News

KUALA LUMPUR: National carrier Malaysia Airlines will be doubling the frequencies for its Trivandrum – Kuala Lumpur route following positive load factor performance and increasing demands starting 2 April 2024. This decision follows the recent increase in frequency between Amritsar and Kuala Lumpur from January 15, 2024. The airline commenced its inaugural flight to Trivandrum in November 2023, operating four flights weekly. With the amplification of Malaysia Airlines’ services from Trivandrum, this will bring the airline’s connectivity into India to 71 flights weekly. Currently, the airline offers flights from nine major hubs in India, including New Delhi, Mumbai, Bengaluru, Chennai, Hyderabad, Kochi, Ahmedabad, Amritsar and Trivandrum. Malaysia Aviation Group (MAG) chief commercial officer Dersenish Aresandiran said India remains an integral part of Malaysia Airlines’ global network. “With the introduction of the additional frequencies into Trivandrum, we will be strengthening our connectivity into India with 71 weekly flights from nine key hubs. “Furthermore, we are thrilled to introduce special fares for Indian travellers, providing them enhanced flexibility and travel options to explore the beauty of Malaysia, strengthening our position as the gateway to Asia and beyond. “As we aim to capture the growing demand from India, we are committed to ensuring that customer experience remains our top priority driven by our inimitable Malaysian Hospitality,” he said in a recent statement. Malaysia Airlines is offering special promotional fares for Indian travellers, particularly from Trivandrum and Ahmedabad from now until February 11, 2024, for travel up to May 12, 2024.

KUALA LUMPUR: While 2023 proved to be a successful year for the travel industry, particularly in Asia, the first month of the year has set a positive tone, suggesting that 2024 could be a great year for travel. In a recent presentation at the ASEAN Tourism Forum 2024 (ATF) in Laos, Agoda chief executive officer Omri Morgenshtern  expressed optimism about the prospects of the travel industry in 2024. He noted significant year-on-year growth, attributing it to Asia’s rapid recovery post-Covid. “Asia was last out, but fast out post-Covid, leading to the highest percentage of year-on-year growth across booking holding brands like Agoda,” Morgenshtern said. He pointed out the success stories of Japan gaining popularity as an international destination and South Korea and India emerging as outbound travel forces. Building on the positive momentum from 2023, Morgenshtern sees even greater potential for 2024. He emphasised the active involvement of markets spearheading tourism campaigns for the year and discussions surrounding how travellers are leveraging innovative technologies amid fewer travel restrictions. Morgenshtern outlined five trends that he predicts will shape the travel industry in 2024, reflecting the evolving landscape of travel and tourism. These are visa-free travels that are gathering pace, more impetus for connected travel bookings, greater assistance from artificial intelligence (AI), a further rise of business-to-business (B2B) loyalty programs and travel fintech making its mark. He said as the industry continues to recover, these trends are expected to play a pivotal role in shaping the way people travel and experience destinations in the coming year. In a bid to revitalise tourism and attract diverse travellers, destinations worldwide are adopting visa easements, sparking optimism for the travel industry in 2024. Notably, Malaysia’s recent removal of restrictions led to a four-fold increase in searches from India and China. Morgenshtern predicts a broader trend of relaxed visa requirements, envisioning visa-free access for Indian travellers to destinations like Thailand, Sri Lanka, and Malaysia. This strategic move aims to enhance global travel accessibility and boost inbound tourism. In simplifying travel planning, providers are integrating flights, hotels, experiences, and activities into a seamless booking experience. Recognising that 3 out of 4 travellers book tours and activities within a week of arrival, there’s a growing demand for convenient pre-booking options. Agoda encourages this trend by offering extra discounts when flights and accommodation are booked together. Morgenshtern envisions a user-friendly, one-stop solution for travel needs, from trip planning to the return journey. As travellers increasingly expect a unified interface, providers are urged to step up and offer a comprehensive ‘one-source’ travel concierge. This shift responds to a higher demand for flexibility and personalised, localised services, enhancing the overall travel experience. “Fueled by more frictionless visa experiences, travel continues to gain pace. “With technology playing an even bigger role in how people choose, book and pay for travel, 2024 promises to be a watershed year. “From fintech and AI innovations to connected booking experiences, Agoda is at the forefront of this incredible, transformative journey,” Morgenshtern said.  

KUALA LUMPUR: Global insurance brokerage Pacific Prime Malaysia recently acquired MIT Insurance Brokers Sdn Bhd, the country’s leading insurance brokerage firm specialising in risk management, insurance, and reinsurance. Pacific Prime’s merger with MIT Insurance simplifies broker unity, where insurance is streamlined, and client-centric in the face of evolving challenges. Among Pacific Prime’s fifteen offices around the globe, MIT Insurance Brokers will operate as part of Pacific Prime Consultants Malaysia, a fully licensed client service point that provides localised products as well as flexible benefits administration and servicing within the region. In the coming weeks, it is anticipated that MIT Insurance Brokers’ staff will continue their journey onboard the Pacific Prime flagship with the shared goal of simplifying insurance. Pacific Prime chief executive officer Neil Raymond said Malaysia is an exciting country for the company to expand its operations. “With the integration of MIT Insurance Brokers, we’ll bring together a team of established and experienced personnel to provide innovative and strategic solutions both within and outside of the region. “This is of utmost importance in light of the numerous global regulatory and technological changes taking place,” he said in a recent statement. MIT Insurance Brokers has been the leading property and casualty, financial lines, and employee benefits solutions since 1973. Previously under the ownership of the largest state development corporation in Malaysia, MIT Insurance Brokers has provided high-profile clients with retail brokerage and risk consulting services, overseeing the methodical execution of their insurance programs and arrangements to fit every unique requirement and risk profile. Pacific Prime Consultants Malaysia chief executive officer Cedric Deschamps said acquiring MIT Insurance Brokers will undoubtedly distinguish Pacific Prime from its competitors. “MIT Insurance Brokers’ current guiding principles—providing the most optimal solutions for their client’s unique requirements—are in perfect alignment with our own. “I am convinced that Pacific Prime’s global footprint, combined with MIT Insurance Brokers’ 50 years of expertise locally, will pave the way for the future—and here in Malaysia, we’re just getting started,” he said. MIT Insurance Brokers has a proven track record of formulating cost-efficient insurance solutions for medical institutions, food manufacturers, plantations, retail businesses, property developers, energy companies and so forth. The company’s versatility has positioned it to be one of the most technically capable and advanced insurance service providers in Malaysia. MIT Insurance Brokers director Shahrizal Shahruddin said this acquisition happens at an opportune time for the company to showcase its track record and capability. “MIT Insurance Brokers has been in the market for over 50 years, and I hope we carry on this momentum. “I look forward to seeing us deliver the best services to our clients in Malaysia, and most importantly, I’m delighted to be a part of Pacific Prime. Here’s to a wonderful year ahead for the insurance industry,” he said.

KUALA LUMPUR: FGV Holdings Bhd (FGV) recently launched its new Fract750 refinery plant at Kuantan Port, a strategic expansion into premium product offerings, such as high IV Olein (IV60-IV65) and hard stearin. Pahang EXCO of Investment, Industry, Science, Technology & Innovation Datuk Mohamad Nizar Datuk Sri Mohamad Najib said the new refinery not only allows FGV to explore new areas in specialty fat products but also contributes to the development of a specialised industry in Kuantan. “This not only diversifies the local economy but also positions Kuantan as a hub for innovative and premium fat products, potentially attracting further investment and business opportunities,” he said in a recent statement. He said the new facility is also a commitment to local economic growth. “Equipped with modern technology, the new plant will create job opportunities for local youth in Pahang. “The Pahang government welcomes new developments and investments that help to provide avenues for skilling and training in advanced sectors such as the palm oil and specialty fats industry,” he said. The new FRACT750 refinery is the first plant in the east coast region to feature the Desmet iConFract System, which incorporates a 30-bar filter press technology. The technology helps in enhancing efficiency, streamlining premium downstream product production, and enabling precise separation of various fractions during the refining process. FGV group chief executive officer Datuk Nazrul Mansor said the introduction of the new facility will strategically position FGV to serve emerging industries, with anticipated volume production of 150,000 MT per annum. “The inauguration of the new plant represents yet another strategic move for FGV, enhancing cost-efficiency by leveraging high free fatty acid (FFA) feedstock, a by-product of crude palm oil milling and refining to produce palm methyl ester (PME),” he said. FGV’s operations in Pahang stretch across 136,617 hectares of plantation estate, 28 mills, along with crushing, refining, fractionation and distillation plant, in addition to bulking and warehousing facilities, as well as a strategically positioned logistic depot. In 2023, FGV purchased and processed a total of 4.91 million metric tonnes (MT) of fresh fruit bunches (FFB) in Pahang worth RM3.75 billion, in which 66 per cent of FFB came from FELDA smallholders, while the remaining 34 per cent were purchased from independent smallholders. “As the world’s leading producer of crude palm oil (CPO), FGV continues to solidify its position.”With the establishment of this new plant, FGV will be able to produce premium palm olein and explore new markets, thus further strengthening FGV’s position as leader in the global palm oil market,” Nazrul said. Operated by its subsidiary, FGV Refineries Sdn Bhd, this plant plays a vital role in FGV’s business ecosystem, completing the supply chain. FGV remains committed to sustainability and responsible practices, ensuring a balanced and thriving future for both the industry and the communities it serves.

KUALA LUMPUR: Yayasan Peneraju Pendidikan Bumiputera (Yayasan Peneraju), a transformative agency in Bumiputera talent development, is shifting towards value creation following 12 years of wealth creation efforts. Chief executive officer Ibrahim Sani said the organisation is repurposing technical and vocational education and training (TVET) to concentrate more on specialist, technology, and business services sectors. He said the programmes offered were previously based on professions or jobs. However, the agency aims to shift from this old mindset and focus more on value creation. “Yayasan Peneraju’s new approach aims to foster three types of leaders – business, professional, and social. The ultimate goal is to address a more significant issue – the low participation and control of the Bumiputera economy,” he said in a recent statement. According to Ibrahim, the only way to address this problem is by re-skilling and up-skilling Bumiputera talents to meet the needs of both new and old sectors while acknowledging the imperative for agile responses to socio-economic challenges. “Energy transition, energy saving and food security are among the emerging sectors, while finance and business services are the old sectors,” he added. The government established Yayasan Peneraju to strengthen capacity-building towards the sustainability of Bumiputera talents. Its mandate is to improve the quality, quantity, and relevance of Bumiputera talents in line with the efforts to develop Malaysia into a high-income nation through structured academic, TVET, professional, technology, and specialist funding programmes. In a proactive bid to stay at the forefront of industry trends, Yayasan Peneraju is currently undergoing a comprehensive digitisation process. Harnessing the power of automation, artificial intelligence (AI) and analytics, the organisation aims to streamline its operations, ensuring an enriched experience with the involvement of its alumni. The agency will showcase its transformative journey in the upcoming rebranding initiative scheduled for April 18 with the minister of economy Rafizi Ramli, unveiling this rebranding, symbolising a visionary 10-year strategic direction for Yayasan Peneraju, and a dialogue session with Yayasan Peneraju’s beneficiaries.

KUALA LUMPUR: Malaysia’s palm oil stocks declined to a six-month low of 2.02 million tonnes in January this year, a decrease of 11.83 per cent from January 2023. Simultaneously, palm oil production dropped to a nine-month low of 1.40 million tonnes, aligning with the inventory trend. Malaysia Palm Oil Council (MPOC), in a statement, said that while January 2024 production dropped by 9.9 per cent month-on-month (MoM) to 1.40 million tonnes, it still posted a year-on-year increase of 1.59 per cent, marking the highest production level for January since 2019. “This supports the anticipation that the palm oil production trend witnessed in the fourth quarter (Q4) of 2023 will continue into the first quarter (Q1) of 2024,” MPOC noted. In Q4 2023, production increased by 0.16 million tonnes, from 5.11 to 5.27 million tonnes, compared to the same period in 2022. Looking ahead, MPOC noted that February is a shorter month, with only 29 days, coinciding with the Chinese New Year celebration.This means there will be fewer days available for harvesting. Furthermore, palm oil domestic consumption in Malaysia is expected to remain robust in February, especially with the upcoming Ramadan following the Chinese New Year. “As a result, palm oil stocks are forecasted to drop below 2 million tonnes in February,” MPOC noted. The robust performance of palm oil prices in January is predominantly driven by subdued production caused by the monsoon and higher demand ahead of the upcoming Ramadan month, Chinese New Year, and Hari Raya Aidilfitri festival. Further, MPOC noted that in the near term, palm oil has lost its competitiveness due to weak soft oil prices. As of February 13, 2024, palm oil prices in Europe traded at a premium of US$38, US$35, and US$37 over soybean, sunflower, and rapeseed oil, respectively. This unfavourable price spread will likely prompt global traders to fulfil their vegetable oil demand with soft oils, MPOC said. “Therefore, a price recovery is anticipated for soft oils in February and March, while palm oil prices are expected to remain unchanged,” the agency noted. It further said the weak global demand for edible oil has resulted in a significant decline in major vegetable oil prices in January 2024. During the last quarter of 2023, soybean oil exports from Brazil and Argentina declined by 53 per cent and 35 per cent, respectively, compared to the same period the previous year. Simultaneously, soybean exports from the United States also witnessed a 22 per cent decrease during the same quarter. In December 2023, China’s soybean imports dropped by 7 per cent year-on-year (YoY) to 9.82 million tonnes, reflecting a slowdown in demand. The price development of palm oil at the beginning of 2024 reinforces the potential shift in global palm oil supply and demand dynamics towards a deficit growth pattern. “Therefore, palm oil prices are expected to remain resilient, trading above RM3,700 in February. “Given the weak global demand for vegetable oil, the resistance for palm oil prices is expected to be RM3,950,” MPOC noted.