Browsing Category: "Business"
What started off as a 1.8 billion Malaysian ringgit ($516.2 million) project has ballooned into one which could cost more than 10 billion ringgit following an acrimonious pullout by the project’s Dubai-based international partner.
The issue raises the question of risk foreign investors face when doing business in Malaysia. It has been used to attack the integrity of the government by the opposition at a time when Malaysia’s new prime minister is still reeling from losses in the 2008 general election.
The port authority has released the auditor’s report. Some members of the ruling coalition have been pressing for disclosure to prevent the project from tarnishing the government’s image.
The report would be available online at www.pka-report.com for a period of two weeks while the appendices to the report would be available for public viewing during office hours at PKA at Jalan Pelabuhan, Port Klang until June 10.
Port Klang Authority chairman Datuk Lee Hwa Beng has handed over the audit report on the Port Klang Free Zone to the Malaysian Anti-Corruption Commission office here on Friday.
Read Port Klang Free Trade Zone Scandal
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Malaysia’s 40 wealthiest are worth $36 billion, down from $46 billion a year ago. That loss is largely in line with the 21% drop in the Kuala Lumpur Composite Index and not too bad considering the fact that the Malaysian ringgit has lost 10% against the U.S. dollar, the currency in which net worths are measured.
Malaysia’s billionaires continue to dominate. The country’s two richest people, Robert Kuok and Ananda Krishnan, both again No. 1 and No. 2, are worth a combined $16 billion and account for 44% of the top 40’s wealth. The two, who have topped Forbes Asia’s Malaysian rich list since it debuted in 2006, are also the two wealthiest in Southeast Asia. The country’s nine billionaires are worth $30 billion, or 84% of the total, the biggest wealth disparity among any of Forbes Asia’s other rich lists. Vincent Tan is the only Malaysian to have dropped out of the billionaire ranks in the past 12 months, as share prices in his companies declined.
Syed Mokhtar Albukhary, who lost his billionaire status earlier this year, is back up top, worth $1.1 billion, thanks to a rebound of his Malaysia Mining Corp. stock.
Top 40 Richest Man In Malaysia For 2009 are:
Read Malaysia's 40 Richest For 2009 By Forbes
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Malaysia on Monday moved to boost foreign investment in financial services, although the opening fell short of expectations as ownership caps on commercial banks were not raised.
Prime Minister Najib Razak said that foreign ownership caps for insurers and investment banks would be raised to 70 percent from 49 percent and that new foreign-owned Islamic banks and trade banks would be licensed.
“Moving forward, the financial sector will have a greater role in facilitating and catalysing economic growth as Malaysia transitions towards achieving developed economy status by 2020,” Najib told reporters in the country’s administrative capital.
A cap on foreign ownership of Malaysian commercial banks was kept at 30 percent, counter to expectations among some financiers that the industry would be liberalised.
Read Malaysia Opens Financial Sector
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Malaysia’s government said it has scrapped a 30 percent requirement for ethnic Malay ownership of investments in some service sectors as it tries to boost the country’s flagging economy.
The move Wednesday marks a dilution of the country’s politically sensitive affirmative action program, which aims to uplift Malays who are a majority but lag economically.
Prime Minister Najib Razak said full foreign ownership will now be allowed in 27 areas spanning health and social services, tourism, transport, business and computer-related services.
Analysts hailed the opening of the services sector as a positive move but said the liberalization should be expanded to cover key services sectors such as banking and telecommunications. The Malay ownership rule still applies in these sectors.
Read Najib Scraps Ethnic Equity Rule In Some Sectors
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The Government has thrown a RM60bil lifeline for the country to try and prevent it from slipping into a recession. But with the world economic climate looking more gloomy than ever, there are concerns that it may not be able to halt the downward trend.
It was already 9.30pm when Datuk Seri Najib Tun Razak walked into his home.
He had missed dinner with the editors he had invited for the briefing on the RM60bil mini-budget to stimulate the economy.
The Deputy Prime Minister appeared drained. His wife, Datin Seri Rosmah Mansor, asked if he had eaten.
Just some noodles, he said, adding that he had been with Prime Minister Datuk Seri Abdullah Ahmad Badawi since 3pm to go through the economic package.
As he began giving the editors a scenario of the doom-laden global economy, some of his listeners looked stunned. As he picked on the keropok on the table, it became obvious that some of those at the table had failed to see the dark clouds before the financial tsunami that is now approaching Malaysian shores.
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by Zamri Nanyan
Among many companies offering affiliate programs and credit card payment facilities, ClickBank is still a strong choice among merchants and internet marketers. There must be concrete reasons why ClickBank has become so favorable to the market.
Just look around and you will also discover that people are making tons of money promoting ClickBank products Obviously, you might want to pause for a moment and consider looking into this company if you have not done so yet.
For a start, let me list down 5 strong reasons why ClickBank is very attractive to online marketers.
1. Over 10,000 product selections in ClickBank marketplace.
ClickBank has thousands of products in various categories for affiliate to promote. In case you don’t know what affiliate means, affiliate is a term use for a person who promotes other people’s products for commissions or a sales agent, if you might want to call it. The affiliates will be paid once they successfully sell a product.
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Popularity: 7% [?]
Royal Prof Ungku A. Aziz has resigned as president of Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) effective yesterday after helming the cooperative for over 30 years.
Announcing this in a brief statement today, he said he had also rejected his nomination for presidency at Angkasa’s annual general meeting to be held in Putrajaya on Saturday.
Yesterday former Land and Cooperatives Ministry secretary-general Datuk Yidris Abdullah asked Ungku Aziz to step down as president following Read the rest of this entry »
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More than 2,000 Muslim restaurants in Malaysia will remove Coca-Cola from their menus as part of a boycott of American products in protest against Israel’s bombardment of Gaza, officials said Wednesday.
American companies are being targeted becuase of the U.S. government’s support of Israel, which is carrying out a military offensive on Gaza that is says is aimed at stopping rocket attacks from the Hamas-controlled territory.
The nationwide boycott will be launched Friday by several Muslim groups after they seek God’s blessings at Friday prayers, said Ma’mor Osman, secretary-general of the Malaysian Muslim Consumers Association which is leading the campaign.
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The recent Special Court order for Yang DiPertuan Besar of Negeri Sembilan Tuanku Ja’afar ibni Al-Marhum Tuanku Abdul Rahman to pay US$1 million (RM3.5 million) to Standard Chartered Bank Malaysia Berhad (SCBMB) was over a banking transaction and not a loan, according to his private secretary.
Datuk Abdullah Abas, in a statement, said press reports of the court judgment on Oct 15 had caused the public to form a perception that Tuanku Ja’afar had obtained a loan from the bank and having refused to repay the loan.
The suit arose after Tuanku Ja’afar on Feb 12, 1999, established through SCBMB a standby letter of credit (LC) worth US$1 million made in favour of the Connecticut Bank of Commerce (CB) in the United States for credit facilities to be extended to a US Read the rest of this entry »
Popularity: 8% [?]
