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Bullish City of London stays confident as Brexit nears

LONDON: London’s powerhouse financial district fretted over a brain drain when the country voted for Brexit, but its leading players are now convinced of one thing: the City will win. Christopher Hayward is one of the nearly 500,000 Londoners who work in the City, Europe’s largest financial centre and a hub that traces its origins […]


China shares leap 4pc on authorities’ pledges of support, tax changes

SHANGHAI, Oct 22 — China’s benchark blue-chip index surged over 4 per cent today, posting its best daily performance in almost three years, as investors piled into the battered market after coordinated statements of support by senior regulators….


Digi nurtures digital talents for the future

SUBANG JAYA: Digi Telecommunications Sdn Bhd (Digi) hosted its third Digital Day, a key company-wide event where employees’ jobs for the day are to focus on learning about new innovations disrupting the market, and how digital is driving a new set of behaviours among users. Instituting this learning day clearly reflects the company’s deep belief […]


China regulators deliver rare joint pep talk for worried markets

SHANGHAI: Three of China’s top financial officials launched a coordinated attempt to shore up confidence in the country’s stock markets and economic prospects on Friday in an unusual expression of top-level concern over what one of them called ‘abnormal’ share price falls. The timing of the rare intervention by the heads of the central bank, […]


Iskandar Ismail appointed MyCC CEO

KUALA LUMPUR: Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail has appointed Iskandar Ismail as the new CEO of the Malaysia Competition Commission (MyCC) effective Oct 15, 2018.

Iskandar previously held the position of MyCC’s director of investigation and enforcement division from February 2013 and acted as the CEO for six months following the retirement of former CEO Datuk Abu Samah Shabudin on April 16, 2018.

Iskandar is a law graduate of the International Islamic University (IIUM) and also holds Master in International and Comparative Law from the George Washington University Law School, Washington DC. He was called to the bar as an advocate and solicitor of the High Court of Malaya in August 1998 and later served at the central bank of Malaysia as the prosecuting officer. He was part of the pioneering prosecuting team in the legal department of the central bank until 2005.

Prior to joining the commission as director, he was an assistant trial attorney with the United Nations for the International Criminal Tribunal for Rwanda in Tanzania for eight years, prosecuting genocide and serious violations of international human rights laws. He is currently listed in the Justice Rapid Response expert roster, a professional service provider to entities that have the jurisdiction or mandate to investigate fact-find or carry out inquiries wherever mass atrocities may have occurred.

As the director of the investigation and enforcement division, Iskandar has led and overseen the investigation of many of the MyCC’s landmark cases such as Malaysian Airline Systems Bhd and AirAsia Bhd, container depot operators in Penang, MyEG Services Bhd, the General Insurance Association of Malaysia (PIAM) and its 22 members, Dagang Net Technologies Sdn Bhd and several others.

He has also been frequently invited to be a speaker at several local and foreign conferences, forums and seminars given his experience and practical knowledge in the investigation and enforcement of Competition Law.

“It is an honour to be given the opportunity to lead the Competition Commission, which plays a significant role in ensuring a healthy competitive culture within the business landscape in Malaysia. I am looking forward to bringing MyCC to greater heights and being amongst one of the leading government agencies in Malaysia to protect the interests of businesses, consumers and the economy as a whole. In line with the policies of the current government, the commission will not hesitate to take swift and stern action against all enterprises whether big or small that are found to be engaged in such anti-competitive practice such as cartels and abusive monopolies,” said Iskandar.


German government says airlines could face more bankruptcies

BERLIN, Oct 18 — Increasing competitive pressures inside and outside Europe could lead to additional airline restructurings and bankruptcies, the German government said in a response to a parliamentary query that was published today by the…


Hong Kong Bourse Tipped To Open Higher

toan cau

Ahead of Wednesday’s holiday for the Chung Yeung Festival, the Hong Kong stock market had bounced higher again – one session after halting the three-day winning streak in which it had advanced more than 620 points or 2.4 percent. The Hang Seng Index now rests just above the 25,460-point plateau and it may add to its winnings Thursday as it catches up on missed positive sentiment. The global forecast for the Asian markets suggests mild consolidation thanks to a sharp drop in crude oil prices. The European and U.S. marketsRead More


US rescinds Prudential’s ‘too-big-to-fail’ designation

WASHINGTON, Oct 17 — US regulators today removed insurance giant Prudential Financial from the list of financial institutions that are deemed “systemically important” and placed under heightened government supervision. The Financial Stability…


Pollution charges on single-use plastics

KUALA LUMPUR: The government is working towards implementing pollution charges for single-use plastics which will be imposed on fixed premises, at a minimum rate of 20 sen or more to be determined by local councils through state governments.

This includes premises such as hypermarkets, supermarkets, department stores, convenience stores, fast food restaurants, petrol station convenience store, chain stores and pharmacies.

Minister of Energy, Science, Technology and Climate Change Yeo Bee Yin said the federal government is giving state governments the liberty to determine the rate, and to decide the implementation time frame from between 2019 until 2021, marking the first phase of the Roadmap Towards Zero Single-Use Plastics 2018-2030.

“We have already engaged with the ruling government states as well as the opposition states. Everyone has already agreed upon the plan and said they want to do this as well together,” she told reporters at IGEM 2018.

Yeo said the goal is to address the lack of uniformity in the use of single-use plastics with such initiatives already being in effect in some states and result in the improvement and increase in the production and use of bio-degradable bags.

She believes the charges will not be passed on consumers but instead encourage a change in behaviour and lead to people eventually using shopping bags.

Yeo said the money collected from the levy will be ploughed back for green initiatives, creating awareness and reusable shopping bags.

Phase two of the roadmap which will go on between 2022-2025 may see the levy being extended to manufacturers and non-fixed premises.

Meanwhile, the government has also cancelled 155.7256 megawatts (MW) renewable energy feed-in tariff (FiT) projects due to unfavourable response in September 2018 and instead opened up 114.5682 MW FiT projects for qualified applicants.

Additionally, the Sustainable Energy Development Authority of Malaysia (SEDA) also rolled out the country’s first solar photovoltaic (PV) monitoring system which is a database connected to grid’s nationwide meant to monitor the performance of solar PV’s on a real time basis.

Keeping up with that, the country’s first Insurance plan for Solar PV’s was also launched today.

The initiative under the Sustainable Energy Development Authority (SEDA) in collaboration with Allianz Malaysia Bhd and Malaysian Photovoltaic Industry Association. This scheme is aimed at protecting residential solar PV users.

On another note, the government will be introducing building energy intensity (BEI) labelling as part of its efforts to promote voluntary adoption of energy efficiency in the building sector. This is along with a renewed push for the adoption of energy performance contracting (EPC) for government buildings next year.

Yeo said capital for the retrofitting projects will be derived from the private sector, with any cost savings derived to be shared between both parties.

She said there can be savings if the government is able to save some 20% of its annual electricity costs. This in turn will also translate into a return of investment and profit for investors.


Pollution charge on single-use plastics by 2021

KUALA LUMPUR: The government is working towards implementing a pollution charge for single-use plastics which will be imposed on fixed premises at a rate of 20 sen or higher, to be determined by state governments through local councils.

They include premises such as hypermarkets, supermarkets, department stores, convenience stores, fast food restaurants, petrol station convenience store, chain stores and pharmacies.

Minister of Energy, Science, Technology and Climate Change Yeo Bee Yin said the federal government is giving state governments the liberty to determine the rate, and to decide the implementation time frame between 2019 until 2021, marking the first phase of the Roadmap Towards Zero Single-Use Plastics 2018-2030, which was launched in conjunction with the Greentech & Eco Products Exhibition & Conference Malaysia (IGEM 2018) today.

“We have already engaged with the ruling government states as well as the opposition states. Everyone has already agreed to the plan and said they want to do this as well together,” she told reporters at the event.

Yeo said the goal is to address the lack of uniformity in the use of single-use plastics with such initiatives already being in effect in some states and result in the improvement and increase in the production and use of bio-degradable bags.
She believes the charges will not be passed on consumers but instead encourage a change in behaviour and lead to people eventually using shopping bags.

Yeo said the money collected from the levy will be ploughed back for green initiatives, creating awareness and reusable shopping bags.

Phase two of the roadmap which will go on between 2022 and 2025 may see the levy being extended to manufacturers and non-fixed premises.

Meanwhile, the government has cancelled 155.7256 megawatts (MW) of renewable energy feed-in tariff (FiT) projects due to unfavourable response in September 2018 and instead opened up 114.5682 MW FiT projects for qualified applicants.

Additionally, the Sustainable Energy Development Authority of Malaysia rolled out the country’s first solar photovoltaic (PV) monitoring system, which is a database connected to grid’s nationwide meant to monitor the performance of solar PVs on a real-time basis.

Keeping up with that, the country’s first insurance plan for solar PVs was launched today.

The initiative is under Seda in collaboration with Allianz Malaysia Bhd and the Malaysian Photovoltaic Industry Association. This scheme is aimed at protecting residential solar PV users.

On another note, the government will introduce Building Energy Intensity labelling as part of its efforts to promote voluntary adoption of energy efficiency in the building sector. This is along with a renewed push for the adoption of energy performance contracting for government buildings next year.

Yeo said capital for the retrofitting projects will be derived from the private sector, with any cost savings derived to be shared between both parties.
She said there can be savings if the government is able to save some 20% of its annual electricity costs. This in turn will translate into a return of investment and profit for investors.