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Afghan central bank drained dollar stockpile before Kabul’s fall: report Posted by: superadmin - 09-30-2021, 03:26 PM - Forum: Business, Economy and Investment - No Replies FRANKFURT/MUMBAI – The Afghan central bank ran down most of its United States dollar cash reserves in the weeks before the Taliban took control of the country, according to an assessment prepared for Afghanistan’s global donors, exacerbating the current economic crisis. The confidential two-page brief, written early this month by senior international economic officials for institutions including the World Bank and International Monetary Fund, said the country’s severe cash shortage began before the Taliban took control of Kabul. It criticised how the bank’s former leadership handled the crisis in the months before the Taliban’s conquest, including decisions to auction unusually large amounts of US dollars and move money from Kabul to provincial branches. “FX (foreign exchange) reserves in CB’s (central bank’s) vaults in Kabul have depleted, the CB cannot meet... cash requests,” said the report, seen by Reuters. “The biggest source of the problem is the mismanagement at the central bank prior to the Taliban takeover.” Shah Mehrabi, chairman of the bank’s audit committee who helped oversee the institution before the Taliban took over, and is still in the post, defended the lender’s actions, saying it is trying to prevent a run on the local Afghani currency. - More -   IOI Properties Group lands RM4.65 billion Marina Bay site Posted by: superadmin - 09-30-2021, 03:06 PM - Forum: Business. Economy and Investment - No Replies PETALING JAYA: Locally-based IOI Properties Group has said it is optimistic about the long-term outlook for the Singaporean property market, after it won the auction for a mixed-use hotel and residential site in Marina Bay. Boulevard View, wholly owned by IOI Properties, was the lone bidder for the 7,817sq m site when bidding closed last week, much to the surprise of some analysts according to Forbes, given the site’s location and proximity to the financial district. The Urban Redevelopment Authority announced yesterday it had decided to award the 99-year leasehold site to Boulevard View, which offered S$1.51 billion (RM4.65 billion). The site can accommodate up to 101,629sq m of total floor area, of which 51,000sq m will be allocated for residential use and 26,000sq m will be used for a hotel, while the rest can be used for offices, retail and food and beverage outlets. “The proposed development of residential units and a hotel on the land is expected to meet pent-up demand for city living opportunities within the central business district of Singapore as the last residential launch in the vicinity was Marina One Residences in 2014,” IOI said in a statement to Bursa Malaysia. “Further, the proposed hotel development is expected to complement the group’s existing developments in Singapore and be a valued addition to its investment properties portfolio.” - More -   Huawei founder urges to recruit more foreign talent through research centre Posted by: superadmin - 09-30-2021, 11:38 AM - Forum: Business, Economy and Investment - No Replies Huawei founder urges to recruit more foreign talent through North America research center Huawei founder Ren Zhengfei said in a company internal memo that the company should recruit more foreign talent and turn its North America research and development (R&D) center into a recruitment platform, according to a screenshot of the memo circulating online on Tuesday. In the memo dated August 21, Ren urged to transfer Huawei's R&D center in North America into a talent recruitment center, which is a notable move given the major difficulties and hurdles the company face in the US.  Huawei's North American R&D center was initially located in the US, but Ren said in December 2019 that the company would move the center to Canada, according to several media reports at the time. It was not immediately clear whether the center had been moved. - More -   Bank Negara: Offices, malls in Malaysia may turn emptier with shift to e-commerce Posted by: superadmin - 09-30-2021, 11:20 AM - Forum: Business. Economy and Investment - No Replies Bank Negara: Offices, malls in Malaysia may turn emptier with shift to e-commerce, flexi-work arrangements KUALA LUMPUR, Sept 29 — More and more space in Malaysia’s offices and shopping malls may be left unoccupied, while rental prices for such commercial properties may also go down due to the impact of the Covid-19 pandemic, Bank Negara Malaysia (BNM) suggested today. This would be due to changes such as consumers opting to shop online instead. In its Financial Stability Review for the first half of 2021, BNM noted that occupancy rates and rental rates for shopping complexes and office space have continued to fall. “Average rental rates for office and retail space in the Klang Valley have now declined for four consecutive quarters since the third quarter of 2020,” it said in highlighting the continued downward trend since the July to September 2020 period. - More -   China’s power crunch pushes foreign businesses to invest in factories elsewhere Posted by: superadmin - 09-30-2021, 10:50 AM - Forum: Business, Economy and Investment - No Replies In the last several days, many local Chinese governments have restricted power usage, limiting or even halting factory production. “Some companies were on the fence about investing in China. They choose to not go ahead now,” said Johan Annell, partner at consulting firm Asia Perspective, noting these planned foreign business investments were in the tens of millions of U.S. dollars. “Companies rely on policy stability and predictability,” said Matt Margulies, vice president for China operations at the U.S.-China Business Council.  BEIJING — Abrupt power cuts in parts of China are pushing some foreign companies to invest in other countries instead. In the last several days, many local Chinese governments have restricted power usage, limiting or even halting factory production. The latest curbs come as the country faces a shortage of coal to generate electricity, and regional authorities are under increased pressure to comply with the central government’s call to reduce carbon emissions. “Some companies were on the fence about investing in China. They choose to not go ahead now,” said Johan Annell, partner at Asia Perspective, a consulting firm that works primarily with Northern European companies operating in East and Southeast Asia. - More -   The oranges and grapes we eat are infested with pesticides Posted by: superadmin - 09-30-2021, 10:38 AM - Forum: Health News - No Replies RESEARCH carried out in the United Kingdom shows that the most polluted produce sold on market stalls are oranges and grapes. The scientists who conducted the study found no less than 122 pesticide residues, toxic to human health and the environment, some of them carcinogenic.  These analyses were carried out by the NGO Pesticide Action Network (PAN) and revealed the presence of 122 different pesticides in the 12 most polluted products. In addition to grapes and oranges, which are at the top of this black list (87.2% and 86.7% respectively), there are dried fruits (81.9%), pears (73.6%), beans (34.7%) and lettuce (23.6%). Among the pesticides identified, 61% are classified as "highly hazardous" to health and the environment. Forty-seven of them contain carcinogenic toxins, 15 contain substances that are toxic for reproduction and 17 inhibitors that can alter the respiratory system and cause headaches. In addition, half of the top 12 pesticides contain groundwater contaminants. Although these tests were carried out only in the United Kingdom, we know that the use of pesticides in conventional agriculture remains very important in other countries. - More -   Are we really family, PM? – P. Gunasegaram Posted by: superadmin - 09-30-2021, 10:19 AM - Forum: Politics - No Replies WHEN Prime Minister Datuk Seri Ismail Sabri Yaakob asked all Malaysians to sort out problems as “Keluarga Malaysia”, a term he repeatedly used in his inaugural address as prime minister on August 22, did he really mean it? Or is he just another prime minister using just another platitude to cut it with Malaysians? Some events ranging from unreasonable Bumiputera equity requirements for freight forwarders, Bumiputera shares that can’t be sold to others, and a RM30 million renovation to his official residence clearly do not jive with this idea of being one big family, certainly not a happy one. He puts considerable lip service to the concept of “Keluarga Malaysia” – he even used the term at the recent United Nations General Assembly, saying he sees humankind is one big extended family and that we have to work together in the spirit of a world family. But practice indicates that the concept of family is not always on his mind, making nonsense of the notion that we are family. - More -   RM13mil likely wired to company doing cancer research, says Mukhriz Posted by: superadmin - 09-30-2021, 10:15 AM - Forum: Politics - No Replies ALOR SETAR: The RM13 million said to have been wired overseas from the state-owned Menteri Besar Incorporated (MBI) could be an investment in a biotech company doing cancer research, former Kedah menteri besar Mukhriz Mahathir said today. He said the research company has a significant number of shares owned by Malaysians as well as a federal agency involved in high-tech matters. In a statement, Mukhriz said this was based on his assessment of bank transfer documents shown by Kedah menteri besar Muhammad Sanusi Md Nor during a press conference on Sept 23. Last week, Sanusi revealed that RM13 million in MBI funds were transferred to a Barclays Bank account in Canada during Mukhriz’s time as menteri besar. Mukhriz again denied insinuations or claims that he was a beneficiary of profits made by MBI, and repeated his pledge to cooperate with any investigation. - More -   Question over Bumi equity exemption for foreign freight forwarders Posted by: superadmin - 09-30-2021, 10:09 AM - Forum: Politics - No Replies PETALING JAYA: An economist has questioned the lack of Bumiputera equity requirements for foreign freight forwarding companies classified as International Integrated Logistics Services (IILS) providers. While the finance ministry has put on hold plans to enforce a controversial 51% Bumiputera equity rule for freight forwarders with customs brokerage licences until December next year, there are no such equity requirements for foreign IILS providers. IILS is a status the Malaysian Investment Development Authority (Mida) grants to logistic companies that provide integrated door-to-door logistics services as a single entity on a regional or global scale. “The logic in this is wrong. The rule should apply to everybody and should not be discriminatory,” said Ramon Navaratnam. “This will send the wrong message to the non-Malays – that the government has a preference for foreigners as opposed to the local people. - More -   Had enough of meaningless slogans? Posted by: superadmin - 09-30-2021, 08:41 AM - Forum: Politics - No Replies Slogans, slogans and more pointless slogans! We have had some truly wondrous catchphrases in our country, haven’t we? The earliest I remember is that old nugget from way back when I was just 11 years old – “Bersih, Cekap, Amanah” – “Clean, Efficient, Trustworthy”. It was part of our fourth prime minister’s seminal leadership campaign, ubiquitously called “Kepimpinan Melalui Teladan” or Leadership Through Example. This was circa 1982-1983. Truth be told, when if we say Bersih nowadays, most young people will probably only relate to “The Coalition for Clean and Fair Elections” or in short, “Bersih”. This coalition was formed in 2006, some 25 years after the 1982 slogan was first introduced and immortalised. Tomes of scholarly columns, op-eds, and analysis were done about the impact of that slogan. But obviously, there was no real lasting effect on the fabric of Malaysian society, administration, and politics. So much so, that the Bersih coalition had to be formed. Go figure! Successive prime ministers try to rally the nation by coming up with beguiling mottos and taglines. - More - Pages (1283): « Previous 1 … 981 982 983 984 985 … 1283 Next » Jump to page: