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International News 2022-11-22 07:33:58

Ringgit opens marginally higher versus greenback

KUALA LUMPUR, Nov 22 — The ringgit opened marginally higher against the US dollar on renewed buying interest despite China’s further Covid-19 restrictions as well as uncertainty on the hung Parliament and government formation in Malaysia, said an analyst.

At 9 am, the local note rose to 4.5745/5830 against the greenback from yesterday's close of 4.5770/5850.

SPI Asset Management managing director Stephen Innes said the US dollar was charging again after last week’s retreat against the backdrop of weaker sentiment due to China’s rising Covid-19...

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International News 2022-11-22 07:30:11

Pos Malaysia continues to struggle against growing competition

KUALA LUMPUR: Pos Malaysia Bhd's recovery prospects remain uncertain amid intense industry competition, as reflected by another loss-making quarter of operations.

The postal service provider reported a core net loss of RM43.5mil in 3QFY22, which brought 9MFY22 net loss to RM73.5mil.

According to Hong Leong Investment Bank (HLIB) Research, the results were below its and market expectations.

"Although PosM has plans to mitigate the impact of falling parcel volumes by improving overall parcel yield, and reducing transport costs via productivity impro...

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International News 2022-11-20 07:38:42

My Southeast Asia Ventures: I’m an F&B blogger and consultant in Vietnam. Sometimes, you need to bend the rules to get things done

Southeast Asia might not be many young Singaporeans’ first choice as a destination for work or study, but some have taken a leap of faith and ventured into the region. TODAY’s Voices section is publishing first-hand accounts of those who have spent time in Singapore’s closest neighbours for a variety of meaningful pursuits.

In this instalment, Ms Jovel Chan, 29, who runs a food and beverage (F&B) consultancy in Vietnam, describes the challenges she faced navigating the business and legal landscape there, including the need to make decis...

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International News 2022-10-30 14:11:14

The Big Read: Defying doubters, S'pore built a flourishing startup scene within a decade. Can it take the next step up?

SINGAPORE — It was not too long ago that detractors were pouring cold water on Singapore's efforts to nurture entrepreneurs and startups.  

For example, a 2012 Reuters' article headlined “Failure to launch: Singapore start-ups struggle to woo investors”, talked about how the Republic's push "to become a hotbed for entrepreneurs is stuck at stage one" and only 2 per cent of the total venture capital investment in Asia were flowing into Singapore.
 

A 2015 report by technology media Tech in Asia noted that in 20...

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International News 2022-10-30 13:55:48

Changi Airport's passenger traffic reaches 58.1% of pre-COVID levels in 3rd quarter 2022

SINGAPORE: Singapore's Changi Airport handled 10 million passengers in the third quarter of the year, reaching 58.1 per cent of its pre-COVID traffic, Changi Airport Group (CAG) said on Saturday (Oct 29).

In a news release, the group added that passenger movements for its largest source market, Southeast Asia, exceeded 60 per cent of pre-pandemic levels for the first time since the onset of COVID-19.

It also saw 61,100 aircraft movements, or 63.7 per cent of its pre-pandemic levels, during the quarter. This number includes takeoffs and landin...

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International News 2022-10-30 13:48:42

Kedah caretaker govt approves special assistance of RM1,500 for state civil servants

ALOR SETAR - The caretaker Kedah government has agreed to provide special financial assistance of RM1,500 for each state civil servant and state administration member in appreciation of their contributions and sacrifices.

Caretaker Kedah Mentri Besar Datuk Seri Muhammad Sanusi Md Nor when tabling the state’s Budget 2023 at the State Legislative Assembly (DUN) here today said the special financial assistance involves an allocation of RM8 million and that it would be paid out in December.

“The state government is very grateful for the unwavering dedication...

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International News 2022-10-30 13:39:49

Rescued victim spent 'five months in hell' after being trafficked to Cambodia

JOHOR BARU: It has been five months of hell for Mohamad (full name withheld for safety purposes) who was forced to work for a cryptocurrency syndicate in Cambodia with his every move being monitored closely.

The 34-year-old said that he was initially offered a job as a waiter in a casino with a salary of USD1,100 (RM5,194) a month.

"My friend introduced me to an agent who offered me the job.

"But when I arrived in Phnom Penh, I was told that I have to work as a scammer instead.

"My passport was taken away by the syndicate and I was forc...

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International News 2022-10-28 15:29:42

Malaysia's PPI grew 4.9% y-o-y in September, down from 6.8% in August

KUALA LUMPUR: Malaysia’s Producer Price Index (PPI) for local production for September 2022 increased by 4.9 per cent year on year, although this eased from the 6.8 per cent recorded in the previous month, said the Department of Statistics Malaysia (DoSM).

In a statement, it said although the manufacturing index for September saw an increase of 8.1 per cent, followed by the water supply (4.3 per cent) and electricity and gas supply (1.2 per cent) indices, these were offset by a decline in the index of agriculture, forestry and fishing (15.5 per cent).
"On the oth...

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International News 2022-10-28 15:23:19

Energy crisis will lead to more secure, greener future, International Energy Agency chief says

SINGAPORE - The global energy crisis that has triggered soaring fossil fuel prices and inflation will accelerate the green transition and the end result will be a more secure and cleaner energy future, said the head of the International Energy Agency (IEA). 

In an exclusive interview with The Straits Times ahead of the Singapore International Energy Week starting on Tuesday, Dr Fatih Birol also questioned the wisdom of the Opec+ cartel’s decision this month to cut its oil production target by two million barrels per day, calling the move unprecedented and goin...

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International News 2022-10-28 15:16:30

Singapore sees fewer unicorns in 2022 as economic headwinds grow

SINGAPORE – New unicorns have been few and far between here this year amid a poor global economy that is hitting investor confidence and fund-raising prospects. 

Only four unicorns – unlisted start-ups valued in excess of US$1 billion (S$1.4 billion) – have been minted, compared with 11 last year, noted Mr Peter Ong, chairman of trade agency Enterprise Singapore (EnterpriseSG), on Thursday. 

The four are digital health company Biofourmis, digital solutions provider Coda Payments, marketing technology firm Insider and online interior design sta...

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