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Borneo Post
3 days ago
- Business
- Borneo Post
S'wak's economy stays resilient with strong sector growth, continued investments despite global risks, says Uggah
Uggah says the services sector is expected to grow by 6.7 per cent in 2024, supported by tourism, with 4.8 million visitor arrivals last year and 1.2 million in the first quarter of 2025. – Photo by Chimon Upon KUCHING (May 28): Sarawak's economy remains on a strong growth path despite global uncertainties, with key sectors showing steady performance and continued investment driving development, said Deputy Premier Datuk Amar Douglas Uggah Embas. He also said the services sector is expected to grow by 6.7 per cent in 2024, supported by tourism, with 4.8 million visitor arrivals last year and 1.2 million in the first quarter of 2025. 'Manufacturing output rose, driven by increased liquefied natural gas (LNG) production, though global market softening may affect demand later this year. 'The mining sector is projected to grow by 2.3 per cent in 2024, bolstered by new oil and gas developments such as the Kasawari field,' he said in his Finance and New Economy ministerial winding up speech at the State Legislative Assembly (DUN) sitting today. Apart from that, he also said agriculture posted modest growth, with oil palm yields improving despite a slight drop in crude palm oil extraction rates. While construction remains one of the fastest-growing sectors at 8.7 per cent, led by infrastructure projects under the 12th Malaysia Plan. 'Total trade grew by 2.8 per cent in 2024, with LNG and CPO exports leading the way, though crude petroleum exports declined. 'However, early 2025 trade data shows an 11.4 per cent contraction, reflecting external market risks,' he said. Meanwhile he also said Sarawak secured RM7.6 billion in approved manufacturing investments in 2024, while public development expenditure reached nearly RM15 billion. For 2025, the state has allocated RM10 billion for development, with RM5.9 billion from the federal government. Uggah also noted strong domestic consumption, boosted by the revised public service pay scheme and targeted assistance programmes like Sarawak Basic Needs Assistance (SKAS) and Sumbangan Tunai Rahmah (STR). Thus the state, according to him, remains committed to sustaining economic momentum, though growth projections of 5.0 to 6.0 per cent in 2025 may be challenged by global headwinds. douglas uggah DUN sarawak economy
New Straits Times
3 days ago
- Business
- New Straits Times
Sarawak collects RM4.3bil in first four months, eyes full-year target of RM14.2bil
KUCHING: Sarawak collected RM4.3 billion in revenue in the first four months of the year, or 30 per cent of its projected annual revenue of RM14.2 billion, Deputy Premier Datuk Amar Douglas Uggah told the State Legislative Assembly today. He said the state sales tax contributed RM1.76 billion of the total, while cash compensation in lieu of oil and gas rights accounted for RM1.17 billion. "A sum of RM608 million was derived from investment dividends, RM229 million from raw water royalty, and RM250 million from interest income," said Uggah, who is also the Second Minister of Finance and New Economy, during his winding-up speech in the State Assembly. He added that RM65 million came from forestry receipts, RM59 million from land premiums, RM25 million from federal grants and reimbursements, and RM137 million from land rent, mining royalties, and water sales. Uggah also told the assembly that the state sales tax on oil and gas has contributed a total of RM21.38 billion to the state coffers since 2019. He said the sales tax on oil and gas remains the major contributor to the overall state revenue. However, he said that given the challenging economic environment and ongoing geopolitical issues affecting global oil and gas markets, the state government anticipates that this year's revenue projection may be impacted.
CNBC
6 days ago
- Business
- CNBC
AI drives growth for a few Chinese companies. Analysts share their picks
Spending on artificial intelligence helped give some Chinese tech companies a boost in the first quarter, despite economic headwinds. "The standout for this [first quarter] reporting season was the growth in cloud business for Alibaba and Baidu ," said Brian Tycangco, an analyst at Stansberry Research. Alibaba said earlier this month its cloud revenue in the latest quarter rose by 18% year on year , while Baidu on Wednesday said its AI cloud business grew by 42% . "At these rates of growth, cloud business is poised to become the 2nd largest business segment for both companies," Tycangco said. "More importantly, cloud will become the basis for a return to heady growth days after several years of single-digit topline growth." Alibaba, Tencent and also reported double-digit growth in marketing revenue, which they said were bolstered by AI tools that were able to target consumers more effectively. The trend signals a fundamental change in Chinese markets. "AI/Tech/New Economy [are] further gaining traction as equity market leaders," Morgan Stanley's chief China equity strategist Laura Wang said in a May 20 note. "We believe that a new generation of equity market leaders is forming in these sectors, after a 5-year-long disruption period post market peak in early 2021," she said, noting how consumer and internet stocks previously led gains. Out of Morgan Stanley's 60 Chinese AI stock picks, those rated overweight, traded in Hong Kong and with expected upside of more than 50% as of May 19 are: Gushengtang — This health-care company is focused on traditional Chinese medicine, and it's training targeted AI models to create an "AI physician assistant." The company said customer visits rose by 12.7% in the first quarter to 1.21 million. Bairong — This cloud-based AI services company is focused on state-owned banks and other financial services companies. The company added in its 2024 annual report that Alibaba's Taobao and Tmall e-commerce platforms use Bairong's AI model service to evaluate consumers' purchasing power. When it comes to more popular names, the Morgan Stanley analysts prefer Alibaba and Tencent over Baidu and iFlytek. They also prefer Meituan, Meitu and over Kuaishou and Among mainland China-listed companies, 68% mentioned AI in their 2024 annual reports, up from 43% in the first half of 2024, HSBC Qianhai Securities head of research Steven Sun, said in a May 16 report. 'We also observed a slightly upward revision of 2025e consensus capex for major cloud service providers after 1Q25 results, suggesting they are still upbeat about their AI business.' The information technology sector saw earnings rise by 24.7% in the first quarter from a year ago on improving AI penetration, the HSBC report said, noting it was one of the fastest-growing sectors. One of HSBC's buy-rated picks is enterprise software and cybersecurity company Sangfor, listed in Shenzhen, with a price target of 143 yuan. The firm thinks accelerating AI adoption can help drive earnings growth. Chinese-developed DeepSeek surprised global investors in late January with its ability to rival OpenAI's ChatGPT, while claiming a fraction of development cost. In the months since, several Chinese companies have also released new AI tools for generating video or 3D models. China's recent tech breakthroughs stem from the country's breadth of engineers, data and vast social media and e-commerce ecosystem, the Morgan Stanley analysts said, noting how government support can enable faster tech adoption. "We continue to believe that such structural improvement would be less susceptible to the ongoing tariff dispute and the overall macro challenges," the report said. 'This is important in attracting foreign investors to build long-term commitments of allocation, as they discover a decent number of companies that are distinctive and exclusively available in China, despite the broad macro slowdown.' Listed Chinese stocks generate the majority of their revenue domestically, with only 3% U.S. revenue exposure, the analysts said. — CNBC's Michael Bloom contributed to this report.
Borneo Post
23-04-2025
- Business
- Borneo Post
State govt, UM formalise establishment of Endowed Chair of the Premier of Sarawak
Abang Johari (fourth left) and others witness the exchange of the MoA between Muhammad Abdullah (fourth right) and Noor Azuan. – Ukas photo KUCHING (April 23): The Sarawak government today formalised a landmark partnership with Universiti Malaya (UM) through the signing of a Memorandum of Agreement (MoA) to establish the 'Kursi Derma Kekal Yang Amat Berhormat Premier Sarawak' (Endowed Chair of the Premier of Sarawak). Under the agreement, the Sarawak government will contribute RM5 million to UM for the establishment of the Chair, with the endowment fund serving as a capital base to support and strengthen research, publication, and services in the framework of the New Economy and its regulatory aspects. Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said in order for Sarawak to succeed in this new era, the state must be ready to lead and position itself in a very significant step towards the New Economy. 'We are not just setting up a Chair. We are building a strong team that will focus on new ideas, do important research and help guide how we make laws and rules for the future in this field. 'UM, as one of the best universities in Malaysia, has continuously demonstrated its commitment to academic excellence and societal impact. 'I truly believe that this collaboration will bring significant benefits to Sarawak and more broadly, to Malaysia as a whole,' he said at a ceremony to witness the exchange of the signed MoA at Wisma Bapa Malaysia here. He pointed out that the new Chair will focus on several key areas of the New Economy, namely green economy which includes carbon trading and carbon credits aimed at protecting the environment and reducing pollution; hydrogen economy such as bioenergy and hydropower which are clean energy sources for the future; and biotech healthcare which uses science to improve health, medicine and disease prevention. 'Another important area of the New Economy is artificial intelligence (AI) which can make work smarter and faster, but also needs good rules to keep it fair and safe. 'All of these must support the Sustainable Development Goals (SDGs) and help fight climate change,' he added. Abang Johari said the establishment of the Endowed Chair of the Premier of Sarawak will facilitate an annual lecture series entitled 'Kuliah Yang Amat Berhormat Premier Sarawak', designed to promote public discourse, knowledge exchange and policy dialogue. 'It is my hope that this lecture series will bring together not only policymakers and industry leaders, but also the academic community such as our universities, researchers and scholars, who play a vital role in shaping ideas and informing decisions. 'In the long run, this effort will strengthen Sarawak's intellectual capacity, support good governance and prepare our people to lead in this fast-changing world.' He also said that through this collaboration, research conducted under this Chair will be published in recognised international journals and that all publications resulting from the study will be shared and made readily accessible to the Sarawak government and its agencies. 'This accessibility will provide Sarawak's policymakers and agencies with critical, up-to-date insights, driving informed decision-making and fostering the development of practical solutions for the State's growth and progress,' said Abang Johari. During the ceremony, the Premier witnessed the exchange of the MoA between Deputy State Secretary (Economic Planning and Development) Dato Sri Dr Muhammad Abdullah Zaidel representing the Sarawak government, and UM represented by its vice chancellor Prof Datuk Seri Dr Noor Azuan Abu Osman. Also present were Deputy Premier Datuk Amar Dr Sim Kui Hian, State Secretary Datuk Amar Mohamad Abu Bakar Marzuki, and Deputy Minister in the Premier's Department Datuk Abdullah Saidol. Endowed Chair of the Premier of Sarawak UM
Associated Press
04-03-2025
- Business
- Associated Press
36Kr Holdings Inc. to Report Second Half and Fiscal Year 2024 Financial Results on Tuesday, March 11, 2025
BEIJING, March 04, 2025 (GLOBE NEWSWIRE) -- 36Kr Holdings Inc. ('36Kr' or the 'Company') (NASDAQ: KRKR), a prominent brand and a pioneering platform dedicated to serving New Economy participants in China, today announced that it will report its second half and fiscal year 2024 unaudited financial results, on Tuesday, March 11, 2025, before the open of U.S. markets. The Company's management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on March 11, 2025 (8:00 p.m. Beijing/Hong Kong Time on March 11, 2025). For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call. Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at A replay of the conference call will be available for one week from the date of the conference, by dialing the following telephone numbers: About 36Kr Holdings Inc. 36Kr Holdings Inc. is a prominent brand and a pioneering platform dedicated to serving New Economy participants in China with the mission of empowering New Economy participants to achieve more. The Company started its business with high-quality New Economy-focused content offerings, covering a variety of industries in China's New Economy with diverse distribution channels. Leveraging traffic brought by high-quality content, the Company has expanded its offerings to business services, including online advertising services, enterprise value-added services and subscription services to address the evolving needs of New Economy companies and upgrading needs of traditional companies. The Company is supported by comprehensive database and strong data analytics capabilities. Through diverse service offerings and the significant brand influence, the Company is well-positioned to continuously capture the high growth potentials of China's New Economy. For more information, please visit: For investor and media inquiries, please contact: In China: 36Kr Holdings Inc. Investor Relations Tel: +86 (10) 8965-0708 Piacente Financial Communications Jenny Cai Tel: +86 (10) 6508-0677 In the United States: Piacente Financial Communications Brandi Piacente Tel: +1-212-481-2050
