<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on August 4, 2017 - August 10, 2017</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Perbadanan Insurans Deposit Malaysia (PIDM) executive general manager Rafiz Azuan Abdullah (pic) has been promoted to chief executive officer (CEO) of the company effective Aug 28.</p></div>

<div class=newsTextDataWrapInner><p>He replaces Jean Pierre Sabourin who is retiring after 12 years of service.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>PIDM chairman Tan Sri Dr Abdul Samad Alias said Rafiz’s appointment is the culmination of its board-led CEO succession planning process, which had commenced in 2013.</p></div>

<div class=newsTextDataWrapInner><p>“This process provides for a smooth leadership transition which is key in maintaining a strong management team. The board is confident that Rafiz will take up the mantle of leadership and continue to advance PIDM,” he said in a statement yesterday.</p></div>

<div class=newsTextDataWrapInner><p>Rafiz has served PIDM since 2007. Prior to his current role, he was the general manager of the insurance, risk assessment and monitoring division.</p></div>

<div class=newsTextDataWrapInner><p>Rafiz is also a member of the executive committee of the International Association of Deposit Insurers. Prior to joining PIDM, Rafiz spent 10 years with Rating Agency Malaysia Bhd (now known as RAM Rating Services Bhd), specialising in ratings of financial institutions, real estate, and plantation and construction companies.</p></div>


KUALA LUMPUR: Perbadanan Insurans Deposit Malaysia (PIDM) executive general manager Rafiz Azuan Abdullah (pic) has been promoted to chief executive officer (CEO) of the company effective Aug 28.

He replaces Jean Pierre Sabourin who is retiring after 12 years of service.

PIDM c...

PIDM names Rafiz Azuan as CEO

The Malaysian Employers Federation (MEF) has cautioned employers against using the revised minimum wage policy of RM1,700 as an excuse to offer only the base pay to their workers. 

MEF president Datuk Dr Syed Hussain Syed Husman said in a statement on Friday following the policy’s announcement in Budget 2025 that the new minimum wage should be regarded as a starting point rather than a benchmark.

Malaysian Employers Federation warns against using RM1,700 minimum wage as pay ceiling

The government has proposed to raise the windfall profit levy (WPL) threshold on crude palm oil (CPO) effective Jan 1 next year, said Prime Minister Datuk Seri Anwar Ibrahim.

CPO windfall profit levy threshold to be raised by RM150 per tonne, effective Jan 1, 2025

Over the past decade, more than 50% of fresh graduates had been drawing a starting salary of below RM2,000 a month, said the Ministry of Finance (MOF) in the Economic Outlook Report 2025.

Majority of fresh graduates entered job market with insufficient earnings

The Madani economy framework has set targets for compensation of employees (CE) to GDP at 40% by 2025 and 45% by 2033. This was 33.1% in 2023.

Low average wage growth highlights need for meaningful hikes  

Bank of Japan (BOJ) officials see little need to rush into raising interest rates this month while they remain on track to hike at a later stage with inflation staying in line with forecasts, according to people familiar with the matter.

Officials see only a small risk of prices significantly outpacing the central bank’s quarterly projections set out in July, reducing the need to act quickly, the people said. The BOJ also sees a need to monitor the US economy and the potential economic and market impact of the US election next month, among other sources of high uncertainty, before its next move, the people added.

BOJ in no rush to hike in October, looking to move later — Bloomberg

(Oct 18): Traders at some of the world's biggest banks have allegedly been misled by cold callers dangling the prospect of jobs at the likes of Goldman Sachs Group Inc and Morgan Stanley, in exchange for details about their salaries, the make-up of their teams, and even their desk’s confidential profit and loss statements. But often, the jobs don’t exist. Neither does the named caller. Even their supposed employer — firms like Omertion Group or AMO Search — aren’t real.

Headhunter said to use fake identities to dupe Wall Street traders

UK retail sales rose unexpectedly on demand for consumer tech including the new iPhone, a welcome boost for the new government after it was accused of hurting sentiment with warnings of tax rises in this month’s budget.

The volume of goods sold in stores and online increased 0.3%, rising for a third consecutive month, the Office for National Statistics (ONS) said on Friday. That was slower than the 1% increase in the previous month, but considerably better than the 0.4% decline predicted by economists surveyed by Bloomberg.

UK retail sales rise unexpectedly as iPhone offsets budget gloom

Contemporary Amperex Technology Co Ltd (CATL) reported quarterly net income well short of analyst estimates as the global slowdown in electric vehicle (EV) sales starts to bite.

While net income for the third quarter ended Sept 30 rose 26% to 13.1 billion yuan (RM7.92 billion) versus the same period last year, that was a lot lower than the 14.7 billion yuan expected.

CATL reports big miss in quarterly income as EV demand cools

The US opened a federal investigation into whether Tesla Inc’s partial-automation system marketed as full self-driving (FSD) is defective after a series of crashes, one of which resulted in a fatality.

The National Highway Traffic Safety Administration (NHTSA) said on Friday it will assess whether Tesla’s system has the ability to detect and appropriately respond to fog and other reduced visibility conditions. The agency said four crashes had been reported in such scenarios where FSD was engaged.

Tesla's ‘full self-driving’ faces defect probe after fatality

Japanese insurer Tokio Marine has paused the sale of its US$1 billion (RM4.3 billion) Southeast Asia life insurance business, partly due to a dispute with a Malaysian partner over an expiring products distribution agreement, four sources with knowledge of the matter said.

Tokio Marine pauses sale of US$1 bil Southeast Asia life insurance business due to dispute with RHB — Reuters

<p><strong>Click <a href="https://theedgemalaysia.com/budget/2025/" target="_blank">here</a> for all you need to know about Malaysia's Budget 2025. </strong></p>

<p>• Tax relief for individuals on net SSPN savings has been extended for another three years.<br />
Permodalan Nasional Bhd (PNB) wil...

Highlights of Budget 2025

<p>In a bid to raise tax revenue, the government will introduce a 2% tax on dividend income, as well as expand the scope of the sales and service&nbsp;tax (SST), said Prime Minister Datuk Seri Anwar Ibrahim.&nbsp;&nbsp;</p>


Govt to introduce 2% tax on dividend income exceeding RM100,000

<p>Shares of HeiTech Padu Bhd (KL:HTPADU) were suspended with effect from 9am to 5pm on Friday, pending an announcement relating to a material contract.</p>


HeiTech Padu shares suspended ahead of Budget 2025 announcement

<p>KUALA LUMPUR (Oct 18): Main market-bound Azam Jaya Bhd, a Sabah-based construction firm, aims to raise RM61.5 million from its initial public offering (IPO), and set its IPO price at 78 sen per share. &nbsp;</p>


Main market-bound Azam Jaya to raise RM61.5m from IPO

<p>HeiTech Padu Bhd (KL:HTPADU), whose share price hit a record high of RM4.40, announced that it has won an RM892.2 million National Integrated Immigration System (NIISe) project.</p>

<p>This confirms <em>The Edge Malaysia </em>weekly’s report last month that the technology company had made a comeback and stood a good chance of winning the contract, quoting sources. &nbsp;</p>


HeiTech wins bid for RM892.2 mil NIISe project

<p>Malaysia's trade surplus nearly halved in September from a year ago amid a decline in exports, said the Ministry of Investment, Trade and Industry (Miti).</p>


Malaysia’s trade surplus nearly halved from a year ago — Miti

<p>首相拿督斯里安华提呈2025年财政预算案的重点摘要</p>


2025年财政预算案重点摘要

<p>(Oct 18):&nbsp;Thailand’s 38-year-old prime minister is working on a plan to alleviate the economic drag from a household debt bill topping US$500 billion (RM2.15 trillion) — a figure that has ballooned since her father first took office in 2001.</p>


A US$500b pile of household debt weighs on new Thai leader

<p>The country’s monthly minimum wage will be raised to RM1,700 from RM1,500, effective from Feb 1 next year, announced Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim in his Budget 2025 speech.</p>


Malaysia raises monthly minimum wage to RM1,700 beginning Feb 1, 2025

<p>The government will start implementing targeted subsidies for RON95 petrol in mid-2025, Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim unveiled in his Budget 2025 speech.</p>

<p>Anwar said that the government remains committed to providing subsidies for 85% of the population.</p>


Targeted RON95 subsidies to start in mid-2025, 85% of population will still be subsidised — Anwar

<p>The federal government is expanding the scope of the sales and service tax (SST) again to raise tax revenue.&nbsp;</p>

<p>Starting May 1, 2025, sales tax will be imposed on non-essential items, including imported premium items, such as salmon and avocado, Prime Minister Datuk Seri Anwar Ibrahim announced in his Budget 2025 speech on Friday. &nbsp;</p>


Govt to expand scope of SST, to include fee-based financial services

<p>Imprisoned former prime minister Datuk Seri Najib Razak said in the Kuala Lumpur High Court on Friday that he had some regrets regarding the SRC International Sdn Bhd's (SRC) debacle, where billions of Retirement Fund Inc (KWAP) funds meant to seek alternative power source, ended up being misappropriated and squandered.&nbsp;</p>


Najib on SRC: 'I have certain regrets', but claims had no knowledge of what was taking place 

<p>Johor-Singapore Special Economic Zone (JS-SEZ) will cover an area governed by six local authorities in Iskandar Malaysia and Pengerang, according to the Ministry of Finance.</p>

<p>The sites in southern Johor proposed by the state government would span an area about five times larger than Singapore, the ministry said in the 2025 Economic Outlook report.</p>


Johor-Singapore Special Economic Zone to cover Iskandar Malaysia, Pengerang

<p>KUALA LUMPUR (Oct 18): Former 1Malaysia Development Bhd (1MDB) chief executive officer (CEO) Datuk Shahrol Azral Ibrahim Halmi told the High Court on Friday that he was not comfortable in calling or labelling fugitive businessman Low Taek Jho (Jho Low) “as a crook”.</p>


I am not comfortable calling Jho Low a crook, says Shahrol in Riza Aziz’s hearing

<p>Malaysia’s subsidy and social assistance bill is expected to decline further from recent highs as a result of Putrajaya’s subsidy rationalisation efforts.</p>


Subsidy bill to continue falling from peak in 2025  

<p>The Malaysian Anti-Corruption Commission (MACC) has frozen assets worth millions of ringgit as part of its ongoing investigation into the Selangor Menteri Besar Incorporated (MBI) over allegations of corruption involving sand mining concessions.</p>


MACC freezes assets worth millions in MBI sand mining concession probe 

<p>The government plans to increase the excise duty rate for sugar-sweetened beverages to 90 sen per litre next year, from 50 sen currently.</p>

<p>This 40 sen increase, which represents an 80% hike from the current level, was announced by Prime Minister Datuk Seri Anwar Ibrahim when tabling the Budget 2025 on Friday as a measure to support the "war on sugar" movement.</p>


Sugary drink tax to be raised to 90 sen per litre next year, from 50 sen now

<p>China's economy grew at the slowest pace since early 2023 in the third quarter, and though consumption and factory output figures beat forecasts last month a tumbling property sector remains a major challenge for Beijing as it races to revitalise growth.</p>


China's 3Q GDP hits weakest pace since early 2023, backs calls for more stimulus

<p>BMI, a Fitch Solutions company, holds a positive outlook for consumer spending in Malaysia for 2025, supported by an ongoing economic recovery that fuels stable real consumer spending growth, according to its note on Friday.</p>

<p>The research firm said easing inflationary pressures and a stable labour market will sustain consistent consumer spending.&nbsp;</p>


Positive 2025 consumer spending outlook for Malaysia, but high household debt poses risk — BMI

<p>Prime Minister Benjamin Netanyahu's promises to press on with Israel's wars in Gaza and Lebanon dashed hopes on Friday that the killing of Hamas leader Yahya Sinwar might help end more than a year of escalating conflict in the Middle East.</p>
