Malaysian exhibitors made a resounding impact at the International Paris Airshow 2023 (IPAS 2023), with their participation resulting in potential business opportunities valued at RM710.34 million for sales of aerospace products and services as well as hub establishment in Malaysia.

IPAS 2023, held from 19 to 25 June 2023 in Paris, France, attracted a significant number of visitors from global aerospace giants to the Malaysian Pavilion, reaffirming Malaysia’s position as a key player in the Southeast Asian aerospace industry.

Spearheaded by the Ministry of Investment, Trade and Industry (MITI) through its agencies Malaysia External Trade Development Corporation (MATRADE), National Aerospace Industry Cooperation Malaysia (NAICO Malaysia), and Malaysian Investment Development Authority (MIDA), the Malaysia Pavilion served as a dynamic platform for Malaysian aerospace companies to expand their outreach globally and explore high-value strategic partnerships beneficial to advance Malaysia’s economic growth.

The Malaysia Pavilion was inaugurated by the Chief of Airforce, Royal Malaysian Air Force (RMAF), YBhg. Jeneral Tan Sri Dato’ Sri Mohd Asghar Khan Goriman Khan, and the Malaysian Ambassador to France, His Excellency Dato’ Mohd Zamruni Khalid.

The pavilion housed 14 Malaysian exhibitors, including notable government agencies such as Invest Selangor Berhad, Iskandar Regional Development Authority (IRDA), Pahang State Secretary Incorporated and the Malaysia Aerospace Industry Association (MAIA).

During IPAS 2023, a total of 338 business meetings took place between Malaysian companies and international buyers, further cementing Malaysia’s position as an aerospace industry hub in Southeast Asia.

This success was complemented by various events held alongside the exhibition. Particularly, a seminar at the Groupement des industries françaises aéronautiques et spatiales (GIFAS) or the French Aerospace Industries Association International chalet which garnered interest from European companies seeking insights into Malaysia’s sustainability efforts and potential areas of collaboration.

The seminar was organised in collaboration with GIFAS and was moderated Zuhaila Sedek, Trade Commissioner of MATRADE Frankfurt.

A series of meetings were also coordinated for the Malaysian companies with counterparts from France, Germany, Austria, the United Kingdom, Japan and South Korea. Some examples of the meetings were held with Safran, ASTech Paris Region, German Aerospace Industry Association (BDLI), German Aerospace Centre (DLR), Austrian Economic Chamber (WKO), Japan’s Ministry of Economy, Trade and Industry (METI) and ADS Group Limited.

Additionally, there were four signing ceremonies held between Malaysian companies and their global partners at the Malaysian Pavilion solidifying more strategic cooperation within the aerospace sector.

YBhg. Datuk Mohd Mustafa Abdul Aziz, MATRADE’s CEO said the participation in IPAS 2023 was a huge success. He said, “one of the key factors behind the overwhelming response we received is the cohesive narrative showcased by the Malaysia team. As we participated in this prestigious global aerospace event, we effectively highlighted our commitment to ESG values championed through sustainable sourcing practices, our interest in R&D initiatives for commercialisation, potential for collaborative partnerships in Original Equipment Manufacturing, strategic alliances for talent development, and other crucial endeavours for long-term growth as well as to create a more resilient supply chain.”

The Institute of Chartered Accountants in England and Wales (ICAEW) honoured the exceptional achievements of its students in the professional organisation’s global examinations during ICAEW’s recent Celebrating Excellence 2023 ceremony.

The event also showcased the dedication of renowned business leaders, who are also ICAEW chartered accountants, in giving back to the profession and supporting the growth of future chartered accountants.

The prestigious ICAEW Malaysia Prizes by the patrons for Advanced and Professional Level exams, accompanied by commemorative 24k gold medals, were contributed to a trust managed by the ICAEW Members’ Society Malaysian Chapter. Patrons to the trust include the late Tan Sri Azlan Zainol (former CEO of EPF Board and Chairman of MBSB), Tan Sri Dato’ Seri Abdul Wahid Omar (Chairman of Bursa Malaysia), Datuk Ali Abdul Kadir (former Chairman of the Securities Commission)  Foo San Kan (former Chairman of the Audit Committee, and OSK Holdings), Tan Sri Dato’ Hanafiah Hussain (who established FELDA, FAMA and Tabung Haji), Dato’ Mohd. Faiz Azmi (former Executive Chairman of PwC Malaysia and ICAEW Council Member), Dato’ Gan Ah Tee (Managing Partner of BDO in Malaysia), Dato’ Narendra Jasani (Chairman of Grant Thornton Malaysia), and Mr. Bingley Sim (Managing Director of CIMB).

Authorised Training Employers (ATEs), and partners-in-learning were also present to celebrate Malaysian students who achieved the highest scores in the ICAEW Advanced, Professional Level and CFAB exams.

These exceptional students, along with those who completed externally moderated degrees at leading universities, were recognized for their outstanding accomplishments.

Among the recognised students were top performers studying at ICAEW’s partner institutions, including Sunway TES, University of Reading Malaysia, Kolej Profesional MARA Beranang Selangor, and INTEC Education College who began their journey toward becoming chartered accountants through the ICAEW Certificate in Finance, Accounting & Business (CFAB).

Notably, the Advanced Level winners, who are fully employed at ICAEW’s ATEs, demonstrated exceptional abilities in balancing work and studies, with support from their employers at Genting, PwC Malaysia, and EY Malaysia. Additionally, the top-scoring students in the Professional Level exams also received the ICAEW Malaysia Prizes and 24k gold medals.

The support and training provided by ATEs for the winners of this category, including EY Malaysia, PwC Malaysia, Deloitte Malaysia, and Bank Negara Malaysia, were recognized as instrumental in the students’ success.

The event also highlighted the collaboration between ICAEW and esteemed universities in Malaysia, such as Universiti Malaya, Universiti Sains Malaysia, and Multimedia University, which have integrated the ICAEW syllabus into their accounting degree programs.

By doing so, graduates are well-prepared to complete the final three ICAEW Advanced Level exams and become future chartered accountants. The outstanding achievements of 18 students who excelled in externally moderated strategic credits exams were commended.

Bonnie Tham, Chairperson of the ICAEW Members’ Society Malaysian Chapter, expressed her gratitude to the patrons for their sponsorship and emphasised the invaluable contribution of community and mentorship in the journey of becoming a chartered accountant.

She commended all student members for their achievements and highlighted the extensive support provided by the ICAEW Members’ Society, including access to the latest developments, thought leadership, and guidance in various areas of interest.

“We extend our congratulations to all the award winners and express our gratitude to the patrons, employers, institutions, and individuals who have generously supported ICAEW’s initiatives to promote excellence and support the growth of future chartered accountants,” commented Tham.

“Through our collaborative efforts, ICAEW will strive to continue providing students and members with the resources, support, and connections needed to excel in their careers.”

Tan Sri Dato’ Hanafiah Hussain, currently 99 years old and the first Malay chartered accountant in Malaysia, also gave very sound advice to the students after presenting the Tan Sri Dato’ Hanafiah Hussain Prize for Case Study, “It is all part and parcel of the development of a person. Be honest and purposeful, and always maintain a high sense of purpose and integrity.”

Consumer demand, along with currency exchange factors, have caused the food import bill to rise to RM62 billion a year compared to RM48 billion before, said Datuk Seri Ahmad Zahid Hamidi.

Saying that the country cannot be reliant on food imports in the long term, the deputy prime minister – who also chairs the cost of living implementation and monitoring committee – stressed that all ministries and government departments and agencies must focus on food security and ensure domestic demand is met.

“Being reliant on food imports will lead the country, technically, to bankruptcy.

“If we can save this RM62 billion with local food production, we would not only reduce foreign exchange but we will also be able to stimulate the domestic economy,” the rural and regional development minister said.

Zahid was speaking to reporters after witnessing the signing of a memorandum of understanding (MoU) between Lembaga Kemajuan Johor Tenggara (Kejora) and the Malaysian Agricultural Research and Development Institute (Mardi), which was also witnessed by Agriculture and Food Security Minister Datuk Seri Mohamad Sabu.

Zahid said agencies under the Rural and Regional Development Ministry must work together with the Agriculture and Food Security Ministry to help the country reduce dependency on food imports.

“In matters like these, we have to be proactive not only in terms of agro-food but also livestock and these efforts must be carried out holistically.

He said all parties must no longer work in silo, and move forward as one entity, adding that this way, the people would be able to recognise and appreciate efforts taken.

On today’s MoU, Zahid said it was an initial step taken by Mardi and rural development agencies to help the agriculture ministry boost food production.

“This not only helps (the agriculture ministry), but also helps the country and of course, the products from Mardi’s research efforts will be used for commercialisation.

“They are high-tech agricultural products. This means that we will have a ‘low-cost, high-impact’ approach,” he said.

Zahid said the MoU includes cooperation in carrying out technology transfer activities, and knowledge and technical advisory services produced from research by Mardi to agents and entrepreneurs in the southeast Johor region.

Also, through the same collaboration, he said Kejora will develop a coconut plantation along with a coconut milk processing factory, with an expected average production of 600 tonnes of coconuts per year.

He said the project is expected to have a direct impact on 110 residents in the Kejora region, comprising management and operation staff of the coconut milk processing factory as well as plantation workers.

The Securities Commission Malaysia (SC) today (July 13) announced its new Shariah Advisory  Council (SAC) line-up for a three-year term from 1 July 2023 to 30 June 2026.

The new line-up consists of the following members:

1) Professor Dr. Aznan Hasan – Professor, Institute of Islamic Banking and  Finance, International Islamic University Malaysia (Reappointment)

2) Professor Dr. Engku Rabiah Adawiah Engku Ali – Professor, Institute of  Islamic Banking and Finance, International Islamic University Malaysia (Reappointment)

3) Professor Dr. Ashraf Md Hashim – Deputy President Research/Executive  Director, ISRA Research Management Centre, INCEIF University (Reappointment) 4) Professor Dato’ Dr. Asmadi Mohamed Naim – Vice Chancellor, Sultan Abdul  Halim Mu’adzam Shah International Islamic University (Reappointment) 5) Associate Professor Dr. Mohamed Fairooz Abdul Khir – Director, Centre of  Excellence in Islamic Social Finance, INCEIF University (Reappointment) 6) Sahibus Samahah Dato’ Setia Dr. Haji Anhar Haji Opir – Mufti of Selangor (New Appointment)

7) Dr. Marjan Muhammad – Director, Research Quality Assurance and Publications, ISRA Research Management Centre, INCEIF University (New  Appointment)

8) Assistant Professor Dr. Akhtarzaite Haji Abdul Aziz – Assistant Professor,  Abdulhamid Abusulayman Kulliyyah of Islamic Revealed Knowledge and Human  Sciences, International Islamic University Malaysia (New Appointment)

9) Encik Burhanuddin Lukman – Former Researcher, International Shariah  Research Academy for Islamic Finance (New Appointment)

Established on 16 May 1996 under the Securities Commission Malaysia Act 1993, the SAC  is the authority for the determination of the application of Shariah principles for Islamic  capital market (ICM) business or transactions. Additionally, its mandate includes ensuring the implementation of ICM complies with  Shariah principles. 

The SAC comprises prominent Shariah scholars, academicians and market practitioners  with vast knowledge and experience in Shariah, capital markets, finance and law.

Commenting on the new line-up, SC Chairman Dato’ Seri Dr Awang Adek Hussin (pic) said: “The SAC plays a key role in ensuring the Islamic capital market stays abreast of the latest developments in the industry, while supporting and facilitating efforts to reinforce Malaysia’s position as a leader in this space.

“At the SC, we continue to integrate innovations and sustainability into Shariah knowledge  and practices to solidify Malaysia’s competitiveness as a prominent global ICM thought  leadership hub.”

“We thank past members1for their dedication in advancing the development of Malaysian  ICM and look forward to the contributions of the new line-up towards advancing our  Islamic finance aspirations,” he said.

Women are holding 30.6% of board seats in the top 100 public listed companies (PLCs) in Malaysia, and close to 25% of seats of all PLCs on Bursa Malaysia, the 30% Club Malaysia said.

The 30% Club Malaysia is part of a global campaign led by chairs and chief executive officers taking action to increase diversity, equity and inclusion (DEI) at the board and senior management levels.

In a statement today, it said that the achievement, based on data provided by the Securities Commission, was achieved on June 1, 2023 – six months ahead of 30% Club Malaysia’s target date of December 31, 2023. 

The 30% Club Malaysia founding chair and Maybank Group advisor Datuk Ami Moris (pic) said the 30% representation is a tipping point in providing women leaders with an influential voice, and for boards to move closer to gender parity.

“The biggest jump in women on board representation was recorded from 2021 due to Bursa’s Listing Requirements for all PLCs to have at least one woman director by June 1, 2023, supported by the collective action of leaders on DEI,” she said.

Building on the diversity momentum, Ami said the 30% Club aims to further catalyse more PLCs to achieve 30% women representation on boards.

As of June 1, 2023, 45 of the top 100 and over 700 of all PLCs have yet to do so.

In the United Kingdom, she said women now hold nearly 40% of board seats of the Financial Times Stock Exchange 100 companies.

“Our next target is for parity of men and women on all PLCs by 2030. It is a huge ambition, but not one that we shy away from,” Ami noted.

She said as more companies embrace DEI, the demand for board-ready women candidates is set to accelerate.

“I would urge companies to move from mentoring to sponsoring women leaders in the boardrooms and senior leadership.

“This involves more active and concerted efforts to get women with the right competencies and skillsets to the right seats,” he added.

While Malaysia does not see a lot of worker protests against their employers, Human Resources Minister V. Sivakumar today (July 13) said the country could do better in the Industrial Harmony Index (IHI) to attract more foreign investors.

He said the country’s IHI score is currently at 78.9 per cent, based on the 2022 index, and hopes it can reach 90 per cent.

“It would be great if the country’s IHI score could reach an excellent level which is at 90 per cent. In general, we don’t see many cases of workers protesting against employers happening in any industrial sectors in the country. So it proves there is harmony between the workers and employers. I hope we can continue this trend to attract more foreign investors,” he told a press conference after officiating the Perak Industrial Harmony Symposium programme at Casuarina Meru Hotel in Ipoh.

He also said that the findings of the National IHI 2022 show how the concept of sharing in the relationship between employers, employees and trade unions practised in developed countries can also be implemented in Malaysia.

He pointed out that out of all states nationwide, Perak had the highest IHI score in 2022 at 82.6 per cent.

“This is an increase from the year 2020, where its IHI score was 80.3 per cent,” said Sivakumar, who noted the IHI score is measured once every two years.

He said the Industrial Harmony Symposium programme held today aims to help employers understand more about the laws and legal issues surrounding workplace.

“Among others, it aims to increase employers’ awareness of legal issues involving the termination of employees so that employers are more clear about the procedures for dealing with discipline problems in the workplace.

“Enterprise harmony is an important element in the industry because it can indirectly contribute to productivity increase and company profits, which in turn increases the income of workers in the country,” he said.

The Industrial Harmony Symposium programme was attended by 110 companies statewide.

Japan’s Fast Retailing, the owner of clothing brand Uniqlo, said on Thursday (Jul 13) its nine-month profit soared 22 per cent as its business in China continued to recover from a pandemic slowdown, and it raised its full-year forecast to a new record.

Operating profit rose to 330.6 billion yen (US$2.38 billion) in the nine months ended on May 31, from 271.1 billion yen in the year-earlier period. The company raised its full-year profit forecast to 370 billion yen from 360 billion yen.

That compares with an average estimate of 363 billion yen in annual operating profit based on a poll of 14 analysts polled by Refinitiv.

The company known for its fleece jackets and inexpensive basics has 925 Uniqlo outlets in mainland China – more than in Japan – making it a bellwether for a retail market that was hammered by COVID-19 restrictions in recent years, according to Reuters.

Business in China started to turn around in January, resulting in sharp increases in sales and profit from the region in the second quarter, the company said in April.

Fast Retailing’s shares have soared 32 per cent so far this year, helping founder Tadashi Yanai cement his place as Japan’s richest person. The company’s shares have outpaced a 24 per cent advance in the benchmark Nikkei that has been one of the hottest equity markets worldwide.

Kinergy Advancement Berhad (“KAB”), a one-stop energy & engineering solutions provider, is pleased to announce that the Group’s wholly-owned subsidiary KAB Energy Holdings Sdn Bhd (“KABEH”) has inked a Heads of Agreement (“HoA”) with XSD International Paper Sdn. Bhd. (“XSDIP”), to initiate KAB’s first biomass project, focusing on power and steam generation.

This project allows KABEH to develop, own and operate a biomass-fuelled steam turbine cogeneration plant (“Plant”) that can generate up to 30MW of electricity and 80 tonnes of steam per hour.

XSDIP is in the business of managing activities of holding companies, manufacturing pulp, paper and paperboard, and wholesaling a variety of goods without any particular specialisation.

Notably, XSDIP is a 100% foreign owned entity from the People’s Republic of China and serves as an indication to KAB’s continuous strategy in broadening its customer base and reach.

KAB Group Managing Director Dato’ Lai Keng Onn said, “The primary objective of this project is to revolutionise our energy generation by harnessing the power of biomass or agricultural waste as a sustainable and environmentally friendly alternative energy source. Through the Plant, we can efficiently generate up to 30MW of electricity and 80 tonnes of steam per hour, not only reducing the waste produced but also promoting an efficient and responsible utilisation of biomass resources. We aim to not only generate electricity through utilising biomass fuel derived from Empty Fruit Bunches (“EFB”) and woodchips but also through burning gas to generate steam, contributing to a more greenhouse gas (“GHG”) neutral approach.”

“We plan to implement this transformative biomass project on a vast undivided plot of 300 acres in Kulim, Kedah. This ambitious endeavour encompasses multiple phases, with the current signing of the HoA marking the commencement of the development of approximately 5.06 acres. XSDIP’s expressed interest in procuring thermal energy in the form of steam generated by KABEH represents a significant opportunity to enhance our recurrent income base. This collaboration has the potential to bolster our financial sustainability and contribute to long-term growth,” he added.

Effective July 15, property legal fees in Malaysia will see an increase following the gazetting of the Solicitors’ Remuneration Order 2023 (SRO 2023), which will come into effect the same day.

The SRO 2023 specifically impacts non-contentious transactions involving the sale and purchase of movable and immovable properties, financing, and tenancies.

This order governs the legal fees charged by lawyers in Malaysia for Sale and Purchase Agreements and financing agreements related to immovable properties, such as land and buildings.

Replacing the previous Solicitors Remuneration Order 2005, which underwent revisions in 2016 and 2017, the SRO 2023 has been approved by the Solicitors Costs Committee (SCC) chaired by the Chief Judge of Malaya under Section 113 of the Legal Profession Act, 1976.

According to lawyer Datuk Roger Tan, who represented the Malaysian Bar in the SCC, properties valued at RM500,000 and below will now incur a conveyancing fee of 1.25%, previously being 1%. For properties valued between RM500,000 and RM7.5 million, the rate is now 1%.

As reported by The Star, these conveyancing fees will translate to RM2,500 for properties valued at RM200,000, RM6,250 for RM500,000, RM12,250 for RM1.1 million, RM16,250 for RM1.5 million, and RM76,250 for RM7.5 million. Previously, the fees ranged between RM2,000 and RM48,000.

The emergence of the Internet has greatly changed the landscape of the world of communication and broadcasting from conventional to digital. These changes require Malaysians to adapt and prepare ourselves with various skills to meet the wishes and needs of the people.

“The digital era has clearly given a new dimension to the world of broadcasting and the field of communication. Today, we need to change completely according to current trends if we want to remain relevant in the industry. We face fierce competition from social media that moves freely and quickly on cyber platforms such as Instagram, Twitter, YouTube and TikTok,” Minister of Communications and Digital Fahmi Fadzil said while officiating the Global Conference Of Communication, Culture & Contemporary Media 2023 (Glocom 2023) in Bangi today (July 13).

Fahmi explained that connectivity allows people to carry out various tasks at one time (multitasking) to produce or publish something including searching for material, writing news, taking photos, editing videos and uploading them online for viewers to see and “Most recently, the appearance of the threads application which has just been launched and has become a phenomenon over the past few days. The Threads by Meta app was downloaded by 30 million users within 12 hours of its launch.”

People now have more options to get information. Social media is seen as dominant because information from the media is seen as more “free”; therefore, media practitioners now need to constantly explore new skills in handling digital applications that are required in the production of multimedia news. Even so, media practitioners are still subject to journalistic ethics in their news writing.

“This is your main challenge compared to netizens.”

Society’s tendency towards social media has also brought major changes to the media and broadcasting industry in Malaysia. Now, with the availability of the Internet and smart phones, information can be accessed at any time by downloading applications from various platforms (multiplatform). This advantage is a big attraction especially for the younger generation.

Internet technology and social media have produced various short-term and long-term effects. It has changed the function and role of the media, enabling each individual to contribute to media content, disseminate information, respond to news through virtual networks, and interact directly in the production of news.

The development of this technology should be seen from various angles. Whether as media practitioners or academics in the field of communication and broadcasting, this is one of the dimensions and evolution that should be explored together to be utilised so that we continue to remain relevant in the future, he said.

Glocom 2023 saw some 60 presentations of papers and studies related to communication being  presented during the three-day conference, which will also be held in a hybrid format to enable participants to follow it virtually. Among those presented were by Professor Dato’ Sri Syed Arabi bin Syed Abdullah Idid from the International Islamic University of Malaysia (UIA), Professor Stuart Allan from Cardiff University, UK and by the Director General of Broadcasting Suhaimi Sulaiman.

“The Unity Government always supports various knowledge programs like this in an effort to explore more opportunities, especially in realising Malaysia MADANI’s desire for community progress and national development, Fahmi added

The government has officially implemented the stamp duty (remission) (no.3) order 2023, as announced by Bursa Malaysia in a circular. The attached copy of the order reveals that the stamp duty for shares traded on Bursa Malaysia will be reduced to 0.10% from 0.15% of the contract value, with a maximum value of RM1,000 per contract, effective from July 13, 2023, until July 12, 2028.

Last month, Prime Minister Datuk Seri Anwar Ibrahim had announced this reduction in stamp duty for shares traded on Bursa Malaysia, emphasizing the direct impact it would have in reducing the cost of securities transactions and enhancing the competitiveness of the local stock market.

He expressed confidence that this measure would stimulate market activity, attract more domestic and foreign investments, encourage SMEs to pursue IPOs, facilitate fundraising for public-listed companies, and ultimately create more job opportunities.

In 2022, the government had already removed the RM200 stamp duty cap on contract notes for listed share trading, while simultaneously increasing the rate from 0.1% to 0.15%. Additionally, the sales tax on brokerage activities for the trading of listed shares had been waived.

These initiatives by the government aim to support the growth and development of the Malaysian stock market, promote liquidity, and encourage investment, benefiting both market participants and the overall economy.