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Malaysia and Singapore to Boost Cybercrime Cooperation in Cross-Border Crime Agreement

Key Takeaway: Cybercrime will be included in Malaysia-Singapore cross-border crime cooperation , as the two countries prepare to renew their Memorandum of Understanding (MOU) on the matter. Malaysia’s Home Minister, Datuk Seri Saifuddin Nasution Ismail, announced that cybercrime will be a new focus in Malaysia-Singapore cross-border crime collaboration . The updated MOU will be signed on Nov 14 during Saifuddin’s meeting with Singapore’s Minister of Home Affairs and Law, K. Shanmugam. This move reflects the growing threat of cybercrime , which costs ASEAN an estimated US$64 billion annually. The agreement emphasizes capacity-building, intelligence-sharing, and joint operations as vital components for addressing cybercrime. The exchange of MOU documents will occur at the Annual Leaders' Retreat on Dec 8 in Malaysia, which will be attended by the prime ministers of both nations. Saifuddin also highlighted plans to discuss border congestion issues and will visit Singapore’s Immi
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Hartalega's 2Q Net Profit Declines by 69% Amid Weaker Export Revenue and Higher Input Costs

Hartalega Holdings Bhd reported a 69% drop in net profit for its second quarter ended Sept 30, 2024, as rising raw material costs and a stronger ringgit affected export revenues. The net profit for this period was RM8.63 million, while without deferred tax income from capital investment incentives, the company would have recorded a pre-tax loss of RM47.45 million.

Despite these challenges, revenue increased 44% year-on-year to RM652.07 million, driven by higher sales volume. A first interim dividend of 0.56 sen per share was declared, payable on Dec 11.

Industry Challenges and Outlook: The glove manufacturing sector remains pressured by global oversupply and competitive pricing, which has impacted average selling prices. Furthermore, global shipping disruptions and volatile forex markets have contributed to these difficulties, with Hartalega deriving most of its income from exports.

However, the company sees potential benefits from upcoming US tariffs on Chinese gloves, effective January 2025, which could enhance Malaysia’s position in the US market. As stockpiles from the pandemic reduce and consumption stabilizes, demand is gradually recovering. In anticipation of improved demand, Hartalega is increasing production capacity and launching new lines.

Financial Highlights for 1HFY2025: For the first half of the fiscal year (1HFY2025), Hartalega posted a net profit of RM40.55 million, a significant turnaround from the net loss of RM24.77 million in 1HFY2024. Revenue also surged by 38.5% to RM1.24 billion.

Stock Performance: Hartalega’s share price initially fell by nearly 2% after the announcement but later rebounded to RM3.30, with a market capitalisation of RM11 billion as of the afternoon trading session.

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