Bank Negara and HK to develop Islamic finance
Malaysia’s Central Bank, Bank Negara has signed a Memorandum of Understanding with the Hong Kong Monetary Authority to work on the development of the financial services sector and in particular Islamic finance. Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia says, “This effort which extends the co-operation in the area of Islamic finance will provide further opportunities for increased economic and financial flows between Hong Kong and Malaysia.” The two will cooperate on a number of issues including developing legal, regulatory and supervisory frameworks for Islamic finance; and...
September 29th, 2009
Tsunami early warning system to be completed by year-end
The second phase of Malaysia’s National Early Tsunami Warning System (SAATNM) will be completed by the end of the year says Science, Technology and Innovation Minister, Datuk Dr Maximus Ongkili. The systems will include three seismic stations, 15 tidal gauge systems, sirens and beach cameras. The Minister told reporters, “My ministry through the Malaysian Meteorological Department is currently carrying out the second phase of SAATNM to enhance the monitoring and information systems. The second phase started in April 2008 and is expected to be completed by December this year.” He...
September 29th, 2009
Malaysia to liberalise more sectors, Minister says
Malaysia’s Trade Minister, Mustapa Mohamed, says the country will liberalise more of its services sectors to help economic recovery and to attract foreign investors. “We are looking at all sectors,” he told reporters. “We’ve started this process and a review is ongoing. The services sector will be our priority as it will be the driver of our economic transformation.” Earlier this year, Malaysia lifted a number of restrictions on foreign investment including the ending of a requirement for companies in sectors such as transport and health to be 30 percent Malay owned. The Minister...
September 29th, 2009
Malaysia a leading destination for duty free – survey
A survey commissioned by credit card payment company, Visa, has found that Malaysia is the fourth biggest market for duty-free shopping in the Asia Pacific region. Travellers to Malaysia spend an average of US$195 on duty free items – higher than in Japan, Australia and New Zealand. The survey said that South Korean and Chinese travellers spent the most on duty-free items with an average expenditure of US$358 and US$333 each respectively. Hong Kong travellers ranked third, spending an average US$224 each. Visa Malaysia country manager Stuart Tomlinson said in a statement: “It is no surprise...
September 28th, 2009
Malaysia to continue export promotion
International Trade and Industry Minister, Datuk Mustapa Mohamed told reporters that Malaysia will continue its export promotion activities to boost long term growth. “We do not do short term export promotion activities. We will continue to promote exports aggressively in traditional and non-traditional markets to sustain growth over the long term,” he said. Mustapa said that exports are slower than in the past due to the current global economic crisis but he added that the electronics and electrical sectors are beginning to see signs of recovery. He also said that the ASEAN market...
September 28th, 2009
Malaysia wants to attract more tourists from Brazil
Tourism Malaysia is aiming to increase the number of Brazilian tourists visiting the country by seven to eight percent, says the agency’s vice president for the US and Latin America, Mazlan Araju. “Tourism promotional efforts need to be stepped up, focusing on Malaysian culture, arts, food and shopping areas to make our country an attractive tourist destination,” he told reporters at a media briefing. Mazlan said he was working with Malaysian embassies in Latin American countries to promote Malaysia as a holiday destination. Last year 3000 Brazilian tourists visited Malaysia.
September 28th, 2009
F1 will take Malaysian sport to new level, says Minister
Malaysia’s participation in the 2010 Formula 1 season should be a source of pride for all Malaysians says Sports Minister Ahmad Shabery Cheek. “Motorsports and in particular F1 racing, is no easy business. It takes courage, determination and of course the technical skills to put together a team to compete at the very highest level,” he told reporters. The Malaysian Lotus Team’s racing cars will make their debut next year with Tony Fernandes as the team principal and Mike Gascoyne, formerly of Team Toyota as chief technical officer.
September 28th, 2009
Nicol David wins fourth World title
Nicol David wins fourth World title Malaysia’s squash star Nicol Ann David has won her fourth successive Women’s World Open Title after beating Natalie Grinham from the Netherlands. Nicol bounced back from defeat in the British Open earlier this month and said, “It’s so difficult to play against Natalie, she keeps getting everything back. We’ve battled so many times, she wants it bad and so do I.” Nicol’s 3-11 11-6 11-3 11-8 win over Natalie Grinham, makes her only the third player since the founding of the women’s circuit to have won so many titles.
September 28th, 2009
New Central Bank Act to increase transparency, says Zeti
Malaysia’s Central Bank, Bank Negara Malaysia is to introduce a new banking act in November to increase accountability and transparency, says the Bank’s governor Tan Sri Dr Zeti Akhtar Aziz.Zeti told an audience at a banking conference that the act will also provide greater flexibility in implementing monetary policy. “Equally important is the mandate to provide oversight over the money and foreign exchange market to ensure the orderly development and functioning of the market,” she said.
September 28th, 2009
Forbes CEO conference to boost Malaysia’s image – Minister
International Trade and Industry Minister Datuk Mustapa Mohamed says that the ninth Forbes Global CEO Conference to be held in Kuala Lumpur from September 28-30, will boost Malaysia’s image amongst business leaders. The conference will focus on the future direction of business and markets after the economic crisis and will bring together 450 CEOs, academics, business leaders and industrialists. Among the Malaysian speakers are former Prime Minister Tun Dr Mahathir Mohamad, Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz and YTL Corp Bhd managing director Tan Sri Francis Yeoh.
September 25th, 2009
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