Latest news with #BUSINESS
Barnama
28-06-2025
- Business
- Barnama
Russia To Support Malaysia's Nuclear Technology Development
BUSINESS Deputy Prime Minister Datuk Seri Fadillah Yusof (second, left) and Russia's state nuclear corporation Rosatom director-general Alexey Likhachev (second, right) witnessing the signing of a non-disclosure agreement (NDA) between MyPOWER and Rosatom. The NDA was signed by MyPOWER acting chief executive officer Devendra Thambirajah (left) and Rosatom Energy Projects general director Andrey Rozhdestvin (right). The NDA is served for knowledge sharing regarding nuclear development. --fotoBERNAMA (2025) COPYRIGHT RESERVED From Siti Radziah Hamzah MOSCOW, June 28 (Bernama) -- Russia has agreed to continue cooperating with Malaysia to build the country's capacity in nuclear energy development, covering institutional, human capital, technical, commercial and legal aspects, Deputy Prime Minister Fadillah Yusof said. Fadillah, who is also the Energy Transition and Water Transformation Minister, said Russia's extensive experience in nuclear energy should be considered as Malaysia looks to enhance its future energy security. Speaking at a press conference after concluding his four-day working visit to Russia last night, he said one of the main objectives of the trip was to strengthen energy cooperation between the two countries. In addition to existing cooperation in coal imports, Fadillah said he and Russian Deputy Prime Minister Alexey Overchuk also discussed the potential for collaboration in the field of nuclear energy. 'Russia possesses advanced technology in the peaceful use of nuclear energy. The country's experience in nuclear energy technology could support Malaysia's aspirations under the National Energy Transition Roadmap,' said Fadillah. He also held a meeting on Friday with Russian state nuclear firm Rosatom's director general Alexey Likhachev, during which discussions covered technical and operational matters, including legal frameworks, technology transfer and workforce training. According to Fadillah, the meeting opened the door for direct dialogue between Malaysia's technical agencies and Rosatom to assess potential areas of nuclear cooperation, including the strengthening and modernisation of the power grid, which would in turn have a positive impact on ASEAN Power Grid cooperation. He said the Cabinet had, in principle, approved the consideration of nuclear energy as part of Malaysia's future energy mix.
Barnama
25-06-2025
- Business
- Barnama
Lessons On Insurance To Be Learnt From USJ Putra Heights Gas Pipeline Explosion
BUSINESS KUALA LUMPUR, June 25 (Bernama) -- It's been about three months since the devastating gas pipeline explosion and fire at USJ Putra Heights. Fortunately, there were no fatalities. It shocked Malaysians. Questions are still being asked as to the compensation for damages to houses, properties, possessions and injuries sustained. Puneet Pasricha (Pasha), the Chief Executive Officer of Liberty General Insurance Bhd, responds to questions posed by BERNAMA on the lessons to be learnt from the include such topics as homeowners' and houseowner's insurance policies, eligibility for claims, types of policies available in Malaysia to insure against property damage and related issues. Herewith the details of the responses in question-and-answer format. 1. What are the lessons to be learnt from homeowners affected by the pipeline explosion at Putra Heights. Are Malaysian homeowners sufficiently protected? The Putra Heights incident is a stark reminder of how unexpected disasters can cause devastating loss. It highlights the importance of adequate insurance protection—not just for vehicles, but also for homes and businesses. Sadly, it also exposes a harsh reality: many Malaysian homeowners are either underinsured or unaware of the extent of protection they truly need. There are a few factors that Malaysian homeowners need to be aware of: Potential Hazards: Homeowners need to be aware of the infrastructure surrounding their properties, including pipelines, power lines, and other utilities. While these types of incidents are rare, understanding potential risks is the first step towards preparedness. Comprehensive Insurance: There is now a critical need for broader coverage, as many affected homeowners may only have basic fire insurance which might not cover damages from explosions or related perils. Policy Scope: Homeowners should periodically review their insurance policies to ensure they adequately cover potential risks relevant to their location and circumstances. Emergency Preparedness: Having an emergency plan in place, including knowing evacuation routes, and having essential documents readily accessible, is crucial during unforeseen events. 2. What specific homeowners' household insurance policies are required before they can claim for damages? To be eligible for claims, homeowners must have either a Houseowner policy, which covers the structure of the building, or a Householder policy, which protects contents inside the home. Both are essential in providing full protection against events such as explosions, fires, and other crises. However, there needs to be greater awareness and adoption of more comprehensive policies. While basic fire insurance is relatively common due to mortgage requirements, comprehensive homeowner's insurance that covers a wider range of crises might not be as prevalent. 3. Can you provide some details of the various houseowners and householder insurance policies available in the Malaysian market? What about damage to condominium units in case of fire? The Malaysian insurance market offers various houseowners and householders insurance policies designed to protect against a range of risks. At Liberty General Insurance, our Houseowner policy covers: Disaster Relief: Covers the building against all natural perils including fire, lightning, windstorm, earthquake, and floods. Sudden Impact: Covers loss or damage to your building due to damages caused by aircrafts, road vehicles and animals, as well as domestic gas explosions. Unforeseen Perils: Protects your house against damages incurred by bursting or overflowing water tanks or pipes, theft or rental loss. Add on Benefits: Invest in additional protection against subsidence, landslip, riot, strike, malicious damage, and liabilities to third parties for accidents in your house. Regarding damage to condominium units in case of fire, the master building insurance policy held by the Management Corporation typically covers the structure of the entire building, including the external walls, roof, and common areas. However, individual unit owners usually need their own householder's insurance to cover the assets below, which Liberty General Insurance also offers: Furniture & Household Goods Electrical Appliances & Kitchen Equipment Clothing, Personal Effects & Valuables Add on Benefits for additional protection against damage to lock and keys, loss of cash, jewellery, gold & silver articles, breakage of mirror, fatal insurance, rental losses, public liability, and full theft It is crucial for condominium owners to understand the scope of the master policy and their own individual insurance needs. 4. Also, can you explain what are the components of the add-on's protection for houses? Homeowners need to ensure adequate protection against a wider range of potential disasters. Consider more comprehensive policies with higher sum insured amounts and broader peril coverage. Add-on protection for houses can provide supplementary coverage beyond what is typically included in a standard houseowner's or householder's insurance policy. Common components of add-on protection include: All Risks Coverage: This provides broader protection against accidental loss or damage to the building and/or contents, except for specifically excluded perils. Natural Disasters Coverage: This can include protection against perils like floods, earthquakes, landslides, and windstorms, which are often excluded from standard policies. Given Malaysia's vulnerability to floods, this is a crucial add-on for many homeowners. Liability Coverage: This protects the homeowner against legal liability if someone is injured on their property. By opting for relevant add-ons, homeowners can tailor their insurance coverage to their specific needs and the risks they face. 5. Can you provide some details of the houseowner and householder insurance policies that you offer? At Liberty General Insurance, we aim to provide flexible and comprehensive solutions to meet the needs of Malaysian homeowners. Our key offerings for Houseowners include: Disaster Relief: Covers the building against all natural perils including fire, lightning, windstorm, earthquake and floods. Sudden Impact: Covers loss or damage to your building due to damages caused by aircrafts, road vehicles and animals, as well as domestic gas explosions. Unforeseen Perils: Protects your house against damages incurred by bursting or overflowing water tanks or pipes, theft or rental loss. Our policies also offer various add-on options to further enhance protection, such as protection against subsidence, landslip, riot, strike, malicious damage, and liabilities to third parties for accidents in your house. As for Householders, we cover: Furniture & Household Goods: Ensure that the heart of your home is always secure with a policy that covers your home's furniture and goods. Electrical Appliances & Kitchen Equipment: Go ahead and splurge on that fancy coffee machine you always wanted, secure in the knowledge that your appliances are protected. Clothing, Personal Effects & Valuables: Your personal effects and valuables are a part of your persona, and are irreplaceable. Ensure they are protected at all times. Add on Benefits: Invest in additional protection against subsidence, landslip, riot, strike, malicious damage, and liabilities to third parties for accidents in your house. 6. What are the necessary procedures that need to be fulfilled before one can apply for damages such as in the gas explosion? Basically, what are the do's and don'ts? In the unfortunate event of damage such as a gas explosion, here are some necessary procedures to follow before applying for insurance claims: Do's: Report the Incident: As soon as you are safe to do so, report the incident to the police and other authorities like the relevant gas company if it was a gas-related incident. Obtain a copy of the police report if possible. Notify Your Insurer Immediately: Contact Liberty General Insurance or your insurer as soon as possible to inform us about the incident. Provide us with initial details of what happened and the extent of the damage. Document the Damage: Take clear photographs and videos of all the damage to your property and belongings. This documentation will be crucial for the claims assessment process. Preserve Damaged Property: Keep damaged items for inspection. However, avoid making permanent repairs before our adjuster has had a chance to assess the damage, unless temporary repairs are necessary to prevent further loss—like covering a damaged roof to prevent rain damage. Cooperate with the Adjuster: Our appointed loss adjuster will visit your property to assess the damage. Provide them with all the necessary information and access they require. Keep Records of Expenses: If your policy covers additional living expenses, keep records of any necessary costs incurred due to being displaced from your home—including hotel bills and food expenses. Read Your Policy: Familiarise yourself with the terms and conditions of your insurance policy to understand your rights and obligations. Don'ts: Do Not Tamper with Evidence: Avoid moving or cleaning up the damaged area before taking photographs and before the adjuster's inspection, unless it's necessary for safety. Do Not Make Exaggerated Claims: Be honest and accurate in your claim. Exaggerating the extent of the damage or the value of lost items can jeopardise your claim. Do Not Delay Reporting: Delaying the notification to your insurer can complicate the claims process. Do Not Dispose of Damaged Items Prematurely: Keep damaged items until the adjuster has inspected them or advised you otherwise. Do Not Admit Liability: If the incident involves third-party damage or injury, do not admit liability. Refer all inquiries to your insurer. Do Not Make Permanent Repairs Without Authorisation: Unless it is for essential temporary measures, avoid making permanent repairs before the adjuster has assessed the damage and provided authorisation.
Barnama
28-05-2025
- Business
- Barnama
IMF Forum Explores How Governments Can Better Navigate Rising Borrowing Costs, Refinancing Pressures
BUSINESS KUALA LUMPUR, May 28 (Bernama) -- The 20th International Monetary Fund (IMF) Public Debt Management Forum explores and discusses how governments can better navigate the challenges of rising borrowing costs and debt refinancing pressures. The forum was jointly organised by the Finance Ministry, Bank Negara Malaysia (BNM) and the IMF on May 27-28. The Finance Ministry said in a statement that one key focus was improving the liquidity of government bond markets to ensure investors remain confident and engaged even during times of economic uncertainty. 'Participants also explored Islamic finance's growing role in sovereign borrowing strategies, offering new opportunities for countries seeking to diversify funding sources,' it said. Finance Minister II Datuk Seri Amir Hamzah Azizan highlighted in his keynote address the importance of global collaboration in shaping resilient debt strategies in the face of rising debt vulnerabilities and shifting investor expectations. 'It is increasingly clear that the future of debt sustainability cannot rely on national efforts alone. We must strengthen cross-border collaboration, deepen institutional partnerships, and foster the exchange of knowledge to build resilience and strengthen investor confidence,' he said. The two-day forum, themed 'Managing Public Debt Amid Evolving Capital Markets' has gathered around 200 senior government officials, public debt managers and financial market experts from a total of 37 emerging and advanced countries to engage in critical discussions shaping the future of sovereign debt management. This forum discussed emerging challenges and opportunities in sovereign financing risks, weathering the market volatility, Islamic finance, digitalisation in government bond markets and the role of primary dealers as well as market makers. Besides, IMF's financial counsellor and director of the monetary and capital markets department, Tobias Adrian discussed the risks to global financial stability and emphasised the importance of debt transparency.
Barnama
23-05-2025
- Business
- Barnama
PM Anwar's Russia Trip Seen As Gateway To Central Asian Halal Market
BUSINESS Prime Minister Datuk Seri Anwar Ibrahim (left) with Russian President Vladimir Putin during a joint press conference following the conclusion of the delegation meeting held at the Kremlin, Moscow, on May 14. By Lucia Terey John KUALA LUMPUR, May 23 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim's recent official visit to Russia is not only a strategic move to strengthen bilateral relations, but also a 'gateway' for Malaysia to explore the halal industry in the European and Central Asian regions, according to an analyst. Universiti Pendidikan Sultan Idris (UPSI) senior lecturer Dr Norazlan Hadi Yaacob said the visit also reflected Malaysia's new diplomatic approach in engaging with countries that have significant trade potential and shared cultural values, instead of focusing solely on traditional major powers such as the United States. 'Many people don't realise that great Islamic scholars like Imam Bukhari hail from this region (Central Asia), which shares a similar Islamic intellectual tradition. These were major Islamic empires in the medieval era. So we're leveraging Malaysia's status as a respected Islamic country to reach out to them (Russia). 'I'm confident one of the benefits we will reap is access to the halal industry, which is worth billions of ringgit. So we need to look at it from that perspective, not from an ideological standpoint about who we support,' he said in a special programme aired on Bernama TV last night ahead of the 46th ASEAN Summit. The 46th ASEAN Summit, themed Inclusivity and Sustainability, begins today with the senior officials' meeting, followed by the ministerial meeting on May 25 and the leaders' summit starting May 26. Taking into account Malaysia's role as the ASEAN 2025 Chair, Norazlan added that the visit underscores the government's consistent stance on maintaining an independent and non-aligned foreign policy, not tied to any particular power bloc. At the same time, Malaysia remains proactive in exploring strategic opportunities in the national and regional interests, said the Faculty of Human Sciences lecturer.
