logo
Nga Kor Ming demands apology over ‘white elephant' claims as MACC clears RM150m MyKiosk project

Nga Kor Ming demands apology over ‘white elephant' claims as MACC clears RM150m MyKiosk project

Yahoo22-07-2025
KUALA LUMPUR, July 22 — Housing and Local Government Minister Nga Kor Ming today called on critics to apologise to his ministry after the Malaysian Anti-Corruption Commission (MACC) found no criminal elements in the MyKiosk project.
Nga said the Ministry of Local Government and Rural Development (KPKT) had taken proactive steps by inviting the MACC to investigate the project following various allegations labelling it a 'white elephant' and other claims of mismanagement.
'There were previously various allegations labelling this project a white elephant and so on. Because of that, the KPKT took the initiative to invite the MACC to investigate.
'When the MACC didn't come to us, we went to them and handed over all the documents for their review,' he said during a question-and-answer session in the Dewan Rakyat.
Nga said the MACC subsequently issued a statement confirming that there was no abuse of power, no criminal elements, and no signs of corruption related to the project.
'So to those who threw stones, don't hide your hands. On behalf of all the hardworking KPKT staff who have been tirelessly helping the people, I demand that those who made slanderous accusations apologise,' he said.
Nga added that the MyKiosk initiative, which aims to provide standardised, low-cost business premises for small traders, remains part of the government's agenda to support grassroots entrepreneurs.
In May, Parti Pribumi Bersatu information chief Datuk Tun Faisal Ismail Aziz claimed that the MyKiosk project was wasteful and had turned into a white elephant.
Selangor MCA Youth also lodged a complaint with the MACC, urging an investigation into the funding and implementation of the RM150 million MyKiosk project.
Its chief, Tan Jie Sen, claimed that despite the large allocation, just over half of the kiosks were occupied.
Nga said as of July 2025, the occupancy rate for MyKiosk stood at 2,926 units (91.75 per cent), while MyKiosk 2.0 recorded an occupancy of 3,518 units (86.78 per cent).
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

GCCs drive finance and accountancy jobs in India: ACCA
GCCs drive finance and accountancy jobs in India: ACCA

Yahoo

time3 hours ago

  • Yahoo

GCCs drive finance and accountancy jobs in India: ACCA

A new report from the Association of Chartered Certified Accountants (ACCA) highlights how India's global capability centres (GCCs) are boosting economic growth by driving services exports and creating finance and accountancy jobs. GCCs in India are transforming from back-office support hubs to global value creators, leading innovation and technological advancements for international corporations, the association said. These centres are expected to contribute 2% of India's GDP and generate 2.8 million jobs by 2030. In FY24, GCCs generated approximately $64.6bn in export revenue, a 40% increase from $46bn in FY23. By 2030, 20,000 global leadership roles are projected to be based in India. The growth is supported by a skilled workforce, expansion into tier-II cities, favourable government policies, and improving infrastructure. As GCCs mature, finance roles are evolving beyond traditional boundaries to focus on process improvement and cost transformation initiatives. Opportunities are expanding in business partnering, procurement, reporting, planning, and analysis. Entry-level roles now focus on data analytics, FP&A, and compliance management, while mid-level roles drive process improvements and transformation. ACCA said that finance professionals need to develop higher skills and capabilities, including an understanding of finance functions, comfort with data and digital tools, and the ability to collaborate with global teams. Successful collaboration among state and non-state actors is crucial to managing risks and maximising momentum, it added. India requires a comprehensive GCC strategy supported by policymakers to promote innovation, create skilling initiatives, and streamline regulations. ACCA policy and insights lead for India and report author Pooja Chaudhary said: 'The report highlights the factors driving GCC success in India and what's needed to sustain it. Strong leadership, cross-cultural talent, and collaboration between global and local teams are key to running a successful GCC. 'As GCCs take on more strategic roles, they must work with policymakers to streamline regulation and partner with academia to bridge skill gaps while continuing to create value through innovation and alignment with the parent organisation.' Earlier in July 2025, ACCA published a report on AI implications for the accountancy sector, highlighting the need for finance teams to adapt to new roles and responsibilities. The AI Monitor report suggests that AI will transform the accountancy profession by changing task execution at all levels. It emphasises the need for human oversight, focusing on "human interaction, transparency, and oversight" to ensure AI systems adhere to professional standards and regulations "GCCs drive finance and accountancy jobs in India: ACCA" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio

IT Sector's Muted Q1 Trend Likely to Continue through FY26
IT Sector's Muted Q1 Trend Likely to Continue through FY26

Entrepreneur

time3 hours ago

  • Entrepreneur

IT Sector's Muted Q1 Trend Likely to Continue through FY26

The Indian IT sector is expected to witness a flat revenue growth of 0-2 per cent in FY26 as compared to the previous year in terms of constant currency revenue growth, according to CareEdge Ratings You're reading Entrepreneur India, an international franchise of Entrepreneur Media. The Indian IT services industry has experienced muted growth during the first quarter earnings as clients across sectors continued to delay or defer discretionary projects due to macroeconomic uncertainty and cost pressures. Despite some commentary on a better second half of the fiscal, CareEdge Ratings believes the Indian IT sector is expected to witness a flat revenue growth of 0-2 per cent in FY26 as compared to the previous year in terms of constant currency revenue growth. This is underpinned by a healthy deal pipeline poised to convert into wins over the near term, ensuring revenue visibility for the next few quarters. "Increasing digitisation and rise in demand for emerging technologies like 5G, advanced data analytics, artificial intelligence, cloud computing, cyber-security, robotics and blockchain provide growth opportunities for Indian IT/ITeS firms," CareEdge said in a report. It further stated that, "The uncertainty arising from tariffs and movements in the US market is a significant concern for the IT industry, as a large proportion of its revenues are derived from the US market. The IT-software industry has been re-aligning its offerings to cater to the evolving requirements of its clients with respect to emerging technologies to become more effective in the dynamic business environment. Growth remains muted in key markets, as clients are cautious in spending prioritizing cost optimisation and vendor consolidation." Tata Consultancy Services (TCS) reported muted growth in core markets (except India) due to deferrals and decision-making delays in Q1. Deal TCV has been strong for last three quarters, up 7.4 per cent YoY, but revenue growth in core markets has been flat at -0.7 per cent YoY USD due to re-scoping, delay in ramp-up and elongation in deal tenure. Pace of client decision making did not improve in Q1. Management believes that uncertainty would persist until trade deals between US and all major countries are finalised. Management reiterated its target to grow better in international markets in FY26 versus +0.5 per cent YoY USD in FY25. "We continue to value the company at 24x on Q3FY27-Q2FY28 EPS of INR 152.9 to arrive at our target price of INR 3,670. We continue to like TCS for better execution, profitability and return metrics in the industry," ICICI Securities said in a note. Wipro grew marginally better than expected at -2 per cent in constant currency, within its guided range for Q1, led by the healthcare and technology verticals. Guidance for Q2FY26 is flat at the midpoint. With a strong TCV and two mega deals, focus shall be on execution of these mega deals. "Though Wipro has indicated that H2FY26 will likely be better than H1 on the back of these deals, negative seasonality of H2 will also be at play. The company has indicated that margin might be impacted on upfront investment for large deals for a few of the quarters. WPRO has been losing clients and has trouble gaining broad-based growth traction across verticals. We factor in a -0.5 per cent IT services revenue USD growth print for FY26. We cut FY26–28E EPS by about 1–2 per cent and maintain 'Reduce' with a one-year forward target price of INR 240 on a target PE of 18x," ICICI Securities said. LTIMindtree reported in-line revenue growth led by a recovery in consumer and healthcare segments, and healthy momentum in BFSI. EBIT margin improved about 50 basis points QoQ on expected lines, enabled largely by its focused margin improvement program. TCV wins have been healthy with TCV up 13.6 per cent YoY over the last three quarters. "But this is yet to translate into revenue growth (5.3 per cent YoY USD over same period). Management is focussing on execution i.e. improving its large deal pipeline and win rates amidst a challenging macro environment and expects revenue growth momentum to improve from here on. We continue to value LTIMindtree at 22x on Q3FY27E to Q2FY28E EPS of INR 215 to arrive at a revised target price of INR 4,740. We maintain 'Reduce'. LTIM has higher exposure to its discretionary portfolio, constraining its growth in the current weak macro," ICICI Securities said.

First Hong Kong stablecoin licences may be issued early next year, HKMA says
First Hong Kong stablecoin licences may be issued early next year, HKMA says

Yahoo

time4 hours ago

  • Yahoo

First Hong Kong stablecoin licences may be issued early next year, HKMA says

HONG KONG (Reuters) -The first batch of Hong Kong stablecoin issuer licences is expected to be granted early next year, the Hong Kong Monetary Authority (HKMA) told a media briefing on Tuesday. Hong Kong's stablecoin bill is set to take effect on August 1. The market had earlier expected that the first batch of issuer licences might be issued within this year, but Tuesday's comments showed the city's de facto central bank's cautious stance. Darryl Chan, deputy chief executive of HKMA, emphasized that only "a handful" of licences will be granted for the first batch. Investors piled into crypto-related stocks in Hong Kong since the city passed stablecoin bill in May to boost its status as a global digital asset hub. Shares of Guotai Junan International have surged 450% after the broker said it obtained regulatory approval in Hong Kong to offer cryptocurrencies trading services last month. HKMA has been actively flagging risks around the growing frothiness of the market around stablecoins most recently. In a statement on Tuesday, HKMA reminded market participants "to exercise due caution in their public communications, as well as refrain from making statements that could be misinterpreted or create unrealistic expectations." It said that no stablecoin licence has been issued by the HKMA as of Tuesday. HKMA suggested interested institutions to apply for a licence before August 31 to receive feedback from the regulator. Institutions that have so far spoken with the HKMA are mostly exploring HKD- and USD-pegged stablecoins, Chan said. He added stablecoins backed by offshore yuan will still need to clearly specify their use cases and the assets used as reserves. Sign in to access your portfolio

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store