Nation’s Digital Economy to be Transformed with 5G Rollout, Says Annuar
The rollout of the fifth-generation (5G) network will transform the digital-based economy in the country, according to the Minister of Communications and Multimedia.
Tan Sri Annuar Musa was quoted as saying that institutions such as the Keluarga Malaysia Family Digital Economy Centre (PEDi) and the newly launched Mercu Ekonomi Digital (MEDi) needed to be further enhanced to support the digital-based economy. To read the full story click here
National Recovery Council Urges Approval Process of Foreign Workers to be Expedited
NRC (National Recovery Council) recommends that the approval process for applications for the recruitment of foreign workers be expedited by simplifying and improving the approval process and reducing red tape to meet the demanding needs of workers in the industry.
NRC chairman Tan Sri Muhyiddin Yassin said the council was informed of the 4,561 foreign worker quota applications received, only 163 were being processed but had not been approved. To read the full story click here
S&P: Interest Rates To Rise Across Asia Pacific
Higher inflation and rising U.S. interest rates are weighing heavily on Asia-Pacific economies. S&P Global Ratings expects that in regions where inflation already exceeds targets, or which are vulnerable to capital flight, central banks will be forced to raise interest rates. This describes most regional economies.
However, where neither inflation nor capital flight is a major issue, central bankers will focus on growth, we assume. This will result in a three-speed policy setting across Asia-Pacific. Many economies are likely to see significantly higher rates, some may lift rates moderately, while the rest (China and Japan) probably will not tighten at all. To read the full story click here
Reduce Non Tariff Barriers To Enhance Bounties OF RCEP
Malaysia and other member countries in the Regional Comprehensive Economic Partnership (RCEP)must further improve trade facilitation rules across the region as reducing non-trade barriers can further enhance trade among member countries, an economist said.
Sunway University Business School Professor of Economics Dr. Yeah Kim Leng told Business Today those exporters and investor must understand their rights under international agreements and must provide a contact point for companies facing non-tariff barriers. To read the full story click here
US Consumer Prices Hit 16-Year high
US monthly consumer prices increased by the most in 16-1/2 years in March as Russia’s war against Ukraine caused the price of oil to surge.
The consumer price index surged 1.2 percent last month, the biggest monthly gain since September 2005, the Labor Department said yesterday. The CPI advanced 0.8 percent in February. It is expected to cement the case for a 50 basis points interest rate hike from the Federal Reserve next month. To read the full story click here
Employers In Malaysia More Confident About Hiring Skilled Talent In 2022 Despite Ongoing Restructuring
62% of employers in Malaysia said they were confident about hiring the skilled talent their organisation needs in 2022, according to findings from the 2022 Hays Asia Salary Guide. Yet, most organisations reported undergoing restructuring to adapt to changes in the world of work.
Now in its 15th edition, the Hays Asia Salary Guide compiles and presents salary and sector overviews based on real data and a survey of skilled professionals across China, Hong Kong SAR, Japan, Malaysia, and Singapore. Over 9,500 responses were collected between October to November 2021. To read the full story click here
DOSM: Retail and Wholesale Trade Sales Grew 8.5% in Feb 2022
According to the DOSM (Department of Statistics Malaysia) statement dated 11 April, Malaysia’s wholesale and retail trade sales increased by 8.5% YoY to RM117.2 billion in February 2022,
However, the sales value of wholesale and retail trade slipped 2.5% on MoM basis, due to a 4.7% contraction in the wholesale trade sub-sector. To read the full story click here
