In response to growing concerns over the online sale of unregistered health products, the Ministry of Health Malaysia (KKM) has launched investigations into the distribution of nasal aspirators, popularly known as ‘Energy Sticks,’ suspected to be unregistered.

Preliminary investigations have uncovered that these products are not registered and thus are required to comply with the regulations outlined in the Dangerous Drugs Act 1952. Subsequently, KKM, through its Pharmacy Enforcement Division, will be taking proactive monitoring and enforcement measures against sellers found to be advertising and selling these products online. Notably, initial screenings on prominent e-commerce platforms like Shopee and Lazada have revealed advertisements and sales of these products by both local and foreign sellers.

The sale of unregistered health products contravenes Regulation 7(1)(a) of the Control of Drugs and Cosmetics Regulations 1984. Individuals found guilty may face fines not exceeding RM 25,000 or imprisonment not exceeding 3 years, or both for the first offense, and subsequent offenses may incur fines not exceeding RM 50,000 or imprisonment not exceeding 5 years, or both. Similarly, companies found committing the offense may face fines up to RM 50,000 for the first offense and up to RM 100,000 for subsequent offenses.

Consumers are strongly advised to verify the registration status of health products before making a purchase. They should ensure that products bear a hologram sticker and a Product Registration Number (MAL). Verification can be done by visiting the National Pharmaceutical Regulatory Agency (NPRA) website or by contacting the National Pharmaceutical Call Center. Additionally, the NPRA Product Status application is available for download on the Google Play Store for easy verification.

KKM reaffirms its commitment to safeguarding public health and welfare through continuous monitoring and enforcement efforts. The public is urged to report any complaints or provide information regarding the sale of unregistered products to the Pharmacy Enforcement Division via various channels, including the KKM website, the Public Agency Complaint Management System portal, nearby Pharmacy Enforcement Branches, or through designated hotlines.

Solarvest Borneo Sdn Bhd, a subsidiary of Solarvest Holdings Berhad, has partnered with the Centre for Technology Excellence Sarawak (CENTEXS) and Huawei Technologies (Malaysia) Sdn Bhd to unveil a state-of-the-art green energy testbed. This initiative, located at CENTEXS’ Headquarters in Santubong, Kuching, Sarawak, aims to drive innovation in sustainable energy technologies and nurture local talent within the region.

The newly launched testbed features cutting-edge capabilities in wind turbine technology, electricity generation from hydrogen, micro-hydropower, and building-integrated photovoltaics (BIPV) systems. This collaboration marks a significant milestone in Sarawak’s journey towards a greener future and aligns with the state government’s efforts to advance the development of a new green energy agenda.

Solarvest Borneo, Director, Mr. Leon Liew Chee Ing, highlighted the strategic importance of exploring the potential of hydrogen in Malaysia, in line with the National Energy Transition Roadmap (NETR) and Sarawak’s Hydrogen Economy Roadmap. He emphasised the role of local talent in propelling future advancements in clean energy, stating that Solarvest Borneo, CENTEXS, and Huawei Malaysia are committed to nurturing a skilled workforce through education and skill development.

The launch event, witnessed by the Premier of Sarawak, The Right Honourable Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg, underscored the commitment of all parties involved to drive innovative breakthroughs in the clean energy industry. The opening of the Green Energy Gallery showcased a comprehensive green energy ecosystem, aimed at raising public awareness and fostering a sustainable tomorrow.

CENTEXS, Chief Executive Officer, Dato Haji Syeed Mohd Hussien Wan Abdul Rahman, emphasised the hands-on training opportunities provided by the new testbed, which will enrich the learning experiences of students and ease their transition into the renewable energy sector workforce. He praised the collaboration as a valuable platform for skills enhancement and practical training across various energy applications.

Huawei Malaysia Digital Power Business, Vice President, Mr. Chong Chern Peng reiterated Huawei Malaysia’s commitment to driving clean energy adoption with innovative technologies. He expressed confidence in helping build a better tomorrow for Sarawak and emphasized the company’s dedication to training local talent in green energy technology.

This collaboration underscores Solarvest’s 5-Year Strategic Roadmap to transform into a regenerative clean energy expert, with ventures into new sustainable solutions. With the unveiling of the green energy testbed, Solarvest Borneo, CENTEXS, and Huawei Malaysia are set to lead the charge towards a more sustainable future for Sarawak and beyond.

The ringgit opened lower against the firmer US dollar on Thursday as US equities continued to perform favourably, said an analyst. 

At 9.37am, the ringgit stood at 4.7630/7665 against the greenback compared to Wednesday’s closing rate of 4.7570/7645. 

The S&P 500 index inched closer towards 5,000 points, while the 10-year US Treasury saw a lower yield of 4.093%, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid. 

He said this suggests positive demand from investors, amidst the US Federal Reserve’s stance that rates may not be reduced so soon. 

“On that note, it remains highly uncertain that this will translate into [a] stronger ringgit, although technical signs are at oversold, a situation where correction is likely to occur. 

“At best, we believe the ringgit would linger around RM4.76 against the US dollar,” he told Bernama. 

He said the focus Thursday would be on whether China’s consumer price index (CPI) would record a negative print for the fourth month in a row. 

“If that is the case, it could raise the question of whether China’s government would up their game to increase the economic stimulus to stimulate economic activities,” he said. 

Meanwhile, the ringgit traded lower against a basket of major currencies, except against the Japanese yen where it rose to 3.2137/2163 from 3.2159/2212 at Wednesday’s close.

It depreciated against the British pound to 6.0152/0196 from 6.0095/0190 and slipped versus the euro to 5.1326/1364 from 5.1233/1314 previously.

The local note was also traded lower versus other Asean currencies.

The ringgit declined against the Singapore dollar to 3.5460/5489 versus 3.5415/5474 on Wednesday and was easier versus the Thai baht at 13.3676/3819 from 13.3650/3917.

It was also lower against the Indonesian rupiah at 304.5/305.0 compared to 304.2/304.8 at the close on Wednesday and slipped versus the Philippines’ peso to 8.51/8.53 from 8.50/8.52 previously. – Bernama

After crossing above the 20-day SMA line, the HSIF rebound was rejected by the 50-day SMA line. Yesterday, the index opened at 16,184 pts.

RHB Retail Research in a note today (Feb 8) said it rose to the day’s high of 16,455 pts, then fell to the day’s low of 16,059 pts. It closed at 16,084 pts and charted a bearish candlestick.

In the evening, the index retraced and last traded at 16,024 pts. The long upper shadow shows that the 50-day SMA line remains as an overhead resistance.

The medium-term SMA line is trending lower, indicating that the technical set-up is still bearish. Meanwhile, the index also failed to cross above the 16,400-pt resistance. In a bearish set-up, the resistance will be strong.

In the event the index falls below the 20-day SMA line, it may resume its downtrend.

For now, the bears still have the upper hand as 17,000-pt resistance remains intact. Pending the resumption of a downward movement, they make no change to their negative trading bias.

According to RTT News, the Hong Kong stock market headed south again on Wednesday, one day after ending the two-day slide in which it had fallen more than 50 points or 0.5 percent. The Hang Seng Index now rests just above the 16,080-point plateau although it’s expected to bounce higher again on Thursday.

The global forecast for the Asian markets is mixed to higher and is likely to be driven by earnings news. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.

The Hang Seng finished modestly lower on Wednesday following losses from the financials and properties and a mixed picture from the technology stocks.

For the day, the index lost 54.98 points or 0.34 percent to finish at 16,081.89 after trading between 16,035.43 and 16,408.15.

Among the actives, Alibaba Group and Haier Smart Home both slumped 1.45 percent, while Alibaba Health Info soared 4.95 percent, ANTA Sports sank 0.78 percent, China Life Insurance eased 0.11 percent, China Mengniu Dairy tumbled 2.15 percent, China Resources Land plunged 4.07 percent, CITIC slid 0.25 percent, CNOOC lost 0.68 percent, Country Garden added 0.36 percent, CSPC Pharmaceutical retreated 1.63 percent, Galaxy Entertainment dipped 0.23 percent, Hang Lung Properties skidded 1.23 percent, Hong Kong & China Gas fell 0.52 percent, Industrial and Commercial Bank of China shed 0.77 percent, JD.com tanked 2.59 percent, Lenovo plummeted 4.25 percent, Li Ning declined 1.58 percent, Meituan weakened 1.44 percent, New World Development dropped 0.94 percent, Techtronic Industries rallied 2.02 percent, Xiaomi Corporation stumbled 1.55 percent, WuXi Biologics surged 5.62 percent and Henderson Land was unchanged.

The lead from Wall Street is solid as the major averages opened higher on Wednesday and remained in the green throughout the day as the Dow and S&P both hit record closing highs.

The Dow climbed 156.00 points or 0.40 percent to finish at 38,677.36, while the NASDAQ rallied 147.65 points or 0.95 percent to end at 15,756.64 and the S&P 500 gained 40.83 points or 0.82 percent to close at 4,995.06.

The strength on Wall Street reflected recent upbeat economic data, which is still seen as a positive even though it reduces the chance of an interest rate cut next month.

Also supporting the markets were solid earnings news from the likes of solar inverter maker Enphase Energy (ENPH) and auto giant Ford (F).

In U.S. economic news, the Commerce Department released a report showing the U.S. trade deficit widened in December.

Crude oil futures settled higher on Wednesday after official data showed a notable drop in gasoline stockpiles last week in the U.S. West Texas Intermediate Crude oil futures for March ended higher by $0.55 at $73.86 a barrel, gaining for a third straight session.

Oil prices rose on Thursday after Israel rejected a ceasefire offer from Hamas, as talks continued to try to end the Gaza conflict and wider Middle East tensions that have kept the market on edge since October.

Signs of solid U.S. fuel demand also bolstered the market’s upward trend this week.

Brent crude futures were up 22 cents, or 0.28%, at $79.43 a barrel at 0132 GMT. U.S. West Texas Intermediate crude futures rose 19 cents, or 0.26% to $74.05 a barrel.

Israeli Prime Minister Benjamin Netanyahu rejected Hamas’ latest offer for a ceasefire and return of hostages held in the Gaza Strip, but U.S. Secretary of State Antony Blinken said there was still room for negotiation toward an agreement.

A Palestinian Hamas delegation led by senior official Khalil Al-Hayya was due to travel on Thursday to Cairo for ceasefire talks with Egypt and Qatar.

On the demand side, a much stronger-than-expected drawdown in gasoline stocks in the U.S. reported on Wednesday continued to buoy the market.

The U.S. Energy Information Administration reported U.S. gasoline stocks fell by 3.15 million barrels last week compared with analysts’ estimates for a build of 140,000 barrels.

The drop in gasoline stocks and a 13% year-on-year rise in U.S. oil exports to a record 4.06 million barrels per day in 2023 “both indicate stronger demand for crude”, ANZ Research said in a note. – Reuters

Outstanding ESG sukuk grew significantly in 2023, reaching USD36.1 billion globally at year-end (all currencies). Fitch Ratings expects the ESG sukuk market to cross 7.5% of global outstanding sukuk in the coming years (end-2023: 4.3%), with growth likely to be supported by issuers’ funding diversification plans, to satisfy international ESG investors’ mandates, and by government sustainability initiatives.

“Almost all Fitch-rated ESG sukuk are investment-grade,” said Bashar Al-Natoor, Global Head of Islamic Finance at Fitch. “In the medium term, we expect ESG sukuk growth to continue; however, this could be slowed by volatile debt capital markets, governments becoming less willing to pursue sustainable targets, and poor availability of qualified assets”. Fitch rated more than 85% of the global hard-currency ESG sukuk.

ESG sukuk issuance (USD10.5 billion) was down 4.6% yoy in 2023, with issuance from the UAE most common at 41%, followed by Malaysia (28%), Saudi Arabia (21%), and Indonesia (10%). ESG sukuk make up a sizeable 11.8% of all outstanding Fitch-rated hard-currency sukuk. About three quarters of Fitch-rated ESG sukuk were from the Middle East, followed by Asia (22.9%) and Europe (1.7%).

In the UAE, the Higher Sharia Authority directed Islamic banks and windows to create separate sustainable businesses and activities within the existing business lines that include sustainable sukuk issuances and financing. A sustainable finance framework was unveiled in Oman, with plans to issue green, social and sustainable sukuk and bonds. In Malaysia, the tax deduction given on the issuance cost of sustainable sukuk has been extended to 2027 from 2023. These initiatives could help boost ESG debt issuance in the near term.

Fitch rates ESG sukuk using its Sukuk Rating Criteria. The credit rating of ESG sukuk is driven solely by the originator’s rating and not the use of proceeds, similar to other sukuk or bonds.