The Malaysian Pulse
Beat of the Nation
Thu, 23 Jan 2020, 12:42 PM
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Petronas allocates 5% of capex for renewable energy: CEO
KUALA LUMPUR (Jan 23): State-owned Petroliam Nasional Bhd (Petronas) will apportion 5% of its capital expenditure (capex) for renewable energy.
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KLCI falls 0.26% as flu-like virus keeps regional markets on tenterhooks
KUALA LUMPUR (Jan 23): The FBM KLCI fell 0.26% at mid-morning today, tracking regional markets and US stock futures, as the anxiety over the flu-like virus in China kept investors on tenterhooks.
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Bargain hunters eye Malaysian assets after a terrible 2019
KUALA LUMPUR (Jan 23): Investors are going bargain hunting in Malaysia as they expect government policy changes to start bearing fruit.
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Former Malaysia Airlines MD Abdul Aziz dies
KUALA LUMPUR (Jan 23): Former Malaysia Airlines Bhd managing director Tan Sri Dr Abdul Aziz Abdul Rahman died shortly before midnight yesterday.
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EU auto market set for first drop in seven years, say carmakers
PARIS, Jan 23 ― European new car sales are forecast to fall by two per cent in 2020, their first drop in seven years, the industry trade association said yesterday as it urged governments to aid a t...
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PG&E strikes deal with creditors over restructuring
LOS ANGELES, Jan 23 ― Bankrupt California power producer PG&E Corp said yesterday it had reached a deal on its restructuring with creditors, who were pushing for a rival plan.
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Garuda gets new CEO
Jakarta: Garuda Indonesia picked former telecom executive Irfan Setiaputra as its new president director, after the airline’s previous chief executive was fired for allegedly smuggling a classic Harley-Davidson motorcycle on a flight to Jakarta.
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Scientex 'buy', PPB 'hold', Prestariang 'sell', Hartalega 'outperform'
HE 7% share price retracement from Scientex’s recent peak provides an excellent opportunity to accumulate, according to UOB Kay Hian Research.
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Economists run numbers on China as virus spreads
SYDNEY: China’s fragile economic stabilisation could be at risk if authorities fail to contain the new virus currently sweeping across Asia, economists have warned.
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Kim Teck Cheong jumps 16% on getting exclusive right to use Gardenia trademark...
KUALA LUMPUR (Jan 23): Shares in Kim Teck Cheong Consolidated Bhd (KTC) jumped 16.13% this morning after the firm said it had obtained the exclusive right to use the Gardenia trademark in Sabah, Saraw...
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MIDF Research lowers target price for Digi to RM4.30
KUALA LUMPUR (Jan 23): MIDF Amanah Investment Bank Bhd Research has maintained “Neutral” on Digi.Com Bhd at RM4.51 with a lower target price (TP) of RM4.30 (previously RM4.93). In a note today, MI...
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Ringgit opens almost flat against greenback
KUALA LUMPUR (Jan 23): The ringgit opened almost flat today after Bank Negara Malaysia’s (BNM) Monetary Policy Committee slashed the overnight policy rate (OPR) to 2.75 per cent from 3.0 per cent as...
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KESM rises 2.48% on positive technical outlook
KUALA LUMPUR (Jan 23): Shares in KESM Industries Bhd rose 2.48% this morning following a positive technical outlook.
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KLCI extends loss as index-linked stocks weigh in line with tentative regional...
KUALA LUMPUR (Jan 23): The FBM KLCI extended its losses this morning, tracking tentative regional markets, as the local bourse was weighed by select index-linked stocks including Press Metal Aluminium...
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Bursa Malaysia opens lower amidst bearish regional markets
KUALA LUMPUR, Jan 23 ― Losses in key heavyweights dragged Bursa Malaysia lower in the opening today amidst the bearish performance of regional bourses.
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Ringgit opens almost flat against US dollar
KUALA LUMPUR, Jan 23 ― The ringgit opened almost flat today after Bank Negara Malaysia’s (BNM) Monetary Policy Committee slashed the overnight policy rate (OPR) to 2.75 per cent from 3.0 per cent ...
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Tokyo stocks open lower as yen ticks up
TOKYO, Jan 23 ― Tokyo stocks opened lower today with the yen edging up and risk appetite dampened by concerns about a new virus from China.
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Australia's troubled Westpac names ex-Barclays chief as new chairman
SYDNEY, Jan 23 ― Westpac appointed former Barclays chief executive John McFarlane as its new chairman today, as the Australian banking giant deals with a massive money laundering scandal.
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Yen firm over China virus concern, Aussie jumps on jobs data
SINGAPORE, Jan 23 ― The safe-haven Japanese yen was firm and the Chinese yuan fragile today as traders kept a wary eye on the spread of a virus in China, while the ailing Australian dollar jumped af...
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Asian stocks fall, safe havens up as China virus fears grow
TOKYO, Jan 23 ― Asian shares and US stock futures edged lower today as investors remained anxious about the spread of a new flu-like virus in China just as millions prepared to travel for the Lunar ...
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Quick take: Gadang shares slide after 36% profit fall
KUALA LUMPUR: Shares in Gadang Holdings Bhd have fallen after it reported a 36% in annual profits in its second quarter ended Nov 30, 2019.
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KLCI edges lower, Tenaga weighs
KUALA LUMPUR: Bursa Malaysia fell in early Thursday trade, mirroring the cautious key Asian markets, as investors worried about the new spread of the flu-like virus in China.
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Quick take: Icon jumps 57% in heavy trading
KUALA LUMPUR: Shares of Icon Offshore Bhd surged over 57% amid active trading on Thursday.
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Grab, Razer, AirAsia exploring bids for Malaysia digital bank licence
SINGAPORE/KUALA LUMPUR: Ride-hailing group Grab, gaming firm Razer, AirAsia, telecoms firm Axiata and lender CIMB are among companies looking to apply for digital banking licences in Malaysia, sources told Reuters.
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Trading ideas: Rimbunan Sawit, WTK, Leader Steel, LBS, TSR Capital, CMMT
KUALA LUMPUR: Stocks to watch on Thursday include Rimbunan Sawit Bhd, WTK Holdings Bhd, Leader Steel Holdings Bhd, LBS Bina Group Bhd, TSR Capital Bhd and CapitaLand Malaysia Mall Trust (CMMT), according to JF Apex Research.
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This US$1.6 trillion fund says short selling is wrong
JAPAN’S Government Pension Investment Fund (GPIF) has been a trailblazer in promoting the need to incorporate environmental, social and governance issues into the day-to-day job of portfolio construction. With US$1.6 trillion under management, it has a lot of firepower in the investing world.
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Goldman: Oil may drop US$3 if virus plays out like SARS
Singapore: Oil markets are likely to take a hit from China’s deadly coronavirus, with aviation fuel suffering the most, if the SARS epidemic in 2003 is any guide, according to Goldman Sachs Group In...
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Libra spurs central banks
TOKYO: The challenge posed by Facebook’s Libra cryptocurrency likely prodded major central banks to set up a new group to study the potential for issuing their own digital currencies, according to a former Bank of Japan (BoJ) executive.
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Indonesia set to tighten scrutiny of insurers as crisis lingers
JAKARTA: With Indonesia’s oldest life insurer tottering on the brink of collapse following years of alleged mismanagement, authorities plan to tighten surveillance of the industry by overhauling regulations and setting up a rescue agency.
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PE managers to raise more funds in 2020
NEW YORK: Private equity (PE) firms have big plans for 2020.
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Iron output uncertain on Vale charges
RIO DE JANEIRO: Vale SA was dealt back-to-back blows on Tuesday as Brazilian officials announced criminal charges including for homicide in the wake of last year’s deadly dam collapse, while a prosecutor indicated additional output cuts may be on the horizon.
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Hedge fund goes climate radical
LONDON: The hedge fund industry’s British billionaire Chris Hohn is bringing his hardball tactics to the fight against global warming.
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OPR cut to nine-year low
KUALA LUMPUR: Bank Negara Malaysia’s (BNM) move to cut the overnight policy rate or OPR by 25 basis points (bps) yesterday to 2.75%, while a surprise to many going by poll results prior to the annou...
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OPR cut likely to be negative for the KLCI, says CGS-CIMB Research
KUALA LUMPUR (Jan 23): CGS-CIMB Research estimates the 25 basis points (bps) cut in base lending rate could lower its 2020 KLCI earnings estimates by 1.5% and cut the research house’s end-2020 KLCI ...
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European shares drop from record high on threat of US auto tariffs
LONDON, Jan 23 ― European shares reversed course and edged lower yesterday as US President Donald Trump threatened to impose high tariffs on imports of cars from the European Union, pushing automobi...
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OPR cut negative for banks, CGS-CIMB Research says
KUALA LUMPUR: The cut in the Overnight Policy Rate (OPR) by 25 basis points to 2.75% would be negative for banks’ net interest margins and net profit, CGS-CIMB Equities Research says.
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Affin Hwang maintains 'Hold' on Digi, cuts TP to RM4.25
KUALA LUMPUR: Digi.Com Bhd recorded lacklustre 4Q results for its 2019 financial year with a 3.7% quarter-on-quarter (q-o-q) decline in net profit, says Affin Hwang Capital research.
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Anti-dumping duties on steel concrete from S’pore, Turkey
KUALA LUMPUR: The government has decided to impose anti-dumping duties on imports of steel concrete reinforcing bar from Singapore and Turkey after concluding its investigation on the matter.
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KTC gets regional licensing deal for Gardenia bakery
PETALING JAYA: Consumer packaged goods distributor Kim Teck Cheong Consolidated Bhd (KTC) has inked a licensing agreement to manage bakery brand Gardenia in Sabah, Sarawak and Indonesia.
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Powerwell aces its debut
PETALING JAYA: Electricity distribution product manufacturer Powerwell Holdings Bhd ended its debut day on the Ace Market with a 14% increase to 28.5 sen, from its initial public offering (IPO) price of 25 sen per share.
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Bursa Malaysia and Maybank join Bloomberg Gender-Equality Index
KUALA LUMPUR: Bloomberg has announced that Bursa Malaysia Bhd and Malayan Banking Bhd joined the 2020 Bloomberg Gender-Equality Index (GEI), which distinguishes companies committed to transparency in gender reporting and advancing women’s equality.
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Digi Q4 profit at RM343mil
PETALING JAYA: Digi.Com Bhd’s net profit for the fourth quarter ended Dec 31,2019 fell by 9.23% year-on-year (y-o-y) to RM342.92mil from RM377.80mil in the same period a year ago.
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WTK buys Rimbunan Sawit land in Miri for RM85mil
KUALA LUMPUR: WTK Holdings Bhd is buying plantation land in Miri from Rimbunan Sawit Bhd for RM85mil cash, expanding its oil palm planted area by 39% from 8,662 ha to 12,052 ha
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RM5.7bil worth of palm oil ends in a crossfire
KUALA LUMPUR: A brewing diplomatic spat between India and Malaysia has got an unusual victim in the crossfire – palm oil.
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QL Resources may move higher, says RHB Retail Research
KUALA LUMPUR (Jan 23): RHB Retail Research said QL Resources Bhd may move higher after it continued holding above the RM8.00 support.
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Revenue Group may rebound further, says RHB Retail Research
KUALA LUMPUR (Jan 23): RHB Retail Research said Revenue Group Bhd may rebound further after it tested the RM1.33 support in recent sessions.
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Asian Stocks Set for Losses Amid Virus Concern
(Jan 23): Asian stocks looked set to resume declines amid ongoing efforts to control the widening coronavirus outbreak.
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Tech sector pushes the S&P 500 to slight gain
NEW YORK, Jan 23 ― Technology shares led the S&P 500 marginally higher yesterday, as a healthy forecast from IBM helped mitigate worries over the developing coronavirus outbreak.
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Global stocks edge up, oil drops as China virus worries abate
NEW YORK, Jan 23 ― World stock markets gained back some ground yesterday as investors took heart from measures to curb the spread of a flu-like virus from China, while oil prices tumbled on a foreca...
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New CEO stands by 737 MAX, eyeing reset at troubled Boeing
NEW YORK, Jan 23 ― Boeing Chief Executive David Calhoun sought to pivot from a bruising period of crisis and scandal yesterday, pledging a renewed commitment to safety and transparency and endorsing...
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Volkswagen in Canada ordered to pay C$196.5m over emissions scandal
TORONTO, Jan 23 ― A court in Toronto yesterday ordered Volkswagen to pay a fine of C$196.5 million (RM607.8 million) after the automaker pleaded guilty to violating environmental laws in the emissio...
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Boeing's new CEO orders rethink on key jetliner project
LONDON/CHICAGO: Boeing Co's new chief executive has sent the aerospace giant back to the drawing board on proposals for a new mid-market aircraft, effectively shelving in their current form plans worth US$15 billion-$20 billion that had been overtaken by the 737 MAX crisis
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Volvo records highest delivery
PETALING JAYA: Despite a tough year, premium carmaker Volvo Car Malaysia (VCM) recorded its highest delivery to date for 2019 with a total of 1,883 units and saw a growth of up to 36.1%
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Air France-KLM not involved in MAS sale talks
DUBLIN: Air France-KLM said it had previously held talks with the owners of Malaysia Airlines Bhd (MAS), but was not engaged in current efforts to find new investors for the carrier.
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Inflation up 1% in Dec, within forecast
KUALA LUMPUR: Malaysia’s inflation rose by 1% in December last year, in line with a Bloomberg forecast, underpinned by higher food prices, with Kuala Lumpur exceeding the national average.
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Comintel signs MoU to explore railway jobs
Move is intended to form part of group’s regularisation plan
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China will keep buying palm oil from M’sia, says minister
SINGAPORE: Malaysia is unlikely to suffer any loss in its palm oil business from China, despite Beijing pledging to boost soybean purchases from the US amid the trade war, according to International Trade and Industry Minister Darell Leiking.
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Bank Negara surprises dropping interest rate to lowest in 9 years
PETALING JAYA: The surprise move by Bank Negara to reduce the overnight policy rate (OPR) to 2.75% – the lowest level in nearly nine years – has rattled banking stocks as margin compression fears ...
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Government postpones implementing new formula for CKD models
PETALING JAYA: The government has postponed implementing a new formula on duties that will raise prices of completely-knocked-down (CKD) vehicles until next year, potentially saving car-buyers thousands of ringgit.
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Oil priceslides 2% as glut forecast, China virus overshadow Libya disruption
NEW YORK: Oil prices fell more than 2% on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries amid the outbreak of a virus in China outweighed concern over disruptions to Libya's crude output.
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e-Tunai: Consumers spend RM30 on groceries, transportation and food
PUTRAJAYA (Jan 22): The majority of consumers used the RM30 e-Tunai Rakyat incentive to buy groceries, and to pay for telecommunications, transportation and food, said Finance Minister Lim Guan Eng.
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Eleven Kelantan Exco, three ex-officio members get RM50,000 payout each
KOTA BHARU (Jan 22): Eleven members of the Kelantan State Executive Council and its three ex-officio members have received a special payout of RM50,000 each.
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Egypt to reduce LNG cargoes for sale as gas prices plummet
DAVOS: Egypt is planning to reduce the number of spot liquefied natural gas cargoes it offers and to negotiate long-term sales deals with customers instead, because of plummeting prices.
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Selangor Government has no plan to stop free water programme
HULU LANGAT (Jan 22): The Selangor State Government does not intend to terminate the free water programme in the future despite increasing costs every year.
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Pahang reduces industrial category quit rent rates by 80%
KUANTAN (Jan 22): Pahang has announced the reduction of quit rent rates of up to 80 percent for the industrial category effective immediately.
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BNM's OPR cut surprises the market — Economists
KUALA LUMPUR (Jan 22): Bank Negara Malaysia's (BNM) decision to cut the overnight policy rate (OPR) by 25 basis points to 2.75 percent — a level not seen since March 11, 2011 — has surprised the m...
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Bus terminals to implement cashless ticket purchase
KUALA LUMPUR (Jan 22): The Transport Ministry is working to get all public bus terminals in the country to implement a cashless ticket purchase by using the e-wallet system.
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Toll reduction: Pakatan Harapan has made good where BN failed
KUALA LUMPUR (Jan 22): The restructuring of PLUS Malaysia Bhd's (PLUS) highway toll rates starting Feb 1 will be the first time in the history of the highway concessionaire in which toll rates have be...
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Kedah attracts RM1.6 bil investment in green technology paper
ALOR SETAR (Jan 22): China-based Zhejiang Element Holding Co Ltd is set to invest RM1.6 billion in the green technology paper industry in Kedah.
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Selangor targets RM12 bil investments this year
SHAH ALAM (Jan 22): Selangor targets to achieve investments worth RM12 billion in 2020 compared with RM10 billion last year, said State Investment, Industry and Commerce, and Small and Medium Enterpri...
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Tun Mahathir receives courtesy call from Hamas leader Ismail Haniyeh
PUTRAJAYA (Jan 22): Prime Minister Tun Dr Mahathir Mohamad received a courtesy call from Hamas leader Ismail Haniyeh and his delegation at his office in Perdana Putra here today.
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Big ocean polluters are raising rates to offload clean fuel cost
SINGAPORE (Jan 22): Container-shipping companies, some of the biggest polluters of the world’s oceans, are managing to pass higher costs onto customers after switching to more expensive fuel to meet...
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Don't blame others for Warisan's loss in Kimanis
KOTA KINABALU (Jan 22): Parti Warisan Sabah (Warisan) president Datuk Seri Mohd Shafie Apdal does not want other quarters blamed for the party candidate's defeat in the Kimanis Parliamentary by-electi...
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M N C Wireless inks MoU with Vision Works for feature films production
KUALA LUMPUR (Jan 22): M N C Wireless's (MNC) wholly-owned subsidiary, Harimau Studio Sdn Bhd, has inked a Memorandum of Understanding with Vision Works (M) Sdn Bhd to establish a partnership to produ...
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10% toll discount on second Penang Bridge for CNY
BATU KAWAN (Jan 22): Jambatan Kedua Sdn Bhd (JKSB), the concessionaire for the Sultan Abdul Halim Mu'adzam Shah Bridge (JSAHMS), is offering a 10 percent discount on toll for motorists using the bridg...
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Tesla value hits US$100b, triggering payout plan for Musk
NEW YORK, Jan 22 — Tesla’s market value hit US$100 billion (RM406.6 billion) for the first time today, triggering a payout plan that could be worth billions for Elon Musk, founder and chief of the...
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US stocks bounce led by IBM, Tesla
NEW YORK, Jan 22 — Wall Street stocks bounced early today, boosted by a strong earnings report from IBM while Tesla surged above US$100 billion (RM406.6 billion) in market capitalisation.
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EU nations can restrict vendors under new 5G guidelines, Huawei at risk
BRUSSELS, Jan 22 — EU countries can restrict or exclude high-risk 5G providers from core parts of their telecoms networks, new EU guidelines show, dealing a potential blow to China’s Huawei Techno...
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Safe-haven currencies slip as China virus worries ebb
NEW YORK, Jan 22 — The US dollar edged lower today and the Japanese yen and the Swiss franc slipped amid muted demand for safe haven units as updates from China about the spread of a new flu-like co...
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Rimbunan Sawit sells Sarawak plantation land to WTK for RM85mil cash
KUALA LUMPUR (Jan 22): Rimbunan Sawit Bhd is selling plantation land measuring 4,698.2 hectares to WTK Holdings Bhd for RM85 million cash.
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Saudi Arabia imposes new charge of SAR300 for haj visa
SEPANG (Jan 22): The Saudi Arabian Government will charge haj pilgrims SAR300 (about RM326) each for visa issued beginning 1441H/2020M haj pilgrimage season, said Minister in the Prime Minister's Depa...
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Leader Steel buys land in Klang for business expansion
KUALA LUMPUR (Jan 22): Leader Steel Holdings Bhd is acquiring a piece of freehold land in Klang for RM30.67 million to expand its manufacturing cum warehouse facility.
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Mercedes-Benz remains the top luxury car brand in Malaysia
KUALA LUMPUR (Jan 22): Mercedes-Benz Malaysia (MBM) says it has retained its pole position in the premium luxury car segment in Malaysia in 2019 with a 1.8% market share and 10,020 cars delivered.
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LBS Bina disposes of stake in Chinese firm for RM86m
KUALA LUMPUR (Jan 22): LBS Bina Group Bhd has disposed of all its 9.7% equity stake in China-based Zhuhai Holdings Investment Group Ltd for HK$164.5 million (RM86.05 million).
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CIMB Bank lowers base and FD rates by 25bps, in line with OPR cut
KUALA LUMPUR (Jan 22): CIMB Bank Bhd, together with CIMB Islamic Bank Bhd, is lowering its base rate and fixed deposit rates by 25 basis points, in line with Bank Negara Malaysia's key interest rate c...
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Developments in online-only bank licensing in Asia
HONG KONG/SEOUL (Jan 22): Financial regulators across Asia are creating new rules for online-only banks, as they seek to shake up often staid markets, helped by technology companies which can operate...
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BlackRock coal divestment welcomed, scrutinised by insiders
PARIS, Jan 22 — Investment behemoth BlackRock’s decision to divest holdings in companies reliant on coal may encourage more climate-friendly finance but raises questions over how investors priorit...
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Expo 2020 Dubai an opportunity for Selangor to draw investments, says state investment chief
SHAH ALAM, Jan 22 — Selangor’s participation in the Expo 2020 Dubai in March next year will provide the state with the chance to showcase its advantages and strengths to attract more investments i...
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New chief of Indonesia's Garuda urged to revamp work culture at state carrier
JAKARTA (Jan 22): State airline PT Garuda Indonesia appointed its fourth chief executive in five years on Wednesday, amid calls from government officials for an improvement in the carrier's management...
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CMMT banks on new anchor tenants to reinvigorate Klang Valley Malls
KUALA LUMPUR (Jan 22): CapitaLand Malaysia Mall Trust (CMMT) is on the hunt for new anchor tenants to inject life into its suburban Klang Valley malls and drive earnings in 2020.
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TSR Capital sells unutilised land in Mutiara Damansara for RM48m
KUALA LUMPUR (Jan 22): TSR Capital Bhd is selling its freehold land in Mutiara Damansara, Petaling Jaya measuring 5,078 sq metres for RM48.1 million.
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EVENING 5: Five things you need to know today
Dirty dealings. Corporate battles.
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Country Garden clarifies 'job cuts' report, says restructuring aimed at...
KUALA LUMPUR (Jan 22): Country Garden Real Estate Sdn Bhd (Country Garden Malaysia) said the recent integration of its organisational structure, which resulted in some job cuts, will help the company ...
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MED now known as Entrepreneur Development and Cooperatives Ministry
KUALA LUMPUR (Jan 22): The Entrepreneur Development Ministry (MED) is now known as the Ministry of Entrepreneur Development and Cooperatives (MEDAC). “In line with the Government's initiative to emp...
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BP’s Looney goes all-in on climate goals and explores overhaul
LONDON, Jan 22 — Change is afoot at BP.
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Trump relaunches trade battle with Europe
DAVOS, Jan 22 — US President Donald Trump relaunched a major trade offensive against Europe today, threatening to hit the EU with damaging auto tariffs if Europeans failed to agree a long-delaye...
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CMMT FY19 net property income down 6%, pays 6.25 sen DPU
KUALA LUMPUR (Jan 22): Sustained growth in Gurney Plaza, Penang, and East Coast Mall in Kuantan have helped CapitaLand Malaysia Mall Trust (CMMT) offset lower contribution from its Klang Valley malls ...
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Gadang 2Q net profit falls 36.3%, mainly dragged by fair value loss on...
KUALA LUMPUR (Jan 22): Gadang Holdings Bhd recorded a 36.3% fall in net profit in its second financial quarter to RM10.85 million from RM17.03 million in the year-ago quarter, mainly due to fair value...
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Trump calls Boeing a ‘big, big disappointment’
DAVOS, Jan 22 — President Donald Trump today criticised Boeing as a “very disappointing company” because of the aerospace giant’s recent problems after the grounding of the 737 MAX plane, whic...
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US and British ministers trade threats in tit-for-tat tax row
DAVOS, Jan 22 — US Treasury Secretary Steven Mnuchin and his British counterpart Sajid Javid clashed over taxation today in a brewing battle over how Europe taxes the world’s biggest technology fi...
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Jaguar Land Rover to cut 10pc of workforce at UK Halewood factory
LONDON, Jan 22 — British carmaker Jaguar Land Rover (JLR) said today it will cut around 10 per cent of the workforce at its northern English Halewood factory as it changes shift patterns to boost ef...
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Airbus flies to record highs, TUI falls after latest Boeing blow
PARIS, Jan 22 — Airbus’ shares rose to record highs today, after its US arch rival Boeing warned of new issues with the Boeing 737 MAX plane, while customers and suppliers slumped after the latest...
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Comintel signs MoU with railway contractor Dhaya Maju in PN17 rescue plan
KUALA LUMPUR: PN17 affected issuer Comintel Corp Bhd has entered into a preliminary agreement with a railway contractor in a bid to come up with a financial rescue plan.
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UK supermarket Sainsbury’s announces CEO exit
LONDON, Jan 22 — British supermarket Sainsbury’s today announced the departure of chief executive Mike Coupe, who failed to merge the group with US-owned rival Asda last year.
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Daimler sees new diesel charges of up to €1.5b in 2019
FRANKFURT, Jan 22 — Mercedes-Benz parent company Daimler said today that additional charges related to diesel emissions would weigh on its 2019 profits by between €1.1 and €1.5 billion (RM4.8-RM...
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Icon Offshore surges as shares consolidation, rights go ex
KUALA LUMPUR: Icon Offshore Bhd's share price surged to a high of 42 sen as its proposed shares consolidation and rights shares issue went ex on Wednesday.
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The Edge Court Judgments Report
This monthly report is compiled and briefly summarised by a group of lawyers on a voluntary basis for the benefit of readers of The Edge.
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KLCI closes down 0.59% as banking stocks fall following OPR cut
KUALA LUMPUR (Jan 22): The FBM KLCI continued its downward trend since Monday, closing down 9.35 points or 0.59% at 1,577.98 points today, largely due to banking stocks being hit as a result of the ov...
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Finance Minister hails Moody’s A3 rating for Malaysia
KUALA LUMPUR (Jan 22): The Malaysian economy’s solid fundamentals and the Government’s commitment to institutional reforms have convinced Moody’s that the country deserves its high sovereign cre...
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Sessions Court strikes out CBT charges against Sundra Rajoo
KUALA LUMPUR (Jan 22): The Sessions Court here today struck out three criminal breach of trust (CBT) charges amounting to more than RM1 million against former Asian International Arbitration Centre (A...
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Stocks gain ground as China soothes worries about virus outbreak
SHANGHAI, Jan 22 — Emerging market stocks regained footing today after China’s response to contain a virus outbreak eased fears of a global pandemic, while the South African rand treaded water aft...
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Brazil to start discussions on joining Opec in July, says energy minister
NEW DELHI, Jan 22 — Brazil will start discussions on joining the Organisation of the Petroleum Exporting Countries during a visit to Saudi Arabia in July, its energy minister Bento Albuquerque said ...
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Euro at one-month lows before ECB meeting; yuan fragile
LONDON, Jan 22 — The euro remained at a one-month low today amid expectations European Central Bank policymakers would strike a cautious tone when they met later tomorrow.
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Banks fall on surprise OPR cut, glove makers rally
KUALA LUMPUR: Bank Negara Malaysia's suprise move to cut the overnight policy rate (OPR) by 25 basis points to 2.75% – the lowest since 2011 – prompted investors to cut their holdings in banks and sent the FBM KLCI into the red.
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Berjaya Corp teams up with govt to promote palm oil
KUALA LUMPUR (Jan 22): As part of the ongoing Love MY Palm Oil campaign, the Ministry of Primary Industries (MPI), Malaysian Palm Oil Council and Berjaya Corp Bhd have teamed up to boost palm oil awar...
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Previndran: Unsold SOHOs and SOVOs will only take one year to clear, not five
KUALA LUMPUR (Jan 22): Unsold stocks of serviced apartments, small office home offices (SOHOs) and small office virtual offices (SOVOs) in the Klang Valley will take only one year to clear, instead of...
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European stocks diverge at open
LONDON, Jan 22 — Europe’s main equity markets diverged at the opening bell today.
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China says 2019 rare earth magnets output maintained steady growth
SHANGHAI, Jan 22 — China’s production of rare earth magnets maintained steady growth in 2019, according to its ministry of industry and information technology today, citing data from the China Rar...
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Bank Negara cuts overnight rate to 2.75pc, in surprise pre-emptive move
KUALA LUMPUR, Jan 22 — Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) has decided to reduce the Overnight Policy Rate (OPR) to 2.75 per cent from 3.0 per cent as a pre-emptive measur...
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Thailand’s delayed US$105b budget faces further hold up
BANGKOK: Thailand’s annual budget faces a further delay after an irregularity emerged in the parliamentary vote that was supposed to approve it, signaling yet another obstacle for a struggling econo...
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Southeast Asian IPOs lose their shine in Hong Kong
SINGAPORE: Southeast Asian companies seeking to list in Hong Kong may be better off staying at home as investors in the financial hub continue to avoid small-cap stocks.
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Virus jitters spread to steel market as worker travel at risk
SINGAPORE: The world’s biggest steel industry is facing pressure from the spread of a deadly respiratory illness that threatens to slow construction activity.
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Ringgit shrugs off surprise OPR cut
KUALA LUMPUR: Malaysia’s unexpected pre-emptive rate cut on Wednesday suggests that it should be done for now, and for 2020.
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Special Report: All eyes on potential winners in 5G race
IN the coming weeks and months, those watching the telecommunications sector will be keeping their eyes and ears open for tie-ups among the operators to create a single consortium (of multiple license...
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Tech: Global games market to rebound in 2020 after multi-year slow growth
GROWTH in the global games market is expected to rebound in 2020 after expanding at a slower pace for the second consecutive year in 2019, according to intelligence firm Newzoo.
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Digi 4Q net profit down 9% at RM343m as prepaid revenue drops
KUALA LUMPUR (Jan 22): Digi.Com Bhd reported today a 9.23% drop in fourth quarter net profit to RM342.92 million from RM377.8 million a year earlier as the mobile telecommunication network service pro...
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Bank Negara's int'l reserves up 0.1% to US$103.7b as at Jan 15
KUALA LUMPUR (Jan 22): The international reserves of Bank Negara Malaysia (BNM) rose 0.1% to US$103.7 billion as at Jan 15, 2020, from US$103.6 billion as at Dec 31, 2019.
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Burberry sees full-year sales growth after strong Christmas quarter
LONDON, Jan 22 — British luxury label Burberry edged up its forecast for full-year sales today after it saw strong demand for designer Riccardo Tisci’s new collections in the 13 weeks to December ...
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Digi posts net profit of RM1.43b in FY19
KUALA LUMPUR, Jan 22 — Digi.com Bhd posted a net profit of RM1.43 billion in its financial year ended December 31, 2019 (FY19) compared with RM1.54 billion recorded in the previous year.
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BNM international reserves grow to US$103.7bil as at Jan 15
KUALA LUMPUR: The international reserves of Bank Negara amounted to US$103.7bil as at Jan 15, up US$100mil from US$103.6bil two weeks earlier.
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New low-cost iPhone to enter mass production in February
TAIPEI: Apple Inc. suppliers plan to begin assembling a new low-cost iPhone in February, people familiar with the plan said, as the company looks to address a wider swath of the global smartphone market ahead of its 5G handsets later this year.
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China stocks rebound as Beijing calms jitters over virus outbreak
HONG KONG/SHANGHAI: The Chinese stock market reversed early losses to end higher on Wednesday, as Beijing vowed to contain the new, spreading virus which has killed nine and infected 440 in the country.
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Bursa Malaysia, Maybank included in 2020 Bloomberg Gender-Equality Index
KUALA LUMPUR (Jan 22): United States’ financial, software, data, and media company, Bloomberg, has included Bursa Malaysia Bhd and Malayan Banking Bhd (Maybank) into the 2020 Bloomberg Gender-Equali...
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Asian stocks bounce as investors welcome China virus response
SINGAPORE, Jan 22 — Asian stock markets recovered ground today as China’s response to a virus outbreak tempered some fears of a global pandemic, although Shanghai shares initially slipped amid wor...
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Gold stocks shining bright in the new year
IT has just been a week into the new year and already, the share prices of two gold retailers have soared to peaks last seen in 2017.
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KLCI dips as investors weigh China virus outbreak
KUALA LUMPUR (Jan 22): The FBM KLCI settled down 0.8 point or 0.05% at Bursa Malaysia's afternoon break today as a global outbreak of a pneumonia-causing virus, which started in China, dictated world ...
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MPHB's appeal over Pengerang refinery land acquisition dismissed
PUTRAJAYA (Jan 22): The Federal Court's five-member bench yesterday dismissed MPHB Capital Bhd wholly-owned subsidiary Kelana Megah Sdn Bhd's final appeal over the acquisition of its land by the Johor...
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Malaysia CPI up 1% in Dec 2019, full-year inflation at 0.7%
KUALA LUMPUR (Jan 22): Malaysia's inflation, as measured by the consumer price index (CPI), increased 1% in December 2019 from a year earlier on costlier items including food and non-alcoholic drinks ...
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Powerwell up 20% on Ace Market debut, eyes ECRL, MRT projects
KUALA LUMPUR (Jan 22): Powerwell Holdings Bhd, which debuted on Bursa Malaysia's ACE Market today, rose as much as five sen or 20% to 30 sen in morning trades on investors' optimism in the electric sw...
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Malaysia December 2019 inflation at 1% y-o-y
Malaysia December 2019 inflation at 1% y-o-y
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Mix calls on Malaysia’s glove sector outlook
KUALA LUMPUR, Jan 22 — Maybank IB Research has upgraded its outlook on Malaysia’s gloves sector to “positive” following expectations of a strong global demand for the product.
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Wuhan virus compounds Hong Kong’s economic woes
HONG KONG, Jan 22 — The emergence of a SARS-like virus in China is the last thing Hong Kong’s struggling economy needs, analysts say, as the city reels from the twin storms of the global trade war...
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KLCI extends decline for third straight day, ringgit unchanged ahead of BNM decision
KUALA LUMPUR: The FBM KLCI lost its early lead to extend its losing streak to a third straight day as mounting fears over the spread of a potentially deadly virus rattled markets.
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Refined solutions for growing businesses
How a robust, customisable business suite builds efficient, better processes.
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Against the grain: The Malaysian state and constitutional monarchy
While it may be true that Malaysia was meant by its founders to be a secular state, using the term “secular state” against the proponents of the Islamic state is strategically problematic.
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South Korea posts lowest growth in a decade for 2019
SEOUL, Jan 22 — South Korea’s economy expanded at its slowest pace for a decade last year, hampered by prolonged trade tensions between the US and China and the sluggish semiconductor market, the ...
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Under Armour looking for a second wind after difficult 2019
BALTIMORE, Jan 22 — Huge Under Armour billboards dot the streets of Baltimore, with photos of famous athletes sponsored by the sports equipment supplier, like heavyweight boxer Anthony Joshua or qua...
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Reach Energy up on Kazakhstan O&G production contracts
KUALA LUMPUR (Jan 22): Reach Energy Bhd's share price rose as much as two sen or 11.76% in morning trades today after the company said yesterday its Kazakhstan operations under Emir-Oil obtained oil a...
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