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Ringgit likely to stay weak against greenback

Omni Capital Partners Sdn Bhd managing director Scott Lim (pic) explained that the structural weakness in the economy stemmed from the ongoing brain drain in the country coupled with lower foreign direct investment (FDI) inflows compared to neighbouring countries as well as lower investment outflows.
KUALA LUMPUR: Despite the optimism of the ringgit strengthening against the US dollar this year, the local currency is likely to stay weak against its Asean peers in the medium-term dragged down by structural weaknesses within Malaysia’s economy.
Omni Capital Partners Sdn Bhd managing director Scott Lim (pic) explained that the structural weakness in the economy stemmed from the ongoing brain drain in the country coupled with lower foreign direct investment (FDI) inflows compared to neighbouring countries as well as lower investment outflows. ....

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Amending Act to improve workers accommodation will raise business costs

KUALA LUMPUR (Feb 6): Migrant workers might not be the source of cheap labour in Malaysia soon.
The Government’s proposed amendment of the Workers Minimum Standards of Housing and Amenities Act 1990 is bound to raise costs for businesses which employ a large number of foreign workers.
Yet the amendment is deemed necessary as the country continues to grapple with rising Covid-19 cases, now worsened by growing workplace clusters which are believed to be spurred by cramped accommodation of foreign workers.
Furthermore, the continued bad press on the poor living conditions of migrant workers in Malaysia will not help the country’s reputation in the international arena. ....

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Tech-savviness, versatility among key qualities job seekers should have in a post-pandemic world — economists

KUALA LUMPUR (Jan 20): The resurgence of Covid-19 cases this month brings renewed uncertainty for Malaysia’s economic recovery path, and with that the prospects of the labour market.
Last week, the Department of Statistics Malaysia said Malaysia s unemployment rate rose a marginal 0.1 percentage point month-on-month to 4.8% in November 2020 – a five month high – with 764,400 people unemployed.
Subsequently, economists raised their forecasts for this year s unemployment rate, as they expect a slower recovery, following the reimplementation of the movement control order (MCO). UOB Malaysia has revised its jobless rate projection to 4% from 3.7% previously, while MIDF expects it to come in at 3.8%.
While businesses navigate fierce headwinds driven by the pandemic and seek ways to adapt their business to the new norm – like going digital by establishing online platforms – those seeking new jobs in this difficult period should equip themselves with the right skill ....

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