Top read business stories from Sept 20 to 25

       Economy

       EPF to help members restore and rebuild their nest eggs

       The Employees Provident Fund (EPF), expressing concern about the members' retirement security due to the fallout from the Covid-19 pandemic, will focus to help them restore and rebuild their retirement savings to ensure that they are able to secure a dignified retirement. EPF chief executive officer Datuk Seri Amir Hamzah Azizan said on Friday said he was very concerned about the retirement security of the people, who were impacted by the pandemic and were unable to meet the basic savings threshold. For the remaining half of the year, he highlighted that the country's recovery prospects hinged on how the Covid-19 situation plays out in the near term. Concerns over tax proposals The proposed introduction of a capital gains tax on shares and windfall tax for companies which have enjoyed extraordinary profits during the pandemic could pose a negative impact on the overall equities market, say experts. Malaysia University of Science and Technology professor Dr Geoffrey Williams said the proposed capital gains and windfall taxes would be a concern to investors, given the fragility of the business and investment environment currently following the global pandemic. Williams concurred with this, adding that nothing has changed since then to make a windfall tax more appealing. Azmin: Malaysia remains preferred hub for global manufacturers The move by Tokyo Stock Exchange-listed Taiyo Yuden Co Ltd's subsidiary, Taiyo Yuden (Sarawak) Sdn Bhd to expand its multilayer ceramic capacitors manufacturing facility in Kuching is a testament to Malaysia being a preferred hub for global manufacturers. Senior Minister cum Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali said Taiyo Yuden's decision to inject RM680mil capital investments for its new facility, which will generate 2,000 high-skilled jobs, speaks volumes for foreign investors' confidence in Malaysia's business ecosystem. he said the major investment bodes well for National Investment Aspirations (NIA), which aims to ensure that Malaysia stays at the forefront as a global hub for quality investments.

       Corporate News

       Sapura Energy CFO Reza leaves, Chew to take over

       Reza Abdul Rahim is leaving the company on Oct 1 to pursue other opportunities. Reza joined Sapura Energy as senior vice president of the offshore construction and subsea services division in 2012 and was appointed group CFO in June 2016. Reza, 45, will be replaced by Chew Seng Heng, a senior finance professional with 30-year experience with energy giant Royal Dutch Shell Group. Glove prices likely to be on downtrend The declining glove prices have raised concerns about the prospects of the sector. The exodus of investors from glove stocks showed no signs of stopping even though most of the share prices of glove stocks have been battered down by more than half since November last year. Many of the glove counters, including the world's largest glove maker Top Glove Corp Bhd as well as Hartalega Holdings Bhd, Kossan Rubber Industries Bhd and Supermax Corp Bhd, are trading at single digit historical price-to-earnings ratio (PER). Banking

       Public Bank clinches record “Best Bank in Malaysia” award for 15 years

       Public Bank, said in keeping this award within the bank for the 15th consecutive year, the bank continues to entrench its heels deeper and strengthen its local market position year after year, making the bank the most reliable, secure and strongest bank in the country by a wide margin, thanks to strong growth in loans and core customer deposits as well as its stable asset quality. In their report, Alpha Southeast Asia said despite intensifying competition from government-linked banks as well as other private sector banks in the country jostling for a position near the top, Public Bank has remained steadfast and focused when it comes to the country's burgeoning retail segment. In recent years, the Public Bank Group has continued to register strong growth Its sold retail banking franchise is a testimony to the resilience and strength of the banks' business, customer relationships, people and processes. Property

       Boost for Battersea Power Station as underground station opens

       Chairman of Battersea Power Station Development Company Datuk Wong Tuck Wai said this new mode of transport is a game-changer for Battersea and Nine Elms and undoubtedly makes Battersea Power Station one of the most well-connected destinations in the capital. CEO of Battersea Power Station Development Company, Simon Murphy said the launch of the Northern line extension is a major milestone in the regeneration of Battersea Power Station. Once open to the public next year, Battersea Power Station will house over 100 shops, bars and restaurants, as well as unique events and leisure spaces. Technology

       JF Tech: A hidden diamond amid chip craze

       Since the start of 2021 up till Sept 23, JF Tech's shares have only eked out a gain of 6%, while the larger technology index surged by about 38%. After all, this is the stock that had surged from just 39.5 sen per share in the start of 2020 to RM2.10 on Jan 21, 2021, before it went downhill to RM1.41 as of Sept 23. The group says it has been experiencing higher demand for all its products across all its key markets such as Malaysia, China, the United States and the Philippines. FinTech

       UOB Malaysia taps Prudential’s VF2F feature to offer digital insurance

       United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is collaborating with Prudential Assurance Malaysia Berhad (PAMB) to provide customers with a suite of insurance solutions digitally through a new virtual face-to-face (VF2F) feature on Pulse1, the insurer's all-in-one health and wellness app. It said UOB Malaysia was the first bank in Southeast Asia to use the VF2F feature, enabling its customers to manage their insurance needs digitally and conveniently, particularly important during the ongoing pandemic. China

       China Evergrande bondholders in limbo over debt crisis

       China Evergrande slipped toward a kind of limbo on Friday as time ticked away on an interest payment deadline which global markets are watching for signs of default, leaving investors on tenterhooks over the embattled property giant's fate. The company owes $305 billion, has run short of cash and markets are worried a collapse could pose systemic risks to China's financial system and reverberate around the world. China's central bank again injected cash into the banking system on Friday, seen as a signal of support for markets.