Latest news with #KUALA LUMPUR
Malay Mail
18 hours ago
- Business
- Malay Mail
13MP: Malaysia sets path to lead SE Asia in digital economy and green tech
KUALA LUMPUR, July 31 — Malaysia has set a clear direction to emerge as a leader in the digital economy and green technology in the Southeast Asian region by 2030, said Prime Minister Datuk Seri Anwar Ibrahim. He said generative AI is now within reach and the country is seizing the opportunity by charting a clear course to drive the AI ecosystem through the implementation of the National Artificial Intelligence Action Plan 2030. He said emphasis would be given to the adoption of local technological innovations to spur economic growth through the development of strategic digital assets such as AI, data analytics and government digital systems, alongside the enhancement of research, development, commercialisation and innovation (RDCI) activities based on the 'Made by Malaysia' approach. 'This effort is crucial to strengthen the nation's economic competitiveness, while developing a more sustainable and high-impact industry in line with the aspiration of becoming an AI-driven nation,' he said when tabling the 13th Malaysia Plan (13MP) in the Dewan Rakyat today. The 13MP, themed 'Melakar Semula Pembangunan' (Redesigning Development), outlines Malaysia's five-year development strategy for the 2026–2030 period. Anwar, who is also Finance Minister, said the government is committed to enhancing digital infrastructure to create new economic opportunities and attract strategic investments in the data centre sector. He said this effort will also enable broader access to online digital services across various sectors, including education, e-commerce and smart applications. To accelerate AI adoption across sectors, the government is targeting 5G coverage expansion to 98 per cent in populated and industrial areas, including rural regions, by 2030. This is in line with the commitment to nurture at least 5,000 new digital entrepreneurs. At the same time, to safeguard the digital ecosystem, a digital trust and national data security strategy will be introduced. This includes exploring quantum communication technologies and strengthening regulations through the establishment of a Data Commission and implementation of a national data bank. Key policies and strategies, such as the National Science, Technology and Innovation Policy, the Fourth Industrial Revolution (4IR) Policy, and the Malaysia Digital Economy Blueprint, will be prioritised with a focus on effective execution that benefits the people and industries directly, Anwar said. The Prime Minister also said Malaysia will introduce a Business Digital Identity system and promote the use of 'digital twin' to enhance the competitiveness and innovation of industry players. To build a strong foundation, he said AI literacy programmes will be introduced at the primary school level, alongside efforts to expand local intellectual property, increase strategic funding, and encourage cross-sector collaboration between industry players, research institutions, universities and the country's young innovators. 'This approach will ensure the country's innovation ecosystem grows comprehensively and delivers long-term returns to the economy and the people,' he said. — Bernama
Malay Mail
3 days ago
- Business
- Malay Mail
Blackpink's Jennie signs with Alta Music Group, founded by ex-Spotify executive
KUALA LUMPUR, July 29 — Blackpink member Jennie has signed with Alta Music Group, a label founded by former Spotify executive Jeremy Erlich, according to the Korea JoongAng Daily citing a recent report by Variety. Erlich, previously the global head of music at Spotify, has also held senior roles at Universal Music Group and Interscope Geffen A&M. Alta Music Group said it is partnering with Jennie's agency Odd Atelier and The Black Label, which manages other K-pop acts including Allday Project, Jeon Somi, Rosé and Meovv. The latter two will be involved in distribution and label services. In a statement, Erlich described Alta as 'a best-in-class team focused solely on supporting our artists and the music they create. Everything else does not matter.' Jennie's latest solo album Ruby, released in March, peaked at No. 7 on the Billboard 200 albums chart.
Malay Mail
23-07-2025
- Business
- Malay Mail
Domestic Trade Ministry to expand digital monitoring to ensure 60,000 tonnes of subsidised cooking oil reach target groups, says Armizan
KUALA LUMPUR, July 23 — Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali today said the ministry is prioritising efforts to ensure the effective distribution of 60,000 metric tonnes of subsidised cooking oil each month reaches its intended recipients without leakage, before considering alternative subsidy mechanisms such as cash transfers under the SARA programme. He explained that the ministry began implementing its digital monitoring system in 2023 to track the movement of subsidised oil from packaging plants to retailers. However, the current system does not yet monitor purchases at the consumer level. 'To address this, KPDN will expand the system starting in 2025 through the rollout of eCOSS mobile application, currently being piloted under the Rahmah Sales Programme. 'This app will be integrated with data from the National Registration Department (JPN) to identify legitimate buyers and prevent purchases by ineligible groups, such as foreign nationals,' he said during the debate on the Auditor-General's Report in Parliament today. The ministry said the system will enable the government to collect detailed data on who is buying the subsidised oil, where it is being bought, and in what quantity, allowing for more accurate assessment of subsidy beneficiaries and better targeted policies. He said the government previously had no clear data on who was actually using the subsidised packet cooking oil, but with the eCOSS system and new mobile app, it will soon be able to identify subsidy recipients more accurately. In response to Pulai MP Suhaizan Kayat, the minister said that although 3.16 million households need only around 20,000 tonnes of cooking oil monthly, the 60,000-tonne allocation also covers small traders, restaurants, school canteens, hostels, and care centres. 'The original 2016 estimate of 40,000 metric tonnes, based on 1.5kg per capita, was later revised to 60,000 metric tonnes to accommodate these broader usage patterns. 'It was also noted that in 2022, even the then prime minister (Datuk Seri Ismail Sabri Yaakob) acknowledged that enforcement should not be taken against small food vendors using subsidised oil,' he explained. This, he said, reflects how the programme has expanded beyond household use in practice. He then said KPDN remains committed to curbing leakage, preventing misuse and smuggling, and ensuring that subsidies reach the people who truly need them.
Malay Mail
19-07-2025
- Business
- Malay Mail
Ringgit to hold steady next week amid Fed watch and trade talk hopes, say analysts
KUALA LUMPUR, July 19 — The ringgit is expected to hover around RM4.24 to RM4.26 next week amid mixed signals in the market. This follows the anticipation of a potential meeting between United States (US) President Donald Trump and Chinese leader Xi Jinping, as well as the upcoming Federal Open Market Committee (FOMC) meeting by the end of the month. SPI Asset Management managing partner Stephen Innes said the market is expected to adopt a tone of cautious optimism next week, as the potential Trump-Xi meeting could reset the US-China dialogue, lifting broader Asian sentiment. 'For Malaysia, any thaw in trade tensions could brighten the macro outlook and, by extension, offer a floor to the ringgit in the near term. That diplomatic backdrop, however tentative, has helped curb more aggressive ringgit selling into the weekend,' he told Bernama. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that the next FOMC meeting will be held on July 29 and 30, and therefore, market participants will be closely watching to see whether the US Federal Reserve (Fed) will cut the Fed Fund Rate. 'Next week, there are not many data points to look at other than some comments from the Fed officials; thus, the market will be adopting a wait-and-see stance,' he added. Meanwhile, Kenanga Investment Bank Bhd said the ringgit remains supported by improving domestic fundamentals, rising foreign direct investment inflows, and infrastructure catalysts such as the resumption of the Mass Rapid Transit 3 project. 'We expect US dollar-ringgit to range between RM4.23 to RM4.25 per US dollar in the near term,' it said in a note today. On a Friday-to-Friday basis, the ringgit ended the week better against the greenback, closing at 4.2410/2455 as compared with 4.2475/2525 previously. The local note also traded higher against a basket of major currencies. The ringgit appreciated vis-à-vis the Japanese yen to 2.8517/8549 from 2.8893/8929, and strengthened against the British pound to 5.6999/7060 from 5.7524/7592 last Friday. It also rose versus the euro to 4.9336/9388 from 4.9679/9737 at the end of last week. Against Asean currencies, the ringgit traded mostly higher. The local note firmed against the Singapore dollar to 3.3027/3065 from 3.3186/3228, strengthened versus the Indonesian rupiah to 260.2/260.6 from 261.8/262.3 previously, and improved against the Philippine peso to 7.41/7.43 from 7.52/7.53 last Friday. However, it weakened versus the Thai baht to 13.3027/3065 from 13.0668/0886. — Bernama
