Philips Malaysia To Spur Medical Tourism In NCER

KUALA LUMPUR, Aug 16 (Bernama) -- Philips Malaysia sees huge potential in the Northern Corridor Economic Region (NCER) in terms of spurring medical tourism."There is huge potential whenever tourists come in. Wherever tourists are, facilities are available - that would be an ideal thing," its chairman and chief executive officer Dr Rajah Kumar told Bernama recently.The NCER masterplan, spanning more than 15 years, will see Langkawi and Jerejak islands turning into premium high-end tourist destinations that could cater as well to health tourism."Whether Langkawi or any other places up north, I see it as a huge potential for Philips," said Kumar."But it is a question of developing the healthcare industry faster so that the medical tourism can benefit."Philips has just signed an agreement for the installation of the Philips Achieva 3.0 Tesla Magnetic Resonance Imaging (MRI) system and Ambient Experience Suite at Subang Jaya Medical Centre (SJMC).The MRI system, costing from about RM10 million, is the first of its kind in Malaysia and second in Asia, and will be operational at SJMC in December.Commenting on the healthcare industry, Kumar said the RM1 billion industry is growing "very fast," at about six to eight percent a year."I think the future growth is going to come from the medical systems segment," he said, adding that the segment is contributing a "substantial portion" to Philips Malaysia.Philips ranks third in Malaysia's medical systems market and is growing at a double digit rate in the category, said Kumar.Philips Medical currently accounts for over 20 percent of the Philips Group turnover, up substantially from six percent over the past 10 years.Meanwhile, SJMC healthcare group chief executive officer Elaine Cheong said the healthcare provider company has plans to open branches in NCER."We see NCER as an opportunity for us to go to the north," she said without naming specific locations."There are a lot of opportunities for us up north. SJMC is on an expansion plan, so we will be expanding within Malaysia as well as in the Klang Valley itself."SJMC is a 390-bedded hospital with 89 specialist suites serving 1,600 patients a day. Its 14 operating theatres are equipped to handle a multiplicity of surgical procedures ranging from complex transplants to minimally invasive surgery.It recently installed Southeast Asia's first 64-slice PET/CT scanner, which is also Asia's fourth installation in the region.Cheong pointed out that Malaysia offers one of the lowest medical costs in the region together with "competent skills and world class facilities."

Singapore Raises Growth Forecast 7%-8%

SINGAPORE, Aug 8 (Bernama) -- Singapore has raised its growth forecast to between seven and eight per cent this year after registering a higher-than-expected growth of 7.6 per cent in the first half of this year.Prime Minister Lee Hsien Loong who revealed the figure in his National Day message, said that a total of 111,000 jobs have also been added during the period, which is the highest ever."Unemployment is very low, at 2.4 per cent. Workers are enjoying good wage increases and higher bonuses because businesses are doing well," he said in the message aired on national television this evening.Lee said: "Singapore is growing not just because of more investments or more workers. Our people are adapting and working smarter. We are organising ourselves more efficiently, and making better use of our resources."In short, we have increased our productivity. Our efforts to transform our economy are paying off. The global economy is continuing to change. If we keep on adapting and readapting to it, we can keep growing strongly for many more years".He said that Singaporeans had many things to cheer about but challenges remain, particularly a widening income gap."With globalisation, hundreds of millions of unskilled workers are joining the global economy. They are pushing down wages at the lower end. Rapidly changing technology is also making jobs more complex. People with skills and high ability are in growing demand, and being paid more," he said.Another reason for the widening gap is the island state's ageing population."Singaporeans are living longer than ever. We must help our elderly live comfortably by keeping medical care affordable, making our city barrier-free, and our public transport wheelchair friendly," he said.Nevertheless, Lee foresees favourable conditions ahead."It has been ten years since the Asian financial crisis. Asia has progressed, and become more developed and dynamic," he said.He said Singapore has many strengths to draw on, such as a clean and corruption-free society; disciplined and well-educated workers; a cohesive, multi-racial community and a capable and vigilant security forces.

IPI (June) Up 0.5% to 136.5

KUALA LUMPUR, Aug 8 (Bernama) -- The Industrial Production Index (IPI) for June rose marginally by 0.5 percent to 136.5 from 135.8 in the corresponding month of last year.In a statement here today, the Department of Statistics said the growth was attributed to the rise in electricity index, by 3.1 percent to 156.9; mining index, 1.1 percent to 111.6; and, manufacturing index, 0.2 percent to 143.0."The increase in the manufacturing sector was led by the higher indices registered by the refined petroleum products and basic chemicals groups," it said.The department said the June IPI was down 0.4 percent compared with May this year (137.0) due to lower indices registered in the electricity and mining sectors by 5.2 percent (May:165.5) and 4.2 percent (May:116.5) respectively.The manufacturing index, however, rose 1.2 percent (May:141.3), it said.The department said the IPI registered an increase of 1.5 percent (134.9) for the second quarter of 2007 compared with 132.9 a year ago.The mining index grew 4.7 percent to 112.9; electricity index rose 4.6 percent to 160.3 and manufacturing index up 0.4 percent to 140.0, it said.On quarter-to-quarter comparison, the IPI was up 4.0 percent to 131.0."The electricity and manufacturing sectors expanded by 5.5 percent and 3.6 percent respectively, while mining sector was virtually unchanged at 112.9," it said.The department said the IPI for the first six months of 2007 rose 0.9 percent to 132.9 compared with 131.7 in the same period a year ago."This expansion was in line with the positive change attained by all components."The electricity index rose 4.1 percent to 156.1, mining index up 1.3 percent to 112.9 and manufacturing index rose by 0.5 percent to 137.6," it said.

Credit and growth fears hit stocks, dollar, oil

LONDON (Reuters) - Fears of a global credit squeeze and jitters about U.S. economic strength swept across financial markets on Monday, shaking up stocks, knocking the dollar to a 15-year low and sending oil down more than $1.25 a barrel.
Wall Street, which took a beating on Friday, looked set to open higher but European and Japanese shares were down and emerging market shares slumped.
MSCI's emerging market share index lost around 1.6 percent.
Heightened concerns for economic growth knocked some commodities. with benchmark Brent crude oil down $1.28 a barrel at $73.47. At one point, Shanghai copper futures also lost 3 percent.
"People must accept that the market is headed towards a period of correction, and that it's going to take some time before we see a pickup," said Lim Chang-gue, a fund manager at Samsung Investment Trust Management in Seoul.
"A credit crunch is spreading fast, and once started, it won't be easy to reverse," he added.
Markets are being shaken by the prospect that the borrowing that drives the financial system will either become prohibitively expensive or dry up completely as a result of risk repricing This began with difficulties and losses in the U.S. subprime or risky mortgage business but has spread to other areas, including the mergers and acquisitions that have been a main driver of stocks markets. Several companies have delayed or withdrawn planned offerings of shares, bonds or loans.
There are also concerns about the stability of the financial sector.
Monday's ructions, for example, followed sharp losses on Wall Street on Friday after ratings agency Standard & Poor's warned that mortgage credit problems could hurt investment bank Bear Stearns' profits.
Bear Stearns, which was one of the first to be hit by the subprime upheaval, said it was weathering the storm but that credit markets were in their worst shape in two decades.
U.S. jobs data was weak and there was weaker growth in the U.S. service sector and there are concerns that a poor housing market will slow the economy's reacceleration.

Redha Gets RM125.8 Million Financing From Three Banks

BANGI, August 3 (Bernama) -- Bank Muamalat Malaysia Berhad, Bank Kerjasama Rakyat Malaysia Bhd and Bank Pembangunan Malaysia Bhd have extended a RM125.8 million financing to Redha Resources Sdn Bhd (RRSB).The loan is to help RRSB undertake the development and management of accommodation and student centre for Kolej Universiti Islam Antarabangsa (KUIS), according to a joint statement here Friday."The project, which is under build-operate-transfer concept, will be for the occupation of over 6,000 students upon completion."It is currently under construction and the first phase is expected to be completed by early next year while the second phase will be by end-2009," it said.The statement said with the expected growth in student population and the limited intake by public universities, the project would augur well for KUIS as it would be able to increase its student intake as well as provide comfortable accommodation facility."The accommodation and student centre would be operated and managed by RRSB for 33 years and then hand over to KUIS," it said.The three banks and RRSB signed the syndicated Islamic financing facility of RM87.4 million signed here today.In addition, RRSB and Bank Pembangunan signed the Bai' Inah facility of RM38.4 million.Bank Muamalat is the lead arranger for the financing exercise.Selangor Menteri Besar Datuk Seri Dr Mohamad Khir Toyo, who also the chairman of KUIS board of directors and rector of KUIS, Datuk Mohd Adanan Isman, witnessed the signing ceremony.

Berjaya lands RM12.2b deal in Vietnam

KUALA LUMPUR: Berjaya Land Bhd, an affiliate of Berjaya Group, has signed a RM12.2bil (US$3.5bil) agreement to build an 884-hectare international university in Ho Chi Minh City.
The Memorandum of Understanding (MoU) was signed on Wednesday between Berjaya Land and the management board of the Ho Chi Minh City northwestern urban area.

Vessels For RM126 Million for Scomi Marine's Indonesian Unit Buys

KUALA LUMPUR, August 1 (Bernama) -- Scomi Marine Bhd's Indonesia-based unit PT Rig Tenders Indonesia Tbk (PTRT) has ordered two accommodation vessels worth about RM126 million.The purchase is to expand the fleet size of the company which provides marine logistics services. PTRT currently owns and operates two accommodation barges, both under charter arrangement.In a statement today, Scomi Marine said the new vessels would double PTRT's capacity of accommodation barges."The two vessels will be built and operated under an Indonesian company, and both will fly the Indonesian flag in order to cater to the current Indonesian regulatory environment which favours local ship owners," it said.It said PTRT would obtain its shareholders approval as required by the Jakarta Stock Exchange due to the size of the contract.Scomi Marine said the acquisition amount forms part of the RM200 million it had budgeted for capital expenditure this year.It said the two new vessels, once delivered, would add to Scomi Marine group's current fleet of over 140 vessels which include utility vessels, anchor handling tugs, tugs, barges, accommodation barges and landing craft.The new vessels also fit in with Scomi Marine's vessel on-going renewal process and will allow for older vessels to be slated for disposal, it said.