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PROFICEO’s ‘GoDigital – YOUTH’ catalyses Malaysias entrepreneurship ecosystems

KUALA LUMPUR, PROFICEO recently held its first ‘GoDigital – YOUTH’ community event outside the Klang Valley, in Ipoh, Perak to catalyse entrepreneurship ecosystems in Malaysia.

The primary objective of the event was to showcase local heroes who can be role models and mentors to the youth, according to a statement.

The panel consisted of alumni from PROFICEO’s coaching programmes including Thomas Yip of Radica Software, Mike Chu of PTT Outdoor and Foo Bao Bao of Cheekaboo.com.

They answered questions posed by the participants and shared passionately about their journey of entrepreneurship, challenges, motivation and dreams to the youth of Ipoh.

In line with the Government’s aspirations, the private sector has to play a bigger role in giving more opportunities to youth, not just in terms of jobs but also to create more entrepreneurs who can independently earn higher income and thereby, create a high income society in Malaysia, said PROFICEO chief executive officer and chief explorer, Renuka Sena.

That has always been a key driver of PROFICEO’s initiatives and programmes, and this will now be extended outside the Klang Valley to other major economic hubs in Malaysia.

The next ‘GoDigital – YOUTH’ is already in the works and PROFICEO would be travelling to Johor Bahru, Johor. More information at https://www.proficeo.com.

Source: BERNAMA (News Agency)

The We Company issues statement on upcoming IPO

KUALA LUMPUR, The We Company is looking forward to its upcoming IPO, according to a statement.

The company expects the IPO to be completed by year-end.

It also thanked all its employees, members and partners for their ongoing commitment.

Source: BERNAMA (News Agency)

TDM’s 1,201 ha land affected by fire

KUALA LUMPUR, Approximately 1,201 hectares of land owned by TDM Bhd’s unit, PT Rafi Kamajaya Abadi (PTRKA), has been affected by fire.

In a filing to Bursa Malaysia, TDM said the areas are known as North 2 Estate at NB2-Tapang ria, NB3-Kemantan, NB7 Kancing and NB8 Kayan.

From the beginning of the dry weather in early August, PTRKA has been on high alert and put in place measures to manage and control fire incidents in the operating areas.

This includes maintaining equipped firefighting teams to deal with the dry weather, strong wind and the risk of fire. Over the last couple of weeks, PTRKA has been able to contain fires that have occurred in the areas, it said.

TDM noted that reports to local authorities, including a police report, had been made on fire incidences and PTRKA was working and would continue to work closely with local authorities, the fire brigade and villagers in monitoring hot spots and joint operations for fire-prevention and fire-fighting purposes.

TDM practices the RSPO principles and is strictly governed by the No Burning policy which states that there should be no use of fire in the preparation of new planting, replanting or any other developments.

We wish to reiterate that, since 2016, there is neither new development nor land clearing activities being carried out within our area of operation, TDM said.

At 3.47 pm shares of TDM shed half a sen to 17 sen with 596,200 shares traded.

Source: BERNAMA (News Agency)

TDM’s 1,201 ha land affected by fire

KUALA LUMPUR, Approximately 1,201 hectares of land owned by TDM Bhd’s unit, PT Rafi Kamajaya Abadi (PTRKA), has been affected by fire.

In a filing to Bursa Malaysia, TDM said the areas are known as North 2 Estate at NB2-Tapang ria, NB3-Kemantan, NB7 Kancing and NB8 Kayan.

From the beginning of the dry weather in early August, PTRKA has been on high alert and put in place measures to manage and control fire incidents in the operating areas.

This includes maintaining equipped firefighting teams to deal with the dry weather, strong wind and the risk of fire. Over the last couple of weeks, PTRKA has been able to contain fires that have occurred in the areas, it said.

TDM noted that reports to local authorities, including a police report, had been made on fire incidences and PTRKA was working and would continue to work closely with local authorities, the fire brigade and villagers in monitoring hot spots and joint operations for fire-prevention and fire-fighting purposes.

TDM practices the RSPO principles and is strictly governed by the No Burning policy which states that there should be no use of fire in the preparation of new planting, replanting or any other developments.

We wish to reiterate that, since 2016, there is neither new development nor land clearing activities being carried out within our area of operation, TDM said.

At 3.47 pm shares of TDM shed half a sen to 17 sen with 596,200 shares traded.

Source: BERNAMA (News Agency)

ATP launches first embedded multimedia card for high-reliability applications

KUALA LUMPUR, ATP Electronics, the leading manufacturer of industrial-only memory and storage solutions has launched its first embedded multimedia card (e.MMC), E800Pi, based on native single-level cell (SLC) flash.

The product comes with a very high endurance rating of 60K program/erase (P/E) cycles, according to a statement.

SLC is widely recognised as ideal for applications requiring high reliability due to its unparalleled endurance, lowest read disturb and highest data retention capability, said ATP vice-president of Global Marketing, Marco Mezger.

With ATP’s SLC-based E800Pi e.MMC, our customers can be assured of the most optimal total cost of ownership.

Aside from its superior endurance, the SLC-based E800Pi e.MMC offers strong resistance against high and cross temperatures with its ability to operate in extremely hot or cold settings from -40C to 85C (industrial temperature rating).

It is designed according to JEDEC e.MMC v4.41 standard with support for enhanced features such as Health Report, Field Firmware Update and Fast Boot operation.

Available in capacities from 1GB to 2GB, the SLC-based E800Pi e.MMC is ideal for use in boot-up and other high-reliability embedded system applications.

Source: BERNAMA (News Agency)

Malaysia to benefit from oil price hike, say analysts

KUALA LUMPUR, Malaysia is one of the few Asian countries that will benefit from the spike in oil prices in the aftermath of the attack on Saudi Arabia’s petroleum facilities that knocked out more than five per cent of global supply over the weekend, say analysts.

Brent crude oil futures jumped as much as 18 per cent on Monday after the Abqaiq facility and the Khurais oil field in Saudi Arabia were hit by a throng of explosive drones, for which Houthi rebels in Yemen claimed responsibility.

Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said higher oil prices are a boon to the government but it needs to strike the right balance on whether to spend for long-term investments such as development expenditure or short-term remedies such as subsidies or cash transfers.

“We are not sure whether the prevailing oil prices can be sustained. The supply glut is still the main issue for the sector.

“According to the International Energy Agency, higher oil production from non-OPEC countries will continue to post a challenge to the industry in 2020. Therefore, we are unsure whether the current oil price spike can last,” he told Bernama.

On Monday, Finance Minister Lim Guan Eng said Petroliam Nasional Bhd’s revenue and the government’s fuel subsidy will increase after crude oil prices spiked following the incident in Saudi Arabia.

For the time being, the RON95 fuel price cap will remain at RM2.08 per litre, Lim said, adding the country’s fuel subsidy will need an organised and detailed assessment for the long term.

Asia Pacific market strategist at AxiTrader Stephen Innes recently said historically, oil price spikes driven by demand have generally been positive for equities in the Asia Pacific.

By contrast, oil price spikes on supply shortages tend to be less embraced, he added.

Innes pointed out that the most favourable investment sensitivity is in Malaysia since the country is a consistent net exporter of oil and gas, running a trade surplus of 2.7 per cent of gross domestic product last year.

“Prices could remain elevated as repairs are performed but unlikely to gap higher than May highs as Saudi Arabia will tap into reserves and tame the oil price. Also, there is a lot of reserves globally.

“But recall Malaysia Budget 2019 was based on US$70 per barrel oil price, so this price shock is a most welcome boost to government coffers,” he told Bernama.

Innes noted that the so-called supply and war risk premiums could keep prices higher, even after production is restored.

Meanwhile, RHB Research said oil-related revenue, which was estimated to contribute 30.9 per cent to total government revenue this year, is expected to fall sharply in the absence of Petronas’ RM30 billion special dividend and slightly lower crude oil prices.

“We believe a more conservative estimate of oil price at below US$60 per barrel for Brent crude is likely to be adopted by the government for 2020 versus the rather optimistic US$70 per barrel estimated in 2019.

“This comes even as recent geopolitical events resulting in global supply disruptions point to higher crude oil price in the near term,” it said in a research note titled “Budget 2020 Preview: Shared Prosperity, Higher Fiscal Spending In Needy Times” today.

For now, RHB Research’s house view expects a premium of US$3-US$10 per barrel to be added to crude oil prices over the near term, but maintains its crude oil forecast at US$66 per barrel for next year.

To recap, each US$1 increase in the oil price is estimated to improve government revenues by RM300 million.

Source: BERNAMA (News Agency)

Short-term rates close steady on BNM’s operations

KUALA LUMPUR, Short-term interbank rates closed steady today on Bank Negara Malaysia’s (BNM) operations to reduce excess liquidity from the financial system.

The surplus in the conventional system declined to RM26.5 billion from RM28.03 billion this morning, while in the Islamic system, it contracted to RM14 billion from RM16.43 billion.

Earlier today, BNM issued five tenders comprising three conventional money market, an Islamic range maturity auction Qard and a reverse repo tender.

It will also call for a Bank Negara Interbank Bills and a Bank Negara Interbank Bills Islamic on Sept 19.

The central bank revised the conventional overnight tender to RM26 billion from RM25.6 billion.

At 4 pm, BNM conducted a RM26 billion conventional money market tender and a RM13.2 billion Murabahah money market tender, both for one-day money.

The average Islamic overnight interest rate stood at 2.95 per cent, while the one-week, two, and three-week rates were pegged at 3.03 per cent, 3.07 per cent and 3.12 per cent respectively.

Source: BERNAMA (News Agency)