Retail News CRM

Tag: Malaysia

  • Atelier Cologne opens first pop-up in Kuala Lumpur airport

    Atelier Cologne opens first pop-up in Kuala Lumpur airport

    Atelier Cologne Travel Retail Asia Pacific announced the Southeast Asia airport debut of its pop-up concept at Kuala Lumpur International Airport (KLIA). In collaboration with Malaysia Airports and Colours & Fragrances (C&F) under DR Group, the pop-up is now officially open till end February 2019 for arriving and departing passengers through the Satellite Building at KLIA.

    For the launch of the pop-up, cologners could enjoy a personalised fragrance profiling session to discover their very own scent.

    The background of the pop-up was also dressed up as a Parisian rooftop featuring a skyline of the elegant Paris, cobbled flooring and a rustic swing. This set-up will be available till end of December 2018.

    A gift and engraving workshop is offered to customers, allowing them to personalise the leather case of their perfume bottles with a name, initials or even a message.

    According to Nazli Aziz, Senior General Manager for Commercial Services, Malaysia Airports, the duty-free sales in the Asia Pacific region is growing significantly, largely driven by perfumes and cosmetics with a market value of USD 14 billion in 2017.

    As for KLIA, overall sales per passenger recorded a double-digit growth of 13 per cent in 2017.

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  • First Sony Lounge opens in Malaysia

    First Sony Lounge opens in Malaysia

    Sony has opened its first Play Everything Lounge by PlayStation in Southeast Asia at Sunway Pyramid. The lounge, operated by Sony Interactive Entertainment’s local office, will be open until February 17. Sunway Malls and Theme Parks CEO HC Chan said he was honoured the mall has remained a mall-of-choice for experiences. “The partnership with Sony Interactive Entertainment signifies a true collaborative curation by two of the leading names of the industry. It is our privilege to work with a world-renowned gaming giant to bring another dimension of experiences for our shoppers. It is important for malls to go beyond conventions to stay relevant.”

    Sony’s regional head Hidetoshi Takigawa noted the strong performance of the PlayStation business in Malaysia, and said the Sunway Pyramid store is a means for the brand to engage with its local fans.

    Southeast Asia’s first PlayStation Experience was held in Kuala Lumpur last year.

    Gaming tournaments, community engagement activities and unreleased game trials are expected to be held in the space. A virtual reality area allows visitors to try Sony’s PlayStation VR gaming system for PlayStation 4.

    View the image of the lounge below (6 pictures) :

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  • Murphy Oil said to be in talks to sell Malaysian oil & gas assets

    Murphy Oil said to be in talks to sell Malaysian oil & gas assets

    Murphy Oil Corporation is in talks to sell its Malaysian oil and gas assets after an unsolicited bid that could fetch between US$2 billion to US$3 billion (RM8.4 billion to RM12.6 billion), people familiar with the matter said, in the latest energy merger and acquisition deal in the Southeast Asian nation.

    The independent US oil and gas exploration and production company has tapped banks for the potential sale of its majority interests in eight separate offshore production sharing contracts in Malaysia, said the people, who declined to be identified because the matter is confidential.

    “Murphy wasn’t considering a sale but was approached by a party that put forward a very compelling bid. They are in negotiations,” said one of the people.

    Murphy, which has been in Malaysia since 1999, could agree on a deal in a couple of weeks, the person said. Others familiar with the matter suggested Spanish oil major Repsol, whose presence in Malaysia is focused on its upstream business, or other global majors could be potential buyers for Murphy’s assets.

    The possible transaction comes as M&A activity is heating up in Malaysia’s oil and gas sector, where international companies pursuing expansion plans are spotting opportunities.

    Repsol and Murphy declined to comment on any potential transaction or talks. There was no response to a query to Malaysian state-owned Petroliam Nasional Bhd (Petronas), which partners Murphy in Malaysia.

    “This is a good, balanced portfolio and offers a smart way for someone looking to grow quickly in the region. Otherwise, it’ll take a decade to start from scratch,” said Alex Siow, upstream oil and gas analyst at energy research firm Wood Mackenzie.

    “The buyer will be buying into an operatorship position with Murphy’s stake, therefore having the know-how and will to be an operator is important,” he said.

    Murphy produced nearly 46,700 barrels of oil equivalent a day in the quarter ended Sept 30 in Malaysia, the company said in response to the query.

  • Higher revenue lifts Petronas’ Q3 net profit to RM14.3 billion

    Higher revenue lifts Petronas’ Q3 net profit to RM14.3 billion

    Petroliam Nasional Bhd’s (Petronas) net profit for the third quarter ended Sept 30, 2018 rose 43% to RM14.3 billion from RM10 billion a year ago due to higher revenue. The group said in a statement today that the higher revenue was partially offset by higher product costs in tandem with higher prices, coupled with increased depreciation and amortisation.

    Earnings before interest, taxation, depreciation and amortisation (ebitda) rose 25% to RM26.9 billion from RM21.5 billion a year ago.

    The state-owned oil company attributed the higher earnings to its continuous execution of business improvement activities, focused on increased operational excellence and supported by higher commodity prices.

    Revenue for the quarter rose 19% year-on-year to RM63.9 billion, mainly driven by higher average realised prices for key products coupled with increased efficiency throughout the group.

    Higher sales were partially offset by the strengthening ringgit and lower sales volume, mainly for liquefied natural gas (LNG). Capital investments for the quarter stood at RM6.7 billion, mainly attributed to upstream projects.

    For the nine months ended Sept 30, 2018, Petronas’ net profit rose 50% year on year to RM41 billion, due mainly to higher revenue, lower net impairment on assets as well as other expenses. These were partially offset by higher product costs in tandem with higher prices coupled with increased depreciation and amortisation as well as tax expenses.

    Revenue for the period rose 12% year-on-year to RM181.1 billion mainly due to the impact of higher average realised prices for key products as well as increased efficiency efforts, largely offset by the effect of the ringgit strengthening against the US dollar.

    Capital investments for the period stood at RM26.5 billion mainly attributed to upstream projects while total assets rose to RM623.1 billion as at end-September, compared with RM599.8 billion as at end-December 2017.

    Shareholders’ equity rose to RM402.1 billion as at end-September from RM389.8 billion as at end-December 2017. The gearing ratio remained at 16.1% while return on average capital employed rose to 12.6% from 9.8% during the same period.

    The Pengerang Integrated Complex achieved 95% progress as at end-September and successfully received its first crude oil cargo at the Pengerang Deepwater Terminal 2. The project is on track to be ready for startup in 2019.

    President and group CEO Tan Sri Wan Zulkiflee Wan Ariffin said Petronas is on track to deliver a strong year-end performance by maintaining focus on driving efficiency efforts across its operations.

    “The recent drop in oil prices demonstrate the volatile and cyclical nature of the industry and we will continue to maintain our prudent outlook amidst this landscape while remaining steadfast in pursuing our growth strategies to ensure the long-term sustainability and progress of the company,” he said.

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  • Malaysia projected 4.9% retail sales growth for 2018

    Malaysia projected 4.9% retail sales growth for 2018

    The Malaysia Retail Chain Association (MRCA), which expects retail sales growth to come in at 4.9% for 2018 in line with the country’s gross domestic product growth, has pointed out that some of its members face difficulties in retailing online amid the push for e-commerce.

    MRCA, in releasing its first quarterly retail sales survey for the third quarter (Q3) today, highlighted that online sales make up only 3.9% of its retail revenue.

    The sample of respondents for the survey include 10% of MRCA’s members, representing 59 brands and 2,266 stores across a variety of trade categories, including food & beverage (F&B), fashion, health & beauty, supermarket & department stores, entertainment, optical, education, home improvement and more.

    MRCA president Datuk Seri Garry Chua said the association constantly reminds members to bring their businesses online and be part of the digital ecosystem, adding that MRCA also has digital membership for players like Lazada, Lelong and 11street, which are all its members.

    “We can also work closely with them (digital players) to reinforce and increase the market share for online. We’re confident the (industry) sales from online retail is going to be double-digit growth every year as more brick and mortar retailers go online, as with many start-ups,” Chua said.

    MRCA vice-president Datuk Liew Bin said although all members have an online presence, most of its members rely on the brick and mortar model and “survive happily on brick and mortar”, whereby online sales is regarded as a bonus to them.

    “With so many years in brick and mortar, it’s difficult for our members to turn to online. This is one of the challenges that our retailers face because (the) online (wave) is coming on strongly. This should be an alert to our members, as 3.9% is still a small figure,” Liew said, adding that MRCA expects online sales to grow 5% next year.

    Individually, he said some retailers have seen a 20% growth in their online retail sales.

    MRCA projected retail sales growth to grow 6.1% year-on-year in Q4 this year as year-end school holidays and the festive season are expected to bolster consumer spending; while an increase in the number of outlets is also expected to boost sales growth.

    It said retail sales grew 5.7% year-on-year in Q3 with the tax holiday between June and August that had encouraged consumers to spend.

    In Q2, retail sales grew at a slower rate of 2.1% year-on-year, affected mainly by the general election in May, where consumers held back on spending due to economic uncertainty.

    Retail sales grew 5.7% year-on-year in Q1 due to Chinese New Year sales and promotions.

    F&B, health & beauty and other retailers reported encouraging growth rate of 5.4%, 3.1% and 21.3% year-on-year respectively. However, fashion retailers suffered a negative growth in Q2 and Q3 at -2.2% and -2.8% year-on-year respectively.

  • Malaysia is Airbnb’s fastest growing market in Southeast Asia

    Malaysia is Airbnb’s fastest growing market in Southeast Asia

    Malaysia, one market in the region which has not stifled the growth of short-term accommodation, is Airbnb’s fastest growing market in Southeast Asia, welcoming over two million guests in the past 12 months as of July 1, marking a 99% growth year on year. Airbnb head of public policy for Southeast Asia Mich Goh said that Airbnb, as a platform, is not illegal in Malaysia and there is no clear consensus on what the policy is for short-term rental here as it is a new phenomenon.

    There are now 44,000 listings in Malaysia on Airbnb, which is almost a 60% year-on-year increase.

    Goh said the Malaysian government has been consultative and open to dialogue with the home-sharing platform, where there has been willingness to listen to insights and to hear about how it could help Malaysia to evolve its tourism industry.

    “We treat every country differently. We’ve seen countries all around the world where they reach a moment when they decide whether or not they need to regulate short-term rental. Where we see these discussions go well is where governments are open to discussing this with multiple stakeholders, not just us but open to speaking with hosts, guests, hotel group, local communities and neighbourhoods.

    “Where these discussions have been holistic and involve multiple stakeholders, we’ve seen it reach a stage where smart and innovative policies are implemented that allow the short term rental activity to continue and to thrive to the benefit of the community while making sure any concerns that groups may have are addressed through the regulatory framework,” said Goh.

    Airbnb has signed a memorandum of collaboration (MoC) with the Malaysian Productivity Council (MPC) and a memorandum of understanding (MoU) with Malaysia Digital Economy Corp (MDEC) to drive inclusive, sustainable development of tourism in Malaysia.

    As part of the MoC with MPC, Airbnb will share relevant data and best practices to inform recommendations on short-term accommodation policy in Malaysia, and will assist MPC in shaping national policy plans related to the development of Malaysia’s tourism industry and infrastructure, as well as local communities.

    Airbnb’s MoU with MDEC is focused on promoting digital inclusion and empowering local hospitality entrepreneurs in Malaysia, while building capacity in both homes and experiences throughout the country.

    In Malaysia, Airbnb is having discussions with authorities including the Ministry of Finance, the Royal Malaysian Customs and the Ministry of Tourism and Culture to discuss the implementation of Voluntary Collection Agreements (VCAs) to collect and remit tourist tax.

    The VCA is a tool designed by Airbnb to collect taxes from its host and guest community and remit them on their behalf. This helps to facilitate a streamlined process and lighten the administrative burden for local and state governments, as well as Airbnb hosts.

    Asked on plans by the government to tax e-commerce, Goh said Airbnb will comply once it is implemented. “We’re waiting to see how it would apply in Malaysia and how we would comply when the time comes.”

    In 2017, the Airbnb community contributed RM200.4 million to the local economy. Its typical host earned US$1,200 (RM5,200) renting out their space 19 nights a year. The top five inbound markets for Airbnb in Malaysia are Singapore, China, the US, Indonesia and Australia. Seniors (aged 60 and above) make up Airbnb’s fastest growing age group of guests in Malaysia.

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  • TM posts RM175m net loss in Q3

    TM posts RM175m net loss in Q3

    Telekom Malaysia Bhd (TM) suffered a net loss of RM175.59 million during the third quarter ended Sept 30 compared with a net profit of RM211.82 million a year ago, due to an impairment loss on network assets recognised during the quarter.

    In a filing with Bursa Malaysia, TM said it recognised a provision of RM934.8 million during the quarter for the impairment of fixed and wireless network assets following the continued pressure from challenging business, industry and economic conditions.

    It said that the impairment losses were projected based on an assessment of the recoverable value in use of the affected network assets at respective entity levels and it will continue reviewing the economic circumstances revolving around these assets in coming periods to reflect any potential impairment or recoverable value.

    Its core net profit, excluding non-operational items, stood at RM266.4 million, a 71% improvement sequentially while revenue for the quarter rose marginally to RM2.95 billion from RM2.94 billion a year ago on the back of higher data as well as other telecommunication related services revenue.

    During the quarter, UniFi recorded a loss of RM808.3 million compared with a profit of RM56.7 million a year ago, due to the impairment loss on network assets while revenue fell 2% to RM1.33 billion from RM1.36 billion a year ago due to lower revenue from voice services in line with a decrease in customer base and usage.

    This was partially offset by higher UniFi revenue in line with increase in customer base at 1.24 million as at end-September compared with 1.04 million a year ago.

    TM ONE recorded a 13.2% drop in profit to RM147.5 million during the quarter from RM170 million a year ago due to high operating costs, including the allocated impairment loss of network assets.

    Revenue for the segment rose 1.9% to RM1.12 billion from RM1.10 billion a year ago due to higher revenue from customer projects.

    As for TM Global, profit rose 9.1% to RM103.3 million from RM94.7 million a year ago due to lower operating costs while revenue rose 2.6% to RM562.8 million from RM548.4 million a year ago due to higher revenue from voice services.

    For the nine months ended Sept 30, net profit plunged 87.21% to RM83.5 million from RM652.74 million a year ago while revenue fell 1.74% to RM8.73 billion from RM8.89 billion a year ago.

    “The recent industry and market challenges have had major impact to the overall revenue estimates and earnings of TM Group in the financial year. TM anticipates that the challenging environment will persist for both our retail and wholesale segments,” the group said.

    In the midst of these challenges, TM said it will continue to focus on strengthening the performance of its core business and operations.

    In a separate filing, TM announced a revised dividend policy of distributing yearly dividends of 40-60% from its net profit, effective from the next dividend declaration.

    The group said that dividends will be paid depending on overall business and earnings performance, capital commitments, financial conditions, distributable reserves and other relevant factors.

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  • Tealive makes debut with opening first store in China

    Tealive makes debut with opening first store in China

    Malaysian bubble-tea brand Tealive has launched the first of 500 stores planned for China. Located inside SML Center in Shanghai’s Huangpu district, the store attracted long queues on the opening day. “With China being the world’s largest tea market and the fourth overseas market for Tealive, we decided to create a specific menu for China to showcase Southeast Asian ingredients including durian, cempedak, gula melaka, Bentong ginger and Sabah-origin tea,” said Tealive’s parent company Loob CEO Bryan Loo.

    “More outlets will be opened in Shanghai and we plan to have 20 outlets in China by June next year,” he added.

    Loob had entered into a joint venture with two Chinese companies, Zhejiang Boduo International Trade and Shanghai Panfei International Trade to open 500 stores in China within three years.

    After the dispute with Chatime, Tealive has expanded to overseas markets. It entered Vietnam last October, and now has six stores in the country, with two more planned by the end of this year.

    The brand also expanded into Australia in July, with its first store opening in Melbourne.

    In India, Loob has appointed a master franchisee with the target of opening 200 outlets within five years.

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  • AirAsia X falls on the back of Q3 losses

    AirAsia X falls on the back of Q3 losses

    AirAsia’s share price slid in yesterday’s early morning trade as the airline recorded widening losses. At 9.45am, the counter was down 1.5 sen or 6.25% to 22.5 sen a share on turnover of 2.8 million shares. An increase in average fuel price and a RM138.2mil impairment made on an amount due from a joint venture resulting in AirAsia X’s net losses jumping almost five times to RM197.47mil from RM43.3mil in the year-ago quarter.

    The carrier said the average fuel price in 3Q18 had increased to US$91 per barrel compared with US$65 in 3Q17.

    Meanwhile, the impairment made in the third quarter was related to a lease rental and maintenance reserve due from a JV through a third-party leasing intermediary.

  • Electric vehicles, new tech focus of NAP 2019 in Malaysia

    Electric vehicles, new tech focus of NAP 2019 in Malaysia

    The National Automotive Policy (NAP) 2019 will be unveiled in the first quarter of next year, and will place emphasis on electric vehicles and new technologies, according to Deputy International Trade and Industry Minister Dr Ong Kian Ming.

    “The main focus then (NAP 2014) was on energy efficient vehicles (EEVs) and now we are moving much more towards electric vehicles and new technologies,” he said after delivering his keynote address at Kuala Lumpur International Automotive Conference 2018 today.

    “But we have to discuss with the relevant stakeholders first and make sure that we fine-tune the details, so that the needs of the whole industry are taken care of,” he added.

    Ong said his ministry together with some key companies in the automotive sector, are currently reviewing the policy, which was first introduced in 2006 to transform the domestic automotive industry.

    Furthermore, he said the revised policy, which will also include the development of the third national car project, will overlook the entire automotive ecosystem, encompassing four key pillars of connected mobility, Industrial Revolution 4.0, new generation vehicles and artificial intelligence.

    “When we talk about the third national car, we need to look at it at a holistic perspective. So let’s not just focus on the third national car project, which is an important component of the NAP review, but also look at the entire ecosystem. This ecosystem needs to be further enhanced and developed to take into consideration of new trends, such as the newly launched Industry 4.0.

    “With the new technologies coming in, including the possibility of self-driving cars, more rapid advancement in electric vehicles and necessary ecosystems such as batteries and charging stations, it is timely to review this particular sector,” he noted.

    To date, Ong said, the ministry has received over 20 proposals on the third national car project, from various sub-sectors, comprising small to large companies in the automotive sector, which include some “big players”.

    He noted that the ministry has developed a matrix to analyse and evaluate these proposals, in order to make a fair, transparent and comprehensive choice.

    “One of the deciding factors would be the financial sustainability of the project as the government will not be funding this third national car project as noted in Budget 2019,” Ong added.

    Meanwhile, the Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad said in conjunction with the event that the association is hopeful that the government would continue to focus on the components emphasised in NAP 2014, including the EEV initiative.

    “Future technology is good, but we would also like them to continue to emphasis on EEV that has helped the industry. We would also like to see long-term policies rather than short-term (policies) and more consultations with the industry,” she added.

    Themed “Beyond Mobility: Moving Sustainably”, the two-day conference, which is organised by the Asian Strategy and Leadership Institute (Asli) and MAA, aims to bring together industry experts and leading players to share views concerning the automotive industry and ecosystem roadmap beyond 2025.

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  • Bursa slips on Wall Street, oil price slump

    Bursa slips on Wall Street, oil price slump

    Bursa Malaysia was not spared the fallout from this week’s rout on Wall Street and the slump in crude oil prices, with the FBM KLCI sliding 15.34 points to close at 1,695.37 points today. Most sectoral indices on the local bourse ended in the red today, save those for construction, healthcare, utilities and the ACE Market, and the FBM Fledgling Index.

    The selloff on Wall Street has been led by technology stocks, and the New York stock market’s gains for 2018 have been wiped out with the latest plunge on Tuesday.

    The Dow Jones Industrial Average and the S&P 500 ended at their weakest since late October on Tuesday, diving 553 points or 2.2 % and 49 points or 1.8 % respectively. The technology-heavy Nasdaq declined 117 points or 1.7 %, the lowest it has hit in seven months.

    Energy stocks also took a beating after crude oil prices slumped 6.6%.

    Rakuten Trade Sdn Bhd head of research Kenny Yee said that the performance of the local bourse is attributable to developments on Wall Street and the decline in crude oil prices – which will be used as the “relevant excuse” by investors to take profits given the recent climb in stock prices.

    Asked if the selling will persist, he said this will depend on Wall Street’s performance.

    Yee projects the FBM KLCI to trade around the 1,680 level, which he said is a well-supported position.

    He noted that selling could also be induced by the expected dip in third quarter corporate earnings, in which further downgrades on corporate earnings growth are expected.

    “We were deep into the tech bubble and now it is bursting. The bubble is not totally without fundamentals but prices rose too much over a long period of time. For the US, it is only starting and for Malaysia the oil price drop marked our peak. We were just trying to recover before the bursting of this bubble hit us,” explained Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew.

    “There is no cover currently. All asset classes are being hit. Bonds, stocks, commodities, properties, cryptocurrencies … all are being hit. Even gold is going nowhere,” he said.

    Asked if this will continue, Pong noted that the market does look like continuing its bearish streak in all asset classes as the tide of liquidity is flowing out at the moment.

    Sapura Energy was the most active counter on Bursa Malaysia yesterday, surging 4.17% to 37.5 sen with 87.49 million shares traded.

    Malaysian Pacific Industries was the top loser, falling 4.08% to RM11.74 on volume of 480,600 shares.

  • Online hiring in Malaysia fell 8% in Q3

    Online hiring in Malaysia fell 8% in Q3

    Online hiring activity in Malaysia fell by 8% in the third quarter, falling behind the performance from one year ago by 14%, according to the third quarterly Monster Employment Index (MEI) report. It said online recruitment in the country could not sustain the strong performance of the previous quarter, continuing a negative trajectory.

    The report highlighted that Malaysia has still not recovered its economic position, despite a stronger performance in the previous quarter.

    This Southeast Asia Q3 Online Recruitment Trends Report by Monster.com examines the hiring trends and performance of online recruitment, and offers a comprehensive overview of major industries across Malaysia, Singapore, the Philippines.

    It said top three job roles among occupations hiring freelancers online in Malaysia are sales & business development (16%), marketing & communications (8%), software, hardware, telcom (5%).

    Among occupations, hospitality and travel recorded the strongest quarterly growth with 2%, while engineering and real estate soared 13% in a quarterly comparison.

    The IT, telecom/internet service provider (ISP) and business process outsourcing (BPO)/IT enabled services (ITES) sector exhibited the strongest performance among industries throughout July, August and September in a year-on-year comparison, while the logistics and BFSI industries registered the weakest performance for the same period.

    While general online hiring has been slowing in Malaysia in the third quarter, the IT, telecom/ISP and BPO/ITES sector recorded a 5% growth in the three-month period.

    With Penang becoming an increasingly attractive hub for tech companies in Malaysia, the IT, telecom/ISP and BPO/ITES sector resumes the path that was set in the second quarter. In a year-on-year comparison, the sector even registered double-digit growth with 11%, 11% and 12% respectively – indicating a resilient industry despite political concerns.

    This edition of the quarterly MEI took a closer look at the freelance economy and its online hiring demand across industries in Southeast Asia. With job scopes continuing to shift due to technological innovations, it is up to human resources leaders to define the way freelancers, part-timers and full- time staff collaborate and share their workload.

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  • Foreign flows into Asian bonds turn positive, Malaysia leads

    Foreign flows into Asian bonds turn positive, Malaysia leads

    Foreign flows into Asian bonds turned positive in October, in stark contrast to the sharp outflows faced by equity markets due to slowing earnings and concerns over trade. Data from central banks and bond market associations showed overseas investors bought a net US$2.24 billion (RM9.4 billion) in Malaysian, Thai, Indonesian, South Korean and Indian bonds in the last month. That compared with net outflows of US$2.46 billion in September.

    Malaysia’s bond market led the region with inflows of US$1.8 billion in October, the highest in 2018. At the end of last month, foreign ownership of Malaysian government securities rose to 40.7% from 39.5% in September, the data showed.

    Thailand and Indonesian bond markets also attracted foreign money of US$1.07 billion and US$886 million, respectively.

    “Thailand’s large current account surplus and growth recovery have boosted the perception of Thai debt as a relative safe haven in the region,” said Khoon Goh, Singapore-based head of Asia research for ANZ Banking Group in a note.

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  • UOB: Malaysia’s GDP to grow at 4.8% for 2018, 2019

    UOB: Malaysia’s GDP to grow at 4.8% for 2018, 2019

    Malaysia’s gross domestic product (GDP) growth is expected to remain stable and expand at 4.8% for the full year of 2018 and 2019. UOB Malaysia’s senior economist, Julia Goh said the 2019 forecast has been revised from the 5% projection made earlier, to 4.8% after taking into account the potential impacts from the US-China trade tensions.

    Goh noted that while Malaysia’s economy is not immune to external headwinds such as the trade tensions between the two economic giants, rising US interest rates and commodity prices—Malaysia could certainly find support from its robust domestic private consumption and investment.

    The ringgit is expected to stand at RM4.22 against the Greenback next year on the back of external factors such as the strength of the dollar, crude oil prices and the direction of the renminbi.

    Inflation rate for 2018 is expected to be 1.2% and 2% in 2019.

    “I think it is actually slightly lower than the government’s official forecast. I think the main support for inflation is we are seeing resilient spending even with the reintroduction of the Sales and Service Tax, we did not see any significant effect on the consumer price index,” she said.

    Key risk for inflation I think (will be) in the second quarter of next year where the government announced that they want to float oil prices,” she added.

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  • Vietnam’s first private airport set for Christmas launch

    Vietnam’s first private airport set for Christmas launch

    Vietnam’s first private airport near the world-renowned Ha Long Bay is getting finishing touches for a Christmas day opening. The 325-hectare (803 acres) airport at Van Don District, northern Quang Ninh Province cost VND7.7 trillion (more than $330 million) and can handle 2.5 million passengers a year and 1,250 per hour.

    It is expected to focus on services to Northeast Asian destinations such as South Korea, Japan, Taiwan, and China and also Southeast Asian ones like Thailand, Malaysia, Singapore and Cambodia.

    Domestically, flights will mostly be to southern and central regions.

    Dinh Viet Thang, head of the Civil Aviation Authority of Vietnam (CAAV), said the airport could handle the largest of aircraft.

    Construction had begun in 2015.

    Real estate conglomerate Sun Group, who owns it, is completing licensing procedures now so that the first flight can land on December 25.

    It now has gates for four aircraft and the number will be increased to seven by 2030.

    According to the CAAV, the private airport will have to follow all regulations in terms of aviation safety and security like all other airports in the country.

    Airlines served almost 80 million passengers in the country in the first nine months of this year, up 12.1 percent from a year ago.

    The number is expected to cross 100 million for the very first time this year.

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