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Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Financial institutions ready to support JS-SEZ investors, say industry leaders
FMT managing director Azeem Abu Bakar (left), head of FDI advisory in the CEO's office at UOB Chiok Sook Yin (second from left), Affin Hwang Investment Bank's head of research Loong Chee Wei (centre), and Deloitte Malaysia executive director Thean Szu Ping during a session at the Nikkei Forum Medini, Johor 2025, co-organised by Iskandar Investment Bhd in Iskandar Puteri, Johor, yesterday. ISKANDAR PUTERI : Financial institutions are prepared to provide end-to-end support for investors in the Johor-Singapore special economic zone (JS-SEZ), offering a full suite of services to facilitate foreign direct investment, say industry leaders. Chiok Sook Yin, head of foreign direct investment advisory in the CEO's office at United Overseas Bank Ltd, said the bank was well-positioned to 'connect the dots' for businesses entering Malaysia. 'Besides having strong network connectivity, we have financial supply chain management solutions that help investors expand local sourcing and support new suppliers that follow (prominent) companies into Malaysia. 'We're also helping lower the barrier to entry for investors and addressing their concerns before they enter the markets they've targeted,' she said during a session at the Nikkei Forum Medini, Johor 2025, co-organised by Iskandar Investment Bhd here today. Chiok was responding to a question from FMT managing director Azeem Abu Bakar, who moderated the session, on the role that financial institutions play in supporting expansion into the JS-SEZ. 'Johor is an up-and-coming hub where we're seeing a lot of cross-border opportunities and businesses. 'What's going to unlock this potential is the financial aspect, and to make things happen here, the money has to come in,' he said. JS-SEZ was formally established in January through an agreement between Malaysia and Singapore to boost economic connectivity between the state and the republic. It aims to attract 100 projects worth RM100 billion and create about 100,000 jobs in high-value sectors such as manufacturing, digital economy, logistics, clean energy, and tourism over the next decade. Chiok noted that JS-SEZ was attracting strong interest not only from Singaporean companies but from those in Europe and North Asia as well. Meanwhile, Affin Hwang Investment Bank's head of research, Loong Chee Wei, said the bank had evolved beyond financing to help connect stakeholders such as state authorities, manufacturers, and supply chain partners. 'We have strategic agreements to collaborate with key sectors and promote investment, including from Japan to Malaysia. 'We also advise our institutional investors and organise trips to Johor to explore opportunities,' he said. Deloitte Malaysia executive director Thean Szu Ping added that while financial institutions played a key role as facilitators, the government was also stepping up efforts to attract investment, especially in high-tech industries. 'For these industries, a special tax rate of 5% is available for up to 15 years. 'There are also additional incentives for capital-intensive industries, which will receive an investment tax allowance instead of a reduced tax rate,' she said.
Yahoo
2 days ago
- Business
- Yahoo
Rachel Reeves says 'it's not just pensioners who need help' as £150 off energy bills announced
Millions more families will get £150 off their energy bills this winter as Rachel Reeves says 'it's not just pensioners who need help'. More than 3m households on certain means-tested benefits already receive the warm homes discount but around half of those eligible do not get it. That's because the scheme is currently run on a first-come-first-served basis which means millions miss out. The government has announced that, from this winter, everyone eligible for the £150 one-off discount will be paid 'automatically'. READ MORE: Police called after body found in Greater Manchester town READ MORE: Live updates as firefighters called to Greater Manchester blaze and people told to keep doors and windows closed It means more than 6m families will now receive the payment with 280,000 households in North West set to get it for the first time. It comes after the government announced a U-turn on the winter fuel payment restoring it for 7.5m pensioners who lost it last year. Speaking to the Manchester Evening News, the Chancellor said this latest move will put more money in the pockets of families too. She said: "This is a recognition that it's not just pensioners who need help with their bills, absolutely. As a government, we are determined to make ordinary working people better off. "That's why in the spending review last week, we did free school meals for families whose parents or whoever's at home is on Universal Credit which lifts 100,000 children out of poverty. "This is recognising that those people, including many people on Universal Credit in work, struggle with the cost of living and this puts more money into their pockets and we're doing it this winter." The move, which is due to be announced on Wednesday (June 18), means that every billpayer on means-tested benefits will now qualify for the Warm Homes Discount, removing restrictions that previously excluded many families, benefiting 2.7m more households. This includes pensioners who receive Pension Credit and continued to receive the Winter Fuel Payment after it was cut last year. The expansion of the Warm Home Discount will be offset by new 'efficiency savings' across the energy system, including a cut by the energy regulator Ofgem in the operating cost allowance of the price cap for the average billpayer which will take money off bills. Ms Reeves told the M.E.N.: "This isn't going to be adding to anyone's bills and it's not going to be out of taxes. "We've worked with the regulator on reforming the regulation to be able to afford this warm homes discount. "No one will see a rise in their bills because of it and no one will see higher taxes because of it."
Zawya
4 days ago
- Business
- Zawya
The Minister of Planning, Economic Development, and International Cooperation signs an agreement with the Federation of Egyptian Industries, the Federation of Chambers of Commerce, and 10 business councils and associations to expand the services provided through the Hub for Advisory, Finance & Investment for Enterprises platform across governorates
During the activities of the 'Development Finance to Foster Private Sector-Led Growth&Jobs' conference, organized by the Ministry of Planning, Economic Development, and International Cooperation, under the patronage and in the presence of H.E. Prime Minister Dr. Mostafa Madbouly, H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, signed an agreement with the Federation of Egyptian Industries, the Federation of Egyptian Chambers of Commerce, the Confederation of Egyptian European Business Associations (CEEBA), the Egyptian-British Chamber of Commerce, the Egyptian-African Businessmen's Association, the Canadian Chamber of Commerce in Egypt, the Egyptian-Japanese Business Council, the Swiss-Egyptian Business Association, the British Egyptian Business Association, the Egyptian Businessmen's Association, the Egyptian Junior Business Association, and the Italian Chamber of Commerce in Egypt. The agreement aims to enhance the benefit of private sector companies across Egyptian governorates whether large, small, medium, micro-enterprises, or startups from the financial and non-financial services and the direct and indirect mechanisms available through the 'Hafiz' platform for financial and technical support to the private sector, through the Federation of Industries, business associations, the Federation of Chambers of Commerce, and their branches in the various governorates. Commenting on the agreement, H.E. Dr. Rania Al-Mashat emphasized that the agreement comes within the framework of the Ministry of Planning, Economic Development and International Cooperation's keenness as the entity responsible for setting and following up on the implementation of Egypt's sustainable economic development strategies and ensuring alignment with 'Egypt Vision 2030' to promote inclusive development by encouraging partnerships between the public and private sectors and activating the role of the "Private Sector Participation Unit" in integrating the efforts of the private sector within the state's development priorities, especially in improving the business environment, supporting SMEs, and enhancing sectoral integration. H.E. Dr. Al-Mashat explained that through these agreements, the Ministry is working to maximize the private sector's benefit from the Hub for Advisory, Finance&Investment for Enterprises, by facilitating the access of companies that are members of the chambers to the platform and taking full advantage of the available services and financing opportunities, furthermore holding a series of meetings organized by the Ministry of Planning, Economic Development and International Cooperation, through the private sector participation unit with international development partners, to promote ongoing dialogue and communication with the business community and relevant stakeholders. The Ministry of Planning, Economic Development, and International Cooperation launched the Hub as one of the innovative mechanisms to advance the agenda of private sector empowerment by easing access to development financing and technical services. The platform was designed as an integrated digital portal that connects development partners, implementing agencies, government entities, and the business community of all categories including large corporations, SMEs, micro enterprises, and startups. The platform was developed as a strategic tool within the Ministry's efforts to enhance economic diplomacy and mobilize finance for sustainable development. Through the Hub for Advisory, Finance&Investment for Enterprises, more than 90 financial and technical support services are made available by 44 bilateral and multilateral development partners. The platform has made notable progress, with the number of services increasing from 62 at its launch in December 2023 to over 90 today, and has attracted nearly 18,000 users from the private sector and entrepreneurial community. The platform's database includes over 700 companies that have benefited from support services, and more than 1,000 tenders and development initiatives funded by development partners in Egypt and more than 80 other countries providing tangible opportunities for expansion and access to regional and international markets. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Zawya
30-05-2025
- Business
- Zawya
Greater Luwero Roadside Market Vendors Tipped on Household Income as President Museveni Offers Them More Financial Support
For the last three years, President Museveni through State House has been offering support to various roadside market vendors along major Highways like Gulu, Hoima and Mityana roads to boost their household incomes. The 928 vendors who benefited from this latest business booster package were drawn from Kakooge Daily Market in Nakasongola, Kiyenje Daily Market and Balikyewunya Market (both in Luwero). The vendors who received Shs100,000 each, generally ply their trade in agricultural produce, roasted chicken and muchomo as well as beverages. The package was delivered by State House officials led by the Senior Presidential Advisor-Elderly, Princess Pauline Nassolo and Private Secretary to H.E the President, Ms. Flora Kabibi. Princess Nassolo revealed that President Museveni extended the financial support to the vendors with an aim of improving their household incomes. 'Mzee wants you to work and improve your livelihoods that's why he always empowers you economically,' she said. 'The last time we came here, you told us that some of you have never benefited from the Parish Development Model or Emyooga programs so H.E the President decided to offer you this support of Shs100,000 to each one of you as you wait to benefit from other government programs.' Princess Nassolo also cautioned the vendors against unconstructive politicking, advising them that they should instead focus on fighting poverty through stabilizing their homestead incomes. 'When time for politics comes, go and vote then come back to your workstations and always support someone who supports you. I'm very sure Mzee has played his part, now it's your time to reciprocate,' she added. Additionally, Princess Nassolo urged the parents to take good care of their children and groom them to be responsible citizens of Uganda. 'Our country is facing a lot of challenges when it comes to morality. Advise your children against immorality and criminality. We want to have morally uplift citizens of Uganda.' In a special way, the Senior Presidential Advisor appreciated the youth of Greater Luwero for listening to President Museveni's message of wealth creation. 'Thank you for joining the money economy. Mzee is proud of you.' On her part, Ms. Kabibi called upon the vendors to appreciate President Museveni for being a visionary leader who cares for the wellbeing of all Ugandans. 'Because he cares, that's why he sends this financial support to you to grow your businesses,' she stated. 'Although the package is small, please utilise it well. H.E the President will send you more support,' she assured. The Resident District Commissioner (RDC) of Luwero District, Mr. Richard Bwabye Ntulume asked the vendors to utilise the financial support from the President well. He said the package is meant to empower them economically and that they should vote for the President again in 2026 for more development. On the other hand, the vendors expressed gratitude to President Museveni for offering additional capital to their enterprises. The Chairperson of Kakooge Daily Market, Ms. Sofia Namusisi hailed President Museveni for always extending a helping hand to ordinary Ugandans. 'He has done us good. Some of us even received PDM and again he has offered us more support. All I can say is that our people are so happy. Long live President Museveni,' she said. 'Your Excellency, thank you also for sending a trustworthy and transparent team, the package has been well received.' Ms. Namusisi further disclosed that she was going to use the money to add capital into her business. On the other hand, she requested President Museveni to set up a modern market for them, saying that the current one is in a poor state. Ms. Betty Nazziwa, 75, a vendor at Kakooge Daily Market also thanked the President for the financial support. 'Thank you, President Museveni, for helping a poor woman like me. I'm going to use this money to grow my business so that I can properly look after my family,' she said. Another vendor at Kakooge Daily Market, Mr. Joseph Kato Tebandeke also expressed gratitude to the President for helping ordinary Ugandans like him to improve their household incomes. 'This support from President Museveni is going to boost my matooke business,' Mr. Kato said. Mr. Muhammad Ssonko, the Chairperson of Kakooge Chapati Operators Association thanked President Museveni for the various programs meant to help Ugandans fight poverty. 'As youths, we are now able to make money and look after our families because of President Museveni's support. We are with him, and we shall support him again come 2026 general elections,' he noted. Furthermore, Ms. Juliet Nababi, the Chairperson of Kiyenje Daily Market prayed for the good health of President Museveni so that he can continue leading and developing Uganda. 'We thank you, Your Excellency, for supporting us, especially women. This market is generally occupied by women, and we are your ardent supporters.' Another vendor in Kiyenje Daily Market, Ms. Nabukenya Madinah called on fellow youths to desist from being idle and work towards improving their welfare. 'We are lucky that President Museveni supports us by giving us financial support. We should utilise this chance to create wealth.' Mr. Nsimbe Livingstone, the Secretary of Kiyenje Daily Market said, 'We are grateful to President Museveni for the support. We are going to utilise this money to grow our businesses.' At Balikyewunya Market, Mr. Mark Ssesazi said President Museveni has always supported the vendors of Luwero and that it was the second time he was sending support to vendors of Balikyewunya. Ms. Asiat Nankinga who first received President Museveni's financial support in March 2023, said she used the money to add capital in her matooke business. 'Even today I have received the money from our President and I'm so grateful. This money is playing a vital role in helping us to develop, we are now able to look after our families. Thank you, President Museveni.' The LC1 Chairperson of Binyonyi Village in Luwero West, Luwero Town Council, Mr. Kabaale Joseph Ssentongo on behalf of leaders in Luwero thanked President Museveni for supporting their people economically. He said the financial package is a very big empowerment tool to vendors and it will go a long way in helping them grow their businesses. 'When our people get such money, they don't need money from lenders who often give out loans with very high interest rates.'
Arab News
28-05-2025
- Business
- Arab News
IMF says Egypt making progress, still needs to widen tax base
CAIRO: Egypt has made progress toward macroeconomic stability and has been streamlining tax and customs procedures, but still needs to widen its tax base, the International Monetary Fund said on Tuesday after a review mission to the country. An IMF team visited Egypt from May 6 to May 18 as part of its fifth review of an $8 billion financial support agreement signed in March 2024. 'Egypt has made substantial progress toward macroeconomic stability,' said IMF Mission Chief for Egypt Vladkova Hollar, who led the team. 'Growth is expected to continue strengthening, and we upgraded our forecast for FY24/25 to 3.8 percent, in light of the stronger-than-expected outturn in the first half of the year,' Hollar said in a statement. A Reuters poll of 17 analysts last month also forecast growth of 3.8 percent in the 2024/25 fiscal year, which began in July. Egypt's central bank said last week the economy grew by 4.3 percent in the October-December quarter and projected it would grow by 5.0 percent in January-March. The IMF statement said better oversight and control over large public sector infrastructure projects was helping to contain demand pressure. The authorities were working to modernize and streamline tax and customs procedures, it added. 'These reforms are starting to yield positive results. Alongside these efforts, domestic revenue mobilization will need to continue, mainly by widening the tax base and streamlining tax exemptions,' it added. The IMF approved its fourth review of the program in March, unlocking a disbursement of $1.2 billion.
