Editor’s Picks: 7 July 2017

Lanzhou, Gateway for Malaysian Halal Products
Lanzhou, the capital city of China’s Gansu Province has the potential to become a gateway for Malaysian halal products into other Muslim territories in China and even central Asia where demand for such products is growing. Second Minister of International Trade and Industry, Datuk Seri Ong Ka Chuan said the industrial city, can be the best place for Malaysian halal companies to tap into the existing market for its products. Lanzhou has a Muslim population of over one million.

Malaysian Insurance Market Expected to Grow 5.8% Annually
The Malaysian insurance market is expected to grow by 5.8 per cent annually over the next decade, in tandem with global growth which is anticipated to climb to almost six per cent over the next ten years. Alliainz SE Chief Economist, Michael Heise said the recovery mirrored the return of the global economy to normal growth and inflation rates. “Over the next ten years, the total premiums for global insurance penetration, as a percentage of gross domestic product, should rise to 5.8 per cent in 2027 from 5.6 per cent in 2016.”

AirAsia Targets Business Travellers with Launch Of MyCorporate
AirAsia Bhd. is set to launch MyCorporate, a suite of products exclusively made for business travellers consisting of three bundle options, depending on the requirements of the traveller and company budget — Fare Only, Corporate Lite and Corporate Full Flex. “With the launch of MyCorporate, we believe we have a programme that serves the needs of both the traveller and the company to further capture our share of this important segment,” its Group Chief Executive Officer, Tan Sri Tony Fernandes said. Companies signed up to MyCorporate would have access to a convenient, easy-to-use online booking system and comprehensive reporting to keep track of corporate travelling expenses, it said.

ASEAN, India Look to RCEP’s Conclusion By Year-End
ASEAN and India are hopeful of the Regional Comprehensive Economic Partnership (RCEP) being concluded by year-end, despite some major sticking points. Negotiators from 16 countries will be gathering in Hyderabad later this month to thrash out details of the RCEP.

Passenger demand moderates from recent peak but stays strong
The International Air Transport Association (IATA) said global passenger traffic results for May showed that demand (measured in revenue passenger kilometers, or RPKs) rose 7.7% compared to the same month in 2016. This was slower than the 10.9% growth recorded in April. However, the Association said this still was well ahead of the 5- and 10-year average growth rates.

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