKebajikan Bayt Al-Rahmah; Exodus Shelter and I Care Community Center. Founder and Group Managing Director of Marrybrown, Datin Nancy Liew said, these organisations help and support the less fortunate and vulnerable women in society to cheer them on and uplift their lives of these women. ‘We salute the organisations who shelter the underserved women and communities who do not have the same means as the rest in society while doing what they can to help them stand strong,’ she said in a statement, recently. Since its establishment more than 40 years ago, it is in their core belief to practise both gender equality and equity through job opportunities and various support systems as they expanded their footprints globally. Additionally, through Marrybrown Charities Association, they were also able to give back to society in need. Marrybrown currently serves millions of customers in more than 500 restaurants across 16 countries to deliver the highest standard of quality, service, cleanliness and value for the perfect dining experience.

Source: BERNAMA News Agency

The Selangor government is identifying suitable locations to build large-scale solar farms, especially in abandoned ponds, to generate renewable energy in a bid to address climate change. State Tourism, Environment, Green Technology and Orang Asli Affairs Committee chairman Hee Loy Sian said apart from the project, the Selangor government also plans to install solar panels on buildings. ‘The state government is also planning to implement a waste-to-energy project in Jeram, Kuala Selangor and Tanjung Dua Belas, Kuala Langat so that the incinerated garbage can generate renewable energy,’ he said. Hee said this in reply to Datuk Seri Mohamed Azmin Ali’s (Bersatu-Bukit Antarabangsa) supplementary question on the state government’s plan to address the issue of climate change and investment in renewable energy, at the Selangor state assembly sitting today. In another development, he said the state government provides small grants of RM20,000 each to communities, with a total allocation of RM2 million each year, as an encouragement to carry out greening projects. Hee said this involved resident associations, joint management bodies, neighbourhood watch areas, mosques and surau communities and non-governmental organisations. ‘Since it was launched, the grant received a good response from the communities, and we are hoping that they can join hands with the state government to tackle climate change,’ he said.

Source: BERNAMA News Agency