Monday, August 13th, 2018

 

Turkey lira crisis highlights emerging currencies plight

PARIS, Aug 13 — Much of the Turkish lira’s plight may be homegrown, but it shares some key vulnerabilities with other emerging countries whose currencies are now also plunging as fear of contagion spreads, analysts say. South Africa, Argentina,…


Iraq to respect dollar ban but not all US sanctions on Iran, says PM

BAGHDAD, Aug 13 — Iraqi Prime Minister Haider al-Abadi said today his government was only committed to not using dollars in transactions with Iran, not to abiding with the full scope of US sanctions against the country. “Our commitment in the…


Petronas takes 30% stake in Rufisque block, marks entry into Senegal

PETALING JAYA: Petroliam Nasional Bhd (Petronas), through subsidiary PC Senegal Ltd, recently signed a farm-in agreement with Total E&P Senegal SAS, a subsidiary of France's Total, for a 30% participating interest in the Rufisque Offshore Profond block, marking its entry into Senegal.

Total will maintain operatorship with 60% equity alongside Société Nationale des Pétroles du Sénégal, which holds the remaining 10%.

The Rufisque Offshore Profond block covers 10,357 sq km, offshore Senegal, with a water depth ranging from 100m to 3000m. It is located in the vicinity of recent significant oil and gas discoveries in blocks namely St Louis Profond and Cayar Profond and Rusfique Sangomar OffShore Deep.

Upon completion on the interpretation of the acquired 3D seismic data and once a prospect has been identified and evaluated, exploration drilling activities will commence in the Rufisque Offshore Profond block in 2019.

The farm-in is aligned with Petronas' upstream strategy to grow its exploration portfolio in West Africa, where it is operator of an ultra-deep water block in Gabon and currently looking to explore further in the region.


Johor to receive US$400m investment from China

ISKANDAR PUTERI, Aug 13 — Johor will receive US$400 million (RM1.6 billion) worth of new investments through two companies from China, said Menteri Besar Datuk Osman Sapian. He said the investments would involve US$200 million each in thread and…


Malaysia remains attractive to foreign investors

KUALA LUMPUR, Aug 13 — Malaysia has remained attractive for foreign investors despite concerns over international crises, including the collapse of the Turkish lira by up to 20 per cent against the US dollar, Finance Minister Lim Guan Eng said. He…


Singapore seen as benchmark for Malaysia in business tourism

GENTING HIGHLANDS: Malaysia is looking at Singapore as a benchmark to bring in more business tourism, which includes the meetings, incentives, conventions and exhibitions or MICE segment, into the country, with a target of 10%-15% of overall tourism receipts by 2020.

Currently, MICE alone contributes about 8% to total tourism receipts.

Deputy Minister of Tourism, Arts and Culture Muhammad Bakhtiar Wan Chik said business tourists bring in three times more revenue than leisure tourists.

“Singapore has 40% of their tourism receipts from business tourists so we might want to benchmark Singapore in terms of tourism receipts when it comes to business tourists. We might not be like Singapore, but we should target about 10%-15% (business tourism) by 2020,” he told a press conference after opening the Malaysia Business Events Week (MBEW) yesterday.

The ministry’s target is to achieve 36 million tourists by 2020, generating RM168 billion in tourism receipts. By 2020, business events are expected to contribute RM3.9 billion in the incremental of gross national income. The business events industry will remain an important component to Malaysia’s prosperity.

Meanwhile, Muhammad Bakhtiar said the ministry is looking at closing two or three of its international tourism offices, including in Auckland and Osaka, this year.

He said with digital marketing, it does not really need the physical offices and is able to reach its target market using social media.

“Under the rationalisation process, we might close two to three offices, mainly Auckland and Osaka. The Sydney office will be covering Australia and New Zealand.

“We have 37 international tourism offices now, so we would have 35 (after the closure of two offices). We’re also looking at a few, those in Kazakhstan, Almaty … If it doesn’t bring any tourists from that area or region, we might close it so that we can save more on operating costs.”

Each tourism office employs two expats. With 37 offices, it has 74 expats.

“We’re running at RM67 million to RM70 million a year just to operate these offices,” Muhammad Bakhtiar explained.

Meanwhile, the Malaysia Convention & Exhibition Bureau (MyCEB) has secured over 300 events, with around 451,000 delegates and RM3.5 billion in estimated economic impact from 2018-2028.

MyCEB CEO Datuk Zulkefli Sharif said topping the list are conventions (47.69%), followed by incentives (45.66%) and trade exhibitions (6.65%).

He said business events are catalysts for socio-economic growth. The impact from hosting international business events not only stretches beyond direct spending and job creation, but also amplifies the benefits beyond tourism. The legacy impact will help power Malaysia’s continued development as a knowledge and creative society.

“We’ve embarked on a business events roadmap beyond 2020. One of the reasons we want to put up this roadmap is to ensure that we collaborate closer with all the ministries, helping and complementing them to bid for more events to (be hosted in) Malaysia,” Zulkefli said.

He added that there is a need to engage Asean and Asian countries besides aiming globally on business events.

MBEW acts as a platform for stakeholders to communicate and debate issues that impact the future growth and sustainability of the business events industry. It started in 2014 as the national bureau found increasing momentum in the business events industry.

Themed “Our Future by Design: Embracing Change”, the fourth MBEW communicates the ability and readiness of the local landscape to embrace change, given its robustness and well-developed, world-standard offerings.


Singapore benchmark for Malaysia in biz tourism

GENTING HIGHLANDS: Malaysia is looking at Singapore as a benchmark to bring in more business tourism, which includes the meetings, incentives, conventions and exhibitions or MICE segment, into the country, with a target of 10%-15% of overall tourism receipts by 2020.

Currently, MICE alone contributes about 8% to total tourism receipts.

Deputy Minister of Tourism, Arts and Culture Muhammad Bakhtiar Wan Chik said business tourists bring in three times more revenue than leisure tourists.

“Singapore has 40% of their tourism receipts from business tourists so we might want to benchmark Singapore in terms of tourism receipts when it comes to business tourists. We might not be like Singapore, but we should target about 10%-15% (business tourism) by 2020,” he told a press conference after opening the Malaysia Business Events Week (MBEW) yesterday.

The ministry’s target is to achieve 36 million tourists by 2020, generating RM168 billion in tourism receipts. By 2020, business events are expected to contribute RM3.9 billion in the incremental of gross national income. The business events industry will remain an important component to Malaysia’s prosperity.

Meanwhile, Muhammad Bakhtiar said the ministry is looking at closing two or three of its international tourism offices, including in Auckland and Osaka, this year.

He said with digital marketing, it does not really need the physical offices and is able to reach its target market using social media.

“Under the rationalisation process, we might close two to three offices, mainly Auckland and Osaka. The Sydney office will be covering Australia and New Zealand.

“We have 37 international tourism offices now, so we would have 35 (after the closure of two offices). We’re also looking at a few, those in Kazakhstan, Almaty … If it doesn’t bring any tourists from that area or region, we might close it so that we can save more on operating costs.”

Each tourism office employs two expats. With 37 offices, it has 74 expats.

“We’re running at RM67 million to RM70 million a year just to operate these offices,” Muhammad Bakhtiar explained.

Meanwhile, the Malaysia Convention & Exhibition Bureau (MyCEB) has secured over 300 events, with around 451,000 delegates and RM3.5 billion in estimated economic impact from 2018-2028.

MyCEB CEO Datuk Zulkefli Sharif said topping the list are conventions (47.69%), followed by incentives (45.66%) and trade exhibitions (6.65%).

He said business events are catalysts for socio-economic growth. The impact from hosting international business events not only stretches beyond direct spending and job creation, but also amplifies the benefits beyond tourism. The legacy impact will help power Malaysia’s continued development as a knowledge and creative society.

“We’ve embarked on a business events roadmap beyond 2020. One of the reasons we want to put up this roadmap is to ensure that we collaborate closer with all the ministries, helping and complementing them to bid for more events to (be hosted in) Malaysia,” Zulkefli said.

He added that there is a need to engage Asean and Asian countries besides aiming globally on business events.

MBEW acts as a platform for stakeholders to communicate and debate issues that impact the future growth and sustainability of the business events industry. It started in 2014 as the national bureau found increasing momentum in the business events industry.

Themed “Our Future by Design: Embracing Change”, the fourth MBEW communicates the ability and readiness of the local landscape to embrace change, given its robustness and well-developed, world-standard offerings.


Maybank IB named best investment bank for fourth time running in Euromoney Awards

KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) was named the best Malaysian investment bank for the fourth time in a row in the Euromoney Awards for Excellence 2018.

According to Euromoney, the accolade has been conferred on Maybank for its strong performance during the period under review.

“Maybank IB had gone from strength to strength as a regional firm that now stands in comparison with all international and regional peers in Asean investment banking and advisory,” said Euromoney.

It noted that the bank is the clear leader in investment banking in Malaysia.

Maybank IB also topped the league tables in ringgit sukuk and conventional bonds.

Euromoney received almost 1,500 submissions from banks for the award programme that covers 20 global awards, more than 50 regional awards, and best bank awards in close to 100 countries.


Maybank IB named best investment bank for fourth time

KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) was named the best Malaysian investment bank for the fourth time in a row in the Euromoney Awards for Excellence 2018.

According to Euromoney, the accolade has been conferred on Maybank for its strong performance during the period under review.

“Maybank IB had gone from strength to strength as a regional firm that now stands in comparison with all international and regional peers in Asean investment banking and advisory,” said Euromoney.

It noted that the bank is the clear leader in investment banking in Malaysia.

Maybank IB also topped the league tables in ringgit sukuk and conventional bonds.

Euromoney received almost 1,500 submissions from banks for the award programme that covers 20 global awards, more than 50 regional awards, and best bank awards in close to 100 countries.


Second quarter GDP growth expected to ease to 5.2%

PETALING JAYA: Malaysia’s gross domestic product (GDP) growth is expected to ease to 5.2% year on year in the second quarter (Q2) from 5.4% in the first quarter, said Standard Chartered Global Research.

“The zero-rating of the goods and services tax (GST) from June 1, with the sales and services tax (SST) only coming into effect from Sept 1, resulted in a tax holiday; this may have boosted private spending in June,” it said in its report today.

In addition, election campaign spending from late April till early May also likely contributed to Q2 GDP growth.

Meanwhile, palm oil production may have weighed on headline GDP growth, as production fell 6.4% year on year, likely due to lower crude palm oil prices after five consecutive quarters of a year-on-year increase.

A review of mega infrastructure projects post-general election may have also weighed on investments and, therefore, GDP growth.

“While we maintain our 5.3% growth forecast for the year, growth may be more reliant on private consumption than before, supported by the tax holiday in Q2 and Q3 and a healthy labour market.

“Nevertheless, household consumption is already running hot at 7% year on year and may be weighed down by slowing property prices and still-high household leverage,” said Standard Chartered Global Research.

The research unit cut its investment and external outlook due to the review of mega projects and trade tensions.

On balance, it projected a small positive output gap but noted that the risk scenario is biased towards the downside and monetary policy loosening if trade tariffs expand beyond the current US$50 billion (RM204.5 billion) of goods.