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Sundaily (Asia) 08/14/2020 21:08
PETALING JAYA: Malaysia’s gross domestic product (GDP) contracted 17.1% in the second quarter of 2020, the worst in history, impacted by the nationwide movement control order (MCO) to contain the Covid-19 pandemic. Malaysia’s GDP had contracted 11.2% in the fourth quarter of 1998 during the global financial crisis. Q1’20 saw a marginal growth of 0.7%. Bank Negara Malaysia governor Datuk Nor Shamsiah Mohd Yunus said the MCO included various measures that restricted production and consumption activities.
Sundaily (Asia) 08/14/2020 06:15
PETALING JAYA: Heineken Malaysia Bhd expressed that the uncertainties relating to the Covid-19 pandemic and its lingering threat has yet to pass, according to its managing director Roland Bala. Yesterday, the group posted a net loss of RM18.2 million for its second quarter of 2020 as it saw the adverse impact of the pandemic to its revenue. "We will continue to be cautious because the impact from Covid-19 on the overall national economy and how long this pandemic will last remain unknown.
Sundaily (Asia) 08/14/2020 05:49
SHAH ALAM: Carlsberg Brewery Malaysia Bhd’s net profit for the second quarter ended June 30, 2020 declined by 83.7% to RM10.65 million from RM65.26 million a year ago as a result of lower sales in both Singapore and Malaysia, the RM6.4 million settlement with the Royal Malaysian Customs in Malaysia and a reduced share of profits by RM4.2 million from its associate company, Lion Brewery (Ceylon) PLC due to lockdown restrictions imposed by the Sri Lankan government. After adjusting for the Customs settlement, the group’s net profit fell 76.3% to RM15.5 million for Q2’20 versus Q2’19. The group posted a lower revenue by 40.2% to RM287.27 million RM480.52 million mainly due to the significantly lower sales and the absence of consumer-facing pro.
Sundaily (Asia) 08/14/2020 05:29
PETALING JAYA: The government has imposed provisional anti-dumping duties concerning imports of flat rolled product of non-alloy steel plated or coated with aluminium and zinc originating or exported from China, Korea and Vietnam. “Provisional anti-dumping duties ranging from 2.17% to 37.14% will be applied on imports of subject merchandise from the alleged countries and will be effective not more than 120 days from Aug 14, 2020,“ said the International Trade and Industry Ministry (Miti) in a statement today. Miti said the provisional measure is in the form of provisional anti-dumping duties guaranteed by a security equivalent to the amount of the dumping margins determined in the preliminary determination. The government has completed the
Sundaily (Asia) 08/14/2020 03:21
PETALING JAYA : MRCB-Quill REIT’s (MQREIT) net profit for the second quarter ended June 30, 2020 improved by 16.0% to RM19.08 million from RM16.46 million a year ago largely due to higher income contribution from Platinum Sentral, Menara Shell & Tesco Penang after incorporated rental rebates that have already been provided for retail SME tenants predominantly in Plaza Mont Kiara. During the period, lower property operating expenses and finance cost were also recorded.
Sundaily (Asia) 08/14/2020 02:32
PETALING JAYA : Bank Negara Malaysia (BNM) has revised its 2020 gross domestic product (GDP) forecast to -3.5% to -5.5% after announcing a 17.1% contraction in the Q2’20 GDP. Governor Datuk Nor Shamsiah Mohd Yunus attributed the upset in the economic performance to the changes in its underlying assumptions on world growth and the longer than expected implementation of the movement control order (MCO) to contain the pandemic. “The pandemic has had a larger than anticipated adverse effect on economic activity in the first half of this year and the recovery is projected to be more gradual than previously forecast,” she said at BNM’s online media briefing today. Shamsiah illustrated that the quarter saw most countries around the globe in a lock.
Sundaily (Asia) 08/14/2020 00:27
PETALING JAYA: Malaysia’s gross domestic product (GDP) contracted 17.1% in the second quarter of 2020, the lowest in history, impacted by the nationwide movement control order (MCO) to contain the Covid-19 pandemic. Malaysia’s GDP had plunged 11.2% in the fourth quarter of 1998 during the global financial crisis. Q1’20 saw a marginal growth of 0.7%. Bank Negara Malaysia governor Datuk Nor Shamsiah Mohd Yunus said the MCO included various measures that restricted production and consumption activities.
Sundaily (Asia) 08/14/2020 00:11
PETALING JAYA: Malaysia’s gross domestic product (GDP) contracted 17.1% in the second quarter of 2020, the lowest since the fourth quarter of 1998 (-11.2%), impacted by the nationwide movement control order (MCO) to contain the Covid-19 pandemic. more to come.
Sundaily (Asia) 08/13/2020 23:18
PETALING JAYA: Kuala Lumpur-based financial technology company Versa Asia Sdn Bhd has teamed up with Affin Hwang Asset Management (Affin Hwang AM) to launch a new digital cash management platform via a mobile app. The mobile app will allow Malaysians to earn returns on their savings. Versa has obtained conditional approval from the Securities Commission Malaysia (SC) to operate as a recognised market operator (e-service platform) under Section 34 of the Capital Markets & Services Act 2007. Under a low-interest rate environment against the backdrop of the Covid-19 pandemic, cash management solutions offer security and accessibility to one’s cash without forgoing returns as one navigates through the current economic landscape. This new digita.
Sundaily (Asia) 08/13/2020 13:11
NEW YORK: Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions, but resilience in equities markets and a weak dollar limited losses. Brent crude was down 27 cents, or 0.6%, at US$45.16 a barrel by 1530 GMT, and West Texas Intermediate (WTI) was down 26 cents, or 0.6%, at US$42.41 a barrel. The International Energy Agency cut its 2020 oil demand forecast on Thursday and said reduced air travel because of the Covid-19 pandemic would lower global oil consumption this year by 8.1 million barrels per day (bpd). The Organization of the Petroleum Exporting Countries (Opec) also said that world oil demand will fall by 9.06 million bpd this year, more than.
Sundaily (Asia) 08/13/2020 13:08
HONG KONG: The US government is threatening to delist Chinese companies that do not meet US accounting standards, but mainland firms are rushing to offer their shares on New York exchanges, sometimes in blockbuster deals. Despite the threat and rising US-China tensions, the allure of a valuation on the world's deepest stock market makes the risk of eventual delisting manageable, while financial-technology companies find the regulatory burden of a US listing lighter than that in mainland China or Hong Kong, companies, advisers and investors say. "In the immediate term, I don't see this impacting views of the US markets as a strong choice of listing venue," said Jason Brown, a Hong Kong partner at law firm Mayer Brown. So far this year, Chine.
Sundaily (Asia) 08/13/2020 12:46
WASHINGTON: The US Labor Department on Thursday reported fewer than one million new weekly claims for unemployment benefits for the first time since the coronavirus pandemic struck in March. The result was better than expected but analysts warn the United States remains in the midst of an unemployment crisis after business shutdowns to stop the spread of Covid-19 led to tens of millions of layoffs. The Labor Department data showed 963,000 seasonally adjusted initial claims filed in the week ended Aug 8, a drop of 228,000 from the previous week. The insured unemployment rate also dropped 0.4 percentage points to 10.6% in the week ended Aug 1, the latest week such data was available. But despite the improvement, a massive 15.5 million people
Sundaily (Asia) 08/13/2020 12:19
Aspen and. CMY Capital in joint venture to make, distribute rubber gloves. PETALING JAYA:. Singapore-listed Aspen (Group) Holdings Ltd, the co-developer of Aspen Vision City at Batu Kawan, Penang, intends to diversify its business to include the manufacturing and distribution of rubber gloves. Its wholly owned subsidiary, Aspen Vision All Sdn Bhd, has agreed to participate in a joint venture arrangement with CMY Capital Sdn Bhd in which Aspen Glove Sdn Bhd (AGSB) will act as the special purpose vehicle for the operation of the proposed new business. The initial investment of RM105 million for phase 1A is targeted to produce a total capacity of 1.1 billion pieces of gloves per annum from Q3’21. CMY is founded by prominent Malaysian businessman
Sundaily (Asia) 08/13/2020 12:18
Private sector jobs down by 200,000 to 8.4 million in second quarter. PETALING JAYA:. Private sector jobs decreased from 8.6 million to 8.4 million in the second quarter of 2020, according to the Department of Statistics. Chief Statistician Malaysia Datuk Seri Mohd Uzir Mahidin said during the quarter, the rate of filled jobs fell 0.1 percentage point as against the previous quarter to 98%, translating into 8.2 million total filled jobs. "In the meantime, job opportunities which were indicated by vacancies was 170,000.
Sundaily (Asia) 08/13/2020 12:06
PETALING JAYA:. Ni Hsin Resources Bhd’s wholly owned subsidiary Ni Hsin Food & Beverages Sdn Bhd yesterday entered into a collaboration agreement with Fiatec Biosystem Sdn Bhd to develop health and bioenergy products for its new food and beverage (F&B) business. According to a filing with Bursa Malaysia, Fiatec will be appointed for R&D and to formulate new health and bioenergy products for its food and beverage business, and the agreement will be valid for a period of two years. Ni Hsin Food & Beverages managing director Khoo Chee Kong said the global health and wellness food market is poised for an encouraging growth as the new normal has made people realise the importance of adopting healthier social habits. He notes that governments acro.
Sundaily (Asia) 08/13/2020 11:59
Supermax to be added into MSCI Global Standard Indexes. PETALING JAYA:. Supermax Corp Bhd will be added into the MSCI Global Standard Indexes as of close of Aug 31, 2020. Supermax is among 18 companies worldwide, and one out of two companies in Malaysia, to be added to the MSCI Global Standard Indexes under MSCI Malaysia Index. Supermax adopts the own brand manufacturing model whereby it makes, packages and markets its products under in-house brands. "We currently export 55% of production under our own brands via our own distribution centres and 40% through independent distributors.
Sundaily (Asia) 08/13/2020 11:55
PETALING JAYA:. Duopharma Biotech Bhd’s net profit for the second quarter ended June 30, rose 6% to RM14.73 million from RM13.92 million a year ago, thanks to local sales, but revenue fell by 1.5% to RM143.33 million versus RM145.47 million last year. For the first six months of 2020, Duopharma Biotech registered a net profit of RM28.29 million, against RM28.38 million previously, on a 2.09% increase in revenue to RM302.04 million from RM295.85 million, mainly attributable to higher demand from the consumer healthcare sector. An interim dividend of 0.5 sen per share has been declared. Duopharma Biotech group managing director Leonard Ariff Abdul Shatar said despite the huge international and domestic uncertainties arising from the Covid-19 p.
Sundaily (Asia) 08/13/2020 11:47
PETALING JAYA:. Heineken Malaysia Bhd registered a net loss of RM18.2 million for the second quarter ended June 30, compared to a net profit of RM65.7 million reported for the previous corresponding quarter due to the decline in revenue, leading to a significant reduction in gross profit contributions, which was insufficient to offset fixed overheads. Revenue for the quarter stood at RM253.74 million, a 50.5% decline from RM512.58 million reported previously, mainly due to the prolonged suspension of operations of the Sungei Way Brewery to comply with the movement control order enforced by the government. “Despite the company resuming its operations and business during the conditional MCO, the group business performance particularly in the o.
Sundaily (Asia) 08/13/2020 11:30
MDEC: Financial. inclusion via fintech players an integral piece in SMEs’ digitalisation push. PETALING JAYA: Financial inclusion through alternative financing via fintech players is regarded by Malaysia Digital Economy Corporation (MDEC) as an integral piece in small and medium enterprises’ (SMEs) digitalisation push. According to its fintech & Islamic digital economy division vice-president Norhizam Abdul Kadir, the agency has a big agenda when it comes to narrowing the digital divide through upskilling initiatives, grants, education, e-commerce platform onboarding offered for SMEs. “As micro SME obtains these skills, they would need to have financial support and they might not necessarily be able to get support from the conventional financ.


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