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Ringgit ends trading week with rally against US$

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  KUALA LUMPUR: The ringgit finished the week with a rally, surging 1.59 per cent against the greenback as a softer US inflation reading and relaxation of China's COVID-19 curbs bolstered the local currency. At 6 pm, the local note jumped to 4.6200/6250 against the US dollar from Thursday’s close of 4.6950/6990. SPI Asset Management managing director Stephen Innes said the ringgit's ascent can continue if China adopts a less hardline position on rising COVID-19 cases there. "Initial signals are encouraging, with China reducing quarantine times for entering travellers, a significant signal that contradicts prior (reaction) to the COVID-19 waves. "Investors are growing more sensitive to the reopening news (in China) than the lockdowns, so hope springs eternal that there is finally some room for fine-tuning Covid controls in China,” he told Bernama. US consumer prices cooled in October, with the consumer price index slowing to 7.7 per cent compared to the 8.0 per cent an...
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Carlsberg Malaysia's net profit triples to RM76.39mil in 3Q from low base

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Carlsberg Malaysia managing director Stefano Clini KUALA LUMPUR:  Carlsberg Brewery Malaysia Bhd  managing director Stefano Clini says the group will have to contend with challenges ahead despite announcing a stellar net profit in its recent quarter. "We expect the outlook to remain challenging, given the global inflationary pressures, supply chain disruption and further costs pressures on the Group. "This is coupled with the impact from the one-off prosperity tax (Cukai Makmur) on the Group’s earnings, which will continue to affect the earnings for the final quarter of the year," he said in a statement. The brewer posted a net profit of RM76.39mil in the third quarter ended Sept 30, 2022, triple the net profit of the previous corresponding quarter as it rebounded from a low base caused by Covid restrictions. Earnings per share in the quarter under review soared to 24.98 sen from 8.5 sen in the comparative quarter. Revenue rose to RM571.63mil, 63.65% higher from a year a...
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Free from syndicates, but broke Malaysian victims still stranded overseas

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  Musa Hassan (centre) and Hishamuddin Hashim are spearheading a drive to raise funds to bring stranded scam victims home. SEPANG: A number of Malaysian job scam victims remain stranded in foreign countries despite escaping from syndicates in Laos, Cambodia, and Myanmar as they have been slapped with fines they cannot pay for immigration offences. Malaysian International Humanitarian Organisation (MHO) secretary-general Hishamuddin Hashim said these victims had to pay compounds for “overstaying” despite having nothing but the clothes on their backs. He said this was why MHO and Malaysia Community Crime Care (MCCC) president Musa Hassan had agreed to set up the “Selamatkan Rakyat Malaysia” humanitarian fund to help bring back these stranded scam victims. Hishamuddin said the families of some victims could afford the compounds but there were those who could not. -ADVERTISEMENT- Ads by  He said most of the victims who had been rescued had no money and could not afford a place to ...
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Multi-lane Free Flow Toll System to be Introduced in Malaysia by 2025 to Reduce Congestion at Toll Plazas

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  Multi-lane free flow toll system to be introduced in Malaysia by 2025 to reduce congestion at toll plazas The works ministry has reiterated it will introduce a multi-lane free flow (MLFF) toll system in Malaysia by 2025 to reduce congestion at toll plazas. The barrier-free tolling system utilises a gantry structure without designated booths or lanes, with toll payments collected via  radio-frequency identification (RFID)  that works together with an automated number plate recognition (ANPR) system. In a report by  NST , senior works minister Datuk Seri Fadillah Yusof said the proposal had been approved by the Cabinet. He added that with the MLFF system, vehicles would  no longer need to queue or stop to pay for toll , as is the case now with current payment methods (Touch ‘n Go card, SmartTAG and RFID). “The next step is to negotiate with all the toll concession companies on how it will be implemented so as to provide convenience to highway users. After that,...
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Malaysia ratifies CPTPP

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  Malaysia ratifies CPTPP KUALA LUMPUR: Malaysia has officially ratified the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) following years of careful deliberation and consultation by the government. "In light of the findings of the Cost-Benefit Analysis (CBA), it is clear that the benefits accruing from the ratification of CPTPP far outweigh any potential costs that may arise from the implementation of this Agreement," said the Ministry of International Trade and Industry (Miti) in a statement. "In sum, the CPTPP places Malaysia in a strategic position, elevating our competitiveness in the global arena. "As a bloc that advances regional economic integration, the CPTPP is also a testament to the significance of the multilateral trading system," it added. According to Miti, the CPTPP will broaden Malaysia's access to new markets such as Canada, Mexico and Peru, which are not covered by any existing Free Trade Agreement (FTA...
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