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14 theSun | WEDNESDAY JULY 15 2009

business

Transport Ministry to revamp


shipping industry
by Tim Leonard for the shipping industry,” he said. tainer Port, Kuching Port, Bintulu Port, Port
newsdesk@thesundaily.com Admiralty court is also known as maritime Klang and Port of Tanjung Pelepas.
court, exercising jurisdiction over all mari- Ong said the trade imbalance is due to
KUALA LUMPUR: The Transport Ministry time contracts, torts, injuries and offences. the fact that for every two laden containers
is expected to announce several key meas- “We will also revamp the port councils travelling to East Malaysia, one will return
ures to strengthen the local shipping industry and an announcement (on the revamp) will empty and that is why per TEU (twenty-foot
and make it more competitive in the global be made soon,” said Ong. equivalent unit) container’s freight charges
arena. He said the ministry is also looking at ways from Port Klang to Hongkong is much
Transport Minister Datuk Seri Ong Tee to make the various ports in the country, es- cheaper than from Port Klang to Sabah or
Keat said the new measures include revamp- pecially in East Malaysia, more productive. Sarawak.
ing the various port councils in the country “I will also announce the ministry’s plan Ong also said many people blamed the
and the setting up of an admiralty court to for Kuantan Port in due time,” he said, refer- pricing of goods in East Malaysia on the
settle maritime disputes. ring to initiatives to make the port a gateway cabotage policy, when in actual case, it was
“We are taking the necessary steps to for vessels plying the South China Sea route. otherwise.
ensure our shipping industry moves in the Ong said the liberalisation of the cabotage “The price of goods in East Malaysia de-
correct direction,” said Ong, after a media policy is expected to make local shipping pends on several other factors such as inland
briefing on the liberalisation of the cabotage companies more competitive and address the transportation and handling charges, as well
policy recently. Peninsular-East Malaysia trade imbalance. as several layers of distribution. Shipping is
Ong said the Ministry is working with Effective June 3, the ministry has relaxed only one of the cost elements,” he said.
the Bar Council to set up the admiralty court the cabotage policy to allow foreign vessels He said the new measures and the re-
to deal with maritime matters, navigational to carry containerised transshipment cargo laxation of the cabotage policy is meant to
rights and jurisdiction over coastal waters. between Peninsular and East Malaysia. improve Malaysia’s maritime industry in line
“The admiralty court is an important step The ports involved are Sapangar Bay Con- with the national port hubbing policy.

Public Bank and ING launches


PB-ING Asian Jewels Plan
KUALA LUMPUR: Public Bank Ber- nominal amount, 100% of premium fering good prospects 13 to Aug 3.
had and ING Insurance Berhad (ING) paid, if the plan is held to maturity. of growth for our Entry age is
launched the PB-ING Asian Jewels “The PB-ING Asian Jewels Plan customers,” he said. from 30 days
Plan in an effort to strengthen their invests up to 97% of the premium President and CEO to 70 years old;
10-year strategic regional alliance paid into an Australian dollar de- of ING Insurance Ber- however the
and provide more value-added nominated financial instrument had, Datuk Dr Nirmala minimum age
products to customers. that links to the China, Hongkong, Menon said, “We are very confident of the policy owner is 18 years old
It is a five-year single premium Korea, India and Taiwan indices to with the PB-ING Asian Jewels Plan. and the minimum single premium
unit-linked plan specially designed generate potential returns,” said Australia generally has a steady is RM30,000.
to enable customers to invest in managing director of Public Bank, economy despite the downturn Although the plan will be on
selected Asian markets and ben- Tan Sri Tay Ah Lek. and we expect the currency to be offer for only a limited period, both
efit from the potential recovery of He said the five Asian markets stable in the near future.” Public Bank and ING are positive
these markets. were chosen as Public Bank and “All Public Bank and ING cus- that the launch of this new plan will
The prime benefit of the plan ING believe these markets will play tomers should take advantage of be well received.
is that at the end of each year of an important role in the current the dip in the current stock markets The plan also offers insurance
the policy, the fund will lock in the economy today. to buy while it’s low and when the coverage against death and total
returns of the highest performing “Despite the current economic economic situation improves, ben- and permanent disablement.
market. turmoil, we expect strong recovery efit from the appreciation in value,” PB-ING Asian Jewels Plan is ex-
The plan will pay a fixed annual in these regions, especially China added Nirmala. clusively distributed by Public Bank
coupon at the end of the first four and India which are forecast to The PB-ING Asian Jewels Plan is and underwritten by ING. Custom-
years of the policy and customers make quick recovery compared open for subscription and invest- ers can purchase this plan from any
will get a return in Australian dollar with countries in the West, thus of- ment for a 22-day period from July Public Bank branches nationwide.

MASkargo sees
turnaround in
volume next year
BINTULU: Malaysia Airlines Cargo Sdn
Bhd (MASkargo) sees a turnaround of its
cargo volume in the second half of 2010 in
line with the recovery of global economic
conditions.
Its general manager of business de-
velopment and sales (cargo), Mohd Yunus
Idris, said the company saw a 28% contrac-
tion in cargo volume in the first half year of
2009 against the same period last year.
Demand from its main market, China,
fell by more than 30%, he said.
“We see light at the end of the tunnel.
We see some flattening at the bottom.
There is not really a jump yet but we’ve
seen the bottom flattened,” he told a
group of reporters at the Bintulu Airport
yesterday.
MASkargo, the air cargo division of
Malaysian Airlines, is now looking into ag-
gressively marketing its charter services,
Mohd Yunus said.
On another development, Mohd Yunus
said that MASkargo had secured a fifth
freedom flight to Indonesia.
“What actually happened is we are
allowed to uplift cargo from Australia and
discharge them in Jakarta and at the same
time, we uplift cargo from Jakarta. This
goes together with the passengers.”