The Malaysian Pulse
Beat of the Nation
Thu, 21 Oct 2021, 10:34 PM

The Malaysian Pulse will be shutting down on 31 Oct 2021. Thank you for your support. God bless Malaysia.

Best regards,
Jonathan Lin

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EVENING 5: Five things you need to know today
EVENING 5: US ban shakes Supermax Dirty dealings.
Malay Mail:
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American Airlines bullish on holidays after Delta variant hit
NEW YORK, Oct 21 — American Airlines said today that the latest surge in Covid-19 hit profitability in the latest quarter, but that it was bullish on the upcoming holiday season.
The Star:
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ViTrox posts RM42mil profit in Q3
KUALA LUMPUR (Bernama) -- ViTrox Corp Bhd’s net profit for the third quarter ended Sept 30, 2021 (Q3 2021) rose to RM42.2 million from RM29.7 million in the same quarter last year.
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Bursa Malaysia publicly reprimands London Biscuits, fines ex-CEO
KUALA LUMPUR  (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded London Biscuits Bhd (in liquidation) and its former chief executive officer (CEO) and executive director (ED) Datuk Seri Liew Yew Chung for contravening the exchange’s Main Market listing requirements (Main LRs).
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Covid-19 hospital admissions in Selangor and Putrajaya rise after interstate...
KUALA LUMPUR (Oct 21): Public hospitals as well as quarantine and low-risk treatment centres in Selangor and Putrajaya are seeing more Covid-19 admissions after the lifting of the interstate travel ba...
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CapitaLand's 3Q NPI more than halved to RM18.57m, dragged by lockdown
KUALA LUMPUR (Oct 21): CapitaLand Malaysia Trust (CLMT) (formerly known as Capitaland Malaysia Mall Trust) saw its net property income (NPI) for the third quarter ended Sept 30, 2021 (3QFY21) contract...
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Govt looking at project cooperation opportunities in Afghanistan's...
KUALA LUMPUR (Oct 21): The Government is looking at cooperation opportunities with some countries including in infrastructure development and capacity building in the reconstruction of Afghanistan.
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Malaysia studying UAE's foreign worker salary payment system
PUTRAJAYA (Oct 21): The foreign worker salary payment system implemented in the United Arab Emirates (UAE) is one of the systems that Malaysia is studying to improve the management of foreign workers ...
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KPS units Aqua-Flo bags RM91.6mil Air Selangor water chemical supply job
KUALA LUMPUR (Bernama) -- Kumpulan Peransang Selangor Bhd’s (KPS) subsidiary Aqua-Flo Sdn Bhd has secured a supply contract worth RM91.6 million from Pengurusan Air Selangor Sdn Bhd (Air Selangor) for supply, transport, and deliver water chemicals to water treatment locations.
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CEO Abdul Karim disposes of entire holding of Serba Dinamik warrants
KUALA LUMPUR (Oct 21): Serba Dinamik Holdings Bhd group managing director and chief executive officer (CEO) Datuk Dr Mohd Abdul Karim Abdullah disposed of his entire holding of 55.9 million of the gro...
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Kossan 3Q earnings plunge 50% q-o-q to RM528m
KUALA LUMPUR (Oct 21): Kossan Rubber Industries Bhd's net profit plunged 50.4% to RM528.2 million for the third quarter ended Sept 30, 2021 (3QFY21), from  RM1.06 billion in 2QFY21, on the back of lo...
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Anti-vaxxers will not enjoy same freedom as fully vaccinated, Dewan Negara told
KUALA LUMPUR (Oct 21): The Ministry of Health (MoH) has taken the approach of not allowing anti-vaccine groups to enjoy certain freedoms given to fully vaccinated individuals, the Dewan Negara was tol...
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KLK extends IJM Plantations MGO to Nov 18
KUALA LUMPUR: Planter Kuala Lumpur Kepong Bhd (KLK) has extended the deadline for minority shareholders in IJM Plantations Bhd to accept its takeover offer to Nov 18.
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Supermax seeks details from US over forced labour allegations
KUALA LUMPUR, Oct 21 (Bernama) -- Supermax Corporation Bhd’s representatives in the United States are currently in touch in the US Customs and Border Protection (CBP) to obtain more clarity and information on the Withhold Release Order (WRO) issued and the required measures going forward.
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Khairy: Fully vaccinated Sinovac recipients to get booster shots of Pfizer...
KUALA LUMPUR (Oct 21): The Ministry of Health (MoH) has decided to administer Covid-19 vaccine booster shots to individuals who have completed two-dose vaccinations of Sinovac vaccine at least three m...
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Willowglen bags RM5.84m contract for installation of security, communications...
KUALA LUMPUR (Oct 21): Willowglen MSC Bhd's wholly-owned subsidiary Willowglen Services Pte Ltd has been awarded a RM5.84 million contract for works relating to the installation of a public address em...
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KLCI retraces gains on profit-taking, news of US crackdown on Supermax
KUALA LUMPUR (Oct 21): The FBM KLCI on Thursday retraced gains over the last three sessions on profit taking, with investor sentiment also hit by news of the US crackdown on glove maker Supermax Corp ...
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Govt studying best mechanism to implement digital economy tax — deputy minister
KUALA LUMPUR (Oct 21): The government is studying the mechanisms to implement taxation on digital economy businesses that have recorded billions of ringgit in profit in the country.
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Jaycorp announces 1-for-1 bonus issue
KUALA LUMPUR (Oct 21): Jaycorp Bhd has proposed to undertake a bonus issue of 137.25 million new shares on the basis of one bonus share for every one share held.
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Pantech’s 2Q net profit rises 42.76% to RM15m, declares one sen dividend
KUALA LUMPUR (Oct 21): Pantech Group Holdings Bhd’s net profit rose 42.76% to RM15.31 million for the second quarter ended Aug 31, 2021 (2QFY22), from RM10.72 million a year ago, mainly due to optim...
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Vitrox’s 3Q net profit gains 42% to RM42m, in tandem with revenue increase
KUALA LUMPUR (Oct 21): Vitrox Corporation Bhd saw its net profit for the third quarter ended Sept 30, 2021 (3QFY21) increased by 42% to RM42.21 million from RM29.71 million in the previous year.
Malay Mail:
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Ringgit continues to close higher against US dollar
KUALA LUMPUR, Oct 21 — The ringgit continued to close higher against the US dollar as it has been experiencing correction and very much aligned with the overbought condition as signalled by the tech...
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Evergrande shares plunge on market return as deal falls through
BEIJING, Oct 21 — Chinese property giant Evergrande’s shares plunged today after resuming trading in Hong Kong, with the failure of a unit sale deal deepening fears the indebted firm will collaps...
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Sime Darby Plantation to develop two new biogas power plants with Cenergi
KUALA LUMPUR, Oct 21 — Sime Darby Plantation Bhd’s (SDP) subsidiary SDP Renewable Energy Sdn Bhd (SDPRE) plans to develop two new biogas power plants with the largest grid-connected Palm Oil Mill ...
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Profit taking weighs on Bursa
KUALA LUMPUR, Oct 21 (Bernama) -- Bursa Malaysia closed lower today on profit-taking in most index-linked counters led by stocks in the FBM Ace, healthcare and telecommunications, analysts said.
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CIMB seeking better Indonesia deal with AIA Group, Sun Life — sources
(Oct 21): CIMB Group Holdings Bhd is considering renegotiating terms of its bancassurance partnerships in Indonesia, according to people familiar with the matter, amid increasing interest from insurer...
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Supermax volume spikes to highest in five months as price plunges on US...
Supermax volume spikes to highest in five months as price plunges on US withhold release order
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Lotte Chemical Titan to proceed with Indonesian project as economies open up
KUALA LUMPUR (Oct 21): Lotte Chemical Titan Holding Bhd (LCT) has decided to proceed with the construction of an RM18 billion integrated petrochemical project in Indonesia, in view of the increase in ...
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Senate members can now wear batik shirts on Thursdays
KUALA LUMPUR (Oct 21): The Dewan Negara has allowed all members of the Senate and officials to wear batik shirts on Thursdays, announced its President Tan Sri Dr Rais Yatim.
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Bursa says no immediate plans to launch cryptocurrency-based derivatives...
KUALA LUMPUR (Oct 21): Bursa Malaysia Bhd said on Thursday (Oct 21) the bourse regulator and operator does not have any immediate plans to launch cryptocurrency-based derivatives products.
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Criminal proceedings against lawyer Sreesanthan dropped after settlement...
KUALA LUMPUR (Oct 21): The Securities Commission Malaysia (SC) said lawyer Datuk Sreesanthan Eliathamby has agreed to pay RM900,000 disgorgement of profits as part of a regulatory settlement agreement...
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No meeting on dissolution of Sarawak state assembly — Chief Minister's Office
KUCHING (Oct 21): No meeting will be called by Sarawak Chief Minister Datuk Patinggi Abang Johari Tun Openg on the dissolution of the Sarawak State Legislative Assembly on Thursday (Oct 21) or Friday...
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Johor Ruler briefed on Pulau Batu Puteh issue
JOHOR BARU (Oct 21): Sultan of Johor Sultan Ibrahim Sultan Iskandar on Thursday (Oct 21) granted an audience to Minister in the Prime Minister's Department (Parliament and Law) Datuk Seri Dr Wan Junai...
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Nov 26 fixed for decision on Puad Zarkashi’s bid to set aside Muhyiddin’s...
KUALA LUMPUR (Oct 21): The High Court has fixed Nov 26 to deliver its decision on Umno Supreme Council member Datuk Dr Mohd Puad Zarkashi’s bid to set aside the interim injunction obtained against h...
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88% of developers continued to face end-financing issues in 1H21 — REHDA
KUALA LUMPUR (Oct 21): About 88% of developers polled by the Real Estate and Housing Developers’ Association Malaysia (REHDA) said they continued to face end-financing issues in the first half of ...
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Bursa Malaysia remains in the red at mid-afternoon
KUALA LUMPUR, Oct 21 — Bursa Malaysia remained in the negative territory at mid-afternoon due to persistent selling in selected blue chips, led by telco, healthcare and finance-linked counters.
Malay Mail:
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Digi.com posts lower Q3 profit of RM312.82m
KUALA LUMPUR, Oct 21 — Digi.com Bhd registered a lower net profit of RM312.82 million in the third quarter (Q3) ended Sept 30, 2021, compared with RM320.76 million a year earlier mainly due to highe...
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PNB committed to raising financial literacy via Minggu Saham Digital
KUALA LUMPUR (Oct 21): Permodalan Nasional Bhd (PNB) president and group chief executive Ahmad Zulqarnain Onn said on Thursday (Oct 21) the Malaysian government-owned fund management entity's focus on...
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Material and labour cost tops list of factors affecting developers' cash flow...
KUALA LUMPUR (Oct 21): Developers have cited material and labour as the top cost component that affected their cash flow in the first half of 2021 (1H21), according to the Real Estate & Housing Develo...
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US import ban expected to have significant impact on Supermax's earnings, say...
KUALA LUMPUR (Oct 21): The US Customs and Border Protection's (CBP) move to ban imports from glove maker Supermax Corp Bhd over alleged forced labour at the company is expected to have a significant i...
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Construction group Ageson to sell portion of industrial land in Perak for RM279m
KUALA LUMPUR (Oct 21): Construction company Ageson Bhd is selling a piece of industrial land measuring approximately 168 acres in Batang Padang, Perak for a purchase consideration of RM278.78 million.
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Supermax shares fall to low of RM2 over alleged labour abuses
KUALA LUMPUR: Share price of Supermax Corporation Bhd fell to a low of RM2 -- lowest since May 2020 during the onset of the Covid-19 pandemic -- on Thursday on news the United States has barred imports.
The Star:
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Oil falls as investors take profits, but fuel switching caps losses
TOKYO: Oil prices fell on Thursday as some investors scooped up profits from the recent rally, though solid demand in the United States and a switch to fuel oil from coal and gas amid surging prices capped losses.
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Birkin bag maker Hermes shrugs off China slowdown, sales beat forecasts
PARIS: Sales at Birkin bag maker Hermes grew by 31% in the third quarter, beating market expectations even as the pace of the rebound from the fallout of the coronavirus pandemic slowed down from the previous three months.
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Rosmah's Solar Trial: Targeted from all sides, Rosmah cries ‘scapegoat’
WITH her back seemingly against the wall, Datin Seri Rosmah Mansor last week asserted that several prosecution witnesses were making her the “fall guy” in a bid to hide their own transgressions in...
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Cover Story: Record container rates keep the good times rolling for logistics...
RIDING the wave of rising container shipping rates, local integrated logistics service providers have seen year-on-year (y-o-y) improvement in profitability in the past year.
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Malaysia’s new Covid-19 cases rise to 6,210 on Oct 21
KUALA LUMPUR (Oct 21): Malaysia’s new Covid-19 cases rose to 6,210 on Oct 21 (Thursday) — up 12.58% from 5,516 infections reported on Wednesday — after staying below the 6,000 mark for three con...
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REHDA: Developers more optimistic about outlook for property industry in 1H22
KUALA LUMPUR (Oct 21): Malaysian developers showed increased optimism about the outlook for the property industry and economic environment in the first half of 2022 (1H22), according to the Real Estat...
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High Court allows prosecution to start impeachment bid on Rosmah
KUALA LUMPUR (Oct 21): The High Court on Thursday (Oct 21) allowed the prosecution to commence impeachment proceedings against Datin Seri Rosmah Mansor, which will see them using her statement to the ...
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CIMB Thai's 9MFY21 net profit rises 16% y-o-y on lower operating expenses,...
KUALA LUMPUR (Oct 21): CIMB Group Holdings Bhd’s 94.8%-owned subsidiary CIMB Thai Bank PCL saw its net profit rise 16.4% year-on-year (y-o-y) for the nine-month period ended Sept 30, 2021 (9MFY21) t...
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ASEAN should rethink non-interference policy amid Myanmar crisis, Saifuddin says
KUALA LUMPUR (Oct 21): The Association of Southeast Asian Nations (ASEAN) should rethink its decades-long policy of non-interference in the affairs of member states, amid a worsening human rights cris...
Malay Mail:
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IGB unit sells 50pc stake in UK-based real estate firm for £104.4m
KUALA LUMPUR, Oct 21 — IGB Bhd’s indirect wholly-owned unit, Verokey Sdn Bhd, has sold its entire 50 per cent stake and shareholder debt in the UK-based Black Pearl Ltd (BPL) to HNG Blackfriars 1...
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Thai PTT Global Chemical plans US$22b investment by 2050 to decarbonise
BANGKOK: Thai chemical firm, PTT Global Chemical Pcl on Thursday said it plans to invest over $22 billion in the next three decades to achieve net zero carbon emissions by 2050.
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Australia shares end almost flat as Evergrande worries weigh on miners
AUSTRALIAN shares closed little changed on Thursday as the lifting of restrictions in Melbourne later in the night helped investor sentiment and offset worries about China Evergrande Group's potential debt default.
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Digi posts 3Q net profit of RM312.8m, dividend 4 sen a share
KUALA LUMPUR: Digi.com Bhd delivered a resilient third quarter ended Sept 30, 2021 with improved net profit at RM312.81mil on a quarter-on-quarter basis.
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Mnuchin is investing in blockchain – not crypto
WASHINGTON: Former United States Treasury Secretary Steven Mnuchin said at the Milken Institute Global Conference that he’s investing in blockchain companies but not cryptocurrencies.
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Cover Story: Regulatory uncertainties clogging up economic arteries
Latest 51% bumiputera equity requirement adds to the uncertainty COUNTRIES are increasingly investing heavily in logistical infrastructure to provide public services, beef up national defence and faci...
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MALAYSIAN-MADE FACE MASK BRAND - EMPRO TO INCREASE PRODUCTION RATES AFTER BEING...
As the leading Malaysia-based surgical face mask manufacturer, EMPRO becomes the first face mask brand in Southeast Asia to ace the Viral Filtration Efficiency (VFE) test by world-renowned German expe...
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Ancom, Nylex, TH Plantations, Bina Darulaman, Opensys, SKB Shutters
KUALA LUMPUR (Oct 21): theedgemarkets.com highlighted six stocks with momentum at Bursa Malaysia’s afternoon close on Thursday.
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Digi.Com 3Q net profit down at RM313m from RM321m a year earlier
KUALA LUMPUR (Oct 21): Digi.Com Bhd reported on Thursday that third quarter net profit fell to RM312.82 million from RM320.76 million a year earlier despite a rise in the mobile telecommunication netw...
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Renewed optimism on earnings recovery expected to attract interest towards...
KUALA LUMPUR (Oct 21): The renewed optimism on the prospects of an earnings recovery as broader economic reopening commenced, alongside policy clarity and various domestic reform initiatives, is expec...
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CIMB Thai posts improved 9M21 net profit of THB1.71bil
KUALA LUMPUR: CIMB Thai Bank PLC recorded a net profit of THB1.71bil (RM212.65mil) in the nine months ended Sept 30, 2021, a 16.4% year-on-year (y-o-y) increase over the previous corresponding period due to better cost control.
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China stocks rise as property and coal shares boost; HK down
SHANGHAI: China stocks rose on Thursday as property and coal shares rebounded, after assurances from officials eased worries over the real estate sector.
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Bursa Malaysia remains lower at midday
KUALA LUMPUR (Oct 21): Bursa Malaysia remained lower at midday on Thursday as profit-taking accelerated in most index-linked counters, led by the healthcare and small-capitalisation stocks, analysts s...
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National Disaster Risk Reduction Policy to strengthen nation's preparedness...
KUALA LUMPUR (Oct 21): The National Disaster Risk Reduction Policy being formulated by the National Disaster Management Agency (NADMA) can strengthen management and intensify the nation's disaster ris...
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Research firms positive on TNB's RE expansion in UK
KUALA LUMPUR (Oct 21): Tenaga Nasional Bhd’s (TNB) move to expand its renewable energy (RE) portfolio has received a positive response from research houses.
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A wise ruler needs no additional power — Sultan Nazrin
KUALA LUMPUR (Oct 21): Deputy Yang di-Pertuan Agong Sultan Nazrin Muizzuddin Shah on Thursday said a wise ruler does not need any additional power if the three rights of a Constitutional Monarch are h...
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Malaysia must seize digital transformation opportunities, says Mustapa
KUALA LUMPUR (Oct 21): Malaysia must seize digital transformation opportunities, as not only are they critical for the nation’s economic recovery efforts, but they also enhance the country's future ...
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China Evergrande secures extension on defaulted US$260m bond
HONG KONG/SHANGHAI: China Evergrande Group has secured an extension on a defaulted bond, financial provider REDD reported on Thursday, offering rare respite to the developer a day after a deal to sell...
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Singapore charges two people for corrupt marine fuel trading practices
SINGAPORE, Oct 21 (Reuters) - Singapore authorities have charged two individuals for alleged corruption in relation to the trade and supply of marine fuels, the Corrupt Practices Investigation Bureau (CPIB) said in a statement.
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Rehda: Govt intervention crucial if material cost problem serious
KUALA LUMPUR: Government intervention may be necessary if the material cost problem is prolonged and becomes too serious, said the Real Estate and Housing Developers' Association Malaysia (REHDA).
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FBM KLCI slips below 1,600 as bank weigh
KUALA LUMPUR: The FBM KLCI slid just below the 1,600 psychological support as it entered midday amid profit-taking activity following the recent rally.
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CIMB to provide property financing to Juwai IQI customers in Malaysia
KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd have teamed up with Juwai IQI, Asia’s largest proptech group, to provide property financing to the latter’s customers in Malaysia.
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Stethoscope: Tackling urban poverty in Malaysia
The ability to eradicate poverty is the single biggest predictor of good health.
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Najib, Nazifuddin granted interim stay of execution in tax arrears suit
PUTRAJAYA (Oct 21): Datuk Seri Najib Tun Razak and his son Datuk Mohd Nazifuddin were granted an interim stay of execution pending their bid for leave to appeal at the Federal Court against the summar...
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Swiss Watch’s Art of Time returns to KL in time for economic reopening
KUALA LUMPUR (Oct 21): Swiss Watch’s signature timepiece event Art of Time has returned to Pavilion Kuala Lumpur for its seventh edition to enthrall Malaysian watch lovers once again.
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KAF Equities raises target price for Ipmuda to RM2.32
KUALA LUMPUR (Oct 21): KAF Equities Sdn Bhd has maintained its "buy" rating of Ipmuda Bhd at RM1.55, with a higher target price of RM2.32 (from RM1.60), following the completion of the disposal of lan...
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Etiqa General Insurance wins top motor insurance award
KUALA LUMPUR: Etiqa General Insurance Bhd took the top award at this year’s Motor Insurance Award 2021/22, an annual honour accorded to top motor insurance companies in the country.
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MoH ramping up surveillance as Klang Valley and Sarawak hospital admissions...
KUALA LUMPUR (Oct 21): COVIDNOW data showed that hospital admissions in the Klang Valley and Sarawak increased over the last seven days, Health Minister Khairy Jamaluddin highlighted on Thursday (O...
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IGB Bhd subsidiary sells 50% stake in property investment firm for nearly RM600m
IGB Bhd subsidiary sells 50% stake in property investment firm for nearly RM600m
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Malaysia's consumer spending to begin recovery in 2022, says Fitch
KUALA LUMPUR (Oct 21): Fitch Solutions Country Risk & Industry Research has forecast household spending in Malaysia to grow by a real rate of 5.1% over 2022 as consumers recover from two years of co...
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Ringgit opens higher on strong performance of commodities
KUALA LUMPUR, Oct 21 — The ringgit opened higher on Thursday, buoyed by the positive sentiment following the strong commodities performance.
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Trading ideas: Tenaga, Pestech, Bintai Kinden, Daya and SKB
KUALA LUMPUR: Tenaga Nasional, Pestech, Bintai Kinden, Daya Materials and SKB Shutters are among the stocks which could see trading interest after the overnight corporate news, JF Apex Research says.
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Trafigura plays key role in draining LME copper inventories
LONDON: Trafigura Group withdrew a significant proportion of copper that’s been pulled from London Metal Exchange (LME) warehouses, contributing to wild swings in prices, according to sources.
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Lower-income Americans opt out of holiday spending
NEW YORK: This Christmas season will be marked by a growing divide between high and low earners, according to a study from Deloitte LLP.
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CEO boosts JPMorgan wealth advisers’ pay
LONDON: Jamie Dimon had a pair of surprises when he dialled into a conference call with a group of JPMorgan Chase & Co’s wealth advisers: He was at Windsor Castle, and oh, he’s boosting their compensation.
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UK industries from food to trucking warn of inflation pressures
LONDON: UK industries from hospitality to haulage are facing double-digit inflation pressures as the supply-chain crisis in the country escalates.
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Canadian National Railway CEO to retire amid pressure
MONTREAL: Canadian National Railway Co (CN) said chief executive officer Jean-Jacques Ruest plans to retire by the end of January, handing an apparent victory to a major shareholder that had been pressuring him to step down.
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Opec+ role to ease natural-gas crisis limited
RIYADH: Saudi Arabia says any extra oil from the Organisation of the Petroleum Exporting Countries (OPEC+) cartel would do little to bring down surging natural gas prices.
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Gucci growth slows on virus restrictions
NEW YORK: Gucci’s sales growth slowed in the third quarter after the coronavirus resurged in parts of Asia, putting more pressure on the label’s new collection to deliver a strong holiday season.
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Japan exports hit by supply snags
TOKYO: Supply chain snags crimping global trade weighed on Japan’s exports last month as auto shipments plunged, weakening a key pillar of the country’s economic recovery.
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Bursa opens higher but retreats thereafter
KUALA LUMPUR (Oct 21): Bursa Malaysia opened higher on Thursday (Oct 21) but retreated thereafter as profit taking emerged for selected heavyweights following recent gains, dealers said.
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94.2% of Malaysian adults fully vaccinated against Covid-19 as of Oct 20
KUALA LUMPUR (Oct 21): A total of 22,047,448 individuals or 94.2% of the adult population of the country had completed their Covid-19 vaccination as of Wednesday (Oct 20), according to the Minist...
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FBM KLCI pauses on mild profit-taking
KUALA LUMPUR: Barring a slight dip in early morning trade, the FBM KLCI held firm to its recent gains amid the ongoing positive investor sentiment over the economy and commodity prices.
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Another developer defaults amid Evergrande contagion
BEIJING: Sinic Holdings Group Co became the latest Chinese real estate firm to default as investors wait to see whether China Evergrande Group Inc will meet overdue interest payments on dollar bonds this week.
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CDPQ to return to euro issuance after decade-long absence
OTTAWA: Caisse de Depot et Placement du Quebec (CDPQ) last week sold its first Canadian dollar bond in a decade. Now it’s looking to establish itself as a regular issuer in the euro market.
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J&J wants talc suits on hold after bankruptcy filing
NEW JERSEY: Johnson & Johnson (J&J) wants a bankruptcy judge to immediately halt all lawsuits targeting the company over its talc-based powders in the wake of its controversial decision to put a newly created unit into bankruptcy to deal with the litigation.
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Gas squeeze has India requesting expensive LNG
NEW DELHI: The global energy shortage has prompted India to ask Qatar, the world’s biggest supplier of liquefied natural gas (LNG), for around 50 cargoes it deemed too expensive six years ago.
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Falling home prices in China add strain on economy
BEIJING: China’s home prices fell for the first time in six years in September, the latest sign that a deepening property slump is slowing the world’s second-largest economy.
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Currency surge risk derailing growth
BEIJING: China’s central bank set the reference rate for the yuan at a weaker-than-expected level as the currency’s surge threatens to derail growth in the world’s second-largest economy. It also boosted short-term liquidity.
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Strategic tie-up set to boost Inari’s revenue stream
PETALING JAYA: Inari Amerton Bhd is set to further expand its operations in China and boost revenue stream, given its latest strategic partnership with a venture capital group there.
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Major coal miners to boost output, cap prices
BEIJING: Some of China’s major coal producers have vowed to cap thermal coal prices this winter and next spring, after the government asked state-backed firms to ensure stable coal and power supply “regardless of costs”.
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Ranhill to grow clean energy capacity for LSS5 auction
PETALING JAYA: Ranhill Utilities Bhd appears to be putting more emphasis on growing its renewable energy (RE) portfolio, moving forward.
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China refiners may turn to Russia and Iran oil
BEIJING: China’s independent refiners are set for crude buying frenzy as they seek to use import quotas before they expire in less than three months.
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SoftBank weighs stake in Ampere, values firm at US$8bil
TOKYO: SoftBank Group Corp has held talks with Ampere Computing LLC about investing in the maker of server-computer processors, an attempt to diversify its bet on the booming chip sector, according to sources.
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Thai AirAsia parent seeks to raise US$540mil in fresh capital
BANGKOK: Asia Aviation Pcl, the operator of Thailand’s biggest budget carrier Thai AirAsia Co, plans to raise as much as 17.9 billion baht (US$535mil or RM2.23bil) from new loans, share sales and convertible-debt offerings as it attempts to restock coffers depleted by the worst crisis in aviation history.
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Viet PM pledges economy will rebound from Covid-19
HANOI: Vietnam’s exports are likely to rise 10.7% in 2021, with annual inflation expected below 4%, the prime minister said yesterday, promising lawmakers that economic revival lay ahead.
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Tech-fuelled microlenders replace loan sharks
BANGKOK: Thailand’s household debt has spiralled to almost equal the size of its US$472bil (RM1.96 trillion) economy, yet millions of individual borrowers still struggle to access credit. For tech-driven microfinance companies, that crunch represents a multi-billion dollar opportunity.
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Family who exited De Beers for US$5bil seeks out Asia’s rich
SINGAPORE: The family office for Nicky Oppenheimer and his son Jonathan has set up an outpost in Singapore to boost its Asia exposure and partner with the region’s wealthy.
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After the recent climb, which are the laggards of the recovery theme play?
KUALA LUMPUR (Oct 21): Investors are looking for proxies to the rebound on consumer spending as more Malaysians have started leaving homes for work, social gatherings, shopping and holiday trips as a ...
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Equity market undertone remains upbeat with economic re-opening, says Inter-...
KUALA LUMPUR (Oct 21): Inter-Pacific Securities Sdn Bhd said despite the slightly wobbly market conditions, the equity market undertone remains upbeat with the economic re-opening theme still in play ...
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N.Sembilan State Assembly sitting scheduled on Nov 26 - MB
SEREMBAN (Oct 21): The Negeri Sembilan State Legislative Assembly sitting is scheduled to be held this Nov 26, said Menteri Besar Datuk Seri Aminuddin Harun.
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Britain, New Zealand agree trade deal, including haka clause
LONDON, Oct 21 — Britain and New Zealand have unveiled a comprehensive free trade deal, including a commitment aimed at preventing the revered Maori cultural tradition of the haka, famously perfome...
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Finding the best path for SMEs
KUALA LUMPUR: The recent Star Outstanding Business Awards (SOBA) 2021 #SOS: Save Our SMEs webinar revealed that small and medium enterprises (SMEs) are still seeking a sustainable path forward post-Covid-19.
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CIMB, StanChart in landmark SLD transaction deal
KUALA LUMPUR: CIMB Bank has entered into a sustainability-linked derivative (SLD) transaction with Standard Chartered Malaysia in the form of an interest rate swap with a notional value of RM2.45bil for hedging purposes.
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Dune is the sci-fi epic commodities traders have always wanted
THE ribald rivalries that define the business world have long served as fodder for prestige television dramas such as Billions and Succession.
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Remote working: Track me if you can
WITH technology advancement and innovation as well as generational shift, accelerated by the pandemic, many organisations are prepared to embrace remote working as a permanent employment feature.
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Mitec reopens facilities for SMEs
KUALA LUMPUR: The Malaysia International Trade and Exhibition Centre (Mitec) is reopening its facilities to offer a platform that can act as a springboard for Malaysian businesses to fast track their recovery.
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Digital investment app MYTHEO launches ESG-themed portfolio
KUALA LUMPUR: Digital investment management platform MYTHEO has launched the country’s first fully AI-based environment, social and corporate governance (ESG)-themed portfolio, called MYTHEO Global ESG.
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George Kent to focus on regional railway sector
KUALA LUMPUR: Following its exit from the Light Rail Transit 3 (LRT3) project, George Kent (M) Bhd is focusing on new opportunities in the domestic and regional railway space under the 12th Malaysia Plan’s (12MP) policy enabler of enhancing connectivity and transport infrastructure.
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MAHB upbeat about improving air travel
PETALING JAYA: The rise in air travel activities with the introduction of the Langkawi travel bubble and the ease of interstate movement is expected to spur domestic traffic at all Malaysian airports.
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UK inflation remains above target ahead of BoE decision
LONDON: Britain’s consumer prices accelerated well beyond the Bank of England’s (BoE) target for a second month, propelled by the global disruption in supply chains that pushed up transport costs.
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KIP REIT plans to diversify asset portfolios
Trust eyes different classes in commercial, industrial
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Supportline : Greatech, MI Technovation, Frontken
Greatech Technology Bhd made a crossing of the immediate resistance of RM7.12 yesterday, which marked the end of the sideways trading.The stock was range-bound in recent days although the pick-up in p...
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US Customs issues seize order on Supermax products on forced labour finding
KUALA LUMPUR (Oct 21): Disposable gloves produced by Supermax Corporation Bhd units Maxter Glove Manufacturing Sdn Bhd, Maxwell Glove Manufacturing Bhd, and Supermax Glove Manufacturing will be detain...
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Solarvest has renewed its bullish momentum, says RHB Retail Research
KUALA LUMPUR (Oct 21): RHB Retail Research said Solarvest Holdings Bhd has renewed its bullish momentum to move northwards after bouncing off from the recent pullback and breaching the immediate resis...
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Formosa Prosonic poised for a technical breakout, says RHB Retail Research
KUALA LUMPUR (Oct 21): RHB Retail Research said Formosa Prosonic Industries Bhd is poised for a technical breakout, after it bounced off the 21-day average line.
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White House tells Democrats corporate tax hike unlikely in current bill, says source
WASHINGTON, Oct 21 — The White House told Democratic lawmakers on Wednesday that a proposed hike in US corporate taxes is unlikely to make it into their signature social spending bill, according to ...
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Evergrande's US$2.6b unit stake sale fails as Chinese officials seek to calm nerves
HONG KONG/SHANGHAI: Teetering Chinese property giant China Evergrande formally abandoned plans to sell a $2.6 billion stake in one of its key units on Wednesday, as Beijing officials went out in force to say the problems would not spin out of control.
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Stocks gain, Dow touches record; oil rises on EIA data
NEW YORK: Most stock indexes worldwide rose on Wednesday and the Dow Jones Industrial Average touched a record intraday high as more companies reported earnings that beat analysts' expectations, while oil prices jumped.
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Tesla beats 3Q revenue forecasts but supply-chain problems hit plants
SAN FRANCISCO: Tesla Inc on Wednesday beat Wall Street expectations for third-quarter revenue on the back of record deliveries as the electric car maker navigated through a prolonged global shortage of chips and raw materials.
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PayPal in US$45b bid for Pinterest, say sources
NEW YORK, Oct 21 — PayPal Holdings Inc has offered to buy digital pinboard site Pinterest Inc for US$45 billion (RM187.2 billion), people familiar with the matter said on Wednesday, a combination th...
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Over 20 ‘exit’ gaming giant Activision Blizzard after harassment accusations
WASHINGTON, Oct 21 — More than 20 employees of Call of Duty maker Activision Blizzard have “exited” the gaming giant, the company said in a staff email, following accusations of sexual harassmen...
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US, trading partners urge China to liberalise further
GENEVA, Oct 21 — The United States said on Wednesday that China’s industrial policies “skew the playing field” against imported goods and services, as well as their foreign providers, and that...
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Tesla Q3 profit more than quadruples to US$1.6b
NEW YORK, Oct 21 — Tesla’s third-quarter profits more than quadrupled on sharply higher sales despite a global semiconductor shortage that has plagued the auto industry, according to results relea...
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Spotify teams up with Shopify to allow in-app merch purchases
LONDON, Oct 21 — Canadian e-commerce giant Shopify announced Wednesday a partnership with music streaming giant Spotify that will allow in-app sales of artists’ merchandise.
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Wall Street closes higher as earnings reports soothe investor fears
NEW YORK, Oct 21 — The S&P 500 and the Dow climbed on Wednesday with the Dow hitting an intraday record high as investors eyed better than expected third-quarter earnings from US companies.
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Alibaba founder Ma spotted in Mallorca in rare trip abroad after China scrutiny
MALLORCA, Oct 21 — Alibaba Group founder Jack Ma was on the Spanish island of Mallorca where his luxury yacht is anchored, two Spanish newspapers said on Wednesday, on his first trip abroad since he...
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Govt to enhance EV technology through NESTI
KUALA LUMPUR (Oct 20): The Government has taken early steps towards strengthening the development, validation and commercialisation of local electric vehicle (EV) technology development through the Na...
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Over RM1 bil to improve communications infrastructure in Kelantan — Annuar
KUALA LUMPUR (Oct 20): The government has agreed to increase the total investments to be spent on improving telecommunications infrastructure in Kelantan to more than RM1 billion from an initial RM700...
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CIMB, George Kent, Bintai, TNB, Daya Materials, Hua Yang, Classic Scenic,...
KUALA LUMPUR (Oct 20): Based on corporate announcements and news flow on Wednesday, companies in focus on Thursday (Oct 21) may include: CIMB Group Holdings Bhd, George Kent (Malaysia) Bhd, Bintai Kin...
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Futures flat on worries over supply chain disruptions; Netflix falls
NEW YORK, Oct 20 — US stock index futures struggled for direction today as investors weighed the impact of supply chain constraints and inflation on corporate earnings, while Netflix shares remained...
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Supply chain chaos set to extend further, port operator ICTSI says
LONDON, Oct 20 — The world faces “very prolonged” disruptions to shipping cargo flows, an executive at leading ports operator ICTSI said, as logistical headaches such as truck shortages weigh on...
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Evening 5: Five things you need to know today
EVENING 5: 1MDB report the only one requested by Najib Dirty dealings.
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Ageson aborts rights issue of ICULS
KUALA LUMPUR (Oct 20): Ageson Bhd (formerly known as Prinsiptek Corp Bhd) has decided to scrap its proposed rights issue of irredeemable convertible unsecured loan stocks (ICULS). This is due to the "...
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Melaka polls: UMNO yet to decide on electoral pact — Mohamad Hasan
SEREMBAN (Oct 20): UMNO has yet to make a decision on whether to go solo or form a pact with other parties when contesting the Melaka State Election on Nov 20, its deputy president Datuk Seri Mohamad ...
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CPO futures hit all-time high of RM5,071 a tonne
KUALA LUMPUR (Oct 20): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed at an all-time high today as concerns over weak production in coming weeks continued to lift senti...
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MySejahtera security level improved — MOH
PUTRAJAYA (Oct 20): The security level of MySejahtera's application and website has been improved following complaints regarding the issue of OTP (One Time Password) messages and spam e-mails, said th...
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Tengku Zafrul: Budget 2022 will contain economic sector recovery strategies
PUTRAJAYA (Oct 20): The economic sector recovery strategies will be realised through Budget 2022 that have been formulated based on the country's current scenario, said Finance Minister Tengku Datuk S...
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FGV hopes to finalise independent auditor appointment by November
KUALA LUMPUR (Oct 20): FGV Holdings Bhd said it hopes to formalise the appointment of an independent auditor by November in its effort to remove the US ban on its palm oil products.
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CGS-CIMB expects upward reversal in CCR 17-24pc potential growth for Aug 2021-Dec 2022 period
KUALA LUMPUR, Oct 20 — CGS-CIMB Securities Sdn Bhd is expecting an upward reversal in the growth of credit card receivables (CCR) starting from October 2021 with potential growth of 17 per cent to 2...
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UK fines Facebook £50.5m over Giphy takeover breach
LONDON, Oct 20 — Britain’s competition watchdog said today it had fined the social network giant Facebook more than £50 million (RM287 million) for failing to supply information linked to its tak...
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Melaka polls: PN to finalise seat allocation this week
MELAKA (Oct 20): The allocation of seats among Perikatan Nasional (PN) component parties for the upcoming Melaka state election is expected to be finalised this week.
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Mah Sing concludes RM300m sukuk issuance
KUALA LUMPUR (Oct 20): Property developer Mah Sing Group Bhd announced via a bourse filing that it has completed the issuance of secured and unrated Sukuk Murabahah of RM300 million on Wednesday.
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Infectivity rate increase: Negeri Sembilan residents urged to obey SOPs
SEREMBAN (Oct 20): Menteri Besar Datuk Seri Aminuddin Harun has reminded Negeri Sembilan residents and tourists to always adhere to standard operating procedures (SOPs), to reduce the spread of Covid-...
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SKB Shutters announces 2-for-1 bonus issue, free warrants
KUALA LUMPUR (Oct 20): SKB Shutters Corp Bhd has proposed to undertake a bonus issue of two new shares for every one share held.
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Sabah begins administering Covid-19 vaccine booster doses
KOTA KINABALU (Oct 20): Sabah on Wednesday began administering Covid-19 vaccine booster doses under the National Covid-19 Immunisation Programme (PICK), which will cover frontliners, senior citizens a...
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RON95, RON97 and diesel prices unchanged
KUALA LUMPUR (Oct 20): The retail prices of RON95, RON97 and diesel will remain unchanged from Thursday (Oct 21) until Oct 27, the Ministry of Finance (MoF) said on Wednesday.
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KIP REIT's 1Q NPI dips 2.3% to RM13.7m, declares 1.55 sen distribution
KUALA LUMPUR (Oct 20): KIP Real Estate Investment Trust's (REIT) net property income (NPI) fell 2.34% to RM13.67 million for the first quarter ended Sept 30, 2021 (1QFY22), from RM14 million a year ea...
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KLCI extends gains on more foreign fund inflows
KUALA LUMPUR (Oct 20): The FBM KLCI continued trending upwards to close above its previous month's high of 1,604.95, buoyed by elevated crude oil and FCPO prices as well as continued buying interest i...
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Ringgit ends higher against greenback
KUALA LUMPUR, Oct 20 — The ringgit closed higher and constructive against the US dollar today following the elevated levels of commodity prices as well as the gradual reopening of the economy which ...
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Carimin announces five sen special dividend
KUALA LUMPUR (Oct 20): Carimin Petroleum Bhd has declared a special dividend of five sen for the financial year ended June 30, 2021 (FY21) to reward its shareholders.
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Sime Darby to gear up luxury car ops in China
KUALA LUMPUR (Oct 20): Noting that China has the highest growth potential in the luxury car market, Sime Darby Bhd said it plans to grow its luxury vehicle presence in the country by establishing a fo...
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Pestech signs MoU with UK-Sweden operating firm to develop Waste-2-Energy...
KUALA LUMPUR (Oct 20): Pestech International Bhd has entered into a memorandum of understanding (MoU) with Gartena Holdings Ltd to explore the opportunity to cooperate in proposing and developing Wast...
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Maybank Kim Eng Group CEO Ami Moris appointed as 30% Club Malaysia chairperson
KUALA LUMPUR (Oct 20): Malayan Banking Berhad (Maybank)’s investment banking arm Maybank Kim Eng Group chief executive officer (CEO) Ami Moris has been appointed as chairperson of the 30% Club Malay...
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Classic Scenic buys industrial land, factory in Perak for RM12.5 million
KUALA LUMPUR (Oct 20): Classic Scenic Bhd’s wholly-owned subsidiary Finesse Moulding (M) Sdn Bhd has acquired a piece of industrial land and a factory on it in Bidor, Perak for a total of RM12.5 mil...
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No MySejahtera user data leak as fake emails and SMS are due to misuse of...
KUALA LUMPUR (Oct 20): Following complaints from several MySejahtera users about receiving troll emails and spam SMS messages with one-time passwords (OTPs) from the Covid-19 app's helpdesk, the Minis...
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Hua Yang’s 2Q net loss widens to RM8.65m, dragged by slower sales and...
KUALA LUMPUR (Oct 20): Hua Yang Bhd’s net loss widened to RM8.65 million for the second quarter ended Sept 30, 2021 (2QFY22), from RM5.76 million a year ago, dragged by slower sales and construction...
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Zahid's defence: Prosecution’s claim RM18m in charity funds used to buy Bali...
KUALA LUMPUR (Oct 20): At the High Court on Wednesday, Datuk Seri Ahmad Zahid Hamidi’s lawyer argued the prosecution’s claim that RM17.9 million in fixed deposit withdrawals from Yayasan Akalbudi ...
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Umrah: Malaysia still discussing with Saudi Arabia on vaccine discrimination,...
PUTRAJAYA (Oct 20): Malaysia is still discussing with the Saudi Arabian government on not to impose vaccine discrimination against its individuals wanting to perform the umrah pilgrimage in the kingdo...
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Bursa Malaysia ends marginally higher on late buying
KUALA LUMPUR, Oct 20 — Bursa Malaysia closed marginally higher following the emergence of late buying interest in selected heavyweights such as gloves, banking and oil and gas counters, said an anal...
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HSBC: New policies, institutional reforms needed to catalyse Malaysia’s economic growth
KUALA LUMPUR, Oct 20 — As Malaysia emerges from the aftermath of Covid-19 pandemic, a different set of policies as well as institutional reforms will be required to improve economic growth in the fu...
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Alibaba shares soar after Jack Ma reported on Europe trip
HONG KONG, Oct 20 — Alibaba shares surged more than six per cent today after billionaire founder Jack Ma was reported to be in Europe, fuelling investor hopes that the worst of China’s regulatory ...
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Getting democracy to work again
Bersih 2.0, the coalition for clean and fair elections, recently launched its #Ketuanan Pengundi campaign aimed at restoring the supremacy of voters IN an email interview with The Edge, Bersih 2.0 cha...
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Melaka state election: Malaysian Medical Association urges EC to disallow face-...
KUALA LUMPUR (Oct 20): To prevent a surge in Covid-19 cases, the Election Commission (EC) should disallow "old norms", such as house visits, gatherings and ceramahs, during campaigning for the Melaka...
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Malaysia’s Covid-19 tracking app reports ‘malicious script’ misuse
(Oct 20): Malaysia’s Covid-19 tracking application has been misused by “malicious scripts” to send unsolicited one-time passwords to random phone numbers.
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Warisan on track to expand to Peninsular Malaysia, says Shafie
KUALA LUMPUR (Oct 20): Parti Warisan Sabah's plans to expand to Peninsular Malaysia are well on track, said its president Datuk Seri Mohd Shafie Apdal.
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Daya Materials gets green light on regularisation plan
KUALA LUMPUR (Oct 20): Daya Materials Bhd announced on Wednesday that it has received Bursa Securities' approval for its regularisation plan.
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Short-term rates close stable on Bank Negara’s intervention
KUALA LUMPUR, Oct 20 — Short-term interbank rates closed stable today on Bank Negara Malaysia’s (BNM) operations to absorb surplus liquidity from the financial system.
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Tech: Penang Automation Cluster aims to build local supply chain and elevate...
BUILDING automated equipment systems is akin to the assembly and production of vehicles.
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Govt to intensify efforts to help MSMEs under 12MP, says Mustapa
KUALA LUMPUR (Oct 20): The government will intensify its efforts to help micro, small and medium enterprises (MSMEs), especially small business owners, by implementing income-raising and capacity-buil...
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Automated Awareness Safety System still in force, Dewan Negara told
KUALA LUMPUR (Oct 20): The Automated Awareness Safety System (AWAS), formerly known as the Automatic Enforcement System (AES), is still operating and enforced based on standard operating procedures an...
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'They'll have to pay', Malaysia's chip crunch triggers new era in supply deals
KUALA LUMPUR (Oct 20): Malaysian electronics firms central to the supply of basic chips that drive the world's cars, smartphones, and home devices have said big-name customers are beating on their doo...
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1MDB audit report the only special audit report Najib asked to see and amend...
KUALA LUMPUR (Oct 20): The 1Malaysia Development Bhd (1MDB) audit report was the only special audit report which Datuk Seri Najib Razak requested to see and amend prior to its presentation to the Publ...
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UK inflation dips but rate rise still forecast
LONDON, Oct 20 — British annual inflation eased to 3.1 per cent in September, official data showed today, remaining close to a nine-year peak that still risks a UK interest rate rise next month.
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Vegetable oil production set to hit 4-year high leading to fall in prices
KUALA LUMPUR: The world production of four vegetable oils, namely palm oil, sunflower oil, soybean oil and rapeseed oil, is expected to increase by about seven million tonnes for the 2021/2022 period, the biggest growth in four years, according to Oil World.
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Robust growth ahead for silicon wafer shipments until 2024
KUALA LUMPUR: Global silicon wafer shipments are projected to see robust growth through 2024, driven by strong secular demand for semiconductors across multiple end markets.
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Malaysia e-shopping king of the region, 9 out of 10 online by end-2021
MALAYSIANS love to shop. We love to window shop, we love our discounts and promotions and we love our malls.
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Tabling of Senior Citizens Bill scheduled for next year
KUALA LUMPUR (Oct 20): The Senior Citizens Bill is scheduled to be tabled in Parliament next year, said Deputy Women, Family and Community Development Minister Datuk Siti Zailah Mohd Yusoff.
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Prasarana expects 80% increase in ridership for rail, bus services in 2022
KUALA LUMPUR (Oct 20): Prasarana Malaysia Bhd is foreseeing an uptrend in ridership for both urban rail and bus services of up to 80% in 2022, better than since the beginning of the Covid-19 pandemi...
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Credit Suisse to pay at least US$400m in Mozambique scandal
CREDIT Suisse Group AG agreed to pay almost $475 million to resolve multiple investigations into its role in a fundraising scandal that saw hundreds of millions looted from Mozambique and tipped the country into economic crisis.
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CTOS hopeful access to CCRIS reinstated soon
CTOS Digital Bhd is hopeful that its access to Bank Negara Malaysia’s Central Credit Reference Information System (CCRIS) will be reinstated in the soonest possible time frame.
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Malaysia, US, EU ties strengthening despite Covid-19 challenges, says deputy...
KUALA LUMPUR (Oct 20): Malaysia’s ties with strategic partners such as the United States (US) and European Union (EU) have continued to strengthen despite challenges due to the Covid-19 pandemic, th...
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Bintai Kinden inks deal to distribute Scientillence hemodialyzer
KUALA LUMPUR (Oct 20): Bintai Kinden Corp Bhd has entered into a distribution agreement with Scientillence Sdn Bhd for the non-exclusive distribution of hemodialyzer in the private and commercial sect...
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Ringgit leads gains, Thai bond outflows hit baht
BENGALURU (Oct 20): The Malaysian ringgit led gains in emerging Asia on Wednesday as signs China's policymakers were moving to contain the nation's property sector troubles supported sentiment, while ...
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China new-home prices fall for first time in six years
BEIJING, Oct 20 — China’s new-home prices fell for the first time in six years last month, data showed today, as the property sector struggles after a government clampdown, while a default at seve...
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Bursa Malaysia turns higher at midday on better buying support
KUALA LUMPUR, Oct 20 — Bursa Malaysia turned higher at midday on better buying support, led by technology and financed-linked counters, analysts said.
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PUNB offers full moratorium, additional rental discounts to its eligible entrepreneur partners
KUALA LUMPUR, Oct 20 — Perbadanan Usahawan Nasional Bhd (PUNB) is offering a full moratorium on the principal and profit rate to its eligible entrepreneur partners as well as additional 20 to 70 per...
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AstraZeneca delivers over half a million Covid-19 vaccine doses to Malaysia
KUALA LUMPUR (Oct 20): AstraZeneca has delivered an additional 604,100 doses of its Covid-19 vaccine for use in Malaysia to support the country’s ongoing battle against the pandemic.
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