Research & Publication

January 04, 2025
A deal that’s now up in the air

In May last year, this column took the view that the offer price for the proposed privatisation of Malaysia Airports Holdings Bhd (MAHB) by the consortium...

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December 28, 2024
Promising for equity markets barring headwinds

As 2024 comes to a close, it is an opportune time to reflect on the financial markets and what it has given investors this year...

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December 21, 2024
Trumponomics clouds economic outlook

The re-election of former US President Donald Trump last month has turned the otherwise bullish economic outlook for the global economy into a more uncertain one...

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December 14, 2024
Bitcoin goes parabolic

This column has twice spoken about cryptocurrencies and more specifically, bitcoin. The first column entitled “Can Cryptos Be an Asset Class” was published in December...

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December 07, 2024
Ringgit rings in changes

With the ringgit rallying as much as 12.7% during the third quarter this financial year (3Q24) to close at 4.1220 to the dollar, foreign exchange (forex) losses...

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November 30, 2024
Fall of a bellwether

Last Monday was the cut-off date for the FTSE Bursa Malaysia KLCI (FBM KLCI) index review and based on the ranking of the top 30 market capitalisation...

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November 23, 2024
Getting related-party transactions right

In today’s corporate setting and due to a higher level of scrutiny by not only shareholders but also other stakeholders, it is becoming increasingly...

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November 16, 2024
Better governance, but more can be done

The Securities Commission (SC) recently released the Corporate Governance Monitor 2024 (CGM), which reviewed the corporate governance practices of 1,010...

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November 09, 2024
Healthcare sector needs a dose of reforms

In recent times, we have seen some major transactions involving the acquisition of hospitals by larger market players, which are clearly either expanding their...

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November 02, 2024
Complications in Public Bank’s corporate exercise

MUCH has been said in the media about Public Bank Bhd’s (PBB) rare corporate exercise involving the proposed acquisition of 175.9 million shares in LPI...

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October 26, 2024
Budget 2025 — A missed opportunity

When the unity government was formed post-2022 general election, the first window of opportunity for reforms was presented when the government tabled Budget...

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October 19, 2024
Are markets ready for Trump 2.0?

NOV 5, 2024, is an important date for global markets due to the US presidential election. The outcome could significantly influence how the markets will...

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October 12, 2024
Tough lessons from Turkiye

The Turkyish economy, which is among the world’s top 20 with a US$1.1 trillion gross domestic product, is one of the most affected by the Covid-19...

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October 05, 2024
The importance of fiscal discipline

Last week, this column looked at various tax measures that the government should be embarking upon to ensure sustainable growth in the government...

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September 28, 2024
Key tax measures to boost revenue

Budget 2025 will likely be both business and people-friendly, but there will be some measures to ensure Malaysia’s path towards fiscal sustainability...

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September 21, 2024
The stars are aligned

Although not a blowout quarter in terms of outperformance, the fact that earnings growth was more or less sustained at the frenzied first quarter...

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August 31, 2024
Make hay while the sun shines

Merdeka! Tunku Abdul Rahman, Malaysia’s first Prime Minister and the founding father of the nation, raised his voice seven times proclaiming the...

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August 24, 2024
Higher wages – a key reform agenda

When the Madani Economy framework was launched at the end of July last year, one of the key challenges that were identified was the low labour share...

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August 17, 2024
Margin call – a double-edged sword

Risk management today is the pillar of any business to ensure corporates are well-prepared for any unprecedented events; and if it is related to...

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August 10, 2024
Recession fears drive volatility

Last week, this column analysed the global debt level and its implication on the economy and currencies, and about a month ago, another article...

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August 03, 2024
World drowning in debt

According to the Institute of International Finance (IIF), total global debt – which includes household, non-financial corporates and government...

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July 27, 2024
Do ESG scores boost valuation?

As Malaysia moves ahead in adopting best practices with respect to environmental, social, and governance (ESG) issues, companies listed...

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July 20, 2024
Management of public funds requires a rethink

Every year, without fail, the Auditor General’s (AG) report to Parliament will unearth some of the shenanigans out there....

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July 13, 2024
Fed pivot on the horizon

Since the start of the year, the US Federal Reserve’s (Fed) rate cut expectations have been a guessing game for the longest time as the Fed has....

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June 06, 2024
Greater oversight on developers needed

The property sector is a key pillar of the Malaysian economy, as the growth of the sector itself has a positive spillover impact on many...

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June 29, 2024
Revisiting single-tier tax on dividends

Based on Bursa Malaysia’s total market capitalisation of just over RM2 trillion, and with a dividend yield of approximately 4%...

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June 22, 2024
Data centres – beware of the pitfalls

For the local bourse, the first half of the year has been driven by some key market themes and among them is the data centre theme....

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June 15, 2024
Regaining fiscal space via subsidy rationalisation

After months of speculation, and in its effort to get the ball rolling, the government finally floated the price of diesel in the market at RM3.35...

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June 08, 2024
Higher and higher

Based on past trends, the quarterly performance of corporate Malaysia in any first-quarter period is usually the weakest as analyst forecasts....

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June 01, 2024
The attraction of private markets

MOST investors are familiar with investing in the public markets, especially those related to equities, while some may have exposure or...

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May 25, 2024
Damned if you do, damned if you don’t

IMuch has been said by the media and various theories put together as to why Malaysia Airports Holdings Bhd (MAHB) is set to be privatised via...

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May 18, 2024
What’s next after M&As?

In the world of finance, there are many ways an investor can make money, and among them are pure long-term investors who adopt a buy-and-hold strategy....

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May 11, 2024
US is a ‘monopoly’

Whether you are young or old, it is likely that at one time or another, you would have played a board game called Monopoly....

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May 04, 2024
To give or not to give?

As we are into the month of May, a slew of companies with financial year ended Dec 31, 2023, will be having their respective AGM over the next few weeks...

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Apr 27, 2024
EPF’s third account, both a boon and a bane

The Employees Provident Fund’s (EPF) third account, which will enable members to withdraw their savings at any time, has received mixed reactions....

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Apr 20, 2024
Greater efforts needed to drive tourism

That was the total number of tourist arrivals to Malaysia in 2023, of which some 20.1 million were foreign tourists while the balance 8.8 million...

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Apr 13, 2024
The unwinding of balance sheets and its implications

First things first. This is this column’s 300th publication since the first article was published in June 2018 and I would like to thank Star Media Group for giving...

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Mar 23, 2024
Mandating investor relations post-IPO

Malaysia has seen a fair share of increase in the number of companies that are listed, with the latest count showing we have 10 companies that have launched their...

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Mar 16, 2024
Property overhang clearing up

Although not out of the woods yet, the recent statistics released by the National Property Information Centre (Napic) exhibit a positive trend for the industry as...

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Feb 24, 2024
Don’t fight the Fed

When the US Federal Open Market Committee (FOMC) met in December, the guidance given to the market was that the US Federal Reserve (Fed) had revised its guidance with...

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Feb 17, 2024
The good, the bad and the ugly

First, the good news. Malaysia’s automotive industry saw total industry volume (TIV) surge to an all-time high of 799,731 units in 2023, up 10.9% year-on-year...

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Feb 10, 2024
Enter the Dragon

GONG Xi Fa Cai! Xin Nian Kuai Le! Today is the first day of the Lunar New Year under the fifth animal zodiac, the Dragon. This year is the 4,722nd year under...

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Feb 03, 2024
Has bitcoin become mainstream?

The last time this column spoke about cryptocurrencies and more specifically, bitcoin, was more than three years ago in a column, entitled “Can Cryptos Be an...

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Jan 27, 2024
Lessons from meltdowns

Time and again, the local stock market experiences a major meltdown related to certain companies whose share prices plummet as they hit one limit-down...

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Jan 20, 2024
Let’s take scammers to the cleaners

Everyday, without fail, we have seen reports about how individuals are scammed by all sorts of methods and strategies. The victims are innocent but...

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Jan 13, 2024
Unfair but reasonable is common

AT the end of the last trading day last year, little-known Kuchai Development Bhd (KDB) agreed to dispose of its entire asset and liabilities to...

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Dec 30, 2023
2024 – It is all about reforms

LAST week, this column explored what the year 2024 will bring to investors as expectations of cuts in global interest rates and lower inflation prints will...

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Dec 23, 2023
Higher for longer

NO, it is not another call that global interest rates will be held up higher for longer – a message that has continuously been communicated...

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Dec 20, 2023
Peralihan tenaga perlu dipelbagaikan lagi - DARE

KUALA LUMPUR: Peralihan Malaysia kepada matlamat tenaga rendah karbon memberikan dua cabaran iaitu menyampaikan nilai hari ini, pada masa yang sama membina ekosistem yang akan...

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Dec 17, 2023
DARE study: Malaysia’s energy transition demands a more varied mix

MALAYSIA’S transition to low-carbon energy goals presents a dual challenge: delivering value today while simultaneously building the ecosystem that will enable achieving Malaysia’s...

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Dec 16, 2023
Time to eliminate double counting in FBM KLCI

COME Monday, Dec 18, 2023, YTL Corp Bhd and YTL Power International Bhd (YTLP) will be auto-added into the widely followed FBM KLCI, a move that will kick out two other index constituents...

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Dec 15, 2023
A Comparative Analysis of Renewable & Sustainable Energy Platforms in Malaysia

aims to clarify the complex distinctions between renewable and sustainable energy and provides an overview of Malaysia's current energy landscape...

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Dec 09, 2023
A decent third quarter

As we come to the tail-end of 2023, the last major market-driven event has just passed on without much enthusiasm as investors probably felt the recently concluded third-quarter...

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Nov 25, 2023
Ringgit’s misfortunes driven by investment flows

Much has been debated as to the cause of the ringgit’s weakness. Despite the promise of reforms, as well as the baby steps introduced in Budget 2024, the ringgit continues...

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Nov 18, 2023
From WeWork to WeFail

Wework, perhaps the most recognised startup among unicorns with a top-of-the-range valuation of US$47bil just four years ago, has finally called it a day and thrown...

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Nov 11, 2023
Has China’s economy turned the corner?

While investors remained obsessed with what is going on in the United States with respect to its economic data points, its yield curve, and the US Federal Reserve...

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Nov 04, 2023
Consumer protection – A pillar of ‘S’ in ESG

Within the environmental, social and governance (ESG) framework, while the focus has been heavy on issues related to environment and governance, and rightly so...

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Oct 28, 2023
Unsustainable growth in country’s debt

In Budget 2023, the total debt service charges (DSC) were estimated at RM46.1bil. As a percentage of total government expenditure, the DSC is expected to be at 15.4%....

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Oct 14, 2023
Fiscal Responsibility Bill falls short of expectations

The Dewan Rakyat passed the Public Finance and Fiscal Responsibility Bill, 2023 on Wednesday, paving the way for Malaysia to implement strict...

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Oct 11, 2023
Economist raises concerns over Fiscal Responsibility Act, high govt guarantee ceiling, lack of debt service charge cap

The government’s recently tabled Public Finance and Fiscal Responsibility Bill 2023 has left an economist perplexed by certain parameters, or their absence...

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Sep 02, 2023
Ripple effect from a slowing China

One of the greatest investment thesis for this year, well, at least as far as the start of the year was concerned, was the reopening theme of the Chinese...

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Aug 26, 2023
Is the tide turning?

One of the closest barometers for the ringgit is the correlation with foreign portfolio flows, and for the local bourse, a continuous inflow of foreign funds...

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Aug 19, 2023
A long runway for reforms

Seems like yesterday, but the results of the six state elections held last week remain on investors’ minds and various theories have been brought forward as to what...

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Aug 12, 2023
US on dangerous ground

FOLLOWING the cut in the long-term foreign-currency issuer default rating to AA+ from AAA by Fitch Ratings on Aug 1, 2023, the US fixed-income yield...

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Aug 05, 2023
Raising the bar

By now, most investors would have familiarised themselves with the concept of the Madani Economy since the launch last week by Prime Minister...

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Jul 29, 2023
Wish list for the New Industrial Master Plan 2030

The New Industrial Master Plan 2030 (NIMP2030), to be launched next month, is expected to propel the Malaysian economy to the next level with a focus on...

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Jul 22, 2023
Crisis of adaptation

According to the Institute of International Finance (IIF), global debt surged US$8.3 trillion (RM37.7 trillion) to hit US$305 trillion (RM1,385 trillion) at the end...

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Jul 15, 2023
The dividend dilemma

Dividends – as investors in a public listed company, one of the investment thesis that attracts the investment public, is not only for a company to have a formal...

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Jul 01, 2023
Time for reforms

Last week, an analysis of the global economy for the second half of 2023 (2H23) was presented with the view that rate hikes are still prevalent among major central...

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Jun 24, 2023
The lost plot

As we will soon be turning the chapter into the second half of 2023, it is perhaps an opportune time to gaze at the crystal ball again and see what lies ahead...

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Jun 17, 2023
Time to address high NRW

While Malaysians in general, especially domestic households, have been spared from higher electricity rates when the government imposed the 20 sen per...

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Jun 10, 2023
Another washout quarter

While the market could have been forgiving when the fourth quarter of last year’s (4Q22) earnings report card was released in February supported......

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Jun 01, 2023
Driving ESG In The Used Car Market

Malaysia's automotive ecosystem is massive and complex. It involves numerous industries and companies including car manufacturers, distributors, importers, service providers...

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May 30, 2023
Cogeneration, WHR boleh diteroka untuk penjanaan tenaga mampan

PETALING JAYA: Pengenalan teknologi canggih seperti Penjanaan Tenaga Gabungan (Cogeneration) dan Pemulihan Haba Sisa (WHR) mungkin membuka...

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Mar 04, 2023
When good is not good enough

By now, most readers would have read everything that is to be said about the retabled Budget 2023 that was presented last Friday, Feb 24, 2023......

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Feb 18, 2023
Between hawks and doves

The last couple of weeks were one of the busiest for central banks around the world, as several major central banks moved the needle up with rate hikes.....

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Feb 11, 2023
Demystifying property market overhang

An accountant, who is tasked with preparing the books of a corporate, will always be guided by accounting principles when it comes to how the financial.....

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Jan 28, 2023
A RM1.5 trillion debt hangover

A little over a week ago, Prime Minister Datuk Seri Anwar Ibrahim commented that Malaysia’s national debt has now reached RM1.5 trillion and needs.....

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Jan 21, 2023
Run with the hare

Tomorrow, we will be ushering in the Year of the Rabbit, the fourth animal zodiac sign under the 12 animal zodiacs derived from the Great Race.....

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Jan 14, 2023
Embracing the ‘E’ in ESG

Much has been said about the environment, social and governance (ESG) theme in many write-ups and conferences, and discussions at the board....

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Jan 07, 2023
How high is high?

As we welcome 2023, one of the central themes this year will be how high will interest rates rise after the relentless pursuit taken by global....

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Dec 31, 2022
2023: Looking beyond the challenges

As this is the last column for the year, it is an opportune time to reflect on the performance of financial markets, the global economy....

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Dec 24, 2022
Don’t miss the bus

With the establishment of the newly formed coalition government and one that is led by Pakatan Harapan plus other key....

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Nov 23, 2022
Moving Malaysia Towards Sustainable Green Energy

Why Its Important For Malaysia To Embark on A Sustainability Journey

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Oct 29, 2022
Attractive buys emerging

The Bursa Malaysia Property Index (BMPI) was last seen at 618.08 points and at this level, the index is down some 85.57 points....

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Oct 22, 2022
​​It is all about wages

Two interesting documents were released by the goverment recently and they gave an interesting perspective as to where Malaysia....

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Oct 15, 2022
Budget 2023- Much ado about nothing?

BUDGET 2023, which was tabled last Friday, has now become almost a redundant document as it will need to be re-tabled when the first....

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Oct 08, 2022
The lure of foreign currency deposits

As global markets remain volatile and investors are uncomfortable in investing in traditional asset classes like equities or fixed income....

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Oct 01, 2022
Currencies crack as dollar dominates

The question among many invesrors and perhaps to a larger extent the genrral public is whether we are in another currency crisis or....

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Sep 24, 2022
Positive 1H property market data trends

THE recently released property market data for the first half of 2022 (1H22) by the National Property Information Centre (Napic) showed that...

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Sep 17, 2022
Whither the ringgit?

With the ringgit passing the RM4.50 mark to the mighty US dollar, questions have been asked as to where the ringgit is headed, as it has...

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Sep 16, 2022
Malaysian retail industry ill-informed on Generation End Game policy?

OVER 150 respondents from the Malaysian retail industry have shared their concerns over the implementation of the Generation End Game (GEG) policy....

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Sep 16, 2022
Malaysian retail industry ill-informed on Generation End Game policy?

OVER 150 respondents from the Malaysian retail industry have shared their concerns over the implementation of the Generation End Game (GEG) policy....

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Sep 15, 2022
GEG: Industri minta perbincangan, tangguh pelaksanaan

KUALA LUMPUR: Lebih 150 responden daripada industri runcit Malaysia telah berkongsi kebimbangan mereka terhadap pelaksanaan dasar generation endgame (GEG)....

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Sep 15, 2022
Retailers call for govt consultation over tobacco generational endgame prior to any implementation, says local think tank

KUALA LUMPUR (Sept 15): The Malaysian retail industry is ill-informed about the tobacco generational endgame (GEG) and implores the government to consult with....

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Sep 15, 2022
Retailers call for govt consultation over tobacco generational endgame prior to any implementation, says local think tank

KUALA LUMPUR (Sept 15): The Malaysian retail industry is ill-informed about the tobacco generational endgame (GEG) and implores the government to consult with....

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Sep 15, 2022
Industri runcit tidak diberi maklumat secukupnya mengenai dasar penamat generasi GEG

KUALA LUMPUR 15 Sept - Lebih 150 responden daripada industri runcit Malaysia telah berkongsi kebimbangan mereka terhadap perlaksanaan dasar generstion endgame (GEG)....

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Sep 12, 2022
A Smoke Free Malaysia

A Strategic Policy Paper to Address the Feasibility of Curtailing Cigarettes Consumption in Malaysia

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Sep 03, 2022
Budget 2023: Strategising for the future

Budget 2023 – which was initially planned to be tabled on Oct 28, has now been brought forward to Oct 7, a full three weeks in advance of its...

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Aug 27, 2022
Privatisation on the horizon?

Malaysia’s most unloved sector in recent times must surely be the glove sector as all the glove producers have seen the share prices...

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Aug 20, 2022
Positive GDP outlook

The stronger than expected second quarter (2Q22) gross domestic product (GDP) growth of 8.9% was certainly a welcome relief for Malaysia...

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Aug 13, 2022
The devil is in the detail

Startups as the name suggests are new companies coming to market to disrupt the conventional and old ways of how a product is sold to the customer.....

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Jul 30, 2022
Stuck between a rock and a hard place

Post-Covid-19, one of the biggest issues faced globally is the shortage of workers as industries and businesses, which had previously either scaled down....

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Jul 23, 2022
All for a fairer takeover code

Last week, Cycle & Carriage Bintang’s (CCB) major shareholder, Jardine Cycle & Carriage Ltd (JCCL), launched its third attempt to take the company private....

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Jul 16, 2022
Inflation-induced US dollar rally ends

At the time of writing, the Bloomberg Commodity Index (BCOM), which tracks 23 exchange-traded contracts on physical commodities, was last observed at US$111.72 (RM496.85)....

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Jul 09, 2022
Robust growth for chip industry

At the recent Semicon South-East Asia 2022 held in Penang, various papers and projections were made on the semiconductor sector as experts weigh...

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Jul 02, 2022
Navigating a near perfect storm

As global markets ended the first half on a relatively sour note, market strategists and economists are now busy plotting their respective market...

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Jun 25, 2022
An "AAA' move?

The Malaysian rating agency business is dominated by two distinct and important companies – RAM Holdings Bhd and Malaysian Rating Corp Bhd (MARC)...

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Jan 21, 2022
A Smoke Free Malaysia

A Game - Changer For Malaysian Smoking Issues

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Oct 06, 2021
Winning The War On Tobacco Black Market

A Strategic Policy Paper Addressing Key Challenges to Overcome Illicit trade

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Oct 04, 2021
DARE's MD Interview on TV3 Discussing Illicit Trade in Malaysia

Ketirisan daripada ekonomi gelap, khususnya perdagangan rokok seludup mengakibatkan kerajaan kehilangan lebih RM5 bilion hasil cukai tidak dikutip, setiap tahun.

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May 22, 2021
Climate change is real

IN the newly updated Malaysian Code of Corporate Governance 2021 (MCCG 2021), the sustainability issue has taken...

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May 08, 2021
Wanted – Independent and women directors

MCCG was first introduced in 2000 and along with the changing corporate landscape and financial scandals that came along with it...

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March 20, 2021
A debt is a debt

WHEN Bank Negara released the fourth quarter (Q4) and 2020 gross domestic product (GDP) data about a month ago...

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Feb 04, 2021
Vape: An opportune avenue to contribute exponentially towards economic growth

THE Malaysian economy is still reeling from the ongoing uncertainties surrounding the COVID-19 pandemic...

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Jan 07, 2021
Making The Case For Cheaper Cigarettes In Malaysia

Suggested that halving tobacco taxes to curb the black market as 64% of cigarettes sold in the country...

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Dec 17, 2020
Price solution, enforcement to stop tobacco black market

A very taxing year is about to come to a close. The new year brings about hope of an end to the global health crisis...

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July 17, 2020
Corporates see red over black market

This year, due to Covid-19 as well as economic contraction of about 3.5% as expected by consensus estimates, it is...

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June 15, 2020
Investing in the economic recovery

IT has been a month since the Malaysian economy was kick-started under the Conditional Movement Control ...

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April 23, 2020
More Malaysians expected to buy contraband ciggies during MCO — survey

The number of Malaysians turning to illegal cigarettes is expected to rise further following the Covid-19 pandemic....

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