IN Malaysia
Gaji naik yahuu but with great gaji comes greater responsibility
After announcing the pay hike for public servants, a 15% salary adjustment for civil servants in the implementing, management and professional groups and 7% for those in top management, PM Anwar Ibrahim has called on civil servants to improve their quality of work. No more slacking moving forward as Malaysians have the right to report to the appropriate parties if they see any, says PM Anwar.
Every time Putrajaya announces anything, the domino effect will also be felt in other sectors. The cost of doing business may increase in Malaysia as Human Resources Minister Steven Sim said that the proposal for a new minimum wage is expected to be presented at a Cabinet meeting next month. Sim previously stated that the government would review the minimum wage, which was last updated in May 2022, raising it from RM1,200 to RM1,500.
The recent Monkey Pox outbreak may be a money pot for some
The Health Ministry is increasing its surveillance and advocacy activities following the issuance of a Public Health Emergency of International Concern (PHEIC) by the World Health Organisation (WHO). The declaration of WHO’s highest alert is for the second time, as the first time Monkey Pox (Mpox) was declared a PHEIC was in July 2022, and the status was reversed back in May 2023 after the outbreak came under control. At the moment, the Mpox cases in Congo are quite severe, with 15,600 cases and 537 deaths reported in 2024. Our neighbouring country Indonesia has 14 confirmed Mpox cases year-to-date.
Source: https://www.straitstimes.com/asia/se-asia/malaysia-on-high-alert-over-mpox
While the whole world is wary of another COVID-19-like pandemic, glove stocks rejoiced. Top Glove Corp Bhd (KL:TOPGLOV), the world’s largest glove maker by capacity, rose as much as 8.42% to an intraday high of RM1.03 before closing at 99 sen. Besides Top Glove, the other three major glove stocks also saw their share prices up. Hartalega (KL:HARTA) finished nine sen or 3.35% higher at RM2.78, Kossan (KL:KOSSAN) was up five sen or 2.5% to RM2.05, and Supermax Corp Bhd (KL:SUPERMX) was up 2.5 sen or 2.87% to 89.5 sen.
Source: https://theedgemalaysia.com/node/723288
Shorts
- IJM Corp Bhd has bagged RM561 mil worth of contracts to build data centres in Johor and an industrial manufacturing facility in Penang. For the latter, it is related to the construction of a 560,000 sq ft electrical and electronics (E&E) manufacturing and warehousing facility within Bandar Cassia Technology Park in Batu Kawan, Penang.
- Putrajaya has launched the Bumiputera Economic Transformation Plan 2035 (PuTERA35) which set a target to have 70% of the country’s high-skilled jobs be occupied by the Bumiputera, up from 61% in 2022, amongst others.
Putrajaya has set a 2035 deadline to achieve all of these targets. The last time such an audacious Bumiputera economic empowerment plan existed was in the form of the New Economic Policy, touted by former PM Tun Abdul Razak in 1970.
Source: https://theedgemalaysia.com/node/723348
Around the S.E.A.
Thailand’s economy is unfazed by the unstable political scene of the country
Despite Thailand undergoing yet another leadership with the appointment of PM Paetongtarn Shinawatra, the daughter of the former leader Thaksin Shinawatra, to the highest public office in Thailand, Thailand’s economy has been expanding at the fastest pace in five quarters. Its gross domestic product (GDP) recorded a 2.3% growth rate between April and June, compared to the same period last year. The positive economic growth is boosted by tourism and exports. However, Thailand still lags behind its neighbours with below 5% annual growth.
Just a bit of fun fact, Paetongtarn is the fourth individual from the Shinawatra dynasty to become the PM, trailblazed by his father, Thaksin from 2001 until being ousted by a military coup in 2006. Somchai Wongsawat (Thaksin’s brother-in-law) is the second from the clan to become PM in 2008, followed by Yingluck Shinawatra from 2011 to 2014 and now the PM baton is passed to Paetongtarn. One good thing about Paetongtarn’s appointment is that she expressed her desire to work closely with Malaysian PM Anwar Ibrahim to advance Malaysia-Thailand bilateral relations. Hopefully, she will continue former PM Srettha Thavisin’s hard work in bringing prosperity to the Southern Thailand region.
Indonesia is being ‘Mr. Green’
- Jakarta is planning to increase the mix of palm-based biofuels with diesel to 50%, from the current blend of 35% palm oil dubbed B35. The move is made to boost the income of palm oil farmers and reduce the country’s dependency on fossil fuels. While it is good for Indonesia, it may be bad for palm oil importing countries like India as the South Asia nation imports about 60% of its vegetable oil needs and Indonesia’s new biofuel policy will surely increase the risk of a palm oil shortage. Malaysia apa lagi? Start courting India to buy our palm oil instead.
- Other than the public sector, the private sector is also investing a lot in Indonesia’s green energy sector. Malaysia’s reNikola Holdings is planning to invest over RM1 bil to develop 40 compressed biomethane gas projects in Indonesia. reNikola is one of many companies that are working with the Indonesian Government to achieve the latter’s target of meeting a 26% renewable energy mix by 2030.
For your EYES only
Malaysians collectively spend a minimum of 44 hours per month stuck in traffic, essentially translating to nearly two full days every month spent in traffic congestion. And how do we solve our traffic woes – by building more lanes of course. Does it work? – you tell us.
— Ernest is: scrutinising some docs…📑🧐🔍 (@ErnestOnPT) August 19, 2024
