Budget 2018: NCCIM calls for review of EMC and Foreign Worker Permit Issues
Reassessing the Employer Mandatory Commitment and foreign worker permit issues are among the National Chamber of Commerce and Industry of Malaysia’s (NCCIM) wish list for the upcoming 2018 Budget. President Datuk Ter Leong Yap said the NCCIM hoped the government would also consider reducing the corporate income tax, address the high costs of doing business and review the Employment Insurance System (EIS). “In addition, appropriate incentives including capital allowances should be granted to promote innovations, digital technology adoption and e-commerce,” he said.
Ter said as the world is experiencing the Fourth Industrial Revolution now, factories are adopting smart manufacturing ecosystems driven by new technologies such as Internet of Things, Analysis of Things, Artificial Intelligence, Cloud Computing, Big Data Analytics and Predictive Analytics. “Smarter, faster and more efficient industrial robots are transforming the world of manufacturing,” he said.
Billy Tilly to work with MDEC to help SMEs
Accounting firm, Billy Tilly plans to work closely with the Malaysia Digital Economy Corporation (MDEC) to help Malaysian small and medium sized enterprises (SMEs) raise their global competitiveness under the Belt and Road Initiative. Malaysia has been seen as one of the major beneficiaries since the launch of the Belt and Road Initiative in 2013. Envisioned by China’s President Xi Jinping, the BRI is regarded as a game changer aims to strengthen the economic linkage between Malaysia and China for mutual benefits. In May this year, President Xi Jinping shared that Chinese enterprises contributed close to US$1.1bil in tax revenue and created 180,000 jobs in some 20 countries. China’s bilateral trade with Malaysia totalled about US$100bil (RM433bil) in 2016. The Belt and Road infrastructure project spans across 69 countries.
Kedah To Spur Digital Economy Via Langkawi Digital Initiative
The inaugural Langkawi Digital Initiative in Langkawi next month is expected to spearhead the growth of digital economy in Kedah, as well as on the island. Themed ‘Smart Community and Safe Island’, the event is aimed at raising awareness among the people of Kedah, including Langkawi residents on the use of internet of things and other applications that would help improve their standard of living and quality of life, said Kedah State Executive Councillor Datuk Norsabrina Mohd Noor. She said various programmes were in place to enable the people of Kedah to create and expand their businesses and increase their income via digital means.
Khazanah announces RM5 million sukuk IPO
Khazanah Nasional Bhd has announced its initial public offering of a seven-year wakalah sukuk by special purpose vehicle Ihsan Sukuk Bhd, this time for a size of RM5 million. The sukuk has a profit rate of 4.6% per year, and is rated AAA by RAM Rating Services Bhd, the sovereign fund said in a filing. It is the third tranche of issuance under Khazanah’s RM1 billion Sustainable and Responsible Investment Sukuk programme. The sukuk is scheduled for issuance on Aug 8, and will be listed on Aug 9.
Alibaba Group and Marriott International Announce Innovative Joint Venture to Redefine Travel Experience.
Alibaba Group Holding Ltd. and Marriott International, Inc. has announced the establishment of a joint venture to redefine the travel experience for the hundreds of millions of Chinese consumers traveling abroad and domestically every year. The joint venture will leverage Marriott International’s global portfolio of brands and hospitality expertise to revolutionize the travel experience as well as Alibaba’s digital retail leadership and its role as a gateway for international brands to reach over 500 million mobile monthly active users across its platforms.
As incomes rise, China’s middle class is looking for higher quality products and travel experiences. The travel industry is an important growth opportunity as China’s travellers are expected to take an estimated 700 million trips over the next five years.
China’s July exports rose 7.2 per cent from a year earlier
China’s July exports rose 7.2 per cent from a year earlier, while imports grew 11 per cent, both well below analysts’ forecasts. The General Administration of Customs said the country’s trade surplus was US$46.74 billion for the month. Analysts polled by Reuters had expected July shipments from the world’s largest exporter to have risen 10.9 per cent, easing slightly from 11.3 per cent growth in June. Imports had been expected to have climbed 16.6 per cent, after rising 17.2 per cent in June. Analysts were expecting China’s trade surplus to have widened to US$46.08 billion in July from June’s US$42.77 billion.
After several lean years of declining shipments, China’s trade performance has rebounded this year thanks to strong demand at home and abroad. While exports are contributing to China’s economic growth once again, global investors have been more focused on its strong appetite for industrial commodities such as iron ore and coal which is boosting resources prices worldwide.