Day: July 11, 2024

KUALA LUMPUR, JP Morgan has upgraded Malaysia’s rating from underweight to neutral after almost six years, crediting the country’s policy reforms, data centre investments and infrastructure build-up. In an interview with CNBC yesterday, JP Morgan head of Asia-Pacific (ex-Japan/China), Rajiv Batra said Malaysia’s rapid pace of progress was impressive with a 4.2 per cent gross domestic product growth in the first quarter of 2024. ‘What was more exciting for us was that all the signs were evident last year. Earnings growth almost tracking a 10-11 percent mark was an upside surprise. We need to give credit to the country, and

BUKIT MERTAJAM, A company selling snack crackers was found to be using an expired Malaysian halal logo following a raid by the Domestic Trade and Cost of Living Ministry (KPDN) on its premises here yesterday. Penang KPDN director S Jegan said the operation, conducted in collaboration with the Halal Management Division and the Penang Islamic Religious Affairs Department (JHEAIPP), targeted a two-storey shophouse used as a factory. ‘During the inspection, we found that an expired Malaysian halal logo was used on the packaging of their products. ‘Subsequently, RM6,748 worth of cracker products stamped with the expired halal logo were seized,”

KUALA LUMPUR, The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives traded firmer this morning. At 9.27 am, new spot month July 2024 and August 2024 climbed 9.0 points to 1,626.0 and 1,628.5, respectively, September 2024 rose 7.0 points to 1,611.5 and December 2024 increased by 8.0 points to 1,618.0. Turnover stood at 1,189 lots, with open interest amounting to 47,319 contracts. The FBM KLCI rose 6.64 points to 1,625.02 after 27 minutes of trade. Source: BERNAMA News Agency

IPOH, It is not necessary to clear government land before applying for a Temporary Occupation Licence (TOL) for agricultural activities, said Perak Menteri Besar Datuk Saarani Mohamad. He emphasised that clearing government land without permission is an offence. ‘If anyone suggests that you must clear the land first and then apply for the TOL with the Land Office, that is incorrect. The correct procedure is to apply for the TOL before clearing the land,” he said during the question and answer session at the state assembly sitting here today. He said this in reply to a question from Noor Azman

IPOH, A supermarket in Teluk Intan is facing action from the Domestic Trade and Cost of Living Ministry (KPDN) after refusing to sell subsidised cooking oil to customers. Perak KPDN director Datuk Kamalludin Ismail said a raid conducted on the supermarket yesterday resulted in the seizure of 388 kg of cooking oil packets that were initially kept hidden. ‘This move was in response to information and complaints from the public alleging that the seller was hoarding cooking oil and refusing to sell it when asked. ‘An inspection was carried out via Ops Samar to confirm the validity of the complaints.