Malaysia’s labour productivity improved slightly to 3.5%
Malaysia’s labour productivity growth of 3.5% for 2016 was an improvement compared with 3.4% in the previous year. The performance was however still lagging behind the productivity levels of countries such as Singapore and South Korea. The Malaysia Productivity Corp announced the labour productivity figures for 2016, reporting growth of 3.5% to RM78,218 for the year from RM75,548 in 2015. Executive Director of the Socio-Economic Research Centre (SERC) Lee Heng Guie said the growth was not satisfactory, considering the government’s aim to register an average annual growth of 3.7% as outlined in the 11th Malaysia Plan.
AirAsia Bags A ‘Double’ At 2017 World Travel Awards Event
AirAsia Bhd bagged a “double” at the 2017 World Travel Awards Asia and Australasia ceremony in Shanghai, China. The airline was named Asia’s Leading Low-Cost Airline and also won the award for leading Low-Cost Airline Cabin Crew, beating notable contenders such as Air India Express, Firefly and GoAir. In a statement today, the budget airline said the award was in recognition of its commitment to excellence in service and based on votes from travel and tourism professionals worldwide . AirAsia Co-Founder and Group Chief Executive Officer Tan Sri Tony Fernandes said the airline would be focusing on improving its check-in systems to make the whole process easier.
Bursa Malaysia Bags 3 Awards At global Banking And Finance Review Awards 2017
Bursa Malaysia recently bagged three awards at the Global Banking and Finance Review Awards 2017 for its efforts in developing and promoting the Islamic capital market through Bursa Malaysia-i and Bursa Suq Al-Sila’. The three awards were the Most Innovative Global End-to-End Shariah-Compliant Investing Platform Asia 2017, Best Commodity Trading Platform Asia 2017 and Best Islamic Exchange Asia 2017. The introduction of Bursa Malaysia-i in 2016 is aimed at strengthening the exchange’s role as a key Islamic capital market hub in ASEAN and beyond, while Bursa Suq AlSila’ is a Shariah-compliant commodity trading platform which facilitates Murabahah and Tawarruq transactions.
FAMA, TH Global to Market Agro-based Halal Food Products To Middle East
The Federal Agricultural Marketing Authority (FAMA) is collaborating with TH Global to market halal agro-based food products by Malaysian entrepreneurs to the Middle East, and subsequently, use it as a launching pad for the Muslim community in Europe. FAMA Director General Datuk Ahmad Ishak said the project would be implemented in three phases, covering industrial catering, vending machines and the retail channel. Phase 1 will see 14 stock keeping units of premixed spices worth almost RM1 million to be used by the 12 Tabung Haji Kitchens which will be operational during the haj season this year. TH Global will act as the facilitator in pioneering local halal food products to Saudi Arabia and the Gulf Cooperation Council countries as Kuwait, Oman and Qatar. Phase 2, which is expected to begin by year-end, will involve the vending machines where 90 products by 30 local companies will be screened before being selected to enter the Middle East market. The final retail channel phase will see FAMA and TH Global cooperate with local supermarkets and hotels in the target countries to supply agro products outside the Haj season for use by pilgrims during the umrah.
Growth in East Asia and Pacific projected to be lower
The World Bank said the East Asia and Pacific region is projected to grow at 6.2 percent in 2017, and at a slightly lower 6.1 percent on average in 2018-19, in line with previous forecasts. A gradual slowdown in China is offsetting a continued modest pickup in the rest of the region, led by a rebound in commodity exporters and a gradual recovery in Thailand. Growth in commodity importers excluding China is projected to remain robust, as stronger exports will offset the negative effects of eventual policy tightening on domestic demand. Downside risks are mainly external. They include heightened policy uncertainty and increased protectionism in key advanced economies, and the risk of an abrupt tightening of global financing conditions. A sharp slowdown in China is a low- probability risk, but it would have major negative consequences for the region.