AEC Feed
Remodel businesses and tap into new markets, Malaysian SMEs told
Malaysian small and medium-sized enterprises must consider remodelling their businesses and tap into new markets in the face of the challenging economic climate, says the vice president of the Malaysian Chinese Association.
Chew Mei Fun said that instead of solely relying on domestic demand, SMEs should start finding other avenues of growth. “In the nation’s paradigm shift to international trade, we are looking forward to increasing the export capability of our SMEs.
“We have the competitive advantage, as Malaysia is ranked sixth [out of 140 economies] in the top 10 Most Competitive Asia-Pacific Economies in the ‘Global Competitiveness Report 2015-2016’ by the World Economic Forum,” she said in a speech at the launch of this year’s Platinum Business Awards on Thursday.
In the same report, Malaysia was rated at the top – alongside China and Thailand – in the regional rankings of emerging and developing Asia.
Chew said SMEs should also make use of the resources and free-trade mechanism such as the Asean Economic Community and the Trans-Pacific Partnership. – The Star
Ex-banker in 1MDB case |faces more charges
Three more charges have been slapped on a former private wealth banker caught up in a probe linked to embattled state fund 1Malaysia Development Berhad (1MDB).
Yeo Jiawei, 33, is described by prosecutors as playing a “central role” in the movement of large sums and concealing transactions. Yeo, formerly with the Singapore arm of Swiss private bank BSI, was charged with cheating the bank in 2013 by dishonest concealment, transferring funds that represented his benefits from criminal conduct and obstructing justice, bringing the total charges against him to six.
In a new twist, prosecutors say investigators suspect significant sums of money – 200,000 Singapore dollars (Bt5.175 million) and US$200,000 (Bt7 million) – “transferred on Yeo’s behalf” to Harry Elias Partnership, the law firm of his lawyer, Philip Fong, “likely constitute proceeds linked to criminal conduct”. Prosecutors already accuse Yeo of trying to obstruct justice, cheating his former employer and money laundering in earlier charges brought on April 16. – The Straits Times
Next Philippine president faces economic challenges
The next Philippine administration is expected to face tremendous economic challenges over the next several years despite the nation’s considerable economic progress under President Benigno Aquino, according to US economic analyst IHS Global Insight. Such challenges include business climate, rising poverty, agriculture development and infrastructure, among others.
“Under President Aquino’s administration, the Philippines has been transformed from a ‘pussycat’ to a tiger economy. The next Philippine government will face the task of sustaining rapid economic growth in order to lift living standards and reduce still-high levels of poverty, particularly in rural regions,” said IHS Asia-Pacific chief economist Rajiv Biswas.
In a research note, Biswas stressed the need of continuing with economic reforms and strengthening institutional governance to sustain annual growth of 6 per cent from 2016 to 2020. The total size of the Philippine economy is likewise projected to grow from US$300 billion in 2016 to $700 billion by 2025, becoming a trillion-dollar economy in US dollar terms by 2030. – Philippine Daily Inquirer
