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Tag: Malaysia

  • DHL to build Global Center of Excellence in Iskandar Malaysia

    DHL to build Global Center of Excellence in Iskandar Malaysia

    DHL has announced the set-up of a Global Center of Excellence (GCOE) in Iskandar Malaysia — its first in the country. The Center will provide supply chain consultancy services, and support businesses to design logistics solutions specific to some of Iskandar’s key industries including Automotive, Energy, Engineering & Manufacturing, Life Sciences & Healthcare and Technology. DHL is establishing the GCOE in conjunction with Iskandar Innovations Sdn Bhd, a wholly-owned subsidiary of Iskandar Investment Berhad.

    The GCOE Iskandar Malaysia is a collaboration between DHL and Iskandar Innovations Sdn Bhd, a wholly-owned subsidiary of Iskandar Investment Berhad.

    The GCOE will serve to connect companies with key stakeholders within Iskandar Malaysia and supports their vision to be the hub for Asia and global markets, and enhance its value proposition of connecting the region to the world’s major economies. The Center will also power the region’s logistics ambitions with networking sessions and workshops where companies and industry experts come together to share best practices, to brainstorm innovative ideas that will form the future of Iskandar Malaysia .

    “We want to create an ecosystem within Iskandar Malaysia and to establish a single network that is conducive to all companies to explore and set up business in the region as their gateway to markets around the world,” said Mr. Philip Chu, Managing Director, Global Center of Excellence Iskandar Malaysia. “C oupled with DHL’s sector-specific experience, it will underpin the bespoke logistics solutions that the GCOE will offer to the local industry.”
    “A strong base of logistics solutions and talent will not only allow the Iskandar region to achieve its ambitions of becoming an ASEAN supply chain hub, but also provide vital trade connectivity between its core industries and overseas markets where opportunities are aplenty,” said Datuk Ir. Khairil Anwar Ahmad, President and CEO, Iskandar Investment Berhad. “As Iskandar’s population and foreign investment levels continue to rise steadily,[1] the GCOE will play a strategic role in creating the job opportunities and export growth that underpin the region’s economic plans for the future.”

    “The establishment of the GCOE will bring Iskandar’s supply chain capabilities up to speed with those of other logistics hubs in the region, including nearby Singapore where DHL has already run a Supply Chain Center of Excellence for the last ten years,” said Mr. Alfred Goh, President, Global Fast Growing Enterprise and Regional Head, Customer Solutions and Innovation Asia Pacific, DHL. “As Malaysia’s broader economy grows in domestic demand and overseas exports alike,[2] Iskandar’s manufacturing and production industries will need increasingly efficient, flexible and scalable supply chains to power future economic development.”

    “By complementing pure logistics skills and solutions with broader business development, market insights, and networking with key decision-makers around the world, we believe the GCOE will help Iskandar align its logistics investments with global demand and market forces more closely than ever before.”

    In 2007, DHL established a similar Supply Chain Center of Excellence in neighboring Singapore that delivered multi-million-dollar returns within its first 36 months of operation.[3] The Iskandar GCOE will be operational in Q2 2018.

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  • Nova Wellness to benefit from R&D centre

    Nova Wellness to benefit from R&D centre

    Nova Wellness Group Bhd’s growth plans via its in-house research and development (R&D) centre and capacity expansion plans are viewed positively with the initial public offering (IPO) given a fair value of 61 sen a share by Inter-Pacific Research Sdn Bhd.

    The research firm noted its valuation — a 10.9% premium to the company’s IPO offer price of 55 sen — is based on financial year 2019 (FY19) forecast earnings per share of 4.7 sen pegged to 13 times priceearnings ratio.

    “The nutraceutical industry in Malaysia is forecast to grow with the backing of the increase in awareness and demand for preventive healthcare,” Inter-Pacific noted in a report.

    “In addition, Nova Wellness is also looking to expand its presence in the skincare products segment.”

    Nova Wellness, which is scheduled to be listed on July 20 on the ACE Market, is a nutraceutical and skincare goods developer and retailer who is also engaged as an original equipment manufacturer service provider for dietary supplements and functional food products.

    Inter-Pacific stated Nova Wellness’ in-house R&D facility in Sepang provides the group with the platform to expand its product range and improve on its existing products to meet market demand and customer requirements.

    “The group’s own production facility enables it to produce a range of nutraceutical products under their own house-brands and conform to the standards required by relevant authorities,” it said.

    This includes Good Manufacturing Practice (GMP)-compliance and halal certification, while the in-house production facility allows the group to control the entire production process to minimise unplanned interruptions.

    Nova Wellness plans to increase its production capacity for functional food and skincare products by acquiring new machinery with the IPO proceeds.

    The company intends to raise RM44.91 million from the issuance of 81.66 million new IPO shares, with 36.7% from the proceeds earmarked for the construction of the new GMP-compliant production facility and 25.8% allocated for R&D activities.

    To date, Nova Wellness has developed 49 dietary supplements, 11 functional food products and 28 skincare products for both domestic and international markets.

    Inter-Pacific said the company’s wide distribution network across Malaysia for house-brand products bodes well for the group’s competitiveness.

    “The group will thus be able to keep its competitiveness — especially vis-à-vis larger competitors who have a presence in the international market,” it said.

    There are reportedly 227 independent retail pharmacies in Malaysia that sells Nova Wellness’ house-brand products, of which 105 are Nova Wellness Partnership Programme (NWPP) partners.

    Nova Wellness’ proposed 30% dividend payout policy of annual audited profit, coupled with an experienced management team, is a further upside, according to Inter-Pacific.

    The investment risks faced by the company include dependency on major customers and NWPP partners, as well as risks stemming from unsuccessful pre-clinical and clinical trials.

    Its top three major customers contributed 10% of the group’s FY17 revenue, while NWPP partners made up 60.4% of group revenue that same year.

    On another note, unsuccessful trials of products will negatively affect the group’s competitiveness.

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  • DRB-Hicom studying Proton-Indonesia joint venture

    DRB-Hicom studying Proton-Indonesia joint venture

    DRB-Hicom Bhd is studying the proposed collaboration between Malaysia and Indonesia to produce an Asean car.

    Group managing director Datuk Seri Syed Faisal Syed Albar said a discussion on the matter is taking place as a memorandum of understanding was signed in 2015 between its subsidiary, Proton Holdings Bhd, and an Indonesian company to undertake the joint effort.

    “There is no cost involved and we need to study it a lot,” he said.

    Proton is 50.1% owned by DRB-Hicom and 49.9% by China-based automaker Zhejiang Geely Holding Group via its wholly-owned subsidiary, Geely International (Hong Kong) Ltd.

    It was reported earlier that the joint effort between Proton and Indonesia to produce an Asean car would be revived following talks between Prime Minister Tun Dr Mahathir Mohamad and Indonesian President Joko Widodo during the former’s visit to Indonesia last month.

    Meanwhile, Syed Faisal, who is also Proton chairman, disclosed that Geely has invited Mahathir to visit the company’s facilities in China during the prime minister’s visit to the country next month.

    Syed Faisal gave an assurance that the launch of the first Proton sport utility vehicle (SUV) will take place as scheduled in October.

    He said the briefing today also covered future technology offered by Geely.

    “Tun Mahathir likes the SUV that we loaned to him earlier, which indirectly shows that he has confidence in Geely’s technology in Proton,” he said.

    On the Mahathir’s plan for another national car, Syed Faisal said he believes that Proton, as the national car, has secured the confidence of banks, vendors and dealers. “In that regard, we will think of Proton first, and there will be no change in direction on that.”

    Syed Faisal reiterated the group’s commitment to pursue a 30% price cut from its automotive parts suppliers by year-end.

    Also present at the briefing was Dr Li Chunrong, CEO of Proton’s manufacturing arm, Perusahaan Otomobil Nasional Sdn Bhd.

  • Bank Negara Malaysia seen holding policy rate

    Bank Negara Malaysia seen holding policy rate

    Malaysia’s central bank is expected to leave its benchmark interest rate unchanged at a meeting on Wednesday, as growth remains firm and a short-term dip in inflation is expected after the new government removed a much-maligned consumption tax.

    All 10 economists polled by Reuters forecast that Bank Negara Malaysia (BNM) will hold its overnight policy rate at 3.25%.

    Unlike Indonesia and the Philippines, Malaysia has hiked its policy rate just once this year, by 25 basis points in January.

    That increase was the only hike since July 2014.

    Wednesday’s meeting will be the second since May 9 elections brought a stunning change of government and the return of Tun Dr Mahathir Mohamad, premier from 1981 to 2003, as prime minister.

    It will be the first BNM policy meeting with Datuk Nor Shamsiah Mohd Yunus as governor. She assumed the post on July 1.

    Soon after taking office, Mahathir scrapped the 6% Goods and Services Tax (GST) imposed in 2015, which Malaysians said was a major contributor to rising living costs and a key reason to reject Datuk Seri Najib Abdul Razak and his long-ruling coalition.

    Scrapping GST will likely bring a significant fall in inflation rate, expected to average around 1% in 2018’s second half, Capital Economics said in a note.

    As a result, it said, “another rate hike is probably off the table”.

    In May, BNM said scrapping GST would impact inflation, but it was too early to say by how much. It projected 2018 full-year headline inflation at 2-3%.

    May’s annual inflation rate was 1.8%.

    Standard Chartered, in a note on Friday, said external pressure may push the central bank to hike its key rate, should it become a drag on the ringgit currency, though it did not say when this could happen.

    The ringgit traded at 4.033 to the dollar at midday today. It has weakened about 4.5% since April 2, a peak for the year.

    StanChart has maintained its 2018 full-year economic growth projection at 5.3%, saying the pace would “moderate from strong levels in 2017, but remain firm”.

    Prior to the election, BNM forecast 2018 growth at 5.5-6%, and has not made a fresh projection since the voting.

    The government reported 2017 growth at 5.9%.

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  • AirAsia celebrates Avalon Airport launch with $99 flights to Asia

    AirAsia celebrates Avalon Airport launch with $99 flights to Asia

    Earlier in the year, Avalon Airport and AirAsia announced they would be teaming up to offer the first ever international flights out of Melbourne’s second airport, Avalon.

    Now, tickets for first flights are finally out and to celebrate they are on sale for as little as $99 each way.

    These are to AirAsia’s home city Kuala Lumpur and, to be perfectly frank, are actually on sale for $12 each waywith airport taxes coming in at $87. Put the two together and you get your flight fare.

    Whichever way you look at it, it is super cheap and is definitely not one to be missed.

    The Melbourne to Kuala Lumpur route will operate twice daily on AirAsia’s long haul carrier AirAsia X on an A330-300 aircraft. While it’s the focus flight of this launch, it isn’t the only one from Avalon Airport on sale. Direct flights from Melbourne (Avalon) to Bangkok are also available from $154 each way while over 70 indirect flights via Kuala Lumpur are also available to snap up for cheap. This includes Melbourne to Singapore from $140, Melbourne to Phuket from $147, Melbourne to Male (Maldives) from $201 and Melbourne to Tokyo from $249, to name a few.

    Again all these fares are one-way with returns costing double.

    Travel is open across a more-than-generous period, ranging from 4 December 2018 to 13 August 2019. This includes peak season dates such as Christmas, though these are limited so you may need to be flexible with your dates around high-season to keep to your intended budget.

  • Volvo Car Malaysia launches new Batu Pahat 3S centre

    Volvo Car Malaysia launches new Batu Pahat 3S centre

    Volvo Car Malaysia, together with its newest dealer AJ Premium Motors, have launched a new Volvo 3S centre in Batu Pahat to serve customers in the Southern region. The new dealership is part of the company’s sales and aftersales transformation programme, with more locations set to be introduced later in the year.

    “There is growing interest for our models in Malaysia and we are actively setting-up dealerships in strategic areas around Malaysia to better service this need,” said Lennart Stegland, managing director of Volvo Car Malaysia.

    “It is an absolute requirement for all new dealerships to adhere to the Volvo Retail Experience (VRE) standards, consistent with our dealership standards in Europe – it is not just an aesthetical guideline but also dictates the level of service rendered in our dealerships,” added Stegland.

    Volvo Batu Pahat features a Scandinavian-inspired ‘living room’ where customers can relax while being attended to by a sales representative or while waiting for the vehicles to be serviced in one of the two service bays in the facility.

    “Our presence in Batu Pahat makes it more convenient for owners from the surrounding areas of Muar, Kluang and Segamat to service their cars or for prospective customers to view new Volvo models,” said Jacky Ong, managing director of AJ Premium Motors.

    The 3S centre is located at Lot. 1005, Jalan Kluang, 83000 Batu Pahat, Johor, Malaysia and it is open from 9am till 6pm on Monday to Saturday, and from 11am to 5pm on Sunday and public holidays.

     

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  • Hershey’s activation comes to life at KLIA

    Hershey’s activation comes to life at KLIA

    A new mobile retail concept from Hershey’s has launched at Kuala Lumpur International Airport (KLIA).

    The Hershey’s flotilla buggy is the result of The Hershey Company, Malaysia Airports and DR Groupdiscussing ways to enhance customer engagement at the TFWA World Exhibition & Conference in Cannes in October 2017.

    The flotilla buggy is converted from a conventional buggy making it the world’s first truly mobile promotion from a confectionery brand and is expected to become a unique attraction at KLIA, Malaysia Airports said. It is based on the classic American Cadillac and is adorned with messages and artistic images of iconic landmarks.

    Nazli Aziz, senior general manager for commercial services, Malaysia Airports (at the rostrum) giving a speech at the launch of the Hershey’s flotilla buggy.

    “Malaysia Airports is constantly looking into new ways to curate a convenient, unique and memorable shopping experience for customers. The launch of the Hershey’s flotilla buggy is the culmination of a successful partnership between Malaysia Airports, a world-class confectionery brand and an enterprising retailer,” Malaysia Airports Senior General Manager for Commercial Services Nazli Aziz said.

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    DR Group Managing Director Dato’ Dahlan Rashid added: “Since its inception in 1985, DR Group has been creating its own niche internationally by innovating [in] the travel retail confectionery landscape. We believe this synergistic collaboration provides the perfect beginning for endless possibilities in retail innovation.”

  • Decision time for Malaysia’s fintech regulators

    Decision time for Malaysia’s fintech regulators

    Just as Kuala Lumpur hosted the opening of what claims to be the “largest blockchain centre in Asia,” a newly published report has urged the Malaysian government to hone and relax the regulations covering blockchain technology.

    The 242-page report, entitled “Tailoring Malaysian blockchain regulations for the new digital economy”, was published yesterday by the University of Malaya’s Faculty of Law.

    While it aims to be a “starting point to synthesize some of the [existing] legal viewpoints into collective practical solutions which will benefit Malaysia,” it also calls on the country’s central bank and securities commission to work together to define and provide better clarity, especially in regard to crypto-related taxation.

    The legality of crypto-currency trading in Malaysia remains somewhat unclear, as it is not formally illegal but remains unregulated. Report project director Nur Husna Zakaria said the current government stance was “promising” because, as yet, “none of the regulators in Malaysia has banned any transaction related to blockchain,” but she urged all government stakeholders to work alongside the country’s blockchain community to “ensure whatever regulation is [put] in place … is comprehensive.”

    According to the Malaysia’s Sun Daily, the country’s Inland Revenue Board is now studying the country’s crypto-currency market but has given no timeline on the release of any guidelines or legislation.

    The University of Malaya report was published the day after international technology developer NEM Foundation opened its new Southeast Asian HQ in Kuala Lumpur. The 11,000-square-foot facility, that NEM claims is the biggest blockchain-focussed facility in Asia, will act as a learning centre, incubator and accelerator for blockchain related startups.

    The centre aims to serve as an R&D facility for NEM related developers, business users and crypto exchanges and already Appsolutely Inc, a crypto-based rewards and loyalty business from the Philippines, has based its regional operations at the NEM centre, as has Indonesian crypto retail startup Pundi X and Singaporean mobile settlement solution Dragonfly Fintech.

    Singapore-based NEM, that gained global notoriety after its own digital token was at the centre of a $530 million hack in January 2018, announced earlier this month that it had devoted $40 million to an on-going global expansion program. NEM says $5 million of this fund has been allocated to support blockchain companies based at the new Kuala Lumpur centre.

     

  • Malaysian stocks, ringgit to remain under selling pressure

    Malaysian stocks, ringgit to remain under selling pressure

    The Malaysian stock market and the ringgit, which have seen constant pressure since the surprise outcome of the 14th general election, are unlikely to change course anytime soon as the US action to slap tariffs on imports from China is expected to increase risk aversion in the short term, say economists.

    Last Friday, the US imposed tariffs on US$34 billion (RM137 billion) worth of goods from China. Beijing was quick to retaliate, announcing levies on the same value of US imports. Bursa Malaysia’s benchmark index, the FBM KLCI, fell 1.6% or 26.79 points to close at its intraday low of 1,663.86 points in reaction to the news, while most emerging market currencies, including the ringgit, yuan, Indian rupee, baht, won and Singapore dollar traded lower. The Malaysian unit closed at 4.0465 to the US dollar on Friday.

    MIDF Amanah Investment Bank chief economist Dr Kamaruddin Mohd Nor said that the local currency as well as the emerging economies’ currencies are expected to remain under pressure this week amid heighten trade tensions between the two economic powerhouses.

    He said trade tensions would hamper investor sentiments towards emerging economies, which in turn would influence the flow of funds as investors assess the possible risks and adverse outcomes associated with the dispute.

    “Thus, selling pressure due to this factor as well as other external factors (faster than expected interest rate increases in the US and stronger dollar) will weigh on the ringgit and regional currencies in the near term,” he added.

    Meanwhile, FXTM global head of currency strategy and market research Jameel Ahmad said there is some risk aversion in the atmosphere following the announcement by US President Donald Trump, where emerging market currencies and stock markets appear to be struggling as a result of a cautious trading environment.

    “If Asian stock markets continue to trade cautiously in wake of the US trade tariffs on China coming into play, there is a likelihood that this could also negatively impact the European stock markets,” Jameel said.

    Socio-Economic Research Centre executive director Lee Heng Guie noted that emerging markets’ assets, including currencies, have been under pressure in recent weeks due to the trade tensions, damaging market volatility due to capital reversals on expectations of higher US interest rates ahead and US dollar strength.

    Additionally, Lee said the ringgit is expected to remain at the current trading range given the multifacet external headwinds amid domestic political and policy transition.

    He noted that among the potential long-term effects from the tariffs’ implementation are slowing trade and investment as trade activity lessens, which would weigh on firms’ profitability and investments’ returns.

    Lee added that domestic demand would also dampen as households’ income becomes affected by the weak performance of export-oriented companies and industries.

    “In addition, global financial market volatility will have negative spillover on domestic equity market,” he said.

    Therefore, Lee said the government needs to widen its trade relationships with countries that are committed to adopting fair and open trade practices while companies work on products and markets complexities to minimise the disruption amid the global network of supply and value chains.

    Kamaruddin said while the research firm which does not expect local companies to face devastating near-term disruptions, they will have to be prepared if the list of products involved are part of their value chain.

    Overall, economists said the continued trade spat between the US and China, the return of market volatility, and the reality of higher US interest rates pressuring emerging financial markets and currencies, are expected to weigh on Malaysia’s growth momentum this year.

    “The estimated impact on GDP growth is around 0.1-0.3 percentage point,” Lee said.

    However, Kamaruddin said MIDF is keeping its full-year 2018 GDP growth forecast at 5.5%.

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  • Razer Pay launched in Malaysia

    Razer Pay launched in Malaysia

    Leading lifestyle brand for gamers, Razer and Berjaya Corp Bhd (BCorp) today launched the Razer Pay e-wallet in Malaysia.

    Razer Pay is the e-wallet designed for youth and millennials, allowing users to top up easily, transfer money quickly and pay everywhere.

    As a partner to Razer Pay, BCorp has pledged to donate up to RM5 million to the Tabung Harapan Malaysia fund.

    From today until Aug 30, 2018, BCorp has committed to donating RM10 with each first time use of the Razer Pay wallet at participating Berjaya outlets.

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  • Luk Fook Malaysia expands into opening of third store

    Luk Fook Malaysia expands into opening of third store

    Luk Fook Malaysia has opened its third shop, at the Genting Highlands Resort.

    The Hong Kong-based jewellery retailer expanded into Southeast Asia in 2010 and now operates 1660 locations through nine countries and regions, including greater China. The Genting Highlands shop will give the brand access to a well-established tourist market that frequents the high-altitude attraction that features casinos and theme parks.

    Luk Fook Holdings’ chairman and CEO Wong Wai Sheung said the group is dedicated to providing global customers with high-quality jewellery products, unparalleled shopping experiences, as well as caring and professional services.

    “With the drive for the Belt and Road Initiative, together with booming tourism in Southeast Asia, the group is optimistic about the prospects for the region. Following the opening of two retail shops at Pavilion Elite and Suria KLCC in Kuala Lumpur in 2016, the group has established a new retail shop at the 6000-foot highland famous casino and tourist spot – Genting Highlands of Malaysia – to further expand our retail footprint, which fulfils the corporate vision of ‘Brand of Hong Kong, Sparkling around the World’”.

    The opening ceremony was attended by multiple dignitaries and celebrities, while Rilakkuma-branded gold coins were distributed among guests.

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  • Osram to embark on high-end LED technology in Malaysia

    Osram to embark on high-end LED technology in Malaysia

    Light-emitting diode (LED) chip company Osram Opto Semiconductors (M) Sdn Bhd is looking to embark on advanced lighting technology in Malaysia, particularly for automotive applications as it sees huge growth potential in the market.

    “There is more and more of real high-end (lighting) applications needed (in Malaysia) such as pixel headlights in cars for instance and we see that as a huge opportunity for us,” its CEO Dr Ronald Mueller said at the handover ceremony of equipment worth RM2.4 million by Osram to four public universities today.

    Additionally, Mueller said the German-based company is also bullish in the application of micro-pixelated LED for display devices, which he believes will revolutionise the quality of visualisation and improve the illumination quality.

    “We are very confident in micro-pixelized displays, where in five years you might have a 10 sq m of a highly dense pixelized LED displays that is totally different compared with what we have today.

    “These are the areas that we think as hugely interesting and will grow. It’s just a question of when it will takes off. It maybe will take a couple of years but we will go into that direction ,” he added.

    Primarily focused on semiconductor-based technologies, Osram’s products are used in highly diverse applications ranging from virtual reality to autonomous driving and from smartphones to smart and connected lighting solutions in buildings and cities.

    Meanwhile, Malaysian Investment Development Authority (Mida) deputy CEO Arham Abdul Rahman, who officiated the handover ceremony, said as of May this year, Osram’s accumulated investment in the country amounted to RM4.6 billion, with a local spending of RM500 million, supporting close to 600 local vendors.

    “Today’s event is an example of a foreign investment that has contributed much to Malaysia. Mida would like to encourage other global companies to emulate these practices and bring the electrical and electronic industry to the next level of technology sophistication and competitiveness,” Arham said.

    Osram’s donation of the latest semiconductor and photonic equipment involved Universiti Malaya, Universiti Sains Malaysia, Universiti Malaysia Perlis and National University of Malaysia.

    The equipment will be used to provide hands-on educational experience for high-tech industry’s students.

    “By donating our manufacturing equipment for use in universities, we are helping to train the next generation of engineers,” Mueller added.

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  • Malaysian export growth to moderate to 5.5% in May

    Malaysian export growth to moderate to 5.5% in May

    RAM Ratings expects Malaysia’s export growth to moderate to 5.5% in May 2018 after a strong increase of 14% in April.

    The rating agency said in a statement today that this could be partially attributable to a high-base effect from May 2017, when export growth surged 32.4% – the highest level since March 2010.

    RAM said the continued decline in imports of intermediate goods also suggests an expectation of a corresponding moderation in external demand growth going ahead.

    Meanwhile, the import growth is projected to contract 2.5% in May in anticipation of the deceleration in exports.

    “Furthermore, some risk aversion in the lead-up to the 14th General Election may also have caused some hold-back in investments, thereby contributing to the slower pace.”

    For May, the trade surplus is estimated to come in lower at RM11.8 billion compared with RM13.1 billion in April.

    RAM pointed out that the direct impact arising from the US’s protectionist policies and tariffs on Malaysia’s exports has been limited to date, as exports of affected goods to the US (blanket tariffs on solar panels, washing machines, and steel and aluminium) constituted only 0.8% of Malaysia’s total exports in 2017.

    However, it cautioned that the second-round effects from the escalating trade tensions between the US and China, which bears the brunt of most of the American tariffs, will pose a bigger concern to the Malaysian economy.

    “This ripple effect will be more strongly felt through the global value chain (GVC) and also in global trade and economic growth.”

    “Notably, the US tariffs announced have a more far-reaching impact beyond China and have significant spillover effects to the GVC given the intermediate nature of the goods taxed. China’s set of retaliatory tariffs, on the other hand, seemingly target the US specifically,” said RAM head of research Kristina Fong.

    Having said that, the research house noted that large trade gains could be derived as US substitutes its demand for imports away from China to other established technology markets, in addition to inward investment gains from American and Chinese firms seeking to bypass these trade tariffs by relocating their operations.

    “However, the latter will take time to materialise as firms will require greater certainty in terms of how long and how significant this trade war will turn out to be.”

    In the near term, RAM said, significant downside risks may arise from the widespread uncertainty and heftier production costs, primarily for the US, which could in turn affect the current positive global economic momentum through higher unemployment and lower investments.

    “Moreover, greater-than-expected inflationary pressure may also spur faster-than-anticipated monetary tightening by the US Federal Reserve, which may further hurt investment and global restocking demand.

    “For Malaysia as a small open economy, weak external demand is a clear downside risk to growth momentum; this will require very close monitoring,” the rating agency said.

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  • Potboy pioneers online-to-offline groceries sale

    Potboy pioneers online-to-offline groceries sale

    Home grown online grocer, Potboy Grocery, is organising an online-to-offline (O20) groceries sale, the first of its kind in Malaysia, in bringing the online customer to offline retail.

    PB Grocery Group Sdn Bhd, Co-founder Eddie Chew said the event enables offline customers to purchase groceries online and without having to be physically present at the actual exhibition hall of the event.

    “We want to educate customers on cashless transactions and e-payment as an alternative shopping method, and at the same time, give them the convenience of shopping.

    “Customers can enjoy buying groceries at the event without having to worry about carrying the items because we can deliver them to their doorstep for free and at no minimum purchase,” he said.

    Chew said the free delivery and no-minimum order privileges also applied to online transaction-buyers.

    The O2O event will be held for three days starting July 6 at P2, Jaya One, Petaling Jaya from 10 am to 10 pm.

    A crowd of about 18,000 crowd online and offline are expected to attend and generate RM2 million in sales.

    Forty famous suppliers, among others, Coca-cola, Nestle, F&N, Hershey’s, Homesoy, Brand’s, Jasmine, MamyPoko, and other household brands will participate, offering a discount of up to 75 per cent.

    “We are offering goods at a very competitive price during this event, and way better, lower compared to the retail price,” he said, adding, 300 goodies bag would be given away daily for early birds.

    Founded in Malaysia in 2016, Potboy Groceries is owned and operated by PB Grocery Group and currently based in the Klang Valley.

    Potboy Grocery is also the trusted grocer for Suria KLCC, Astro, Getha, Sumbertech Ventures and others.

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  • HIJUP UK debuts at London Eid Festival

    HIJUP UK debuts at London Eid Festival

    Malaysian-owned Hijup UK made its debut in London’s modest fashion scene at the recent London Eid Festival.

    Participating in the year’s largest international modest fashion showcase coincided with the launch of the Hijup UK online store.

    Hijup UK will follow this up with the opening of its first brick-and-mortar concept store and a fleet of mobile stores in London to make modest fashion more accessible to women.

    At the London Eid Festival, the fast-fashion and lifestyle brand showed off its latest collection by Indonesian designers Dian Pelangi, Vivi Zubedi, Jenahara and Ria Miranda and displayed its range of clothing and scarves in mobile stores set up on site.

    Along with its own brands handpicked from popular designers from Indonesia, Malaysia, Australia, the UAE, US and the UK, Hijup UK will be retailing popular and versatile Aidijuma hijabs and luxury modest fashion labels carried by Haute Elan.

    The company says it will adopt the online-to-offline business model in the UK, complementing e-commerce with personal retail experiences in both concept and mobile stores to provide a seamless experience for consumers wherever they are.

    Hijup UK is owned by Hijup, the world’s first Islamic fashion e-commerce and modest fashion brand, and Aidijuma Colors Group of Companies from Malaysia.

    “Hijup UK will be the first modest-retail group to create retail revolution through the online merging offline platform which includes the breakthrough concept of having a mobile store to complement the consumer shopping experience,” said Norjuma Habib Mohamed, founder and CEO of Aidijuma Colors Group, which holds the majority stake in Hijup UK.

    “We have a clear vision and that is to bring fashionable modest wear to women wherever they are, through multiple retail platforms and at competitive prices.

    “There is a growing market for modest wear and we are making it even more accessible and mainstream in more and more markets to cater for the needs of women while developing the brand,” added Norjuma.

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