Highlights:
- SC Issues Notice to Cease All Activities Promoting Lavidacoin
- MATRADE to nurture “going global” culture via Trade Fest
- Electric taxis to be introduced at LIMA 2019
- Hengyuan to execute clean air regulation project at PD refinery
- Singapore agrees to defer HSR construction to May 2020
- India says, RCEP talks won’t conclude this year
SC Issues Notice to Cease All Activities Promoting Lavidacoin
The Securities Commission Malaysia has issued a notice directing the promoter of Lavidacoin to cease all promotional activities in relation to Lavidacoin with immediate effect, pending further review by the SC into the matter. DSV Crypto Club, LUX Galaxies and VI Profit Galaxy, who were found to be promoting Lavidacoin, were also added to the SC’s Investor Alert List at www.sc.com.my. Investors are reminded to be cautious and exercise due diligence before participating in any investment schemes, in particular those involving cryptocurrencies and digital tokens.
MATRADE to nurture “going global” culture via Trade Fest
The Malaysia External Trade Development Corporation (MATRADE) will hold the Trade Fest 2018 at MATRADE Tower in Kuala Lumpur from 21-23 September to inculcate the culture of “going global” among Malaysian businesses. The inaugural trade-themed carnival is aimed at nurturing global entrepreneurship in conjunction with MATRADE’s 25th anniversary. Chief Executive Officer Dr Mohd Shahreen Zainooreen Madros said the main objective of Trade Fest was to convey the importance of international trade to the people. “The Trade Fest 2018 is a platform to highlight the potential of Malaysian businesses, regardless of whether they are large or small, in export activity. “With the advancement of digital technology, local entrepreneurs are able to access the international market more easily and at an effective cost.
Electric taxis to be introduced at LIMA 2019
The Langkawi District Office is taking a significant step to move the island closer to become a low-carbon island by introducing electric powered taxis at the Langkawi International Maritime and Aerospace (LIMA) exhibition next year. Langkawi District Officer Muhammad Arof Darus said that this was made possible through an allocation approved by the government last year and they were now getting the local taxi association to submit their proposed candidates to drive the vehicles. “Through this allocation, subsidies will be given to the selected taxi operators to purchase the electric cars which would be used for the service,” he told Bernama. He added that other efforts under the low carbon island initiative include 10 charging stations to be built near tourists spots and residential areas around Langkawi. “We would also facilitate E-Idaman (state-owned waste management company) to have more waste separation bins to be allocated on the island here to promote the practice of separating wastes,” he said.
Hengyuan to execute clean air regulation project at PD refinery
Hengyuan Refining Company Bhd will spend US$48 million to execute the Clean Air Regulation Project at its refining complex in Port Dickson. In a filing to Bursa Malaysia, Hengyuan said the project is undertaken to ensure that the refinery’s emissions comply with the Clean Air Regulation requirements mandated by the Malaysian regulatory authorities via the installation of air pollution control systems at the Long Residue Catalytic Cracking Unit and Plat-2, and an emission monitoring system on the company’s flue gas stacks. “The Clean Air Regulation currently requires compliance by June 2019. It will be financed using a mix of cash flow generated from operations and a further draw-down from an existing term loan,” it added.
Singapore agrees to defer HSR construction to May 2020
Minister of Economic Affairs, Datuk Seri Mohamed Azmin Ali said, Singapore has agreed to suspend construction of the Kuala Lumpur-Singapore High-Speed Rail (HSR) project until the end of May 2020. He said following Malaysia’s request for the deferment of the project, the government has agreed to pay an abortive cost of S$15 million to the Singapore government by 31 January 2019. “When I first met with Singapore’s Minister for Transport and Coordinating Minister for Infrastructure Khaw Boon Wan, I presented the mandate from the Malaysian cabinet that we would like the project to be postponed for at least three to four years,” he said at a joint conference with Khaw in Putrajaya. However, Datuk Seri Azmin said he agreed with Khaw that if the deferment period is beyond two years, the business model would certainly change with the cost continuing to escalate. Earlier, Datuk Seri Azmin and Khaw exchanged legal documents in Putrajaya to vary the HSR Bilateral Agreement based on the new understanding (pic).
India says, RCEP talks won’t conclude this year
India said a mega free trade deal being discussed by ASEAN and six of its major economic partners won’t be finalised this year. Negotiators from ASEAN, Australia, China, India, Japan, New Zealand and South Korea were unable to overcome their differences in their latest talks over key issues to conclude the Regional Comprehensive Economic Partnership (RCEP). “The RCEP negotiations will not end in 2018. It has been agreed at the level of leaders… it will go in 2019 as well and we will have the opportunity to work on all the issues,” India’s Commerce and Industry Minister Suresh Prabhu told the media in Singapore on Tuesday. A successful deal would remove customs duties on a huge number of goods traded within the RCEP bloc, which would comprise 42 per cent of the world’s population and 40 per cent of global gross domestic product (GDP).
