Latest news with #RM34
The Sun
15-06-2025
- Business
- The Sun
KGW Group doubles down on US market, forms logistics integration JV with China's Mingkun
SHAH ALAM: Malaysia's largest trans-Pacific logistics provider, KGW Group Bhd, is doubling down on the US market through a joint venture with China's Mingkun International Logistics Ltd. This move aims to capitalise on the manufacturing shift into Malaysia as US tariffs impact Chinese exports. CEO Roger Wong said the joint venture entity is already set up, with KGW as a minority partner helping Mingkun expand its local presence as a logistics integrator. 'The Mingkun and KGW Global joint venture is a response to the ongoing trade war. We are seeing more Chinese businesses move into Malaysia to avoid high tariffs,' Wong told SunBiz in an exclusive interview recently. 'We want to help these factories set up here instead of going to Vietnam or Indonesia. Many of them need a one-stop logistics solution, and we can be that partner,' he said. Wong said KGW Global and Mingkun aim to provide a comprehensive logistics solution as an integrator, especially for Chinese manufacturers expanding into Malaysia. 'Previously, KGW focused mostly on shipping because clients didn't need services like trucking or customs handling. But with these Chinese factories coming in, they want a one-stop solution because they are not very familiar with the local market,' he said. At the same time, Wong said, KGW is planning to grow its presence in Thailand, Indonesia, and Vietnam to help businesses in those countries ship goods to the US. 'We are expanding there to strengthen our US-bound logistics network. Thailand, Indonesia, and Vietnam are the three key markets we're targeting next – not so much to grow locally in those markets, but to move cargo from those countries into the US. That includes both traditional B2B shipments and e-commerce B2C,' he said. KGW is Malaysia's largest logistics provider in trans-Pacific trade, offering ocean and air freight, freight forwarding and warehousing services. In February, US-based Accelerated Global Solutions Inc (AGS) acquired a 15% stake in KGW. Wong said the partnership is accelerating KGW's push into US e-commerce. 'AGS operates a last-mile network in the US named SpeedX, handling deliveries for Shein and TikTok. They are embedding teams in our office. We are now scaling our US e-commerce product with them,' he added. About 60% of KGW's revenue is tied to the US. Wong said demand is surging as clients front-load shipments during the 90-day pause in the Trump tariffs, though not as high as during the pandemic. 'Container freight used to cost US$2,000. Now it can hit US$8,000 (RM34,000). Some shipments cost as much as the products inside. We have to pre-warn our clients,' he said. Wong believes Malaysia's low tariffs and new Investment, Trade and Industry Ministry rules requiring verified certificates of origin for US-bound cargo will increase the country's appeal to China-based exporters. 'These manufacturers require a comprehensive solution. That is why we are investing in people, facilities, and integrated logistics. We want to be their partner in Malaysia,' he said. Looking ahead, KGW plans to expand air freight services and SME-focused e-commerce fulfilment via US-based AGS. 'AGS does a bit of traditional logistics like air and ocean freight, but most of their core business has shifted to e-commerce. Their last-mile arm, SpeedX, is quite established in the US. They cover about 60–70% of the country compared to USPS or FedEx Ground, which is substantial.' Wong said the partnership will help KGW replicate that reach for exporters across Malaysia, Vietnam, Thailand, and Indonesia. 'AGS helps the group scale its US operations faster. Before setting up KGW Global, the company was already doing more trucking, warehousing, and customs clearance in the US than in Malaysia. 'Our service isn't just about shipping – once it lands in the US, we also handle inland delivery. It's a huge country, and we manage everything from oversized and flatbed trucking to storage and clearance. 'AGS's presence strengthens us. They're now part of our group, and that makes things move more smoothly,' he said.
New Straits Times
13-06-2025
- Business
- New Straits Times
'Lucky number' incense helps Johor man win RM10.38mil Toto jackpot
KUALA LUMPUR: Combining his identity card number with that obtained from a lucky number incense helped a Johor banker win the RM10.38 million Toto 4D Jackpot last Sunday. The 49-year-old said he had gone to a temple to make offerings on Wesak Day. He said that at the same time, he also bought a lucky number incense, which when burnt would display several "lucky numbers" "So I bet on the lucky numbers, combined with my identity card numbers, to form the pair of winning numbers – '3866 and 5899'. "I bet on the same pair of numbers for six draws and they actually helped me to win the jackpot," he said. Despite becoming a multi-millionaire, he said he would continue to work. However, he said he planned to spend his winnings on travelling the world with his wife. The May 31 draw saw 110 winners from Kuala Lumpur, Selangor and Sarawak share RM28,069,403 in winnings from the total RM34,511,559 Toto 4D Jackpot 1 with i-System tickets.
New Straits Times
13-06-2025
- Business
- New Straits Times
'Lucky number' incense helps Johor man win RM10.38 mill Toto jackpot
KUALA LUMPUR: Combining his identity card number with that obtained from a lucky number incense helped a Johor banker win the RM10.38 million Toto 4D Jackpot last Sunday. The 49-year-old said he had gone to a temple to make offerings on Wesak Day. He said that at the same time, he also bought a lucky number incense, which when burnt would display several "lucky numbers" "So I bet on the lucky numbers, combined with my identity card numbers, to form the pair of winning numbers – '3866 and 5899'. "I bet on the same pair of numbers for six draws and they actually helped me to win the jackpot," he said. Despite becoming a multi-millionaire, he said he would continue to work. However, he said he planned to spend his winnings on travelling the world with his wife. The May 31 draw saw 110 winners from Kuala Lumpur, Selangor and Sarawak share RM28,069,403 in winnings from the total RM34,511,559 Toto 4D Jackpot 1 with i-System tickets.
Daily Express
06-06-2025
- Daily Express
Husband abandons wife held in Semporna house raid
Husband abandons wife held in Semporna house raid SEMPORNA: A man abandoned his wife during a police drug raid on a house at Kampung Sejati 2, here, on Wednesday. The drugs seized weighed more than one kilogramme and estimated worth RM34,755.50. Advertisement Sabah General Operation Force (GOF) Commander, Datuk Abdul Rani Alias, said acting on intelligence, a team of GOF raided a squatter house in the area. 'In the 7am operation, the man escaped from the kitchen window while his wife was detained for further investigation. SPONSORED CONTENT 'During the raid, the team discovered several plastic packets containing substance believed to be syabu which were hidden between the wall and cupboard inside the house,' he said. Urine test conducted on the woman found negative for drug abuse. Advertisement He said the suspect and the seizures were handed over to Semporna Narcotic Crime Investigation Division and investigation is carried out under the Dangerous Drug Act 1952. Abdul Rani added that efforts to track down the suspect who escaped during the operation is still ongoing.
New Straits Times
06-06-2025
- Business
- New Straits Times
Palm rises on strong rival oils, set for fourth weekly gain
KUALA LUMPUR: Malaysian palm oil futures opened higher on Friday, and were set for a fourth consecutive weekly gain, buoyed by stronger rival edible oils, but weaker crude oil prices capped the rise. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange added RM34, or 0.87 per cent, to RM3,937 (US$930.73) a metric ton in early trade. The contract has risen 1.11 per cent so far this week. FUNDAMENTALS Dalian's most-active soyoil contract rose 0.89 per cent, while its palm oil contract added 0.79 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) gained 1.41 per cent. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices slipped but were on track for their first weekly gain in three weeks after US President Donald Trump and China's Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world's two largest economies. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.07 per cent against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Chicago soybean extended its climb to the fourth straight session and was set for a weekly gain on expectations of improved US-China trade ties, fuelled by the phone call between the leaders of the two countries. Asian shares were subdued as investors hunkered down for the all-important US payrolls report, while Tesla suffered huge losses on the very public feud between Trump and billionaire Elon Musk.
