Summary of Star Business Stories March 15-21
Berjaya Corp appoints Jalil Rasheed as new CEO of the group
- Berjaya Corp Bhd (BCorp) has appointed Abdul Jalil Abdul Rasheed, the former boss of Permodalan Nasional Bhd, as the new general manager.
- Jalil, 38, will replace Datuk Sri Robin Tan Yeong Ching, who will assume the role of executive vice president of BCorp.
- Jalil brings with him 18 years of investment and corporate leadership experience, having worked in the UK, US, Malaysia and Singapore with global investment firms Aberdeen Standard Investments and Invesco Limited.
- Malaysia’s Anti-Corruption Commission (MACC) made its first arrest under section 17A of the 2009 ASPRM Act, when it arrested a former director for bribery in the amount of RM321,350.
- The former director of a shipping company was arrested for allegedly involving payment for subcontracting work for the charter of oil exploration vessels.
- The 64-year-old man was arrested yesterday afternoon at the Putrajaya MACC headquarters and is expected to be charged this morning in Shah Alam Sessions Court under section 16 (b) (A) of the MACC law of 2009 (ASPRM 2009) for the offense. to give bribes to get a contract.
AirAsia“target =” _ blank “>Exclusive – Choi aims to be successful with AirAsia
- As Stanley Choi searched for companies to invest in, he realized that AirAsia appealed to him the most in terms of fundamentals and management style.
- While it is undeniable that the pandemic has put the brakes on the airline, he said other airlines are in a similar situation, but where AirAsia differs is its business model and leadership position. In the region.
- Of course, there is a need to inject money for its operations, but the management seems very competent, they manage the airline well and Choi said he is quite confident about it.
- After an extremely difficult financial year, bankers are not basing their hopes on a recovery this year, preferring to prepare for anything unexpected.
- Last year, banks’ provisions, or the money they set aside for bad debts, swelled not only in Malaysia but across the region as the Covid-19 pandemic, which is still ongoing , affected the income of businesses and individuals and their service capacity. their bank debts as well as to contract new loans.
- Provisions will remain high compared to the lender’s historically normalized cost of credit level, he told StarBizWeek, given the continued impact of Covid-19 on severely affected sectors like tourism, recreation and immovable.
- The Automation and Digitization Facility (ADF), which was established in March 2020, aims to encourage small and medium-sized enterprises (SMEs) across industries to automate processes and digitize operations to increase productivity and l ‘efficiency.
- ADF is open to all Malaysian SMEs, with a maximum funding amount of RM3 million per SME and a funding term of up to 10 years.
- The financing rate can be up to four percent per year, including warranty costs.
- The finance ministry report showed that federal government debt had increased to RM 879.6 billion, or 62.2 percent of the country’s nominal GDP at the end of December 2020.
- The World Bank estimated, in its review of the Malaysian economy in December last year, that Malaysia’s debt to GDP ratio will increase to 60.7% in 2020.
- The International Monetary Fund (IMF) in its country report published on March 17 showed that the federal government’s debt to GDP stood at 52.5% in 2019, and that it would have increased to 61.1% in 2020.
- 1 The debts of the BMD are defined separately by the Ministry of Finance, public-private partnerships (PPP) relating to some 97 projects at the end of September 2020, which are mainly financial commitments in the form of maintenance costs, availability payments , asset replacement and service charges based on contract volume.
- Malaysians increasingly aspire to economic and social well-being, a high standard of living, and not just high income; fulfilling jobs, not just something that pays the bills.
- Tengku Zafrul said with this in mind, that it is important to reassess not only the speed of Malaysia’s growth, but also its quality, inclusiveness and sustainability.
- Citing an example, he said the government must ensure equal opportunities for all Malaysians, provide upward mobility opportunities and good incentives to stay and work in Malaysia.
- The execution capacity assessment included Ericsson’s products and services, market responsiveness and track record, marketing execution, customer experience and overall viability.
- This independent recognition from Ericsson as a global leader in 5G reflects the trust that service providers place in us to deploy and manage their 5G networks.
- Ericsson currently has 132 5G agreements and has launched 79 commercial networks in 40 countries to date.
- Eco World International Bhd Shareholders (EWI) could get a potential dividend as the group’s joint projects with Irish property developer Ballymore Group are completed or nearing completion, according to Maybank Investment Bank Research.
- EWI-Ballymore Joint Venture (JV) projects in the UK include London City Island, Wardian and Embassy Garden, while projects in Australia include Yarra One in Melbourne and West Village in Sydney.
- As these joint venture projects are completed or come to an end, Maybank IB Research said in its latest report that there is no urgent need for immediate funds for future development, especially when the projects remaining in Sydney (Macquarie Park) and London (under EcoWorld London) are relatively low in gross development value (VGD)
- IN THE latest twist involving the cryptocurrency world, the Indian government plans to impose a massive ban on the asset class.
- Reports have indicated that the Indian government is planning to pass a bill that would ban just about all activities involving cryptocurrencies, including the possession, issuance, mining, trading and transfer of cryptocurrency. crypto-assets.
- Once passed, this would make it one of the toughest cryptocurrency policies in the world.