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Borneo Post
18 hours ago
- Business
- Borneo Post
Gurdwara Sahib Miri gets RM500,000 Unifor boost for renovation works
Ting (sixth left) hands over the cheque from Unifor to Gurmokh, as others look on. MIRI (June 21): Gurdwara Sahib Miri has received an allocation of RM500,000 from the Unit for Other Religions (Unifor) to support its ongoing renovation works. The cheque was handed over by State Deputy Minister of Tourism, Creative Industry and Performing Arts, Datuk Sebastian Ting during a brief ceremony at the temple yesterday. In his remarks, the Piasau assemblyman also reminded recipients to utilise the allocation without delay and to ensure that all costs and expenditures would be properly documented. 'Make sure to use the funds and report what has been done, so there is a proper record. 'If everything is in order, it will be easier for them (Unifor) to consider future applications,' he advised. The Sikh community in Miri has roots dating back to the 1880s, with the original 'gurdwara' (Sikh temple) built in 1919, and the current building completed in 1975. Today, it continues to serve as a place of worship and learning for the Sikh families in the area. According to the project director Gurvir Singh Sandhu, the current upgrading initiative was approved in 2021, with physical works kicking off in 2022. 'The renovation works are now about 80 per cent complete and are expected to finish by early July,' said Gurvir. Among the new features being introduced are Dayak-inspired motifs on the glass panels by the entrance, reflecting the community's appreciation for local cultures and Sarawak's multi-ethnic landscape. Ting also noted that the Sikh community here had received a total of RM2.6 million in Unifor funding over the years for various phases of upgrading works on the temple. 'In recent years, the temple has undergone various improvements including upgrades to the 'langar' hall, kitchen facilities, and space expansion to accommodate major religious events.' The ceremony concluded with Ting doing a brief walkaround of the newly-renovated areas, accompanied by Gurvir, Gurdwara Sahib Miri president Gurmokh Singh, and the committee members. allocation Gurdwara Sahib Miri lead renovation Sebastian Ting Unifor
BusinessToday
a day ago
- Business
- BusinessToday
Commentary: Growing Foreign Reserves And What it All Means
Malaysia's central bank, Bank Negara Malaysia (BNM), recently reported an increase in its international reserves, reaching USD119.6 billion as of May 30, 2025, up from USD119.1 billion just two weeks earlier. This modest growth in foreign reserves signals positive developments in Malaysia's economy, reflecting its resilience in navigating global economic challenges. It highlights the country's ability to manage external pressures and provides a buffer against potential financial shocks. However, the key question remains: what does this mean for the everyday citizens? How can we interpret this trend as a sign of a strengthening economy, and how does it translate into tangible benefits for the people? Why Our Money Pile is Growing? One main reason our reserves are increasing is that Malaysia is selling more goods to other countries than it buys. For example, in April 2025, Malaysia sold RM10.5 billion more in goods than it bought, especially in electronics and gas. When we export a lot, more foreign money comes into the country. This extra foreign currency is then kept by BNM as part of its reserves. This shows Malaysia's strength in making and selling important products worldwide. Another big factor is that foreign investors are putting their money into Malaysian government bonds. These bonds offer better returns compared to those in countries like the U.S. or Japan, where interest rates might not be as good anymore. In May 2025 alone, foreign investors brought in RM2.6 billion. When these investors bring in foreign money and convert it to Ringgit to buy our bonds, it directly adds to BNM's foreign currency reserves. This trend highlights that investors trust Malaysia's economy. What This Extra Money Means for Malaysia? Having USD119.6 billion in reserves is a big deal. It means Malaysia has enough foreign money to pay for about 5 months of imported goods and services. This is well above the recommended 3 months by the IMF, a global financial body. This cushion helps Malaysia if import prices go up or if global trade faces problems. Also, these reserves are almost equal to our short-term foreign debts (0.9 times), showing that we don't rely too much on quick foreign loans to run our economy. This strong position makes us less vulnerable to sudden money outflows. Our reserves are also made up of different types of assets, which gives BNM more flexibility. Most of it, USD106.4 billion, is in foreign currencies. We also have USD5.8 billion in Special Drawing Rights (a type of international money from the IMF) and USD3.8 billion in gold. Having this mix of assets helps BNM act fast if there's a global money crisis or if a lot of foreign money suddenly leaves the country. It means BNM has many options to handle financial pressures. Impact on the Ringgit and Economic Policy This steady increase in our foreign reserves suggests that the Malaysian Ringgit might become more stable after being a bit weak. When investors worldwide see Malaysia has strong reserves and can attract foreign money, it makes them see Malaysia as a safe and attractive place among growing economies. This improved perception could boost confidence in the Ringgit, making its value more steady and potentially stronger against other major currencies. If our reserves keep growing, it means BNM will have more room to make decisions about our economy. For instance, BNM might be able to slightly lower interest rates if needed, without worrying too much about the Ringgit losing value or losing trust from investors. This flexibility is very important in today's uncertain global economy, allowing BNM to support Malaysia's economic growth without risking financial stability. Our 'Economic Shield' in a Shaky World Essentially, this rise in Malaysia's international reserves is more than just a number. It's a vital 'economic shield' that gives Malaysia significant power and freedom in managing its money and economy. In a world full of unclear interest rates, political tensions, and unpredictable supply chains, having a big financial buffer is extremely important. This 'shield' helps Malaysia handle unexpected global problems, like a sudden economic slowdown or a quick exit of foreign money, by lessening their impact. It also keeps investors confident, as they know BNM has the resources to protect the Ringgit and keep the financial system stable. Plus, strong reserves allow BNM to support economic growth when necessary, without being held back by a weak financial position. Overall, these strong reserves show Malaysia's smart economic planning and its ability to deal with global financial challenges. Conclusion As a conclusion, the growth in Malaysia's international reserves to USD119.6 billion is unequivocally a positive signal, extending beyond mere financial figures. For the average Malaysian, this translates into tangible benefits, a more stable Ringgit means greater purchasing power for imports and overseas travel, while reduced inflation helps stretch household budgets. Furthermore, these robust reserves act as a crucial national safety net, safeguarding jobs and businesses during global uncertainties and bolstering confidence in our financial system. Ultimately, this increased 'economic shield' empowers BNM to maintain stability and foster sustainable growth, directly enhancing the economic well-being and security of all Malaysians in a volatile global landscape. By Dr. Shahrul Azman Abd Razak Researcher and Islamic Finance Consultant Kuala Nerang, Kedah Related
The Sun
03-06-2025
- Business
- The Sun
Govt allocates RM15.9 million to develop agricultural infrastructure, mechanisation services
BAGAN SERAI: The government has allocated RM15.9 million through the Agrofood Mechanisation and Automation Programme to enable departments and agencies under the Ministry of Agriculture and Food Security (KPKM) to develop farm infrastructure and deliver mechanisation services to targeted groups nationwide. Its Deputy Minister, Datuk Arthur Joseph Kurup said that of the total, RM11 million is allocated for the procurement of agricultural machinery, equipment and systems, while RM2.6 million is for the development of farm infrastructure, buildings and mechanisation facilities. RM1 million, meanwhile, is for the supply of machinery spare parts, agricultural mechanisation and automation and so on. 'This proves that the government has taken steps to ensure farmers benefit from modern technology... so that we can increase agricultural yield, reduce operational costs and make the sector more sustainable,' he said when speaking at the Perak state-level Agricultural Machinery and Equipment Handover ceremony at Dewan Dato' Zainal Abidin Zin here today. He also expressed confidence that such programmes would empower the agricultural sector, to address whatever hurdles and challenges it faced. As for the programme, he said a total of RM643,985.72 has been allocated for the distribution of small and medium-sized machinery through a matching grant to 185 recipients, involving 20 Farmers' Organisations across Perak. Arthur said this is part of efforts by KPKM and the Farmers' Organisation Authority (LPP) to assist and support farmers in ensuring the country's food security continues to be protected.
The Sun
03-06-2025
- Business
- The Sun
Govt allocates RM15.9m to develop agricultural infrastructure
BAGAN SERAI: The government has allocated RM15.9 million through the Agrofood Mechanisation and Automation Programme to enable departments and agencies under the Ministry of Agriculture and Food Security (KPKM) to develop farm infrastructure and deliver mechanisation services to targeted groups nationwide. Its Deputy Minister, Datuk Arthur Joseph Kurup said that of the total, RM11 million is allocated for the procurement of agricultural machinery, equipment and systems, while RM2.6 million is for the development of farm infrastructure, buildings and mechanisation facilities. RM1 million, meanwhile, is for the supply of machinery spare parts, agricultural mechanisation and automation and so on. 'This proves that the government has taken steps to ensure farmers benefit from modern technology... so that we can increase agricultural yield, reduce operational costs and make the sector more sustainable,' he said when speaking at the Perak state-level Agricultural Machinery and Equipment Handover ceremony at Dewan Dato' Zainal Abidin Zin here today. He also expressed confidence that such programmes would empower the agricultural sector, to address whatever hurdles and challenges it faced. As for the programme, he said a total of RM643,985.72 has been allocated for the distribution of small and medium-sized machinery through a matching grant to 185 recipients, involving 20 Farmers' Organisations across Perak. Arthur said this is part of efforts by KPKM and the Farmers' Organisation Authority (LPP) to assist and support farmers in ensuring the country's food security continues to be protected.
New Straits Times
02-06-2025
- Business
- New Straits Times
Muhibbah still boasts active construction pipeline amid Petronas-Petros issue
KUALA LUMPUR: Muhibbah Engineering (M) Bhd has maintained an active construction pipeline despite short-term uncertainties linked to the ongoing Petronas-Petroleum Sarawak (Petros) dispute, CIMB Securities said. The company's current bid book stands at RM2.6 billion, with 62 per cent of projects located overseas. Its infrastructure jobs account for 50 per cent of the bids, followed by waste-heat energy projects at 38 per cent, and oil and gas-related works making up the remaining 12 per cent. "Muhibbah's 65 per cent-owned subsidiary Favelle Favc is bidding for RM3 billion worth of jobs, with the Middle East region accounting for over RM100 million as massive infrastructure projects such as the New Murabba mixed-use development and the NEOM 2029 Asian Winter Games are fuelling new orders for cranes," it said. According to CIMB Securities, Muhibbah's first quarter of 2025 (1Q25) performance was in line with expectations, with core earnings making up 26 per cent of both its and market consensus estimates. The company posted a 14 per cent year-on-year (YoY) increase in net profit to RM16.17 million, up from RM14.19 million previously, driven by stronger contributions from its concession segment. "As with previous financial years, Muhibbah's 21 per cent-owned Cambodia Airports continues to be the key 1Q earnings driver for the group in financial year 2025 (FY25). "This is underpinned by a 22 per cent YoY surge in Cambodian air traffic as the kingdom continues to benefit from a resurgence in the number of tourist arrivals," it said. CIMB Securities expects Muhibbah to declare a total dividend per share of 2.3 sen for FY25, offering a fairly attractive yield of 3.8 per cent. The research house remains positive on Muhibbah due to its involvement in marine and oil and gas-related infrastructure projects. It maintained a 'Buy' rating on the stock with an unchanged target price of RM1.10.
