KUALA LUMPUR (May 16): Works Minister Baru Bian is confident that the local construction industry will see better growth in the next quarter of 2019.
KUALA LUMPUR (May 3): The Ministry of Economic Affairs (MEA) and the Ministry of Agricultural and Agro-Based Industry (MOA) will work together in formulating a... [...]
Cuepacs president Datuk Azih Muda said the government itself as an employer to public sector employees could consider whether to lower the cost of living or to raise the salaries of workers. ― Picture by Saw Siow Feng
PUTRAJAYA, May 1 — The Congress of Unions of Employees in the Civil Service (Cuepacs) hopes the government can bring a major change to the labour sector, especially with regard to wages and cost of living of workers.Cuepacs president Datuk Azih Muda said the government itself as an employer to public sector employees could consider whether to lower the cost of living or to raise the salaries of workers.Although the minimum wage was raised from RM1,050 to RM1,100, Azih said the increase was still considered low compared to the RM1,500 promised in the Pakatan Harapan manifesto.“The increase is still low when compared with the household expenses, logistics and other expenses, while in the government sector the minimum is RM1,200.“Cuepacs hopes the government will consider a minimum wage at all private and government levels,” he said when met after the opening of the Labour Day celebration themed ‘Employee Trust, National Aspirations’, by Prime Minister Tun Dr Mahathir Mohamad, here today.Azih said Cuepacs welcomed Dr Mahathir’s suggestion on a good tripartism relations between the government, workers and employers as an impetus to the country’s economy growth.“Cuepacs is hoping that Labour Day is not being celebrated just to show appreciation to workers and their contributions but also to look into their grouses over their wages and rising cost of living especially of the lower-income group (B40) and middle-income group (M40),” he said.According to Azih, Cuepacs found that subordinate workers were still struggling to manage their lives because of the rising cost of living and stagnant wage.“In terms of productivity as compared to Germany, England and Australia, we (in Malaysia) are the lowest in terms of wages although our productivity has increased. Our salary is only 35 per cent compared to our productivity.“Although our productivity is on par with these countries, wages are still dogged by various constraints,” he said. — Bernama [...]
Hundreds of job seekers visited the Job Fair at Urban Transformation Centre (UTC) 5.0, Ipoh October 6, 2018. — Picture by Marcus Pheong
KUALA LUMPUR, April 29 — The Pakatan Government’s pledge to create one million job opportunities in five years is attainable in the long term if it boosts development expenditure and fosters the growth of small and medium enterprises (SMEs), according to an academic.Dean of Universiti Putra Malaysia’s Faculty of Economics and Management Prof Azali Mohamed said employment opportunities and cost of living were among the prevailing critical issues in Malaysia.“If the government wants to create more job opportunities, it has to increase its development expenditure because this will help to boost the economic sector which encompasses the main sub-sectors, namely transport, trade and industry, energy, public utilities and agriculture,” he told Bernama, recently.PH made the pledge to create one million jobs in five years in its 14th General Election manifesto. Earlier this month, Human Resources Minister M. Kula Segaran told the Dewan Rakyat that within eight months after PH took over the nation’s administration, employment opportunities had increased by 130,000.“Our target of creating one million jobs is not a problem. We believe initiatives implemented by the new government can give our children the opportunity to work,” he said.Describing the economic sector as the engine that will drive economic growth and create more jobs, Azali said the growth of critical sub-sectors like trade and industry and transport would create a higher demand for manpower, particularly graduates.Under Budget 2019, RM57 billion has been allocated to development expenditure, with 52 per cent or RM29 billion allocated to economic sectors such as agriculture, mineral resources development, trade and industry, transport, communications, energy and public utilities, research and development, finance and environment.Azali also welcomed the government’s move to resume the East Coast Rail Link (ECRL) project, saying that it is expected to create 80,000 to 100,000 employment opportunities for Malaysians.This project will certainly accelerate the increase in job opportunities and bring the government closer to realising its target.Empower SME sectorMeanwhile, pointing to SMEs, Azali said being a critical component of the Malaysian economy, this sector held good prospects for job creation.“The government’s support of SMEs is crucial as this sector currently provides 5.7 million jobs to 70 per cent of Malaysia’s workforce,” he said.He said there were more than 900,000 SMEs nationwide, 90 per cent of which were involved in the services sector. The other sectors they are involved in are manufacturing (5.3 per cent), construction (4.3 per cent), agriculture (1.1 per cent) and mining (0.1 per cent).“Even if the government were to focus on just half of the SMEs, it will help,” he said.Citing South Korea’ achievement, he said the development of SMEs during the 1970s and 1980s by the government led to many job opportunities for its citizens.“So far in our country, we’ve not been really serious about elevating and empowering our SMEs,” he added.Market demandMeanwhile, Malaysian Employers Federation chief executive officer Datuk Samsuddin Bardan said currently about 100,000 job opportunities were being created yearly while some 260,000 youths were completing their studies every year.He said the sales and marketing field has many vacancies but most graduates were not interested in taking up those jobs as the basic salary was low and their income would be dependent on their sales.Shamsuddin also said that jobs based on short-term contracts of between three and six months were also available in the market but jobseekers were not keen on them due to the lack of employment security and career prospects.“Jobseekers should by right grab any opportunity that is offered to them so that they can gain some experience, which will enable them to land a better job later,” he said.The market demand for manpower in the fields of research and development, information and communications technology, electronic and telecommunications engineering, graphic design, multimedia and system analysis should be matched by appropriate human capital development programmes. “To upgrade the skills of our manpower, human capital development has to be mobilised through reforms in education,” explained Samsuddin, adding that emphasis should be given to life-long learning to generate human resources equipped with various skills.He also said that the nation’s transition to a knowledge-based economy would require human capital with cognitive skills. “Education and training are crucial when it comes to creating a competent workforce with different levels of skills who can function productively.“Industries should also collaborate with educational institutions to ensure that their training programmes are updated regularly to meet the current and future needs of the job market,” he added. — Bernama [...]
KUALA LUMPUR: There is expected to be more local participation in the revived East Coast Rail LInk project from the supply of material to awarding work to local beneficiaries, says Affin Hwang Capital research. [...]
Digital currency trading has also faced a year-long slump in volumes, making it harder for firms to attract candidates with promises of crypto riches. — Reuters photo
NEW YORK/LONDON: After almost three decades in senior compliance roles at large financial firms including Bank of New York Mellon’s Pershing and Goldman Sachs Group Inc, Jeff Horowitz made an unconventional career move.
In July he became chief compliance officer at cryptocurrency exchange Coinbase, taking a leap into the more lightly regulated world of digital assets.
“It’s not for the faint of heart,” Horowitz said of the move from compliance on Wall Street to a cryptocurrency startup.
“You need to have a flexible risk needle. The old school attitude of compliance being Doctor No really doesn’t translate well to this industry.”
Horowitz is one of several senior compliance officers hired by cryptocurrency firms over the past year in a recruitment spree aimed at helping them cope with increased regulatory scrutiny and becoming more palatable to mainstream investors.
The companies are especially keen to poach executives like Horowitz who have spent years in the legal and compliance divisions of large banks and law firms.
But convincing them is not easy, say headhunters and recent hires.
They tend to be risk averse and could be put off by the industry’s libertarian founding ethos which can mean hostility towards government regulators.
Digital currency trading has also faced a year-long slump in volumes, making it harder for firms to attract candidates with promises of crypto riches.
Annual salaries for senior positions in London are around 120,000 pounds (US$158,000) or more and in the United States around US$300,000 or higher for larger companies, recruiters said.
As these salaries are in line with the mainstream financial industry, recruiters pitch the chance to work in a fast-moving and emerging industry.
“The best chief compliance officers have successfully mitigated risk for a living, and they tend to be relatively risk-averse when thinking about their careers,” said Scott Fletcher, a founder at fintech C-suite recruitment firm Intersection Growth Partners.
“To find a person who has the skill set and is also willing to take the risk to join a cryptocurrency firm, it’s tough.”
Carrying out checks on new clients, fielding requests for information from law enforcement, and figuring out what laws may apply to new financial assets – often across jurisdictions – are among the jobs that can be more challenging in a crypto firm.
“On-boarding a new client you need to undertake careful due diligence,” said Charles Beach of Lendingblock, a London-based securities lending platform for cryptocurrencies.
“But you might not obtain the same level of assurance from a firm in the still very new crypto industry as you would from a mainstream financial firm.”
He previously worked in senior risk positions at trading firm IG Group, UBS and PwC.
The crypto industry has been peppered by scandals including hacks, technology failings and alleged use of virtual coins for money laundering and on illegal online marketplaces. — Reuters
The post Compliance officers wary of switch to ‘Wild West’ crypto sector appeared first on Borneo Post Online. [...]
KUALA LUMPUR: The national automotive landscape involves many areas of engineering that need to be upgraded, including adapting to new technologies, said Deputy International Trade and Industry Minister Dr Ong Kian Ming. [...]
KUALA LUMPUR: The Boeing 737 MAX could be a concern throughout the aviation credit sector for much of 2019, according to Fitch Ratings. [...]
SEMPORNA (Bernama): The Education Ministry welcomes constant engagement from the private sector in improving the country's quality of education, says its minister Dr Maszlee Malik. [...]
KUALA LUMPUR (Feb 21): The palm oil sector remains fundamentally strong but more focus should be placed on the greater adoption of mechanisation and automation... [...]
Malaysia plans to bring foreign telecommunication related companies to boost Malaysia’s broadband sector: Gobind Singh Deo
The post Malaysia plans to bring foreign telecommunication related companies to boost Malaysia’s broadband sector: Gobind Singh Deo appeared first on The Malaysian Reserve. [...]
The sales value of the manufacturing sector increased 7.7 per cent to RM824.8 billion in 2018 : Department of Statistics Malaysia (DOSM)
The post The sales value of the manufacturing sector increased 7.7 per cent to RM824.8 billion in 2018 : Department of Statistics Malaysia (DOSM) appeared first on The Malaysian Reserve. [...]
CANBERRA (Feb 4): Australia's corporate regulators will be subjected to a new oversight body in a shake-up of the banking sector recommended by a high-powered... [...]
Minister of Tourism, Arts and Culture Mohamaddin Ketapi speaks to reporters during the Ministry’s first post Cabinet meeting in Putrajaya July 4, 2018. ― Picture by Miera Zulyana
KOTA BARU, Feb 2 — The Tourism, Arts and Culture Ministry is encouraging workers in the private sector to wear batik as carried out by civil servants earlier.Its Minister Datuk Mohamaddin Ketapi said even though his ministry has yet to hold discussions with private sector operators, he believed the government’s intention would be well-received by them.“The ministry hopes private sector employees will wear batik at least once a week as practised by government servants. “Nonetheless, we have not decided when they could start wearing batik as further discussions to finalise the move has yet to be held,” he told reporters after a Kelantan Handicraft Entrepreneur Engagement Session at the Kelantan branch of the Malaysia Handicraft Development Corporation here today.The move is aimed at assisting the batik industry to continue expanding in the country and abroad,” he said.Besides, he said the effort to wear authentic Malaysian batik would also enhance the image of the country in the eyes of tourists visiting the country. — Bernama [...]
The Malaysian banking sector is expected to see moderate growth this year, in line with the slowdown in global GDP
The post The Malaysian banking sector is expected to see moderate growth this year, in line with the slowdown in global GDP appeared first on The Malaysian Reserve. [...]
KUALA LUMPUR: Public Bank’s unit, Public Mutual, launched its PB Asia Consumer Sector Fund (PBACSF) on Jan 3, 2019. [...]