1. Malaysia will be global player in creative content industry
  2. Skills Development Fund Corp gets RM1b for B40 student training
  3. China to cut reserve requirements for banks to boost economy
  4. Fitch downgrades Hong Kong after months of protests
  5. TikTok x ZALORA Launch #Zstylenow Challenge to Empower Local Fashionistas

Malaysia will be global player in creative content industry
Communications and Multimedia Minister, Gobind Singh Deo believes Malaysia has the potential to become a global player for the creative content industry including animation and gaming. He said discussions are underway for more allocation for the creative content industry in the 2020 Budget in addition to tax incentives to encourage the growth of the industry. Gobind said Malaysia must be the hub for the creative content industry so that international industry experts would choose the country as the location to upgrade skills and make investments. Based on a study by Malaysia Digital Economy Corporation (MDEC), the country’s creative content industry generated RM7.4 billion in 2017, while in 2018, the animation export product value alone totalled RM146 million. The industry had also created 11,000 job opportunities, he said. Currently, there are 100 animation companies in Malaysia while the whole national creative digital group totalled 350 companies including those companies developing games and films. The country’s creative content works have penetrated 120 nations.

RM1 billion allocated for B40 students to undergo skills training
The Skills Development Fund Corporation (PTPK) has been allocated RM1 billion under the 11th Malaysia Plan (2016-2020) to help students from the low-income (B40) group undergo skills training up to the diploma level in private institutions. PTPK chairman K. Saraswathy said the problem was that many were still confused about the different functions of PTPK and the Human Resource Development Fund (HRDF), both of which are under the Human Resources Ministry. “PTPK is a development fund that provides loans to school leavers to pursue a programme and attain a skill, while the HRDF trains employees by using funds from the contributions made by companies. “For those who wish to register with PTPK as an alternative in continuing their studies to diploma level, we suggest that they continue their studies at a public training institute under the ministry. She added that PTPK is reviewing the Skills Development Fund Act 2004 to enable it to be empowered in the enrolment of students, to ensure a more efficient allocation of funds.

China to cut reserve requirements for banks to boost economy
China’s central bank announced today it was cutting the reserve requirements for banks, in a bid to boost lending and bolster the slowing economy. The People’s Bank of China (PBoC) will cut the reserve requirement ratio (RRR) on September 16 by 50 basis points, it said in a statement, reducing the amount of cash banks must hold. State news agency Xinhua described the decision as “the latest effort to bolster the economy”, while the PBoC said it had cut the requirement “to support the development of real economy”. Lowering the RRR for banks frees up more money for lending to small businesses, and the latest cut follows a drop in May this year.

Fitch downgrades Hong Kong after months of protests
Global credit rating agency Fitch Ratings has downgraded Hong Kong’s long-term foreign currency issuer default rating to “AA” from “AA+” following months of unrest and protests in the Asian financial hub. Hong Kong’s rating outlook is negative, Fitch Ratings said in its statement. Fitch said it expects the “one country, two systems” framework to remain intact, but added that public discontent is likely to persist despite recent concessions to certain demands by protesters. The rating downgrade comes as Hong Kong is bracing for more demonstrations this weekend, with protesters threatening to disrupt transport links to the airport, after embattled leader Carrie Lam’s withdrawal of a controversial extradition Bill failed to appease some activists.
In Hong Kong, tear gas was fired in Nathan Road this evening after demonstrators again took to the streets, leading to the closure of two MTR stations. Hong Kong’s rail operator closed Prince Edward station during Friday’s evening rush hour after crowds gathered there calling for the release of CCTV footage of police taking action against anti-government protesters at the station on August 31. Hundreds of people assembled outside Prince Edward station after it was closed, blocking traffic at the intersection of Prince Edward Road West and Nathan Road. Barricades were built by protesters in Nathan Road, close to Shantung Street, and several fires were lit in the area.

TikTok x ZALORA Launch #Zstylenow Challenge to Empower Local Fashionistas
TikTok, the world’s leading short video platform, is teaming up for the first time with ZALORA to launch #Zstylenow, a transformation challenge leading into the ZALORA Fashion Festival. From 6 to 11 September, the challenge aims to empower aspiring fashionistas to express and celebrate just how unique they are. At their core, both TikTok and Zalora serve as outlets for creative expression and big ideas. Through this collaboration, Singapore residents are encouraged to create transformation videos on TikTok featuring the track ‘Getaway by Chunnyt’ while also using the ‘Z’ hand sign movement. Creators must have a public profile and hashtag #Zstylenow for a chance to win some serious ZALORA stash. Additionally, TikTok and Singapore’s hottest fashion and beauty brands will come together at the ZALORA Fashion Festival on Saturday, 7 September.

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