Summary of business stories from April 19 to 25

Fasten your seatbelts, inflation is here

  • CPI is expected to rise across the world, driven not only by higher pump prices due to the low base effect, but the rise of all sort of raw materials, commodities and input cost.
  • For the US, driving the hike in the March CPI, which was above expectations, was of course the gasoline index, which rose by 9.1% in March and accounting nearly half the CPI jump in the month of March.

CIMB’s new compensation plan

  • The plan will see its key executives receiving their full bonuses or incentive payouts only in three to four years' time from now, and not yearly as they normally do.
  • The value of the payouts they receive will depend on the company's share price performance at the point of cashing in.

Mah Sing to start glove production next month

  • Property developer Mah Sing Group Bhd will start its glove operations next month.
  • At a media tour of its new plant near Setia Alam today, the company said it has successfully completed the testing and commissioning of its first two glove production lines in its first glove manufacturing factory in Kapar, Klang.
  • The glove manufacturing venture will complement its existing property division as the property market is cyclical and it focuses more on the domestic market, it said.

Nazir Razak is Bank Pembangunan chairman

  • BPMB said Nazir succeeds Datuk Zaiton Mohd Hassan, who retired in February after having served for two years.
  • Commenting on his appointment, Nazir said he was grateful for the opportunity to serve a government institution and bring the years of experience he had in the financial sector.
  • The bank provides medium to long-term financing to sectors of strategic importance to the nation and places particular importance on impact financing, which channels capital to address social issues and development priorities.

DBS, StanChart weigh bids as Citi retreats from Asia consumer business - sources

  • Banks including DBS Group, Mitsubishi UFJ Financial Group (MUFG), OCBC and Standard Chartered are set to bid for parts of Citigroup's consumer business in Asia, people with direct knowledge of the matter said.
  • The move comes after Citi said it would exit from its consumer franchises in 13 markets, 10 of which are in Asia, as it refocuses on its more lucrative institutional and wealth management businesses in these markets.
  • As Citi is not giving up its banking licences in most of the markets it is exiting, the sale of the consumer banking portfolios and branches will only appeal to lenders with existing presence in these countries, the people said.

MAHB plans RM1.3bil investment to transform Subang Airport

  • Malaysia Airports Holdings Bhd (MAHB) is eyeing a total investment of RM1.3bil for Subang Airport's regeneration development (SZB) that will transform it from an airport operator to an ecosystem master developer and aviation hub in the Asia-Pacific.
  • KLIA Aeropolis Sdn Bhd head Randhill Singh said RM300mil would be needed for the common infrastructures and RM1bil for building lettable facilities such as hangers; factories; maintenance, repair and operations (MRO); and workshops.
  • KLIA Aeropolis is MAHB's subsidiary tasked to undertake land development for the airport operator's network of airports nationwide.

Aerospace industry to rebound next year

  • The Malaysian aerospace industry will be able to rebound and regain pre-pandemic revenue levels by as early as next year, if the country can continue capturing new work packages that positively impact the entire ecosystem through product localisation.
  • Minister Datuk Seri Azmin Ali said the recovery will be expedited if the industry can further expand its air cargo services, business aviation, maintenance, repair and operation (MRO) as well as professional training services.
  • In line with global developments in the area of environmental, social and governance benchmarks, the domestic aerospace sector will also help contribute to the reduction of carbon emissions, through the use of greener materials using Malaysian-grown biomasses, bio-jet fuel and advanced technologies.

V-shape recovery ahead

  • Some economists are of the view that the country may see a V-shape economic recovery this year, underpinned by several factors like the global economic growth, pick up in the immunisation programme and improvement in consumer spending.
  • A V-shape recovery is where a sharp decline in the economy is followed by a rapid recovery back to its previous peak, bolstered especially by economic measures and strong consumer spending.
  • Except for the Dot-com Bubble, Malaysia's gross domestic product (GDP) contracted significantly by 11.2% year-on-year (y-o-y) and 5.8% y-o-y during the AFC and the GFC respectively, as compared to a decline of 0.4% y-o-y during the 2000 crisis.

MSC on a roll as tin prices rally

  • According to the International Tin Association (ITA), tin prices have been rising up by over 30% so far this year amid tightness in the physical supply chain in both the United States and Europe while flows from Asia have been disrupted by backlogs in the container shipping market.
  • Consumption for the metal continues to be strong due to the higher demand for EVs, growth in US home-building, and as remote working boosted demand for computers and other electronic devices.
  • ITA noted the global market has been in a supply deficit for the last three years.

Kwasa Land in residential tie-up with YTL Corp

  • Kwasa Land, a wholly-owned subsidiary of the Employees Provident Fund Board and master developer of the Kwasa Damansara township, has tied up with YTL Corp Bhd to develop a residential project worth RM200mil.
  • Kwasa Land said it had signed a development rights agreement with YTL's wholly owned subsidiary, Syarikat Pembenaan Yeoh Tiong Lay (YTL Construction), for the proposed development.
  • Catered to various market segments and lifestyle needs of home buyers for a healthier and balanced lifestyle, the companies said the residential development will be surrounded by green spaces.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

The rise of online financial fraud in Malaysia
Cybersecurity experts share their views
Letter to the editor
Dutch Lady losing dividend appeal
Currencies crack as dollar dominates
Stable currency is a must for the economy
Persistent overhang
Kechara Soup Kitchen set for expansion
Making peanut butter cool again
The winding road to a 15% global minimum tax

Others Also Read