The Malaysian Pulse
Beat of the Nation
Sat, 11 Jul 2020, 8:57 AM
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Stocks advance on hopes for virus treatment, EU deal
NEW YORK, July 11 — US and European stocks advanced yesterday on optimism over the chances of an EU economic stimulus plan and fresh hopes for coronavirus treatments.
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US unveils tariffs on France over tech tax but delays collection
WASHINGTON, July 11 — The United States yesterday unveiled heavy import duties on France in retaliation for the country’s tax on American tech giants, but will hold off on collecting the fees to a...
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Singapore's ruling PAP cedes ground to opposition in pandemic poll
SINGAPORE: Singapore's ruling People's Action Party (PAP) extended its unbroken rule in Friday's election, but its vote share slipped near a record low as opposition parties made historic inroads in a ballot held under the cloud of the COVID-19 pandemic
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Amazon.com bans, then un-bans TikTok app from employee mobile devices
NEW YORK: In the span of a few hours on Friday, Amazon.com Inc banned and then unbanned the TikTok video sharing app from employee mobile devices, calling the move a mistake
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Oil rises as International Energy Agency boosts demand forecast
NEW YORK: Oil prices climbed more than 2% on Friday after the International Energy Agency (IEA) bumped up its 2020 demand forecast but record-breaking new coronavirus cases in the United States tempered expectations for a fast recovery in fuel consumption.
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Time to restrategise
Hit hard by the pandemic, service industries in Asia-Pacific countries explore novel models for survival under the ‘new normal’
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Hotel sector on path to recovery
THE Malaysian hotel sector, which was on the brink of collapse as a result of the Covid-19 pandemic, is slowly making inroads to recovery.
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Global Forex Market
THE US dollar depreciated by 0.49% to 97.60 due to resurgent coronavirus infections in the US, and the prospect of improving growth abroad, souring investors’ appeal on the dollar.
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JPMorgan drops accounts that become bad news for Deutsche Bank
THE trio of clients that got Deutsche Bank AG in regulatory trouble this week had a shared back story: They were all castoffs of JPMorgan Chase and Co.
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Tech seen unaffected by pandemic
Sector is at a multi-year high
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Analysts recommend selective buying amid volatility and uncertainties
STOCKS have started the second half of 2020 in a strong position after a volatile period in the first half of the year.
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New York luxury condo developer tries hand at REIT investing
A DEVELOPER of some of Manhattan’s newest ultra-luxury condos has started a more down-to-earth project: a fund investing in real estate companies that appear undervalued.
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Labour concerns in a digital age
COMPANIES are forced to adapt to the new norm of conducting business, expediting the use of digital at a rate faster than before to address the challenges of revenue declines and shrinking profits.
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Getting back to normal
AirAsia sees digital intiatives reaping big rewards
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Accelerating digital transformation
ONE of the jokes that made the rounds back in March was a multiple-choice question asking, who’s the leading force in workplace digital transformation? The punchline was that it was neither the CEO or the CTO, but a third ‘C’ – Covid-19.
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Short Position - Speculation vs Manipulation
WHEN the stock market gets red hot, the urge to have news of what companies are doing to improve their business is desired.
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Most economists see BoJ holding fire for rest of the year
MOST economists expect the Bank of Japan (BoJ) to leave its main policy settings unchanged at next week’s meeting and through the rest of the year.
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Odds slowly turning in favour of Genting
THE reopening of Genting Malaysia Bhd’s flagship Resorts World Genting (RWG) some three weeks ago has received good response from patrons, a sign that the gaming company is on the road to recovery, albeit early days.
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US$ slides as vaccine news offsets surge in virus cases
NEW YORK: The US dollar slipped on Friday, as its safe-haven allure diminished, on hopes of a potential vaccine for the novel coronavirus that outweighed concerns about the surge in infections in the United States and around the world.
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Wall Street jumps with financials
NEW YORK: U.S. stocks rose on Friday as a positive analysis on Gilead Sciences Inc's antiviral drug to treat COVID-19 helped to soothe investor worries over a record rise in coronavirus cases in the United States, and as financial shares surged.
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'Malaysia Prihatin' is theme for 2020 National Day celebrations
KUCHING (July 10): ‘Malaysia Prihatin’ (Malaysia Cares) has been chosen as the theme for this year’s National Day and Malaysia Day celebrations, said Communications and Multimedia Minister Datuk...
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FINAS to fine-tune terms in compulsory screening scheme
KUCHING (July 10): The National Film Development Corporation Malaysia (FINAS) is making amendments to the Compulsory Screening Scheme, which includes having distributors provide movie revenue collecti...
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Abd Latiff's statement not reflective of Bersatu stand - Ismail Sabri
KOTA KINABALU (July 10): UMNO vice-president Datuk Seri Ismail Sabri Yaakob said today that Rural Development Minister Datuk Dr Abd Latiff Ahmad's statement belittling Sabah UMNO was his personal opin...
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Penang hotel occupancy rates expected to be boosted by September - MAH
GEORGE TOWN (July 10): Occupancy rates for Penang hotels are expected to receive a boost by September this year, chairman of Malaysian Association of Hotels (MAH) Penang Chapter Khoo Boo Lim said toda...
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Sibu to host Malaysia Day 2020 celebration
KUCHING (July 10): Sibu town will be host of the Malaysia Day celebration on Sept 16 this year, Communications and Multimedia Minister Datuk Saifuddin Abdullah said today.
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Haniza Talha no longer State Exco member from today - Selangor MB
SHAH ALAM (July 10): Today was Haniza Mohamed Talha’s last day of service as Selangor Housing and Urban Living Committee Chairman, Menteri Besar Datuk Seri Amirudin Shari said.
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Sapura Energy, Mesiniaga, Matrix Concepts, Supercomnet, Sime Darby Plantation,...
KUALA LUMPUR (July 10): Based on corporate announcements and news flow today, stocks in focus next Monday may include Sapura Energy Bhd, Mesiniaga Bhd, Matrix Concepts Holdings Bhd, Supercomnet Techno...
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Khee San triggers PN17 criteria, but won't be clasified due to Bursa relief...
KUALA LUMPUR (July 10): Khee San Bhd has triggered the prescribed criteria for Practice Note 17 (PN17) under Bursa Malaysia's Main Market Listing Requirements, after it has defaulted on its payments t...
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Anzo's largest shareholder pares stake after share price surge
KUALA LUMPUR (July 10): CSTME Resource Sdn Bhd has exited Anzo Holdings Bhd's substantial shareholders list after a short three-week stint as its largest shareholder.
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Stocks in wait-and-see mode ahead of earnings season
LONDON, July 10 — Global stocks and oil prices were steady today as investors eyed rising coronavirus infection rates and awaited next week’s corporate earnings reports.
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PDZ says unaware of reason behind share price, volume spikes
KUALA LUMPUR (July 10): PDZ Holdings Bhd, which received an unusual market activity (UMA) query from Bursa Malaysia today, says it is not aware of any reason that could explain the sharp rise in its s...
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MPOCC, MPOB set to boost MSPO certification among independent smallholders
KUALA LUMPUR (July 10): The Malaysian Palm Oil Certification Council (MPOCC) and the Malaysian Palm Oil Board (MPOB) have established a special committee with the aim of boosting the Malaysian Sustain...
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Deepak fails to get interim injunction against Boustead
KUALA LUMPUR (July 10): The High Court today dismissed businessman Deepak Jaikishan's application for an interim injunction to bar Boustead Holdings Bhd and five others from engaging in any dealings c...
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Govt willing to consider business community's additional needs - Azmin
KUALA LUMPUR (July 10): The Government is always prepared to consider requests from the business community affected by the COVID-19 pandemic, including the need for wage subsidy, said International Tr...
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Ho Hup to raise up to RM82.47m via renounceable rights issue with free warrants
KUALA LUMPUR (July 10): Ho Hup Construction Company Bhd is planning to raise up to RM82.47 million via a renounceable rights issue of redeemable preference shares (RPS) with free detachable warrants t...
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MyHSR reappoints Mohd Nur Ismal as CEO, effective today
KUALA LUMPUR, July 10 — Datuk Mohd Nur Ismal Kamal has returned to MyHSR Corporation Sdn Bhd following his reappointment as its chief executive officer, effective today.
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Bina Puri to raise up to RM9m via private placement
KUALA LUMPUR (July 10): Bina Puri Holdings Bhd plans to place out new shares — up to 10% of its enlarged issued share capital — to independent third-party investors to be identified later, to rais...
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EVENING 5: Five things you need to know today
Dirty dealings. Corporate battles.
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RON95, RON97 up seven sen, diesel up three sen per litre
KUALA LUMPUR (July 10): The retail prices of RON95 and RON97 petrol will go up by seven sen to RM1.72 and RM2.02 per litre respectively while that of diesel will increase by three sen to RM1.87 per li...
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Competitions for non-contact sports without audience allowed beginning July 15
PUTRAJAYA (July 10): The hosting of local tournaments and championships for non-contact sports without an audience will be allowed beginning July 15, says Senior Minister (Security Cluster) Datuk Seri...
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SC and Bursa Malaysia temporarily revise market circuit breaker rules and price...
KUALA LUMPUR (July 10): Securities Commission Malaysia (SC) and Bursa Malaysia Bhd will temporarily revise the rulings on circuit breaker (CB) guidelines for the FBM KLCI index as well as static and d...
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Govt allocates RM200m to increase fresh milk production
KENINGAU, July 10 — The government allocates RM200 million in an effort to increase fresh milk production in the country, said Deputy Agriculture and Food Industry Minister Datuk Che Abdullah Mat Na...
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CJ: Report misconduct by judges to MACC instead of posting on social media
PUTRAJAYA (July 10): Chief Justice Tan Sri Tengku Maimun Tuan Mat urged those who accuse judges of misconduct to lodge a report with the Malaysian Anti-Corruption Commission (MACC) instead of make com...
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Inix Technologies shareholders holding over 10% stake request for AGM to remove...
KUALA LUMPUR (July 10): ACE Market-listed Inix Technologies Holdings Bhd has received an annual general meeting (AGM) requisition from its shareholders to remove its non-independent and non-executive ...
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Ho Hup plans rights issue to raise cash
KUALA LUMPUR: Ho Hup Construction Company Bhd is planning to raise at least RM50mil by selling new rights shares with free warrants.
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Tourism Malaysia: Tourist arrivals fell 36.8% to 4.23m in 1Q from a year ago
KUALA LUMPUR (July 10): Tourist arrivals fell 36.8% to 4.23 million for the first quarter of 2020 (1Q) from the same period in 2019, according to statistics from Tourism Malaysia.
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KLCI bucks regional trend to close higher on continuing strong gains by glove...
KUALA LUMPUR (July 10): The FBM KLCI bucked the regional trend to close 0.54% higher today, mainly on further gains recorded by glove makers Top Glove Corp Bhd and Hartalega Holdings Bhd.
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COVID-19: Malaysia records 13 new cases, nine involving Malaysians
KUALA LUMPUR (July 10): Malaysia’s new COVID-19 cases rose to 13 today, of which eight were imported cases while five were local transmissions.
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Malaysia’s latest industrial output reading heralds sharp 2Q GDP contraction
KUALA LUMPUR (July 10): Malaysia’s economy, as measured by gross domestic product (GDP), could have contracted sharply by over 10% in the second quarter of 2020 (2Q20) from a year earlier, analysts ...
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Ringgit eases against US dollar at close
KUALA LUMPUR, July 10 — The ringgit ended lower against the US dollar on lack of buying interest amidst a surge in Covid-19 cases in the United States (US), said an analyst.
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Indonesian e-tailer Bukalapak turns street sellers into banking agents
SINGAPORE, July 10 — Indonesian startup Bukalapak, backed by Chinese fintech Ant Group, aims to turn the mom-and-pop stores that use its B2B e-commerce platform into banking agents through a partner...
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Luxchem soars on spillover support from bullish sentiment seen in glove stocks
KUALA LUMPUR (July 10): Luxchem Corp Bhd shares surged as much as 16.78% today as the bullish sentiment from glove stocks spilled over to the counter.
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Covid-19: Malaysia records 13 new Covid-19 cases, nine involving citizens
Covid-19: Malaysia records 13 new Covid-19 cases, nine involving citizens
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Dr M will attempt vote of no-confidence against Muhyiddin at Parliament again...
KUALA LUMPUR (July 10): Tun Dr Mahathir Mohamad said he, together with five former Parti Pribumi Bersatu Malaysia members aligned with him, will again propose a motion of vote of no confidence against...
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Bursa Malaysia recoups earlier losses to end at intraday high
KUALA LUMPUR, July 10 — Bursa Malaysia bucked the regional trend after recouping earlier losses to end at its intraday high, lifted by persistent buying in glove makers’ stocks, dealers said.
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Supermax top gainer as Top Glove, Hartalega lift KLCI
KUALA LUMPUR: Supermax closed at a fresh high on Friday as investors chased up the stock while the FBM KLCI was boosted by Top Glove and Hartalega due to the continued increase in Covid-19 infections globally.
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MyHSR reappoints Mohd Nur Ismal Kamal as CEO, confirms The Edge report
MyHSR reappoints Mohd Nur Ismal Kamal as CEO, confirms The Edge report
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Malaysia Airlines, Japan Airlines announce partnership for KL-Tokyo flights
KUALA LUMPUR (July 10): Malaysia Airlines and Japan Airlines have announced a joint business partnership, offering customers more choices on flights between Malaysia and Japan.
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Asian markets tumble as infection rates jump
HONG KONG, July 10 — Asian markets sank today as rising virus infection rates across the world put the brakes on the latest rally.
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Another record US virus count curbs risk appetite
LONDON: World stocks and oil prices were faltering on Friday as record-setting new coronavirus cases in several U.S. states led to worries that more lockdowns may be necessary, making a quick economic recovery unlikely.
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Govt focusing on reviving the economy within a year — Azmin
KUALA LUMPUR (July 10): The government is focusing its efforts to revive the economy within a year, said Senior Minister cum Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali.
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Mesiniaga bags RM10.6m maintenance contract from KDN
KUALA LUMPUR (July 10): Mesiniaga Bhd has won a maintenance contract worth RM10.6 million from the Ministry of Home Affairs (KDN). The contract involves comprehensive maintenance services of hardware ...
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Six sentenced to death for murder of Kevin Morais
KUALA LUMPUR (July 10): Six men charged with the murder of deputy public prosecutor Datuk Anthony Kevin Morais were handed the death sentence today by the High Court.
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Bursa Malaysia remains negative at mid-afternoon
KUALA LUMPUR, July 10 ― Bursa Malaysia remained in the negative zone at mid-afternoon today, weighed by profit-taking in selected heavyweights led by Tenaga and Petronas Chemicals (PChem). Tenaga an...
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Vietnam says 31 million workers impacted by pandemic, risk of rising unemployment
HANOI, July 10 ― The economic fallout from the Covid-19 pandemic has negatively impacted about 31 million workers in Vietnam, with 900,000 out of work and nearly 18 million people receiving less inc...
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Matrix Concepts targets RM1.1b property sales for FY21
SEREMBAN (July 10): Property developer Matrix Concepts Holdings Bhd said today it is confident of surpassing its sales target of RM1.1 billion the current financial year ending March 31, 2021 (FY21), ...
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Malaysia's palm oil stock falls 6.33% to 1.9 million tonnes in June 2020
KUALA LUMPUR (July 10): Malaysia's total palm oil stock decreased by 6.33% month-on-month (m-o-m) to 1.9 million tonnes in June 2020 from 2.03 million tonnes in May 2020, the Malaysian Palm Oil Board ...
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Muji's U.S. business seeks bankruptcy protection over coronavirus
TOKYO: The U.S. subsidiary of minimalist lifestyle brand Muji filed for Chapter 11 bankruptcy protection, its Japanese owner Ryohin Keikaku Co said on Friday.
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China state funds start selling in warning sign for stock rally
CHINA acted to cool the speculative frenzy in its US$9.5 trillion stock market, snapping a euphoric eight-day surge that had fueled worries of a new equity bubble in the making.
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China auto sales up 11.6% in June, third straight rise after almost 2-yr slump
BEIJING/SHANGHAI: China's auto sales in June rose 11.6% from a year earlier, industry data showed on Friday, for a third consecutive month of increase as the world's biggest vehicle market comes off lows hit during coronavirus lockdowns.
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Prosecution seeks stay of decision on forfeiture of RM1.59m belonging to Johor...
KUALA LUMPUR (July 10): The Malaysian Anti-Corruption Commission (MACC) has sought a stay of the High Court’s decision in dismissing its application to forfeit RM1.59 million that was seized from Ja...
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Covid-19 weekly round-up: Zero local transmission in Malaysia
This is a round-up of Covid-19 related matters in Malaysia and globally from July 4 up to 12.30pm today.
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Censof, Gunung, Ta Win, Texchem, Daya Materials, DNeX, Luxchem, Oversea,...
KUALA LUMPUR (July 10): theedgemarkets.com highlighted 13 stocks with momentum at Bursa Malaysia’s afternoon close today.
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High Court dismisses MACC’s RM3m 1MDB-linked forfeiture suit against IT company
KUALA LUMPUR (July 10): The High Court here has today dismissed the Malaysian Anti-Corruption Commission's (MACC) RM3 million forfeiture suit against AGA Touch (M) Sdn Bhd, because the prosecution fai...
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‘Poor man’s oil’ image seen ruining sales in top palm market
NEW DELHI (July 10): As the highest ranks of the world’s palm oil industry gathered in a virtual conference last month, it became clear they were anxious about the same issue: The oil has a severe i...
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SapuraOMV, partners report positive result in Toutouwai-1 exploration well
KUALA LUMPUR (July 10): Sapura Energy Bhd announced today that its associate company SapuraOMV Upstream Sdn Bhd, together with its joint venture partners Mitsui Exploration and Production Australia Pt...
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Mesiniaga accepts RM10.6mil maintenance contract from Home Affairs Ministry
KUALA LUMPUR: Mesiniaga Bhd has accepted a letter of award from the Home Affairs Ministry for the maintenance of hardware and software for the National Registration Department valued at RM10.6mil.
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Dollar peg is critical to Hong Kong amid US threats, China worries
HONG KONG: China's national security law for Hong Kong and moves by the United States to begin withdrawing privileges enjoyed by the city under U.S. law have unsettled investors.
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China stock rally pauses on stake cuts, US sanctions
SHANGHAI: Mainland China shares fell on Friday for the first time since June 29 on signs of renewed US-China tensions and after the country's state funds announced stake cuts in companies, a move that comes following a torrid bull run in the stock market.
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MCMC, SMA to collaborate on improving 4G broadband connectivity in Sarawak
KUCHING (July 10): The Malaysian Communications and Multimedia Commission (MCMC) will work closely with the Sarawak Multimedia Authority (SMA) to improve 4G broadband connectivity in the state.
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Supercomnet's latest product gets green light from US FDA
KUALA LUMPUR (July 10): Wire and cable maker Supercomnet Technologies Bhd said its latest catheter for cardiovascular use has been approved and is now listed on the US Food and Drug Administration (FD...
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Country’s economic recovery likely on agenda of Dewan Rakyat
KUALA LUMPUR (July 10): The Dewan Rakyat which will convene next Monday is likely to discuss Malaysia’s economic recovery and the charting of the country’s future as it slowly emerges from the Cov...
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RHB upgrades UEM Edgenta to 'buy' after new hospital contract wins
KUALA LUMPUR (July 10): RHB Research has upgraded its rating for UEM Edgenta Bhd to “buy” with a higher target price (TP) of RM2.75 from RM2.70. In a note today, RHB analyst Lester Siew said UEM ...
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RHB ups Yinson TP after planned sale of minority stake in unit to K Line
KUALA LUMPUR (July 10): RHB Investment Bank Bhd had today raised its Yinson Holdings Bhd share target price (TP) to RM7.77 from RM7.60 after the oil and gas support services provider announced yesterd...
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Malaysia’s poverty rate rises to 5.6% — chief statistician
KUALA LUMPUR (July 10): Malaysia’s poverty rate rose to 5.6% in 2019 from 0.4% in 2016, Department of Statistics Malaysia (DOSM) chief statistician Datuk Seri Dr Mohd Uzir Mahidin said today.
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HLIB Research trims S P Setia's target price to 87 sen, keeps 'hold' call on...
KUALA LUMPUR (July 10): Hong Leong Investment Bank (HLIB) Research lowered its target price for S P Setia Bhd to 87 sen from RM1 previously while maintaining its “hold” rating for the property dev...
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Bursa Malaysia stays negative at mid-morning
KUALA LUMPUR, July 10 ― Shares on Bursa Malaysia remained in the negative territory at mid-morning, weighed down by profit-taking in selected heavyweight stocks.
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KLCI seen slipping for second day as new US infections rise, oil falls
KUALA LUMPUR: Bursa Malaysia inched lower for a second day as the market paused for breath after an earlier rally took prices to a four-week high.
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China's aviation industry suffers US$4.9b loss in 2Q on Covid-19 jolt
BEIJING: China's aviation industry sank further into the red, losing 34.25 billion yuan ($4.89 billion) in the second quarter, only slightly narrower than in the first quarter, underlining the colossal financial impact from the coronavirus pandemic.
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China Bohai Bank raises $1.78b in Hong Kong IPO
HONG KONG: China Bohai Bank has raised $1.78 billion after pricing its shares at HK$4.80 as it carried out the largest initial public offering in Hong Kong so far in 2020, two sources with direct knowledge of the matter said.
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Gold poised for 5th straight weekly rise on virus fears
BENGALURU: Gold was set for a fifth straight weekly gain on Friday as worries over a spike in U.S. coronavirus cases kept the safe-haven metal near the technical $1,800-per-ounce threshold.
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kkR to take over Goldman Sachs backed insurer Global Atlantic
NEW YORK: kkR & Co Inc said on Wednesday it would acquire Goldman Sachs-backed Global Atlantic Financial Group Ltd, making it the latest private equity firm to add an annuities and life insurance provider to its platform.
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my Say: Holding due process accountable
Amid the Black Lives Matter (BLM) protests in the US a few weeks ago, in the academia section of the Economics universe, University of Chicago professor Harald Uhlig set off a firestorm.
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RHB says Matrix Concepts has solid balance sheet to help weather headwinds,...
KUALA LUMPUR (July 10): RHB Research has maintained its “buy” rating for Matrix Concepts Holdings Bhd, with an unchanged target price (TP) of RM2.22. In a note today, analyst Loong Kok Wen said: ...
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Shares in three glove makers soar to new all-time highs
KUALA LUMPUR (July 10): Shares in three glove makers soared to new all-time highs in early trades today as Covid-19 infections continued to rise globally, with Mexico and South Africa recording the hi...
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HLIB Research raises target price for IJM Plantations to RM1.78, maintains 'buy...
KUALA LUMPUR (July 10): Hong Leong Investment Bank Research (HLIB Research) maintains its "buy" call for IJM Plantations Bhd (IJMP) with a slightly higher target price (TP) of RM1.78 from RM1.71 prev...
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S.Korea to hike tax on multiple home owners, top officials race to sell extra homes
SEOUL, July 10 ― South Korea said today it will further tighten property market rules and impose heavier taxes on multiple homeowners as more than 20 rounds of cooling measures introduced in the pas...
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Rio Tinto to close NZ aluminium smelter
Closure puts 1,000 jobs at risk, blow to power producers
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Schonfeld raises US$1bil for flagship hedge fund
NEW YORK: Schonfeld Strategic Advisors raised more than US$1bil for its flagship hedge fund, double expectations, attracting fresh money from new and existing investors following the March selloff, according to a person with knowledge of the matter.
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Europe’s next big rescue idea: Public stakes in small firms
FRANKFURT: European governments that frantically assembled plans to help their economies weather the coronavirus lockdowns are starting to focus on a cliff edge: how to prevent cascading bankruptcies ...
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World’s rich question high fees with wealth hitting US$74 trillion
PARIS: Even before this year’s market crash, the wealth-management industry’s richest clients were frustrated about fees.
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UK property sales tax cut targets mid-priced homes
But buyers worry recession could drive down property value
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Dubai business conditions improve as city emerges from lockdown
DUBAI: Business conditions in Dubai showed signs of picking up in June as the city reopens after a lockdown to contain the spread of the coronavirus
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Tesla close to making autonomous vehicles
SHANGHAI: Elon Musk’s Tesla Inc is “very close” to developing fully autonomous vehicles and could work out the basics of that technology as soon as this year, he said in a pre-recorded video played during the World AI Conference in Shanghai.
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Ringgit opens lower against US dollar
KUALA LUMPUR (July 10): The ringgit opened lower against the US dollar today, owing to sliding oil prices as a surge in new Covid-19 cases in the US dampened investors’ mood, said an analyst.
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UOB Kay Hian Research sees stock market consolidating in 3Q
KUALA LUMPUR: UOB Kay Hian Malaysia Research expects the stock market to move into a consolidation mode following a spectacular recovery into a bull territory from a global Covid-19 outbreak-induced bear market.
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CGS-CIMB Research retains overweight on tech manufacturers
KUALA LUMPUR: CGS-CIMB Equities Research reiterated its Overweight call on the tech manufacturing services sector as it still sees upside to valuations which have not fully priced in the steady recovery in sales and margins in CY20-21F.
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Quick take: Jadi slips on premium stationery venture
KUALA LUMPUR: Shares in Jadi Imaging Holdings Bhd fell over 7% in early trade Friday in active trade.
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Itochu makes US$5.4bil bid for rest of FamilyMart
TOKYO: Itochu Corp is seeking to take full control of convenience-store chain FamilyMart Co through a tender offer valued at as much as 580.9 billion yen (US$5.4bil). The Japanese trading company, w...
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Top Glove, Supermax, Kossan share prices spike to record high
Top Glove, Supermax, Kossan share prices spike to record high
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No reprieve for shares amid renewed concerns over Covid-19-driven shutdowns
KUALA LUMPUR (July 10): The FBM KLCI opened down today with Asian equity indices after US share gauges and crude oil prices ended lower in overnight trade.
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Tokyo stocks open lower on falls in US indices
TOKYO, July 10 ― Tokyo stocks opened lower today, with investors disheartened by falls in key US indices as markets weighed the impact from the spike in coronavirus cases in many US states.
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Challenging Trump on economy, Biden unveils US$700b recovery plan
WASHINGTON, July 10 ― Joe Biden unveiled a US$700 billion (RM2.98 trillion) plan yesterday to create millions of jobs and invest in new technologies in an aggressive challenge to President Donald Tr...
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Bursa Malaysia opens lower on weak Wall Street performance
KUALA LUMPUR, July 10 ― Bursa Malaysia opened lower today taking the cue from a weaker overnight performance of Wall Street.
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Ford says restrictions at Mexico plants 'not sustainable'
MEXICO CITY, July 10 ― Ford Motor Co yesterday said new staffing restrictions imposed on plants producing car parts in the Mexican state of Chihuahua were “not sustainable,” the latest sign US a...
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Public Bank, PetChem weigh on KLCI, Supermax call warrants surge
KUALA LUMPUR: Public Bank and Petronas Chemicals weighed on the FBM KLCI early Friday after the weaker overnight close on Wall Street added caution to key Asian markets. However, glove makers were top gainers, led by Supermax and its call warrants
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Kenanga keeps 'outperform' on Yinson, TP of RM7.10
KUALA LUMPUR: Kenanga Investment Bank Research views the Yinson Holdings Bhd's disposal of a minority stake in Marlim 2 FPSO to Kawasaki Kisen Kaisha Ltd (K Line) as "fair and justifiable".
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Quick take: UEM Edgenta shares up 6% on new contract
KUALA LUMPUR: Shares in UEM Edgenta Bhd rose over 6% in early trade after securing a hospital support services contract worth RM264mil.
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Trading ideas: UEM Edgenta, Matrix Concepts, Advance Synergy, Yinson, Destini, Insas
KUALA LUMPUR: JF Apex Research expects UEM Edgenta Bhd, Matrix Concepts Holdings Bhd, Advance Synergy Bhd, Yinson Holdings Bhd, Destini Bhd and Insas Bhd to be among the stocks to watch on Friday.
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Bleakest view on Japan’s regions in over a decade
TOKYO: The Bank of Japan (BoJ) cut its economic view for all of the country’s nine regions for the second straight quarter, the first such downgrade since Lehman Brothers collapsed in 2008, backing signs the economy could fall deeper into recession.
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Manila airport upgrade lures two groups
MANILA: Two groups are interested in upgrading the Philippines’ main airport in Manila after a consortium of tycoons said its 102 billion-peso (US$2.1bil) proposal was no longer bankable amid the pandemic.
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World top producer to rethink coconut trade
BANGKOK: Thailand, the world’s top producer of coconut milk, says it will enable retailers and consumers to trace coconuts back to their source to show whether monkeys have been used for harvesting.
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SupportLine
Supportline - Foundpac, Koronologi, Omesti,
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Digital transformation from a holistic perspective
KUALA LUMPUR: Digital transformation is frequently misconstrued in the eyes of some business leaders in the country in a bid to hoard complex technologies to be more advanced without solving operation...
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Lenders face US$9bil credit hit
SINGAPORE: When Credit Agricole SA and HSBC Holdings Plc issued a payment guarantee for a US$76.5mil fuel purchase from a Singapore trader in March, they unwittingly became the latest victims in a series of trade finance scandals that have led to more than US$9bil in potential losses for global lenders.
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FBM KLCI down 4.8 points at 1,578.45 at 9:01am
FBM KLCI down 4.8 points at 1,578.45 at 9:01am
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Dollar, safe-haven currencies buoyed by US Covid-19 anxiety
TOKYO, July 10 ― The dollar and other safe-haven currencies were well bid today after a surge in new coronavirus cases in the United States further undermined the case for a quick economic recovery.
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UK stocks mark worst day in two weeks on energy losses, virus fears
LONDON, July 10 ― London's FTSE 100 was weighed down by energy stocks yesterday as oil prices weakened and a rise in coronavirus cases in major global economies dented broader sentiment.
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European stocks slide as Wall Street hit by virus surge
FRANKFURT, July 10 ― European stocks closed sharply lower yesterday as Wall Street tumbled after another record surge in US coronavirus cases that raised fears of fresh lockdowns.
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Global stocks succumb to shutdown fears but China charges on
NEW YORK, July 10 ― Equity markets slid yesterday after US data raised worries about the economy's recovery and doused enthusiasm that drove a Chinese stock rally for an eighth straight day, while t...
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Recent sell-down presents buying opportunity in MAHB
KUALA LUMPUR: The recent sell-down in Malaysia Airports Holdings Bhd's (MAHB) shares has presented an opportunity to buy into the stock amid optimism in the yet-to-be-signed operating agreement (OA).
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Petronas to continue fine growth strategies
PETALING JAYA: Petroliam Nasional Bhd (Petronas) is determined to continue delivering operational excellence and growth strategies for 2020, despite projecting the year ahead to be fraught with numerous challenges arising from the Covid-19 outbreak.
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SSM’s decision on Omesti unit remains
PETALING JAYA: Suruhanjaya Syarikat Malaysia (SSM) has decided to maintain its decision to terminate the outsourcing agreement with Omesti Bhd’s subsidiary Formis Network Services Sdn Bhd for the supply, implementation, training, support and maintenance of the SSM’s core digital registry solution
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Industrial output rebounds in May as more industries resume
KUALA LUMPUR: The industrial production index (IPI) rebounded by 18.2% in May from a month ago as the government allowed more industries to resume operations under the movement control order, according to the Statistics Department, while economists expect further recovery in the months ahead.
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Insight - Six hours will decide India’s next digital winners
TIME will be the next frontier in India’s digital battlefield; dollars will follow the hours consumers spend online.
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‘Stay nimble in O&G trading’ advice
KUALA LUMPUR: When it comes to oil and gas stocks, Kenanga Investment Bank Research is not in favour of a bargain-hunting strategy, especially for long-term investors.
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Banks set aside more provisions in first-quarter
However, domestic loan growth is stable at 3.9% in May
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KPJ sees gradual recovery
Prospects of private healthcare seen promising
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OPR cut seen having little impact on Public Bank
KUALA LUMPUR: Maybank Investment Bank Research expects the recent overnight policy rate (OPR) cut to have minimal impact on Public Bank’s earnings while it also decides to retain its forecasts.
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Furloughs at US legacy airlines can help low-cost carriers like Southwest
THE US legacy airlines with lacklustre employee demand for early exit packages face large furloughs in the fall, signalling higher post-pandemic labour costs because union contracts require airlines to furlough in reverse order of seniority.
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Sustainable aviation fuel for recovery
KUALA LUMPUR: The International Air Transport Association (IATA) has called for the International Energy Agency (IEA) to prioritise investments in sustainable aviation fuel (SAF) to help power aviation’s contribution to the post-Covid-19 recovery.
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The week that was - rate cut
BANK Negara on Tuesday slashed its overnight policy rate (OPR) by 25 basis points to 1.75%, the lowest since the current interest rate framework was introduced in 2004
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Sin Line Tek to become Ta Win subsidiary
KUALA LUMPUR: Ta Win Holdings Bhd has proposed to acquire 1.74 million ordinary shares in Sin Line Tek Electronic Co Sdn Bhd (Sin Line Tek), which would add value and penetrate into the downstream segment of the copper rod and wire supply chain.
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Which are the 30 most sought-after stocks since April?
KUALA LUMPUR (July 10): The local share market, which saw a fresh record-high trading volume of 11.81 billion shares on Wednesday, continued to see strong trading interest yesterday, with 10.23 billio...
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Asian shares set to slip as Covid-19 concerns weigh
NEW YORK, July 10 ― Asian shares were set to open mostly lower today as record-breaking new coronavirus cases and deaths in several US states stoked concerns that new lockdowns could derail the econ...
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Dow, S&P 500 fall on fears over Covid-19 resurgence but Nasdaq ends at record high
NEW YORK, July 10 ― The S&P 500 and Dow dropped yesterday as investors worried about another round of business shutdowns to contain a surge in coronavirus cases and began to shift their focus to ear...
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Lighthizer: US to announce, but defer, retaliation over French digital tax
WASHINGTON, July 10 ― The Trump administration will announce actions against France over its digital services tax but will defer them while France defers tax collections from US technology firms, US...
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