📰 ALPS Global News – Morning Update (March 14, 2025)
Welcome to ALPS Global News, bringing you the latest updates from Malaysia, the international market, and Asia. Here are today’s top stories:
🇲🇾 Malaysia: Gig Workers Bill to Enforce Mandatory Socso Contributions
The Ministry of Human Resources is taking steps to enforce the Gig Workers Bill, making it mandatory for gig workers such as freelancers, delivery riders, and e-hailing drivers to contribute to the Social Security Organisation (Socso). Currently, only 26% of Malaysia’s 1.16 million gig workers contribute voluntarily under the Self-Employment Social Security Scheme (SKSPS). The government aims to enhance financial security for these workers and ensure companies comply with the automated contribution system. The bill is expected to be tabled in the next parliamentary session in June.
🌍 International: Gold Prices Set to Surge to US$3,500 per Ounce in Q3
Macquarie analysts predict that gold prices could soar to US$3,500 per ounce by the third quarter of 2025. The surge is attributed to increasing inflation concerns, geopolitical uncertainties, and market volatility. With global investors seeking safe-haven assets, gold demand has been rising steadily. Economic policies, particularly US trade tariffs and ongoing supply chain disruptions, could further drive up gold prices in the coming months. Financial experts advise investors to keep a close eye on the precious metals market as uncertainty in the global economy persists.
🇸🇬 Asia: Singapore Investigates US$390 Million Tech Fraud Case
Singapore prosecutors have launched an investigation into a US$390 million fraud case involving Singapore-based firms supplying US servers to Malaysia under false pretenses. The case is suspected to be linked to the illegal transfer of Nvidia AI chips, which are subject to US export controls. Authorities are probing whether these chips were illegally supplied to Chinese AI firm DeepSeek, which made headlines in January for its breakthrough AI model. The US government has also stepped in to monitor the situation, as high-end semiconductor exports remain a key issue in global trade regulations. The suspects, including two Singaporeans and one Chinese national, are set to appear in court on May 2, 2025.
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