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Sundaily (Asia) 10/23/2020 03:13
PETALING JAYA: Radiant Globaltech Bhd shareholders have approved the acquisition of an 80% stake in Grand-Flo Bhd’s wholly-owned subsidiary Grand-Flo Spritvest Sdn Bhd (GF Spritvest) for RM11.6 million cash at its EGM today. Shareholders also approved the variation of the use of proceeds raised from its initial public offering (IPO) to partially finance the purchase of consideration of RM11.6 million, where RM11.5 million would be satisfied through IPO proceeds and the remaining RM100,000 via internally generated cash or bank borrowings. The acquisition of GF Spritvest would allow the retail technology solutions provider to expand its customer coverage to include non-retail customers such as fast-moving consumer goods (FMCG), electronics, a.
Sundaily (Asia) 10/23/2020 01:46
PETALING JAYA: Maxis Bhd’s net profit for the third quarter ended Sept 30, 2020 jumped 2% to RM365 million from RM358 million a year ago on the back of resilient earnings before interest, tax, depreciation and amortisation (ebitda) and lower operating expenses. Normalised ebitda saw a slight decrease by 4.1% to RM924 million from RM964 million in Q3’19.
Sundaily (Asia) 10/23/2020 00:42
PETALING JAYA: Petronas Gas Bhd’s (PetGas) 65% owned subsidiary Pengerang LNG (Two) Sdn Bhd (PLNG2) has concluded the issuance of a 20-year multi-tranche sukuk murabahah amounting to RM1.7 billion under its Islamic Medium Term Note Programme. The oversubscription of just over three times reflects the market’s confidence in the company’s credit strength which has been assigned a rating of AAA by the Malaysian Rating Corp Bhd. “We are pleased with the overwhelming response and demand from the investors, underpinned by our robust and sustainable business model despite the current global challenges,” said PetGas managing director and CEO Kamal Bahrin Ahmad. The issuance is in line with continued efforts in driving efficient capital management a.
Sundaily (Asia) 10/23/2020
JAKARTA: Indonesia's Financial Services Authority (OJK) will extend loan restructuring incentives for some banks until March 2022, it said on Friday, to prevent a spike in bad loans as a result of economic fallout from the coronavirus pandemic. Such an extension allows banks to avoid making provisions for souring loans for a year longer than originally set, among other measures to help the industry, which saw loan growth of 0.12% in September, Indonesia's weakest in more than a decade. The incentives have helped keep non-performing loan (NPL) ratios below the regulator's healthy threshold of 5%. It said loan restructuring had reached 904.3 trillion rupiah ($62 billion) for 7.5 million debtors by Sept. 28, with NPL levels at 3.15% by the end.
Sundaily (Asia) 10/22/2020 23:49
KUALA LUMPUR : The Securities Commission Malaysia (SC) has received 370 queries and complaints on illegal investment schemes as at end-September 2020 compared with 317 for the whole of last year. Chairman Datuk Syed Zaid Albar said of late, there has been a rise of “clone firm scams” where the fraudster would impersonate a legitimate licensed entity to dupe investors into believing that they are investing with a legitimate entity. He said based on SC’s findings, the promotion of such scams were commonly carried out via social media channels -- with the use of WhatsApp and Facebook being the most prevalent channels. “Investors who received offers of investment opportunities through WhatsApp messaging or Facebook channels should exercise caut.
Sundaily (Asia) 10/22/2020 23:41
CHINA's Huawei Technologies Co Ltd reported a 9.9% rise in nine-month revenue on Friday, as U.S. export restrictions and the global COVID-19 pandemic weakened sales growth in products such as smartphones and telecoms equipment. Revenue reached 671.3 billion yuan ($100.44 billion) over January-September, it said in a statement, without providing a segment breakdown.
Sundaily (Asia) 10/22/2020 23:34
KUALA LUMPUR : Around 30 per cent of manufacturing companies plan to increase production localisation efforts over the next six months to better shield from future risks, according to global market research company Euromonitor International. The production localisation progress would make global supply and logistics chains shorter and provide new growth opportunities for North American and European suppliers, said in a statement. In addition, changing economic conditions and consumer preferences will impact the manufacturing sector, which will have to adapt to the ‘new normal’. The future of the global manufacturing industry will be defined by five key trends by 2025 including transition towards demand-driven supply chain; embracing digital.
Sundaily (Asia) 10/22/2020 23:30
PETALING JAYA:. Institutional investors are positioning for potential changes in FBM KLCI constituents, with foreign institutional investors going for stocks with potential corporate exercise and thematics; while local retail investors are placing increasing bets on laggards and Covid-19 recovery plays. CGS-CIMB said glove makers like Top Glove Corp Bhd, Supermax Corp Bhd and Hartalega Holdings Bhd were among the biggest beneficiaries of net inflow of funds from institutional investors – possibly in anticipation of their potential inclusion and higher weightage in the FBM KLCI, the benchmark index of Bursa Malaysia. “Institutional investors continue to sell Genting Bhd and Genting Malaysia Bhd potentially on worries over their possible exclu.
Sundaily (Asia) 10/22/2020 23:30
PETALING JAYA:. Bursa Malaysia, which is slated to release its quarterly financial performance on Oct 27, is expected to post a record net profit of RM128.2 million for third-quarter 2020 (3Q’20), representing growth rates of 172.1% year on year (yoy), and 48.7% quarter on quarter (qoq) against a 2Q’20 net profit of RM86.2 million, the previous all-time high. In a note, CGS CIMB Research said its net profit estimate is based on the key assumptions that equity and derivative income expanded 200% yoy and 13.9% yoy respectively, and a 15% y-o-y increase in operating costs. The key earnings driver will likely be the robust average daily trading value (ADTV) of the equity market, which spiked 200% yoy to an all-time high of RM5.8 billion in 3Q’20.
Sundaily (Asia) 10/22/2020 12:54
FRANKFURT AM MAIN: More than a million jobs could be lost this year in small- and medium-sized enterprises – the backbone of the German economy – due to the coronavirus pandemic, a study showed on Thursday. In its annual survey of the "Mittelstand" sector, the public investment bank KfW estimated that SMEs could shed some 3.3% of their workforce by the end of the year, equivalent to some 1.1 million jobs. There are an estimated 3.8 million such companies in Germany – predominantly family-run businesses specialised in sectors such as manufacturing, often for the export market. They employ around 60% of workers – 32.3 million in 2019 – and its share in Germany's overall economic activity is more than 71%. KfW said that the coronavirus pandemi.
Sundaily (Asia) 10/22/2020 12:46
WASHINGTON: New claims for US jobless benefits fell to 787,000 last week, the Labor Department said today, dropping below 800,000 for only the second time since the pandemic started. The big improvement came as new applications fell 55,000, seasonally adjusted, in the week ended Oct 17, and total claims in the previous week were revised down by 56,000 from the original report, according to the data. Weekly jobless claims spiked into the millions as business shutdowns began in March to stop Covid-19, and though they have since fallen the improvement had slowed in recent weeks as some government aid programmes for busineses expired and the pandemic concerns continued. Policymakers in Washington remain deadlocked after months of talks on a new.
Sundaily (Asia) 10/22/2020 12:41
CHICAGO: American Airlines and Southwest Airlines each reported deep losses in the third quarter on Thursday, but said they would burn less cash in the months to come as leisure bookings show signs of recovery from this year's coronavirus-driven collapse. They warned, however, that passenger traffic would remain fragile until a Covid-19 vaccine was made widely available, and renewed calls for another US$25 billion (RM103.6 billion) in government payroll support to protect jobs. Southwest said it would stop blocking middle seats in December, referencing recent medical research about the coronavirus showing that the combination of air filtration on airplanes combined with face masks "make the risk of breathing Covid-19 particles on an airplan.
Sundaily (Asia) 10/22/2020 12:37
HONG KONG: Hong Kong's markets watchdog on Thursday fined Goldman Sachs's Asian business US$350 million (RM1.45 billion) for its role in Malaysia's multibillion-dollar 1MDB scandal, the largest single fine ever levied by the regulator in the Asian financial hub. The Securities and Futures Commission (SFC) said serious lapses and deficiencies in management controls at Goldman Sachs (Asia) LLC had contributed to the misappropriation of US$2.6 billion raised by the Malaysian sovereign wealth fund. 1Malaysia Development Bhd (1MDB) raised the funds in three bond offerings in 2012 and 2013. A Goldman Sachs spokesman said the Wall Street bank would issue a statement in due course. The 1MDB scandal has been a costly and long-running sore for the US.
Sundaily (Asia) 10/22/2020 12:20
WASHINGTON: Goldman Sachs on Thursday agreed to pay nearly US$3 billion (RM12.4 billion) to settle a probe into its role in Malaysia's 1MDB corruption scandal, and its Malaysia unit agreed to plead guilty to violating foreign bribery laws, drawing a line under a saga that has dogged the bank for years. The settlement resolves a probe by US authorities into the bank's role in underwriting three bond offerings in 2012 and 2013 that raised US$6.5 billion for Malaysia's government. Under the terms, Goldman has been slapped with a US$2.3 billion penalty and about US$600 million of disgorgement. While the saga has proved a humbling and reputationally damaging episode for Wall Street's powerhouse investment bank, Thursday's settlement will allow c.
Sundaily (Asia) 10/22/2020 12:13
PETALING JAYA:. Bursa Malaysia Securities Bhd has publicly reprimanded FSBM Holdings Bhd and six of its directors for failing to issue the company’s annual report for the financial year ended June 20, 2018 (AR 2018) on time and has imposed fines totalling RM375,600 on the six directors. FSBM was publicly reprimanded for failing to issue its annual report that included the annual audited financial statements together with the auditors’ and directors’ reports on or before Oct 31, 2018.
Sundaily (Asia) 10/22/2020 12:11
PETALING JAYA:. KipleX, the new venture studio of Green Packet Bhd established to support local and regional entrepreneurs and startups in creating innovative solutions and business plans, accelerating growth traction and raising seed funding, has made its maiden investment in Singapore-based smart electric motorbike company ION Mobility. With the aim to create seamless user experiences for sustainable mobility, ION Mobility announced it has raised US$3.3 million (RM13.68 million) in seed funding recently.
Sundaily (Asia) 10/22/2020 11:46
PETALING JAYA. :. Malaysia Airports (Sepang) Sdn Bhd (plaintiff), a wholly owned unit of Malaysia Airports Holdings Bhd, has filed a writ of summons and a statement of claim at the Kuala Lumpur High Court against AirAsia X Bhd (defendant), according to a Bursa filing. The claim is for a sum of RM78.16 million, being the outstanding amount for various aeronautical charges, comprising passenger service charges, passenger service security charges, aerobridge charges, aircraft parking charges, check-in counter charges, landing charges and late payment charges. “As part of the civil suit, the plaintiff is also seeking an order that the plaintiff’s contractual and continual lien over the defendant’s user properties under the conditions of use shall.
Sundaily (Asia) 10/22/2020 11:43
PETALING JAYA:. The country’s Leading Index (LI) registered 108.5 points in August 2020, from 100.8 points in August 2019, maintaining an annual growth of 7.6%. On a month-on-month basis the LI slipped to -0.5% dragged down by the number of new companies registered (-0.6%), real imports of semiconductors (-0.4%) and number of housing units approved (-0.1%). Despite the softening of the LI for the reference month, Chief Statistician Malaysia Datuk Seri Mohd Uzir Mahidin said the growth rate of smoothed LI is consistently above trend and moving upwards, implying that the Malaysian economy is expected to continue its recovery trend in the months ahead. “The coincident index (CI) which measures the current economic performance anticipated a bett.
Sundaily (Asia) 10/22/2020 11:38
KUALA LUMPUR. :. AirAsia Group Bhd has secured a loan as part of its ongoing capital-raising plans, an executive said today. Riad Asmat, CEO of the group’s Malaysian unit, AirAsia Bhd, said "a loan has been approved and disbursed", in response to a Reuters query about a report from New Straits Times that said the airline had secured a RM300 million loan to keep it afloat amid the coronavirus pandemic. The report, citing sources, said the airline took the loan from Sabah Development Bank Bhd and that it would tide the airline over for two months, financing local operations. "We would not be able to disclose the specifics including the lender(s) and amount involved.

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