Tuesday, 9 July 2013

CIMB Malaysian Economic News - 09 July 2013

The relicensing exercise under the Money Services Business Act (MSBA) 2011 aims to strengthen the money services industry and prevent it from becoming a conduit for money laundering, the Dewan Rakyat was told Monday. Deputy Finance Minister Datuk Ahmad Maslan said the relicensing exercise in Dec last year showed that the number of participants in the industry that had been relicensed in Dec 2012 had dropped from 839 in 2011 to 514 currently. (Bernama) 

A total of 1.7m 1Malaysia netbooks have been distributed to students in the government's efforts to increase computer literacy in the rural community, said Deputy Minister of Communications and Mutimedia Datuk Jalani Johari. The efforts included the creation of 4,000 villages equipped with wireless broadband internet or WiFi throughout the country. In addition, there were 355 broadband centres across the country including the interior region. (Bernama) 

Iskandar Investment Bhd (IIB) is partnering with Mammoth Empire Holdings Sdn Bhd to build an integrated commercial development, known as Medini Empire, on 9.62 hectares in Medini Iskandar with a GDV of RM4bn. IIB president and CEO, Datuk Syed Mohamed Syed Ibrahim, said the company, through its wholly-owned unit, Medini Land Sdn Bhd, and Mammoth Empire's wholly-owned subsidiary, Mammoth East West Sdn Bhd, will invest over RM2bn in the project, which was scheduled to start construction in 2015.

  • Medini Empire will consist of office towers, hotels, serviced apartments, loft offices, retail space, convention centre, concert hall, lifestyle cinema and specialist retail shops, he said.
  • Besides that, he said, Iskandar Malaysia was estimated to have a population of 1.35m people by 2025 with 66% of them being of working age. The population was also projected to grow rapidly over the next 20 years.
  • Medini Empire, expected to be completed in 2018, is one of the investments in Iskandar Malaysia which has to date attracted RM111bn worth of investment. (BT)

Although the minimum retirement age is now 60, almost 300 companies, including big government-linked companies (GLCs), have yet to implement the new law. A total of 258 companies, comprising GLCs, multinational companies (MNCs) and small-and-medium enterprises (SMEs), will not need to change its minimum retirement age to 60 until 1 Jan 2014. (The Star) 

The Supplementary Supply (2012) Bill 2013 has been tabled in Parliament, asking for an additional RM12.2bn. The Bill, which was tabled by Deputy Finance Minister Datuk Seri Ahmad Maslan for first reading, is asking for Dewan Rakyat to approve the extra funds for several sectors such as security, education, health, social, economy and administrative matters.

  • The bulk of the additional fund is being sought by the Education Ministry (RM3.4bn), followed by the Treasury (RM3.3bn) and Contributions to Statutory Funds (RM2.4bn). 
  • Others include the Health Ministry (RM1.8bn), Home Ministry (RM463.6m), the Prime Minister's Department (RM366.9m) and the Women, Family and Community Development Ministry (RM146.2m). The Election Commission (EC) is also seeking an additional sum of RM60m for expenditure incurred last year. (The Star)

The High Speed Rail Link project between Kuala Lumpur and Singapore is on track. The feasibility report on the project has been submitted to the Malaysian government and it will be discussed during the Joint Committee at the Ministerial Level meeting between Malaysia and Singapore.

  • Land Public Transport Commission (SPAD) chairman Tan Sri Syed Hamid Albar said the meeting between the two nations was expected to take place this month. 
  • The project would be open to international bidding because good governance and transparency were important factors when it involved a mega project, he said. (NST)

Source: CIMB Daybreak - 09 July 2013

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