Monday, July 29th, 2019


Pfizer to combine off-patent drug business with Mylan

NEW YORK, July 29 — Pfizer announced today it will merge its off-patent drug business with generic drugmaker Mylan to create a global leader in low-cost treatment, a business that faces significant political pressure in the US. The new entity,…

China’s Beijing Kunlun to relaunch Grindr IPO

HONG KONG, July 29 — Chinese gaming company Beijing Kunlun Tech Co Ltd is relaunching the process to float popular gay dating app Grindr Inc after it said a US national security panel had dropped its opposition to the plan. Beijing Kunlun said…

US stocks open news-heavy week mostly lower

NEW YORK, July 29 — Wall Street stocks were mostly lower early today at the start of a week jammed with news, including a Federal Reserve decision and Apple results. About 15 minutes into trading, the Dow Jones Industrial Average stood at…

Pound loses one per cent against dollar on no deal Brexit fears

LONDON, July 29 — The pound lost more than one per cent of its value against the dollar today, hitting a two-year low on rising fears of a chaotic “no-deal” Brexit in October. At 12:55 GMT, the British currency was down 1.04 per cent, trading…

Booming opportunities await Malaysian investors in Myanmar

KUALA LUMPUR, July 29 — The Malaysian business community is urged to diversify and invest in Myanmar due to its growing economy and the Myanmarese government’s openness towards foreign investments. Malaysia’s Ambassador to Myanmar Datuk…

Halal certification gives industry players an edge in the markets, says minister

PUTRAJAYA, July 29 — The halal certification issued by the Malaysian Islamic Development Department (Jakim) is globally recognised and enables local halal industry players to penetrate the domestic and international markets without being confined…

Malaysia urges EU to recognise MSPO certification

KUALA LUMPUR: Malaysia has urged the European Union (EU) to accept and recognise the Malaysian Sustainable Palm Oil (MSPO) certification scheme as one of the voluntary schemes under the Renewable Energy Directive (RED II) for the certification of low indirect land use change risk biofuels and bioliquids.

In a statement today, the Ministry of International Trade and Industry (Miti) said the Malaysian oil palm industry is committed to produce palm oil in accordance with the MSPO certification scheme, which will be implemented on a mandatory basis by Dec 31, 2019.

The country, it said, remains fully committed to negotiating in a sincere and constructive manner

in ensuring a non-discriminatory treatment against palm products and to prevent the unnecessary barrier for market access of palm products into the EU.

“Malaysia has repeatedly emphasised our concern at the World Trade Organisation (WTO) platforms since 2018 and will continue to do so.

“Malaysia’s concerns were also being supported by other palm oil-producing countries such as Indonesia, Colombia, Guatemala, Honduras and Ecuador,” it said.

Miti will also continue to work closely with the Ministry of Primary Industries (MPI) to fully utilise and make use of the various WTO and international platforms in the best interest of Malaysia’s palm oil exporters and smallholders.

“Moving forward, Malaysia will also be elevating this issue to the dispute settlement mechanism under the WTO.

“In addition, the government continues to explore initiatives to increase the usage of palm oil in biodiesel for the domestic consumption, as an alternative, if palm oil exports to EU markets are affected by the EU RED II implementation,” the ministry said.

For transport sector, the country has implemented biodiesel B10 since February 2019, and Miti and MPI are working together towards implementing biodiesel B20 in 2020 and B30 by 2025 or earlier.

Miti said Malaysia has again raised its concerns on palm oil restriction for biofuel by the European Commission at the WTO meetings during May-June 2019.

The meetings comprised the Committee on Trade in Environment on May 5, Technical Barriers to Trade on June 20-21 and Council on Trade in Goods on July 8-9.

The Delegated Act to implement the EU RED II for year 2021-2030 contains strict requirements against significant expansion of crops for feedstock biofuels, which may lead to the extension of agriculture land into areas with high carbon stock such as forests, wetlands and peatlands.

This is termed as indirect land use change (ILUC), where a crop carries a higher ILUC risk with greater extension of agriculture land into areas of high carbon stock.

The crops considered as “high ILUC-risk” will be phased out by 2030.

“Palm oil is categorised as ‘high ILUC-risk’ in the Delegated Act and this is noticeably a form of disguised trade and protectionist measure against the crop,” Miti added.

Ride-hailing giant Grab to invest US$2b in Indonesia with SoftBank funds

JAKARTA, July 29 — Ride-hailing giant Grab is investing US$2 billion in Indonesia over the next five years, using funds from Japan’s SoftBank Group to boost its presence in Southeast Asia’s biggest economy, the firms said today. The…

Titijaya launches Seiring Residensi serviced apartments

PETALING JAYA: Titijaya Land Bhd has launched serviced apartments named Seiring Residensi in its Damaisuria township project located in Bukit Subang, Shah Alam.

The serviced apartments, which is Phase One of Damaisuria, comprises four towers with units sized from 668 sq ft to 972 sq ft, with up to four bedrooms.

The first tower (Tower A), which was released last Saturday, offers 370 units featuring modern and practical layouts, with spaces designed to cater to the urban vibrant lifestyles of Subang denizens.

“Thoughtful design and inventive ideas are behind every part of Seiring Residensi. It was designed for every home owner, from singles to families. With the convenience of all education, services, retail and entertainment facilities located nearby, the development ensures that all needs are covered, ensuring the best for the future generations,” said Titijaya executive director Charmaine Lim Puay Fung.

Damaisuria is a new integrated township being developed in four phases by Titijaya with a gross development value (GDV) of RM1.59 billion. Seiring Residensi has a GDV of RM677 million while Tower A of Seiring Residensi has a GDV of RM168 million.

Nestled in the border of Kota Damansara and Subang, Damaisuria is a freehold development offering exclusive yet affordable family living set amid greeneries and complemented by various facilities.

It is accessible via the NKVE, GCE and North-South Central Link, while the proposed DASH (Damansara-Shah Alam Elevated Expressway) will form a direct link to Kota Damansara which is 5.2km.

Local company to invest RM5b in electric vehicle project

KUALA LUMPUR, July 29 — Plan are afoot to set up an electric vehicle smart manufacturing plant on a 161.87-hectare site at the Enstek Industrial Park in Negeri Sembilan with an investment of RM5 billion. The Malaysian Institute of Economic…