AGD uncovers RM10m fraud at Malaysian govt office in London
Accountant-General Nor Yati Ahmad said the case, which involved public servants, is among several identified between 2019 and 2024, with total losses estimated at RM18 million.
'Enforcement action...
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New Straits Times
an hour ago
- New Straits Times
Palm falls on lower edible oils at Dalian
JAKARTA: Malaysian palm oil futures opened lower on Thursday as the market tracked lower edible oil prices at the Dalian exchange. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange lost 26 ringgit, or 0.59 per cent, to 4,409 ringgit (US$1,051.26) a metric ton in early trade. Dalian's most-active soyoil contract fell 0.14 per cent, while its palm oil contract declined 0.09 per cent. Soyoil prices on the Chicago Board of Trade were also down 0.13 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. China announced preliminary anti-dumping duties on Canadian canola imports on Tuesday, which will be effective from Thursday, escalating a year-long trade dispute that began with Ottawa's imposition of tariffs on Chinese electric vehicle imports last August. Malaysia raised its September crude palm oil reference price, a change that increases the export duty rate to 10 per cent, a circular on the Malaysian Palm Oil Board website showed on Wednesday. Oil prices edged higher on Thursday, regaining ground after a sell-off in the previous session, with the upcoming meeting between US President Donald Trump and his Russian counterpart Vladimir Putin raising risk premiums in the market. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, the palm's currency of trade, strengthened 0.26 per cent against the dollar, making the commodity more expensive for buyers holding foreign currencies. Palm oil still targets a range of 4,388-4,400 ringgit per metric ton, as it failed to break strong resistance at 4,455 ringgit, Reuters technical analyst Wang Tao said. The US dollar was under pressure on Thursday as traders piled into wagers that the Federal Reserve will resume cutting interest rates next month, powering Bitcoin to a record high, while a blistering rally in regional stocks took a breather.
The Sun
an hour ago
- The Sun
Urban Republic and Switch unveil national e-waste recycling initiative
URBAN REPUBLIC and Switch are proud to announce the launch of RE:Cycle, a bold new sustainability initiative designed to encourage responsible e-waste disposal while rewarding environmentally conscious consumers. Starting August 8 2025, the RE:Cycle campaign will be available at all Urban Republic and Switch outlets across Klang Valley, Johor, and Penang, offering customers a convenient way to dispose of their unwanted or unusable electronic devices — and earn instant rewards. 'E-waste poses a significant threat to the environment, and we believe retailers have a responsibility to lead by example. 'RE:Cycle is about making sustainable choices easy and rewarding for everyone,' said Lawrence Seng, General Manager of Techero. How the RE:Cycle Program Works: Drop off your e-waste Accepted items include a wide range of electronics — from power banks, wires, and cameras to monitors and speakers. Device check Submitted items will undergo a safety inspection to ensure they are not hazardous (e.g., leaking batteries or rusted parts). Get rewarded Participants will receive cash vouchers based on the type and condition of the e-waste. Vouchers are valued at RM10, RM20, or RM30, redeemable at Urban Republic and Switch stores. A step toward sustainable living The RE:Cycle campaign is a key part of Urban Republic and Switch's commitment to sustainability, aiming to raise awareness about the growing problem of e-waste and promote eco-friendly habits among Malaysian consumers. Customers can learn more about accepted items, full terms and conditions, and participating store locations by scanning the QR code available in-store or visiting and Join us in making a difference Let's work together to reduce e-waste, conserve resources, and build a more sustainable future — one device at a time.
The Star
2 hours ago
- The Star
TNB set to expand renewables in Australia
TA Research said it is positive on TNB's expansion into the Australian energy market. PETALING JAYA: Tenaga Nasional Bhd 's (TNB) push into Australia's renewable energy (RE) sector is set to give the Malaysian utility a strategic foothold in one of the world's most ambitious energy transition markets. The move positions the group to capture opportunities from Australia's drive to raise RE generation to 82% of its national mix by 2030, from around 39%. In its report, TA Research, which recently participated in a technical visit to TNB's Australian operations under Spark Renewables Pty Ltd, said it is positive on TNB's expansion into the Australian energy market. Additionally, the national utility company in 2023 acquired Spark, which owns the operational 120 megawatts Bomen Solar Farm in Wagga Wagga, New South Wales, and is building a pipeline of greenfield projects. 'Spark provides a strategic platform for TNB to gain exposure to Australia's aggressive energy transition given a national target of an 82% RE generation mix by 2030,' it noted. According to the research house, Spark complements the other two subsidiaries within TNB's New Energy Division, namely Vantage RE, which operates in the United Kingdom and Ireland markets, and TNB Renewables Sdn Bhd, which houses the group's domestic RE portfolio, with a collective target of achieving 14.3 gigawatts (GW) RE capacity by 2050. Rather than focusing on acquiring ready-made, operational assets, TNB's strategy with Spark marks a shift towards greenfield development, which can potentially offer higher returns. The company's expansion comes as Australia accelerates coal plant retirements – 90% of its 21GW coal capacity is due to be phased out by 2035 – requiring vast new solar, wind and storage capacity, as well as 4,000km of additional transmission lines over the next decade. 'Furthermore, the learnings from these more developed markets are valuable in shaping Malaysia's own energy transition, both from a technical as well as policy and regulatory standpoint,' TA Research added. The research house, however, highlighted that Spark's near-term earnings contribution will be 'relatively small given TNB's large earnings base from its regulated and generation business domestically'. TA Research kept its forecasts intact, saying, 'we make no change to our earnings estimates at this juncture while our 'buy' call and discounted cash flow-derived target price are maintained at RM17.30, notwithstanding the overhang from the ongoing additional tax assessment by the Inland Revenue Board.' It also pointed out that, following a Federal Court decision on a 2018 tax case, 'the total resubmission, consisting of close to 70,000 individual projects, will be scrutinised by the Finance Ministry before approval – in the best case, we reckon the resubmission could offset TNB's RM7.2bil (RM1.23 per share) cash exposure to the tax liability.'
