Latest news with #RM9.95
Borneo Post
2 days ago
- Business
- Borneo Post
Sarawak timber trade hits RM9.95 bln in Q1 2025, eyes RM4 bln furniture exports by 2030
Zainal (seated centre) joins members of the newly installed SFIA 2025-2028 committee for a group photo. KUCHING (July 20): Sarawak's total trade value for timber and timber products, including exports and imports, reached RM9.95 billion in the first four months of this year, said Sarawak Timber Industry Development Corporation (STIDC) general manager Zainal Abidin Abdullah. He said exports contributed RM7,183 billion, signifying a strong demand for Malaysian timber products, while imports stood at RM2.767 billion, reflecting healthy domestic use and a well-connected supply chain. Wooden furniture took the lead in exports, bringing in RM3,083.4 million, followed by plywood (RM742.5 million), sawn timber (RM582.5 million), and fibreboard (RM210 million). 'Last year, our timber exports reached RM22.9 billion, a solid 4.9 per cent increase from the previous year. This steady growth shows how resilient and adaptable our industry truly is,' Zainal said during the Sarawak Furniture Industry Association's (SFIA) 17th committee installation dinner held at Borneo Convention Centre Kuching on Friday. He added that Sarawak's timber export earnings reached RM2.84 billion last year, a slight decrease from RM3.14 billion in 2023. 'More than numbers, these achievements underscore the timber industry's important role not only in driving Malaysia's economy but also in creating jobs and supporting communities, especially in rural areas,' he said. According to Zainal, innovation in design remains vital as Sarawak adapts to changing market trends, while efforts to expand market access through trade fairs and export programmes are opening doors worldwide. However, he pointed out that material shortages are a significant hurdle, with Malaysia importing up to 60 per cent of its raw materials like timber, hardware, and fabrics. 'Sarawak, despite its rich timber resources, often exports raw wood rather than finished products, limiting value-added opportunities. 'In addition, our industry relies heavily on foreign workers, which affects skills retention and innovation. Locally, there is a shortage of skilled craftsmen and designers, which slows productivity and the adoption of new technologies,' he added. Zainal also said Sarawak faces competition from emerging markets, such as China and Vietnam, while limited access to advanced technology and a small domestic market restrict growth. He added that environmental regulations and concerns about deforestation add further complexity, requiring sustainable practices that can be costly and difficult to implement. 'Despite these challenges, there is great potential for Sarawak's furniture industry, which can carve out a stronger position in the global market by investing in skills development, innovation, and sustainable practices,' he emphasised. On STIDC, Zainal said a comprehensive Furniture Industry Blueprint has been developed to map out a clear, strategic pathway for the sector's growth, encompassing product development, supply chain strengthening, and market expansion. 'In collaboration with the SFIA, STIDC is actively compiling a detailed database of member companies and their offerings, which will serve as a foundation for this blueprint. 'Through joint brainstorming sessions, we aim to establish a robust and integrated supply chain that supports our ambition to achieve RM4 billion in furniture export revenue by 2030,' he added. Meanwhile, SFIA president Leo Chiang said the furniture industry in Sarawak is facing an increasingly complex landscape, shaped by global and local shifts. 'Challenges – including the US tariffs affecting exports, Malaysia's expanded SST (Sales and Services Tax) raising operational costs, and the introduction of FWTA (Foreign Workers Transformation Approach) in Sarawak – add intense pressure and demand closer collaboration with stakeholders. 'Now, more than ever, we must work together to stay resilient and competitive,' he stressed. Chiang also said they look forward to even closer cooperation with STIDC in shaping policies, facilitating training, supporting innovation, and promoting Sarawak-made furniture on the global stage. 'We must also remain committed to developing our SMEs (small and medium enterprises), uplifting design capabilities, embracing sustainable practices, and grooming the next generation of industry players,' he added. lead stidc timber trade Zainal Abidin Abdullah
The Star
05-07-2025
- Business
- The Star
Singapore regulator fines nine institutions over RM9.95bil money laundering case
SINGAPORE (Bernama): The Monetary Authority of Singapore (MAS) has imposed composition penalties amounting to S$27.45 million on nine financial institutions (FIs) in relation to a S$3 billion (RM9.95 billion) money laundering case in 2023. In a statement on Friday, MAS announced its regulatory actions against the FIs and a number of individuals for anti-money laundering-related breaches. Credit Suisse (Singapore branch) and United Overseas Bank (UOB) received the highest penalties, at S$5.8 million and S$5.6 million respectively, followed by UBS AG (Singapore branch) with S$3 million. Other banks on the list include Citibank N.A. Singapore and Citibank Singapore Ltd, collectively known as Citi (S$2.6 million); Bank Julius Baer & Co. Ltd. (Singapore branch) (S$2.4 million); and LGT Bank (Singapore) Ltd. (S$1 million). Also on the list are two capital markets licence holders -- UOB Kay Hian Pte. Ltd. (S$2.85 million) and Blue Ocean Invest Pte. Ltd. (S$2.4 million) -- as well as a licensed trust company, Trident Trust Company (Singapore) Pte. Ltd. (S$1.8 million). MAS said the penalties took into account various factors, including the extent of the FI's exposure to the persons of interest (POIs), the number of breaches of MAS' requirements, and the degree of weakness in the FI's Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) controls. "Overall, MAS observed that while most of the FIs had established AML/CFT policies and controls, the breaches arose out of poor or inconsistent implementation of these policies and controls,' the statement said. Among other findings, all nine FIs failed to detect or adequately follow up on significant discrepancies or red flags noted in information and documents that should have cast doubt on some customers' purported sources of wealth. MAS noted that the FIs have embarked on remediation of the deficiencies, and their progress will be monitored closely by the financial regulator. In addition, MAS has issued prohibition orders (POs) ranging from three to six years in duration, as well as reprimands against individuals who were involved in managing the FIs' relationships with the POIs. During the period of their POs, the individuals are prohibited from carrying on any activity or business, or providing any service, the carrying on or provision of which is regulated or authorised by MAS. They are also prohibited from taking part, directly or indirectly, in the management of, or acting as a director, partner or manager of, any FI, and from becoming substantial shareholders of any FI that is a corporation. MAS deputy managing director (financial supervision) Ho Hern Shin said MAS will work closely with financial institutions to promote more consistent implementation of AML/CFT measures. "Like other major international financial centres, Singapore is exposed to money laundering risks. The vigilance of our financial institutions and their employees is critical in mitigating such risks,' she said adding that it will hesitate to take firm action. - Bernama
Malay Mail
29-04-2025
- Politics
- Malay Mail
Trump administration probes Harvard for civil rights violations as US$2.3b funding freeze sparks legal battle
BOSTON, April 29 — President Donald Trump's administration said on Monday it was probing whether Harvard University and the Harvard Law Review violated civil rights laws when the journal's editors fast-tracked consideration of an article written by a member of a racial minority. News of the new probe came hours after a federal judge agreed to expedite Harvard University's lawsuit seeking to block the Trump administration from freezing US$2.3 billion (RM9.95 billion) in federal funding that the Ivy League school has warned will threaten vital medical and scientific research. The announcement of the probe by the US Departments of Education and Health and Human Services said Harvard Law Review editors may have engaged in 'race-based discrimination' in violation of Title VI of the Civil Rights Act of 1964. 'Harvard Law Review's article selection process appears to pick winners and losers on the basis of race, employing a spoils system in which the race of the legal scholar is as, if not more, important than the merit of the submission,' Craig Trainor, the Education Department's acting assistant secretary for civil rights, said in a statement. A Harvard University representative said the school is 'committed to ensuring that the programmes and activities it oversees are in compliance with all applicable laws and to investigating any credibly alleged violations.' Representatives of the Harvard Law Review, a legally independent student-run organisation, did not immediately respond to emails seeking comment. Since taking office, Trump has cracked down on diversity, equity and inclusion programs that aim to uplift marginalised groups who have faced historical inequity. He has cast those steps aimed at helping minorities as discriminatory against groups such as white people and men. Harvard University said on Monday it was renaming its office for 'equity, diversity, inclusion and belonging' to 'Community and Campus Life.' Trump has passed executive orders aiming to dismantle DEI in the government and private sector. Harvard's announcement in an internal email did not lay out what would happen as a result of the renaming. It added that the work ahead 'requires us to find new ways to bring people of different backgrounds, experiences, and perspectives together as one community, focusing on the unique experiences and contributions of the individual and not the broad demographic groups to which they belong.' Earlier in the day, US District Judge Allison Burroughs during a brief hearing in Boston set a July 21 hearing for the case after Harvard warned that the funding freeze and additional threatened cuts were putting research at risk. Monday's hearing was the first she has held since Harvard sued last week after refusing to cede to what the university's president said were illegal demands from an administration antisemitism task force 'to control whom we hire and what we teach.' Those demands included calls for the private university to restructure its governance, alter its hiring and admissions practices to ensure an ideological balance of viewpoints, and terminate certain academic programs. Harvard has said that while it is committed to combating antisemitism, the administration's sweeping demands violate the free speech guarantees of the US Constitution's First Amendment. Rather than seek a preliminary injunction blocking the freeze pending the outcome of the litigation, Harvard has opted to skip straight to the merits of the case, which both it and the US Department of Justice asked the judge to quickly address. Harvard and other universities have seen federal funding threatened by the administration over how they handled pro-Palestinian protests against Israel's war in Gaza that roiled campuses last year. The schools have also been in the administration's crosshairs over issues such as DEI, climate initiatives and transgender policies. The Trump administration in late March announced it was launching a review of about US$9 billion in grants and contracts with Harvard over what it says is the school's failure to protect from antisemitism. Since then, the Trump administration has frozen US$2.3 billion in funding to Harvard, threatened to strip its tax-exempt status and take away its ability to enrol foreign students, while demanding information on the university's foreign ties, funding, students and faculty. Rights groups have raised free speech and academic freedom concerns over the steps by the government. — Reuters
