Chinese car parts maker moves into shipbuilding
Chinese car parts maker moves into shipbuilding Chinese car parts manufacturer Xingmin Intelligent Transportation Systems (Xingmin ITS) is expanding into the shipbuilding business by acquiring a 30% stake in Zhejiang East Coast Shipbuilding. The Shenzhen-listed company, which mainly produces steel wheels for cars and trucks, is paying RMB360m ($50.5m) for its move on the subsidiary of Yangfan Group, which also [...]
27/10/2024
Govt to expand scope of SST, to include fee-based financial services
Malaysian Employers Federation warns against using RM1,700 minimum wage as pay ceiling KUALA LUMPUR (Oct 18): The Malaysian Employers Federation (MEF) has cautioned employers against using the revised minimum wage policy of RM1,700 as an excuse to offer only the base pay to their workers. MEF president Datuk Dr Syed Hussain Syed Husman said in a statement on Friday following [...]
20/10/2024
New carbon tax tackles environmental concerns, but needs clarity on implementation — tax consultants
New carbon tax tackles environmental concerns, but needs clarity on implementation — tax consultants KUALA LUMPUR (Oct 18): The proposed introduction of the carbon tax in 2026 on the steel, iron and energy industries addresses environmental concerns, collectively creating a more robust and equitable tax system and supporting long-term economic and environmental goals. PricewaterhouseCoopers (PwC) Malaysia tax leader Steve Chia [...]
20/10/2024
Highlights of Budget 2025
Highlights of Budget 2025 Macroeconomic outlook GDP will expand between 4.5% and 5.5% for 2025 GDP growth for 2024 revised to 4.8%-5.3% from 4%-5% Government finances Fiscal deficit, as a percentage of GDP, to come in at 3.8% in 2025 against 4.3% in 2024 Budget 2025 totals RM421 billion versus RM407.5 billion under revised Budget 2024 A total of RM335 [...]
20/10/2024
Container freight rate plunge set to continue
Container freight rate plunge set to continue Container spot freight rates remain significantly higher than last year, but they are still falling fast from this year’s highs as threats of disruption and port congestion reduce. Drewry’s composite World Container Index (WCI) declined by 4% for global rates, but the Asia to Europe and China to US West Coast rates [...]
14/10/2024
Chinese shipbuilders take 70% share of global green vessel orders
Chinese shipbuilders take 70% share of global green vessel orders China has continued to underscore its leading position in global shipbuilding with a 74.7% share of newbuilding orders in terms of deadweight tonnage in the first nine months of 2024. The dominance of Chinese shipbuilders was clearly illustrated in statistics for the first nine months of 2024 released by China’s [...]
14/10/2024
Manufacturing Sales Value Rises7.7 Pct To RM163.9 Bln In August –DOSM
Manufacturing Sales Value Rises7.7 Pct To RM163.9 Bln In August –DOSM China has continued to underscore its leading position in global shipbuilding with a 74.7% share of newbuilding orders in terms of deadweight tonnage in the first nine months of 2024. The dominance of Chinese shipbuilders was clearly illustrated in statistics for the first nine months of 2024 released by [...]
14/10/2024
Asian demand for factory robots powers Mitsubishi Electric profits
Asian demand for factory robots powers Mitsubishi Electric profits. Moon mission showcased capabilities and resilience of Japanese company's automated systems NAGOYA, Japan -- Here in a century-old factory in central Japan the size of six baseball stadiums, Mitsubishi Electric is building robots and other machines that can keep other production lines running -- on their own. At one automated station [...]
06/10/2024
US Port Strikes Suspended: Will Supply Chains Stabilise? [Part 2 of 2]
US Port Strikes Suspended: Will Supply Chains Stabilise? [Part 2 of 2] Business impact and consumer concerns For many businesses, the strike sparked fears of widespread supply shortages. Some, having anticipated the strike, began stockpiling essential goods. Consumers followed suit, clearing shelves of household staples such as baby formula and toilet paper, worried about potential shortages. The affected ports—including some [...]
06/10/2024
US Port Strikes Suspended: Will Supply Chains Stabilise? [Part 1 of 2]
US Port Strikes Suspended: Will Supply Chains Stabilise? [Part 1 of 2] Dockworkers have suspended strikes following a wage agreement, easing fears of holiday supply shortages as talks on automation and other issues continue Longshoremen have reached an agreement with the US Maritime Alliance, suspending what could have been the first East and Gulf Coast strike since 1977. Representing 45,000 dockworkers, the [...]
06/10/2024
