Ecotrade Group Advocates Better Regulations to Fight Catalytic Converter Theft – Yahoo Finance

NEGERI SEMBILAN, Malaysia, Feb. 10, 2022 /PRNewswire/ — Ecotrade, the leading recycler of catalytic converters in south-east Asia including Malaysia, would like to see the Malaysian authorities introduce new measures that would deter the theft of catalytic converters from roadworthy vehicles.
This criminal activity has been rife in the USA and some Western European countries for several years, but is now expanding in Malaysia, where there is currently little legislation to prove ownership of catalytic converters, thus making it simple for thieves to sell them on.
Catalytic converters are fitted to virtually all vehicles across the globe in order to comply with increasingly tight legislation on fuel emissions. Each contains a small, yet valuable, quantity of the precious metals, platinum, palladium, and rhodium (platinum group metals), that act as the catalysts in the conversion of noxious gases to less harmful emissions. Demand for the precious metals has increased enormously this century and the recycling of scrap catalysts has become a sizable and profitable industry, also playing an important environmental role in the recovery of the rare precious metals. Now, though, some criminal enterprises are profiting from the demand for "old" catalytic converters by removing them from roadworthy vehicles.
The reasons behind this increase in catalytic converter theft in Malaysia are many: –
– the increased usage of the platinum group metals, together with reduced output from South African mines due to the impact of the coronavirus pandemic, has led to a surge in market prices, particularly over the past 2 years. This in turn has led to a rise in the value of scrap catalysts which can be worth up to 2,000 Ringgits (c. USD 480) each.
– the COVID-19 pandemic has also led to increased levels of unemployment, and some, in desperation, have turned to criminal activity to survive. It takes no more than an electric saw and a couple of minutes to remove a catalytic converter from its vehicle, minimizing the risk of capture.
– few, if any, security measures are taken by car owners to protect catalytic converters, making the task simpler. As well, an abundance of street parking with minimal CCTV coverage makes it less likely for thieves getting caught.
Whist the authorities recognize the growing problem, a lack of legislation specific to the theft of catalytic converters has led to unfortunate occurrences where innocent employees of professional and honest operators have been detained. Ecotrade, for example, has seen members of its management team detained on three separate occasions over the past 18 months for no specific reason, and later released without charge.
The company has built its longstanding success on an honest and transparent reputation and has developed stringent "Know Your Customer" (KYC) rules to ensure it only deals with reputable traders. It applauds the focus by the authorities on stamping out the theft of catalytic converters but believes that the Malaysian authorities should commit to three simple measures that would go a long way towards deterring criminal activity: –
– make it a compulsory legal requirement that all sellers must be registered professionals in the automotive industry.
– make it a compulsory legal requirement that all buyers and recycling companies must hold a specific license to operate in the scrap catalytic converter industry.
– forbid all cash transactions throughout the industry.
These steps would substantially reduce the opportunity for the theft of catalysts; once the thieves realize that there is no market for their ill-gotten gains, the activity would disappear. At the same time, it would demonstrate a commitment to environmental sustainability – the recovery of platinum, palladium and rhodium from the properly managed recycling of scrap catalytic converters reduces the invasive mining of these increasingly rare commodities.
The authorities need to ensure that the war against catalytic converter theft is carried out by implementing appropriate laws, rather than by blindly and unfairly prosecuting reputable companies. This would then allow these companies to operate in a safe and positive environment, for the good of all law-abiding members of the industry.
SOURCE Ecotrade Group
Shares of hydrogen fuel-cell pioneer Plug Power (NASDAQ: PLUG) sold off in early Tuesday trading, falling 3.4% through 10:05 a.m. ET on news that a tiny rival may have a big advantage over the company. As Reuters reported this morning, Canadian penny-stock company Loop Energy — which, according to S&P Global Market Intelligence, has been in business nearly as long as Plug Power — now has a fuel-cell technology that delivers "better fuel economy than a diesel engine" at prices better than what Plug Power can beat.
The ‘70s are coming back in a big way, and while that’s not so bad in fashion or in music, it’s safe to say that no one really wants that ‘70s economy back. That was the decade that brought stagflation, a nasty mix of high inflation, increasing unemployment, and stagnant job growth. Economists had long thought that combo impossible, but the economic mismanagement of the Carter Administration proved them wrong. At least one top economist, Mohamed El-Erian from Allianz, sees a stagflationary perio
Yahoo Finance Live anchors discuss JPMorgan initiating coverage of Luminar, Innoviz, Cepton, and Velodyne.
Ford Motor (NYSE: F) shares drove into a ditch Tuesday after the automaker warned supply chain problems would eat into current-quarter results. Ford is hardly alone in warning about the impact of a challenging global economy, and the automaker remains confident the problems are temporary. Ford is currently navigating a difficult stretch of highway.
Ignore Buffett's wisdom? Maybe just this once.
In this article, we will look at the 10 stocks that can crash after the Federal Reserve’s latest rate hike. If you want to explore similar stocks, you can also take a look at These 5 Stocks Can Crash After Federal Reserve’s Latest Rate Hike. Inflation Rose 8.3% in August In August 2022, the all […]
These pharma giants are ideal for long-term investors because of their consistent growth and above-average dividend yields.
Yahoo Finance Live’s Julie Hyman breaks down how stocks are trading as Fed meeting gets underway.
Yahoo Finance Live anchors discuss the Ford stock dropping premarket after the automaker warned on third-quarter supplier costs.
The news sent the shares sharply higher in premarket trading, but they had lost those gains, and more, by early afternoon.
Ford Motor has just said that the supply-chain problems hobbling many companies, but particularly vehicle manufacturers, are far from being resolved. Russia's Feb. 24 invasion of Ukraine sent raw-materials prices soaring, which increased costs and sourcing difficult, particularly for electric vehicles. All this now seems like a mirage because Ford just said that the vehicles that it has partly manufactured currently numbers between 40,000 and 45,000.
Analysts at the mutual fund giant Vanguard estimate the likelihood that the U.S. will drop into a full-blown recession sometime during the next 12 months at 25%, and some time during the next 24 months at 65%. The Vanguard analysts … Continue reading → The post Vanguard Says There's a 65% Chance of a Recession – Here's What to Do appeared first on SmartAsset Blog.
In this article, we discuss the 10 long-term stocks to buy according to billionaire Mario Gabelli. If you want to read about some more stocks in the Gabelli portfolio, go directly to 5 Long-Term Stocks to Buy According to Billionaire Mario Gabelli. The investing acumen of legendary value investors like Mario Gabelli of GAMCO Investors […]
This passive-income powerhouse offers a nearly 15% yield and is slated to split its shares in less than a week.
Rumor has it that Intel's (NASDAQ: INTC) Arc lineup of video gaming GPUs (graphics processing units) is already being nixed — just a handful of years after originally being announced and long before any of these dedicated graphics cards ever really took root in the market. For sure, it's just a rumor, and Intel has subsequently defended its Arc gaming lineup as safe. Before I go into what I think all this means for the company (and the stock), I first want it known that I'm certainly not rooting against Intel.
Wall Street analysts are usually a pretty optimistic bunch. So, when they tell you to sell some S&P 500 stocks, listen.
Devon Energy (DVN) closed at $65.90 in the latest trading session, marking a -1.38% move from the prior day.
There's big money in waiting to collect Social Security, but most U.S. seniors leave that cash on the table.
Since inflation data for August came in hotter than expected last week, investors have been on edge. Despite the pain, the worst still may be to come, with the Federal Reserve's September meeting kicking off today and wrapping up tomorrow. Here's how the Fed could crush the stock market tomorrow and also why you shouldn't panic.
Chinese regulators’ official media outlet said the meeting signaled progress in recertifying the jet after accidents in 2018 and 2019.


Leave a Comment