RCEP Comes into Force For Malaysia Today
The Regional Comprehensive Economic Partnership (RCEP) agreement comes into force for Malaysia today, paving the way for the country to integrate into the world’s largest free trade agreement (FTA) that involves 15 countries, with a total population of more than 2.2 billion or nearly a third of the global population and world GDP.
RCEP represents a significant milestone in the vibrant growth and revitalisation of economies, anchored on the rules-based multilateral trading system, RCEP enables Malaysia to enjoy the global trade and investment ecosystem, benefiting from the eventual elimination of around 90 per cent of tariff among members. To read the full story click here
EPF Withdrawal Will Have Immediate Gain But Long Term Pain : Economist
The announcement by the Prime Minister allowing for special EPF withdrawal of RM10,000 is likely to bolster consumer expenditure which would bode well for the economy in the short-term but can fuel a retirement crisis in the future, an economist said.
Socio-Economic Research Centre (SERC) Lee Heng Guie said that at time when consumer demand is low, it would be helpful to consumers and the economy but it can lead to a crisis in the future when many would not have enough savings for their old age. To read the full story click here
Global Oil Price Hits Home, RON97 up Another RM0.25
Malaysia continues to hold the fort in terms of petrol price hikes and subsidies, in this aspect the Government has been able to maintain the rise in fuel prices in a steady manner.
The retail price of RON97 petrol will increase by 25 sen per litre while those for RON95 and diesel will remain unchanged for the March 17-23 period. To read the full story click here
Automation Valley Malaysia Set To Boost Malaysia’s IR 4.0 Aspirations
The Malaysian German Chamber of Commerce and Industry (MGCC) in a strategic alliance with Digital Penang has officially launched the Automation Valley Malaysia platform earlier today during a virtual soft launch event.
The soft launch was officiated by Dato’ Abdul Halim bin Hussain, Penang State Exco for Trade, Industry & Entrepreneur Development, and witnessed by MGCC’s Chief Executive Officer Mr. Daniel Bernbeck and Digital Penang’s CEO Tony Yeoh. To read the full story click here
Air Asia X Announces Completion Of Debt Restructuring
AirAsia X (AAX) has today lodged the Sanction Order for its debt restructuring with the Registrar of Companies with the formalities of the restructuring now completed.
In a statement today, AAX said that the debt restructuring proposal was approved by its creditors on 12 November 2021 and by the High Court of Malaya on 16 December 2021. To read the full story click here
Governor: Biodiversity Loss Has Implications on The Economy and Financial Stability
Bank Negara Governor Tan Sri Nor Shamsiah Mohd Yunus in her speech at the launch of the joint report with the World Bank, Exploring Nature-related Financial Risks in Malaysia said that the local financial sector has stepped-up response to the urgent and existential threat posed by climate and environment-related risks.
She said joint efforts by regulators and the industry to better understand, assess and manage climate-related risks have made substantial progress. In the Financial Sector Blueprint 2022-2026 recently released by Bank Negara Malaysia, has called for the financial system to facilitate an orderly transition, towards a greener economy. To read the full story click here
Zafrul: EPF Dividend Could Have Been 6.7% If No Withdrawals Were Made
Finance Minister Datuk Seri Tengku Zafrul during his address at the Dewan Rakyat said the recently announced Employees Provident Fund dividend rate should have been higher at 6.7 percent compared with the 6.1 percent if there were no outflow of savings by its members.
Adding that an additional dividend of RM5.4 billion could be distributed to all EPF members if previous withdrawals were not made. To read the full story click here
