IN Malaysia
Not a good day to be in business in Malaysia, at least not for Astro
Astro Malaysia Holdings Bhd’s interim stay application against the Inland Revenue Board (IRB) has been granted by the High Court yesterday, temporarily giving Astro extra time before they need to pay RM734.88 mil of additional tax of two of its subsidiaries for the years between 2018 to 2023. The judge who granted the temporary stay, Judge Ahmad Kama Md Shahid deemed that the tax sum imposed on Astro Shaw Sdn Bhd (ASSB) and Measat Broadcast Network Systems Sdn Bhd was too high, about half of Astro’s market capitalisation of RM1.59 bil.
Source: https://theedgemalaysia.com/node/721236
Malaysia among the most vulnerable if Trump gets his second term as President
Australia and New Zealand Banking Group (ANZ) stated that Malaysia will be the most affected victim of a global trade war if Donald Trump wins the next US Election. ANZ predicted that a Trumpified USA will impose an import tariff on all US imports. Even a 10% tariff, that is proposed by Trump, could trigger another global trade war that would leave export-oriented and manufacturing-heavy economies such as Malaysia to be thrown under the bus. Malaysia is not alone in this potential worst-case scenario as Taiwan, Vietnam, Thailand, and South Korea also share similar economic structures akin to ours. At the moment, Malaysia controls 7% of the global semiconductor market and we can say goodbyes to this if there are shifts in the electronics integrated circuit supply chain in the future. Perhaps it is high time for Putrajaya to not put all of its economic eggs in one basket and start enhancing intra-SEA economic cooperation and not be too reliant on either the US or China.
Source: https://theedgemalaysia.com/node/721248
The northern border is getting an RM100 mil TLC (tender loving care)
rior to his meeting with Thailand Prime Minister Srettha Thavisin on Saturday, PM Anwar Ibrahim announced an additional allocation of RM100 mil to enhance security facilities along the northern border of the peninsula. With this additional money in the coffer for border security, hopefully, it will smoothen the conversation between both PMs. In their previous meetup last November, the duo discussed expediting the construction of key connectivity projects including the road alignment between the new Customs, Immigration, and Quarantine (CIQ) facility in Sadao and Bukit Kayu Hitam.
Around the S.E.A.
Thai welcomes more Malaysians to southern Thailand
The Tourism Authority of Thailand (TAT) welcomes Malaysians onboard the ‘Special Charter Sawasdee Train’ that departed from KL Sentral to Thailand’s Hat Yai Junction. This special charter train service scheduled by KTM Berhad operates during Malaysia’s public holidays and school holidays and a one-way trip takes about 11 hours. TAT Governor Thapanee Kiatphaibool said that Hat Yai in Songkhla is one of the most popular Thai destinations for Malaysians. According to the Thai Tourism and Sports Ministry, Malaysians top the list of international visitors to Thailand in 2023, amounting to 4.56 mil visitors.
More Malaysians are set to visit Thailand in the future as Bangkok announced new visa regulations that include a 60-day visa-free last month. Malaysia is one of the 93 countries around the world to be given these privileges.
Step aside China, Thailand is now the new EV tiger of Asia
While electric vehicle (EV) manufacturing is lacklustre in some parts of the world, Thailand literally does not give a damn as Thailand’s investment promotion arm, the Board of Investment (BOI) has approved at least 24 projects by car makers to produce electric vehicles of all types such as battery electric vehicles and hybrid electric vehicles in the country. The BOI projected that the number of investments channelled towards EV industries will be more than USD5.5 bil and this feat should be attributed to Thai PM Srettha Thavisin’s policy to reduce EV excise tax (from 8% to 2%) and provide up to 40% import duties rebate for completely built-up (CBU) units. CBU stands for Completely Built Units which are vehicles that are shipped in one piece and do not need to be assembled locally. Conversely, CKD which stands for Completely Knocked Down are vehicles that are shipped in parts and assembled at the dealership or factory domestically.
Source: https://www.channelnewsasia.com/asia/thailand-ev-hub-byd-zero-emissions-vehicles-carbon-tax-4516486
South Korea’s export figures are booming, thanks to increased chip demand
Despite performing below market expectations, South Korea’s exports still recorded its highest growth rate in six months, recording a 13.9% year-on-year growth to USD57.49 bil in July. The export growth is powered by the out-shipment of semiconductors which has been increasing by 50.4% for the ninth consecutive month. Previously in May, South Korean President Yoon Suk-yeol announced a USD19 bil stimulus package to prop up the country’s semiconductor industry. The stimulus package is on top of private sector-led investments to the tune of USD456 bil to build the world’s largest chip centre. South Korea is home to the world’s top memory chipmakers Samsung Electronics and SK Hynix. Semiconductor is the new oil and East Asia is the main theatre of this semiconductor war between Taiwan, China and now South Korea.
For your EYES only
Revenge is the best motivation for success and Chinese swimmer Pan Zhanle epitomised it. After being ignored by Australian swimmer Chalmers and disrespected by Alexy of the US team, Pan Zhanle delivered sweet revenge on a golden platter as he swam passed the pack to clinch gold in the 100-meter freestyle at the Paris Olympics. Oh, and one more, Pan Zhanle also set a new world record for the event.
Pan Zhanle: “Before the 4×100 relay on the first day, I greeted Chalmers [Australian swimmer] and he simply ignored me. Alexy of the US team, when we were training, splashed water on my coach; it just felt like they looked down on us.”
This man let the hate flow through him. https://t.co/KYDzI1MaJx pic.twitter.com/az3N3ZQ3QJ
— Orikron 🇵🇹 (@orikron) July 31, 2024
