Toray sets up new unit in Penang


Toray Malaysia Systems Solution Sdn Bhd
managing director Peter Chan (second right) speaking at a press
conference on Oct 17 after the official opening of Toray Malaysia
Systems Solution Sdn Bhd at the Setia SPICE Convention Centre in Penang.
Among those who were also present were Deputy Chief Minister II Dr P.
Ramasamy (middle) and Toray IS Division, Japan general manager Akihiro
Tada (first left)

 

Toray Malaysia Systems provides IT services

GEORGE TOWN: Toray Group (Malaysia), wholly-owned by Toray Industries Inc, Japan and one of the pioneers of Penang’s industrialisation programme, has expanded its business operations in Penang with the establishment of yet another company, namely Toray Malaysia Systems Solution Sdn Bhd (TMS).

TMS was established on May 2 with a RM5mil investment injected from Toray Japan.

It has offices at two locations in Penang, namely its head office at the Subterranean Penang International Convention and Exhibition Centre (Spice) and in Prai.

TMS managing director Peter Chan said the company, which is certified with MSC status by MDEC, provides global business services to its group of companies in Malaysia and abroad.

He said the company currently employs some 50 people and expects to increase the number to 100 within the next two to three years.

Chan said TMS provides full suite of information technology (IT) solutions and support for all aspects of business operations, ranging from planning and development to operation of information systems.

“These IT services include systems study, design, development, integration, deployment and maintenance, network infrastructure installation, IT helpdesk, systems administration support as well as IT consulting and IT research and development, according to customers’ stringent needs,” he added.

Chan said TMS is under the direct supervision of Toray Japan Information Systems Division.

“Backed by many years of information systems development experiences, technical know-how and skillful dedicated staff, TMS is set to contribute to Toray’s global business expansion as well as other related clients in Malaysia and the region.

“The head office at TMS Spice is equipped with the latest network infrastructure and IoT (Internet of Things) technology. It is designed to ensure that employees work in a conducive, healthy, happy, flexible working environment,” he said at TMS’ official opening at the Setia Spice Convention Centre recently.

Deputy Chief Minister II Dr P. Ramasamy, who was guest of honour at the event, said Penang recorded a total of RM5.3bil approved manufacturing investments from Japan from 2008 to 2016.

“I am also pleased to note that after the US and EU countries, Japanese investors make up the largest investments in Penang, making Japanese companies among the top FDI contributors to the Penang economy,” he added.

Source : The Star


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JPMorgan CEO warns he will fire any employee trading Bitcoin for being “stupid.”


 
Tough stand: Dimon has warned that he will fire JPMorgan traders who traded in bitcoin ‘in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.’ — AFP

NEW YORK: JPMorgan Chase & Co chief executive officer Jamie Dimon said he will fire any employee trading bitcoin for being “stupid.”

The cryptocurrency “won’t end well,” he told an investor conference in New York on Tuesday, predicting it will eventually blow up. “It’s a fraud” and “worse than tulip bulbs.”

If a JPMorgan trader began trading in bitcoin, he said: “I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”

Bitcoin has soared in recent months, spurred by greater acceptance of the blockchain technology that underpins the exchange method and optimism that faster transaction times will encourage broader use of the cryptocurrency.

Prices have climbed more than four-fold this year – a run that has drawn debate over whether that’s a bubble.

Bitcoin initially slipped after Dimon’s remarks. It was down as much as 2.7% before recovering.

Last week, it slumped after reports that China plans to ban trading of virtual currencies on domestic exchanges, dealing another blow to the US$150bil cryptocurrency market.

Tulips are a reference to the mania that swept Holland in the 17th century, with speculators driving up prices of virtually worthless tulip bulbs to exorbitant levels.

That didn’t end well.

In bitcoin’s case, Dimon said he’s sceptical authorities will allow a currency to exist without state oversight, especially if something goes wrong.

“Someone’s going to get killed and then the government’s going to come down,” he said.

“You just saw in China, governments like to control their money supply.”

Dimon differentiated between the bitcoin currency and the underlying blockchain technology, which he said can be useful.

Still, he said banks’ application of blockchain “won’t be overnight.”

The bank chief said he wouldn’t short bitcoin because there’s no telling how high it will go before it collapses.

The best argument he’s heard, he said, is that it can be useful to people in places with no other options – so long as the supply of coins doesn’t surge.

“If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars,” he said.

“So there may be a market for that, but it’d be a limited market.”— Bloomberg

 

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Bitcoin must not in your retirement financial planning portfolio


Bitcoin investments have undeniably become a trend among savvy investors in search of the golden goose, but one financial planner is against the use of it as part of the financial planning portfolio for retirement.

Max Growth Wealth Education Sdn Bhd managing director Nicholas Chu said one should not use bitcoin as part of the retirement portfolio and the public must be well aware of the risk in bitcoin trading before getting in.

“It is not asset-backed, it is very unsecure. It is, basically, you want to participate in the future changes. It’s not a proper financial planning way. It is just an experimental thing that you want to go through in this era, but it is not a proper investment product,” he told SunBiz.

“I definitely don’t agree if they use this for their financial planning. But for those who are able to try new ventures, they can go ahead provided they have extra money. If this doesn’t affect their existing financial planning, then I’ll leave it to them. We need to tell them the pros and cons of this investment. It’s up to the clients to do the final decision,” he said.

Chu cautioned on the uncertainties of bitcoin trading, which is driven by market forces.
“It is beyond anybody’s control, all the participants contribute to the bitcoin value. From that, I can say that there are a lot of uncertainties in the future,” he said.

Nonetheless, with the setting up of a few bitcoin exchanges, Chu noted that there will be demand and supply with tradeable markets available.

Bitcoin was the best-performing currency in 2015 and 2016, with a rise of 35.8% and 126.2% respectively.

Year to date, bitcoin prices have leaped more than three times. It stood at US$2,840 (RM12,140) as at 5pm last Friday.

Bitcoins are by the far the most popular cryptocurrency, which exists almost wholly in the digital realm and has no asset backing it. Bitcoin generation, known as mining, while open to anyone with a “mining application” on their computer, needs a great deal of computing power to solve complex algorithms which are later verified with the entire bitcoin network.

Colbert Low, founder of bitcoinmalaysia.com, said the recent spike in bitcoin prices could be partly due to the legalisation of bitcoin by the Japanese government.

He is unsure if the sharp rise in bitcoin prices will create a price bubble, but stressed that one cannot judge its price movement based on the “old economic theory”.

“This is a new economy based on a different model. It’s very hard to say,” Low opined, noting that there has been a growing number of retail outlets that accept bitcoin.

He foresees the usage of bitcoin propagating, especially in different types of payment methods.

However, Low opined that there will not be any “big movement” in the local market if the regulators do not regulate bitcoin.

“Our new Bank Negara governor is forward thinking and he is very much into fintech, technology and innovation. So there would definitely be improvement,” Low said.

The positive development of blockchain will be a catalyst for the growth of bitcoin, he added.

“Blockchain is a real thing that will change the way the IP system is architectured. We need to go down to a deeper level to see how blockchain can change the current problem and solve it.

“There are a lot of projects right now, over 500 companies are looking at this (blockchain) right now. Even IBM, HP and Microsoft are looking at it.”

Blockchain refers to distributed database that maintains a continuously growing list of records, called blocks, secure from tampering and revision. Bitcoin is just an application or software that runs on blockchain technology.

“If you look at blockchain technology, government agencies like the United Nations, the World Bank and the International Monetary Fund are looking at it. This is the best way to secure your data,” Low said, noting that the usage of bitcoin will help reduce operating cost.

Currently, there are about 16 million bitcoins in the market and the number is capped at 21 million.

Bank Negara has said that it does not regulate the cryptocurrency and advised the public to be cautious of the risks associated with the usage of such digital currency.

Source: By Lee Weng Khuen sunbiz@thesundaily.com

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Six simple steps to defend your data from ransomware


Ransomware blackmails Internet users by encrypting the files on their computer or mobile device and demanding payment, generally in the virtual currency bitcoin, to unlock them. — dpa

Recent ransomware attacks have rattled internet users around the world. This malicious software blackmails users by encrypting the files on their computer or mobile device and demanding payment, generally in the virtual currency bitcoin, to unlock them. But these six simple security measures can significantly reduce the risk of a computer being hit by an attack.


1. Regular updates
: Software updates for browsers and operating systems don’t just add new functions – they also install security patches to protect computers against the latest malicious software.

The German Federal Office for Information Security (BSI) recommends enabling automatic updates on a device and advises against the use of older operating systems such as Windows XP, for which Microsoft has stopped providing regular security updates.

Microsoft will also discontinue updates for the operating system’s successor, Windows Vista, this summer – all the more reason to replace it with a newer version.

2. Be vigilant: Don’t trust anyone, says nomoreransom.org, a website run by IT security companies and European law enforcement. Never open email attachments from suspicious accounts, don’t click on questionable links and don’t download unverified software.

Even emails from friends and co-workers should not necessarily be trusted. Before opening an attachment or clicking on a link, always take time to consider whether the sender’s online account could have been hacked or their computer software infiltrated by malicious software.

3. Antivirus software: Enable all the security applications in your operating system, advises the BSI. Reliable antivirus software can provide further protection, but must be kept up-to-date.

4. Back up data: Creating digital duplicates of your files can protect your personal information from disappearing forever. In the event of an attack, you can just transfer over your back-up files.

Windows (Backup and Restore) and MacOS (Time Machine) have in-built applications for backing up your data, but they might not be accessible in the event of an attack. A more secure option would be to save your files in an external device, such as a hard disk drive, solid-state drive, DVD, or in the cloud.

To reduce the risk of spreading viruses, only connect the external drive to a device during file transfers. As an extra precaution, save your data in two separate external hard drives.


5. Fight back
: If you happen to accidentally install malicious software or receive suspicious messages, immediately disconnect your device from the internet, instructs  nomoreransom.org. to be decrypted. This will prevent the infection from spreading.

You can then run a clean installation of your computer software, and transfer over your back-up files. For some types of ransomware, there are techniques to unlock the content on your computer.

The latest malware outbreak “Petya” can be stopped by creating the read-only filetype “C:\Windows\perfc.dat,” which prevents it from scrambling your files. An initial report on the antidote published on the site bleepingcomputer.com has since been confirm by several IT security companies.

6. Never pay: A blackmailer’s demands should never be met, says the State Office of Criminal Investigation (LKA) of Lower Saxony. There are several reasons for this, the LKA reports. First, even if you pay the ransom, there is no guarantee that you will regain access to your files.

Second, by paying the attacker, you are supporting the growth of a criminal industry. Every payment finances new attacks. In the case of the recent Petya outbreak, the payment system is useless, because only one email address was provided, which has since been shut down by the provider. — dpa

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Six simple methods to save your information from ransomware http://www.techagentmedia.com/six-simple-methods-save-information-ransomware/ via @techagentmedia
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Hello, Penang police calling … Macau Scammers reap RM2.7mil


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Scammers busted: Penang CCID chief ACP Abdul Ghani Ahmad, flanked by DSP K. Balachandran and DSP Shamsul Farid Abdul Rani, showing seized passports, a photocopy of a MyKad and a letter during a press conference on the Macau Scam syndicate in George Town.
But the ‘officer’ on the other end of the line may well have been a member of a Macau Scam syndicate, which cloned the phone number of the state police headquarters to use in its con game. The operation, believed to have netted RM2.74mil so far, was smash

Syndicate cloned police phone number to trick 82 victims this year.

GEORGE TOWN: A Macau Scam syndicate has duped victims of more than RM2.74mil, using Voice over Internet Protocol (VoIP) technology to replicate the telephone number of the Penang police headquarters to con victims.

No fewer than 82 people had fallen prey to the scam since February.

The syndicate used a three-storey bungalow as its training centre before the members were deployed to Japan, Cambodia, Thailand and other Asian countries.

On Saturday, the syndicate was crippled by police following the arrest of 50 people, including three women.

Penang Commercial Crime Investigation Department (CCID) chief Asst Comm Abdul Ghani Ahmad said the suspects, aged between 17 and 42, were arrested at the bungalow in Taman Damai Utama in Puchong, Selangor, at about 8am.

“Intelligence gathering was carried out for about a month after we received a police report from a woman in Balik Pulau, who transferred RM5,000 to an account given by the scammers,” he told a press conference at the state police headquarters in Penang Road yesterday.

“She was told that her bank account would be frozen by Bank Negara Malaysia.

“The scammers promised to return the money to her a week later after the ‘investigations’ were over, but she did not get her money back.”

ACP Abdul Ghani said police investigations revealed that one of the suspects would pose as a bank officer and tell the victim that he or she had a loan with a particular bank.

If the victim denied it, the scammer would give them the contact number of a “Bank Negara officer” – another scammer – to check out the claim.

Those who are still not convinced would then receive a call from 04222 1522, which appeared to be the general line of the state police headquarters but had been replicated or cloned using VoIP technology to appear as such.

ACP Abdul Ghani added that another scammer, posing as a CCID officer, would then tell the victim that his or her bank account had been misused for criminal activities and was frozen pending investigation.

“The scammer will then ask the victim to transfer money to a specific account, and that would be the last they see of their money,” he said.

ACP Abdul Ghani added that 82 reports were lodged nationwide on this scam so far this year.

He said police also seized five mobile phones, a laptop, photocopied MyKad, photocopied passports, a set of scripts on what to say when posing as a police officer and bank officer, and 31 Malaysian passports.

In Police Custody: Some of the passports and Mykads seized from the Macau Scam syndicate being displayed at the state police headquarters in Georgetown.

“We are also checking if the mastermind was among the suspects arrested,” he said.

ACP Abdul Ghani added that the suspects were remanded for three days until today and would be brought to the Balik Pulau court for remand extension pending investigations under Section 420 of the Penal Code for cheating.

Nobody knows exactly how the term “Macau Scam” came to be used.

However, former Interpol president Tan Sri Khoo Boon Hui has been quoted as saying that the scam apparently originated from Macau and was operated from other countries such as Cambodia, Indonesia, the Philippines and Thailand.

Another version circulating was that the first victims were in Macau, but the Macau police have declined to comment.

Source: The Star by crystal chiam shiyingandmuhammad nazrul haffiz salim

Remand of Macau Scam suspects extended

BALIK PULAU: Fifty suspects of the Macau Scam syndicate have their remand order extended by another three days by a magistrate’s court here.

Sirens from four police cars blared as two trucks arrived at the courthouse at about 8.40am yesterday.

Dressed in purple lockup T-shirts, the suspects, aged between 17 and 42 who include three women, hid their faces when they saw the press corp.

They are believed to be part of a Macau Scam syndicate which used Voice over Internet Protocol (VoIP) technology to swindle 82 victims of more than RM2.74mil since February.

It was reported that the syndicate used VoIP to replicate the hotline number of the Penang police headquarters to trick victims.

They were arrested at a bungalow in Taman Damai Utama in Puchong, Selangor, at about 8am on Saturday after a woman from Balik Pulau lodged a report, claiming she had been duped into transferring RM5,000 to an account.

Police are investigating the case under Section 420 of the Penal Code for cheating. – The Star

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Never-ending money games – from fixed return to split schemes


The allure of money game schemes (or money games) seems not to have diminished despite the collapse of many recently.

Instead, there has been a switch in investors’ focus from fixed-return games to split games, which are deemed “more sustainable”.

Fixed-return schemes generally refer to those that give a consistent percentage of return every month or week. However, most of them have collapsed lately.

Investors’ attention is now centred on split games, even though this means they have to wait for a longer period in order to get back their capital.

Mcoin, which is undertaken through MBI International Sdn Bhd and MFace International Sdn Bhd, is an example of a split game based on units of which the value keeps increasing and then split after a certain time.

However, with the raid of MBI’s flagship mall – M Mall in Penang – by the regulators recently, its days look to be numbered, and the sustainability of such schemes is now a big question.

Another prominent split game – Mama Captain, which has a similar business model to that of Mcoin – has also been red-flagged by Bank Negara last Thursday under the Financial Consumer Alert List. An additional 14 companies have been added to the list, bringing the total number of unapproved and unlicensed companies/schemes to 334 as at June 29.

Besides the local ones, there are several foreign schemes in the market, which investors expect to have more staying power than the fixed-return schemes. Two such schemes from China – Smart Traders Ltd and Centennial Coin of Prosperity – have been in operation in Malaysia since last year. However, it is understood that they have stopped distributing returns to their investors.

This, however, appears not to have deterred those who are lured by the promise of fast money. This is evidenced by the huge crowd seen at an event organised by a split game company a few weeks ago in Shah Alam. It was estimated that over 2,000 participants were present and most of them were Chinese investors.

A number of booths were set up at the venue, and investors were able to redeem a variety of stuff, including vouchers, health products, apparels and many more.

An investor whom SunBiz spoke to at the event said he is unfazed by the collapse of money games and is optimistic about the prospects of the split game that he is involved in.

The investor said he has been in the scheme for more than nine months and now it has started to bear fruit.

“Generally, it takes about two months to split once and we can start generating money after it splits for four times. Now I start to get money from the scheme. While you’ve to wait for some time before getting any return, I think it is still worth to join,” he opined.

It is understood that the scheme has tied up with a few product operators to increase its attractiveness.

Another investor, Alan Mu, said he was amazed by the event. “The gala dinner is so grand and there are so many products that I can redeem by participating in this scheme,” he said.

Another scheme that has caught the market’s attention is SV International (SVI), a company that Yong Tai Bhd has denied having links to. Yong Tai alleged that SVI circulated photos taken during a signing ceremony on SVI’s website as well as the social media, for which there was no official agreement entered into between the two parties thereafter.

Yong Tai also refuted speculation that SVI has a stake in its Impression City and Impression Melaka projects.

By Lee Weng Khuen sunbiz@thesundaily.com

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Chinese car-maker Geely to make Malaysia its global hub, help Proton drive into future


PUTRAJAYA: The entry of a major Chinese carmaker into Proton Holdings Bhd will not only ease its financial woes, but also bring fresh capacity to the group’s underutilised factories.

Zhejiang Geely Automotive Co Ltd plans to turn Malaysia into its global hub to manufacture all of its right-hand drive cars, including its premium Volvo brand.

Geely will take a leadership role in production, sales and marketing. Proton will be responsible for distribution of the brand in Malaysia.
These were among the highlights mentioned at the signing ceremony in Putrajaya between DRB-Hicom, the parent company of Proton, and Geely.

Proton and Geely yesterday signed an agreement that would see Geely take a 49.9% stake in Proton. Both parties have not finalised the price Geely would pay for the stake.

Through the partnership, Geely executive vice-president and chief financial officer Daniel Li said Geely would focus on assisting Proton to sell 500,000 cars in Malaysia and around the region by 2020.

He said Geely would be contributing technology, talent and money to Proton. These include platform-sharing that would see the development of Proton’s first-ever SUV model from Geely’s best selling model – the Boyue.

DRB-Hicom group managing director Datuk Seri Syed Faisal Albar said in the competitive automotive industry, partnership among carmakers globally was common.

A partnership would also further expand Proton’s reach to other markets and give it better economies of scale.

“This partnership with Geely will create more jobs in Proton,” he told reporters yesterday.

Proton has a workforce of about 10,000 which produces about 100,000 cars a year. In 2016, sales of Proton cars dropped 30% to 72,290 units from 102,174 previously.

The company reported a loss of almost RM1bil last year.

Proton’s Tanjung Malim plant, which is designed to produce a million cars every year, will be made a new manufacturing hub for Geely.

Syed Faisal said Proton would relocate its entire production from Shah Alam to Tanjung Malim within five years.

Despite the entry of a new foreign partner, Proton will maintain its national car status. This means its industrial linkages, including vendors and dealers, will not be affected by the change in shareholding.

Under the heads of agreement signed between DRB-Hicom and Geely, the Chinese carmaker will take a 49.9% equity interest in Proton and also a controlling stake in Lotus, the British sportscar maker, from Proton.

No financial details were disclosed in the sale of a stake in Proton, while for Lotus, Geely would be paying £51mil (RM284mil) for a 51% stake in Lotus.

Syed Faisal said DRB-Hicom planned to sign a definitive agreement with Geely in July.

Also present at the signing ceremony was Second Finance Minister Datuk Seri Johari Abdul Ghani, who clarified that with the partnership with Geely in place, Proton would need to repay its RM1.25bil soft loan from the Government.

As part of the conditions for the soft loan, Proton was required to collaborate with a well-known strategic partner.

The requirement to collaborate with a well-known strategic partner was imposed on Proton as part of the conditions issued by the Government for its approval of the RM1.25bil soft loan to Proton, in which a bulk of the money was used to pay its vendors.

Separately, Johari said Proton was entitled to a RM1.1bil reimbursement from the Government for its RM3.5bil spent on research and development in the past.

Johari also said there would be no more “subsidy” for Proton from now on, and that the Government would no longer have a golden share in Proton with Geely entering into a partnership with the national carmaker.

Source: The Star by intan farhana zainulandizwan idris

‘Geely to help Proton drive into future’

IPOH: The decision by Proton to embark on a partnership with China’s Zheijiang Geely Automotive Co Ltd is timely because cars are predicted to be next in line to undergo sweeping innovations.

International Trade and Industry Minister II Datuk Seri Ong Ka Chuan said that in light of Industrial Revolution 4.0, bringing in Geely as Proton’s strategic partner would ensure the Malaysian company’s survival as cars increasingly adopt digital technology.

Industrial Revolution 4.0, or Industry 4.0, is the current trend of automation and data exchange in manufacturing technologies which include cyber-physical systems, the Internet of Things and cloud computing.

“After attending the Hannover Messe, the world’s biggest trade fair for industrial technology, I learned that self-driving cars are the next big thing.

“This means that you are looking at a future where cars will have no steering wheel.

“With just the touch of a panel, the car will bring you to your destination,” Ong said after witnessing the swearing-in of the new committee of the Perak Chinese Cemeteries Management Association yesterday.

He said Geely would be Proton’s channel to embracing technological innovations.

“I’m not saying to expect Proton to be a frontliner in this, but at least with a strategic partner it can move along with the times,” he added.

He said Geely would also open a new market for Proton, which was important for the national carmaker’s survival.

He said it was not a decision made purely in favour of China.

“Over the years, it’s been no secret that Proton accumulated losses and will need a big market to cater to in order to settle all the debts. This is the reality.

“Proton only narrowly met its sales target of 580,000 units last year, while Chinese brands sold 28 million units,” he said.

In view of its small volume, Ong said it would be difficult for Proton to fund sophisticated research and development initiatives.

“We need a larger market for things to work out. The Industrial Revolution 4.0 is all about innovation. We can’t do it ourselves, which is why working with advanced nations is our best bet,” he added.

The Star by Amanda Yeap

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