News

  • 08 Dec 2016 10:41 AM | Philip (Administrator)

    MHE-Demag, a joint venture between Terex MHPS and Jebsen & Jessen (SEA), has officially opened its largest manufacturing and warehouse facility in Bukit Raja, Malaysia.

    Developed at a cost of $10m, the facility can operate at a capacity of 200,000 production hours a year, a 54% increase from the previous site.

    The facility is also expected to support the fabricated metal products and machinery & equipment industries. The 11th Malaysia Plan has identified these two areas as key drivers for the manufacturing sector to attain its projected growth of 5.1% per annum.

    “With a built-up area of close to 15,000sq m sitting on over 26,000sq m of land, the plant is also the largest and first-of-its kind crane manufacturing facility in Malaysia and the region,” the company said.

    Capable of building cranes of up to 50m span, this plant will primarily serve MHE-Demag customers from Malaysia, Australia, Cambodia, Myanmar and Singapore, in industrial sectors where lifting, moving and maintenance of materials or machineries are required.

    Karl Tilkorn, regional managing director at MHE-Demag, said: “This investment cements MHE-Demag’s commitment to Malaysia over the past 40 years, and is an important step forward for us. This plant is the largest and most modern of our eleven manufacturing facilities across the South-East Asian region. Each industrial crane needs to be individually designed and custom fabricated, hence the larger production facility along with state-of-the-art equipment will allow us to maintain our leadership position to meet the high standards required by our growing customer portfolio, particularly with the prestigious projects we have secured.”

    The facility will also host MHE-Demag’s regional training centre, where employees and customers throughout the Group will attend skills training and upgrading programmes to ensure excellence in operations, maintenance and safety for industrial cranes is maintained.

    The factory was built in reference to the Malaysian Green Building Index, incorporating the most environmentally friendly solutions.

    Frankie Chan, managing director of MHE-Demag Malaysia said, “We have put a lot of focus on creating conducive work areas that have a low impact on the environment. This includes building for natural ventilation and employee well-being; from utilizing translucent panels to allow for extensive natural light to investing in ergonomic workstations. The construction process of this manufacturing facility was also personally managed by our regional director, Joergen Moeller, from design to final stage.”

    The Bukit Raja manufacturing facility is also a showcase of MHE-Demag’s solutions. MHE-Demag material handling products such as lift trucks, dock levellers, aerial work platforms, building maintenance systems for safe working at heights, as well as automated car parking systems are employed in industrial applications throughout this facility.

    Easily accessible via the North Klang Valley Expressway, Federal Highway, the New North Klang Straits Bypass and the new proposed Coastal Highway, the Bukit Raja manufacturing facility also connect to major ports such as Port Klang, Northport and West Port within 30 minutes.

    Besides Bukit Raja, MHE-Demag has another manufacturing facility at Simpang Renggam, Johor, and twelve sales and service offices within Malaysia.


    Source: www.hoistmagazine.com

  • 07 Dec 2016 10:00 PM | Philip (Administrator)

    Lender offloads investments, worth $27 million, to state pension fund

    KUALA LUMPUR - CIMB Bank, a unit of CIMB Group Holdings, Malaysia's second largest lender by assets, sold its holdings in Australian commercial real estate funds worth 122.8 million ringgit ($27.61 million) to state pension provider Employees Provident Fund to "further streamline and focus on its core banking business."

    CIMB Group Holdings announced the proposed disposal Tuesday in a stock exchange filing. EPF has a 13.98% stake in CIMB Group. Proceeds from the sale will go toward repayment of bank borrowings and as working capital.

    The sale and purchase agreement detailed the deal concerning its 12.42% interest in CIMB-Trust Capital Australian Office Fund No 1 LP (AOF1) and 13.7% stake in CIMB-Trust Capital Australia Office Fund No 2 (AOF2), which are "private equity, closed-end real estate funds registered in Singapore."

    Both funds invest in Grade A and Grade B+ commercial office assets in the central business districts of Melbourne, Sydney and Canberra with secondary focus on Brisbane and Perth between 2010 and 2016. As of end of June 2016, the unaudited net assets value of AOF1 and AOF2 stand at 171.4 million Australian dollars ($127 million) and A$102.7 million respectively.

    CIMB Bank invested A$22.2 million and A$15.0 million in AOF1 and AOF2 respectively to date. It expects to gain approximately A$8.2 million.

    EPF is one of two of Malaysia's pension funds. In its recent report of the quarter ended September, EPF stated that it aimed to deliver a real dividend target of at least 2% above inflation over a three-year rolling period. Its total investment assets are in equities (41.24%), fixed income instruments (49.76%), money market instruments (5.19%), and real estate and infrastructure (3.8%). Real estate and infrastructure investments contributed an investment income of 478.22 million ringgit in the July--September period.

    CIMB Group stock remained unchanged at 4.64 ringgit on Wednesday.


    Source: asia.nikkei.com

  • 07 Dec 2016 9:06 AM | Philip (Administrator)

    KUALA LUMPUR: HIBISCUS Petroleum Bhd is postponing its project in Australia due to limited access to capital and the prevailing market uncertainty in the oil and gas (O&G) industry, said managing director Kenneth Gerard Pereira.

    The company will be focusing on its assets in the Anasuria Cluster O&G fields in United Kingdom North Sea for now to maintain cash flow and profitability.

    Analysts said many O&G players are taking a wait-and-see stance before deciding on new exploration activities.

    “Getting financing has not been easy as well. It will get better once the oil price starts to stabilise at the current levels,” they added.

    Pereira said for now the company will allocate capital and continue with cost management of its assets in the Anasuria Cluster, although it is comfortable with oil price trading above US$40 (RM177) per barrel.

    “The company is debt-free, so I think it will be more critical for us to put together some financing to support the activities that we would like to undertake, primarily next year. “We hope that the Anasuria Cluster will receive some capital allocation and that will help us enhance production,” he said after the company’s annual general meeting, here, yesterday.

    The assets in the Anasuria Cluster are the only contributors to Hibiscus’s profitability at the moment. Kenneth said if the current oil prices do not stabilise for a certain period of time, the project in Australia will not give the desired level of returns to cover the headroom.

    “Our asset in Australia is not feasible to be developed. There is an element of risk. The level of return would be too small to cover the costs,” he said. With plummeting oil prices due to a supply glut, demand concerns and a stronger US dollar, many exploration and production companies in the oil and gas sector had been undergoing portfolio management exercises. Analysts said special purpose acquisition companies (SPACs) particularly have been affected by the plummeting oil prices as the market is highly driven by sentiments.

    Sona Petroleum Bhd would be the first among the four SPACs listed in the local stock exchange to close shop as it faces difficulties in getting a qualifying acquisition. However, Kenneth is optimistic that sentiments in the O&G market are turning slightly positive after it was buoyed by Organisation of the Petroleum Exporting Countries’ decision to cut output which resulted in a slight rebound in oil prices recently. Hibiscus is also currently awaiting an approval from Petroliam Nasional Bhd to acquire a 50 per cent stake in Shell’s four oil fields offshore Sabah for US$25 million , which analysts believe would support the company’s profitability. “We are to focus on Anasuria Cluster and the outcome of the acquisition in Sabah.

    Once we receive the approval, there will be a transition of certain activities there,” said Kenneth.  Meanwhile, Mercury Securities has a “buy” recommendation on Hibiscus, with a target price of 44 sen. Hibiscus closed at 30.5 sen on the Bursa Malaysia yesterday, unchanged from Monday’s closing price.


    Source: www.nst.com.my

  • 01 Dec 2016 10:00 AM | Philip (Administrator)

    Five young Malaysian leaders, handpicked by the Australian High Commission, kick started their tour to Australia with a visit to the Sydney Swans at the iconic SCG on Monday morning.

    As part of the Muslim Young Leaders Program, an initiative designed to foster understanding about the economic and social benefits of multiculturalism, the participants toured the Swans facilities before receiving a quick introduction into Australian Football.  

    In conjunction with AFL NSW/ACT, the Swans took the opportunity to discuss cultural diversity in football and the Club’s community outreach program before watching the players in action during training.

    The visit finished with a few photos and a kick of the Sherrin.

    Shakirah Rahman, an advocate for protecting children against child abuse who was selected for the program, said it was a hugely beneficial experience.

    “It would expose us to Australia, the culture, exchange of ideas,” Rahman said on SBS World News.

    “Much like Australia, Malaysia is very racially diverse so perhaps what we can take away from this is to empower ourselves and to create more diversity and to make that centre of community more meaningful.”


    Source: www.sydneyswans.com.au

  • 29 Nov 2016 2:37 PM | Philip (Administrator)

    KUALA LUMPUR: Malaysia, all set to ride the digital economy wave, can expect to see the contribution of e-commerce to the economy increase within three years, grossing RM211 billion.

    International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the annual growth rate target of 10.8 per cent this year, which was expected to double to 20.8 per cent in 2020, was achievable as there were more than 40 initiatives to spur growth.

    “Additional government interventions will drive higher contributions,” he told a media briefing, here, yesterday.

    Malaysia’s e-commerce contribution to the gross domestic product (GDP) remains low at 5.8 per cent compared with China (21 per cent of GDP) and the United States (35 per cent of GDP). Its business-to-consumer e-commerce market is expected to grow to US$3.4 billion (RM15.13 billion) by 2020.

    The National E-commerce Strategic Roadmap, which was launched by Prime Minister Datuk Seri Najib Razak last month, begins next year with 11 programmes to be undertaken by the relevant agencies.

    Mustapa said some of the growth areas were banking, e-government, data analytics and Internet of Things applications.

    He also said various trade-related disciplines of e-commerce were being addressed at the World Trade Organisation, Asean Economic Community Blueprint 2025 and in the free-trade agreements (FTAs) such as Malaysia-Australia FTA, Asean-Australia-New Zealand FTA, Regional Comprehensive Economic Partnership and the Trans Pacific Partnership agreement.

    Mustapa said one of the concerns being studied by the government was the loss of e-commerce revenue. The National E-commerce Council will form a technical committee to discuss solutions on the taxation system for e-commerce activities.

    Meanwhile, Malaysia Digital Economy Corporation chief executive officer Datuk Yasmin Mahmood said various initiatives were being implemented by leveraging the strengths of ministries and agencies as well as private sector players.

    “The roadmap will help pinpoint real challenges and deliver tangible solutions to double the growth rate.” She lauded the appointment of Alibaba Group founder Jack Ma as digital economy adviser and looked forward to his input in March. Alibaba is the largest and most profitable e-commerce player in China.

    AmInvestment Bank said following the prime minister’s successful visit to China, investors should invest in the country’s e-commerce secular trend, with Alibaba and Ctrip.com being the best proxies to this growth story.

    The research house expects local online shopping sales to grow at a compound annual growth rate of 24 per cent from this year to 2021.

    “However, there are no listed e-commerce players with significant exposure to the Malaysia e-commerce market,” it noted, referring to China’s online retail sales which grew at a staggering 47 per cent per year from 2010 to last year.


    Source: www.nst.com.my

  • 28 Nov 2016 2:58 PM | Philip (Administrator)

    AUSTRALIAN developer Lendlease - in a new global strategy to shift its focus from its home ground to Asia, Europe and America - has refreshed its targets for the region for the next five years.

    In his first media interview since being appointed Asia CEO in May, Tony Lombardo says he wants to grow Lendlease's portfolio of urban regeneration projects of around S$6 billion to over S$10 billion in the next five years by adding 3-5 such projects in the region.

    Urban regeneration projects involve revitalising places that have fallen into disuse.

    For instance, in Barangaroo South in Sydney, Lendlease has turned a former container wharf into a vibrant new waterfront financial district with not just office towers but also retail outlets, an integrated hotel resort, and apartments.

    The Paya Lebar Quarter is a local equivalent, currently under construction in what used to be an industrial area. Lendlease is building a massive S$3.2 billion mixed development comprising offices, shops and private homes next to the MRT station.

    Another of Lendlease's targets is to export its senior-living expertise in Australia to Asia - particularly China, capitalising on the country's rapidly ageing population.

    Mr Lombardo says: "In Australia, we are the No 1 senior-living owner and operator. We are using that expertise to export that to China and hopefully build the business around senior living. We hope to secure and deliver about 5,000 units over the next five years."

    Lendlease is also planning to build more telecommunication towers in Japan. On the property investment side, it is planning to grow its funds under management of S$5.6 billion to S$15 billion over the next five years.

    In Asia, its fund management business makes up about a significant 60 per cent of its profits, mostly because the development profits of its ongoing projects will be booked only upon completion. It has five funds under management and one single-investor joint-venture mandate in Asia.

    Lendlease says it is one of the few large developers to secure investors at the development stage, versus others whose investors participate mostly in asset purchases.

    Lendlease has raised A$8.2 billion (S$8.7 billion) in third-party equity in the last five years to support the growth of its investment management platform and development pipeline.

    This strategy also allows the developer to capture profits at every step of the process - from development to construction to fund management.

    Mr Lombardo expects Asia to turn in a better performance going forward. In its FY16 ended June, the group's revenue from the Asia region of A$406 million made up a mere 3 per cent of the total pie, while losses after tax were A$20 million.

    Mr Lombardo says the negative earnings for FY16 was mainly due to the downward revaluation of 313@somerset, of which Lendlease owns 25 per cent, as the retail environment in Singapore softened and rentals fell.

    Its Asian performance was not always so poor, he says. "Asia at one point in 2012 and 2013 was delivering about 20 per cent of the group's profits. But it has sort of gone through a restocking process in the last couple of years.

    "We have got new projects in development, and these projects won't be completed till 2019-20. Therefore, the Asia contribution will start to increase again only then."

    Paya Lebar Quarter, together with the Tun Razak Exchange (TRX) Lifestyle Quarter in Kuala Lumpur - an RM8 billion (S$2.6 billion) project - made up more than a fifth of its FY16 development pipeline. Paya Lebar Quarter is expected to complete in phases in 2018 and 2019, and TRX in stages over the next 3-8 years.

    Explaining the drive to diversify back into Asia, Mr Lombardo says the group has been adjusting its domestic-to-international share of projects in tandem with the global macroeconomic environment.

    Pre-financial crisis, about 65 per cent of Lendlease's earnings came from offshore, and 35 per cent from Australia. During the financial crisis, a concerted effort was made to switch the portfolio mix to mostly domestic. The group sold off assets in Europe and the US, and reinvested capital back Down Under. In FY16, 70 per cent of its earnings came from Australia and 30 per cent from international markets.

    But high GDP and population growth in Asia has now caused Lendlease to sit up to look at the region again.

    "At the moment, I'm focusing on Singapore, Malaysia, China and Japan - the four core markets we are already present in," Mr Lombardo says. "We will try to scale up each of the businesses so that we can have a sustainable profit line and don't see the losses that we saw years back."

    Last year, the group also generated A$853 million of operating cash, compared to its net profit of A$698 million, as a commercial tower at Barangaroo and a number of apartment projects were finished.

    "So now, we are looking to deploy that cash back in other markets around new investments," he says.

    In Singapore, that would mean acquiring more land. But this has its challenges, illustrated none more clearly than the recent record bid put in by Malaysia's IOI Properties of S$2.57 billion for a white site on Central Boulevard.

    "There was S$13 billion of capital bidding for that one site," Mr Lombardo says. "There is a scarcity value to property in Singapore, and there always will be."

    But he adds that it shows there are people who take a long-term view of property investment here, despite the subdued commercial property market right now.

    "They don't look at the cycles, and it's the same for us," Mr Lombardo says. "There will be up-and-down cycles and you just have to manage your business through those cycles."


    Source: www.businesstimes.com.sg

  • 27 Nov 2016 3:00 PM | Philip (Administrator)

    Monument Mining Limited (TSX.V: MMY) ("Monument" or the "Company") is pleased to announce that it has primarily completed its early stage production implementation plan at the Burnakura Gold Project and moved to a final technical critical flaw review and optimization stage based upon an independent third party's recommendations, targeting completion by the end of December, 2016. The pre-commercial production construction and mine development period is anticipated to be shortened up to three months from six months period due to completion of the offsite work on long lead items in November, 2016 according to the implementation plan. The Burnakura Gold Project is progressed to bring forward cash flow to de-risk its continuing business development in Western Australia.

    Progress of Mine Plan and Internal Economic Study

    Since the update on the Burnakura Gold Mine development announced in February 2016, the Company has completed the exploration program on North of Alliance ("NOA") 4, 6 and 7/8, and the results have been included in its mine plan in addition to Alliance and New Alliance ("ANA") and Federal City. With the revised mine optimization, high grade ore will be processed through the CIL plant first, low grade ore will be stockpiled and processed through heap leach facilities, planned to be constructed during the second year of the gold commercial production.

    The internal economic study including the geological models, mine plans, engineering works and economic analysis has been sent to independent consultants for due diligence review; and additional metallurgical test work and detailed mine delivery schedules for certain deposits are scheduled to complete by December 2016 to mitigate the construction and operation risks, and lift a level of confidence to achieve targeted economic viability. The internal economic assessment shows that the life of mine for early stage production could potentially be extended.

    The Company's production decision is not based on a feasibility study of mineral reserves demonstrating economic and technical viability under NI 43-101 standards. Therefore, there is increased uncertainty with economic and technical risks of failure associated with this project, including but not limited to the risk that mineral quantities and grades might be lower than expected, and construction or ongoing mining and milling operations are more difficult or more expensive than expected; production and economic variables may vary considerably, due to the absence of detailed economic and technical analysis prepared in accordance with NI 43-101. There is no guarantee that production will begin as anticipated or at all or that that the production will be able to generate positive cash flow as anticipated in order to return the Company's capital investment.

    Progress of Mine Development

    The off-site engineering design, refurbishment and procurement work has been completed on long lead items including a three stage crushing circuit of the new primary secondary and tertiary crushers ready for installation at the site in early fiscal 2017, subject to completion of funding arrangements. A site inspection has been completed with Como Engineers and a detailed proposal for the crushing circuit together with a CIL feed plan and a CIL recommissioning plan has been proposed, and a construction schedule has been developed for implementation. This has reduced construction time from six to three months, during which the pre-stripping and mining are planned to stockpile ore for the CIL mill feed.

    The stockpile areas have been surveyed and will be established near to the plant for ease of placing material through the heap leach equipment and stacking in due course. All capital heap leach equipment is on site, owned and available for installation when heap leach operations are scheduled to commence.

    Other critical movements include completion of a power strategy assessment and building the site power model, waste dump review for submission of mining proposal. Pit dewatering has been assessed for early stage production, access road, ROM pad and crusher feed ramp construction, sorting of store area ready for operational start up have also been completed during the quarter. Plant control laboratory expansion and upgrade and associated works have been completed as well as camp accommodation and kitchen are prepared in readiness for FEED engineers and mining contractors to arrive on site, anticipated to be in January 2017.

    The workforce planning has been submitted to management for review and included to the action plan. The key personnel have been located and the key operation management are now on board. The Amended Environmental Protection License for Crushing, Heap Leach and Dewatering was received subsequent to the quarter. In addition all mine planning work for submission of the Mining Proposal was completed.

    Deep Drilling Program

    Following the encouraging drill results at NOA7-8 (SEDAR filed July 11, 2016) the Company announced that it intends to undertake a deep drilling program to a depth of 500 meters in two stages, first to 250 meters and subject to results, the second stage would be to 500 meters. The program has been reschedule following commencement of early stage mining production.

    About Monument

    Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects including the Mengapur Polymetallic Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs approximately 240 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.


    Source: www.juniorminingnetwork.com

  • 13 Nov 2016 10:32 AM | Philip (Administrator)

    ACTION NEEDED: Youths have the power to reduce amounts of carbon dioxide in the air

    CLIMATE change has a harmful impact on aquatic ecosystems and bio-resources.

    Monash University Victoria Australia’s School of Biological Sciences Professor Dr John Beardall said with 70 per cent of the planet covered by the sea, the effects of rising temperature include elevated carbon dioxide (CO2), ocean acidification and UVB on algal physiological performance.

    “When carbon and oxygen bond together, they form CO2, which is a heat-trapping greenhouse gas. Whenever we burn fossil fuels such as coal, oil and natural gas — whether it’s to drive our cars, use electricity, or make products, we are producing carbon dioxide.

    “The atmosphere isn’t the only part of the Earth that has carbon. The oceans store large amounts of carbon, and so do plants, soil, and deposits of coal, oil, and natural gas deep underground. Carbon naturally moves from one part of the Earth to another through the carbon cycle. But right now, people are adding carbon to the atmosphere (in the form of CO2) faster than natural processes can remove it. That’s why the amount of CO2 in the atmosphere is increasing, which is causing global climate change,” he said to a packed auditorium in Cyberjaya comprising secondary school students from around the Klang Valley and surrounding areas.

    When CO2 dissolves in oceans, Beardall said it forms carbonic acid which makes the ocean pH level drop, thus becoming more acidic.

    “The elevated temperature affects algal growth and physical and chemical processes of water bodies. Marine algae are hugely important of reasons — most importantly, they form the basis of all aquatic food chains. Increased temperature lead to coral bleaching and death of organisms.”

    What the planet will experience is more extreme events with climate change, he said.

    Dr Joe S.Y. Lee, professor at the Australian Rivers Institute and School of Environment in Griffith University Queensland Australia, meanwhile said tropical marine habitats are globally under threat due to unchecked progress and coastal erosion as well as climate change.

    He said dense fringing mangrove forests can dampen water flow and protect coastal communities. “Corals gain thermal refuge from co-occuring mangroves from their shades: tropical biota (the animal and plant life of a particular region) may interact to modulate climate change impacts. The biota can be resilient towards changes, especially when assisted by sound management policies and practices,” said Lee.

    He remarked that Malaysia has one of the best mangrove environments in the world.

    Climate change has taken its toll. What you do about the mangrove matters a lot. To conserve it, we must apply the right science and have the patience to wait for the environment to react and respond. Let’s do something while we can,” he said.

    Beardall agreed: “There is enough talk and we now need to take action (about climate change). People at your age can change the world. You’ve got to learn to live in a sustainable way,” he said to the youngsters present.

    Beardall and Lee were presenters at the Science Talk on Climate Change for students which was organised by the Australian High Commission in Kuala Lumpur. The two professors also gave presentations at an Australia-Malaysia research seminar series on the same topic at the Institute of Graduate Studies, University of Malaya.


    Source: www.nst.com.my

  • 27 Oct 2016 2:42 PM | Philip (Administrator)

    A Western Australian sheep producer says the value of his stock has doubled since his family started a live export business to Malaysia.

    Richard and Francine Brown own Yaringa Station in the state's Gascoyne region, about 150km south of Carnarvon, and their son Jamie and his wife run an export business from Perth.

    The export business started two years ago when they became sick of being price-takers.

    "We got offered a few prices for our sheep that were pretty-well ridiculous and not sustainable for us to be on the station," Richard Brown said.

    "So Jamie moved back down to Perth and did all his exporting licensing. He started off sending 70 sheep away a week, and now we're up to 1,500."

    The Browns run between 8,000 and 9,000 Damara Van Rooy cross sheep on their 100,000ha station, depending on the season.

    Yaringa Station damara cross sheep stand in a yard

    In order to supply the numbers to Malaysia, the export business also sources sheep from nearby properties and the Muchea Saleyards, near Perth.

    "[The Malaysian buyers] are pretty fussy — you've got to send them good sheep," Mr Brown said.

    "They're happy with them. They've been over here and Jamie's been over there.

    "He's just come back making sure everything was right with ESCAS (Export Supply Chain Assurance System). He went through all the meatworks from start to finish and made sure everything was running smoothly."

    Mr Brown said the move to direct export had paid off financially.

    "We haven't got a headache of relying on anyone else, I know I can send them down there.

    "I don't have to hold them on station for months and months until a buyer's ready.

    "I'd say we've doubled our money."

    Trialling new markets for lamb

    The Browns started taking an innovative business path when the sheep live export business took a dive as a result of the Australian government banning live cattle exports to Indonesia in 2011.

    For about seven months, the couple sold cuts of meat from a refrigerated truck in Karratha, 780km from their station.

    "I think you've got to look at different avenues of marketing your stock," Mrs Brown said.

    "Because [the live export industry] was at crisis point a few years ago and I think that prompted us to look at doing other things and making more money out of it."

    In addition to the live export to Malaysia, the Browns have sent their first shipment of chilled, boxed lamb to an un-disclosed location in Asia.

    "You've just got to cover everything," Mr Brown said. "You never know what decision could be made that takes things out of our hands.

    "It gives us something to fall back on. You just have to make sure we can't be cut off again."

     

    Source: www.abc.net.au

  • 27 Oct 2016 9:39 AM | Philip (Administrator)

    PETALING JAYA: Malaysia is ranked 23rd out of 190 economies in the World Bank’s 2017 Doing Business Report (DB 2017), down a notch from its 22nd position last year.

    At 23rd spot, Malaysia is ahead of countries such as Switzerland (31st), France (29th), Netherlands (28th), United Arab Emirates (26th), Japan (34th), Thailand (46th), China (78th) and India (130th), said Malaysia Productivity Corporation (MPC) director-general, Datuk Mohd Razali Hussain.

    Malaysia is also ranked second in Asean in the report after Singapore and 7th in the Asia Pacific after New Zealand, Singapore, Hong Kong, South Korea, Taiwan and Australia.

    Mohd Razali told a media briefing this here yesterday to share the methodology and highlights of the DB 2017.

    He said the report continues the ongoing process of introducing improvements involving 10 of the 11 DB indicator sets.

    Based on the improved measurements, Malaysia’s 23rd placing was based on a Distance to Frontier (DTF) score of 78.11 in DB 2017.

    This is in contrast to 22nd out of 189 economies in the DB 2016, with a DTF score of 78.18.

    Under the old methodology, Malaysia was ranked 18th in the DB 2016.

    Mohd Razali Hussain said the DB 2017 further refined the methodology this year with the “Paying Taxes” indicator expanded and gender dimension being added in three of the 11 indicators.

    “The Paying Taxes indicator set has been expanded to cover the post filing processes (what happens after a firm pays taxes) such as tax refunds, tax audits and administrative tax appeals.

    “A gender dimension has been included in four of the 11 indicator sets which sees Starting a Business, Registering Property and Enforcing Contracts presenting a gender dimension for the first time this year,” he added.

    Meanwhile, Malaysia is credited alongside Japan as being the best performers on the “Reliability of Supply and Transparency of Tariffs Index” under the “Getting Electricity” indicator.

    Last year, the country was also one of the best performers on this index.

    Malaysia is also acknowledged as having made paying taxes easier by enhancing the electronic system for filing and paying the goods and services tax (GST).

    The country is also recognised as one of the economies to have introduced the bureau or registry credit scores as a value-added service. — Bernama


    Source: www.theborneopost.com

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