US$78 Trillion Required To Achieve Net Zero By 2050 - Wood Mackenzie

KUALA LUMPUR, Oct 30 (Bernama) -- Wood Mackenzie in its latest ‘Energy Transition Outlook’ report revealed that US$78 trillion of cumulative investment is required across power supply, grid infrastructure, critical minerals and emerging technologies and upstream to meet Paris Agreement goals, a legally binding international treaty on climate change. (US$1=RM4.36)

According to the report, a string of global shocks has likely put 2030 emissions reduction targets out of reach, but with decisive action, there is still time to reach net zero emissions by 2050.

The new report analyses four different pathways for the energy and natural resources sector, Wood Mackenzie’s base case (2.5-degrees), country pledges scenario (two-degrees), net zero 2050 scenario (1.5-degrees) and delayed transition scenario (three-degrees), according to a statement.

It also found that globally, energy demand is growing strongly due to rising incomes, population and the emergence of new sources of demand, including data centres and transport electrification. 

“Electricity’s share of final energy demand steadily rises from 23 per cent today to 35 per cent by 2050 in our base case. And, in an accelerated transition such as our net zero scenario, the share of electricity increases to 55 per cent by 2050,” said Wood Mackenzie vice president, head of scenarios and technologies, Prakash Sharma.

The report showed that strong renewables growth is a certainty and this will continue under all scenarios modelled in this update with renewables capacity growing two-fold by 2030 in the base case, short of the global pledge made at COP28 to triple renewables by 2030.

Solar is the biggest contributor of renewable electricity, followed by wind, nuclear (including large and small reactors) and hydro. Together, renewables’ share rises from 41 per cent today to up to 58 per cent by 2030 and up to 90 per cent by 2050, depending on the scenario.

Meanwhile, nuclear’s ability to supply zero-carbon electricity round-the-clock is finding favour with technology companies building data centres capacity. Wood Mackenzie projects nuclear capacity to double in its base case and triple in its net zero scenario by 2050, compared with 383 gigawatts (GW) last year.

In addition, oil and gas are projected to continue playing a role in the global energy system to 2050, and innovation will improve the commerciality of carbon capture and low-carbon hydrogen and derivatives, driving uptake to six billion tonnes of carbon capture (Btpa) and 0.45 Btpa by 2050.

Policy certainty is crucial to helping unlock demand for new technologies and increase capital flow into all segments, including supply chains and critical minerals.

-- BERNAMA

EXP REALTY EXPANDS INTO THREE MARKETS NEXT YEAR TO SOLIDIFY GLOBAL PRESENCE

KUALA LUMPUR, Oct 29 (Bernama) -- eXp Realty, the largest independent global real estate brokerage and a core subsidiary of eXp World Holdings Inc, announced its expansion into three vibrant markets, namely Türkiye, Peru, and Egypt, set for 2025.

In a bold move to strengthen its global footprint, eXp Realty is bringing its agent-centric model and innovative cloud-based platform to some of the world’s most dynamic real estate markets, according to a statement.

Once this expansion is complete, eXp Realty will operate in 27 countries, empowering thousands of agents globally with its unique value propositions. The model is designed for success in both residential and commercial real estate, and underscores eXp’s unwavering commitment to equip its agents with the tools and platform they need to thrive in real estate’s evolving landscape.

“Our expansion into Türkiye, Peru, and Egypt is a testament to our relentless drive for innovation and our commitment to empowering agents around the world.

“These markets are buzzing with potential, and we are excited to introduce our cloud-based model and agent-first approach to real estate professionals who are eager to elevate their careers and unlock new opportunities,” said eXp World Holdings Founder and Chief Executive Officer, Glenn Sanford.

Türkiye, a critical hub bridging Europe and Asia, is home to a resilient and rapidly evolving real estate market, bolstered by strong domestic demand and increasing foreign investment, particularly in bustling cities like Istanbul.

In Peru, the property market is thriving thanks to a booming economy and urban expansion, attracting global investors seeking opportunities in Lima and other emerging areas.

Meanwhile, Egypt, with its rich history and rapidly modernising real estate landscape, offers unparalleled investment prospects, especially in Cairo, one of Africa’s largest and fastest-growing cities.

eXp Realty’s global expansion is driven by its agile, cloud-based platform, empowering agents with an unmatched commission structure, cutting-edge collaborative tools, and the unique opportunity to earn equity through their sales and growth.

As 2025 approaches, eXp remains dedicated to supporting agents worldwide with the innovation and resources needed to thrive in any market while continuing to broaden its global reach.

-- BERNAMA

CAVLI WIRELESS RECOGNISED FOR BRINGING 'MADE IN INDIA' IOT SOLUTIONS TO GLOBAL STAGE

KUALA LUMPUR, Oct 29 (Bernama) -- Cavli Wireless, an innovator in cellular Internet of Things (IoT) and wireless connectivity solutions, has been named one of the winners of the esteemed Nasscom Emerge 50 Awards for 2024.

This prestigious recognition highlights Cavli's commitment to pioneering "Made in India" technology and deep tech solutions, positioning the company among India's top startups driving innovation in the wireless and IoT space.

“This achievement is a testament to our commitment to developing future proof IoT and wireless solutions that are not only designed and manufactured in India but are also making a significant impact globally.

“Our 'Made in India' ethos drives us to deliver innovative, high-quality solutions that redefine global connectivity standards and prove that Indian engineering is at the forefront of deep tech development," said Cavli Wireless Chief Marketing Officer, Ajit Thomas.

According to a statement, Cavli's recognition by Nasscom Emerge 50 Awards 2024 is a significant milestone that affirms the company's contribution to the deep tech ecosystem of India.

The company's innovative approach to cellular IoT is revolutionising how Indian original equipment manufacturers (OEMs) scale globally by consolidating the traditionally fragmented IoT deployment value chain into a seamless, integrated solution.

By designing and manufacturing its products entirely in India, Cavli not only highlights the strength of Indian innovation but also ensures greater control over quality, cost-effectiveness, and the ability to scale rapidly to meet market demands.

This recognition further paves the way for the company to accelerate its mission of expanding the reach and impact of democratising IoT and wireless connectivity solutions worldwide.

Cavli plans to continue advancing its smart IoT module product portfolio, with a focus on developing even more sophisticated and scalable IoT modules to meet evolving industry demands. Looking ahead, it is dedicated to fostering innovation that addresses global connectivity challenges while representing India's growing leadership in technology and wireless infrastructure.

The Nasscom Emerge 50 Awards spotlight India's most promising startups that are making significant strides in technology, contributing to both national growth and global connectivity.

-- BERNAMA

CHINA'S BEIDOU NAVIGATION SYSTEM BOOSTS INDUSTRY, GLOBAL COOPERATION

The Third International Summit on BDS Applications kicked off in Zhuzhou.

KUALA LUMPUR, Oct 28 (Bernama) -- The third International Summit on Beidou Navigation Satellite System (BDS) Applications, which kicked off in Zhuzhou, east-central China’s Hunan Province, from Oct 24 to 25, witnessed the signing and announcement of 142 projects with a total investment of 58.2 billion Chinese yuan. (100 Chinese yuan = RM61.14)

According to a statement, it attracted nine academicians from the Chinese Academy of Sciences and the Chinese Academy of Engineering in the fields of domestic satellite systems, rockets, operational control, and data application, as well as 85 foreign delegates from the African Union, Laos, South Korea, France, and Côte d'Ivoire.

Themed "Sharing the World, Sharing BDS", the summit aims to establish a platform for industry leadership and policy announcement; international promotion and cooperation; the exchange and announcement of cutting-edge technologies; and industrial integration and the demonstration of application achievements.

Hunan, a pivotal force in the development of the BDS, has participated in the construction of the Beidou-1, Beidou-2, and Beidou-3 systems throughout the entire process, contributing its wisdom and capabilities to the global networking and stable operation of the BDS.

In recent years, Hunan has fully promoted technological breakthroughs, achievement transformations, project collaborations, large-scale applications, and industrial agglomeration in the field of Beidou technology.

It has advocated the spirit of the new era's Beidou, striving to become a national leader in Beidou technological innovation, a demonstration area for large-scale Beidou applications, and a high-quality development cluster for the Beidou industry.

A bluebook on the development of the BeiDou industry was also released during the opening ceremony. The bluebook stated that BDS services and related products have been exported to more than 130 countries, providing users with diversified choices and better application experience and promoting industrial development.

China actively participated in the formulation of international standards, and a number of international standards related to the BDS have been successively published.

These standards have laid a solid foundation for the industrial development and application in multiple key areas such as civil aviation, satellite-aided search and rescue, maritime affairs, and mobile communications.

-- BERNAMA

APO UNVEILS GREEN PRODUCTIVITY 2.0 AT 65TH WORKSHOP MEETING OF NPO LEADERS

(Photo: Business Wire)

KUALA LUMPUR, Oct 28 (Bernama) -- The Asian Productivity Organization (APO) convened its 65th Workshop Meeting (WSM) of Heads of National Productivity Organizations (NPOs) in Nadi, Fiji from Oct 23 to 25.

Hosted by the Government of Fiji, this annual event gathered 51 NPO Heads and advisers from 19 APO members to outline the future of sustainable productivity in the region, with a focus on Green Productivity (GP) and artificial intelligence (AI).

The inaugural session was honoured by the presence of Fiji’s Deputy Prime Minister, Manoa Seru Nakausabaria Kamikamica, who emphasised the unique challenges island nations face in balancing economic growth with urgent climate action.

According to a statement, a highlight of this workshop was the launch of the APO Green Productivity 2.0: The Road Ahead report.

Japan’s Ministry of Foreign Affairs (MOFA) Science and Technology Advisor and member of the APO GP Advisory (GPA) Council, Professor Yoichiro Matsumoto presented the evolution of the GP concept since its inception by the APO in 1994.

The report offers a forward-thinking roadmap for governments, businesses, and individuals to adopt GP 2.0 strategies, merging productivity with environmental responsibility.

Presentations from experts, including GP 2.0 Technical Working Group Chair, Dr Chin-Hsu Lin, and representatives from the Korea Development Institute (KDI) and MOFA Japan, emphasised how integrating GP and AI can foster sustainable growth in the region.

At the Welcome Dinner hosted by APO Chair 2024-2025 and Director for Fiji, Jone Maritino Nemani, Fiji President, Ratu Wiliame Maivalili Katonivere, delivered a keynote speech and called for greater international cooperation to combat climate change as well as emphasised the role of GP in driving sustainable development.

The WSM also featured a strategic planning session where NPO Heads discussed programme plans for 2025 and 2026, in which these plans focus on supporting APO members in leveraging GP and AI to address pressing productivity challenges and shaping the organisation’s strategic transition post-Vision 2025.

As the region faces ongoing global challenges, the 65th WSM reinforced the APO’s leadership in driving socioeconomic growth and strengthening the collective resolve of member economies to champion sustainable development for a greener, more prosperous future.

-- BERNAMA

EIG'S MIDOCEAN ENERGY COMPLETES ACQUISITION OF ADDITIONAL 15% INTEREST IN PERU LNG FROM HUNT OIL COMPANY

WASHINGTON, Oct 25 (Bernama-BUSINESS WIRE) -- MidOcean Energy (“MidOcean” or the “Company”), a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced the completion of its previously announced agreement to acquire an additional 15% interest in Peru LNG (“PLNG”) from Hunt Oil Company (“Hunt”).

MidOcean’s interest in PLNG now stands at 35%. Hunt will remain the operator of PLNG.

PLNG owns and operates the only LNG export facility in South America, which is located in Pampa Melchorita, 170 kilometers south of Lima, Peru. PLNG’s assets consist of a natural gas liquefaction plant with 4.45 mmtpa processing capacity; a fully-owned 408 kilometer pipeline with 1,290 mmcf/d capacity; two 130,000 m3 storage tanks; a fully-owned 1.4 kilometer marine terminal; and a truck loading facility with a capacity of up to 19.2 mmcf/d. PLNG is operated by Hunt and is one of only two LNG production facilities in Latin America.

Morgan Stanley acted as exclusive financial advisor to MidOcean on the transaction and Latham & Watkins acted as legal advisor. Bracewell LLP served as legal advisor to Hunt.

About MidOcean Energy

MidOcean Energy, an LNG company formed and managed by EIG, seeks to build a diversified, resilient, cost- and carbon-competitive global LNG portfolio. It reflects EIG’s belief in LNG as a critical enabler of the energy transition and the growing importance of LNG as a geopolitically strategic energy resource. MidOcean Energy is headed by De la Rey Venter, a 26-year industry veteran who has held a variety of senior executive roles, including Global Head of LNG for Shell Plc.

About EIG

EIG is a leading institutional investor in the global energy and infrastructure sectors, with $24.9 billion under management as of June 30, 2024. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 42-year history, EIG has committed over $48.6 billion to the energy sector through 413 projects or companies in 42 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations, and sovereign wealth funds in the U.S., Asia, and Europe. EIG is headquartered in Washington, D.C., with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong, and Seoul.

About Hunt Oil Company

Founded in 1934, Hunt is one of the largest privately held independent oil and gas companies in the United States. Based in Dallas, Texas, the company’s principal areas of operations are located in Peru, the United States and the Kurdistan Region of Iraq, as well as exploration projects in Tunisia and Morocco. Hunt is an active international exploration company and has drilled on all continents other than Antarctica.

For additional information, please visit MidOcean Energy’s website at www.midoceanenergy.com or EIG’s website at www.eigpartners.com.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20241024391520/en/

Contact

EIG/MidOcean Contact
FGS Global
Kelly Kimberly / Brandon Messina
+1 212-687-8080
EIG@fgsglobal.com

Hunt Contact
Paul Schulze
+1 214-978-8534
publicaffairs@huntconsolidated.com

Source : EIG

--BERNAMA

CIMB ARTOBER TO FEATURE OVER 1,000 ARTWORKS; RAISES THE BAR FOR MALAYSIAN ART SCENE

Photo 1: KDYMM Seri Paduka Baginda Raja Permaisuri Agong Raja Zarith Sofiah (second from left); DYAM Raja Di Hilir Perak, Raja Iskandar Dzulkarnain Sultan Idris Shah (second from right) together with Tan Sri Mohd Nasir Ahmad, Chairman of CIMB Group (left); and Ahmad Shahriman Mohd Shariff, Chief Executive Officer of CIMB Islamic (right) at the launch of CIMB Artober Art & Soul 2024, held at Malaysian International Trade & Exhibition Centre (MITEC).

The art fair which runs from 25-27 Oct will feature works by 100 artists and 20 local galleries

KUALA LUMPUR, Oct 25 (Bernama) -- CIMB Group Holdings Berhad (“CIMB” or “the Group”) returns with CIMB Artober Art & Soul, the Group’s annual celebration of art, culture and lifestyle, aimed at supporting and empowering the Malaysian art community while elevating Malaysia’s position as a world-class arts and culture hub. The art fair will run from Friday, 25 October to Sunday, 27 October at Hall 1, Malaysia International Trade and Exhibition Centre (“MITEC”), Kuala Lumpur, and admission is free.

CIMB Artober is set to spotlight Malaysia’s most creative and artistic minds, with a curation of over 1000 captivating artworks by more than 100 artists, presented by 20 local galleries including Taksu, Sareng, Segaris, Galeri Puteh and more. In addition, the art fair will also showcase 30 seminal artworks from The AFK Collection, a robust collection of first generation works of Malaysian contemporary artists dedicated to the preservation and documentation of contemporary art in the country. The collection will also feature the transformative artworks of Fauzan Omar, one of Malaysia’s most respected contemporary artists.

The launch of CIMB Artober was graced by KDYMM Seri Paduka Baginda Raja Permaisuri Agong Raja Zarith Sofiah, together with Tan Sri Mohd Nasir Ahmad, Chairman of CIMB Group as well as various senior leaders of CIMB Group. Royal Sembilan showcased a fashion show titled Bungolado featuring a special songket collection woven by inmates from Penjara Marang, through one of the prison’s rehabilitation programmes.

Tan Sri Mohd Nasir Ahmad said, “CIMB Artober Art & Soul has proven to be an important economic engine for the Malaysian art ecosystem, generating over RM15 million to date and benefiting at least 200 artists since its inception. This art fair has since gained a greater following, stronger traction and a wider audience, and we hope that Artober will continue its legacy of contributing to the economic empowerment of local artists and designers.”

“Embedded into CIMB’s 100-year history is a deep and profound appreciation for the arts, which underpins our commitment to strengthening the Malaysian arts and cultural ecosystem. CIMB believes in art as a conduit for cultural preservation and community building, as well as being integral to uplifting the local economy for the creatives. We are pleased to play our part in rendering art accessible to a much wider audience, accelerating Kuala Lumpur’s budding reputation as an established arts capital in Southeast Asia.”

The weekend-long activities at the fair will include an exciting series of fashion shows featuring the latest art-to-wear collections by veteran designers such as Dato’ Radzuan Radziwill and Ezuwan Ismail, talented local fashion students from three prestigious design schools: University Teknologi MARA (Perak), Tunku Abdul Rahman University of Management and Technology, and Limkokwing University of Creative Technology, as well as the works of 13-year-old LeiYa Lim.

As a platform for Malaysians to engage in conversations and discourse on art, CIMB Artober will also present a series of thought-provoking art talks by prominent figures in the local art scene, moderated by public figure Khairy Jamaluddin and Dato’ Tiffanee Marie Lim of Limkokwing University of Creative Technology.

In honour of CIMB’s 100-year anniversary and its new social movement, Kita Bagi Jadi, which celebrates the Bank’s long history of advocating for economic inclusion among communities and supporting talent in many fields, CIMB Artober will also feature a series of special performances by the talented young musicians of the Malaysian Philharmonic Youth Orchestra (“MPYO”) which will take place over the weekend.

As part of CIMB Artober, CIMB cardholders will be able to enjoy a 10% discount on minimum spending of RM10,000 and a 15% discount for spending above RM25,000 on a single receipt with any CIMB debit, credit or prepaid card at the participating galleries. Terms & Conditions apply.

More information on CIMB Artober 2024 is available on
https://www.cimb.com.my/en/personal/promotions/latest-promotions/artober2024.html.

About CIMB

CIMB is one of ASEAN’s leading banking groups and Malaysia’s second largest financial services provider, by assets. Listed on Bursa Malaysia via CIMB Group Holdings Berhad, it had a market capitalisation of approximately RM72.7 billion as at 30 June 2024. It offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in eight ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam, Myanmar and Philippines).

Beyond ASEAN, the Group has market presence in China, Hong Kong and UK. CIMB has one of the most extensive retail branch networks in ASEAN with 594 branches and over 33,000 employees as at 30 June 2024. CIMB’s investment banking arm is one of the largest Asia Pacific-based investment banks, which together with its award-winning treasury & markets and corporate banking units comprise the Group’s leading wholesale banking franchise. CIMB is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

SOURCE: CIMB Group Holdings Berhad

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Anis Azharuddin / Kelvin Jude Muthu
Group Corporate Communications
CIMB Group Holdings Berhad
Email: anis.azharuddin@cimb.com / kelvinjude.muthu@cimb.com

--BERNAMA

Recursion: Non-antibiotic Treatment For Recurrent C. diff Infection Enters Phase 2 Trial

KUALA LUMPUR, Oct 23 (Bernama) -- Recursion, a clinical stage TechBio company, announced the first patient has been dosed in its Phase 2 clinical trial of REC-3964, a potential first-in-class, oral small molecule and new chemical entity for the treatment of recurrent Clostridioides difficile (C. diff) infection.

“There is a significant unmet need for new treatment options for patients with C. diff infections that are easier to use and more cost-effective. We are encouraged by the progress of REC-3964, the first new chemical entity from our platform to advance to Phase 2 clinical trials, and now to the first patient dosed.

“We look forward to continuing to advance this trial to help patients in need and drive down billions in costs to the healthcare system for treatment,” said Recursion co-founder and chief executive officer, Chris Gibson in a statement.

The Phase 2 ALDER clinical trial is a multicentre randomised study to investigate the safety, tolerability, pharmacokinetics (PK) and efficacy of REC-3964 at doses of 250 milligramme (mg) or 500 mg for the reduction of C. diff and will include an observation only arm. Approximately 80 individuals will ultimately be enrolled in the study across the U.S. and Europe.

The C. diff infection is a toxin producing bacteria that causes diarrhoea and colitis, and can be life threatening, affecting up to 730,000 people annually in the United States (US) and EU5 countries (France, Germany, Italy, Spain, and the United Kingdom), causing an estimated 29,000 deaths in the US each year.

Recursion’s study will initially address the recurrent C. diff (up to 175,000 cases in the US per year) population, which costs the healthcare system approximately US$2 billion per year. (US$1=RM4.32)

Antibiotics, the standard treatment for C. diff infection, disturb the gut microbiome due to their non-selective nature. Despite initial success, antibiotics fail to prevent recurrence in 20 to 30 per cent of primary cases.

REC-3964 is the first novel small molecule developed through Recursion’s Operating System, and selectively inhibits the glucosyltransferase activity of toxin B produced by C. diff in the gastrointestinal tract, offering a unique mechanism of action.

Unlike antibiotics, which disrupt the gut microbiome, REC-3964 precisely targets the bacterial toxin while sparing healthy tissue, potentially minimising adverse events and it is being studied as part of a treatment regimen to prevent recurrent C. diff infection.

Presented at the sixth edition of the World Congress on Infectious Diseases, preclinical studies demonstrated its superiority over bezlotoxumab in a human disease-relevant C. diff hamster model.

Additionally, Phase 1 studies in healthy volunteers showed REC-3964 was well tolerated with no serious adverse events (SAEs), underscoring its potential safety and tolerability.

-- BERNAMA

NTIS MARKS 3 YEARS OF EMPOWERING TECHNOLOGICAL GROWTH

 

Opening Speech by YB. Dato' Haji Mohammad Yusof Bin Apdal

Deputy Minister Of Science, Technology And Innovation in conjunction with NTIS 3 YEAR CELEBRATION & PROPTECH SANDBOX LAUNCH

742 Applications, 100 Projects Funded, and Over RM87 Million in Sales Generated

SELANGOR, Oct 24 (Bernama) -- The National Technology and Innovation Sandbox (NTIS) marked its 3rd anniversary today, highlighting its ongoing mission to empower innovators, startups, and entrepreneurs across Malaysia. The event was officiated by the Deputy Minister of Science, Technology and Innovation, YB Dato’ Haji Mohammad Yusof Bin Apdal, and featured the launch of the PropTech Sandbox, an initiative in partnership with S P Setia.

Since its establishment in 2020, NTIS has been spearheaded by the Ministry of Science, Technology and Innovation (MOSTI) as a key pillar of Malaysia’s tech ecosystem. It has supported innovators in testing, refining, and commercialising new technologies by providing regulatory sandboxes, which allow for safe and efficient navigation of regulatory challenges. This approach has fostered a vibrant environment for technological growth, advancing Malaysia’s goal of becoming a technology-driven economy.

Over the past three years, from July 2020 to December 2023, NTIS has achieved significant milestones in supporting Malaysia’s innovation ecosystem. It has processed 742 applications, approved 100 projects for grants, and facilitated the distribution of RM80.84 million in funding to drive the development of cutting-edge solutions. As a result, 49 companies have successfully completed their projects, with 28 reaching commercialisation. Collectively, these efforts have generated RM87.28 million in sales. Additionally, NTIS has helped four companies penetrate international markets, achieving export values of approximately almost a million ringgit.

“NTIS has been instrumental in advancing MOSTI’s vision of transforming Malaysia into a high-tech nation by 2030,” said YB Dato’ Haji Mohammad Yusof Bin Apdal, Deputy Minister of Science, Technology and Innovation. He also emphasised that innovations developed through NTIS have had significant impacts across key sectors, including smart cities, healthcare, and agriculture, demonstrating Malaysia’s commitment to fostering technological growth.

Pioneering Solutions Across Sectors

NTIS’s achievements are underscored by success stories across various sectors:

● Smart Cities: Vectolabs Technologies Sdn. Bhd. developed a LoRa IoT Network in collaboration with Perbadanan Putrajaya, deploying a smart street lighting system in Presint 15, Putrajaya, setting a benchmark for future smart city initiatives.
● Healthcare: Health Digital Technologies Sdn. Bhd. revolutionised healthcare services with DoctorOnCall, a digital platform now implemented in hospitals, clinics, and pharmacies nationwide, with plans for international expansion.
● Smart Homes: Archtron Research & Development Sdn. Bhd. developed the Bluguard-AI platform, an IoT-based system poised for full-scale production, enhancing smart home technology and driving economic value.

Launch of the PropTech Sandbox: Pioneering Innovation in Real Estate

As part of the celebration, NTIS, in collaboration with S P Setia, launched the PropTech Sandbox Pilot Programme. This initiative aims to foster innovation in the property sector by promoting smart, sustainable, and secure building solutions. The PropTech Sandbox aligns with Malaysia’s goals of reducing greenhouse gas emissions by 45% by 2030 and achieving carbon neutrality by 2050.

Datuk Wira Dr. Hj. Rais Hussin, CEO of MRANTI, reiterated the organisation’s commitment to nurturing innovation. He emphasised that as the lead secretariat of NTIS, MRANTI will remain a vital enabler, offering crucial resources, strategic support, and collaborative partnerships to accelerate commercialisation and foster sustainable growth in Malaysia’s technology sector.

Prepared by
MINISTRY OF SCIENCE, TECHNOLOGY AND INNOVATION
24 Oktober 2024

SOURCE: MINISTRY OF SCIENCE, TECHNOLOGY AND INNOVATION

FOR MORE INFORMATION, PLEASE CONTACT:
Email: enquiry@mosti.gov.my

--BERNAMA

SINGTEL AND WESTERN UNION ANNOUNCE AGREEMENT ON SALE OF DASH

SINGAPORE, Oct 24 (Bernama-BUSINESS WIRE) -- Singtel and Western Union today announce that they have signed a conditional agreement on the sale of Dash. The sale is subject to regulatory approvals. Dash customers will continue to have access to all existing services in the meantime.
Dash is Singapore’s leading all-in-one mobile wallet that lets customers pay, remit, save, invest and insure from one app. Launched in 2014, it has over 1.4 million users and is available to everyone regardless of their telco or banking relationship. The sale is part of Singtel’s ongoing measures to simplify its structure and portfolio to boost innovation and growth opportunities.

Ms Anna Yip, Deputy CEO of Singtel Singapore, said, “In line with our Group’s Singtel28 strategy to focus on our core business and competencies, we have decided that Western Union is best placed to bring Dash to the next level. We will work closely with Western Union to ensure that our Dash customers and business partners continue to be well-supported and the transition is seamless.”

Dash is one of the most inclusive digital financial solutions in Singapore today. Today’s announcement aligns to Western Union’s purpose to provide accessible financial services to aspiring populations worldwide. It underscores Western Union’s Evolve 2025 strategy to expand its financial ecosystem, as well as double its digital business by focusing on product innovation and scalable market investments.

Sohini Rajola, Head of Asia Pacific at Western Union said, “We are excited to have the opportunity to welcome Dash to Western Union and are working collaboratively with Singtel to secure regulatory approvals. Our business in Singapore is a unique blend of branded digital services and owned locations, serving citizens and residents across the country. This strategic move accelerates our Evolve 2025 vision and strengthens our global digital capabilities.”

Evercore Asia (Singapore) Pte. Ltd. acted as exclusive corporate finance adviser to Singtel on this transaction.

About Singtel

Singtel is a leading Asian communications technology group, operating next-generation connectivity, digital infrastructure and digital businesses including regional data centre arm Nxera and regional IT services arm NCS. The Group has presence in Asia, Australia and Africa and reaches over 780 million mobile customers in 21 countries.

For consumers, Singtel delivers a complete and integrated suite of services, including mobile, broadband and TV. For enterprises, Singtel offers a complementary array of workforce mobility solutions, data hosting, cloud, network infrastructure, analytics and cyber security capabilities.

Singtel is dedicated to continuous innovation, harnessing technology to create new and exciting customer experiences, support enterprises in their digital transformation and shape a more sustainable, digital future.

For more information, visit www.singtel.com

About Western Union

The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and over 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper.

For more information, visit www.westernunion.com.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20241023496469/en/

Contact

Singtel media contacts:
Marian Boon
Senior Director, Group Strategic Communications and Brand
Mobile: +65 8876 1753
Email: marian@singtel.com

Malini Nathan
Director, Group Strategic Communications and Brand
Mobile: +65 8129 6013
Email: malini.nathan@singtel.com

Western Union media contacts:
Saadia McGlinchey
saadia.mcglinchey@wu.com

Karen Santos
karen.santos2@westernunion.com

Source : The Western Union Company

--BERNAMA

GRADUATE BUSINESS SCHOOLS SEE DRAMATIC RISE IN APPLICATIONS - GMAC

KUALA LUMPUR, Oct 24 (Bernama) -- Graduate Management Admission Council (GMAC), in its new report, found a 12 per cent increase in applications to graduate business school programmes from 2023 to 2024 across the globe.

This is a sharp reversal from the previous two consecutive years of declines, which followed a small pandemic related boost in 2020-2021, according to the annual survey by GMAC.

According to a statement, a deeper dive into the data shows that the significant uptick in applications was mainly driven by renewed interest in full-time, in-person offerings, with nearly six out of 10 such programmes reporting application growth.

“This year’s record growth in applications hints at a pendulum swing toward graduate business education, especially staple programmes like full-time master of business administrations (MBAs) and accounting and management master’s degrees,” said GMAC chief executive officer, Joy Jones.

Full-time two-year and one-year MBA programmes, for instance, saw the largest shares of schools reporting application growth in the past decade at 80 per cent and 64 per cent, respectively, while nearly three-quarters of accounting and management master’s programmes also reported application growth.

Despite the increased interest in studying in-person, those with more flexibility also seem to be in high demand, with 58 per cent of online programmes and 52 per cent of hybrid programmes reporting application growth, as do roughly two-thirds of online and flexible MBA programmes.

The increase in total applications can also be attributed to an outsized increase in domestic applications, which are made from candidates with the same country of citizenship as the programme.

Geographically, GMAC also found the United States (US) remains a top study destination for international talent, with an overwhelming majority of prospective students signalling the upcoming presidential election will not adversely impact their study plans as in previous election cycles.

At the same time, domestic applications also drove up demand for graduate business education in the US, Asia, and Europe, except for the United Kingdom, which witnessed a 45 per cent drop in domestic applications and a 12-point dip in international applications.

Meanwhile, rising applications from women candidates give hope to trends in the right direction, with this year’s data showing a small shift upward to 42 per cent after having consistently hovered around 40 per cent over the past 10 years.

-- BERNAMA

EBC FINANCIAL GROUP AND THE UNIVERSITY OF OXFORD'S DEPARTMENT OF ECONOMICS ANNOUNCE WERD EPISODE ON MACROECONOMICS AND CLIMATE

OXFORD, United Kingdom, Oct 24 (Bernama-GLOBE NEWSWIRE) -- EBC Financial Group (EBC) is proud to announce its continued collaboration with the University of Oxford’s Department of Economics for the 2024-2025 edition of the acclaimed “What Economists Really Do” (WERD) webinar series. The upcoming event will be the first WERD event to feature a dedicated panel discussion session in a hybrid setting, titled “Sustaining Sustainability: Balancing Economic Growth and Climate Resilience”. It also marks the second collaboration between EBC and the University of Oxford’s Department of Economics this year, following an earlier success in March. EBC’s ongoing collaboration with the University of Oxford’s Department of Economics builds on the success of their previous WERD webinar, which focused on The Economics of Tax Evasion. That session explored the impact of tax evasion on both global and local economies, highlighting the importance of financial literacy in addressing complex economic issues.The hybrid event will take place on 14 November 2024 at the Sir Michael Dummett Lecture Theatre, Christ Church College, and will bring together prominent thought leaders to discuss the intersection of economic policies and environmental sustainability.

As global climate challenges intensify, this event comes at a critical time when the financial sector’s role in fostering sustainable development is under increased scrutiny. In today’s economic landscape, aligning financial strategies with environmental stewardship is essential. Through sponsoring this upcoming WERD episode, EBC will shift its focus toward addressing the pressing issues of climate resilience and sustainable economic growth. The panel discussion will explore how macroeconomic policies can help address some of the world’s most urgent environmental challenges while ensuring economic stability. This timely dialogue underscores EBC’s commitment to fostering discussions on how financial markets can lead the charge in sustainability.

David Barrett, CEO of EBC Financial Group (UK) Ltd, expressed his enthusiasm for the ongoing collaboration: “We are excited to partner once more with the University of Oxford’s Department of Economics for the second episode of the ‘What Economists Really Do’ webinar series for the 2024-2025 edition. This collaboration embodies our commitment to advancing academic research and addressing the pressing issue of climate change through macroeconomic perspectives. At EBC Financial Group, we believe in the power of strategic partnerships to drive meaningful change, and we are proud to support such an esteemed partner in a collective mission to shape a more sustainable future.”

Banu Demir Pakel, session moderator and the Associate Head of External Engagement and Associate Professor of Economics, added: “We are pleased to welcome EBC Financial Group back to sponsor another special episode of ‘What Economists Really Do’ (WERD). In the previous WERD episode, we welcomed David Barrett, CEO of EBC Financial Group (UK) Ltd to discuss ‘The Economics of Tax Evasion’—proving how invaluable industry insights can be to an academic discussion. On the basis of this success, we are looking forward to hosting a larger hybrid panel event with further guests from the industry, plus a keynote lecture from Professor Andrea Chiavari on the topic of ‘Macroeconomics and Climate.’ The Department of Economics is proud to facilitate thought-leadership discussions between academia and industry, and we are grateful for EBC’s ongoing support. We look forward to a prosperous event.”

The University of Oxford’s Department of Economics is globally celebrated for its rigorous academic research and significant contributions to economic policy. Attendees will gain valuable insights into how macroeconomic principles can align with sustainable growth objectives, informed by perspectives from both academia and the financial sector. With discussions that bridge the gap between theory and practice, this event will provide a forward-looking view of how economic policies can uplift environmental resilience and ensure global economic stability. Participants will also hear from industry leaders about the practical steps businesses and institutions can and are taking to achieve sustainable growth.

Embracing a Broader Vision of Sustainable Development
EBC Financial Group’s support for this initiative comes at a time of strategic global expansion. With a growing presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, and Sydney, as well as emerging markets in Southeast Asia, Latin America, Africa, and India, EBC is committed to empowering local markets with financial solutions that are both robust and sustainable. By engaging with leading academic institutions like the University of Oxford’s Department of Economics, EBC aims to strengthen its role as a catalyst for positive change in regions that are traditionally underserved by major financial institutions.

The proceeds from this year's WERD event will support the Department and its goal to produce leading research and world-class education. Registration for the event is now open, offering both in-person and online access to accommodate a global audience. To reserve your spot, please visit this link.

About EBC Financial Group
Founded in the esteemed financial district of London, EBC Financial Group (EBC) is renowned for its comprehensive suite of services that includes financial brokerage, asset management, and comprehensive investment solutions. EBC has quickly established its position as a global brokerage firm, with an extensive presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, Sydney, the Cayman Islands, and across emerging markets in Latin America, Southeast Asia, Africa, and India. EBC caters to a diverse clientele of retail, professional, and institutional investors worldwide.

Recognised by multiple awards, EBC prides itself on adhering to the leading levels of ethical standards and international regulation. EBC Financial Group's subsidiaries are regulated and licensed in their local jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK's Financial Conduct Authority (FCA), EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA), EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia's Securities and Investments Commission (ASIC).

At the core of EBC Group are seasoned professionals with over 30 years of profound experience in major financial institutions, having adeptly navigated through significant economic cycles from the Plaza Accord to the 2015 Swiss franc crisis. EBC champions a culture where integrity, respect, and client asset security are paramount, ensuring that every investor engagement is treated with the utmost seriousness it deserves.

EBC is the Official Foreign Exchange Partner of FC Barcelona, offering specialised services in regions such as Asia, LATAM, the Middle East, Africa, and Oceania. EBC is also a partner of United to Beat Malaria, a campaign of the United Nations Foundation, aiming to improve global health outcomes. Starting February 2024, EBC supports the 'What Economists Really Do' public engagement series by Oxford University's Department of Economics, demystifying economics, and its application to major societal challenges to enhance public understanding and dialogue.

https://www.ebc.com/

Media Contact:

Savitha Ravindran
Global Public Relations Manager (EMEA, LATAM)
savitha.ravindran@ebc.com

Chyna Elvina
Global Public Relations Manager (APAC, LATAM)
chyna.elvina@ebc.com

Douglas Chew
Global Public Relations Lead
douglas.chew@ebc.com

A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/aaaa905a-4c02-44a0-bf7d-b8be3dec4b36

SOURCE: EBC Tech Limited

--BERNAMA

I SQUARED ANNOUNCES ACQUISITION OF PHILIPPINES COASTAL TERMINAL IN SUBIC BAY, PHILIPPINES

Philippines Coastal terminal at Subic Bay. (Photo: Business Wire)

MANILA, Philippines & MIAMI, Oct 23 (Bernama-BUSINESS WIRE)-- I Squared Capital announced today that it has entered into an agreement to acquire Philippines Coastal Storage & Pipeline Corporation and its affiliate entities.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20241022531512/en/

Based in the Subic Bay Freeport Zone, and serving the Luzon Economic Corridor (LEC), Philippines Coastal is the largest independent import terminal in the Philippines. With a capacity of 6.3 million barrels, Philippines Coastal houses over 20% of the country’s import storage capacity.

Philippines Coastal plays a vital role in ensuring the reliable entry of liquid fuel products into the country by serving the needs of major commodity providers and other strategic interests. With its deep jetties and strategic location, it is well-positioned to serve the metro Manila and North Luzon markets and is the terminal of choice for large institutional players importing fuels into the country. Philippines Coastal benefits from USD denominated take or pay contracts with strong, credit worthy customers with whom the firm has long-standing relationships.

In April 2024, President Biden, Japanese Prime Minister Kishida and Philippine President Ferdinand Marcos, Jr., launched a steering committee to drive infrastructure development in the country’s Luzon Economic Corridor, supporting connectivity between Subic Bay, Clark, Manila, and Batangas in the Philippines. Philippines Coastal, based on Subic Bay, will be a key enabler of future investments in the LEC.

Harsh Agrawal, Senior Partner, I Squared said: “Philippines Coastal is an essential infrastructure asset playing a critical role in supporting the growing energy needs of the Philippines. With urbanization and the growing consumption of the rising middle class in the Philippines, fuel demand continues to increase steadily. We see strategic opportunities to expand the asset’s capabilities to support this growing domestic demand and to diversify into the storage of bio-fuels and sustainable aviation fuel.”

Since 1993, Philippines Coastal has been operating the facility under a 50-year lease with Subic Bay Metropolitan Authority (SBMA), with a discretionary option to extend the lease by another 15 years. Spread across nearly 160 hectares, Philippines Coastal has 91 tanks servicing different fuel types. It has two jetties – the main jetty can handle Medium Range 1 vessels (up to 50,000 DWT) while the secondary jetty is suited to serve transshipment to other islands within the country.

Philippines Coastal’s catchment area covers a substantial portion of the Philippines’ overall fuel demand (over 55% of Jet fuel, over 35% of diesel / gasoline) and a growing need for sustainable fuels like ethanol and coconut based bio-diesel.

Within Southeast Asia, the Philippines is a leader in sustainable fuel blending. In October, the Philippine government increased the bio-diesel blending requirement to 3%, which will increase to 5% over the next couple of years. Currently, 20% ethanol blending in petrol is voluntary and the government is looking at making it mandatory in the future. Philippines Coastal will play an important role in supporting energy transition initiatives by building world class storage infrastructure to store sustainable fuels.

I Squared has signed a definitive agreement to acquire the company through its ISQ Global Growth Market Fund. I Squared is acquiring Philippines Coastal from Keppel Infrastructure Trust, Singapore and Metro Pacific Investment Corporation, Philippines. The closing is subject to certain customary conditions, including anti-trust clearance in the Philippines. Subject to the satisfaction or (if applicable) waiver of such conditions, closing is expected in late 2024.

I Squared’s financial advisor for this transaction was Rippledot Capital Advisers Pte Ltd. International Counsel was provided by Latham & Watkins LLP, Singapore and Philippines Counsel was Romulo.

About I Squared

I Squared is a leading independent global infrastructure investor with over $40 billion in assets under management. We are known for the development of investment platforms in infrastructure projects where we start small and grow big. We use global insights and deep local intelligence to solve complex problems, foster smarter businesses, serve local communities, and invest in a more sustainable future to provide essential services to millions of people around the world. We are a team of over 280 people, headquartered in Miami with offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. We operate a diverse portfolio of 86 companies in more than 70 countries with over 66,000 employees in a variety of sectors including utilities, energy, digital infrastructure, transport, environmental infrastructure, and social infrastructure. You can find out more by visiting: www.isquaredcapital.com.

Disclaimers

This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only. Investing involves risk, loss of principal is possible.

Specific investments described herein do not represent all investment decisions made by ISQ. The reader should not assume that investment decisions identified and discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20241022531512/en/

Contact

Media:
Dominic McMullan/Shelly Hagan
info@isquaredcapital.com

Source : I Squared Capital

--BERNAMA

THE FLETCHER SCHOOL AT TUFTS UNIVERSITY LAUNCHES STEM-DESIGNATED INTERNATIONAL DEVELOPMENT ECONOMICS TRACK

New offering equips students with advanced quantitative skills to tackle global economic challenges

MEDFORD, Mass., Oct 23 (Bernama-BUSINESS WIRE) -- The Fletcher School, the graduate school of global affairs at Tufts University, has launched a STEM-designated track in International and Development Economics (IDE) as part of its renowned Master of Arts in Law and Diplomacy (MALD) program. This new track, the MALD: IDE, integrates quantitative economics and econometrics into the study of global development, offering students cutting-edge tools to address critical economic issues.

The MALD: IDE adds a rigorous quantitative focus to the interdisciplinary MALD curriculum, allowing students to specialize in International Trade & Finance or Sustainable Development. Core courses in economic statistics, econometrics, and micro and macroeconomic modeling will prepare graduates to conduct sophisticated economic analyses and shape policy solutions in both public and private sectors.

As a STEM-designated track, the MALD: IDE allows international students to apply for an additional two years of optional practical training (OPT) in the United States.

Graduates of the MALD: IDE will be equipped to:

· Analyze global economic trends using advanced statistical and econometric methods.
· Develop and evaluate economic policies in areas like international trade, finance, and sustainable development.
· Communicate complex economic concepts clearly to policymakers, academics, and industry leaders.

This track expands Fletcher’s STEM-designated offerings, which include the Master’s in International Business: Quantitative Methods (MIB: QM), focused on applying data analysis and financial modeling to solve complex business challenges in the global marketplace, and the Master of Science in Cybersecurity & Public Policy (CSPP), which trains students to address the growing challenges of cybersecurity and digital policy.

More information about the Fletcher MALD-IDE can be found here.

Learn more about The Fletcher School.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20241022257842/en/

Contact

Tully Sullivan
tully.sullivan@tufts.edu

Source : The Fletcher School

--BERNAMA

YUNNAN'S DALI SHOWCASES ECOLOGICAL ACHIEVEMENTS AT THE ERHAI FORUM, GAINING INTERNATIONAL RECOGNITION

 

The beautiful autumn scenery in Shangguan town, Dali, Yunnan, China. (Photo: Business Wire)

DALI, China, Oct 23 (Bernama-BUSINESS WIRE) -- The 2024 Erhai Forum on Global Ecological Civilization Construction, themed "Working Together to Promote Eco-Friendly Modernization," was successfully held on October 19 in Dali, Yunnan in Southwestern China. As the host, Dali emphasized its ecological civilization initiatives, drawing nearly 300 guests from China and abroad, and garnering international attention.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20241022890255/en/

This year's forum placed particular emphasis on cross-border collaboration and project implementation, aiming to extend its impact beyond Dali and the Erhai region.

Notably, on September 24, 2024, the forum held its first European side event in Geneva, Switzerland, where China's "Erhai Experience" was shared internationally, fostering mutual learning with Switzerland's water management practices at Lake Geneva. This exchange further enhanced the forum’s influence, reputation, and global recognition.

Over the years, Dali has actively implemented the "Beautiful China" initiative, with a focus on precise governance to protect Erhai Lake. These efforts have created a new development model where environmental protection and economic growth go hand in hand, achieving the dual goals of ecological beauty and sustainable development.

By 2023, the pollution load entering Erhai Lake had significantly decreased, with all 27 major rivers flowing into the lake meeting excellent water quality standards.

This year, the "Digital Erhai" initiative was selected as a model case for China's digital development, and the "SF Express Erhai Model" became the only project from Yunnan that was recognized as one of the first pollution and carbon reduction cases in the Asia-Pacific region under the Basel Convention’s "Zero-Waste Cities" initiative.

In Jianchuan County, Jianhu Lake serves as a critical habitat for migratory birds traveling along the Hengduan Mountains corridor in Northwestern Yunnan. Meanwhile, early autumn brought the return of the endangered Cibi flower, blooming once again near Cibi Lake in Eryuan County.

In Yousuo Town, Eryuan County, freshly harvested water caltrops are being shipped to major cities such as Beijing, Shanghai, and Guangzhou.

Along the Erhai ecological corridor, the beautifully restored landscapes have driven the growth of eco-tourism around the lake. Additionally, a series of ecological agriculture projects are taking shape, providing job opportunities for local people and promoting sustainable agricultural development.

Through strengthened international cooperation and by sharing its successful practices in protecting Erhai Lake, Dali aims to provide Chinese wisdom and solutions for the global effort to build an ecological civilization.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20241022890255/en/

Contact

Eason Zhou, evisionsinfo@gmail.com

Source : Dali Information Office

--BERNAMA

MALAYSIAN PLASTICS MANUFACTURERS ASSOCIATION (MPMA) SHARES CONCERNS OVER GOVERNMENT'S UNANTICIPATED EPF MANDATE FOR FOREIGN WORKERS

PETALING JAYA, Selangor, Malaysia, Oct 23 (Bernama) -- The Malaysian Plastics Manufacturers Association (MPMA) echoes the concerns raised by the Federation of Malaysian Manufacturers (FMM) regarding the government’s sudden decision to implement the mandatory Employees Provident Fund (EPF) contributions for foreign workers. MPMA is deeply disappointed by the lack of industry engagement or consultation on this critical policy change, which has far-reaching implications for the plastics industry and the wider manufacturing sector.

The plastics industry employs approximately 170,000 individuals, of which 30% are foreign workers. This new policy will have a direct and significant impact on labour costs, as foreign workers make up a substantial portion of the workforce. Labour costs already constitute 15-20% of total production costs for plastics manufacturers. In addition, the increase in the minimum wage from RM1,500 to RM1,700 by February 2025 will undoubtedly place significant strain on businesses. These cost pressures threaten to squeeze manufacturers’ margins, jeopardizing the viability of many businesses in the plastics industry.

Furthermore, the repercussions of this policy extend beyond plastics manufacturers. The increased production costs will likely lead to higher prices for plastics products, which are critical components across numerous industries, including packaging, automotive, and construction. The sudden implementation of this mandate could also diminish our export potential, as higher production costs could make Malaysian plastics less competitive in international markets.

MPMA strongly urges the government to defer this mandate indefinitely and engage in constructive dialogue with industry stakeholders. We believe it is crucial to explore alternative solutions that balance the need for fair worker benefits with the sustainability of our industry. Collaborative efforts between the government and the plastics sector can pave the way for policies that support both the workforce and the economic health of our industry.

We are committed to working alongside the government to find a solution that ensures the welfare of our workforce while safeguarding the interests of the plastics industry and the economy as a whole.

CC CHEAH
President, Malaysian Plastics Manufacturers Association

About MPMA

The Malaysian Plastics Manufacturers Association (MPMA), established in 1967, is a progressive trade association providing leadership and quality service to its members and the plastics industry. MPMA is the official voice of the Malaysian plastics industry, representing its members and the industry in Government interaction, spearheading the plastics industry’s growth and providing the platform to assist members in being globally competitive. MPMA currently has about 750 members comprising Ordinary members, which represent about 60 per cent of plastics manufacturers in the country and account for 80 per cent of the country’s total production of plastic products, as well as Associate members who are mainly raw material and machinery suppliers.

Industry Background

There are currently about 1,400 plastics manufacturing companies in Malaysia, employing about 160,000 workers. About 90% of the companies are SMEs, based on the 2014 SME Definition. The plastics industry registered a total sales turnover of RM61.2 billion in 2023, of which 27% or RM17 billion production was exported.

SOURCE: Malaysian Plastics Manufacturers Association (MPMA)

FOR MORE INFORMATION, PLEASE CONTACT:
Name: SC Chan (Mr)
Manager, MPMA Secretariat
Tel: 017-2988 110

--BERNAMA

EBC, DiNapoli Experts Provide Insights To Navigate Volatile Markets

KUALA LUMPUR, Oct 22 (Bernama) -- EBC Financial Group (EBC), in partnership with DiNapoli Experts, has hosted ‘Harnessing the Power of DiNapoli Indicators to Conquer Black Swan Events’, an exclusive gathering that brought together financial experts, traders, investors, and economic strategists to explore key strategies for navigating volatile markets.

As part of EBC’s broader commitment to thought leadership in finance, the event offered critical insights not only for traders but for those seeking a deeper understanding of global financial trends, including the impacts of geopolitical tensions, inflation, and the evolving role of technology in market prediction.

With markets facing challenges from geopolitical instability, rising inflation, and shifting monetary policies, EBC in a statement said its commitment to investor empowerment and education stands firm.

The discussions provided participants with exclusive insights into managing risk and seizing opportunities in global markets, and attendees engaged with some of the industry’s top experts, gaining hands-on insights into critical factors influencing today’s global markets.

Building on the momentum from the successful signing ceremony in Thailand, where EBC solidified its partnership with DiNapoli’s Leading Indicators, the Taiwan event marks a key milestone in the group’s ongoing mission.

EBC’s partnership with DiNapoli Indicators is instrumental in equipping traders with the tools necessary to interpret market movements, especially in unpredictable environments.

By combining advanced predictive tools like DiNapoli Indicators with real-time market analysis, EBC is ensuring that traders are not only informed but prepared to respond to global financial shifts.

EBC’s expansion into emerging markets and its commitment to establishing regulated entities in new jurisdictions also reflect the group’s dedication to offering clients access to global trading opportunities.

With its rapidly growing footprint, EBC continues to lead with integrity and transparency, providing traders worldwide with the tools to manage risk effectively.

Wrapping up the event, as the global economic outlook remains uncertain, EBC continues to lead the conversation around financial resilience, offering investors and traders the necessary foresight to adapt to these evolving challenges.

-- BERNAMA

WOODWORKING WONDERS

MTC’s Sustainable Wood DIY Contest 2024 shatters expectations with exceptional creativity and enthusiasm from wood waste.

 
KUALA LUMPUR, Oct 21 (Bernama) -- The Malaysian Timber Council’s (MTC) Sustainable Wood DIY Contest 2024 demonstrated the deep passion and enthusiasm that many people have for woodworking, highlighting the vibrant community of individuals who are both intrigued by and dedicated to working with wood.
 
Held for the first time, the contest featured final entries that showcased their creativity of transforming wood waste and reclaimed timbers into remarkable products. Aligned with the theme, “Innovative Sustainable Wood Items”, contestants demonstrated exceptional craftsmanship and inventive approaches.
 
The Wood DIY Contest featured two categories: Public and Student. Participants could choose to create products in either one of the categories below: 

• Type 1: Focused on Household, Decorative, and Craft Items. This category included artistic wood-based products for home décor, such as handcrafted items, clocks, wall art, wooden planters, serving trays, and shelving units.

• Type 2:  Centred on Functional Reclaimed Furnishings, challenging contestants to design practical wooden furniture such as tables, chairs, benches, bookshelves, cabinets, and shoe racks.

A total of 16 exceptional designs were chosen for the finals which was displayed at the Sunway Velocity Mall in Cheras.  The final judging involved online voting from mall visitors and selections via Facebook.

The prize-giving ceremony was graced by Chairman of the MTC Tuan Haji Zainal Abidin Haji Abdullah, members of the MTC Board of Trustees including the Deputy Secretary-General of the Ministry of Plantation and Commodities Dato’ Razali Mohamad, and MTC CEO Madam Noraihan Abdul Rahman.

“The contest far exceeded all expectations, igniting a wave of genuine enthusiasm and surpassing response levels we couldn’t have imagined. The remarkable creativity and passionate involvement of the participants truly set a new standard, making this event a success,” said Tuan Haji Zainal Abidin Haji Abdullah after the prize-giving ceremony.
 
The winners under the Public and Students categories are as follows: 
 
1^st Prize:
• Public – Flexilamp by Noorashikin Othman.
• Student – Lampu Meja Berkonsep Rustik by Siti Fatiah Ibrahim.

2^nd Prize:
• Public – Wooden Ribbon by Mohd Faizal Yusoff.
• Student – Deco Scrap Wood by Aisyah Syafikah Muhammad Fahmi, ⁠Muhammad Dzulkhairy Nordin, Muhammad Nazim Azizan, and ⁠Nurin Hafilah Hamzah.

3^rd Prize:
• Public – Terompah by Lewré Bespoke.
• Student – Rebana Stool by Mohd Hisyamuddin Alias.
 
Both champions were awarded a cash prize of RM1,500 while second-place winners received RM1,000 each. Third place winners were awarded RM500 each. Additionally, participants who were in fourth to 10^th place in each category were given consolation prizes of RM100 each. All winners were also presented with a certificate of participation, recognising their achievements in the competition.
 
As contestants were challenged to adhere to the contest theme by designing innovative products using wood off-cuts, MTC’s trophies for the winners were also produced from three timber off-cuts.
 
“In encouraging the use of timbers sustainably, we decided to craft the winners’ trophies from timber off-cuts which is also the first time we are doing this. You will notice that none of the trophies are alike because they originate from different parts of various products from three species,” said Madam Noraihan Abdul Rahman.
 
The first, second and third prize trophies were made from Merbau, Penarahan and Tembusu, respectively.

We provided a submission window of just one-and-a-half months during which participants needed to upload photos of their creations to MTC’s Facebook page and garner as much “Likes” as possible,” said Madam Noraihan, adding that the contest was launched in July 2024.
 
She mentioned that MTC is continually seeking innovative ways to emphasise timber’s role in a sustainable ecosystem. “MTC’s commitment goes beyond merely creating trade opportunities for industry stakeholders. We are constantly finding new ways to highlight timber’s unique qualities as a sustainable and eco-friendly material. Our programmes are also designed to educate and engage the public by showcasing timber’s inherent attributes through interactive and inspiring activities,” said Madam Noraihan.
 
Captions with links:
 
• 1.    The coaster painting activity drew attention, with active participation by people of all ages.  (https://mtc.com.my/BERNAMA%20PR/MTC-17.jpg) 
• 2.    Winner of the Public category - Flexilamp by Ms. Noorashikin Othman
(https://mtc.com.my/BERNAMA%20PR/MTC-22.jpg)
(https://mtc.com.my/BERNAMA%20PR/MTC-60.jpg)
• 3.    Winner of the Student category – Rustic Desk Lamp by Kolej Vokasional Batu Pahat
(https://mtc.com.my/BERNAMA%20PR/MTC-20.jpg)
(https://mtc.com.my/BERNAMA%20PR/MTC-4.jpg) 

About the Malaysian Timber Council
The Malaysian Timber Council (MTC) was established in January 1992 to promote the development and growth of the Malaysian timber industry globally. MTC's main objectives are to promote the Malaysian timber trade and develop the market for timber products globally, to promote the development of the industry by upgrading the industry's manufacturing technology base, to augment the supply of raw materials, to provide information services and to protect and improve the Malaysian timber industry's global image. Further information on the Council’s activities can be obtained from www.mtc.com.my.

Issued by the Malaysian Timber Council

SOURCE: Malaysian Timber Council

--BERNAMA

Hong Kong In The City Of Light: Beloved "Cha Chaan Teng" At Art Basel Paris

KUALA LUMPUR, Oct 21 (Bernama) -- Hong Kong Tourism Board (HKTB) has successfully launched the first activation in its pioneering three-year global partnership with Art Basel, welcoming visitors worldwide to a Hong Kong-style café, a “Cha Chaan Teng”, within the Grand Palais, from Oct 18 to 20.

Visitors enjoyed an array of Hong Kong delicacies, including pineapple buns, egg tarts, mango pudding, and ‘Yuen Yang’ milk tea, as well as a special chandelier-like illuminated installation by Hong Kong-based artist Trevor Yeung.

This new artwork forms part of Yeung’s Chaotic Suns series, last seen at the 24th Biennale of Sydney (2024), perfectly illuminating the traditional décor of the cha chaan teng, with cosy booth seating and eclectic floor tiles.

HKTB Executive Director, Dane Cheng said in a statement it has been a pleasure to witness the enjoyment of visitors trying the authentic culinary offerings and looked forward to welcoming more fair attendees to immerse themselves in Hong Kong’s unique culture and hopefully welcome them to the city in the near future.

Meanwhile, Art Basel Hong Kong Director, Angelle Siyang-Le said: “This holistic presentation underscores the vital connection between artists and their local cultures. We eagerly anticipate welcoming guests to explore Art Basel Hong Kong next March and to experience the city's vibrant and expanding cultural landscape.”

The positioning of the Cha Chaan Teng within the locality of Paris encapsulates Hong Kong’s intrinsic ‘East meets West’ culture and fortifies Hong Kong’s position as Asia’s arts and culture hub.

By spotlighting the city within the context of a world-class arts platform, HKTB provided enjoyment and enhanced understanding of Hong Kong living culture for thousands of international art and culture lovers.

HKTB is also excited to build on the success of its first activation at Art Basel Paris, travelling to Art Basel Miami Beach scheduled later this year on Dec 6 to 8, with another themed pop-up showcasing Hong Kong culture.

Plans are also already underway for its anticipated activation in its home city during Art Basel Hong Kong from March 28 to 30, 2025, for which more details will be announced in due course.

-- BERNAMA

DASSAULT SYSTÈMES, MARII AND FEIRAN TECHNOLOGY SIGN MOU TO DRIVE DIGITAL TRANSFORMATION, POSITIONING MALAYSIA AS ASEAN'S NEXT AUTOMOTIVE HUB

 

Patrick Ong, Leader CPE AP South, Dassault Systèmes, Azrul Reza Aziz, CEO MARii, and Shabudin Md Saman, Managing Director Feiran Technology.

· The Memorandum of Understanding aims to define the framework and potential collaboration model for a Center of Excellence (COE) focused on digital innovation and professional skill development.
· Leveraging Dassault Systèmes’ 3DEXPERIENCE platform, the COE will include an Automotive Styling Studio, a Big Data Analytics Center, and a Robotics Center to tackle challenges in the automotive sector.
· The collaboration will establish Malaysia’s first Dassault Systèmes Training and Certification Center by the Malaysia Automotive, Robotics and IoT Institute (MARii), offering comprehensive certification in product design, manufacturing, simulation, and collaborative operations.

KUALA LUMPUR, Malaysia, Oct 21 (Bernama) -- Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA), the Malaysia Automotive, Robotics and IoT Institute (MARii) and Feiran Technology today announced the signing of a Memorandum of Understanding (MoU). The partnership aims to drive growth and innovation within Malaysia’s automotive sector by aligning technology, industry expertise, and education to foster sustainable competitiveness in the global market while positioning Malaysia as the next automotive hub in ASEAN.

The MoU outlines a comprehensive framework to support the establishment of a Center of Excellence (COE) dedicated to digital innovation and professional skill development. Leveraging Dassault Systèmes’ 3DEXPERIENCE platform, the COE will focus on developing the workforce of the future through targeted training and certification programs. Key initiatives within the COE include an Automotive Styling Studio, a Big Data Analytics Center, and a Robotics Center, designed to address real-world industry challenges while positioning Malaysia as a leader in automotive innovation.

A significant milestone of this MoU is the creation of Malaysia’s first Dassault Systèmes Training and Certification Center within the COE. Equipped with advanced capabilities, the center will offer comprehensive certification across product design, manufacturing, simulation, and collaborative operations. These programs aim to upskill the local automotive workforce, enabling them to adopt the latest digital tools and methodologies.

Additionally, Dassault Systèmes will serve as an advisor for MARii’s initiatives, providing insights on emerging technologies such as electric vehicles and sustainability. By facilitating knowledge transfer and access to cutting-edge developments, this partnership will empower local stakeholders to embrace innovation, solidifying Malaysia’s position as a leader in automotive innovation in the region.

“The MARii - Dassault Systèmes Training and Certification Center marks a significant milestone in Malaysia's journey to build a globally competitive automotive ecosystem. Aligned with the National Automotive Policy 2020 and the New Industrial Master Plan 2030, the center will serve as a catalyst for nurturing a future-ready workforce, equipped to seize emerging opportunities in the dynamic automotive market,” said Azrul Reza Aziz, Chief Executive Officer of MARii.

"With over 20 years as Dassault Systèmes' platinum partner, Feiran Technology has been at the forefront of bringing world-class digital solutions to Malaysia. Combined with our deep understanding of the local market, we look forward to elevating Malaysia's automotive sector to new heights of global competitiveness with MARii,” said Shabudin Md Saman, Managing Director, Feiran Technology.

"Our collaboration with MARii and Feiran Technology seeks to empower Malaysia's automotive workforce through virtual twin solutions powered by the 3DEXPERIENCE platform. Developing digital talent will give Malaysia a competitive edge across the entire automotive value chain. Unlocking the industry’s potential is key to driving sustainable innovation," said Samson Khaou, Executive Vice President, Asia-Pacific, Dassault Systèmes.

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For more information:

Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

About Dassault Systèmes
Dassault Systèmes is a catalyst for human progress. We provide business and people with collaborative virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the real world with our 3DEXPERIENCE platform and applications, our customers can redefine the creation, production and life-cycle-management processes of their offer and thus have a meaningful impact to make the world more sustainable. The beauty of the Experience Economy is that it is a human-centered economy for the benefit of all –consumers, patients and citizens. Dassault Systèmes brings value to more than 350,000 customers of all sizes, in all industries, in more than 150 countries. For more information, visit www.3ds.com

© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

About MARii
Malaysia Automotive, Robotics & IoT Institute (MARii), is an agency under the Ministry of Investment, Trade and Industry (MITI). Serving as the focal point, coordination centre and think tank for the nation’s automotive industry, it functions to enhance technology, human capital, supply chain, market outreach and aftersales capabilities of all automotive stakeholders and ecosystems.

MARii serves to spur the development of smart systems through the implementation of digital technologies with a special focus on big data analytics and artificial intelligence, including automotive and connected mobility ecosystem.

To find out more about MARii, please visit us at www.marii.my.

SOURCE: Malaysia Automotive, Robotics & IoT Institute (MARii)

FOR MORE INFORMATION PLEASE CONTACT:

Dassault Systèmes Press Contacts
Corporate / France
Name: Arnaud MALHERBE
Tel: +33 (0)1 61 62 87 73
Email: arnaud.malherbe@3ds.com

North America
Name: Natasha LEVANTI
Tel: +1 (508) 449 8097
Email: natasha.levanti@3ds.com

EMEA
Name: Virginie BLINDENBERG
Tel: +33 (0) 1 61 62 84 21
Email: virginie.blindenberg@3ds.com

China
Name: Grace MU
Tel: +86 10 6536 2288
Email: grace.mu@3ds.com

Japan
Name: Reina YAMAGUCHI
Tel: +81 90 9325 2545
Email: reina.yamaguchi@3ds.com

Korea
Name: Jeemin JEONG
Tel: +82 2 3271 6653
Email: jeemin.jeong@3ds.com

MARii Press Contact
Name: Nurul Ainaa Mazlan
Tel: +60 010-2396969
Email: nurulainaa@marii.my

--BERNAMA

MIA'S PROPOSALS FOR BROADENING OF THE TAX BASE AND E-INVOICING REFLECTED IN BUDGET 2025 MEASURES

 

Malaysian Institute of Accountants (MIA)

KUALA LUMPUR, Oct 21 (Bernama) -- As the regulator and developer of the profession the Malaysian Institute of Accountants (MIA) is delighted that certain of its proposals are addressed within the measures in Budget 2025, reflecting its relevance as the voice of the profession.

MIA is a strong advocate of fiscal responsibility which is a key focus of the budget. “The Institute applauds the continuity of fiscal reform initiatives to further strengthen the Government's fiscal position towards meeting the fiscal deficit target of 3% and a debt-to-GDP ratio of 60% in the medium term, as stipulated under the Public Finance and Fiscal Responsibility Act 2023,” said President of the MIA, Dato’ Seri Dr Mohamad Zabidi Ahmad.

MIA commends the Budget’s emphasis on broadening of the tax base to support fiscal responsibility. A key measure is enhancing the Sales and Service Tax (SST) to make it more progressive starting 1 May 2025. Sales tax will not apply to basic food items but higher sales taxes will be imposed on imported premium goods. Revenue from this expansion will be used to increase cash aid for the public, ensuring broader support for low-income households.

“The above is in line with one of the proposals submitted by the Institute to the Government to broaden consumption taxes. This will curb the loss of revenue from direct taxes as part of a long-term reform of the tax system,” mentioned Dato’ Seri Dr Mohamad Zabidi.

To broaden the tax base, the Government is also focusing on taxing the wealthy by imposing a dividend tax. Beginning in 2025, individual shareholders receiving over RM100,000 in dividends will face a 2% tax on the amount exceeding this threshold. “The proposal aims to increase the Government’s revenue by targeting high-income earners. This measure seeks to balance fairness in taxation without overburdening lower income earners,” said Dato’ Seri Dr Mohamad Zabidi.

As a strong advocate for tax transparency and tax governance, the Institute welcomes the Government’s e-Invoicing measures. This includes an accelerated capital allowance for the purchase of computer equipment and software for e-invoicing, allowing claims over two years. “This initiative partially aligns with the proposal submitted by the Institute to the Government in July 2024,” said Dato’ Seri Dr Mohamad Zabidi.

As a proponent of flexible work arrangements, which has been normalised at the Institute, MIA welcomes the additional 50 percent tax deduction on the cost of capacity development and purchase of software to be incurred by employers in implementing flexible work arrangements.

As partners to businesses, accountancy professionals must be equipped with the requisite tools and knowledge to supply the necessary services to the market. MIA welcomes the proposal of HRD Corp to utilise RM3 billion to provide three million training opportunities. “This will boost the upskilling of Malaysian professionals to be future relevant for emerging economic opportunities,’’ mentioned MIA’s Chief Executive Officer Dr Wan Ahmad Rudirman Wan Razak.

Accountancy Professionals will also need to be future proof to drive the Malaysian sustainability agenda. In line with this agenda the Institute has launched the MIA Sustainability Blueprint for the Accountancy Profession, which guides accountants to align their practices with sustainability imperatives.

“The profession is committed to supporting the Government and business community in various sustainability /ESG initiatives announced in Budget 2025,” said Dr Wan Ahmad Rudirman. He noted that the profession would be able to apply their expertise in the following areas:

· Advisory on emerging economic and business opportunities from Malaysia’s net zero agenda especially the allocation of RM300 million and Green Technology Financing Scheme (GTFS) up to RM1 billion ringgit by 2026, which will support efforts to decarbonise Malaysia’s manufacturing industries.
· Advisory on the introduction of Carbon Tax on the iron and steel industries by year 2026, which supports low carbon technology usage. The tax collection will be beneficial in sponsoring green research and development activities.
· Support for the business continuity and resilience of local suppliers involved in Sustainable Supply Chain Effort.

Dr Wan Ahmad Rudirman welcomes the Budget’s focus on digital transformation and the allocation of funds for AI adoption, cyber security, special tax incentives for technology education and SME digitalisation. The Institute has been actively advocating for technology adoption in the profession to enhance the productivity and ensure future relevance of accountancy professionals. “These key initiatives will be critical in strengthening digital transformation and upskilling of the necessary talent needed for Malaysia’s shift to higher value-added investment such as in data centres,’’ said Dr Wan Ahmad Rudirman. These initiatives include:

· Allocating RM10 million to the National AI Office (NAIO) to enhance AI usage through collaboration with academia and industry as well as expansion of AI education to all research universities with funding increased to RM50 million, an increase from this year's RM20 million.
· Curbing increasing cyber security issues with additional allocation of RM 10 million for the National Cyber Security Agency (NACSA) and a further increase of 100 personnel to fulfil the commitment to strengthen the country's cybersecurity and the enactment of the Cyber Security Act 2024. A National Fraud Portal has been launched in an effort to combat online fraud. The portal facilitates the detection of suspicious transactions automatically.
· Introduction of special tax incentives to Institut Pengajian Tinggi Swasta (IPTS) offering new courses in digital technology, Artificial Intelligence (AI), robotics, Internet of Things (IOT), FinTech and sustainable technology. This addresses talent shortage issues. Based on the report published by MIA on technology adoption by the accounting profession in Malaysia, the lack of talent to utilise technology effectively was identified as the top barrier of technology adoption.

As an advocate for business resilience, MIA lauds the Government’s efforts to support the micro, small, and medium enterprises (MSMEs) by providing financial assistance, digitalisation grants and loans. These include:

· RM50 million allocated for the MSME Digital Matching Grant and the Digital Grant under BSN to help local entrepreneurs remain competitive in the market.

· RM100 million provided by the Malaysian Communications and Multimedia Commission (SKMM) over a period of 5 years to empower the National Information Dissemination (NADI) Centres across the country as community platforms to increase income through online entrepreneurial activities.

· RM40 billion allocated for loan facilities and loan guarantees under various Government agencies include:

- Micro loans for SMEs valued at RM3.2 billion will be provided under Tabung Ekonomi Kumpulan Usaha Niaga (TEKUN) dan Bank Simpanan Nasional (BSN) to support SMEs including Orang Kurang Upaya (OKU), Chinese and Bumiputera Communities.
- RM6.4 billion loan under Bank Pembangunan Malaysia Berhad to support sectors involved in infrastructure development, digitalisation, tourism, logistic and transportation, as well as renewable energy and transition.
- RM20 billion loan guarantees under SJPP including RM5 billion for Bumiputeras.
- SME loans valued at RM3.8 billion under BNM to support entrepreneurs towards automation and digitalisation in addition to continuingly supporting sectors involved in agrofood and sustainable practices.
- RM650 million allocated specifically to support women and youth entrepreneurs.
- To preserve human capital, social welfare, and the well-being of the Indian community, RM130 million has been allocated specifically to implement various programs, including financing for Indian community businesses.

Islamic Finance is a key area of advocacy for the Institute in line with the national agenda. The budget included 3 key measures as follows:

· A commitment of RM100 million under the MADANI Economy to advance innovation in Islamic finance. These include strategic partnerships in an effort to support the transition towards greener and more sustainable practices. MIA promotes Islamic finance through engagement and collaborations with relevant stakeholders and regional accountancy bodies to promote the adoption of global standards. MIA also collaborated with IFAC and the World Bank on a roundtable report titled Unleashing the Potential of Islamic Finance – Global Perspective on Achieving the SDGs with Islamic Finance Tools and Concepts.
· Provision of RM10 million to support joint venture in enhancing the understanding and adoption of the universal Islamic economic values.
· 100 auditors to be increased under Jabatan Kemajuan Islam Malaysia (JAKIM) to expedite the issuance of halal certification. In line with this emphasis on governance, MIA is currently engaging in several initiatives to advocate Shariah audit including the publication of Shariah Audit White Paper and the development of a Shariah Audit Guide.

As the regulator of the profession, the Institute strongly advocates for improving public financial management systems in support of good governance and sustainability. The continuity of fiscal reform initiatives, as stipulated under the Public Finance and Fiscal Responsibility Act 2023 is aimed at providing provisions for the government’s fiscal responsibility, accountability, governance, and transparency in managing public finances and fiscal risks.


The Institute is committed to protecting the public interest and acting in accordance with the profession’s code of ethics. This will be facilitated by the Government’s steadfast commitment to transform and improve the public service delivery, through initiatives such as the National Bribery Eradication Strategy, amendments to the Audit Act 1957 and bureaucracy reform promoting accountability and transparency. In parallel with the Fiscal Responsibility Act, the Public Administration Efficiency Commitment Bill will be drafted, focusing on three major shifts: reducing bureaucracy, accelerating processes, and enhancing service efficiency.

NOTE TO EDITOR:

About the Malaysian Institute of Accountants (MIA)
Established under the Accountants Act 1967, MIA is the national accountancy body that regulate, develops, supports and enhances the integrity, status and interests of the profession in Malaysia. MIA accords the Chartered Accountant Malaysia or “C.A. (M)” designation. Working closely alongside businesses, MIA connects its membership to a wide range of information resources, events, professional development and networking opportunities. Presently, there are close to 40,000 members making their strides in businesses across all industries in Malaysia and around the world.

MIA’s international involvement and connections are reflected in its membership of regional and international professional organisations such as the International Federation of Accountants (IFAC) and the ASEAN Federation of Accountants (AFA). For more information on MIA, visit www.mia.org.my

SOURCE: Malaysian Institute of Accountants (MIA)

FOR MORE INFORMATION, PLEASE CONTACT:
MIA STRATEGY COMMUNICATIONS & BRANDING
E-mail: communications@mia.org.my

Name: THANE MEYYAPPAN
Tel: +60122489534

Name: MOHD FAIZ OTHMAN
Tel: +60126225027

--BERNAMA