The week at a glance 17 December 2017

Sabah &

Almost 3,000 GST-registered businesses in Sabah fail to submit statements

A total of 2,935 GST-03 statements have yet to be submitted by Goods and Services Tax (GST) registered businesses in Sabah, as of October, said Sabah Royal Malaysian Customs Department Director Datuk Hamzah Sundang.

He said the amount was part of the 89,791 GST-03 statements that should have been submitted to the department.

Maxis expands 4G network in Sarawak

Maxis continues to expand its 4G network to even more locations beyond key towns in Sarawak.

Customers in the towns of Siburan, Bau, Lundu, Sematan, Bintangor, Kanowit, Julau, Samalaju, Tatau Limbang, Lawas, Mukah, Kapit, Seratok, Betong and Sarikei can now enjoy superfast 4G speeds on their mobile phones for surfing and streaming.

sees healthy e-hailing market in Kuching

Kuching has a healthy e-hailing market as it currently has a balanced demand and supply of driver-partners and riders, Uber observed. According to Uber’s head of communications for Southeast Asia Leigh Wong during a media briefing recently, based on the average estimated time of arrival (ETA), people in Kuching do not need to wait longer than seven minutes to get a ride.

CTOS does not make any recommendations on credit information

CTOS Data Systems Sdn Bhd (CTOS) clarified that it does not have the power to blacklist any person as its main role is to collect and process credit information of individuals’ and businesses’ borrowings and repayments, and provide them to credit grantors.

It stressed that it does not make any recommendations as to whether a person or business should be grated credit terms.

In response to a recently published article regarding CTOS’ role against rate defaulters, CTOS highlighted that the role of CTOS as a credit reporting agency is simply to maintain a record of historical information about a person’s credit experience.


: Currency frameworks to complement close partnership

The implementation of the Local Currency Trade Settlement Frameworks between Bank Indonesia (BI) – Bank Negara (BNM) and Bank of Thailand (BOT),  as well as, the expansion of the BNM –BOT Framework will complement the existing close partnership and cooperation existing among the three countries which share common objectives and aspirations, says BNM Governor Tan Sri Muhammad Ibrahim.

All three frameworks, namely rupiah-ringgit framework, rupiah-baht framework; and expanded baht-ringgit framework, will be effective from 2, 2018.

AirAsia announces leadership changes, names new CEO for Malaysian operations

AirAsia Bhd (AirAsia) has appointed Riad Asmat as the new chief executive officer (CEO) for its Malaysia-based operations, succeeding Aireen Omar who has been promoted to deputy group CEO for AirAsia’s Digital, Transformation, Corporate Services.

Riad will assume his post effectively on January 10, 2018 and he will report directly to Bo Lingam, Deputy Group CEO (Airlines Business) of AirAsia. Aireen will report directly to AirAsia Group CEO Tan Sri Tony Fernandes, effective January 10, 2018.

Malaysia’s long-term potential growth to stay robust

Malaysia will be able to maintain its strong growth trend with the economy’s long-term potential growth to stay robust at around five per cent, significantly stronger than most other A-rated sovereigns, says Moody’s Investors Service (Moody’s).

In its recently-released report titled, ‘Government of Malaysia: FAQ On Credit Resilience To High Leverage and External Vulnerability Risks’, Moody’s said Malaysia’s highly diversified and competitive economic structure underpinned stable and relatively robust growth trends that have proven to be resilient to external headwinds.

Malaysia’s GDP to grow at 5.8 pct in 2017

Malaysia’s 2017 gross domestic product (GDP) is projected to grow at 5.8 per cent, year-on-year, the highest annual growth rate since 2014, said World Bank Group, Malaysia and Thailand, Director for Regional Partnerships, Dr Ulrich Zachau.

He said the World Bank expected the economy to remain strong in 2018 and projected a growth of 5.2 per cent.

RAM Ratings: Malaysia well poised as green finance hub

RAM Ratings sees Malaysia gaining traction as a green finance hub, driven by its well-established sustainable financing system.

According to the Green Finance Opportunites in Asean report published by DBS Bank and the United Nations Environment Programme Inquiry in November 2017, demand for additional Asean green investments is envisaged to come up to an estimated US$3 trillion between 2016 and 2030, with 60 per cent earmarked for infrastructure.

This opportunity represents a new Asean green investment market that is 37 times the size of the global green market in 2016.

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Source: Borneo Post Online

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