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Finance, construction remain key drivers for property sector

KUCHING: The financial and construction sectors remain key drivers to Malaysia’s property sector outlook, says Kenanga Investment Bank Bhd (Kenanga Research), as higher business risk profiles should be commensurated by higher return on equities (ROEs). “We view the financial sector as key driver of the property sector as most house purchases are financed by home […]


HRDF chief executive resigns amid fund misappropriation allegations

KUALA LUMPUR: The chief executive of the Human Resource Development Fund (HRDF) Datuk CM Vignaesvaran Jeyandran has tendered his resignation after the organisation came under fire over allegations of discrepancies and misappropriation of funds.

HRDF said in a statement today that Vignaesvaran's resignation came into effect on Thursday. It is unknown if Vignaesvaran has also stepped down from his position as a member of HRDF's board of directors.

He will be replaced by the fund's deputy CEO Lim Kah Cheng, who will be helming the organisation as acting chief executive.

Human Resource Minister M. Kulasegaran has also directed HRDF to establish a governance oversight committee mandated to assist its board of directors to fulfill its oversight responsibilities.

“The committee shall review all aspects of the board's governance framework to ensure the board functions in an effective and efficient manner, to support the operations of the HRDF,” he said in a statement.

Announcement of the members of the committee is expected to be made after HRDF's AGM next week.

HRDF, an agency under the purview of the Human Resources Ministry, said it will continue its mandate to promote efforts to up-skill, re-skill and multi-skill Malaysian talent for global competitiveness.

Kula had previously said that a committee will be set up to look into the resignations of three of its board members amid allegations of RM300 million being misappropriated from the fund.

This came on the heels of a town hall session held on June 7, which saw disgruntled training providers bring up issues of lack of transparency pertaining to tenders, lack of engagement and quality of training providers commissioned by HRDF.

While Federation of Malaysian Training Providers and Technical and Vocational Training Associations (FMTA) president R.A Thiagaraja came forward to reveal himself as being one of the three board members to have tendered their resignation, theSun learnt that the other two board members who had tendered their resignation are Ganesh Kumar Bangah who represents the National ICT Association of Malaysia (PIKOM) and Sarojini Ruth Rajahser of the National Association of Women Entrepreneurs of Malaysia (NAWEM).


Global stocks rise despite trade war concerns

LONDON, June 20 — World stocks climbed today as investors fished for bargains, but anxiety lingered over simmering trade tensions between China and the United States, dealers said. London won 0.8 per cent, Frankfurt added 0.1 per cent and Paris…


'No deal' Brexit warning on EU table as Barnier stresses risk

VIENNA, June 19 — The European Union’s 27 remaining leaders may warn the UK that it faces crashing out of the bloc without a deal and call for contingency preparations, as an update due from the Brexit negotiators is set to highlight the limited…


Saudi oil chief faces toughest Opec test after reviving market

LONDON, June 18 — Since he became Saudi Arabian energy minister two years ago, Khalid Al-Falih has had a good run: he persuaded a fractious Opec to cut oil production, convinced Russia to join the cartel in curbing output, and then saw Brent crude…


Trump tariffs a rounding error for US economy so far, that may change

WASHINGTON, June 16 ― US President Donald Trump's new trade tariffs will lop at most a couple of tenths of a per centage point off US growth and add a similar amount to inflation, small fry for a US$19 trillion (RM75.8 trillion) economy that is…


Volcker 'fix' may cause new headaches for Wall Street

WASHINGTON, June 15 ―  A proposal to simplify a rule banning banks from proprietary trading, rather than making life easier for Wall Street, could ensnare billions of dollars' worth of assets not currently caught by the regulation. This…


Adidas’s high hopes for Russia’s World Cup thwarted by sanctions

FRANKFURT, June 11 — In 1980, the Soviet invasion of Afghanistan led dozens of countries to boycott the Summer Olympics in Moscow. An undaunted Adidas AG still sponsored the USSR’s Olympic team, becoming one of the first global brands well-known…


Sony’s new RX100 VI combines versatile large aperture, high magnification zoom lens

KUCHING: Sony has announced another model for its popular Cyber-shot RX100 series of compact cameras, the RX100 VI (model DSC-RX100M6). The new RX100 VI camera is the first of all the RX100 models to include a high magnification zoom lens, as it packs in a ZEISS Vario-Sonnar T 24-200mm1 F2.8 – F4.5 lens yet doesn’t […]


Nando’s Malaysia eyes 100 outlets in five years

KUCHING: Nando’s Chickenland Malaysia Sdn Bhd (Nando’s) hopes to achieve its target of 100 outlets within Malaysia over the next five years as part of its expansion plan. This follows the official opening of its 76th outlet at AEON Mall Kuching Central on Thursday night. Nando’s Malaysia chief executive officer Stephen Chew told The Borneo […]