Gold Jewellery Exports Expected To Drop Over 10%

The Penang Goldsmith Association (PGA) is projecting the value of Malaysia’s gold jewellery exports to drop by more than 10% this year from RM4.8bil in 2015.

PGA adviser Joeson Khor told StarBiz that for the first four months of the year, the value of exported gold jewellery dropped by 12.4% to RM1.429bil from RM1.632bil.



Since the implementation of the goods and services tax (GST) a year ago, the small and medium-sized gold jewellery manufacturers and exporters have found it hard to give competitive credit terms to overseas buyers.

“Since GST, the small and medium-sized gold jewellery manufacturers and exporters have to spend between RM700,000 and RM1mil in goods and services tax (GST) to import the gold bars used to make the jewellery products.

“A small-sized company needs to spend between RM100,000 and RM200,000 to import the gold bars, which impacts the small and medium size gold manufacturers’ capability to export and stay competitive in the market, influencing the volume and value of gold jewellery products exported.

“About 80% of the gold jewellery products exported from Malaysia come from Penang-based gold jewellery manufacturers and exporters,” Khor said.

Khor added that the sales of the domestic gold retailers had declined by about 70% since the introduction of GST last year.

According to the latest Malaysia External Trade Development Corp report, the top buyers for the period from January to April 2016 were Hong Kong (RM44.4mil), the US (RM16.4mil), Australia (RM9.6mil), and Japan (RM8.2mil). “The exports to Hong Kong, US and Japan during the January to April 2016 period, however, declined by 21.2%, 21.9%, and 19.9% compared to the previous year,” Khor added.

The price of gold per ounce is presently about US$1,350, compared to US$1,119 per ounce in August 2015. Khor expects the price of gold to increase to around US$1,400 per ounce with the cost of producing an ounce at about US$1,100.

In the same period, Malaysia imported RM199.5mil worth of gold jewellery products, compared with RM299.8mil in the previous corresponding period.

Currently, only large gold jewellery manufacturers with RM25mil annual turnover are eligible to register with the Finance Ministry’s jewellery schemes permitting them to import gold bars.

Since April 1, gold jewellery manufacturers have to register for the Approved Jewellers Scheme, Approved Traders Scheme, or Approved Traders and Manufacturers Scheme to import gold bars.

The registration also allows the gold jewellery manufacturer to obtain a bank guarantee for the GST payment for the gold bars imported, and to claim back the 6% input tax payment.

Khor said more than 60% of the 650 PGA members were small and medium-sized companies with an annual turnover of less than RM25mil.

Source <> http://www.thestar.com.my/business/business-news/2016/07/18/gold-jewellery-exports-expected-to-drop-over-10/


Coca-Cola moving plant to Malaysia

"To better position itself for future growth, Coca-Cola is adjusting its strategy in Singapore to focus on high-value added services such as new technologies, innovation and research," said Stephen Lusk, chief executive of Coca-Cola Singapore Beverages & Coca-Cola Bottlers Malaysia.

About 200 employees will be affected by the closure of the bottling plant in Singapore. Coca-Cola will be moving its bottling plant operations to Malaysia. CCSB, the Employment and Employability Institute (E2i) and the Food, Drinks and Allied Workers Union (FDAWU) will be working closely with the affected employees, who will be offered "competitive severance packages" as well as "support services" to transition into new positions.


CCSB will continue to employ some 450 people while retaining its current product portfolio, its sizeable sales force, and its sales and marketing, warehousing, distribution, procurement, human resources, finance/administration, legal and IT functions, it said in a statement on Monday. Coca-Cola will also continue to employ about 300 people across its other operations in Singapore.

Kevin Lai, executive director of consumer businesses of the Singapore Economic Development Board, said: "Singapore continues to be one of Asia's leading locations for consumer business companies and we are confident that Singapore remains a strategic business location for Coca-Cola.

This is demonstrated by their commitment to invest in high-value added activities here, such as expanding their state-of-the-art concentrate plant, which supplies beverage concentrate to key markets throughout Asia-Pacific. The government remains committed to working with companies in this industry, to continually invest in R&D, technology adoption and skills training."

Singapore's consumer business industry is expected to create 2,400 jobs and S$2.1 billion of value added from 2014 to 2016. "When FDAWU was informed of Coca-Cola's plans, it quickly commenced discussions with CCSB to ensure fair compensation and treatment for the affected employees," said Tan Hock Soon, general secretary of FDAWU. "CCSB was committed to this, and has been open to the union's requests and suggestions. The company has fulfilled the terms of retrenchment beyond industry norms."
source:business.asiaone

FMM ICT Conference 2015 in Malaysia

FMM ICT Conference 2015 is going to be held on May 21, 2015 at Kuala Lumpur - The Royale Chulan Damansara. The leading industrial experts iIntel, Seagate and Vitro x are going to take part in the conference at Malaysia. The main motto of the conference is to enhance the awareness about the latest manufacturing techs and trends in manufacturing and ICT.

They also had an intention to assist the Malaysian manufacturing companies, especially SMEs to learn to leverage on smart manufacturing to improve business performance. The conference aimed to provide a platform for ICT practitioners to network and exchange experiences and know-how and promote the adoption of smart manufacturing technologies to Malaysian manufacturing.



There are three ways to register for the conference:

Email completed registration form to FMM lily@fmm.org.my / roslin@fmm.org.my 

Fax completed registration form to 03-6274 1266

Online: Click on the Register Now! Button below of this page. You will need to complete all the steps of the online registration to receive an automated Event Order/confirmation via email.

This Seminar is opened to 200 participants on a first-come, first-served basis.


Source<>fmm.org.my/

Malaysian Govt to construct rubberised roads


The Malaysian government, in a bid to shore up natural rubber prices, will construct rubberised roads, says Plantation Industries and Commodities Minister Datuk Douglas Uggah Embas.




 “We should increase the use of rubber and the government is targeting to utilise 10 per cent of total rubber production this year,” he said, adding that Indonesia and Thailand have also agreed to do the same. 


Uggah was speaking to reporters after the ministerial level Special Session of the Association of Natural Rubber Producing Countries (ANRPC) here today. 




Top producer Thailand, which announced similar plans to use rubber for roads, pavements and reservoirs, uses 3.5 tonnes of natural rubber for every 1km of road. 


Uggah also said Malaysian rubber prices were expected to rebound this year, lifted by renewed demand from China.

Source:www.nst.com



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