insurance

 
 

Iran doesn’t expect oil customers to get sanctions waivers

VIENNA, June 23 — Iran said it doesn’t believe buyers of its oil will get waivers from the US government that would allow them to continue purchasing cargoes after President Donald Trump’s renewal of sanctions. The Persian nation is facing…


EU backs bigger war chest for failing banks but split on budget, debt

LUXEMBOURG, June 22 — European Union finance ministers agreed today to double a war chest for dealing with failing banks and boost powers of the euro zone bailout fund, but were split over whether to have a mechanism to restructure government debt…


Misif calls on govt to postpone natural gas tariff hike

KUCHING: The Malaysian Iron and Steel Industry Federation (Misif) called on the government to reconsider raising the effective average natural gas base tariff rate, which it says renders the Malaysian iron and steel industry “uncompetitive in the international market. This comes following announcement by Gas Malaysia Bhd on June 13, 2018 regarding the revision of […]


China’s investment in the US is collapsing as trade war flares

BEIJING, June 20 — China’s direct investment in the US slumped in the first half of this year, amid deteriorating economic relations between the two nations, according to research firm Rhodium Group LLC. In the first half of this year, Chinese…


OCBC plans China wealth management business to boost profits

HONG KONG: Oversea-Chinese Banking Corp Ltd (OCBC) plans to set up a wealth management business in China as part of a strategy to double its profit in five years in the country’s so-called Greater Bay Area, its chief executive said. The Greater Bay Area aims to bring together Hong Kong, Macau and nine southern Chinese […]


Tokio Marine to buy two SE Asian insurers

TOKYO: Tokio Marine Holdings said today it has agreed to acquire two insurance companies in Southeast Asia from Insurance Australia Group for ¥42.8 billion (RM1.5 billion) to bolster its operations in a fast-growing market.

The Japanese insurance company will take a 98.6% stake in Safety Insurance Public in Thailand and an 80% stake in PT Asuransi Parolamas in Indonesia by the end of this year. Safety Insurance and Asuransi Parolamas provide auto, property and marine coverage.

Tokio Marine has actively promoted mergers and acquisitions of companies abroad amid Japan’s ageing, shrinking market.

It purchased US company HCC Insurance Holdings for around US$7.5 billion in 2015. – dpa


Tokio Marine to buy two Southeast Asian insurers

TOKYO: Tokio Marine Holdings said today it has agreed to acquire two insurance companies in Southeast Asia from Insurance Australia Group for ¥42.8 billion (RM1.5 billion) to bolster its operations in a fast-growing market.

The Japanese insurance company will take a 98.6% stake in Safety Insurance Public in Thailand and an 80% stake in PT Asuransi Parolamas in Indonesia by the end of this year. Safety Insurance and Asuransi Parolamas provide auto, property and marine coverage.

Tokio Marine has actively promoted mergers and acquisitions of companies abroad amid Japan’s ageing, shrinking market.

It purchased US company HCC Insurance Holdings for around US$7.5 billion in 2015. – dpa


FMM: Maintain electricity tariffs

PETALING JAYA: The Federation of Malaysian Manufacturers (FMM) is urging the government to maintain electricity tariffs until Dec 31, 2020 and accord the Social Security Organisation (Socso) with the responsibility of managing funds collected under the Employment Insurance System (EIS), which is now under review.

Last week, Gas Malaysia Bhd announced that the average effective natural gas tariff for the non-power sector in Peninsular Malaysia will be increased by 17 sen or 0.5% to RM32.69/MMBtu for the period of July 1 to Dec 31, 2018 from RM32.52/MMBtu for the period of Jan 1 to June 30, 2018. The move has kindled concerns that electricity tariff rates will be hiked.

“While FMM is steadfast in its commitment towards energy subsidy rationalisation and although the 0.5% increase is lower than the previous period’s 22.97%, it is nevertheless still an increase in energy costs,” it said in a statement today.

Following that, FMM hopes that the new government will uphold the past Cabinet’s decision, announced on December 26, 2017, to maintain current electricity tariff rates in Peninsular Malaysia for Jan 1, 2018 up to Dec 31, 2020, in a bid to help relieve the energy cost burden on the manufacturing sector as well as to benefit the rakyat as household consumers.

FMM is also calling on the government to hold on to the Incentive Based Regulation (IBR) through the Imbalance Cost Pass Through (ICPT) until 2020, to help sustain the competitiveness of businesses, especially SMEs, without further increases in energy costs.

In a separate statement, the FMM welcomed the government’s move to review the EIS calling the current model neither balanced nor equitable.

It explained that the scope for the scheme is too wide and it should only cover those retrenched because of business failure and not due to downsizing.

FMM said allowing workers to have both employment termination and lay-off benefits under the Employment Act, including those who are in voluntary separation and mutual separation schemes – is against the principle of social security.

It noted that employers and employees contributing to the EIS are also very concerned over the management of the fund as poor management and unwarranted expenditure will lead to unjustified increases in the contribution rate.

FMM is of the view that the EIS should be managed by the Social Security Organisation (Socso), especially since the contributors are the same group of persons.

“FMM understands that Socso is in the process of adjusting its system to allow employers to make a single payment for both the SOCSO and EIS funds by end of 2018. The exercise should be widened to include single management of funds but with separate accounts to ensure transparency in the disbursement and management of funds.”


FMM: Maintain electricity tariff, let Socso handle EIS funds

PETALING JAYA: The Federation of Malaysian Manufacturers (FMM) is urging the government to maintain electricity tariffs until Dec 31, 2020 and accord the Social Security Organisation (Socso) with the responsibility of managing funds collected under the Employment Insurance System (EIS), which is now under review.

Last week, Gas Malaysia Bhd announced that the average effective natural gas tariff for the non-power sector in Peninsular Malaysia will be increased by 17 sen or 0.5% to RM32.69/MMBtu for the period of July 1 to Dec 31, 2018 from RM32.52/MMBtu for the period of Jan 1 to June 30, 2018. The move has kindled concerns that electricity tariff rates will be hiked.

“While FMM is steadfast in its commitment towards energy subsidy rationalisation and although the 0.5% increase is lower than the previous period’s 22.97%, it is nevertheless still an increase in energy costs,” it said in a statement today.

Following that, FMM hopes that the new government will uphold the past Cabinet’s decision, announced on December 26, 2017, to maintain current electricity tariff rates in Peninsular Malaysia for Jan 1, 2018 up to Dec 31, 2020, in a bid to help relieve the energy cost burden on the manufacturing sector as well as to benefit the rakyat as household consumers.

FMM is also calling on the government to hold on to the Incentive Based Regulation (IBR) through the Imbalance Cost Pass Through (ICPT) until 2020, to help sustain the competitiveness of businesses, especially SMEs, without further increases in energy costs.

In a separate statement, the FMM welcomed the government’s move to review the EIS calling the current model neither balanced nor equitable.

It explained that the scope for the scheme is too wide and it should only cover those retrenched because of business failure and not due to downsizing.

FMM said allowing workers to have both employment termination and lay-off benefits under the Employment Act, including those who are in voluntary separation and mutual separation schemes – is against the principle of social security.

It noted that employers and employees contributing to the EIS are also very concerned over the management of the fund as poor management and unwarranted expenditure will lead to unjustified increases in the contribution rate.

FMM is of the view that the EIS should be managed by the Social Security Organisation (Socso), especially since the contributors are the same group of persons.

“FMM understands that Socso is in the process of adjusting its system to allow employers to make a single payment for both the SOCSO and EIS funds by end of 2018. The exercise should be widened to include single management of funds but with separate accounts to ensure transparency in the disbursement and management of funds.”


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…