Economy

Datasonic Group Bhd announced a stronger set of results for the second quarter ended Sept 30, 2021 following the reopening of the economy and believes the worst is behind it. In a statement on Tuesday, it said Its 2QFY22 revenue increased by 65.3% on-quarter to RM28.7mil from RM17.4mil in the first quarter. Its 2QFY22 net profit was RM1mil versus a net loss of RM5.6mil in 1QFY22. The top and bottom-line improvement was largely due to higher supply of passport and personalisation services. Datasonic group managing director/CEO Wan Zalizan Wan Jusoh said: “We are delighted to see a turnaround in our 2QFY22 financial performance from the immediate preceding quarter in line with the reopening of the economy. "We believe the worst is behind us and it will be brighter times ahead for Datasonic. In tandem with the reopening of international borders, we are seeing pent-up demand for passport. We are readying ourselves in anticipation of the surge in orders to ensure continuous and ... » Learn More about Improved 2Q performance for Datasonic as economy opens

Carmakers epitomised the economic difficulties of 2021 as shortages of computer chips hampered their efforts to recover from a dismal 2020 PARIS - The world economy woke up from its pandemic-induced coma in 2021, but soaring inflation, global supply chain bottlenecks and a resurgent coronavirus have taken the shine off the comeback. Now growth is at risk of weakening next year. Here is a look at the state of the global economy: - Uneven recovery - Countries have posted impressive growth figures as they clawed their way out of the depths of the 2020 Covid-induced recession, but some are faring better than others as wealthier countries have had better access to vaccines. The United States has overcome its worst downturn since the Great Depression while the eurozone's economy could return to pre-pandemic levels by the end of the year. But a resurgence of the coronavirus could scupper the recovery, with the emergence of the Omicron variant raising new concerns. "Covid-19 ... » Learn More about Global economy rebounds, but for how long?

KUALA LUMPUR: UMW Holdings Bhd expects the economic situation to remain challenging for the remainder of the year due to the Covid-19 pandemic, says president and group CEO Datuk Ahmad Fuaad Kenali (pic) “The group is hopeful of a full recovery by next year. We will intensify efforts to improve resilience through operational efficiencies and effective cost management. “In addition, the production and demand for the group’s products and services is improving following the easing of movement restrictions,” he said in a statement yesterday. On its automotive segment, the group said it is ramping up production to meet the encouraging outstanding orderbook. Introduction of new models, including the hybrid electric vehicles, as well as the year-end sales promotion, are expected to drive stronger sales in the final quarter of the year. Demand is expected to remain strong following the extension of the sales tax exemption until June 30, 2022, as announced in Budget 2022. ... » Learn More about UMW expects economy to be challenging in Q4

Table of Contents (Quick Navigation) Thailand looks set for significant economic growth in 2022, according to the country’s latest economic forecasts. The deputy prime minister suggested that Thailand could see its economy grow by up to 6% in 2022 , providing COVID-19 doesn’t flare up once again. Over the past 18 months or so, Thailand has been entrenched in a long-running battle to overcome the worst of the pandemic, and subsequently, economic growth has been stymied. However, with the country reopening for tourism, there could be sustained financial and fiscal stability in the coming year. Previously, the Finance Ministry had suggested that the economy will grow by 4%, but Thailand could well exceed initial estimates. With vaccinated tourists visiting, this is a much-needed boost for the country that has become renowned for its stunning beaches and its vibrant nightlife. Yet it’s not just tourism where there are positive signs of growth. There has been a ... » Learn More about Thailand Could be Set for Huge Growth after Positive Economic Forecasts

Agriculture is an important economic sector in Vietnam. In 2020, agriculture, aquaculture, and forestry sectors contributed 14.9 percent to Vietnam’s GDP, which is lower than 41.6 percent of the service and 33.7 percent of the industry sector. Although agriculture has doubled in terms of value in the last decade, its share in GDP has witnessed an average annual decrease of 0.3 percent. Science and technology are key to increasing the capacity and quality of products while improving farmer lives. Vietnam’s government in 2018 stated that it was important to develop a production value chain of high-added value farming products while promoting the link of cooperatives with businesses, as well as to encourage technology transfer and provide preferential loans to agricultural cooperatives. This is where agricultural technology (Agtech) comes in. Agtech is the use of technology in agriculture with the aim of improving yield, efficiency, and profitability. Agtech can be products, services, ... » Learn More about Why the Agtech Industry Will Aid Vietnam’s Hi-Tech Growth

KUALA LUMPUR: Axiata Group Bhd said its 63% owned subsidiary edotco Group Sdn Bhd has acquired a telecommunication infrastructure firm Touch Mindscape Sdn Bhd in deal worth RM1.7bil, expanding the group's tower assets. The proposed acquisition would add about 1,000 owned and operated towers, including build-to-suit customer orders for around 60 towers sites to be formalised, Axiata said in a filing today. edotco Malaysia currently owns and operates approximately 4,700 towers and manages a further 12,000 towers. edotco on Tuesday entered into a share sale agreement with Touch Group Holdings Sdn Bhd to acquire a 100% stake in Touch Mindscape. "Both companies are keen to leverage on each other’s strengths to improve national connectivity and modernise ICT infrastructure that will be critical in sustaining ecosystems necessary for the nation’s pivot towards becoming a digital economy," Axiata said. ... » Learn More about Axiata unit edotco buys tower firm for RM1.7bil, expanding its market share

KOTA KINABALU: MARA Corporation Sdn Bhd, via its subsidiary MARA Incorporated Sdn Bhd (MARA Inc), will be partaking in its first condominium development project here next year. Rural Development Minister Datuk Seri Mahdzir Khalid said the joint development between MARA Inc and Axventure Sdn Bhd would begin in the first quarter of next year and was expected to be completed within three years. He said the RM500 million project includes two seven-storey residential towers, 441 housing units and would be built on 5.48 hectares of land in the city’s Signal Hill area. "This project will also be used as an example of housing development initiatives under Malaysia My Second Home (MM2H) programme which will bring many benefits to Sabah’s economy through the entry of foreign investors and tourists,” he told reporters here today. Earlier, Mahdzir attended a groundbreaking ceremony for the proposed project which was officiated by Sabah Chief Minister Datuk Seri Hajiji Mohd Noor. ... » Learn More about MARA Inc to jointly develop RM500m condominium in Kota Kinabalu next year

People cross the street in the Ginza shopping area, on the first day of Japan’s closed borders to prevent the spread of the Omicron variant of coronavirus, in Tokyo, Japan Nov. 30, 2021. (REUTERS/) FRANKFURT/BERLIN — The chief executive of drugmaker Moderna set off fresh alarm bells in financial markets on Tuesday with a warning that existing COVID-19 vaccines would be less effective against the new Omicron variant than they have been against Delta. However, European Medicines Agency (EMA) executive director Emer Cooke told the European Parliament that, even if the new variant becomes more widespread, existing vaccines will continue to provide protection. Andrea Ammon, chair of the European Centre for Disease Prevention and Control (ECDC), said the 42 cases of the variant so far confirmed in 10 European Union countries were mild or without symptoms, although in younger age groups. Major European stock markets, spooked by fears that vaccine resistance pandemic, were down about ... » Learn More about Omicron variant, found in Europe 11 days ago, jolts markets on vaccine fears

BORACAY, Philippines, Nov 30 (Reuters): Struggling Filipino artist Alberto Nunez was looking for a change in fortunes this week, until news broke of a new Covid-19 variant, which scuppered government plans to loosen restrictions and dashed his hopes for a long-awaited boost in business. The Philippines on Sunday backed out of a planned reopening to foreign tourists after 21 months of border restrictions, citing uncertainty over the risks posed by the new Omicron Covid-19 variant that has triggered global concern. Nunez had sold paintings to tourists on the island of Boracay for over 17 years, typically earning $600 a week before the pandemic. Now, he says he's lucky to take home $100. "When I heard the news that the entry of foreign tourists was suspended, I was dismayed since our market isn't that strong yet," said Nunez. The Philippines has been one of the worst-affected countries in Asia by the coronavirus, with 2.8 million cases, 48,000 deaths and an economy that contracted ... » Learn More about Filipino artist fears longer struggle as Covid variant stalls tourism pickup

DENPASAR (Bali), Nov 30 (The Straits Times/ANN): Ide Bagus Sidharta Putra had hoped that by now, his beachfront hotel, Griya Santrian, in Sanur, Bali, would have put the Covid-19 days of empty restaurants and meagre bookings behind it. It was not to be. Six weeks after Bali's airport was allowed to accept international flights, not a single plane from outside Indonesia has landed, owing to tough visa requirements for foreigners that include needing a guarantor and rules forcing international arrivals to quarantine for three days even if they are fully vaccinated. Now, even as other tourism hot spots like Phuket in Thailand show signs of recovery, Christmas in Bali is looking a lot like last year, and business owners like Sidharta are at their wits' end. "How much longer can we survive?" he said during an interview with The Straits Times in his empty hotel restaurant. Business leaders are frustrated because of the authorities' failure to follow through on plans to reopen the ... » Learn More about Indonesia: Bali tourism operators at their wits’ end as foreign visitors stay away