More opportunities for job seekers

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KUALA LUMPUR: The JaminKerja Keluarga Malaysia initiative will support the government’s goal of reducing the unemployment rate by providing 600,000 job opportunities this year, says the Prime Minister.
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Datuk Seri Ismail Sabri Yaakob said these would be provided via an allocation of RM4.8bil, which is a key thrust under Budget 2022 on job creation.
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“The JaminKerja Keluarga Malaysia initiative is the manifestation of the government’s commitment to providing more employment opportunities and more sustainable economic development to drive the country’s recovery efforts in a structured manner and to contribute towards strengthening the national labour market.
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“Malaysia is on the right track in its economic recovery efforts through the creation of more employment opportunities to fulfil the needs of the labour market,” he said at the launch of the JaminKerja Keluarga Malaysia initiative themed “Keluarga Malaysia, Makmur Sejahtera” and JaminKerja Keluarga Malaysia Career Carnival 2022 at the KL Convention Centre here yesterday.

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CLICK TO ENLARGECLICK TO ENLARGE

The JaminKerja Keluarga Malaysia (Malaysian Family Job Guarantee) initiative is a collaboration between the Finance Ministry, Economic Implementation and National Strategic Coordination Agency, Human Resources Ministry, Social Security Organisation (Socso) and Human Resource Development Corporation (HRD Corp).
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Also present at the launch were Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz and Human Resources Minister Datuk Seri M. Saravanan.
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The initiative consists of three main programmes, the first of which is the JaminKerja Employment Initiative that will be implemented by Socso with a target of providing about 300,000 job opportunities.
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The second is the Malaysia Short-Term Employment Programme (MySTEP) that will offer 80,000 job opportunities in the public sector, government-linked companies and strategic partners.
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The third is the Upskill Malaysia programme implemented by HRD Corp to provide practical skills training for job seekers to improve their marketability and provide guaranteed job placements.
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About 220,000 trainees will be targeted.
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Ismail Sabri said the JaminKerja Employment Initiative will also focus on efforts to encourage employers to hire especially individuals who were not actively working such as the unemployed, and vulnerable groups consisting of the disabled, former prisoners, the elderly and women who were unemployed for a long time.
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“This is to ensure that no group is left out,” he added.
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Ismail Sabri said once employers are given the incentive to hire, job seekers could use the MyFutureJobs platform to get job matches and fill the vacancies that are offered, adding that incentives will be given to employers who employ locals to fill jobs that used to be filled by foreign workers or expatriates.
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The government, he said, is committed to helping the entrepreneurial community, which hires and creates job opportunities, so that they could continue to grow and rebuild their business through the Semarak Niaga initiative worth RM40bil.
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The Prime Minister added that the Human Resources Ministry, too, has planned 312 open interview programmes and employment carnivals throughout the year.
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“The JaminKerja Keluarga Malaysia Career Carnival is the curtain-raiser for 2022 and is the first to be organised in the country, offering more than 12,000 job opportunities from 50 employers from various industries,” he said.
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To reduce the skills mismatch gap, Ismail Sabri urged the industry to implement better recruitment strategies by taking into account social changes including a more flexible work environment.
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“As the National Employment Council (NEC) chairman, I am confident that the efforts of the NEC in enhancing the momentum of job creation as well as boosting the job market will be able to continue through the JaminKerja Keluarga Malaysia initiative, which in turn will also strengthen the Malaysian Family household income, especially underprivileged groups, and the B40 and M40,” he said. 

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Impact will depend on execution of programme
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KUALA LUMPUR: The RM40bil Semarak Niaga Keluarga Malaysia programme is seen as timely in helping businesses to recover, although its impact would depend on execution and approval processes, according to economists.
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The programme, launched yesterday by Prime Minister Datuk Seri Ismail Sabri Yaakob, aims to increase access to financing for businesses especially micro, small and medium enterprises (MSMEs) and the informal sector.
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The programme comprises direct loans, financing guarantees and equity injections.
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Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the programme is quite timely, as the global economy will take some time to recover.
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Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the programme is quite timely, as the global economy will take some time to recover.
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“This economic disruption is unlike the previous ones such as the 2008 global financial crisis. Governments around the world are still hesitant about reopening their borders and economies,” he noted.
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Regarding government debt and fiscal sustainability, he said the programme involves various government agencies and development financial institutions (DFIs).
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“I don’t think there is direct financing from the government except if there are financing guarantees involved. While the DFIs have a mandate to support the government’s agenda in terms of promoting the growth of MSMEs, the DFIs also exercise their own due diligence to mitigate risk,” he said.
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Afzanizam added that the financial impact of the increased access to financing would also depend on “how quickly the funds are disbursed”.
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“This should help the Micro, Small, Medium Enterprises to recover faster, especially as the government has signalled that there would not be any more lockdowns. We can expect better prospects, going forward, for MSMEs involved in tourism and consumer spending-related activities,” he said.
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Afzanizam also noted that many industries were facing issues such as inflationary pressures due to higher raw material prices, difficulties in getting workers and logistical delays.
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“The better access to financing will certainly help businesses manage their working capital and boost their liquidity position,” he said.

`Meanwhile, Centre for Market Education CEO Dr Carmelo Ferlito told StarBiz he had mixed views about the programme.

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Centre for Market Education CEO Dr Carmelo Ferlito told StarBiz he had mixed views about the programme.

 “From one side, the programme is an open recognition that lockdowns harmed the economy more than the benefits they provided (if any). In this sense, the government’s attempt to support businesses in general and SMEs in particular is welcomed,” he said.
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However, Ferlito said he is concerned about the potential unintended consequences such as inflation.
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“In a nutshell, easy credit or financing can only further stress the inflationary pressures currently at play. Just to give you some figures: given 100 the values of 2019, at the end of 2021, gross domestic product was 97.33 (so, below the 2019 level); however, M1 (the basic monetary aggregate) was 127.78, consumer price index 101.8 and producer price index 107.64.
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“So, further money injections in the form of zero-interest loans and other refinancing initiatives can only add pressure on pressure,” he explained.
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Ferlito said another concern is that economic initiatives may be initiated only because of the financial support rather than on the basis of a sound economic plan.
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On fiscal sustainability, Ferlito said a less risky way to address the needs of businesses is through more favourable tax schemes and incentives rather than ambitious financing programmes, which present risks for inflation, sustainability (for banks too) and in general, for the overall cyclical dynamic of the national economy.
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SME Association of Malaysia national secretary-general Chin Chee Seong said: “This programme is very much welcomed. For businesses to revive and to help in their cashflow, it is important for them to have fresh loans with lower interest and longer repayment periods.”
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Chin said one issue he foresees is that the loans and micro credit schemes may be “taken up very fast” and may not reach the businesses in dire need of such financing.
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“Also, the DFIs should be less stringent in assessing the loan applications and lower the bar for loan approvals,” he said.

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Responsive and proactive steps in handling crisis

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SemarakNiaga initiative to help entrepreneurs recover, move forward ...

https://www.thestar.com.my/news/nation/2022/02/21/semarakniaga-initiative-to-help-entrepreneurs-recover-move-forward

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Ismail Sabri: ‘Semarak Niaga’ initiave to boost small businesses’ access to financing

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Yuan’s global popularity keeps rising

 

Growing acceptance: A bank employee counting 100-yuan notes in Nantong, China’s eastern Jiangsu province. Usage of the currency has jumped in the past three months as international funds boosted holdings of Chinese government bonds. — AFP
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BEIJING: The Chinese yuan is making deeper inroads as a currency of choice for global payments, with international transactions climbing to their highest level ever.
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Payments using the currency jumped to a record 3.2% of market share, according to data from the Society for Worldwide Interbank Financial Telecommunications, breaking through its previous high set in 2015 that came on the back of a currency devaluation in a bid to increase exports.
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Usage has jumped in the past three months as international funds boosted holdings of Chinese government bonds, pushing their share to a fresh record, and amid gas producer Gazprom Neft’s decision to accept yuan rather than dollars for fuelling the Russian airplanes at China’s airports.
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The People’s Bank of China governor Yi Gang urged emerging economies to promote the use of local currencies at a Group-of-20 central banks’ gathering Wednesday, echoing a similar call from Indonesia to reduce reliance on the dollar to manage the risk of Federal Reserve’s stimulus withdrawal.
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The yuan will be one of the biggest beneficiaries as “trade between various Asian countries and China grows, and more of it is denominated in yuan,” said Alvin T. Tan, head of Asia FX strategy at Royal Bank of Canada in Hong Kong.
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Yuan’s growing popularity could also provide additional support for assets denominated in the currency, even as China’s yield premium over the United States narrows due to policy divergence between the two nations. She expects the yuan to be assigned a larger share in the International Monetary Fund’s reevaluation of Special Drawing Rights basket in July.
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The Regional Comprehensive Economic Partnership trade deal that deepens China’s regional foreign trade ties will also prompt member nations to raise yuan asset holdings due to further economic integration with China, she wrote in a note Wednesday.
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The currency retained its fourth place in the past two months, compared with being the 35th most-popular medium of exchange for payments in October 2010 when Swift, which handles cross-border payment messages for more than 11,000 financial institutions in 200 countries, started tracking.
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Despite its rise in the rankings and having upped its market share by orders of magnitude over the last 12 years, the yuan is still dwarfed in popularity by its more established peers, notably the US dollar and the euro.
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The dollar kept its top spot in January, a position it’s held since June, even though its market share fell to about 39.9% from 40.5% in December.
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The euro also lost ground but held onto second place, while the British pound and yen rounded out the top five in third and fifth place, respectively. — Bloomberg

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China - World Leader

  China - World Leader. Posted by Patrick Koh   I do share the views expressed. We saw when both stood up for Venezuela, and possibly Ira...

Who are the Indian Internet TV channel going by the program name of Gravitas & Falun Gong Cult operators?

 *"Gravitas"*

 Recently there were quite a few videos coming out from an Indian Internet TV channel going by the program name of *"Gravitas"*.

This channel is similar to the TV channel *NTD ("New Tan Dynasty") TV* and the *Epoch Times* (newspaper) which are both owned and operated by the *Falun Gong Cult* from their HQ in New York and known far right US/Trump supporters and financiers).

 

*Falun Gong Cult*

 

Gravitas is always posting right wing anti-Chinese propaganda videos.

*Gravitas* is operated by an Internet TV network called World In One Network... *"WION"*. 

It's owned by the *Essel Group* from Mumbai under one Subash Chandra. Sometime last year it got into very serious financial problems and was bailed out in late *November 2019* by the Invesco Group of Atlanta USA which also took a large block of their share. (Prior to this takeover there was almost no anti-chinese rhetoric from them)

The question to ask is "why would a US fund management company mangling more than USD 1 trillion in assets  want to bail out a bankrupt "Mumbai" Internet TV company?... and also take a large block of its shares, especially when *it is not their business as fund managers* to do so and go bailing out bankrupt Indian businesses.

Invesco is a very large Fund management group managed by a team of hard core right wingers ... now can you see why this TV channel is putting out such matters. 

They continue to call the virus *"Wuhan" virus* and refer this pandemic as a "disease from China",  when the name has already been officially known as SARS-CoV-2, and the disease Covid-19. 

The only other persons who still insisted on calling it "Wuhan virus" are those right wing liars   Mike Pompeo and Mike Pence. The Duckbrained President called it a Chinese virus ... they hated China. Their so called human rights attacks on China, firstly using Tibet and the Dalai Lama, then Xinjiang and the Uighurs, then HK are just a pretext to kicking open the doors for their nonsense to go in. ..... don't trust this bunch of frauds and their propaganda.

 

 

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China - World Leader

 

China - World Leader.

Posted by

Patrick Koh

 

I do share the views expressed. We saw when both stood up for Venezuela, and possibly Iran. Heavy weight China/ Russia partnership does move the geopolitical needle and change the balance equation. Never expect war, but Putin did flex some biceps.

China is China.

-  Kanthaswamy Balasubramaniam,Kanthaswamy Balasubramaniam

There are many predictions about China's economic collapse. Why isn't that happening?

Take Evergrande!!!!

Why did so many Economists predict that Evergrande collapse would be huge etc etc????

Because they are stupid??? No

Because they are biased??? Maybe…but they are still reputed Academics who wont just tout propaganda

So Why????

BECAUSE THEY LOOK AT EVERYTHING FROM THE US ANGLE (And the European Angle and the Japanese Angle and the Indian Angle) or the US LENS

In the United States - The Shareholder is GOD

So any Collapse of a Company , leads to a blow in the Markets which causes massive massive massive losses and creates all the financial crises since 1929.

In China - The Investor is GOD

China believes that the Speculator is a Gambler. They restrict major funds from investing too much into the Stock market and ensure that the Common Citizens who invest in the stock market know that they can lose their shirt or win a pile of gold.

Instead their Focus is on the Investor - the ones who paid for the Houses, the ones who bought Bonds etc. They are to the Chinese - the backbone of Economics.

IN the United States - Rule of Law is Cumbersome but Absolute

This means - THE LAW Comes First. So whenever any Company Collapses - you have Chapter 11s filed , Protection of the Company Directors and Shareholders , Allowing the Company to file counter suits etc.

This means the Assets of the Company get wound up for an average of 46 months and by this time shares plummet to Zero.

Thus a Companys failure means failure for all its investors.

In China - The Public is Absolute or the Common Man

China puts everything including Freedom or Human Rights above the Common Man.

So in China when a Collapses - the System will first Force a company to pay back its investors.

The Law never interferes

The Company has to pay back its investors by selling Assets, swapping Assets etc.

This means Assets of a Company can be disposed off in weeks rather than months or years.

And thus Investors almost always get between 55% - 100% of what they invested

IN the US - Value is all about Perception

US doesnt like the word ‘Assets’ or ‘Profits’

They like ‘ Potential’ or ‘Expansion’

This means many Companies in US are almost always heavily bloated with very little Real Assets

So in a sense US is mostly like India. They do nothing until a company folds and then its Chapter 11 and in some cases - FBI investigations or SEC investigations

So when a Company crashes - its Perception or Potential crashes and its Value crashes.

In China - Value is all about ASSETS

China doesnt like words like ‘Potential’ or ‘Closing a Deal’ etc.

They like Hard Core Assets - Land, Contracts, Trade Deals, Gold, Jade, Coal , Gas Pipelines are what they love.

So when a Company crashes - It always has Assets to back it up and these Assets manage to salvage a big chunk of Value

So thats what is helping China ignore Evergrande or even a Real Estate Crisis while if this was happening in US or even India - people would be scrambling for cover.

Yet while Economists are good - they simply dont think like a Chinese or know the Chinese System

My Associate Lawyer in Singapore told me how Westerners focussed on Huge Office Space whereas a CHinese office was a small 15X10 enclosure and yet you had 10 times larger deals floating through the same.

Likewise Most Western Personal Debts are based on paperwork etc. Most Chinese Personal Debts are given based on just the mans face and his Chop (Chop is a personalized Stamp like thing with Unique Chinese characters)

So those who make Predictions on China - Just dont understand how China works

Its why Singapore never makes Predictions on China. They simply report the US Predictions and Laugh because They are Chinese too.

Likewise South Korea understands the Chinese Way as does Taiwan and even HK

Thats why South East Asia really didnt care too much about Evergrande. They just reported what the West said but ignored it.

Thats why South East Asia scrambled in Panic when Lehman Brothers folded. They also know how US works and knew how big a crisis it was.

Just change your glasses and wear a Chinese one - and you will see just how different Chinese Business is compared to the Western models

 

 China - World Leader.

 

 

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