There are some issues of ineffectiveness, weaknesses and non-compliance in managing programmes, projects and activities, according to the Auditor-General’s report.

Auditor-General highlights issues on weaknesses, ineffectiveness in managing projects

(July 15): Budget constraints are causing over a fifth of the Rumah Keluarga Angkatan Tentera (RKAT) homes to be unfit for occupation, forcing thousands of armed forces personnel to seek pricier homes elsewhere for their families, according to an audit finding.

As of Dec 2018, 12,261 (22.5%) of existing 54,497 RKAT units in 100 locations nationwide are unfit for occupation either due to damages, lack of maintenance, or safety reasons. Another 2,212 had been renovated for other purposes.

That leaves only 40,024 or 73.4% RKAT units occupied, noted the Auditor-General 2018 Report Series 1, released today.

Funding shortage sends army housing into spiral of disrepair

(July 15): The emergency and trauma department (ETD) at Malaysian hospitals are understaffed, overcrowded, underfunded and do not have enough equipment to provide proper levels of care.

The latest audit report by the National Audit Department also flagged the issue with funding for ETD, which it deemed “insufficient”.

“The provision of financial allocation which is insufficient, may affect the ETD’s service efficiency,” the audit report released today stated.

Audit finds Malaysian hospitals understaffed, underfunded and overcrowded

(July 15): The construction of the Perlis Sports School (SSM Perlis) has been delayed for nearly five years since it was first approved under the 9th Malaysia Plan, says the Auditor General's Report 2018 Series 1.

Worse, the government's attempt to revive the botched construction is again facing delays, as the contract was given to the same contractor that undertook the project originally, the report said.

The audit suggested that the failure to complete the Phase 1 project was due to “the appointment of the incompetent contractor for the construction work and the reappointment of the same contractor to complete the abandoned project of Phase 1 of SSM Perlis”.

Incompetent contractor reappointed to complete abandoned sports school project 

The Malaysian Communications and Multimedia Commission (MCMC) spent RM12.81 million on special projects unrelated to its mandate of regulating the communications industry from 2016 up to April 2018.

Audit finds MCMC funds used for Najib's books, among others

(July 15): Only a tenth of the budget allocated for the ‘Film in Malaysia Incentive’ or FIMI went to local filmmakers from 2016 up to Aug 2018, with lack of domestic promotion of the incentive affecting participation from the local industry.

The actual impact from the incentives to the creative industry also could not be gauged, because there was no outcome evaluation, according to the Auditor-General 2018 Report Series 1.

The FIMI programme was managed by the National Film Development Corporation Malaysia (Finas), an agency under the Multimedia and Communications Ministry.

Foreign filmmakers benefited more from filming incentives than locals

More than a quarter of the funds allocated to the 1Malaysia Training Scheme (SL1M) were invested by TalentCorp without the knowledge of the scheme's secretariat.

"SL1M is not informed of any investment using the SL1M Program provision by TalentCorp," according to the findings of the Federal Ministries/Departments 2018 section under the auditor general's report 2018 series 1, adding that the actual progress of the scheme in connecting unemployed graduates to jobs remains unclear.

SL1M's budget invested without its knowledge

(July 15): Unused research and development (R&D) funds totalling RM31.66 million held by Akademi Sains Malaysia (ASM) have yet to be returned to the government, according to Auditor-General’s Report 2018 Series 1. 

An audit conducted between November 2017 and April 2018 found the amount was not utilised by the previous government during the 10th Malaysia Plan (2011-2015) period as intended, the report said. 

“The balance of the unused funds was kept by ASM and was not distributed to other applicants, thus failing to provide benefits for the intended purpose,” it said.

Science Academy yet to return RM31.66m unused funds to govt

Fraudulent approvals were found in the existing Malaysia Immigration System (MyIMMs) for foreign workers quota through manipulation.

In the findings of the Federal Ministries/Departments section under the Auditor General's Report 2018 series 1, audit analysis results showed a quota of 32,424 foreign workers was created and approved to 123 employers, as well as first-time levy payments amounting to RM40.79 million were done in an unorganised and dubious manner.

Suspected fraud found in MyIMMs system, to be replaced by new system

(July 15): A radar facility that only went operational almost three years after its original completion deadline, had posed risks to national security.

The project, awarded for an original contract value of RM289.8 million via direct negotiation, saw four extensions of time (EOT) totalling 602 days, according to the Auditor-General 2018 Report.

While the project was completed in Oct 2017, it was not operational until January this year, the report said, due to delays in relocating radar equipment to the site.

National security found at risk due to operational delay of RM290m radar faciltity

The Malaysian government lost out on a total of RM4.89 billion worth of excise duty on completely-knocked-down (CKD) vehicles from 2015 to 2017 due to the various types of exemptions, including for State Assemblymen, Members of Parliament, embassies, and the government.

Govt lost out on RM4.89b excise duty on CKD cars from 2015 to 2017

Malaysia's Auditor-General Datuk Nik Azman Nik Abdul Majid said spot audits or checks on government entities' financial management during 2018 showed that compliance with financial rules is "still unsatisfactory".

Spot checks show financial compliance 'unsatisfactory' among govt entities

Malaysia's Auditor-General Datuk Nik Azman Nik Abdul Majid said that during 2018, a total of 16 out of 24 ministries achieved the "excellent" level under the National Audit Department's accountability index assessment while eight were rated "good".

16 of 24 ministries rated 'excellent' under accountability index assessment

The state customs has overpaid a total of RM41.4 million in liquefied petroleum gas (LPG) subsidies claim from 2015 to 2017.

According to the activities of the Federal Ministries/Departments 2018 section under the auditor general's report 2018 series 1, the overpayment is due to a claim submitted to the Treasury without the approval of the State Customs Director (PKN).

State customs overpaid RM41.4m in LPG subsidies in three years

The ruling coalition government is drafting a memorandum of understanding (MOU) to facilitate the channelling of fund allocations to Opposition MPs.

Putrajaya mulling MOU with Opposition to facilitate direct allocations

TikTok is heading to its moment of truth in Washington, with Congress on a fast track to approve a bill aimed at forcing the social-media platform’s Chinese parent ByteDance Ltdon  to divest its controversial ownership stake.

TikTok faces Washington reckoning as divest-or-ban vote gets closer

The new water tariff for domestic users in Perak has been set at 75 sen per cubic metre, compared with the previous 70 sen, effective May 1.

New water tariff for Perak users kicks in May 1 — MB's Office

Australian employment unexpectedly fell in March and the jobless rate edged higher, unwinding some of the huge upside surprise of the prior month and reflecting restrictive settings of monetary policy.

Australian jobs surprisingly fall, giving RBA scope for patience

Sin-Kung Logistics Bhd has started taking orders from investors for its initial public offering (IPO) that may raise up to RM39.5 million ahead of its listing on Bursa Malaysia’s ACE Market.

Sin-Kung Logistics launches ACE Market IPO to raise RM39.5 mil

Feytech Holdings Berhad (Feytech) has entered into an underwriting agreement with TA Securities Holdings Berhad and AmInvestment Bank Berhad (joint underwriters) for the company’s Initial Public Offering (IPO) on the Main Market of Bursa Malaysia Securities Berhad.

Feytech inks underwriting agreement with TA Securities, AmInvestment en route to Main Market IPO  

China Tianrui Group Cement Co said a sudden drop in its stock last week triggered a margin call involving a major shareholder, explaining the dynamic behind a dramatic plunge that wiped out nearly all of its market value.

Mystery stock crash in China cement maker linked to margin call

Las Vegas Sands Corp said renovations at an entertainment centre and a hotel in Macau will crimp results this year, sending the shares lower in extended trading.

The casino and resort company closed its Cotai Arena in January for US$200 million (RM957.49 million)in renovations.

Sands says US$200 mil renovations at Macau casino will affect results this year

Football managers were once as dispensable as autumn leaves. Manchester City — a very different club pre-takeover — had five, including two caretakers, in a single season and became the butt of jokes. One of them had chairman Francis Lee encountering an old lady struggling with her shopping bags....

Business Of Sports: Fix the team, not the garden: It’s time for off-the-field stars to bloom

Warren Buffett’s Berkshire Hathaway Inc priced ¥263.3 billion (RM8.2 billion) of bonds in the firm’s largest yen debt deal since its debut sale in the currency in 2019, raising bets it may boost holdings of Japanese stocks.

Berkshire sells ¥263.3b of bonds with tighter spreads

Shares of PIE Industrial Bhd extended its rally to a new all-time high on Thursday, after Kenanga Investment Bank flagged that the electronic services firm has secured a new client that will take up the entirety of its largest facility.

PIE Industrial extends rally to new all-time high as Kenanga flags new client

The Malaysian aviation industry may be badly impacted on passenger traffic and spikes in jet fuel prices if a full-blown war results from escalating geopolitical tensions in the Middle East, according to Maybank Investment Bank Research (Maybank IB).

Malaysia's aviation industry at risk amid full-blown crisis in the Middle East — Maybank IB

Alphabet Inc’s Google has put more than two dozen employees on immediate administrative leave after they were involved in protests against Project Nimbus, a US$1.2 billion (RM5.7 billion) joint contract with Amazon.com Inc to provide the Israeli government with AI and cloud services.

Google fires workers protesting US$1.2b Israeli contract

President Joe Biden called China “xenophobic” while highlighting the Asian nation’s economic woes, as he sought to make the case for US economic strength during a campaign stop in the swing state of Pennsylvania.

Biden calls China ‘xenophobic’, ramping up 2024 campaign rhetoric

The race for the “world’s best airport” crown has been a two-horse affair in recent years, with Doha’s Hamad International and Singapore Changi leading the pack.

Singapore loses ‘world’s best airport’ crown to Qatar

Asian stocks crept higher in a mixed session on Thursday, while the dollar took a breather and bond markets steadied as investors stepped back to assess the interest rate outlook.

Asian stocks mixed as soaring dollar pauses

Hong Leong Investment Bank (HLIB) research said Cloudpoint Technology Bhd is well positioned to capitalise the burgeoning demand for cyber security solutions post-passage of the cyber security bill which was passed in Dewan Rakyat on April 3.

HLIB: Cloudpoint well positioned to capitalise burgeoning demand for cyber security solutions

Apple Inc chief executive officer Tim Cook will meet Singapore’s leader at the tail end of his most extensive Southeast Asia tour in years, searching for new growth markets and manufacturing locations to offset headwinds in China.

Apple CEO to meet Singapore leader to wrap whirlwind Asia tour

Alphabet-owned Google&nbsp;is laying off an unspecified number of employees, a company spokesperson said on Wednesday, marking the latest cuts at the technology giant as it cracks down on costs.

Google lays off employees, shifts some roles abroad amid cost cuts

The stock market saw its longest losing streak since January as a handful of big techs sold off — despite a slide in bond yields.

S&P 500 suffers its longest slide since January

Feytech Holdings Berhad (Feytech) has entered into an underwriting agreement with TA Securities Holdings Berhad and AmInvestment Bank Berhad (joint underwriters) for the company’s Initial Public Offering (IPO) on the Main Market of Bursa Malaysia Securities Berhad.

Gold prices may correct amid potential delay in the anticipated rate cuts by the US Federal Reserve, Philip Capital warned on Thursday and advised investors to stop buying Malaysia’s sole gold exchange-traded fund (ETF).

Stop buying gold ETF as prices may correct — Philip Capital

Research analysts covering IGB Real Estate Investment Trust (IGB REIT) remained sanguine on the stock’s prospects after it reported a 4.79% jump in its net property income (NPI) for the first quarter ended March 31, 2024 (1QFY2024) to RM124.24 million, from RM118.55 million a year earlier, thanks largely to higher rental income.

Analysts remain sanguine on IGB REIT’s prospects going forward

Federal Reserve Bank of Cleveland president Loretta Mester said monetary policy is in a good place, adding that the central bank shouldn’t be in a hurry to cut interest rates.

Mester says US Fed can hold rates steady, not in a hurry to cut

Asian central banks’ need for assertive defense of their currencies is driving traders to turn less dovish on monetary policies in the region.

Slower US Fed pivot weakens rate-cut bets across emerging Asia

The ringgit extended Wednesday’s gains to open higher against the US dollar on Thursday as the greenback retreated from multi-month highs after a pullback in US Treasury yields, said an analyst.&nbsp;

Ringgit extends gains against US dollar at opening

Bursa Malaysia opened slightly lower on Thursday but moved up thereafter. &nbsp;

Bursa turns positive in early trade after opening lower

RHB Retail Research said Marine &amp; General Bhd is set for an uptrend reversal after undergoing a bullish breakout above the 28 sen resistance on Wednesday, on strong trading volume.

Marine & General set for uptrend reversal, says RHB Retail Research 

Indonesia's economy was primed for monetary easing later this year, but an unwelcome plunge in its currency is complicating matters for Bank Indonesia and could force it to grudgingly raise rates as early as next week.

Indonesia's plunging rupiah twists the policy plot

Sin-Kung Logistics Bhd has started taking orders from investors for its initial public offering (IPO) that may raise up to RM39.5 million ahead of its listing on Bursa Malaysia’s ACE Market.

AG's Report 2018

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AG's Report 2018

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