Business

KUALA LUMPUR, Takaful operators disbursed RM2.24 billion in the first quarter of 2024 (1Q 2024), with Family Takaful payouts at RM1.72 billion and General Takaful payouts at RM514 million, said Malaysia Takaful Association (MTA). MTA chief executive officer Mohd Radzuan Mohamed said total Family and General Takaful disbursements rose by 4.9 per cent in 1Q 2024 compared to the same quarter last year. Family Takaful disbursements increased by 2.5 per cent, while General Takaful saw a rise of 13.6 per cent. ‘Comparing the pattern in the first quarter of this year and last year, we observe a return to normalisation,

KUALA LUMPUR, The Malaysian Industrial Development Finance Bhd (MIDF) has approved soft loans totalling RM103.54 million to automate and modernise 29 companies up to June 2024. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said these soft loans represent the government’s policy stance on incentivising local industries to embrace smart manufacturing using Industry 4.0 (IR4.0) technologies that allow for efficient production in manufacturing. In terms of talent, he noted that these new technologies will require workers with the right skill sets and the government has undertaken multiple initiatives to ensure a robust talent pipeline. ‘The success of

KUALA LUMPUR, The Ministry of Investment, Trade and Industry (MITI) is in the process of reviewing the Countervailing and Anti-Dumping Duties Act 1993 (Act 504), said Deputy Minister Liew Chin Tong. He said the amendment to Act 504 is expected to be tabled in Parliament in January 2025. In the meantime, he said the government supports the measures to protect small and medium enterprises (SMEs) from the effects of unfair trade following the influx of cheap imported goods in large quantities, including from China through the enforcement of trade remedies. Among the remedial measures taken are the imposition of anti-dumping

KUALA LUMPUR, Malaysia benefits directly from the increased demand for data centres, as a result of Singapore’s three-year moratorium on building new data centres and expanding capacity due to the limited availability of land, said Moody’s Ratings. In a research note today, the firm said there has been an increase in investment in data centres in Johor, citing cloud services provider Microsoft’s land purchase last month from Eco World Development Group Bhd for new data centre development. ‘GDS Holdings Ltd, a developer and operator of data centres, has invested around US$3.0 billion (US$1=RM4.67) to open two data centres in Johor’s

KUALA LUMPUR, The Securities Commission Malaysia (SC) has urged audit firms to intensify efforts to achieve consistent performance across all public interest entities (PIEs) audit engagements. In a statement, the SC emphasised the importance of talent development and addressing staff workload concerns to maintain high-quality audits. “With audit quality being a shared responsibility, the Audit Oversight Board (AOB) continues to work with key stakeholders to drive improvements in the financial reporting ecosystem,” the SC said. The AOB’s Annual Inspection Report 2023 noted a slight improvement in auditors’ performance based on the year’s inspection results. The report highlighted a decrease in