Headlines:

  1. Moody’s cuts Malaysia 2019, 2020 GDP growth forecasts
  2. Genting Malaysia confirms Equanimity purchase for RM514.6mil
  3. MyPITCH@MIHAS 2019 focuses on technologies in halal industry
  4. Grab to double Singapore staff to 3,000
  5. Large manufacturing companies in Asia Pacific Could lose US$10.7 million due to a Cyberattack
  6. Singapore turns away 50 foreign vehicles with outstanding fines at land checkpoints

Moody’s cuts Malaysia 2019, 2020 GDP growth forecasts
Moody’s Investors Service has cut its 2019 gross domestic product (GDP) growth forecast for Malaysia to 4.4%, down from 4.7% projected in January. The international rating agency has also reduced Malaysia’s real GDP growth for next year to 4.3% from 4.5%. Anushka Shah, a vice president of Moody’s told reporters in Kuala Lumpur, “Growth in Malaysia will slow this year and next year because of its highly open economy and uncertainty in the global trade front.” Last month, Bank Negara Malaysia cut its economic growth forecast for this year and projected a major drop in export expansion due to slowing global growth and the US-China trade war. The Central Bank said the GDP for 2019 should grow 4.3%-4.8%, not 4.9% as projected by the Government in November, Malaysia reported 4.7% growth for last year.

Genting Malaysia confirms Equanimity purchase for RM514.6mil

Genting Malaysia has confirmed its purchase of the Equanimity superyacht (pic) for US$126mil (RM514.6mil) under a Judicial Sale process, by way of private direct sale. In a filing with Bursa Malaysia today, Genting Malaysia said on March 28, it made an offer to the Kuala Lumpur High Court of Malaya to purchase the superyacht together with bunkers, fuel, lubricants and other existing consumables on board under a Judicial Sale process, by way of private direct sale, pursuant to the order made by the Kuala Lumpur High Court of Malaya under its Admiralty jurisdiction. Genting Malaysia said the proposed acquisition was not expected to have a material effect on the consolidated earnings, net assets and gearing of Genting Malaysia for the financial year ending December 31, 2019.

MyPITCH@MIHAS 2019 focuses on technologies in halal industry
MyPITCH@MIHAS 2019 is focusing on pitching technologies in the halal industry, exploring ideas related to the Internet of Things and moving away from the usual product pitching, in line with the growth of a global and domestic digital economy. Malaysia BioEconomy Development Corporation Sdn Bhd senior vice president Nora Mohamed said seven companies and three public companies would pitch on technologies, noting this segment of the halal industry remains untapped and could be explored further. “These technologies can add high value and improve halal-based products and services, increase competitiveness and have spill-over impacts on other companies,” she said at the launch of the pitching programme in Kuala Lumpur today.

Grab to double Singapore staff to 3,000
Grab plans to double the number of staff in Singapore to 3,000 next year. This will coincide with its shift into its new headquarters, located in the one-north business park. At present, Grab employs 1,500 people in Singapore. “Singapore is our strategic base from which we have grown from a ride-hailing service provider to the leading super app in Southeast Asia. Our new headquarters represents our long-term commitment to Singapore and the region; the new space will cater to our evolving business demands as we continue to innovate and use technology to meet our customers’ daily needs, groom more tech talents, and nurture more tech startups for Southeast Asia,” said Lim Kell Jay, Country Head of Grab Singapore. The company has 6,000 employees worldwide, not counting its drivers.

Large manufacturing companies in Asia Pacific Could lose US$10.7 million due to a Cyberattack
A Frost & Sullivan study commissioned by Microsoft found that a cyberattack can cost a large manufacturing organization in Asia Pacific an average of US$10.7 million in economic loss with customer churn being the largest economic consequence of a cyber breach, resulting in US$8.1million of indirect cost. For mid-sized manufacturing organization, the average economic loss was US$38,000. Furthermore, cybersecurity incidents have also led to job losses across different functions in more than three out of five (63%) manufacturing organizations. While the impact of data vulnerabilities and breaches can be costly and damaging to the manufacturing organizations, its supply chain and consumers, the study uncovered that half (51%) of the manufacturing organizations in Asia Pacific had either experienced a security incident or were not sure if they had had a security incident as they had not performed proper forensics or data breach assessment. The study further revealed that instead of accelerating digital transformation to bolster their cybersecurity strategy to defend against future cyberattacks, almost three in five (59%) manufacturing organizations across Asia Pacific had delayed the progress of digital transformation projects due to the fear of cyberattacks. Delaying digital transformation not only limits the capabilities of manufacturing organizations to defend against increasingly sophisticated cyberthreats but also prevents them from leveraging advanced technologies, such as artificial intelligence (AI), cloud, and the Internet of Things (IoT), to dramatically increase productivity, empower their workforce and deliver new service lines. These findings are part of “Understanding the Cybersecurity Threat Landscape in Asia Pacific: Securing the Modern Enterprise in a Digital World” study launched in May 2018. The initial study surveyed a total of 1,300 business and IT decision makers ranging from mid-sized organizations to large-sized, of which 18% belong to the manufacturing industry.

Singapore turns away 50 foreign vehicles with outstanding fines at land checkpoints
Singapore’s Immigration and Checkpoints Authority (ICA) said fifty foreign vehicles have been turned away from both Singapore’s land checkpoints as of this morning. It added that the clearance time for incoming vehicles at the checkpoints in Woodlands and Tuas has not been affected by the decision to turn away those with outstanding fines. Singapore had announced in February that foreign vehicles with outstanding fines for traffic, parking or vehicular emissions offences could be denied entry into the country from April.