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Sundaily (Asia) 11/22/2019 06:39
SEPANG : AirAsia Group Bhd is optimistic of its business growth in 2020 amid sustained travel demand coupled with economic headwinds and the ongoing protests in Hong Kong. Group chief executive officer Tan Sri Tony Fernandes ( pix ) said the company had grown in more than 20 years since founding the low-cost airline and would continue to offer affordable pricing. "Travel has become a necessity.
Sundaily (Asia) 11/22/2019 06:08
PETALING JAYA : UEM Edgenta posted a slightly lower net profit of RM17.3 million for the third quarter ended Sept 30, from RM17.6 million in the previous corresponding quarter, mainly due to a decline in performance across the group’s divisions. Revenue for the quarter was, however, 11.2% higher at RM587.6 million, from RM528.3 million. “All divisions of the company recorded growth in revenue during the quarter; however, growth in profitability was muted, mainly on the back of external headwinds faced with its infrastructure-related businesses. “In particular, the asset consultancy division recorded a slight loss of RM0.9 million, while infrastructure services’ profitability decreased on the back of increased operational costs,” UEM Edgenta.
Sundaily (Asia) 11/22/2019 05:36
KUALA LUMPUR : The ringgit closed the week on a weaker note against the US dollar on lack of buying interest as uncertainties continued in the US-China trade negotiations, said a dealer. At 6 pm, the ringgit settled at 4.1700/1750 against the greenback from yesterday’s close of 4.1680/1710. The dealer said the fall in the local note was in line with other Asian currencies, with investors’ numbness over the US-China trade deal "optimism" continued to weigh on market sentiment, causing investors to stay on the sidelines.
Sundaily (Asia) 11/22/2019 05:33
JAKARTA : The Indonesian government has set an economic growth target of 5.6 per cent in 2020, up from the 5.3 per cent targeted this year, VNA quoted Coordinating Minister for the Economy Airlangga Hartarto as saying. The figure is mainly supported by investment and exports, which are expected to increase by 7.0-7.4 per cent and 5.5-7.0 per cent, respectively. On the supply side, economic growth is expected to be supported by the industrial sector which will increase between 5.0-5.5 per cent.
Sundaily (Asia) 11/22/2019 05:28
KUALA LUMPUR : Bursa Malaysia rebounded from yesterday’s losses to end higher today, on buying support in selected heavyweights amid mixed market sentiment. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.65 points to finish at 1,596.84 from 1,592.19 at the close yesterday, after moving between 1,589.25 and 1,600.06 throughout the day. The barometer index, which opened 2.32 points weaker at 1,589.87, moved in negative territory during the morning session but managed to recover during mid-day on the back of mixed headlines on US-China trade. On the broader market, there were 398 gainers and 423 losers, while 412 counters were unchanged, 794 untraded and 15 others suspended. Volume decreased to 2.56 billion shares worth RM1.
Sundaily (Asia) 11/22/2019 05:23
PETALING JAYA: CIMB Group Holdings Bhd’s net profits fell by 14.4% to RM1.01 billion in its third quarter ended Sept 30, 2019 against a net profit of RM1.18 billion reported in the same quarter of the previous year attributed to higher operating expenses and provisions despite an increase in operating income. In the quarter, the group’s revenue rose by 12% to RM4.64 billion from RM4.14 billion reported previously. CIMB’s group CEO, Tengku Datuk Sri Zafrul Aziz ( pix ) commented that he is pleased to see the group’s underlying performance remained strong despite the challenging environment. "The better performance was driven by higher net interest income and non-interest income, coupled with lower provisions.
Sundaily (Asia) 11/22/2019 05:03
PETALING JAYA : Petronas Dagangan Bhd (PetDag) saw a 11.6% dip in net profit for the third quarter ended Sept 30 to RM239 million, from RM270.3 million a year before due to a lower gross profit for Mogas and diesel following higher product cost and less favourable MOPS prices trend compared to the corresponding quarter. The group also noted there had been higher depreciation and amortisation in the retail segment and higher operating expenditure in the commercial segment during the quarter, which also contributed to the lower profit. Quarterly revenue also was marginally lower at RM7.8 billion, from RM7.81 billion previously.
Sundaily (Asia) 11/22/2019 04:38
PETALING JAYA : Dayang Enterprise Holdings Bhd saw its net profit double to RM107.1 million for the third quarter ended Sept 30, from RM48.8 million a year before due to a higher profit margin on work orders received and performed in the current quarter as compared to the corresponding quarter. In a Bursa Malaysia filing, the group said there had also been a one-off gain from the acquisition of a new subsidiary in July 2019. "We are proud to hit a significant milestone by achieving a record high quarterly profit in the third quarter of 2019.
Sundaily (Asia) 11/22/2019 04:06
KUALA LUMPUR : Cagamas Bhd has announced its combined issuances totalling RM705 million, comprising RM100 million multi-tenured 1.0-year and 1.5-year Conventional Medium Term Notes (CMTNs), RM300 million 3.0-month Conventional Commercial Papers (CCPs) and RM305 million 3.0-month Islamic Commercial Papers (ICPs). Proceeds from the issuances will be used to fund the purchase of housing loans and Islamic home financing from the domestic financial system, Cagamas, the National Mortgage Corporation of Malaysia, said in a statement today. President/chief executive officer Datuk Chung Chee Leong said the RM100 million 1.0-year and 1.5-year CMTNs were concluded via reopening of two existing bond tranches, which marked the company’s first dual reope.
Sundaily (Asia) 11/22/2019 04:03
PETALING JAYA : Iskandar Waterfront Holdings Sdn Bhd (IWH) today inked a RM371 million facility agreement with CIMB Bank Bhd, which will go towards part financing the 60% investment made by IWH-CREC, the consortium between IWH and China Railway Group Limited (CREC), into Bandar Malaysia. The signing of the agreement marks CIMB’s involvement as the first Malaysian bank in the project. "Given the strategic location for Bandar Malaysia Project in Kuala Lumpur, we are highly confident in the national project has the prospects to become the country’s foremost integrated transportation and financial hub. "We are glad that CIMB, as the first local Malaysian bank to provide facility for the Bandar Malaysia project.
Sundaily (Asia) 11/22/2019 01:36
BEIJING : China wants to work out an initial trade agreement with the United States and has been trying to avoid a trade war, but it is not afraid to retaliate when necessary, President Xi Jinping ( pix )said on Friday. "We want to work for a ‘phase one’ agreement on the basis of mutual respect and equality," Xi told representatives of an international forum, according to a pool report. "When necessary we will fight back, but we have been working actively to try not to have a trade war.
Sundaily (Asia) 11/22/2019 00:49
PETALING JAYA : Bumi Armada Bhd returned to positive territory with a net profit of RM153.3 million for the third quarter ended Sept 30, compared with a net loss of 502.83 million a year before due to gain on disposal of joint ventures and property, plant and equipment and a higher share of results from joint ventures arising from tax exemptions. Revenue for the quarter stood at RM527.81 million, 10.2% lower than RM588.05 million in the previous corresponding quarter. In a statement filed with Bursa Malaysia, Bumi Armada CEO Gary Christenson said the group’s floating production and operation (FPO) business had been stable in the third quarter, registering a 2.3% improvement in revenue from 2Q19. “In the optical metrology services (OMS) busi.
Sundaily (Asia) 11/22/2019 00:18
PETALING JAYA : The number of jobs in the private sector has risen to 8.7 million in the third quarter this year, compared to 8.5 million at the same time last year, according to a statement released by the Department of Statistics this morning. Chief statistician Datuk Seri Mohd Uzir Mahidin said the rate of filled jobs was 97.7%, recording 8.4 million jobs in 3Q19 from 8.3 million in 3Q18. "Meanwhile, the vacancies rate was 2.3%, which accounted for 203,000 job vacancies, from 195,000 in 3Q18.
Sundaily (Asia) 11/21/2019 23:04
BEIJING : China on Friday revised up its nominal 2018 gross domestic product (GDP) by 2.1% to 91.93 trillion yuan ($13.08 trillion), keeping it on track to achieving its goal of doubling the size of its economy by 2020 from 2010. The revisions showed that the services sector contributed more to GDP in 2018 than the original data had indicated, the National Bureau of Statistics said in a statement. The change in the size of 2018 GDP will not significantly influence the calculation for the 2019 growth rate, the statistics bureau said. The world’s second-biggest economy is growing at its slowest pace in almost three decades, pressured in part by a trade war with the United States. China routinely revises its annual GDP data.
Sundaily (Asia) 11/21/2019 22:30
KUALA LUMPUR: Bursa Malaysia extended yesterday’s downtrend to open lower this morning as weak market sentiment due to the uncertainty over the timing of phase one US-China trade deal curbed interest for equity. At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.94 points to 1,589.25 from 1,592.25 recorded at Thursday’s close. At the opening bell, the barometer index was 2.32 points weaker at 1,589.87. On the broader market, there were 126 losers and 122 gainers, while 181 counters unchanged, 1,598 untraded and 15 others suspended. Turnover amounted to 138.77 million shares worth RM64.74 million. Malacca Securities Sdn Bhd said conditions in the local market turned weaker amid the increased selling activities over the past.
Sundaily (Asia) 11/21/2019 22:10
TOKYO: Panasonic Corp has no plans to build a new battery plant for Tesla Inc in China, the Japanese company's chief executive said, as it struggles to make money from its existing battery business with the electric vehicle (EV) maker. "We don't have any plans at the moment to set up a production site in China for Tesla's Chinese business," CEO Kazuhiro Tsuga told reporters at a strategy briefing on Friday. "It is up to Tesla to decide whether it would use Chinese-made batteries from other manufacturers or get batteries from our Gigafactory 1 (in Nevada)," he said. The comments reflect Panasonic's growing caution about its joint battery business with Tesla, which has yet to show sustained profits.
Sundaily (Asia) 11/21/2019 22:06
NEW YORK: Wall Street edged lower on Thursday despite a reported offer from Beijing for another face-to-face meeting with US trade negotiators. Major US stock indexes are now on track to finish the week in the red heading into the Thanksgiving holiday week, eroding an extended run of gains driven by hopes the US-China trade war would finally be resolved. The benchmark Dow Jones Industrial Average and broader S&P 500 both fell 0.2 percent to end at 27,766.29 and 3,103.48, respectively. The tech-heavy Nasdaq also lost 0.2 percent, closing at 8,506.21. Citing unnamed sources, The Wall Street Journal reported Thursday that Chinese trade envoy Liu He had invited US trade officials to Beijing for a new round of talks. US officials are reluctant t.
Sundaily (Asia) 11/21/2019 22:01
HONG KONG: Asian markets rose Friday as a sense of optimism returned to trading floors after a report said China's point man on the US tariffs talks had offered to host a meeting to help push through their crucial mini pact. However, investors were nervous that the deal could collapse at any minute after US lawmakers passed a bill supporting Hong Kong rights, causing anger in Beijing. Expectations that the economic superpowers would be able to sign off on the agreement soon has helped fan a rally across world markets for weeks, though a lack of detail or signs of progress of late is becoming unsettling for many. Hopes were given a lift Thursday after the Wall Street Journal said top negotiator Vice Premier Liu He had invited his US counterp.
Sundaily (Asia) 11/21/2019 20:44
KUALA LUMPUR: The ringgit opened marginally higher against the US dollar today driven by a more optimistic sentiment on the US-China trade negotiation, making the ringgit slightly more appealing to investors, dealers said. At 9am, the ringgit was trading at 4.1670/1700 against the greenback from Thursday’s close of 4.1680/1710. Axi Trader Asia-Pacific market strategist Stephen Innes said confidence on the US-China trade deal was tapering over gloomy regional economic data, especially from China. “The shift on trade deal confidence may have turned currency focus back to the economic realities, and without a domestic growth, trade deal optimism alone is not enough to carry the day. “While short term price action will like trade biased to trad.

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