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Weekly SME News Highlights (Mar 29 – Apr 5)

Welcome to MISHU’s News Highlights, where we share bite-sized pieces of news relevant to SME owners in Malaysia. We understand how time-consuming it can be to run a business, so we’ve extracted relevant details to get you updated at a glance.

1. MM2H market suffers from new rules

According to the MM2H Consultants Association, tougher conditions on applicants for the Malaysia My Second Home programme has resulted in a 90% drop in the number of applicants.

Applicants are now required to have permanent savings of at least RM1 million and liquid assets of at least RM1.5 million compared to between RM300,000 and RM500,000 previously.

“We propose changing it to RM600,000 or below,” MM2H President Anthony said. “We need to encourage the successful applicants to stay in Malaysia and spend on buying property and cars, private education, medication, leisure, and other sectors which have spillover effects on the economy.”

2. Michelle Yeoh to meet fans at Pavilion KL

To those who enjoyed her recent performance and would like to meet the star, Tan Sri Michelle Yeoh will be returning to Malaysia this month to meet her fans for the first time since winning an Oscar.

Yeoh will be meeting her fans at a red-carpet event at Pavilion Kuala Lumpur’s centre court on April 18 at 5.30pm. The meet-and-greet session will be open to the public and no prior registration is required.

3. China-based plants in Malaysia to prioritise local hires

Prime Minister Datuk Seri Anwar Ibrahim recently said that both Zhejiang Geely Holding Group (Geely) and Rongsheng Petrochemical Co have given their assurance that they will prioritise giving jobs to locals in their Malaysian plants.

He said China has only made one request so far which is to allow hiring of professionals with skills unavailable in Malaysia.

“Apart from that, starting with Geely, they have agreed to train locals in both Malaysia and China and they have agreed to begin this year. For starters, Geely will be bringing 300 Malaysians to China for specialisation training,” he said.

4. New scheme to help entrepreneurs in East Malaysia (Bahasa Melayu)

The Ministry of Entrepreneurship and Cooperative Development (KUSKOP) will launch a special scheme for SME Corp entrepreneurs on May 6 to help entrepreneurs in Sabah and Sarawak.

Its minister, Datuk Ewon Benedick said this special scheme was the ministry’s follow-up to talks with entrepreneurs, cooperatives and stakeholders that uncovered a need to introduce the scheme to entrepreneurs in the two states.

“For this SME Corp special scheme, the amount of aid will be announced after it is launched,”

5. Malaysian woman wins RM16m jackpot thanks to dreams

A Malaysian business owner‘s recurring dream involving numbers came true after she struck the RM16.3 million prize in the Magnum 4D Jackpot game.

“The lucky number ‘5785’ kept showing up in my dreams, and I just had to try my luck to purchase this number.

When she decided to stop and buy some fruits for her relatives, there was coincidentally a Magnum 4D outlet next door.

“My instincts told me to go in. I’m so glad that I followed my instincts. This is really a dream come true for me, “ she said.

While we can’t say we advocate gambling, we can certainly respect someone for following their gut instincts and are happy for her good fortune. 

And that’s it for this week! If you have any questions about how the news above could affect your business specifically, we’re just a call away.

Otherwise, hope you found this useful and see you next Wednesday.

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