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Sundaily (Asia) 05/29/2020 07:14
PETALING JAYA: The Securities Commission Malaysia (SC) has warned investors over the rise of clone firms scams, in which a fraudulent company will set itself up to look like a capital market intermediary that is licensed or registered with the regulator to deceive investors. It highlighted that the fraudsters will use names, logos, credentials, websites and other details of a legitimate capital market intermediary to promote bogus investment schemes via social media channels such as Facebook, WhatsApp and Twitter, promising extraordinarily high returns with little risks. According to the regulator, the victims are often instructed to deposit monies into personal bank accounts of individuals who claim to represent a legitimate licensed entit.
Sundaily (Asia) 05/29/2020 07:09
PETALING JAYA: CIMB Group Holdings Bhd has appointed Datuk Abdul Rahman Ahmad ( pix ) as its group CEO/executive director and CEO/executive director of CIMB Bank Bhd. Rahman, who is currently the chairman of Sime Darby Bhd and Velesto Energy Bhd, succeeds Tengku Datuk Seri Zafrul Tengku Abdul Aziz, who relinquished his post to join the government as the Finance Minister.
Sundaily (Asia) 05/29/2020 06:52
PETALING JAYA: Carlsberg Brewery Malaysia Bhd’s net profit for the first quarter ended March 31, 2020 slipped 16.7% to RM72.96 million from RM87.60 million a year ago impacted by the Covid-19 and movement control order (MCO) as operations were suspended and on-trade sales were affected in both Malaysia and Singapore. It posted a 10.6% decline in revenue to RM589.87 million as compared to RM659.92 million in the same period last year. In Malaysia, revenue was down by 11.3% to RM445.4 million and profit from operations dropped 18.3% to RM74.2 million in Q1’20 against the corresponding quarter last year, mainly due to an earlier Chinese New Year trade loading in December 2019, the absence of trade loading in March this year and lower sales fol.
Sundaily (Asia) 05/29/2020 06:45
PETALING JAYA: PPB Group Bhd’s net profit fell 24.6% to RM187.27 million in its first quarter ended March 31, 2020 compared to RM248.45 million reported in the same quarter of the previous year due to the loss reported by its film exhibition and distribution, property and consumer products segments and a 14% lower contribution of RM165 million from Wilmar International Ltd. Revenue for the quarter fell 7.6% to RM1.07 billion from RM1.16 billion reported previously. The quarter saw its grains and agribusiness segment decline 9% in profit to RM54 million against RM60 reported previously due to weaker contribution from the Indonesia flour mills, and lower selling prices for livestock. Its consumer products segment reported a loss of RM26,000 c.
Sundaily (Asia) 05/29/2020 06:40
KUALA LUMPUR: The ringgit ended the week slightly higher against the US dollar today on improved global sentiment despite lower oil prices, a dealer said. As at 6pm, the local note was quoted at 4.3450/3500 versus the greenback compared with Thursday’s close of 4.3540/3600. FXTM market analyst Han Tan said most Asian currencies were able to take advantage of the waning interest on the US dollar this week, as the local note broke below its 50-day moving average against the greenback and traded below the 4.35 psychological level. “Risk-on sentiment had been taking hold in global markets, allowing Asian currencies to push back against the US dollar. “However, the optimism surrounding the global economy’s reopening could be punctured by the US
Sundaily (Asia) 05/29/2020 06:21
KUALA LUMPUR : Bursa Malaysia bucked the regional trend to close higher today, thanks to buying support in index-linked counters and positive news on the government’s new economic recovery plan, dealers said. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 15.75 points to end the day at 1,473.25 from 1,457.5 at yesterday’s close. The index, which opened 6.96 points weaker at 1,450.54 this morning, hovered between 1,448.84 and 1,473.77 throughout the day. The overall market breadth was positive with gainers trouncing losers 650 to 403, while 363 counters were unchanged, 484 untraded and 50 others suspended. Total volume ballooned to 9.04 billion shares worth RM9.31 billion from 6.94 billion units worth RM5.45 billion on Thursday. A de.
Sundaily (Asia) 05/29/2020 06:01
KUALA LUMPUR : Malaysia Digital Economy Corporation (MDEC) expects the change in behaviour of consumers and local traders from conventional method to online business concept will be maintained even after COVID-19 ends. Its chief executive officer, Surina Shukri, said the main players in the e-commerce sector would leverage on digital capability to increase their presence offline, and thereby further expanding their e-commerce ecosystem. "Digital transformation will move fast.
Sundaily (Asia) 05/29/2020 05:10
PETALING JAYA: Kuala Lumpur has been ranked seventh in the Asia and Oceania region in the International Convention & Conference Association (ICCA) Statistics Report 2019, thanks to the Kuala Lumpur Convention Centre. Last year, the Kuala Lumpur Convention Centre hosted 91 international association meetings, which helped Kuala Lumpur to obtain its best ranking in seven years, three positions better from 2018 . On the world ranking, Kuala Lumpur took the 22nd position, up 12 places from the previous year. On the ICCA rankings, Kuala Lumpur Convention Centre general manager Alan Pryor ( pix ) commented that the position revealed the high number of international meetings held in Kuala Lumpur and Malaysia last year and each of these delivered ec.
Sundaily (Asia) 05/29/2020 03:25
KUALA LUMPUR : Chin Hin Group Bhd’s subsidiaries are selling RM76.45 million worth of real estate assets to raise cash proceeds which can be channelled towards the group's business operations and to repay bank loans. The integrated builders conglomerate said these entail a disposal of entire equity interest in Ace Logistics Sdn Bhd to PP Chin Hin Realty Sdn Bhd by its wholly-owned subsidiary Metex Steel Sdn Bhd for RM20.8 million and the disposal of properties by PP Chin Hin Sdn Bhd to Midas Signature Sdn Bhd for RM55.65 million cash. The disposals include 11 units of shop offices together with 89 units of car parks in Kuala Lumpur, one unit of factory in Shah Alam and 23 units of shop offices in Alor Setar, it said in a filing with Bursa M.
Sundaily (Asia) 05/29/2020 02:47
PETALING JAYA : RHB Bank Bhd posted a net profit of RM570.88 million for the first quarter ended March 31, 2020, 9.4% lower than the RM630.19 million recorded a year ago due to lower non-fund based income and higher allowances for expected credit losses (ECL). Increase in net fund based income was driven by proactive management of funding costs, which dropped 7.5% year-on-year, as a result of the increase in current and savings account (Casa) composition from 24.5% to 27.4% and the redemption of RM600 million hybrid tier-I capital and RM1 billion sub-debts in 2019.
Sundaily (Asia) 05/29/2020 02:21
PETALING JAYA: Bumi Armada Bhd posted a net loss of RM223.97 million for its first quarter ended March 31, 2020 against a net profit of RM62.21 million reported in the same quarter of the previous year mainly due to impairment losses on vessels recognised in 2020. Its revenue for the period rose by 12.4% to RM552.62 million compared to RM491.61 million reported previously. Its floating production and operations (FPO) segment results increased to RM354.4 million for the quarter as compared to RM253.7 million reported previously, mainly due to higher revenue, lower operating costs from Armada Olombendo FPSO and Armada Perdana FPSO that was disposed of in September 2019. Its offshore marine services (OMS) segment results decreased to RM6.9 mil.
Sundaily (Asia) 05/29/2020 02:07
PETALING JAYA: Hong Leong Bank Bhd’s net profit for the third quarter ended March 31, 2020 fell 15.6% to RM534.79 million from RM633.90 million a year ago due to higher allowance for written back of impairment losses on loans, advances and financing. Its revenue dropped 3.2% to RM1.13 billion against RM1.17 billion previously. For the nine months period, the bank’s net profit dropped 5.1% to RM1.93 billion from RM2.03 billion corresponding period last year with the absence of a one-off gain from divestment of joint venture. Its revenue jumped 0.7% to RM3.58 billion against RM3.56 billion perviously. Gross loans and financing expanded by 6.6% year-on-year (y-o-y) to RM142.4 billion, ahead of the industry growth rate.
Sundaily (Asia) 05/29/2020 00:50
PETALING JAYA: The Producer Price Index (PPI) for local production declined 5.1% year-on-year in April to 99.9, the lowest rate of change since November 2015, led by a decrease in the index of mining of 58.3%, while the water supply index dropped 1.0%. “In contrast, the month saw the index of agriculture, forestry and fishing increased 8.7%, followed by electricity & gas supply index (0.2%) and manufacturing index (0.1%),” chief statistician Datuk Seri Dr Mohd Uzir Mahidin said in a statement today. On monthly basis, the PPI for local production fell 2.7% as compared to March 2020, attributed to the decline in all sectors, mining (-30.6%), agriculture, forestry & fishing (-3.2%), manufacturing (-0.7%), water supply (-0.6%) and electricity &
Sundaily (Asia) 05/29/2020 00:45
PETALING JAYA: Boustead Holdings Bhd has not received any offer relating to the privatisation proposal from its majority shareholder the Armed Forces Fund Board (LTAT). "Shareholders are advised to exercise caution and seek appropriate advice when dealing in the ordinary shares of the company, since there is no certainty that LTAT will proceed with the proposal," Boustead said in a statement today. LTAT has confirmed that it is considering a proposal to privatise Boustead.
Sundaily (Asia) 05/28/2020 22:31
TOKYO: Japan's April factory output fell at a much faster-than-expected pace and retail sales tumbled the most in more than two decades as a coronavirus-triggered state of emergency dealt a heavy blow to the economy. Global activity ground to a halt in April as government-imposed lockdowns due to the pandemic disrupted supply chains and led consumers to postpone many purchases, putting a damper on the outlook for the world's third-largest economy. Official data on Friday showed factory output slipped 9.1% in April from the previous month, the biggest drop since comparable data became available in 2013 as automakers and iron and steel manufacturers suffered sharp output declines due to weak global demand. That was a much larger decline than
Sundaily (Asia) 05/28/2020 22:25
SINGAPORE: Oil prices edged lower on Friday after U.S. inventory data showed lacklustre fuel demand in the world's largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 36 cents, or 1%, to $34.93 a barrel by 0106 GMT and U.S. West Texas Intermediate crude was at $33.20 a barrel, down 51 cents, or 1.5%.
Sundaily (Asia) 05/28/2020 22:20
BEIJING: Global travel disruptions are the top concern for American businesses in China, of which many are cutting compensation and bonuses amid the fallout of the COVID-19 epidemic, according to a report from a business group. Ninety percent of the 100 or so respondents said they were affected by such disruptions, up from 77% last month, according to a monthly survey on the impact of COVID-19 by the American Chamber of Commerce in China, released Friday. Thousands of senior executives are stranded outside China, chamber chairman Greg Gilligan said in a news release. "We will continue to work closely with the relevant government authorities in a bid to bring them back as soon as possible," he said. Sixty percent of companies said they were
Sundaily (Asia) 05/28/2020 21:21
PETALING JAYA:. Power Root Bhd posted net earnings of RM12.67 million for its fourth quarter ended March 31, 155.7% higher than RM4.96 million seen in the previous corresponding quarter, due to increased revenue base, higher foreign exchange gain on strengthening of the US dollar against the ringgit, as well as an one-off impairment on trade receivables recognised in the previous year’s corresponding quarter. Revenue for the quarter stood at RM90.4 million, from RM79.6 million previously. For the full year, the group recorded its highest ever net profit of RM51.38 million, an increase of 83.5% from RM28 million in FY19 on higher topline, increased operational efficiency, and improved cost management resulting from its transformation plan. Re.
Sundaily (Asia) 05/28/2020 13:05
PETALING JAYA:. Kumpulan Powernet Bhd (KPower) posted a net profit of RM2.67 million for its third quarter ended March 31, from a net loss of RM698,000 in the previous corresponding quarter. Revenue skyrocketed to RM31.68 million, from RM425,000 previously mainly driven by its construction related activities, mainly from the preliminary works on the construction projects awarded by Signvest Sdn Bhd, Zhenghong Building Road and Bridge Construction Co, as well as from various other construction projects. The second largest contributing segment for Q3’20 is the property development sector, which contributed RM5.32 million or 16.8% to total revenue, while the remaining RM128,000 or 0.4% of the company’s total revenue was driven by its manufactur.
Sundaily (Asia) 05/28/2020 12:53
KUALA LUMPUR. :. Asean member states, particularly Malaysia, will be in good position to reap benefits from Japan’s economic stimulus package due to its close proximity to Japan economically and historically, besides having extensive Japanese business network, said Japan’s Ambassador to Malaysia Hiroshi Oka. Oka said Malaysia – being a politically stable country, having people with good command of English, and high value-added supply chain to produce spare parts for aircraft and medical equipment – can make the country an ideal destination for Japanese companies to diversify their production bases. “There is an urgent need to strengthen the resilience of the global supply chain in the wake of Covid-19 pandemic and make it less vulnerable to a.

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