Latest news with #RM1bil
The Star
3 days ago
- Business
- The Star
Padi planting project starts ahead of schedule
ALOR SETAR: The main infrastructure development project under the five-season padi planting programme over two years in the Muda area has commenced ahead of its scheduled starting date of Aug 1. Muda Agricultural Development Authority (Mada) chairman Datuk Dr Ismail Salleh said the project's progress is ahead of schedule, reflecting a strong commitment and seriousness in assisting farmers in the Muda area. The development project comprises two main components – the construction and maintenance of 15 Tertiary Irrigation System Blocks (Project 1), and the Pedu Dam Phase 1 Comprehensive Rehabilitation Project (Project 2), with a total allocation of RM1bil, Bernama reported. 'These 15 blocks will supply water to 560ha of padi fields. According to the original timeline, the project was scheduled to begin on Aug 1, but the contractor began work earlier,' he said. On Friday, Prime Minister Datuk Seri Anwar Ibrahim visited the major infrastructure development project under the five-season padi cultivation programme in the Muda area, located at Batu 7, Kampung Kemboja, Ayer Hitam, near Jitra. He said the padi cultivation programme would bring comprehensive reforms to the country's padi and rice industry ecosystem, helping to reduce reliance on imports and enhance national rice self-sufficiency. Ismail added that the Prime Minister's visit marked his second to the project site, aimed at reviewing the progress of agricultural infrastructure development in line with the government's efforts to strengthen the national food supply and boost local rice production.
The Star
5 days ago
- Business
- The Star
FMM calls for prompt gazette of Sept 15 holiday
PETALING JAYA: The Federation of Malaysian Manufacturing (FMM) says the government should provide legal clarity on Malaysia Day as an additional public holiday on Sept 15, warning that ad hoc holiday declarations could cost the manufacturing sector up to RM1bil in losses. In a statement, it called for the prompt gazette of the holiday under the Holidays Act 1951. 'This is critical to provide legal clarity and enable businesses to plan operations, workforce scheduling, and ensure compliance with the Employment Act 1955,' it said. On July 23, Prime Minister Datuk Seri Anwar Ibrahim had declared Sept 15 as a public holiday in conjunction with the Malaysia Day celebrations. The Human Resources Ministry subsequently stated that employers are required to observe the holiday. According to FMM, while it appreciates the spirit of commemorating Malaysia Day, any last-minute holiday declarations will severely impact industries with tightly scheduled operations, particularly in manufacturing. 'The manufacturing sector is highly sensitive to last-minute holiday declarations due to tightly scheduled production timelines, export commitments, and labour shifts,' said the organisation. It added that the additional public holiday would create a four-day disruption for many companies, especially those operating on shift-based or continuous production cycles from Saturday through Tuesday. 'Such interruptions require production lines to stop and restart, which is both costly and inefficient,' it said. Citing past estimates, FMM stated that each unplanned public holiday can result in productivity and output losses of up to RM1bil for the manufacturing sector alone. Industries most affected include those with continuous processes such as steel, chemicals, and food processing, while small and medium enterprises, in particular, might struggle to absorb the costs or reorganise replacement shifts. 'The disruptions also have a cascading effect across supply chains and logistics operations,' it stated. FMM stressed that frequent ad hoc holiday declarations undermine Malaysia's credibility and attractiveness as an investment destination. 'Policy announcements must reflect clarity, consistency, certainty, and credibility. Frequent ad hoc holiday declarations do not augur well for a country striving to achieve high-income nation status and position itself as a competitive, reliable, and attractive destination for investment. 'Investors and global buyers require predictability and stability,' it added. FMM advised employers to monitor the official gazette notification, adjust production schedules accordingly, and maintain clear communication with customers, suppliers and workers to minimise disruption.
The Star
22-07-2025
- Business
- The Star
MyCIF made RM1.2bil co-investments
Securities Commission Malaysia building in Kuala Lumpur PETALING JAYA: The Malaysia Co-Investment Fund (MyCIF) has exceeded RM1bil in total co-investments since its inception, playing a key role in providing financing for micro, small, and medium enterprises (MSMEs) in Malaysia. In its 2024 annual performance report released yesterday, MyCIF said total co-investments reached RM1.19bil, with RM264mil invested in 2024 alone. The RM1.19bil total co-investments by MyCIF represented 4.6 times of the RM260mil total funds disbursed from the government to date into the programme. The Securities Commission (SC), which administers MyCIF, said this demonstrated 'efficient use of public funds'. 'MyCIF has attracted 4.1 times in private sector funding for every ringgit invested, demonstrating a strong crowding-in effect. 'This saw a 21.4% increase in total private investment,' the SC pointed out. Since its inception, more than 9,500 MSMEs have benefitted from the co-investments by MyCIF, which was set up by the Finance Ministry under Budget 2019. Trading ideas: SunCon, Cahya Mata, Aneka, PJBumi, Atlan, Apex, FACB, Prolintas, Green Packet, Oxford Innotech, CLMT, United Plantations
The Star
18-07-2025
- Health
- The Star
Medical tours may see a dip
Vulnerable position: Penang's medical tourism sector faces challenges due to new 6% service tax on foreign patients and weakening Indonesian rupiah. — LIM BENG TATT/The Star GEORGE TOWN: Penang's healthcare travel may face challenges with the 6% service tax on foreign patients and the weakening Indonesian rupiah. Penang health committee chairman Daniel Gooi said with over 90% of Penang's healthcare travellers coming from Indonesia, the impact could be significant. 'Given the depreciation of the Indonesian currency, many may begin to feel the pinch. 'Combined with the 6% service tax effective July 1, this can impact the number of foreign patients seeking private healthcare here.' On July 1, the Federal Government expanded the coverage of the sales and service tax. This 6% medical service tax applies only to foreigners seeking private healthcare here. In November last year, Malaysia Healthcare Travel Council (MHTC) reported that Malaysia saw 584,468 healthcare travellers arriving in the first six months of 2024. In the council's June 17 report this year: 'Malaysia Healthcare Travel Industry – 2024 Performance Highlights', it noted that Penang hit a record by generating over RM1bil in healthcare travel revenue, adding to the national healthcare travel revenue of RM2.72bil. The council also said that Indonesians remain the largest group of healthcare travellers to Malaysia. Despite the expected slowdown, Gooi said Malaysia, particularly Penang, remains a key player in cross-border private healthcare. 'Malaysia offers world-class healthcare at affordable prices. Penang continues to attract foreign patients, especially from Indonesia, due to its high standards and close proximity.' The exchange rate on Thursday was RM1 to 3,844.67 Indonesian rupiah compared RM1 to 3,448.28 rupiah during the same period last year. Gooi added that affordability remains a major draw. He saw potential for growth with more direct international flights, particularly from China. 'More work needs to be done to promote private healthcare in Penang. 'We will collaborate closely with our private healthcare professionals to find new ways to attract more international patients. 'While it is still early to assess the impact, since the tax was only recently imposed, we will monitor the situation closely,' he said Gooi also said that during a recent meeting with Health Minister Datuk Seri Dr Dzulkefly Ahmad and state health excos, he proposed that the Federal Government consider remitting a portion of the 6% service tax to the states generating the revenue. 'I urged the ministry to consider channelling funds to states like Penang, which have worked hard to build up their healthcare travel sector. 'Almost half of the country's foreign healthcare travel revenue comes from Penang.' Gooi added that the funds could be used to improve Penang's public healthcare facilities and infrastructure, which contribute to the convenience of healthcare travellers from abroad. 'It will help keep us as a regional leader if the tax revenue is channelled back to us in some way,' he said.
The Star
15-07-2025
- Business
- The Star
High Court to hear in full RM1bil KL Tower contract termination suit against govt
KUALA LUMPUR: The RM1bil lawsuit filed by Menara Kuala Lumpur Sdn Bhd (MKLSB) and its parent company Hydroshoppe Sdn Bhd against the government over alleged wrongful contract termination will be heard on its merits in a full trial. High Court judge Roz Mawar Rozain ordered for the hearing to proceed after finding that there were triable issues in the case. In her decision on Tuesday (July 15), the judge dismissed the application by Communications Minister Datuk Fahmi Fadzil (first defendant) and the government (second defendant) to strike out the lawsuit by the former operator of Kuala Lumpur Tower. In March, Hydroshoppe with MKLSB filed the legal action against Fahmi, the government, LSH Service Master Sdn Bhd, LSH Best Builders Sdn Bhd and Service Master (M) Sdn Bhd. LSH Service Master, a joint venture company between LSH Best Builder and Service Master, was awarded the concession that replaced Hydroshoppe and MKLSB in managing the tower. Justice Roz Mawar, however, allowed the striking out application by the third until the fifth defendants; LSH Service Master, LSH Best Builders and Service Master. "This court is of the considered view that it cannot strike out the case against the first and second defendants here at this juncture because there are triable issues especially pertaining to the proposed 2022 agreement. "The trial will be cut short most definitely but this court cannot allow the striking out against the first and second defendants because it is not a clear case where they are plainly and obviously unsustainable. "The circumstantial evidence may strongly suggest that there's no binding agreement that concluded in 2022 but this court must have that opportunity to determine viva voce evidence," she said. The court fixed Nov 3 for case management. Hydroshoppe and Menara KL filed the lawsuit alleging breach of contract against the respondents. They claimed that LSH Capital and its subsidiaries induced a breach of an agreement purportedly reached with the government during a meeting in August 2022. The plaintiffs further claimed that the respondents engaged in dishonest assistance and are seeking a declaration that the award of the KL Tower concession to LSH Service Master is void and unlawful. In addition, they are claiming an estimated RM1bil in damages and are seeking the concession of the iconic Kuala Lumpur landmark to be transferred back to them.
