• Social Impact Exchange to Strengthen Innovation
  • CIDB Proposes MyCESMM To Be Made Mandatory For Developers
  • Malaysia’s IPI Up 3.4 per cent In October
  • Manufacturing Sector’s Sales Up 11 per cent In October
  • MSIG First To Launch Approved E-Hailing Motor Insurance
  • Brent crude prices near 2015 high after North Sea pipeline disruption

Social Impact Exchange to Strengthen Innovation
Prime Minister Datuk Seri Najib Tun Razak today launched the pay-for-impact Social Impact Exchange (SIX) to further strengthen the innovation culture in the country. He said SIX was Malaysia’s first pay-for-impact exchange to channel untapped corporate resources to high performing social-purpose organisations (SPOs). The exchange was designed to parallel a traditional stock exchange and would be the focal point of funding SPOs and their intervention projects. “This initiative will be jointly implemented by Malaysia Innovation Agency and the Malaysian Global Innovation and Creativity Centre (MaGIC), under the National Blue Ocean Strategy (NBOS) ambit,” he said. Datuk Seri Najib also announced the placement of South East Asia’s first United Nations Technology Innovation Laboratory at the Futurise Centre. He said the proposed centre, announced in the 2018 Budget, would also house the region’s first entrepreneurship Internet radio station, eFM, which would be driven by the Global Entrepreneurship Movement (GEM). “This centre, led by Cyberview with MaGIC as its strategic partner, will bring government, corporations, academia and entrepreneurs together to address issues on future technologies like smart city development, robotics and artificial intelligence,” he said. (Bernama)

CIDB Proposes MyCESMM To Be Made Mandatory For Developers
The Construction Industry Development Board (CIDB) is proposing that the Malaysia Civil Engineering Standard Method Of Measurement (MyCESMM), introduced in 2011, be made mandatory for developers by 2020. CIDB Chief Executive Datuk Ir Ahmad Asri Abdul Hamid said its implementation, across the board, was necessary to ensure that safety levels and quality of construction projects in the country were in accordance with international standards while preventing fraudulent claims of cost overrun. “MyCESMM will also be able to reduce problems such as price inconsistencies quoted by contractors in their tender bid while ensuring that prices remain at competitive levels,” he said. (Bernama)

Malaysia’s IPI Up 3.4 per cent In October
Malaysia’s Industrial Production Index (IPI) rose by 3.4 per cent year-on-year to 136.7 in October 2017, driven by positive growth in the output of the three main sectors of manufacturing, mining and electricity. During the month, the manufacturing index increased 4.2 per cent, while that of mining was up 0.8 per cent and electricity by 4.6 per cent, the Department of Statistics Malaysia said in a statement today. On a month-on-month basis, the IPI in October 2017 posted a decline of 0.8 per cent from September due to a decrease in the manufacturing index by 1.1 per cent. (Bernama)

Manufacturing Sector’s Sales Up 11 per cent In October
Malaysia’s October 2017 manufacturing sales continued to post a strong growth of 11 per cent to RM66.33 billion compared with RM59.7 billion recorded in the same month last year, said the Department of Statistics Malaysia. In a statement, it said the significant growth in sales value year-on-year was due to the increase in electrical and electronics products by 7.5 per cent; petroleum, chemical, rubber and plastic products (18 per cent) and non-metallic mineral products, basic metal and fabricated metal products (7.9 per cent). The three sub-sectors contributed 80.1 per cent to the sales value of the manufacturing sector. (Bernama)

MSIG First To Launch Approved E-Hailing Motor Insurance
MSIG Malaysia has launched E-Hail E-Zee, a new motor insurance add-on that is the first in Malaysia to provide e-hailing drivers with peace-of-mind in the event of an accident while they are providing e-hailing services. “It has been reported that new laws will come into place in the near future which will require e-hailing drivers to ensure that they are properly insured for e-hailing services, but they can actually purchase our E-Hail E-Zee insurance right now. This will give them immediate protection and will still be valid when the new regulations come into force, so there is no reason for e-hailing drivers not to sign-up straight away,” said Mr Chua Seck Guan, MSIG Malaysia Chief Executive Officer.

Brent crude prices near 2015 high after North Sea pipeline disruption
Brent crude oil prices were near 2015 highs on Tuesday after the unplanned closure of a major North Sea pipeline for repairs, knocking out significant supplies from a market that was already tightening due to OPEC-led production cuts. Brent crude futures LCOc1, the international benchmark for oil prices, were at $64.73 a barrel at 0105 GMT, up 4 cents from their last close. Brent hit a peak of $64.93 a barrel in the previous session, its highest level since June, 2015. Britain’s Forties oil pipeline, the country’s largest at a capacity of 450,000 barrels per day (bpd), shut down on Monday after cracks were revealed. The pipeline carries significant amounts of the physical crude that underlies Brent futures.