The week at a glance 30 April 2017

Sabah &

IEM awards Shell for outstanding design and construction of Malikai Deepwater Project

The Institution of Engineers (IEM) awarded Shell Projects & Technology with the highest honour in design and engineering at the 58th IEM Annual Dinner and Awards. The ‘IEM Outstanding Engineering Achievement Award 2017’, presented to an oil and gas company for the first time in three decades, was awarded to Shell for its Malikai Tension Leg Platform (TLP) Deepwater Project located in Sabah.

RSPO to release third cert revision by Nov 2018

The Roundtable for Sustainable Palm Oil will release the third revision of its certification upon  completion of a review with stakeholders  from next month.

KKB signs MoU with ’s SNPDRI

KKB Engineering Bhd on Tuesday entered into a Memorandum of Understanding (MoU) with State Nuclear Electric Power Planning Design & Research Institute Co Ltd (SNPDRI) to identify business opportunities and to pre-qualify to participate in tenders for projects in Sarawak.

M’sia-EU FTA talks to include palm oil resolutions

The free trade agreement (FTA) negotiations between Malaysia and the European Union (EU) will include a discussion on the recent resolution by the EU parliament to phase out the use of  certain vegetable oils, including palm oil, by 2020.

Deputy Minister of International Trade and Industry Datuk Chua Tee Yong said although the resolution is non-binding on EU member states, the government viewed the recent development very seriously, as it involved a major  export commodity and the livelihood of about 500,000 smallholders.

Labuan IBFC to introduce competitive tax structure by end-2017

The Labuan International Business and Financial Centre (Labuan IBFC) is expected to introduce a more competitive tax structure by year-end to suit the current environment, said Bank Negara Malaysia Governor Datuk Muhammad Ibrahim on Friday.

“The global (economic) environment keeps changing, so we have to change Labuan’s tax structure and make it more competitive to suit national and international requirements.”

Sarawak’s business events campaign heads to Vienna

Sarawak’s latest campaign, Redefining Global Tribes, which champions the impact of Business Events has on the global economy, will be uniting Business Events communities around the world at the sector’s biggest tradeshows this May.


‘Step up to moral obligation when conducting business’

Bank Negara Malaysia () on Monday called on the finance community to step up their moral obligation that they owe to the society when conducting businesses. Deputy Governor Shaik Abdul Rasheed Abdul Ghaffour said the financial sector must take a holistic, thoughtful and realistic approach in building a culture of professionalism and ethics.

SC releases new code on corporate governance

Securities Commission Malaysia (SC) released the new Malaysian Code on Corporate Governance (MCCG), a set of best practices to strengthen corporate culture anchored on accountability and transparency. The new MCCG places greater emphasis on the internalisation of corporate governance culture, not just among listed companies, but also encourages non-listed entities including state-owned enterprises, small and medium enterprises (SMEs) and licensed intermediaries to embrace the code.

Malaysia’s GDP growth forecast to reach 4.4 per cent in 2017

Malaysia’s economic outlook is expected to pick-up slightly in 2017 to register a gross domestic product (GDP) growth of 4.4 per cent, driven by exports and household spending. However, uncertainty over the state of external demand, slowing local business investment and households being at risk of higher interest rates could cause increasing financial stress, according to ICAEW’s latest Economic Insight: South East Asia report.

PCG delivers best performance since listing

Petronas Chemicals Group Bhd delivered its best performance since its listing on Bursa Malaysia back in November 2010. This came as the group held its annual general meeting on Wednesday to present the company’s performance to its shareholders for the ended December 31, 2016.

Malaysia Airlines offers to lease A330s from Alitalia

Malaysia Airlines has offered to lease Airbus A330 jets from Alitalia if the struggling Italian airline is wound up. Alitalia is preparing for special administration proceedings after workers rejected its latest rescue plan, making it impossible for the loss-making airline to secure funds to keep its aircraft flying. Workers are hoping the Italian government will step in with an alternative rescue deal.

CabNet launches prospectus with IPO of 21 million new shares

CabNet Holdings Bhdlaunched its prospectus onv Friday in conjunction with the company’s proposed listing on the Ace Market of Bursa Malaysia Securities Bhd. CabNet and its subsidiaries are principally involved in the provision of building management solutions comprising structured cabling works and Extra Low Voltage systems, as well as IT services.

Source: Borneo Post Online

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