Day: October 15, 2024

KUALA LUMPUR, The ringgit depreciated against the US dollar at the close on Tuesday amid a sharp fall in the price of oil and on continued expectations of a smaller cut in US interest rates going forward. At 6 pm, the local note dropped to 4.3080/3120 versus the greenback compared to yesterday’s close of 4.2945/2995. US Federal Reserve (Fed) governor Christopher Waller has urged a more cautious approach to interest rate cuts, pointing to recent economic data that highlighted the strength of the US economy and labour market, according to the latest media reports. SPI Asset Management managing director Stephen

JASIN, The Melaka government is set to undertake a comprehensive study aimed at identifying effective solutions to tackle flood issues, particularly in low-lying areas. Chief Minister Datuk Seri Ab Rauf Yusoh said unpredictable weather patterns of late have led to unexpected flood situations. ‘Such occurrences are rare, but the erratic weather has resulted in floods that significantly alter the landscape and structures of the affected areas. ‘Therefore, a study will be conducted to provide us with insights for improvement strategies that can help prevent flood risks,’ he told reporters after visiting the temporary evacuation centre at Sekolah Menengah Kebangsaan (SMK)

KUALA LUMPUR, The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives closed higher on Tuesday, tracking the underlying cash market performance. The spot month October 2024 contract, along with the November 2024 note, gained 8.0 points each to 1,641.50 and 1,645.50, respectively, while December 2024 widened 9.5 points to 1,649.50 and March 2025 added 7.5 points to 1,636.50. Turnover droppped to 5,783 lots from 5,984 on Monday, while open interest expanded to 47,466 contracts from 46,388 previously. At 5 pm, the FBM KLCI rose 5.43 points, or 0.33 per cent, to 1,641.97 from Monday’s close of

KUALA LUMPUR, Cooperatives in Malaysia play a significant role in enhancing the standard of living for civil servants by providing affordable financial services, said Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) president Datuk Seri Dr Abdul Fattah Abdullah. He said that Angkasa remained committed to ensuring that cooperatives complied with established regulations while also contributing to the socioeconomic well-being of Malaysians. According to him, cooperatives in Malaysia always adhered to the rules set by the government, including the requirement that loan deductions for civil servants should not exceed 60 per cent of their monthly pay. ‘This rule was established to ensure

KUALA LUMPUR, Kuala Lumpur City Hall (DBKL) has activated its operations room to monitor any incidents, particularly floods. Minister in the Prime Minister’s Department (Federal Territories) Dr Zaliha Mustafa said the operations room is overseen by personnel monitoring closed-circuit television (CCTV) cameras to detect any rise in water levels in identified areas. She said that among the 24 flood hotspots in the federal capital are Jalan Pudu, Jalan Sultan, Dato’ Onn Roundabout, Jalan Peel, Jalan Maharajalela, and Jalan Genting Klang. ‘When we detect a rise in water levels, we will take immediate action,” she told reporters after inspecting flood-affected areas

KUALA LUMPUR, The government will continue to streamline the development framework of the East Coast Economic Region (ECER) for the next five years so that efforts to bridge the development gap between regions and attract more investments to the east coast can be realised. Prime Minister Datuk Seri Anwar Ibrahim said among the main drivers of growth for the region include industries related to the food basket, tourism, manufacturing (hard-to-abate) and the marine industry. The role of the logistics sector and renewable energy is also considered as an enabler for ECER. “This evening I chaired the East Coast Economic Region