Timber and sustainable forest management group Priceworth International Bhd has begun harvesting operations in Compartment 57 in Forest Management Unit 5 (FMU5), Sabah, through its subsidiary Sinora Sdn Bhd, following the completion of infrastructure and construction works.
“We expect timber harvested from Compartment 57 to immediately have a positive effect on our monthly production figures and ultimately on the throughput volume from our plywood manufacturing facility,” said Priceworth executive director Richard Koo. “This will lead to a positive contribution to our bottom line.”
Securities Commission Malaysia (SC) cautions investors as it notes the emergence of digital token based fundraising activities / investment schemes in Malaysia and elsewhere, which may be referred to as “initial coin offerings”, “initial token offerings”, “token pre-sale”, “token crowd-sale” (collectively referred to as ICO schemes hereon).
In a press statement yesterday, SC notes that ICO scheme operators typically raise funds through the issuance and sale of digital tokens, in exchange for investors paying for these tokens through virtual currencies, such as Bitcoin or Ethereum.
The Malaysia Chamber of Commerce and Industries Philippines, Inc. (MCCI), the first foreign chamber from the ASEAN Member States in the Philippines was officially launched on 6 September 2017 by Datuk Sri Mustapa Mohamed, Minister of International Trade and Industry at the margins of the 49th ASEAN Economic Ministers’ (AEM) Meeting and Related Meetings which is taking place in Pasay City, the Philippines from 4 to 11 September 2017.
The idea for the establishment of the Chamber was first mooted three years ago by Mustapa. Pursuant to that, the MCCI was established on February 2017, currently with 25 members to complement the role of the Malaysian embassy in enhancing Malaysia – the Philippines’ economic relations and to also cross-promote the vast opportunities that are yet to be tapped between the two nations. The membership of MCCI is open to both Malaysians and Filipinos companies and professionals.
‘Road to GEC’, a kickoff to GECommunity Summit 2017 provided a sneak peek to the kind of conversations that will be taking place at the global summit come December.
‘Road to GEC’ hosted the entrepreneurship community through activities like Innovation Chats, where industry and corporate players, ecosystem influencers, policy makers, and entrepreneurs participated in personalised engagement sessions. Corporate players and industry leaders presented situations or problem statements for participants of the session to brainstorm solutions on. These problem statements and the proposed solutions would potentially be carried out in the GEC Labs during the GECommunity Summit.
Fundaztic.com (Fundaztic) made its debut on the peer-to-peer (P2P) financing platform with a low entry barrier investment of RM50, and is now expecting to draw investors to fund more than 500 micro and small and medium-sized enterprises (SMEs), and startups within the first year of operations to reach a funding goal of RM40 million.
Fundaztic.com went ‘live’ exactly two months ago on July 7th 2017, by hosting five investment notes for SMEs and startups with total funding amounting RM530,000. The first issuer hosted, reached its funding target of RM20,000 through investments from a total of 37 investors within the first four hours of being “hosted” on the platform.
CTOS, Malaysia’s largest credit reporting agency, and Handshakes Technology (M) Sdn Bhd, a corporate intelligence technology provider, have signed a partnership agreement to provide corporate intelligence services to Malaysian companies under the banner of ‘CTOS ConneX’.
CTOS ConneX is one of the most powerful analytics tools in Asia, providing a streamlined service for efficient searches of business or person profiles and relationships across various Asian markets. It is a one-stop, central operating analytics platform that maps out all possible and existing connections between companies and persons within the business ecosystem.
The Monetary Policy Committee (MPC) of Bank Negara Malaysia decided to maintain the Overnight Policy Rate (OPR) at 3.00 percent.
In a press statement today, the central bank said that the global economy continues to strengthen with growth becoming more entrenched and synchronised across countries. Global trade has picked up significantly. In the advanced economies, both consumption and investment continue to improve.
MIDA, in collaboration with TRX City today hosted prominent foreign chambers of commerce on a visit to TRX, KL’s international financial district. The private event was attended by delegates from various chambers of commerce representing six of Malaysia’s prominent trading partners; India, New Zealand, France, Japan, Australia and South Korea. This visit is part of MIDA’s initiative to highlight investment opportunities in high-impact projects like TRX to the international business community.
Datuk Azman Mahmud, CEO of MIDA said, “MIDA sees TRX as a long-term profitable location for businesses to expand due to its excellent accessibility and connectivity to the vibrant ecosystem available in the existing city centre and the rest of Greater Kuala Lumpur. It offers exciting prospects for companies seeking to centralise their key functions in one location and streamline their global support services to enhance efficiency and productivity. By locating here, companies can be closer to an established supply chain and matured workforce. Given the strategic value propositions, MIDA expects many more multinational companies (MNCs) and local conglomerates to seize these budding opportunities and increase their competitiveness by setting up their operations in TRX.”
Mobike, the world’s first and largest smart bike-sharing company, today announced it is launching its dockless bike-sharing service in Shah Alam, the capital of Selangor state, to provide its convenient, affordable and sustainable mobility solution to the city’s residents.
Malaysia is the third country in the Southeast Asian region to welcome Mobike’s operations, after the company announced the start of services in Thailand last month, and continues to grow operations in Singapore since March of this year.
The Malaysian Institute of Accountants (MIA) will continue to strengthen the accountancy profession by building-up the supply and quality of professional accountants in supporting the country’s economy.
In this aspect, the Institute is paying close attention to the technology disruption that is taking place in the accountancy profession. As such, the MIA has established a Digital Economy Task Force to prepare members for these game changers.