Business news summary May 10 to 16


Malaysia remains on track to achieve the forecast Gross Domestic Product (GDP) growth of between 6.0 per cent and 7.5 per cent in 2021, Bank Negara Malaysia said.

Business summary May 10 to 16

Corporate News

Japanese blockchain company plans to make Malaysia regional hub

  • Japanese blockchain development company, Chaintope Inc, plans to make Malaysia its regional hub in Southeast Asia to support green energy and the government's digital transformation projects.
  • Chaintope chief marketing officer Junya Yoshizaki said Malaysia is an ideal location for the company's global footprint with its high English proficiency, stable environment and cost competitiveness.
  • He is also chief operating officer of Chaintope's Malaysian subsidiary, Chaintope Malaysia Sdn Bhd's
New counter operating hours at EPF offices nationwide
  • The Employees Provident Fund's (EPF) counter operating hours under the Movement Control Order (MCO) will be from 8.30 am until 3pm, starting May 16 until June 7.
  • All EPF branches will continue to strictly observe physical distancing and other preventive standard operating procedures (SOPs) in mitigating the spread of Covid-19.
  • If members need further clarification, they can contact the EPF Contact Management Centre at 03-8922 6000 or refer to the EPF website

Teo Seng invests in new equipment

  • Poultry company Teo Seng Capital Bhd expects to stage an improved performance in 2021, supported by its efforts to enhance efficiency across its businesses.
  • Teo Seng said it will continue to invest in waste management facilities along with the expansion of its production capacity.
  • The investment into waste management facilities would allow the group to mitigate any negative risks from its operations on the environment, human resource, workplace, social and community.

Banking

Blanket loan moratorium not best soution, Bank Negara says

  • A blanket loan moratorium may not be the best solution for borrowers following the re-imposition of the Movement Control Order (MCO) nationwide; instead they should approach banks to help them meet their debt obligations, Bank Negara Malaysia said.
  • Bank Negara Governor Datuk Shamsiah Mohd Yunus said all banks already have their payment assistance plans, including targeted loan moratoriums, which can be offered to borrowers who have lost their jobs or suffered a reduction in income.
  • Nor Shamsiah was responding to questions on whether the central bank would consider another round of moratorium after the government announced the nationwide MCO 3.0 from May 12 until June 7 due to the increasing number of new COVID-19 cases daily.
Bank Negara: Malaysia on track for 6% to 7.5% GDP growth
  • Malaysia remains on track to achieve the forecast Gross Domestic Product (GDP) growth of between 6.0 per cent and 7.5 per cent in 2021, Bank Negara Malaysia said on Tuesday.
  • Bank Negara Governor Datuk Shamsiah Mohd Yunus said the growth would be reinforced by the recovery in domestic demand as the index of retail trade turned around to register a positive growth of 9.6 per cent in March 2021 after been in negative territory in the preceding five months.
  • Gradual improvements in employment and considerable improvements in the external demand would also anchor the economic growth this year, she said, adding that the International Monetary Fund had revised upward the global growth for 2021 to 6.0 per cent in April from 5.5 per cent in January.
Cryptocurrency

Dogecoin pops after Musk tweets about 'promising' system improvements (Update)

  • Dogecoin rose from about US$0.43 to $0.52 on the Binance cryptocurrency exchange immediately after the tweet.
  • Near worthless in late 2020, dogecoin has surged to become the fourth-largest cryptocurrency by market cap, according to CoinMarketCap. com, and is up more than a hundredfold this year as speculators have piled in to the asset class.
Tesla stops taking bitcoin payments for vehicles over climate concerns
  • Tesla Inc has suspended the use of bitcoin to purchase its vehicles, Chief Executive Officer Elon Musk said in a tweet on Wednesday, citing concerns about the use of fossil fuel for bitcoin mining.
  • Bitcoin, the world's biggest digital currency, fell more than 7% after the tweet and was trading at $52,669.
  • Musk said Tesla would not sell any bitcoin, and intends to use bitcoin for transactions as soon as mining transitions to more sustainable energy.
Commodities

CPO futures to move higher next week

  • The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to move higher next week, underpinned by the improving export data.
  • Singapore-based Palm Oil Analytics' owner and co-founder
  • Dr Sathia Varqa said this was based on the cargo surveyor Intertek Testing Services data, which showed Malaysia's exports for the May 1-10 period up by 29.63 per cent to 447,225 tonnes from 345,010 tonnes in the same period in April 2021.
Palm oil surges to RM4,524, joins global farm boom
  • Palm oil is the latest product to be swept up in the global commodity rally, deepening concerns about food inflation that's already at the highest in seven years.
  • The world's most consumed edible oil, used in everything from chocolate to lipstick and soap, saw the third-month contract surge by RM174 to RM4,524 a tonne at 12.30pm on Wednesday, in Kuala Lumpur.
  • Prices of everything from soybeans to wheat, corn and vegetable oils have soared at a time when industrial commodities have been climbing too, threatening to rekindle global inflation and spur increases in interest rates.
Insurance

AmMetLife offers post-Covid-19 vaccination coverage

  • AmMetLife Insurance Bhd (AmMetLife) will extend post-Covid-19 vaccination coverage for all existing and new medical plan customers.
  • This year, AmMetLife announced a RM1mil Covid-19 Fund to support customers with the protection they need in mitigating the effects of the pandemic.
  • With the coverage, a cash relief of RM300 will be paid to customers who are diagnosed with Covid-19 after receiving the vaccination.

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Chaintope , EPF , Bank Negara , GDP , Teo Seng , crude palm oil

   

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