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Sundaily (Asia) 10/15/2019 09:11
PETALING JAYA:. GD Express Carrier Bhd (GDEx) is acquiring a 50% stake in Vietnam’s Noi Bai Express and Trading Joint Stock Company (Netco) for RM13.85 million. Netco is principally involved in provision of courier and logistics services in Vietnam. In a Bursa Malaysia filing, GDEx said it has entered into a share sale and purchase agreement with Nguyen Duc The, Trieu Lan Huong and Nguyen Duc Hau for the acquisition. GDEx has also signed a shareholder’s agreement with 3 Comma Capital Co Ltd, Trieu, Nguyen Xuan Hiep,Tran Thi Thuy Hang, Nguyen Thanh Trung and Duc The to regulate their relationships as shareholders of Netco. “The proposed acquisition is in line with the group’s regional ambition in building a sustainable Southeast Asia delivery.
Sundaily (Asia) 10/15/2019 09:06
NEW DELHI:. The Organization of the Petroleum Exporting Countries (Opec) and its allies are committed to maintaining oil market stability beyond 2020, with physical supplies relatively tight globally, Opec secretary-general Mohammad Barkindo ( pix ) said today. He added that compliance with production quotas among Opec and its allies was at 136%, curbing global supplies, while production growth in North America including US shale basins was decelerating. Opec, Russia and other oil producer allies, a grouping known as Opec+, have pledged to cut production by 1.2 million barrels per day (bpd) until March 2020 to support oil prices.
Sundaily (Asia) 10/15/2019 08:49
PETALING JAYA. :. Bursa Malaysia Securities Bhd has publicly reprimanded and/or fined five directors of Industronics Bhd for breaching the Main Market listing requirements. Independent chairman Jacob Leung Kwok Kuen and executive director Amy Liu Wing Yee both received a public reprimand and a fine of RM200,000 each. Independent directors Tsui Kwok Ho and Lu Zhi Qin have been publicly reprimanded and fined RM50,000 each, while audit committee chairman and independent director Fung Ling Yip received a public reprimand. Leung and Tsui resigned from the company on Jan 23, 2018, while Fung resigned on July 26, 2018. In a statement, the market regulator said Liu, Leung, Tsui and Lu had failed to ensure that a deposit agreement entered into with Si.
Sundaily (Asia) 10/15/2019 08:47
PETALING JAYA:. Education is the cornerstone for financial planning, especially with rise of fintech that offers more new financial instruments, said Financial Planning Association of Malaysia (FPAM) CEO Linnet Lee ( pix ). She observed that the young investors are more open to financial tools such as equity crowdfunding and peer-to-peer lending. However, she stressed that like any other instruments, prospective investors should know what they are in for and be aware of the risk involved. In an interview with SunBiz recently, Lee said financial planning is one of the tools to keep an individual more informed in investing. “Part of financial planning is setting the goals for an investment, assessing how much has a person put aside to reach th.
Sundaily (Asia) 10/15/2019 08:44
PETALING JAYA:. Tadmax Resources Bhd’s wholly owned subsidiary Mizumi Development Sdn Bhd has accepted a RM29.5 million banking facility from United Overseas Bank (Malaysia) Bhd to partly finance the purchase of 3.24-acre leasehold land in Kuala Lumpur. The group is required to provide a corporate guarantee for the facility, according to its filing with Bursa Malaysia. The facility, however, will result in the group incurring interest expense, which will form part of the cost of development of the project land. Tadmax said in the near future, the project land is expected to contribute positively to the group’s future earnings. "The group envisages to launch the development of the project land in the near future.".
Sundaily (Asia) 10/15/2019 08:43
PETALING JAYA. :. Advancecon Holdings Bhd has secured two jobs worth RM50.5 million comprising a RM38.7 million contract for Upper Rajang Development Agency (URDA) in Sarawak and a RM11.8 million works contract for Sime Darby in Negri Sembilan. In a filing with Bursa Malaysia, Advancecon said the Sarawak contract encompasses earthworks and ancillaries works for the proposed new road in Rh.
Sundaily (Asia) 10/15/2019 07:46
KUALA LUMPUR: The ringgit ended lower today as the markets brace for risk of deteriorating US-China trade negotiations. At 6pm, the ringgit was quoted at 4.1890/1920 against the greenback compared with Monday’s close of 4.1860/1900. FXTM market analyst Han Tan said this was in line with other Asian currencies as the post-trade truce is treading on thin ice. “Investors are now weighing up their next step after the news of a very substantial phase one deal, as touted by US President Donald Trump. “However, China has not share the same optimism over an imminent trade agreement, with potentially more trade talks slated for the end of October,“ he told Bernama . As for oil benchmark Brent Crude, he said that the oil price only managed to stay ab.
Sundaily (Asia) 10/15/2019 06:54
PETALING JAYA:. The Association of Water and Energy Research Malaysia (Awer) has urged the government to study mechanism to utilise the existing water operators and Pengurusan Aset Air Bhd (PAAB) to implement water-related projects as well as electricity companies for rural electricity projects. "This will enable regulators like the National Water Services Commission (SPAN) as well as Energy Commission to regulate these projects to ensure it follows industry standard.
Sundaily (Asia) 10/15/2019 06:51
PETALING JAYA:. There appear to be no major catalysts for the transport and logistics sector from the Budget 2020 announcement, with the feasibility studies on infrastructure projects at Port Klang and the Visit Malaysia 2020 campaign already anticipated. In a report, Affin Hwang Research said it was maintaining its neutral stance on the sector, with a mixed earnings outlook on the players in the space. “Positively, we expect Westports and Malaysia Airports to report firmer 2020 earnings on volume growth, improving operational efficiencies, and higher passenger service charges Meanwhile, the airline operators should continue to see a subpar (but improving) margin trend due to stiff competition. “Lastly, the logistics companies’ earnings shou.
Sundaily (Asia) 10/15/2019 06:44
KUALA LUMPUR : Bursa Malaysia ended lower, weighed down by profit-taking in selected heavyweight stocks and waning optimism over the latest round of the US-China trade negotiations, said a dealer. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 1.36 points to 1,566.23 from Monday’s close of 1,567.59. The index, which opened 0.56 point easier at 1,567.03, moved between 1,563.13 and 1,568.24 throughout the day. However, market breadth was positive as gainers led losers 410 to 392, with 411 counters unchanged, 763 untraded and 22 others suspended. Turnover decreased to 2.62 billion shares worth RM1.73 billion from 2.99 billion shares worth RM1.84 billion on Monday. Regionally, Japan’s Nikkei improved 1.87% to 22,207.21, Hong
Sundaily (Asia) 10/15/2019 04:27
NEW DELHI: The Organization of the Petroleum Exporting Countries and its allies are committed to maintaining oil market stability beyond 2020, with physical supplies relatively tight globally, OPEC Secretary-General Mohammad Barkindo said on Tuesday. He added that compliance with production quotas among OPEC and its allies was at 136%, curbing global supplies, while production growth in North America including U.S. shale basins was decelerating. OPEC, Russia and other oil producer allies, a grouping known as OPEC+, have pledged to cut production by 1.2 million barrels per day (bpd) until March 2020 to support oil prices.
Sundaily (Asia) 10/15/2019 04:15
PETALING JAYA: Metronic Global Bhd’s major shareholder Tan Sri Lee Kim Yew ( pix ) has called for a special audit to be carried out by independent auditors. In a press statement today, Lee said he had instructed his solicitors on September 30 to write to the board of directors to request that the special audit be undertaken on its recent ESOS option, a joint venture, a proposed private placement and on the cash flow position of the group. The statement also said Metronic had replied to Lee on October 7, and said a board meeting will be held tomorrow.
Sundaily (Asia) 10/15/2019 02:41
TOKYO: Japan's Nikkei share average rose nearly 2% on Tuesday to its highest since late April, in a delayed response to a potential U.S.-China trade deal outlined by President Donald Trump last week. Investors also bid up construction shares after Typhoon Hagibis caused widespread damage in central and eastern Japan. Reopening after a market holiday on Monday, the Nikkei rose 1.87% to 22,207.21 points, its biggest daily gain in more than a month. The broader Topix gained 1.56% to 1,620.20, near a five-month closing high of 1,623.27 touched on Sept. 26. Trump on Friday outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, but officials on both sides said much more work needed to be done befo.
Sundaily (Asia) 10/15/2019 02:26
SINGAPORE: Oil prices fell on Tuesday, after heavy losses in the previous session, as two days of weak Chinese data added to worries about the top crude oil importer's energy demand growth. Brent crude fell 47 cents, or 0.79%, to $58.88 a barrel by 0527 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 40 cents, or 0.75%, to $53.19. China has been hit by poor economic data for two straight days.
Sundaily (Asia) 10/15/2019 02:01
PETALING JAYA: LPI Capital Bhd’s (LPI) net profit for the third quarter ended Sept 30, 2019 fell 4.3% to RM87.82 million from RM91.81 million a year ago, due to an increase in claims and a slower growth in gross premium income. Founder and group chairman Tan Sri Dr Teh Hong Piow ( pix ) said the group reported a 8.5% improvement in revenue to RM423.84 million from RM390.59 million previously, contributed by the increase in gross earned premium and investment income. Its wholly-owned insurance subsidiary Lonpac Insurance Bhd reported a 0.5% growth in its gross premium income from RM378.1 million to RM380.0 million while its claims incurred ratio increased to 43.6% from 37.2% in the previous corresponding quarter. For Lonpac, its combined rat.
Sundaily (Asia) 10/15/2019 01:13
PETALING JAYA: Crest Builder Holdings Bhd has accepted a RM155.1 million project for the construction of a proposed plaza @ Kelana Jaya mixed commercial development from Glomac Bhd. The project is in SS7, Petaling Jaya and comprises two blocks of serviced apartments (348 units each) and a 25-storey SoHo, which will be built on top of a 14-storey podium. Construction work will take 24 months from its scheduled commencement date of Nov 15, 2019 and is targeted for completion by Nov 14, 2021. With this contract win, Crest Builder’s outstanding order book stands at RM1.1 billion which will provide earnings visibility for the next three years. “We are pleased to be Glomac’s construction partner for this project in Petaling Jaya and we look forwa.
Sundaily (Asia) 10/14/2019 23:53
BEIJING : China’s consumer inflation accelerated at its fastest pace in almost six years in September as African swine fever sent pork prices soaring nearly 70 percent, official data showed Tuesday. Authorities have gone as far as tapping the nation’s pork reserve to control prices of the staple meat, as the swine fever crisis could become a political and economic liability for the state. The consumer price index (CPI) -- a key gauge of retail inflation -- hit 3.0 percent last month, the National Bureau of Statistics (NBS) said, up from 2.8 percent in August and the highest since since November 2013. Analysts in a Bloomberg news poll had forecast 2.9 percent. The rise was caused by food price inflation, particularly disruptions to pork supp.
Sundaily (Asia) 10/14/2019 23:28
LONDON/SAN FRANCISCO : Backers of Facebook Inc’s Libra cryptocurrency project pledged to forge ahead after selecting a five-member board on Monday, shrugging off the latest member defection by online travel company Booking Holding earlier in the day. "It is a correction; it’s not a setback," said Dante Disparte, head of policy and communications for the Libra Association, whose 21 remaining members held their inaugural meeting in Geneva. The owner of Priceline, Kayak and on Monday confirmed that it had pulled out of the group, which is trying to bring digital coins into mainstream commerce. Libra lost its last global payments backers on Friday, when Mastercard Inc and Visa Inc abandoned the Geneva-based Libra Association.
Sundaily (Asia) 10/14/2019 23:06
RIYADH : Russian President Vladimir Putin ( pix ) signed a key deal Monday with Saudi Arabia during a key visit for an OPEC+ grouping aimed at stabilising global oil prices and seeking to calm regional tensions with Iran. Putin's visit follows attacks on Saudi oil installations that Saudi Arabia and the United States have blamed on Iran, an ally of Moscow. Following talks between Putin and Saudi King Salman, the two countries signed some 20 agreements and contracts worth billions of dollars on aerospace, culture, health, advanced technology and agriculture. Key among the deals was the agreement to bolster cooperation among the so-called OPEC+ countries -- the Organization of the Petroleum Exporting Countries plus 10 non-members of the carte.
Sundaily (Asia) 10/14/2019 22:08
KUALA LUMPUR: The ringgit open unchanged against the US dollar today with investors remained on the sidelines with issues over Brexit topping the list of their main concern, a dealer said. At 9am, the local note was at 4.1860/1900 against the greenback from 4.1860/1900 recorded on Monday closing. “Britain is scheduled to leave the European Union (EU) on October 31, and an EU summit beginning this Thursday will be the last chance for the two sides (Britain and EU) to agree on any deal before that deadline,” the dealer said. He added that the lower crude oil prices, currently down by 0.34% at US$59.15 per barrel, is not providing support to the local currency. The ringgit traded mixed against a basket of other currencies. It appreciated again.

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