October 2023 - Page 2 of 16

Ford Adjusts Electric Vehicle Investment Plans

30Oct

By Webmaster IKON MalaysiaNo Comments

Ford Adjusts Electric Vehicle Investment Plans

During Ford's third-quarter earnings call, the company announced a strategic shift in its electric vehicle (EV) investment approach. The automaker is postponing approximately $12 billion in planned spending on EV production, including the construction of a new battery factory in Kentucky. This decision is a response to the current market dynamics, with Ford expressing caution about overcapacity in the EV sector. "Given the dynamic EV environment, we are being judicious about our production and adjusting future capacity to better match market demand," said Ford CFO John Lawler. "All told, we have pushed about $12 billion of EV spend, which includes capex, direct investment, and expense," he added. Despite this adjustment, Ford reaffirmed its commitment to developing futu...

Sarawak to Conclude Acquisition of MASwings in Three Months

30Oct

By Webmaster IKON MalaysiaNo Comments

Business

Sarawak to Conclude Acquisition of MASwings in Three Months

Sarawak is set to finalise the acquisition of MASwings Sdn Bhd within the next three months, as announced by Chief Minister Tan Sri Abang Johari Tun Openg. This development follows the signing of a memorandum of understanding (MoU) for the management of rural air services by acquiring shares in MASwings, involving the Sarawak Transport Ministry, state-owned Hornbill Skyways Sdn Bhd, and Malaysia Aviation Group (MAG), the parent company of MASwings. Abang Johari expressed his optimism for the acquisition, with a goal to commence operations by the following year, provided that the due diligence and detailed discussions between state and federal transport ministries progress as anticipated. Sarawak's objective is to secure a controlling stake in MASwings, transforming it into th...

Malaysians Playfully Label KL Eco City as Malaysia’s “Bermuda Triangle”

29Oct

By Webmaster IKON MalaysiaNo Comments

Entertainment

Malaysians Playfully Label KL Eco City as Malaysia’s “Bermuda Triangle”

Credit: @aurizn (Instagram) In a humorous turn of events, KL Eco City has earned the playful nickname "Malaysia's Bermuda Triangle" due to the reported confusion created by navigation applications like Google Maps and Waze. On October 24, an Instagram user shared a video of themselves driving around KL Eco City, humorously likening the experience to entering the enigmatic Bermuda Triangle. The video has since gained nearly 24,000 likes in just a few days. Many Instagram users commented on the post, highlighting the often confusing directions provided by navigation apps in the area. Some even mentioned that these directions sometimes led them to places different from their intended destinations, adding to the mystique surrounding KL Eco City. Additionally, some users reporte...

Matthew Perry, Best Known for His Role as Chandler Bing on “Friends,” Passes Away at 54

29Oct

By Webmaster IKON MalaysiaNo Comments

Entertainment

Matthew Perry, Best Known for His Role as Chandler Bing on “Friends,” Passes Away at 54

Matthew Perry, renowned for his iconic portrayal of Chandler Bing on the beloved TV series "Friends," has tragically passed away at the age of 54. The actor's death is currently under investigation by the Los Angeles Police Department. According to the Los Angeles Times, Perry's untimely demise appears to be the result of a drowning incident at his Los Angeles residence on a fateful Saturday. Law enforcement sources have relayed that no signs of foul play have been discovered in connection with the incident. Warner Bros. Television Group expressed their profound sorrow at the loss, describing Matthew Perry as an exceptionally gifted actor and an integral part of their television family. Perry's comedic talent, exemplified in his portrayal of Chandler Bing, resonated with viewers...

CNA: Malaysia’s Pandemic Withdrawals from Pension Funds Raise Concerns

29Oct

By Webmaster IKON MalaysiaNo Comments

Finance

CNA: Malaysia’s Pandemic Withdrawals from Pension Funds Raise Concerns

Between 2020 and last year, due to four rounds of COVID-19 withdrawals, 8.1 million Malaysians withdrew RM145 billion from their pension fund. By February 2021, the Employees Provident Fund (EPF) reported that approximately 30% of its members had depleted their retirement savings in Account 1, which cannot typically be accessed before age 55. By the end of the previous year, around 51.5% of members under the age of 55, almost 6.7 million people, had less than RM10,000 in their accounts. Based on the EPF's calculations from the previous year, only about 4% of Malaysians could afford to retire. Calls for further EPF withdrawals have been growing, exacerbated by inflation. Prime Minister Anwar Ibrahim has proposed a new EPF account for flexible access during emergencies. H...

Malaysia’s Unique Monarchy System Elects Sultan Ibrahim Iskandar as New King

29Oct

By Webmaster IKON MalaysiaNo Comments

News, Politics

Malaysia’s Unique Monarchy System Elects Sultan Ibrahim Iskandar as New King

Malaysia's royal families have chosen Sultan Ibrahim Iskandar, the powerful ruler of southern Johor state, as the nation's new king through its distinctive rotating monarchy arrangement, as announced by the palace on Friday. Sultan Ibrahim Iskandar, aged 64, will be officially enthroned on January 31, commencing a five-year term. His selection was widely anticipated, as it was based on the established rotational order among the nine state rulers in the country. He takes over from the current ruler, Sultan Abdullah Sultan Ahmad Shah of central Pahang, who presided over a tumultuous period marked by COVID-19 lockdowns and political instability that resulted in four prime ministers since the 2018 general elections. Malaysia is the only nation worldwide that practices this uni...

29Oct

By Webmaster IKON MalaysiaNo Comments

Business

Malaysia can boost GDP by 36pc via higher women’s participation in workforce, says 30% Club chair

Malaysia would be able to generate an additional 36 per cent Gross Domestic Product (GDP), equivalent to US$200 billion gains (RM955 billion), if women’s participation in the country’s labour force were equal to men’s, said 30% Club Malaysia chair Datuk Ami Moris. Therefore, she said, it is crucial for Malaysia to continue to unleash the potential of women in the economy. “One of the Madani Economy’s seven goals is increasing women’s economic participation to 60 per cent and that is what we are aiming to achieve,” she said at the Youth Economic Forum 2023 today. According to the Department of Statistics Malaysia, the country’s female labour participation rate stood at 55.8 per cent in 2022 compared with 81.9 per cent for men. Nevertheless, Ami pointed out that despite a hi...

Chinese Banks Grapple with Concealed Bad Loans, Says The Economist

27Oct

By Webmaster IKON MalaysiaNo Comments

Business

Chinese Banks Grapple with Concealed Bad Loans, Says The Economist

The Economist warns of hidden bad debts in Chinese banks, compounding the financial sector's existing challenges. Local governments are reportedly struggling to repay approximately 65 trillion yuan (RM42.8 trillion) in off-balance-sheet debts, posing a significant concern. The magazine highlights defaults by major property developers on offshore bonds and substantial debts owed for unbuilt homes, further complicating the financial landscape. Additionally, China's leading wealth-management firms have initiated defaults on investor payments. The situation stems from issues with loans to smaller enterprises that arose during the Covid-19 pandemic. While a precise figure for the unpaid loans is unavailable, public disclosure by banks is not expected until next year. The ong...