Sunday, December 2nd, 2018

 

China says US agrees not to raise tariffs on January 1

BUENOS AIRES, Dec 2 — China’s Vice Commerce Minister Wang Shouwen said yesterday the United States had revoked a plan to raise tariffs on certain Chinese goods to 25 per cent on January 1, following a meeting between US President Donald Trump…


Foreign selling to continue until year-end, say analysts

KUALA LUMPUR, Dec 2 — Foreign selling of Malaysian equities is likely to continue until the end of this year with the week just-ended recording net outflow of RM160 million, says Inter-Pacific Research Sdn Bhd Head of Research Pong Teng Siew….


SMEs aspiring for growth should approach CIMB

SMEs aspiring for growth should approach CIMB

KUALA LUMPUR: Business owners, especially those with small and medium-sized enterprises (SMEs), wanting to expand their business could seek advice from CIMB by going to its booth at the Malaysia Agriculture, Horticulture and Agrotourism Show (MAHA 2018) in Serdang Selangor.

CIMB Group Islamic Banking chief executive officer Rafe Haneef said the bank has a formula for SMEs who want to expand their business , as well as for those planning to export their products to new markets abroad.

SME represents the backbone of the Malaysian economy, and the industry contributes 37% and 17% of the country’s Gross Domestic Products (GDP) and export market respectively, thus it is highly important for banks to help create a conducive ecosystem for them to flourish, he told Bernama here recently.

Rafe said there is a high demand for halal products and services globally, whereby the demand outstrips supply by a large margin.

This gap has created opportunities for businesses in countries such as Japan, Korea, China, and Taiwan, he said, adding that China is a major player in the halal economy, with its trade amounting to about US$1 trillion, (RM 4 trillion) and expected to grow further in the next five years.

“I think it is a highly compelling proposition and eventually SMEs would be able to sell their products to much bigger markets, as the demand for halal products and services continues to grow at an encouraging rate.

“ Malaysia could, therefore, be the gateway for unlocking this global opportunity,starting with the Asean region” he said.

In September, CIMB launched the CIMB Asean-China Halal Corridor, which is aimed at creating a halal trading network ecosystem among Asean countries and with China.

Rafe said Bank Negara Malaysia has set an aspiration for the Malaysian Islamic banks to capture 40 per cent of the regional banking business by 2020, and through the Corridor, CIMB Islamic is well-positioned to fulfil that target.

In addition, the company has also joined a global trade platform called the Trade Clubs Alliance, comprising international and regional banks covering 44 countries with a database of over 13,000 customers, he added.

“So if you are looking for any products, any raw materials, any solutions, this trade club can match you with relevant partners, buyers and suppliers. We are planning to host events in these countries so that we can match the suppliers with the importers or purchasers,” he said.

CIMB Islamic also wishes to focus on a few halal business segments which they think are very critical for Malaysia.

Rafe said those segments were food and beverage (F&B), and primary agriculture products.

”We are here at MAHA because it is the best link to agriculture-based and F&B products, and through MAHA, suppliers can also be connected with Malaysian purchasers through CIMB’s halal corridor initiative, with readied end to end financial solutions,” he said. — Bernama


Trump, China’s Xi end high-stakes trade talks with no word on outcome

BUENOS AIRES, Dec 2 — US President Donald Trump and Chinese President Xi Jinping held high-stakes trade talks yesterday but ended their summit without any immediate word on whether they made progress toward defusing a damaging tariffs war between…


Trump, meeting China’s Xi, voices hope for progress on trade dispute

BUENOS AIRES, Dec 2 — US President Donald Trump told Chinese President Xi Jinping yesterday he hoped they would achieve “something great” on trade for both countries as they opened a high-stakes summit aimed at defusing a damaging tariffs war…


Russia’s Putin says no hard figures on possible oil output cuts

BUENOS AIRES, Dec 2 — Russian President Vladimir Putin said yesterday he had no concrete figures on possible oil output cuts, though his country would continue with its contribution to reducing global production. Russia, one of the world’s major…


German finance minister warns of continued debt risk

BUENOS AIRES, Dec 2 — German Finance Minister Olaf Scholz yesterday urged continued vigilance and increased transparency a decade after the global financial crisis, citing the risks posed by continued high government debt levels and steep…


US markets to close Wednesday in honour of Bush

WASHINGTON, Dec 2 — American stock markets will close Wednesday in tribute to former president George HW Bush, who died Friday aged 94. President Donald Trump has declared Wednesday a day of national mourning. He plans to attend Bush’s state…


Leveling the broadband playing field

As the backbone of the digital economy, internet connectivity – or high speed internet connectivity in particular – is vital to ensure a nation’s continued digital growth at optimum speed. For the nation to develop its digital economy, high speed internet connectivity needs to be easily accessible by the mass market. However, even as internet […]


Ask, and we will answer

Borneo Post with the expert help of Rockwills Trustee Bhd, the leading specialist in estate planning having pioneered wills and trust 23 years ago, is publishing a monthly Q&A column on estate planning. It will feature questions which readers have in mind but don’t know who to ask. Question: I have minor children aged 10, […]