Latest news with #Sapa
Daily Express
27-05-2025
- Business
- Daily Express
Sabah mandates local accounting firms for contracts
Published on: Wednesday, May 28, 2025 Published on: Wed, May 28, 2025 Text Size: Masidi (centre) receiving a memento from Tan (seventh, left) after presenting the first batch Sapa members with their certificates of membership. Kota Kinabalu: The State Government announced a new policy aimed at strengthening the participation of local firms in the procurement of audit and financial services by State Statutory Bodies (BBN) and Government-Linked Companies (GLCs). State Finance Minister Datuk Seri Panglima Masidi Manjun said the policy was more than just a matter of procurement, but it was about creating real opportunities for Sabahans. 'We want our young accounting graduates to thrive in their home state, and for our economic growth to be driven by local expertise. 'Sabah is ready to nurture and grow its professional class, especially in vital fields like accounting and finance, which are key to good governance and economic development,' he said. The policy mandates that all contracts valued below RM50,000 be awarded exclusively to accounting firms based in Sabah and registered with the Sabah Association of Professional Accountants (Sapa). For contracts above RM50,000, priority must still be given to local firms, with exceptions allowed only upon written justification to the Ministry of Finance. Advertisement The move is expected to retain more economic value within the State while empowering homegrown professionals and enhancing the competitiveness of Sabah's accounting sector. During a courtesy call on the Minister of Finance, Sapa President Datuk Tan Kok Liang expressed appreciation for the Government's initiative, describing it as a 'visionary policy' that reflects a genuine commitment to Sabah's future. 'It represents a pivotal shift towards inclusive development and strengthens the foundation for a robust professional ecosystem in Sabah,' he said. As part of the visit, Masidi also presented membership certificates to Sapa's first batch of 15 new members, symbolising government support for the growth of a strong and professional accounting community in the State. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Citizen
20-05-2025
- Business
- The Citizen
Bird flu brings foul times: Chicken shortage and price hike loom in South Africa
South Africa risks a chicken shortage if the Department of Agriculture bans imports from Brazil. South Africans must brace for a potential rise in chicken prices, as the government is expected to ban imports from Brazil following a recent outbreak of avian influenza, commonly known as bird flu, in that country Brazil supplies more than 84% of South Africa's poultry imports. Should the Department of Agriculture ban the imports, the poultry industry in SA could face a massive shortage, leaving the industry little to no choice but to increase prices. The same measures may be forced upon Astral Foods, South Africa's largest poultry producer, which is already under pressure from rising input costs despite remaining profitable. ALSO READ: Bird flu: Farmers can apply for compensation for animals destroyed Chicken shortage The Association of Meat Importers and Exporters (AMIE) has urged the government to avoid a blanket ban on Brazilian imports and instead adopt a regionalisation strategy that targets only the specific areas affected by the outbreak. This approach has already been announced by Japan, Saudi Arabia, the UAE, and the Philippines in response to the outbreak in the Brazilian state of Rio Grande do Sul. AMIE CEO Imameleng Mothebe warned that a full ban on Brazilian poultry imports would have devastating consequences for South African poultry processors and consumers, particularly the country's most vulnerable. The importance of chicken imports 'Imported poultry not only fills the country's poultry consumption gap, but also provides the necessary competition to ensure that prices are kept in check. 'Chicken is the most affordable protein source for many South Africans, and a disruption in the supply of poultry products, including bone-in chicken and mechanically deboned meat (MDM), will significantly drive up prices and impact food security,' she added. Mothebe said a blanket ban on imports will lead to sharp increases in the prices of these products, making them unaffordable for many, particularly those in low-income communities. If this happens, it would exacerbate food insecurity at a time when consumers are already facing high inflation and economic pressures. Coupled with this is the potential job losses arising from the unavailability of MDM product required to keep the meat processing facilities running. ALSO READ: Egg prices increasing globally due to US shortage — Should SA take advantage and export? SA has potential With more than 84% of South Africa's poultry imports coming from Brazil, it is highly possible that the country would face a chicken shortage. However, the South African Poultry Association (Sapa) holds a different view. Izaak Breitenbach, CEO of Sapa's Broiler Organisation, said SA has enough capability to make up for the shortfall. 'We are currently producing about 21.5 million chickens per week, and the industry has the capacity to increase this by about another million birds per week. He added that winter months are a period of lower demand for chicken. Therefore, the additional supply of chicken should be sufficient to prevent shortages or price increases. 'The impact of a ban on Brazilian chicken imports will not be felt immediately. Chicken imports from Brazil can take about six weeks to reach South Africa, and products dispatched before the ban is implemented will not be affected.' Brazil has no compartmentalisation deal Breitenbach added that if Brazil had a compartmentalisation agreement with South Africa, chicken imports from other parts of Brazil that are not affected by the bird flu outbreak would be allowed. 'If there is a problem following a ban on Brazilian imports, it will concern MDM, not fresh or frozen chicken meat. MDM is a paste used in the production of processed meats, such as polony and sausages; it is not produced in large quantities in South Africa.' MDM accounts for about 60% of our poultry imports from Brazil. The second-largest category is offal – products such as chicken heads, feet, gizzards, and livers. A far smaller proportion, 4.5% of Brazilian imports, comprises bone-in chicken portions such as leg quarters, thighs, drumsticks and wings. The Citizen has reached out to the Department of Agriculture for a comment. Company loses profit Astral Foods' financial results for the six months ended 31 March 2025 show the company lost 51% of its profit before interest and tax due to higher input costs. The company is under pressure due to increased costs and its inability to pass these costs on to consumers by raising food prices. The results show the business was able to see more chicken during the six months. However, these sales were made with selling prices down 3.1% year-on-year. Astral Foods effectively subsidised the cost of producing chicken during the period, resulting in a loss of R26 million for the poultry division. NOW READ: Here are the economic and social impacts of bird flu
Forbes
19-05-2025
- Business
- Forbes
Vietnam To Launch Ten-Year Golden Visa
Sapa, Vietnam. The new Vietnam golden visa program would let travelers stay in the country for up to ten years. getty Vietnam plans to launch a ten-year golden visa program to attract wealthy investors, entrepreneurs, and high-net-worth individuals to stay in the country. Here's what you need to know about the Vietnam Golden Visa program. Many countries operate golden visa and golden passport programs to increase investment and boost the tourist economy. The distinction between a golden passport and a golden visa lies in their outcomes: passport programs grant immediate citizenship. At the same time, most European Union countries, in particular, primarily offer golden visas that only grant residency, which could lead to citizenship after a few years. A golden passport program refers to Citizenship-by-Investment (CBI) initiatives that provide wealthy individuals from third countries a swift route to residency or citizenship in a host nation through financial investment. The required investment varies by country. Golden passports are becoming less common in Europe, particularly after the recent ruling by the EU courts that the Malta golden visa program is illegal. The trend in the EU is to close golden visa programs–Spain recently closed its golden visa program because it was linked to an increase in house prices for locals in large Spanish cities. However, Greece and Portugal are incredibly popular for U.S. travelers looking to live and work long-term in Europe. Many countries are opening their visa offerings in other parts of the world, such as New Zealand and Nauru. The intended golden visa in Vietnam aligns with its broader strategy to boost foreign investment and economic growth, aligning with its rapid development as a global financial hub. Vietnam has a big goal to bring in 23 million tourists in 2025, which could be improved by having more visa choices–its fellow Asian neighbors, Thailand, Malaysia, and Indonesia already have long-stay visa programs. Vietnam welcomed 17.6 million international visitors in 2024, but Thailand and Malaysia aim for much higher numbers; Thailand has a 40 million target, and Malaysia saw 26.1 million visitors pre-pandemic, so it is not far off hitting this target again in 2025. Moreover, Thailand and Malaysia are more open to travelers without visas than Vietnam. Vietnam offers visa-free travel to 30 countries, but Thailand offers it to citizens of 93 countries and Malaysia, 158. In March, Vietnam expanded visa-free stays to 45 days for Polish, Czech, and Swiss travelers and extended visa exemptions until 2028 for 12 major markets, such as Japan and South Korea. The results look promising. According to the Vietnam National Authority of Tourism, from January to March 2025, the country welcomed over 7.67 million travelers, more than any other quarter on record and 30% above 2024. Most of the country's tourism comes from China, South Korea, Taiwan, the U.S., and Japan, but the number of European visitors is growing, mainly from the U.K., France, and Germany. Some see Vietnam's current investor visa program as too restrictive, so the Vietnam Tourism Advisory Board is recommending that the government apply the new golden visa program in three kinds of situations: Applications are not yet open, and exact eligibility is not yet finalised. The government expects to pilot the program in larger cities accustomed to receiving foreign travelers, such as Ho Chi Minh, Hanoi, and Da Nang. Industry specialists believe the application process would be entirely digital. The Vietnam golden visa program is a step toward transforming the country into a global hub for investment and tourism by offering long-term residency and simplified application processes. It could be your chance to explore one of Asia's most popular travel destinations as a resident for a prolonged period.
Bloomberg
03-03-2025
- Automotive
- Bloomberg
Italy's Sapa Buys Megatech in Auto Suppliers Consolidation
Italian car-parts maker Sapa Group agreed to buy rival Megatech Industries AG, gaining greater heft with major European automakers at a time when many suppliers are struggling. The deal will nearly double Sapa's revenue to as much as €700 million ($728 million), and expand ties between the auto-interior supplier and major customers such as Volkswagen AG, BMW AG and Stellantis NV, it said in a statement. Terms weren't disclosed.
