Corporate NewsEPF's diversification pays off Assuming there are no major impairments, the EPF should be able to announce a return of close to 5%, which if achieved, would be a feather in the cap for the fund. As for Permodalan Nasional Bhd (PNB), its funds, particularly the ASB was set up to increase Bumiputera equity participation in the corporate sector. When the large capitalised stocks of Bursa Malaysia outperform, funds under PNB do well, particularly ASB. BankingAnt Group reaches deal with China regulators on overhaul Ant Group Co. and Chinese regulators agreed on a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks. Alibaba Group Holding Ltd., which owns about a third of Ant, erased losses in Hong Kong trading on Wednesday after Bloomberg reported the agreement. Ant’s restructuring plan marks the first big step in what’s expected to be a lengthy overhaul process. Hong Leong Bank picks 3 startups for pilot projects As a bank with an entrepreneurial DNA and heritage, Hong Leong Bank practises a culture of experimentation with a constant feedback loop -- data, technology, clients and talent – with the bank and the startup ecosystem. The bank believes all parties can learn from one another and innovate solutions that meet the progressing demands of the economy and the environment. The winner, Food Market Hub is a F&B ecosystem provider that integrates the entire value chain of farm-to-restaurant. AviationMalaysia Airlines to use passenger reconciliation system at KLIA Malaysia Airlines will be using the new passenger reconciliation system (PRS) this month at the KL International Airport. In a joint statement on Saturday issued by Malaysia Airports Holdings Bhd (MAHB) and Malaysia Airlines, they said the national carrier is the first airline to utilise the PRS which has been implemented at key airport touchpoints. The PRS is another initiative resulting from the Airports 4.0 digitalisation plan to heighten airport security and airline operational efficiency. Covid-19Prices of gloves likely to decline from H2 Supermax is expected to record a sequentially stellar performance in the upcoming two quarters on the back of higher demand and ASPs. As glove ASPs are expected to continue to rise until at least the first half, BIMB Securities Research revised its earnings forecast for Supermax for the next two financial years ending June 30. For its second quarter ended Dec 31,2020 (Q2FY21), Supermax’s revenue was RM2bil (47.8% increase quarter on quarter, 418.5% higher year-on-year), while net profit jumped to RM1.1bil (34.2% jump quarter-on-quarter, 3,412% higher year-on-year). CommoditiesIndia's duty hike reduces CPO competitiveness India's import duty hike on crude palm oil (CPO) will reduce the price competitiveness of the commodity against other edible oils in the country, resulting in higher cooking oil price with higher duties, analysts said. CGS-CIMB Equities Research said the move would be a negative development for palm oil as the revised effective import duty for CPO of 35.75% is 5.5 percentage points (ppts) higher and results in higher palm oil price for consumers in india. India cut the import duty on CPO from 27.5% to 15%, effective Feb 2,2021, in its newly announced Budget 2021. EconomyEager to eat out, Malaysians get a taste for drive-in dining Diners in Malaysia can now enjoy restaurant meals from the safety and comfort of their vehicles after an eatery started a drive-in service for people eager to eat out during a coronavirus lockdown. In Cyberjaya, customers drive into the parking lot of Padi House restaurant and order from laminated menus through the vehicle windows. Essential, critical sectors major contributor to economy during MCO 2.0 Restaurant operators, food stall owners, tailors, barbers, fruit sellers, laundry operators and countless more people draw income from daily demand for their goods and services. Over 70% of the small and medium enterprises (SMEs) in Malaysia posted a loss in 2020. Govt may reintroduce GST by 2022 or 2023, says Affin Hwang Research Malaysia may look at a possible implementation of the Goods and Services Tax (GST) in the medium term, likely by 2022 or 2023 to help correct the government's fiscal position and to boost revenue. Affin Hwang Capital Research chief economist Alan Tan said it would not be an immediate implementation as various plans and decisions need to be made in terms of rates and tax treatments. Similarly, the government will also be looking at the tax treatment in terms of standard rating, zero rating, exemption and looking at the right threshold for businesses to register. TechnologyGreen Packet completes acquisition of eKYC firm Xendity Green Packet Bhd has completed the acquisition process of the entire equity interest in Xendity Pte Ltd after securing the go-ahead from its shareholders. The acquisition is strategic for Green Packet as Xendity's e-Know Your Customer (e-KYC) software will complement Green Packet's enterprise products and solutions.
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