Wednesday, December 18

Tag: insights

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...
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King Increases Stake in Citaglobal with Additional Share Purchases
27Oct By Webmaster IKON MalaysiaNo Comments
Business

King Increases Stake in Citaglobal with Additional Share Purchases

For the third consecutive day, Citaglobal Bhd has disclosed additional share acquisitions by Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah, further cementing his position in the infrastructure construction group. According to a recent stock exchange filing, the King acquired 1.21 million shares on Tuesday, resulting in a total ownership of 37.69 million shares, equivalent to a 9.03% stake in the company. This follows his acquisition of 620,500 shares on the previous day, boosting his stake to 8.74%. Prior to that, Citaglobal reported the King's purchase of 2.59 million shares last Friday, raising his stake to 8.59%. The King became a substantial shareholder of Citaglobal, formerly known as WZ Satu Bhd, in September 2019. His recent acquisitions ...
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EPF’s Domestic Investments Surge to RM665 Billion, Anticipating Further Growth in 2023
25Oct By Webmaster IKON MalaysiaNo Comments
Business

EPF’s Domestic Investments Surge to RM665 Billion, Anticipating Further Growth in 2023

The Employees Provident Fund (EPF) has reported substantial growth in its domestic investments, reaching RM665 billion as of June 2023, reflecting a 9% increase compared to the previous year. Deputy Finance Minister Datuk Seri Ahmad Maslan shared this information, projecting that the total domestic investment would reach RM700 billion by the end of 2023. Ahmad Maslan explained that the EPF's investment decisions are guided by the annual fund allocation determined by the EPF investment panel. In recent years, over 80% of the total fund allocation was typically earmarked for investments in the domestic market. "For the year 2023, the EPF has allocated RM97 billion, which represents 83% of its total investment funds, for domestic investments," stated Ahmad Maslan during a par...
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Grayscale Secures Court Victory in Battle with US SEC Over Bitcoin ETF
25Oct By Webmaster IKON MalaysiaNo Comments
Finance

Grayscale Secures Court Victory in Battle with US SEC Over Bitcoin ETF

In a significant development, a federal appeals court has solidified Grayscale Investments' position in its quest to establish an exchange-traded fund (ETF) based on Bitcoin, despite the objections of the US Securities and Exchange Commission (SEC). This decision effectively sends the matter back to the SEC, reaffirming the court's previous ruling from August. In that ruling, the SEC's rejection of Grayscale's proposal to convert its trust into an ETF was overturned, with Judge Neomi Rao describing the SEC's decision as "arbitrary and capricious." The regulator failed to provide a satisfactory explanation for why it had approved similar products. The SEC's main argument against a Bitcoin-based ETF was the perceived lack of sufficient oversight to detect potential fraud. Grayscal...
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Maryland Man Shows Progress After Historic Pig Heart Transplant
24Oct By Webmaster IKON MalaysiaNo Comments
Science

Maryland Man Shows Progress After Historic Pig Heart Transplant

A month after receiving a groundbreaking pig heart transplant, Maryland resident Lawrence Faucette, who was ineligible for a traditional heart transplant due to heart failure, is making strides in his recovery. Doctors at the University of Maryland School of Medicine performed the experimental surgery, offering Faucette a chance at life. In a recently released hospital video, physical therapist Chris Wells can be seen encouraging Faucette in his recovery efforts. The footage shows the 58-year-old patient undergoing a pedaling exercise to regain strength, with Faucette displaying determination and resilience. Notably, this is the second attempt at a pig-to-human heart transplant, with the first ending in tragedy when the recipient, David Bennett, survived only two months. Some si...
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China’s US$500b wedding industry in the red
23Oct By Webmaster IKON MalaysiaNo Comments
Business

China’s US$500b wedding industry in the red

The wedding planning industry in China has faced significant challenges due to the impact of the COVID-19 pandemic. Traditionally, Chinese weddings are known for their extravagance and high costs, contributing to an industry valued at nearly US$500 billion (RM2.35 trillion). However, a more pressing threat has emerged: a sharp decline in the number of couples willing to get married. This trend has become increasingly apparent as the economy experiences a downturn, and consumer confidence diminishes. It has raised concerns among officials who are striving to boost marriage and birth rates, which reached record lows in the previous year. This decline in population figures marked the first decrease in 60 years. "The number of marriages is falling and few are willing to spend a lot ...
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Credit card losses are increasing at a rapid rate since the Great Financial Crisis
23Oct By Webmaster IKON MalaysiaNo Comments
Finance

Credit card losses are increasing at a rapid rate since the Great Financial Crisis

Credit card companies are experiencing the most significant increase in losses in nearly three decades, second only to the Great Financial Crisis, as reported by Goldman Sachs. The decline in credit card losses hit its lowest point in September 2021. While the initial upturn in losses was likely due to the reversal of stimulus-related effects, they have been steadily surging since the first quarter of 2022. This surge represents a rate of increase not witnessed since the 2008 recession. Goldman Sachs predicts that this trend is far from reaching its conclusion. Losses are currently at 3.63%, marking a 1.5 percentage point increase from their lowest point. Goldman anticipates a further 1.3 percentage point rise to 4.93%. These developments coincide with a record high of over $1 t...
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Olive oil is getting pricier?
20Oct By Webmaster IKON MalaysiaNo Comments
Business

Olive oil is getting pricier?

Severe weather conditions are driving olive oil prices to record highs, making it the latest commodity to experience a notable surge in cost. As per the United States Department of Agriculture's data, global olive oil prices reached an astounding $8,900 per ton in September. This remarkable price increase is attributed to the extremely dry weather conditions in the Mediterranean, which have heightened concerns of supply disruptions. In August, the average price was 130 percent higher than the previous year, surpassing the prior record of $6,242 per ton, which was set in 1996. Regrettably, there are no indications of this price surge abating, according to the USDA. Despite these soaring prices, the consumption of olive oil has been moderately impacted. The enduring consumer an...
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