Bank Negara Malaysia (BNM) is expected to maintain the overnight policy rate (OPR) at 3.0 per cent for the next six to 12 months, given the persistent downward trajectory of both headline and core inflation.

However, looking ahead, the possibility of price shifts in food and commodities due to the uncertainties surrounding government policies, geopolitical risks and weather conditions could significantly impact the inflation outlook, Kenanga Research said in a note on Tuesday.

“Therefore, it is likely that the BNM will continue to adopt a data-dependent approach in its decision-making process,” it said.

While the ringgit’s recent appreciation towards the RM4.50 per US dollar threshold was short-lived (currently hovering within the range of RM4.54 – RM4.57), Kenanga Research upheld its neutral-to-bullish stance on the local note’s trajectory in the next three to six months due to the weak greenback outlook.

“The US dollar index is expected to trend lower around the 95.0 level in the fourth quarter of 2023 as we expect the United States (US) Federal Reserve (Fed) to turn more dovish amid continued disinflationary dynamics and potential weakening of labour market conditions in the US,” it said.

Despite the recent 25 basis points rate hike by the US Fed, the ringgit managed to recoup some of its losses, following Fed chair Jerome Powell’s dovish remarks during the post-Federal Open Market Committee meeting press conference.

The ringgit was also supported by the increasing market expectations of a potential policy shift amid the unexpected downside reading in the US core consumer price index for June.

Nevertheless, Kenanga Research said the local note was pressured by the widening negative yield differential between the Malaysia-US 10-year government bonds, while weaker yuan resulting from China’s lacklustre macroeconomic data further added to the strain on the ringgit.

Source: Bernama

About The Zen

A mixed development by Asia Green at Bayan Mutiara. It is located next to Tun Dr. Lim Chong Eu Expressway, just a short drive away from the ongoing Penang World City township development by Tropicana Ivory. This development comprises a 46-storey skyscraper with two residential towers, and shop offices located at lower level. The residential component will feature 1,200 affordable units and 730 bigger open market units.

Find out more about The Zen development

Proposed landed residential development by Evergreen Mansion Sdn. Bhd. in Nibong Tebal. Located off Jalan Fajar Indah, just a mere minute’s drive to the state border between Penang and Perak, it is about 5 km from Jawi Toll Plaza, easily accessible to an abundance of nearby amenities via Federal Route 1.

This development will offer a total of 142 units of 2-storey terrace houses. Surround amenities include public schools, eateries, banks and groceries stores.

The project is still pending approval. More details about the development to be available upon its official launch.

Project Name: (to be confirmed)
Location : Nibong Tebal
Property Type : Terrace
Built-up Size: (to be confirmed)
Land Area: (to be confirmed)
Total Units: 142
Land Tenure: (to be confirmed)
Indicative Price : (to be confirmed)
Developer: Evergreen Mansion Sdn. Bhd.

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider, or party in question.

Penang’s new ferries, which arrived recently, officially began operations today.

The first ferry started service at 6.30am from the Pangkalan Sultan Abdul Halim (PSAH) ferry terminal in Butterworth to the Pangkalan Raja Tun Uda (PRTU) ferry terminal here.

Caretaker Chief Minister Chow Kon Yeow boarded the first trip, which marked the official launch of the new ferry operations.

He arrived at the PRTU about 6.45am and was welcomed by Penang Port Sdn Bhd (PPSB) chairman Datuk Syed Mohamad Syed Murtaza.

Chow said the ferry service was an important service, especially for those using the mode of transport to and from work daily.

He said the four new state-of-the-art ferries — Teluk Bahang, Teluk Kampi, Teluk Duyung and Teluk Kumbar — replaced the iconic ferries after its operations were halted.

“These new ferries are far more efficient and comfortable compared to the previous iconic ferries.

“For a start, as announced, the fare will be free for a month. PPSB will absorb the ticket cost.

This is an initiative by the Penang Port Commission (PPC) and PPSB in conjunction with the operations of the new ferries and to reduce the passengers’ financial burden,” he told newsmen at the PRTU here this morning.

Chow said the state government had conducted engagement sessions with PPC and PPSB to ensure the ferry schedule is interconnected with other modes of public transportation, namely the Rapid Penang buses, for the comfort of users.

“PPC and PPSB are concerned with the needs of the ferry users and have prepared a total of 69 trips (both ways) daily with a frequency of every 20 minutes during peak hours and 30 minutes during non-peak hours,” he added.

Meanwhile, PPSB chief executive officer Datuk V. Sasedharan said they were still studying the fare, which will be announced soon.

“Through the 68 trips, we are targeting 100,000 passengers one way for one trip, making it 1.2 million passengers a year.

“This is about 95 per cent of passengers who use the service for work,” he said.

Ferry passengers lauded the new service.

Suraiya Khoo Abdullah, 55, who has not used the ferry service for more than 10 years, said she was thrilled to use the new ferry.

“I did not expect to be among the earliest passenger to board the new ferry.

“I am back here to visit my sister in Batu Maung from Johor and had taken the bus and I am thrilled with the new ferry service, which takes only 10 minutes to cross the island. It is very comfortable.

Zulkhairi Zubir, 40, also shared his joy with the new ferry service.

He said since the beginning of this year, he used the bridge as the ferry service for motorcycles was halted temporarily.

“I am staying in Bagan Ajam, Butterworth and works at the Escape Theme Park in Teluk Bahang.

Without the ferry service, I had to leave home about 5.15am. Now, I can leave home at 7am and still make it in time for work at 8.30am,” he added.

At RM18 million each, the new ferries will be used to carry pedestrians and two-wheelers.

A ferry service has linked Penang Island with Butterworth at the mainland for over 126 years.

In 2020, the state halted the use of the iconic double-decker vehicle-and-passenger ferries and replaced them with speedboat ferry services for passengers.

One of the older ferries then was used to transport bicycles and motorcycles.

Source: NST Online

Global 5G leader Ericsson has strengthened its socioeconomic contribution to Malaysia by producing its state-of-the-art 5G radio equipment in Penang, marking the company’s first 5G manufacturing facility in Southeast Asia.

The company, which has been in Malaysia since 1965, is rolling out the 5G network in Malaysia. It has already been recognised globally for its outstanding performance.

Caretaker Chief Minister Chow Kon Yeow said Penang is proud and excited to welcome the presence of this Swedish telecom giant in the state.

“The Global 5G Equipment Manufacturing Hub will be producing Ericsson’s cutting-edge 5G products to support global and local 5G rollouts.

“This hub will also be the first hub in Southeast Asia and one of the 11 main manufacturing sites globally.

“Being one of the world’s biggest providers of 5G networking equipment, Ericsson’s investment decision acknowledges the state’s skilled talent, well-developed infrastructure and resilient environment.

“The state takes immense pride in hosting such a reputable company,” Chow said in his speech during Ericsson’s inauguration of the 5G equipment manufacturing at G Hotel Gurney yesterday.

In the first quarter of 2023, Ericsson established its inaugural Global 5G Equipment Manufacturing Hub in Penang.

It is learnt that this momentous accomplishment was a result of Ericsson’s partnership with Flex, one of Penang’s strategic investors since 1990.

Penang has also formed a 5G Special Task Force Committee to address and provide recommendations on technical proposals from telecommunication service providers related to 5G infrastructure in Penang.

Chow reassured that the state government will continue to prioritise the development of a sustainable economy, equipped with future-proof physical and digital infrastructure, and fostering an innovative workforce to enhance the liveability of Penang.

Also present was Communications and Digital Deputy Minister Teo Nie Ching, who was the guest of honour replacing Communications and Digital Minister Fahmi Fadzil.

In her speech, Teo said the manufacturing of 5G equipment in Penang will boost local manufacturing and nurture a strong ecosystem that will spur the development of new and innovative 5G cases and services.

Across many industries, including manufacturing, healthcare, transportation, and many more, 5G will enhance connectivity, speed, and reliability for businesses and consumers alike.

Also present during the event was Ericsson Malaysia president David Hagerbro.

Source: Buletin Mutiara