Internal control integrated framework

- A + A KUALA LUMPUR (June 30): Former Prasarana Malaysia Bhd group chief finance officer (CFO) Datuk Mohd Zahir Zahur Hussain has been appointed as an independent non-executive director of Mycron Steel Bhd. Mohd Zahir, 46, served as Prasarana’s CFO from Jan 2012 to Sept 2015. He has an established career as an auditor with various accounting firms including PricewaterhouseCoopers and Deloitte & Touche, both at their Malaysia and overseas offices, Mycron said in a filing. Mohd Zahir also served as the Tracoma Holdings Bhd’s CFO, a company focusing on the manufacturing of automotive components, before being appointed as the audit director for Baker Tilly Monteiro Heng, sixth largest accounting firm in the world. He then assumed the role of head of fund operations for CIMB-Principal Asset Management (CPAM), where he helped obtain global investment performance standards and improved the company's internal control and processes. He was subsequently promoted as … [Read more...] about Former Prasarana CFO Mohd Zahir joins Mycron Steel as director

Big Bazaar retail chain Singapore International Arbitration Centre on June 28 dismissed Future's plea seeking termination of arbitration proceedings between the group and American e-commerce major Amazon. The Kishore Biyani-led group had sought termination of arbitration on the grounds that the investment deal between its Future Coupons Pvt Ltd (FCPL) and Amazon no longer enjoyed the Competition Commission of India's approval. The CCI in December 2021 passed an order keeping its approval for the deal in abeyance noting that Amazon had failed to divulge its strategic interests in the Future group's retail business. Future group based its plea for terminating arbitration proceedings on CCI's order and argued that without CCI's approval, the deal would be rendered invalid and the arbitration proceedings emanating from the underlying agreement ought to be terminated. As per sources close to the development, SIAC rejected the plea for termination of arbitration noting that … [Read more...] about Singapore panel rejects Future plea to terminate arbitration proceedings with Amazon

The Philippine Delegation to COP21, led by Sec. Emmanuel de Guzman (center, with badge). PHOTO Courtesy of the Philippine Delegation PARIS—The final draft of a new universal and legally binding compact to lower heat-trapping greenhouse gas emissions and avert planetary catastrophe consists of a 19-page Decision implementing the proposed Agreement and a 12-page Annex which contains the text of the Agreement itself. The draft, the third version of the “clean” text prepared by the French hosts of the 21st Conference of Parties (or COP21) meeting under the UN Framework Convention on Climate Change, was released at around 130 pm here (830 pm in Manila). A preliminary and partial look shows that the Philippine position, which aligns with those of other members of the Climate Vulnerable Forum it currently chairs, has been mostly integrated into the Agreement—starting with the CVF’s dramatic and previously quixotic call for a more ambitious 1.5-degree cap on the rise of global … [Read more...] about PH positions reflected in draft of Paris climate pact

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A ALL eyes are on RHB Banking Group’s newly minted group managing director (MD) and group CEO Mohd Rashid Mohamad as he steers the fourth-largest banking group by assets forward in a tough operating landscape. “It’s very challenging, especially now in a fast-changing market environment, and as we face potential risks such as geopolitical and inflationary,” acknowledges Rashid in his first exclusive interview as group MD/CEO. Competition has intensified, given new entrants into the market, which are not just new banks but also technology companies that compete for the same pie. Rashid adds that this has partly affected the profitability of the industry, along with many other factors. He notes that banks globally no longer see “high ROEs” as before. For RHB Bank Bhd, its return on equity (ROE) in the past 10 financial years hit a high of 13.4% in FY2012 before … [Read more...] about Cover Story: RHB’s Game Plan in ‘fast-changing’ new normal

RBI A preliminary assessment of the banking sector looks encouraging but lenders and financial institutions must proactively undertake stress tests to strengthen assets and identify credit risks, a deputy governor of the central bank said. “We expect banks and other financial institutions to proactively undertake stress testing of their loan books, subjecting them to various levels of stress and look at extreme situations,” M Rajeshwar Rao added at an event. Banks must exhibit prudence in asserting whether the current levels of asset quality is on account of improvement in fundamentals, like deleveraging and capital gains, or on account of support from fiscal and monetary authorities, he said. Indian banks are just about recovering from the pandemic and lockdowns that shrivelled borrowers’ income. A combination of measures by the Reserve Bank of India and credit guarantee schemes by the government helped borrowers and banks throughout the pandemic. Banks made adequate … [Read more...] about Banks need to proactively undertake stress testing of loan book, says RBI deputy governor

Photo from the Bureau of Customs MANILA, Philippines — Travelers now have the option to complete their baggage and currency declarations online after the Bureau of Customs (BOC) launched the “i-Declare system” in a bid to modernize the agency. Customs Commissioner Rey Leonardo Guerrero said Thursday that the new system seeks to streamline and digitalize BOC’s baggage and currency declaration process. “Automating the decades-old manual filing is another effort to modernize the Bureau, with the intention of integrating it with other government agencies for a more encompassing approach in providing the public with one-stop-shop service for all the governments’ clearance requirements,” Guerrero said in a statement. Under the i-Declare system unveiled on June 29, passengers have the option to complete their declaration online, in the comfort of their homes before flying, or even while en route to the Philippines. But for travelers who may not be able to do so, they can still … [Read more...] about BOC launches i-Declare system for online baggage and currency declarations

- A + A KUALA LUMPUR (June 30): Telekom Malaysia Bhd (TM) has inked two collaboration agreements with Cisco International Ltd to co-invest in projects for 5G innovation and the digital acceleration of small and medium enterprises (SMEs). The partnership is part of Cisco’s Country Digital Acceleration (CDA) programme, which is a strategic partnership with governments worldwide to accelerate their national digitalisation agendas. “The programme taps on the power of private and public partnerships across a variety of sectors, including national infrastructure, education, and smart businesses and communities, to bring digital solutions to national challenges,” Cisco said in a statement. TM said the partnership with Cisco focuses on three key pillars: digital transformation in the public sector — specifically education, which will be launched at a later date — digital transformation for service providers that focuses on 5G innovation, and digital transformation for … [Read more...] about TM partners Cisco to accelerate 5G innovation, digital acceleration of SMEs in Malaysia

President Xi Jinping talks on Tuesday with community workers, Party members and volunteers during an inspection tour of Wuhan, the capital of Hubei province, and hears about local efforts in the prevention and control of COVID-19 outbreaks. | XINHUA via China Daily/Asia News Network BEIJING — President Xi Jinping has reiterated that the dynamic zero-COVID policy has proved to be “correct “and “effective” in the nation’s response to COVID-19 outbreaks, saying that the “herd immunity “approach would cause unimaginable consequences in such a populous country as China. Xi, who is also general secretary of the Communist Party of China Central Committee, made the remarks on Tuesday during an inspection tour of Wuhan, the capital of Hubei province. The city reported the first case of COVID-19 in China. He visited a residential community and a high-tech enterprise in Wuhan, and highlighted the importance of coordinating the COVID response and socioeconomic development, as well as … [Read more...] about Xi Jinping: China’s dynamic zero-COVID policy works

Thailand is planning on streamlining the proof of vaccination process by offering an e-vaccine passport for free for international travellers. The CCSA announced the plan as one of the topics covered in their meeting today which also saw the elimination of Dark Red Zones and curfews, as well as a switch from RT-PCR tests for entering tourists to the faster, cheaper antigen tests . The decision was made to offer a digital version of the vaccine passport that are currently issued at a charge of 50 baht, though the date from which the e-passport will be available has yet to be determined. When the programme does launch though, the digital vaccine passport will be available through the Mor Prom mobile application. The CCSA made the announcement but also issued a warning at the same time, reminding travellers to check in advance the requirements for whatever country they plan on travelling to and confirm that their destination accepts an electronic vaccine passport or if a … [Read more...] about Vaccine passport soon to be made digital and issued for free

This article first appeared in City & Country, The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A The rental and occupancy levels of office space in KL city are anticipated to see downward pressure, as a result of substantial incoming supply and low occupancy in office buildings this year. The occupancy level in KL fringe, however, is expected to remain relatively stable, driven by a wider pool of tenants/occupiers and high-quality decentralised offices, particularly in areas with ease of accessibility and adequate transport links. Meanwhile, the Selangor office market will remain resilient with more leasing activities expected, especially for buildings with Multimedia Super Corridor (MSC) status and Grade A buildings, says Knight Frank Malaysia executive director of corporate services Teh Young Khean in presenting The Edge /Knight Frank Kuala Lumpur and Selangor Office Monitor 1Q2022. Malaysia reopened its borders in early April to … [Read more...] about The Edge | Knight Frank Kuala lumpur and selangor office Monitor (1Q2022): Downward pressure on rental, occupancy rates to continue