Budget 2012: Reducing inflation, enhancing well-being of rakyat
The RM230.8bn Federal Government Budget 2012 proposals unveiled last Friday, will focus on seven core areas including reducing the impact of inflation while focusing on the rakyat, especially the lower-income group and those in the rural areas. The Economic Report 2011/2012 said the theme of the Budget 2012 would be “Transformational Budget: Welfare for the rakyat, well-being of the nation”. The Budget would focus on the concerns of the rakyat, including the effects of a weak external sector on the economy though the implementation of several programmes including the Economic Transformation Programme, Government Transformation Programme and 10th Malaysia Plan. The seven key areas are: i) Reducing the impact of inflation; ii) Enhancing the well-being of the rakyat; iii) Accelerating rural transformation; iv) Reinvigorating investment activities; v) Innovating Malaysia; vi) Developing human capital; and vii) Improving public service delivery. (Financial Daily)
Blue-chip firm in the making
Felda Global Group has been given the green light by the Government to list its commercial unit, Felda Global Ventures Holdings SB, on Bursa Malaysia by the middle of next year. Felda Global Group comprises Felda Global Ventures and Felda Holdings, which are the commercial entities of Federal Land and Development Authority (Felda). Prime Minister Datuk Seri Najib Tun Razak said in his Budget 2012 speech that the listing was to raise funds to enable the company to be a global conglomerate. The listing would also create another blue-chip plantation company, besides attracting international investors to the local bourse, he said. (StarBizWeek)
Proton sees fillip to green car ownership
The Government's efforts in driving the "green" initiative as outlined in the 2012 Budget, will encourage market acceptance and further motivate Malaysians to own green vehicles, says Proton Holdings. It‟s Group Managing Director, Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir said: "This is a positive point for Proton as we are moving towards this direction with the development of green vehicles, namely the Saga EV and Exora REEV."Both cars are now being put on road-trial via Proton's Fleeting Testing Vehicle (FTV) Programme with the Government, he said in a statement today. However, he hoped, that this will be subsequently followed with more initiatives by the government to further encourage the take-up of such vehicles, including measures to reduce cost of ownership and localisation of related component parts. (BT)
Pasdec buys into S. African firm
Pasdec Holdings subsidiary Pasdec Automotive Technologies (Pty) Ltd is buying a 30.9% stake in CRH Africa Automotive (Pty) Ltd for ZAR48m (RM18.26m) cash. In a filing with Bursa Malaysia, Pasdec Holdings said CRH manufactured seat components and catalytic converters for the automotive industry, and had two operating plants in South Africa. The major shareholder of CRH is automotive component supplier CR Hammerstein of Germany with a 69.1% stake. (StarBiz)
Firefly jets to be absorbed into MAS fleet?
It is understood its turboprop operations, which is what the airline started with, out of Subang, will continue until further notice. Firefly has a fleet of eight jet aircraft, six Boeing 737-800s and two Boeing 737-400s. The B737-800s were based in Kuala Lumpur and Kota Kinabalu while the B737-400s were in Johor Baru. It is understood that the jets will then be absorbed into Malaysia Airlines' fleet. Malaysia Airlines and Firefly have been conspicuously silent since the announcement of its plans to re-brand Firefly into a regional premium full-service carrier. This has not stopped the low-cost carrier, however, from winding down its jet operations, in some cases axing routes without prior notice. (BT)
Malaysia-led group set to bag Gujarat finance city project
A Malaysian-led consortium is likely to sign a pact with the Gujarat government to develop a next generation city, modern enough to compete with Shanghai or Tokyo as a global financial hub. A consortium called Malaysian Developers for Gujarat Projects is expected to participate in the development of the Gujarat International Finance Tec-City (GIFT) on a public-private partnership model. "The Malaysian Developers for Gujarat Projects will build commercial, as well as social projects, including schools and hotels at GIFT," Dipesh Shah, GIFT's vice-president for corporate services and business development, was quoted as saying in "Times of India" on 7 Oct. (BT)
MAS: A380 delay? The delivery of Malaysia Airlines' first Airbus 380 jumbo jet may be delayed again, but this time it will not be due to manufacturing issues. It is understood that the new management of MAS is considering the reconfiguration of its seats to offer a product that will reflect its new premium status. (Source: Business Times)
Genting: Lawmakers get go-ahead to debate Bill on resort casinos. Genting Group seems to be a step closer to the casino licence in Miami after an appeals court said lawmakers could expand gaming companies without first seeking voters' approval. (Source: The Edge Financial Weekly)
Dijaya: Buys KL land for RM65m. Dijaya Corp Bhd has acquired a one-acre freehold land along Jalan Sultan Ismail, Kuala Lumpur, for RM65.3m. The land will be transformed into a mixed development consisting of serviced apartments and commercial lots with a GDV of RM650m. (Source: Bursa Malaysia)
Semiconductor: Global slowdown to impact local manufacturers. Malaysia-made automated semiconductor equipments are likely to be priced lower next year due to a projected drop in global spending on semiconductor equipment. Owing to excess inventory and poor demand as a result of the slowing macro economy, worldwide semiconductor capital equipment spending is expected decline by 19.2% from a projected USD43.5b (RM137.3b) in 2011 to USD35.2b (RM111.1b) next year. (Source: The Star)
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