The Star Online: Business
The Star Online: Business |
- Malaysia receives record FDI of RM39bil
- China January inflation flat at 2.5% year-on-year
- MyEG shares up after bagging RM180mil Customs job
| Malaysia receives record FDI of RM39bil Posted: 13 Feb 2014 08:00 AM PST GEORGE TOWN: Malaysia recorded its highest ever foreign direct investment (FDI) of RM38.7bil last year, a 24% increase over 2012 and 3.9% higher than the last record of RM37.3bil achieved in 2011. International Trade and Industry (MITI) minister Datuk Seri Mustapa Mohamed, citing United Nations Conference on Trade and Development data, said the increase compared favourably with increase in global FDI of 11%, 6.2% into developing countries, and 2.4% in South-East Asia. Speaking at the opening of a Aviatron (M) Sdn Bhd's RM200mil plant in the Penang Science Park, Bukit Mertajam yesterday, he said all sectors of the economy registered increases in FDI inflows in 2013. "Investments were mainly in the manufacturing (37.6%), services (28.8%), as well as mining (28.7%) sub-sectors. The major contributors included the financial and insurance sectors, information and communication sub-sectors, which collectively contributed 55% of investments in the services sector for 2013," Mustapa added. He said many large corporations and prominent multinational corporations had chosen Malaysia to establish their regional and global operations, integrating their value and supply chain activities to take advantage of the country's strong ecosystem. "This trend will gain momentum going forward, given the continued government support to create a conducive environment for businesses in Malaysia." In terms of realised private investments, Malaysia achieved a record RM161bil in 2013, an increase of 14.9% compared with RM140.2bil recorded in 2011, which also exceeded the annual average target of RM148bil under the 10th Malaysia Plan. Meanwhile, Bernama quoted Mustapa as saying that the weakening of the ringgit against the US dollar was not a major issue to the country's trade. "The depreciation of the ringgit benefits exporters but at the same time we do import lot of things. So it is neutral because it benefits us arising from slightly lower currency value (versus) increasing input costs," he said. It has not much impact on trade and investment so far and the ministry has not received any serious issues from importers and exporters.He said the Federation of Malaysian Manufacturers has not raised any issue related to the weakening of the ringgit. Most of the discussions were mostly on competitiveness in the context of wages and cost of doing business and not in relation to currency value. The ringgit is hovering above the 3.30 level against the US dollar. |
| China January inflation flat at 2.5% year-on-year Posted: 13 Feb 2014 07:02 PM PST BEIJING: China's inflation rate was steady at 2.5% year-on-year in January, the government said Friday. The consumer price index (CPI) figure announced by the National Bureau of Statistics (NBS) was unchanged from December, but higher than the median 2.3% expected in a poll of 11 economists by the Wall Street Journal. The increase in CPI was mainly driven by a 3.7% rise in food prices last month, which included both the Western and Chinese New Year holidays, according to a separate statement by the NBS. China's CPI, a main gauge of inflation, rose by 2.6% in 2013, unchanged from 2012 and well below the 3.5% target set by the government in the world's second-biggest economy. Inflation in the country has slowed markedly since 2011, when annual CPI spiked to 5.4%, and maintaining growth in the face of domestic and overseas economic woes has since become a higher priority for Beijing – AFP. |
| MyEG shares up after bagging RM180mil Customs job Posted: 13 Feb 2014 06:33 PM PST KUALA LUMPUR: Shares of MyEG Services Bhd rose to a high of RM2.96 at mid-morning on Friday following a RM180mil contract win from the Customs Department. At 10.26am, its shares rose seven sen to RM2.96 with some 3.33 million shares done between RM2.93 and RM2.98. The FBM KLCI rose 2.56 points to 1,819.71. Turnover was 640.12 million shares valued at RM469.47mil. There were 324 gainers, 183 decliners and 259 counters unchanged MyEG had secured the contract to undertake the Customs Online Tax Reporting (Electronic Monitoring System – EMS) project. The tenure of the project is for six years and it will start on April 1. MyEG expects the project to contribute positively to its earnings for FY ending June 30, 2015 onwards. |
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