Grand Dynamic Builders has been to understand that KSK Group has been granted by virtue of a court order for a leave to summon a meeting with its creditors for the purpose of considering a scheme of arrangement and compromise and a restraining order against creditors.
The restraining order will prevent any actions or proceedings against KSK Group, any enforcement of any judgment and/or order against it, any distress that may be levied on its assets and properties, any execution of rights or remedies or powers of appointment of any receiver, receiver and manager, or judicial manager or repossession of any fixed or floating assets, plant, equipment or machinery under any charge, lease, hire purchase and or an adjudication or arbitration proceedings; are forthwith restrained or stayed for a period of 3 months from the date of the Court Order except with the leave of the Court.
Stafford Financial Capital Limited has represented that it is a creditor of Damai City Sdn Bhd. In view of the Court Order, GDBSB said it will seek advice from its solicitors concerning the court, arbitration and adjudication proceedings in relation to KSK Land and DCSB respectively.
Kumpulan Kitacon Berhad’s opens its order book accepting a letter of award worth RM65.4 million from Worldwide Holdings Berhad to undertake a proposed development in Dengkil, Selangor Darul Ehsan.
The project it said entails the construction of 182 units of double-storey terrace houses and one electrical substation, where construction works are expected to commence on 19 February 2024 for a duration of 18 months.
Managing director Tan Ah Kee said, “We have kicked off the year of the dragon on a bright note. This marks our third contract for this year, bringing our year-to-date contract wins to RM111million. Accordingly, our outstanding order book has now increased to RM1.18 billion.”
He further added, “We have secured RM1.04 billion worth of contracts in 2023 itself, and therefore we are cautiously optimistic that we will be able to maintain our momentum, going forward. We will strive to secure more contracts in this coming year, to enhance our business sustainability and financial visibility.”
Bursa Malaysia finished higher across the board on Tuesday, with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ending at a 20-month high, the highest level since June 2022, supported by steady buying from foreign investors.
At 5pm, the market bellwether jumped 19.09 points to 1,531.37 from Friday’s (Feb 9) close of 1,512.28.
The market was closed on Monday (Feb 12) for the Chinese New Year replacement holiday.
The KLCI opened 0.35 of a point higher at 1,512.63, and moved between 1,512.63 and 1,533.16 throughout the day.
Gainers trounced losers 634 to 297 on the broader market, while 425 counters were unchanged, 927 untraded and 11 others suspended, Bernama reported.
Singapore will install a further 230 automated lanes at its border checkpoints this year, on top of the 160 added in 2023, said the Immigration and Checkpoints Authority on Tuesday (Feb 13).
This comes as Singapore saw 192.8 million travellers clearing its checkpoints in 2023, an increase of 84 percent or 88 million more people compared with 2022.
During the school and public holidays period, traveller volume at the land checkpoints exceeded pre-COVID levels, reaching about 440,000 daily, ICA said in its annual statistics report.
The installation of more lanes will cater to the increasing number of travellers, it said.
Immigration clearance will also be more seamless, with ICA to introduce its “next generation” Automated Border Control System (ABCS) this year.
The authority said it aims to allow all foreign visitors, regardless of nationality, to clear immigration using Singapore’s automated lanes without the need for prior enrolment.
These ABCS lanes, which will progressively replace the existing automated lanes and manual counters at all checkpoints, will provide Singapore residents and departing visitors with contactless clearance, meaning that they do not need to present their passports
Automated clearance has also become the default for bus travellers, with the installation of more than 90 automated lanes at the bus halls of Woodlands and Tuas checkpoints.
This has allowed ICA to clear about 8,500 travellers per hour during departure peak periods, as compared with 5,000 pre-pandemic.
As a result of faster clearance, ICA said more travellers are choosing to cross the Causeway by bus, with about 45 percent of travellers passing through Woodlands Checkpoint in December 2023 doing so.
Woodlands Checkpoint will be redeveloped in several phases over the next 10 to 15 years. Work is scheduled to begin in 2025 and once fully complete, the new checkpoint will be about five times the current size with ICA aiming to cut the average clearance time from one hour to 15 minutes during peak periods.
Dayang Enterprise Holdings has announced that its wholly-owned subsidiary company, DESB Marine Services Sdn Bhd has been awarded contract extension from Petronas Carigali.
The extension is for the provision of three units of Accommodation Work Boat (AWBOAT) for the national oil giant from October last year. The vessels include Dayang Zamrud, Dayang Pertama and Dayang Berlian, they will be extended for approximately 270 days from the contract extension period.
The group said the value of the extended contracts is based on work orders issued by PCSB throughout the duration of the extended contracts.
Dayan expects the contracts to have no effect on the issued capital and is expected to contribute to the earnings of DEHB over the extended duration of the same.
Jailed former Thai prime minister Thaksin Shinawatra is to be freed, the kingdom’s justice minister said on Tuesday (Feb 13), possibly as soon as the weekend – just six months after returning from 15 years of self-imposed exile.
The controversial billionaire, twice elected premier and ousted in a 2006 military coup, was jailed for eight years on graft and abuse of power charges in August, but within days had his sentence cut to one year by King Maha Vajiralongkorn.
Justice Minister Tawee Sodsong said on Tuesday that the former Manchester City owner, 74, would be among 930 prisoners granted early release.
“He is in the group where they are in a critical condition or aged over 70. He will be released after six months automatically,” Tawee Sodsong told reporters.
Thaksin was jailed on Aug 22 last year, and Thai media reported that his release could come any day from Saturday.
As the holy month of Ramadan approaches, Element Kuala Lumpur’s TRACE Restaurant & Bar is set to elevate the traditional dining experience to new heights with its Selera Awangan Dinner Buffet, offered nightly from March 14th to April 7th, 2024.
Situated atop the 40th floor, TRACE Restaurant & Bar offers a rare opportunity for diners to enjoy a high-floor buffet experience while soaking in breathtaking skyline views of Kuala Lumpur, featuring iconic landmarks like the KL Tower and Merdeka 118.
The buffet spread promises to tantaliSe taste buds with an extensive selection of culinary delights, meticulously curated by the hotel’s culinary team. Guests can embark on a culinary journey featuring four distinct cooking styles: Malay, Oriental, Western, and Middle Eastern, catering to diverse palates and preferences.
Adding a touch of Middle Eastern flair to the feast, this year’s buffet spread includes a delectable array of dishes such as Chicken Maghout, Lamb Kabsah, Beef Mandy, and Chicken Shawarma, presented in both Lebanese and Pita bread variations.
For aficionados of Malay cuisine, authentic delights await, including Rendang Ayam with Lemang Bakar, Bubur Lambuk Berempah, Beef and Chicken Satay Celup, and Nasi Impit with Sayur Lodeh, crafted by the hotel’s team of Malay chefs using time-honored recipes.
Live action pop-up stalls will further enhance the dining experience, offering tantaliSing treats like Nyonya Popia Basah, Popia Goreng, Popia Sira Sambal, Sup Baling Kedah, and a customizable Kerabu Station.
Those with a penchant for spice can savor the fiery flavors of Masak Lomak Cili Padi Claypot, available with a choice of smoked beef, duck, or quail.
From Oriental delights to Western roasts, diners will be spoilt for choice with offerings like Grilled Chicken in Thai Sauce, Stir-Fried Beef Mongolian, Deep-Fried Fish with Soy Sauce, and Slow-Roasted BBQ Beef Striploin.
No buffet experience is complete without an array of delectable desserts, and TRACE delivers with festive must-haves like traditional kuih-muih, assorted cakes, fresh local fruits, and refreshing treats like Ais Kepal Pelangi and Cendol.
For early birds, an exclusive offer awaits with RM40 savings per adult for bookings made on or before March 13th, 2024. Additionally, Marriott Bonvoy and Club Marriott members, as well as Maybank and CIMB cardholders, can enjoy a 20% discount on the dinner buffet from March 14th onwards.
Embark on a culinary journey like no other this Ramadan at TRACE Restaurant & Bar, where sky-high dining meets exquisite flavors and panoramic views, promising an unforgettable experience for family and friends alike.
Datuk Chandran Rama Muthy has been reinstated as the Chief Executive Officer (CEO) of Batik Air, effective immediately. He succeeded Captain Mushafiz Mustafa Bakri in this role.
Chandran brings with him a wealth of experience, having previously served as Batik Air’s CEO during its inception as Malindo Air from 2013 to August 2019. His tenure saw remarkable progress in the airline’s strategic execution, network expansion, and service performance.
During his previous stint at Batik Air, Chandran played a pivotal role in laying down the groundwork for the airline’s growth trajectory. His leadership was instrumental in establishing a strong foundation for long-term expansion and sustainable value creation for industry partners, customers, and stakeholders.
In a statement, Batik Air expressed confidence in Chandran’s ability to steer the airline to greater heights and reaffirmed its commitment to delivering exceptional service to passengers.
Meanwhile, Captain Mushafiz Mustafa Bakri, who previously held the position of CEO, has been appointed as the Safety Director at Lion Air Group. Batik Air extended its gratitude to Captain Mushafiz for his distinguished leadership during his 4.5 years of service.
The reshuffle comes as Batik Air continues its efforts to strengthen its position in the aviation industry and enhance its service offerings to passengers. With Chandran at the helm once again, the airline is poised for continued growth and success in the dynamic aviation landscape.
Concorde Hotel Kuala Lumpur set the stage for an unforgettable Lunar New Year celebration on February 11th, welcoming the Year of the Dragon in style. The day was filled with special shows and festivities that delighted guests and passersby alike.
The highlight of the event was the mesmerising performance by the Kun Seng Keng lions, whose acrobatic stunts enthralled the audience. Accompanied by the breathtaking skills of Chinese acrobats, the celebration radiated joy and excitement. Ampang Hotel Sdn Bhd’s Chairman, Tan Sri Sallehuddin Mohamed, and Concorde Hotel Kuala Lumpur’s Financial Controller, Mr. Jeffrey Pang, received a symbolic ‘platter of prosperity’ from the lions, symbolizing unity and harmony.
The morning began with guests eagerly queuing up for dim sum at Xin Cuisine Chinese Restaurant and Concorde Ballroom. Families eagerly awaited the arrival of the lions, while others mingled in the packed lobby and driveway, capturing memorable moments with the hotel’s special dragon mascots.
The Kun Seng Keng lion troupe from Muar, Johor, dazzled the crowd with their lively acrobatics, dancing to the rhythmic beats of drums, gongs, and cymbals. The atmosphere was electrifying as the lions leaped on high poles with precision and agility.
The celebration continued with a captivating performance by a team of young acrobats, who showcased their talent with unique hula hoop acts, balancing on stacked chairs, and spinning plates. Their dazzling display brought smiles to the faces of guests from all walks of life, uniting them in the spirit of the Lunar New Year.
Concorde Hotel Kuala Lumpur’s Lunar New Year celebration was a testament to the hotel’s commitment to creating memorable experiences and keeping traditions alive. It was a joyous occasion that brought together people of all backgrounds to welcome the auspicious Year of the Dragon.
Malaysia’s palm oil stocks fell more than expected to their lowest in six months at the end of January, as production plunged to the lowest level in nine months amid steady exports, the industry regulator said on Tuesday.
The reduction in stocks at the world’s second largest palm oil producer after Indonesia would help in supporting benchmark futures, which lost 10% in 2023.
Palm oil stocks at the end of January fell 11.83% from the previous month to 2.02 million metric tonnes, the lowest since July, data from the Malaysian Palm Oil Board (MPOB) showed.
Crude palm oil production declined 9.59% from December to 1.40 million tonnes in January, the lowest since April, while exports dropped 0.85% to 1.35 million tonnes, the MPOB said.
A Reuters survey forecast January’s inventories at 2.14 million tonnes, a 6.62% decline from the previous month, with output at 1.37 million tonnes and exports at 1.22 million tonnes.
The MPOB report is slightly bullish, as stocks fell more than expected, but production is not declining at a rate the market has been discussing, said Anilkumar Bagani, research head of vegetable oils broker Sunvin Group.
A few traders were expecting production in January to fall as low as 1.3 million tonnes, but the output did not decline at the pace that the market anticipated, said a New Delhi-based trader.
Palm oil exports are expected to fall in the coming months, as rival oils become available at competitive prices, offsetting the likely drop in production, the trader said.
The rebound in palm oil prices is likely to be capped by abundant supplies of rival soyoil and sunflower oil, “soft” oils that are available at discounts to tropical palm oil for the first time in more than a year, industry officials said last week, Reuters reported.
Following is a breakdown of the MPOB figures and Reuters estimates for January (volumes in tonnes)
Palm/Poll:
Palm
January 2024
January 2024 poll
December 2023*
January 2023
Output
1,402,020
1,367,351
1,550,796
1,380,410
Stocks
2,019,781
2,139,592
2,290,793
2,268,198
Exports
1,350,574
1,219,007
1,362,145
1,135,498
Imports
29,494
40,000
40,062
144,937
*Indicates revised figures by the Malaysian Palm Oil Board.
Malaysian Army (ATM) will soon be recruiting computer hackers as a new military asset. This initiative comes as part of efforts to enhance defense systems amidst the development of future armed forces.
Defense Minister Datuk Seri Mohamed Khaled Nordin highlighted that the focus will be on non-traditional threats such as cyber attacks, digital threats, and electromagnetic defense. He emphasized that this approach is becoming the norm as military forces increasingly face sophisticated technological challenges, including unmanned drones and digitally controlled assets.
Speaking at a media briefing after launching the Defense White Paper Half-Year Study Kick-Off, Mohamed Khaled emphasised the importance of leveraging technologies like Artificial Intelligence (AI), big data, and digitisation within the Ministry of Defense (MINDEF) and ATM.
According to a local news report, he envisioned a future where highly skilled individuals, including hackers, would serve in the military, equipped with their own uniforms and units. He stressed the significance of adapting to technological advancements to avoid falling behind other nations, particularly Singapore, which has prioritized digital integration in its military services.
Mohamed Khaled also highlighted the need for such initiatives to strengthen control and monitoring systems in national waters and borders, particularly in combating smuggling threats. He noted the increasing use of drones by smugglers to monitor security forces’ movements and operations, posing challenges to interception efforts.
The Defense Minister underscored the urgency of preparations following incidents like the recent hacking and data theft from the Pentagon, which affected over 600,000 emails and impacted more than 2,500 government organizations. He warned that such incidents are not isolated and are likely to persist, necessitating proactive measures.
The establishment and development of the Future Force, Mohamed Khaled emphasized, should be a central goal driving the Defense White Paper and supporting policies and strategic plans. He cautioned that cyber attacks and activities by “hacktivists” pose significant risks to national security, with the potential to disrupt economic activities, government administration, healthcare systems, transportation, and more.
Daihatsu’s parent company Toyota Motor Corp has announced a slew of management changes with firstly the appointment of Masahiro Inoue from its Latin America unit as the new President and removes the current president while relinquishes the Chairman position.
In a press statement released today, the beleaguered unit of the automotive giant said it deeply apologised for the trouble contributed by the division to its customers, suppliers, dealers, and the communities where the plants are located, and stakeholders. Although all plants of Daihatsu Motor Co., Ltd. (Daihatsu) in Japan suspended operations following the announcements made on December 20, the group has been able to resume production and shipments of some vehicles as of yesterday.
The new board will be tasked to overhaul the safety and production process at the company which also supplies OEM models to Malaysia, namely Perodua. The company has also appointed a new Executive Director and reassigned two directors into a non director role.
Toyota said it will determine the concrete form of Daihatsu’s future business and the structure starting from the post of chief officer downward that will promote it. After doing so, it would then set up an opportunity in the new fiscal year to explain Daihatsu’s new structure and management direction.
The CEO of ChatGPT-maker OpenAI said Tuesday that the dangers that keep him awake at night regarding artificial intelligence are the “very subtle societal misalignments” that could make the systems wreak havoc.
Sam Altman, speaking at the World Government Summit in Dubai via a video call, reiterated his call for a body like the International Atomic Energy Agency to be created to oversee AI that’s likely advancing faster than the world expects.
“There’s some things in there that are easy to imagine where things really go wrong. And I’m not that interested in the killer robots walking on the street direction of things going wrong,” Altman said. “I’m much more interested in the very subtle societal misalignments where we just have these systems out in society and through no particular ill intention, things just go horribly wrong.”
However, Altman stressed that the AI industry, like OpenAI, shouldn’t be in the driver’s seat when it comes to making regulations governing the industry.
“We’re still in the stage of a lot of discussion. So there’s you know, everybody in the world is having a conference. Everyone’s got an idea, a policy paper, and that’s OK,” Altman said. “I think we’re still at a time where debate is needed and healthy, but at some point in the next few years, I think we have to move towards an action plan with real buy-in around the world.”
OpenAI, a San Francisco-based artificial intelligence startup, is one of the leaders in the field. Microsoft has invested some $1 billion in OpenAI. The Associated Press has signed a deal with OpenAI for it to access its news archive. Meanwhile, The New York Times has sued OpenAI and Microsoft over the use of its stories without permission to train OpenAI’s chatbots.
OpenAI’s success has made Altman the public face for generative AI’s rapid commercialization — and the fears over what may come from the new technology.
The UAE, an autocratic federation of seven hereditarily ruled sheikhdoms, has signs of that risk. Speech remains tightly controlled. Those restrictions affect the flow of accurate information — the same details AI programs like ChatGPT rely on as machine-learning systems to provide their answers for users.
The Emirates also has the Abu Dhabi firm G42, overseen by the country’s powerful national security adviser. G42 has what experts suggest is the world’s leading Arabic-language artificial intelligence model. The company has faced spying allegations for its ties to a mobile phone app identified as spyware. It has also faced claims it could have gathered genetic material secretly from Americans for the Chinese government.
G42 has said it would cut ties to Chinese suppliers over American concerns. However, the discussion with Altman, moderated by the UAE’s Minister of State for Artificial Intelligence Omar al-Olama, touched on none of the local concerns.
For his part, Altman said he was heartened to see that schools, where teachers feared students would use AI to write papers, now embrace the technology as crucial for the future. But he added that AI remains in its infancy.
“I think the reason is the current technology that we have is like … that very first cellphone with a black-and-white screen,” Altman said. “So give us some time. But I will say I think in a few more years it’ll be much better than it is now. And in a decade it should be pretty remarkable.” – Independent
Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Openg has announced the introduction of a free smart bus service in Miri. This initiative, described as an ‘angpow’ for Miri, aims to enhance public transport accessibility and boost tourism in the northern region.
Abang Johari highlighted the significance of improving public transport infrastructure, particularly with the transition from old buses to new ones. By offering free mobility through the smart bus service, Miri aims to attract more tourists to the city, thereby stimulating economic growth.
Currently, public bus services in Miri come at a cost of RM1 per person. However, with the introduction of the free smart bus service, commuters and tourists alike will benefit from enhanced accessibility and affordability.
In addition to the smart bus service, Abang Johari emphasised the state government’s commitment to transforming Miri into a smart city. Plans include upgrading basic infrastructure and the development of a convention center to position Miri as a key tourism hub in the northern region.
Transport Minister Datuk Seri Lee Kim Shin expressed gratitude for the RM5 million allocation for the new smart bus program in Miri this year, with a similar amount earmarked for next year. This initiative, approved under the 12th Malaysia Plan, will see the replacement of all 14 old Miri City buses with new smart buses, contributing to a more efficient and sustainable public transportation system.
Furthermore, the approval of the Miri Lorry Terminal Project, scheduled for tender by the second quarter of this year, will address lorry parking issues, especially for those in transit to neighboring regions like Brunei, Limbang, Lawas, and Sabah.
The announcement was made during a Chinese New Year event, attended by key government officials including Deputy Premiers Datuk Amar Awang Tengah Ali Hasan and Datuk Amar Dr Sim Kui Hian, State Secretary Datuk Amar Mohamad Abu Bakar Marzuki, and Deputy Ministers from various departments.
The biggest cybersecurity risk from the increasing use of artificial intelligence (AI) tools is an escalated volume of attacks, according to findings from BlueVoyant’s second external cyber defense trends report.
In a statement today (Feb 13), cybersecurity company BlueVoyant highlights the new risks organisations face from outside the traditional IT perimeters based on the observations from BlueVoyant digital and third-party risk analysts.
BlueVoyant’s threat intelligence global head Ron Feler said while the essential of the attacks don’ change, the increased number and diversity of attacks make defenders’s jobs more challenging.
It said cyber criminals capitalised on generative AI to create more effective phishing campaigns.
“In recent months our analysts have seen more and more of these dark web markets entering the world of OpenAI by offering hundreds of thousands of compromised ChatGPT credentials for sale.
“Most of these credentials are harvested from non-secure personal devices by a family of malware known as InfoStealers. Some users sign up for AI services with their corporate logins.
“If these credentials are compromised, hackers can potentially access corporate networks,” the report added.
The 2024 report said cyber criminals are exploring the use of AI through malicious variations of ChatGPT such as WormGPT that facilitate cybercrime, using AI in various ways such as to create malicious code and sophisticated social engineering such as drafting fake email for phishing campaign.
Besides using AI tools, the report found that cybercriminals are also using online ads as an attack vector to lure unsuspecting victims to malicious websites impersonating large financial institutions in the United States, United Kingdom, and Eastern Europe.
“There is also a need for better email security as many organisations are not enabling all key components that secure the authenticity and integrity of the messages, which could leave them susceptible to email-based threats,” it added.
The report also highlighted the continued need to patch quicker, as there is a continued quicker exploitation of new vulnerabilities.
“In the first report, BlueVoyant found that organisations were often slow to patch systems even as attackers were exploiting new vulnerabilities faster.
“Now, the exploitation of vulnerabilities is happening even faster, prompting a high-stakes race between threat actors and defenders after a disclosure.”
The report also entailed best practices for holistic external defense and continuity for organisations which include building comprehensive defenses, monitoring for suspicious search engine ads, employing timely patching and addressing email security.
BlueVoyant’s global head of supply chain defence Joel Molinoff said organisations’ attack surfaces are ever expanding, and cyber threat actors are adapting their strategies to exploit new avenues of vulnerabilities.
“We undertook this research to shine a light on the attack vectors organisations need to be aware of and recommended actions to help prevent the latest threats.”
The research was completed using trend data queries from BlueVoyant’s Supply Chain Defence and Digital Risk Protection solutions, the cybersecurity firm added.
Traffic flow on several major highways was reported to be moving slowly today as travelers began returning to their destinations after the Chinese New Year holiday, according to reports from @llmtrafik.
At 2:27pm, @llmtrafik reported slow traffic heading northbound on PLUS Highway from various points:
After Sg Besi Toll Plaza towards the city center
Pedas Linggi towards Port Dickson
Simpang Ampat towards Hentian Sebelah Pedas Linggi
Tangkak towards Ayer Keroh
Hentian Sebelah Yong Peng towards Pagoh
Similarly, southbound traffic on PLUS Highway was also experiencing delays:
Ayer Keroh towards Jasin
Pagoh towards Hentian Sebelah Yong Peng
Yong Peng towards Ayer Hitam
Ayer Hitam towards Sedenak
At 2:28pm, slow traffic was reported northbound on PLUS Highway from:
Bandar Baharu towards Hentian Sebelah Sg. Bakap
Bukit Merah towards Alor Pongsu
Slim River towards Sungkai
Meanwhile, southbound traffic on PLUS Highway was slow from:
Permatang Pauh towards Perai
Bukit Tambun towards Hentian Sebelah Sg.Bakap
Bukit Merah towards Taiping
Changkat Jering towards Bukit Berapit
Kuala Kangsar towards R&R Sg Perak
Terowong Meru towards Ipoh
At 2:30pm, slow traffic continued southbound on PLUS Highway from:
Simpang Pulai towards Gopeng
Gopeng towards Tapah
Tapah towards Bidor
Sungkai towards Slim River
Bukit Beruntung towards Sg Buaya
As of 2:31pm, on the PLUS highway, Smartlanes have been activated from Km 194.5 – Km 184.0, Ayer Keroh to Jasin in the southbound direction. The traffic was reported to be under control.
Travelers are advised to drive with caution and expect delays on these routes. Stay updated with @llmtrafik for real-time traffic updates.
Hotel prices in Malaysia are expected to witness a surge ranging from 10 per cent to 30 per cent, following the recent increment in the Sales and Services Tax (SST) to 8 per cent, effective from March. Malaysian Hotel Association (MAH) president Datin Christina Toh revealed this information, emphasising that despite the increase, Malaysia continues to offer some of the most competitive hotel room rates in the Southeast Asian region.
According to a locan news portal, Toh highlighted the comparative affordability of Malaysian hotel rates in contrast to neighboring countries within ASEAN. For instance, she pointed out that in Laos, five-star hotel rooms can cost up to US$130 (approximately RM619), and four-star rooms around US$100 (approximately RM476), whereas Malaysian rates remain relatively lower.
The anticipated price hike is not solely attributed to the SST increment but also factors such as peak seasons like school holidays and festivities, as mentioned by Toh. However, she reassured that promotional efforts aimed at attracting visitors and government initiatives, including visa-free entry for tourists from China, India, and other ASEAN countries, will help mitigate any adverse effects on hotel bookings.
Echoing similar sentiments, Malaysia Budget & Business Hotel Association (MyBHA) national president Ganesh Michiel projected a potential increase of up to 50 per cent in hotel prices due to the cascading effects of the new SST rate on the industry’s entire supply chain. Michiel emphasised that operational costs, including cleaning services, electricity, water, and transportation, are all impacted by the SST hike, prompting hotel operators to adjust prices to sustain their businesses in the long term.
The increase in operational costs, attributed to tax hikes, extends to suppliers providing products to hotels and laundry services, which may consequently raise the costs of essential hotel amenities.
This announcement comes in the wake of Prime Minister Datuk Seri Anwar Ibrahim’s declaration last year to raise the SST rate from 6 per cent to 8 per cent and expand the scope of taxable services to include brokerage, underwriting, and karaoke, as part of Budget 2024.
As the tourism industry braces for these changes, stakeholders remain optimistic about Malaysia’s attractiveness as a travel destination despite the anticipated adjustments in hotel prices.
Raiz, a licensed Malaysian saving and investing app, has introduced a groundbreaking solution: Raiz Kids. With a mission to foster financial responsibility from a young age, Raiz Kids is designed to equip children with essential money management skills through hands-on learning.
Bank Negara Malaysia and the Organisation for Economic Co-operation and Development (OECD) have highlighted the importance of early financial education to mitigate vulnerabilities to financial shocks. Recognizing this need, Raiz has integrated financial literacy tools into its app, leveraging digital technology to enhance financial knowledge among children.
The Raiz Kids feature enables parents to empower their children with financial literacy skills while providing them with a practical platform to learn about budgeting, saving, and investing. Parents have the flexibility to grant controlled access or full access to their children’s accounts, allowing them to monitor and guide their financial journey.
Raiz Malaysia, CEO, Aidi Izham, emphasised the significance of early financial education in shaping a secure and prosperous future. He stated, “Raiz Kids is not just an investment platform; it’s a powerful tool for parents to instill valuable financial literacy in their children.”
Since its soft launch in January, Raiz has witnessed significant interest, with over 3,500 new Raiz Kids accounts registered. With its user-friendly interface and comprehensive features, Raiz aims to further encourage adoption and contribute to a generation of financially savvy individuals.
Through its commitment to financial accessibility and education, Raiz emerges as a pioneering investment platform dedicated to empowering the younger generation with essential financial skills.