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Sundaily (Asia) 02/19/2020 09:57
PETALING JAYA:. Kim Loong Resources Bhd has purchased four pieces of oil palm plantation land in Sabah for RM92.54 million cash, or RM32,500 per acre. It entered into four conditional sale and purchase agreements with Greenfingers Sdn Bhd, R & H Sdn Bhd, Bakti Perusahaan Sdn Bhd and Sri Handal Sdn Bhd for the acquisition of the plantation land measuring 258.06ha (RM20.73 million), 390ha (RM31.18 million), 149.05ha (RM11.97 million) and 361ha (RM28.66 million) respectively. The acquisitions are to be settled by cash through its internal funds wholly. Kim Loong said the oil palm plantation land is strategically located nearby the group’s estates in Sandakan, Sabah.
Sundaily (Asia) 02/19/2020 09:50
PETALING JAYA:. Damansara Realty Bhd’s net profit for the fourth quarter ended Dec 31, 2019 fell 15.4% to RM14.67 million from RM17.34 million a year ago, mainly due to higher cost of sale. However, its revenue went up 7.2% to RM88.21 million versus RM82.31 million previously. For the full-year period, its net profit rose 16.3% to RM23.98 million from RM20.62 million a year ago, mainly due to the contribution from property & land development activities (PLD) segment driven by its project joint venture development in Central Park, Johor Baru with Country Garden Management Sdn Bhd. Rrevenue decreased 3% to RM294.32 million compared with RM304.13 million, dragged down by lower contribution from integrated facilities management (IFM) and project.
Sundaily (Asia) 02/19/2020 08:41
PETALING JAYA: Bank Negara Malaysia’s (BNM) unexpected overnight policy rate (OPR) cut and the Covid-19 outbreak have pushed Malaysian bond yields lower in January, according to RAM Ratings. The rating agency said 10-year Malaysian Government Securities (MGS) yield declined 17 basis points (bps) to 3.15%, its lowest level since January 2009. This followed BNM’s pre-emptive 25 bps OPR cut on Jan 22, to mitigate downside risks arising from the volatile external environment and policy uncertainties. ‘While market consensus – including RAM – points to at least one rate cut in 1H 2020, the earlier-than-expected OPR reduction had caught everyone by surprise,” RAM Ratings said in press release. It highlighted that the immediate aftermath of the cu.
Sundaily (Asia) 02/19/2020 08:32
PETALING JAYA. :. Safari Alliance, one of Tiger Synergy Bhd’s major shareholders, has won the lawsuit it filed against the group’s current board of directors’ move to invalidate its EGM notice. Tiger Synergy’s EGM convened by Safari Alliance is now set to take place on March 2. In a statement today, Safari Alliance said the High Court dismissed the suit filed by Tiger Synergy and Datuk Tan Wei Lian to invalidate the EGM convened by Safari Alliance. The High Court also ordered Tiger Synergy to pay costs of RM15,000 to Safari Alliance following the dismissal of the suit. Safari Alliance director and shareholder Goh Ching Mun said he was encouraged by the favourable outcome. “As a shareholder, I believe this EGM would indeed be a watershed momen.
Sundaily (Asia) 02/19/2020 08:19
KUALA LUMPUR:. Foreign investors would be extremely cautious on investing in Malaysia, given that Malaysia faces multiple challenges, including the absence of political clarity and long-term economic policy, at a time when they are worried about the global economic outlook. Investment house Capital Dynamics managing director Tan Teng Boo ( pix ) said the Covid-19 outbreak has not helped the situation either. "Firstly, when you have no major policy, if I’m a foreign investor, I’d look for countries like Thailand, Vietnam, Indonesia and Singapore.
Sundaily (Asia) 02/19/2020 06:12
KUALA LUMPUR : The ringgit extended its slide against the US dollar to hit the 4.16-mark at the close today as investors continued to shy away from Malaysian assets amid Covid-19 fears. At 6pm, the local unit depreciated to 4.1600/1620 against the greenback from Tuesday’s close of 4.1520/1560. AxiCorp’s chief market strategist Stephen Innes said the markets were still trying to make sense of the Covid-19’s impact to the economy. “Additionally, the ringgit was negatively impacted after the People’s Bank of China (PBoC) fixed the yuan daily reference rate above 7.00 amid a stronger US dollar,“ he told Bernama . The PBoC, on Wednesday, set the yuan’s daily reference rate at 7.0012 versus Tuesday’s fix at 6.9826. The last time the central bank
Sundaily (Asia) 02/19/2020 05:21
KUALA LUMPUR : Shares on Bursa Malaysia ended lower on Wednesday on cautious market sentiment as investors take a wait-and-see attitude, at least for the next two weeks in view of the corporate earnings season. A dealer said fears that the Covid-19 outbreak may disrupt manufacturing supply chains and impact the global economy and financial markets were also concerns among investors. “However, news that policymakers are rolling out measures to cushion the impact capped the equity market from a further decline,” he said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.92 points to 1,534.16 from Tuesday’s close of 1,537.08. After opening 2.14 points higher at 1,539.22 this morning, the local index moved between 1,530.83 and 1,539.90 th.
Sundaily (Asia) 02/19/2020 04:02
KUALA LUMPUR : Malaysia has been losing RM5 billion in tax revenue annually from the sale of illegal cigarettes, according to Japan Tobacco International Bhd (JTI Malaysia). An Illicit Cigarettes Study (ICS) conducted by research house Nielsen and commissioned by the Confederation of Malaysian Tobacco Manufacturers (CMTM) found that 62.5 per cent of all cigarettes consumed in Malaysia were illicit. JTI managing director, Cormac O’Rourke said this illegal trade in Malaysia continued to be rampant and had escalated substantially over the last four years with at least six in every 10 cigarettes consumed locally being illicit. “The illegal cigarette trade reached a staggering 62.3 per cent last year compared to 58.9 per cent in 2018, an increas.
Sundaily (Asia) 02/19/2020 03:46
KUALA LUMPUR, : Malaysia expects to meet its target of a record 30 million tourists this year by redirecting its marketing efforts to local and other markets as arrivals from coronavirus-hit China fall, a tourism official told Reuters on Wednesday. The epidemic comes at a bad time, as the country is pushing its "Visit Malaysia 2020" programme to rev up its stuttering economy, Southeast Asia’s third-largest.
Sundaily (Asia) 02/19/2020 03:42
TOKYO : SoftBank Group Corp said on Wednesday it plans to borrow up to 500 billion yen ($4.5 billion) from 16 domestic and foreign financial institutions using almost a third of its stake in telco SoftBank Corp as collateral. The loan, which a company spokeswoman said will be used to boost the group’s cash on hand and for general business purposes, comes as SoftBank’s finances are under pressure on multiple fronts. SoftBank is offering a 20% stake in the telco as collateral for the two-year loan with an option to extend for a further year.
Sundaily (Asia) 02/19/2020 03:42
PETALING JAYA: Malaysian employees are the most dissatisfied in Asia when it comes to their salaries, findings from the Hays Asia Salary Guide show. In a statement, Hays said 46% of employees in Malaysia were dissatisfied or very dissatisfied with their current compensation packages, the highest number to say so in Asia. Additionally, Malaysia reported the highest number of employees (24%) in Asia who asked for a pay raise but did not receive one in the last year. Hays Malaysia managing director Tom Osbourne said as Malaysia’s brain drain continues to take some of its best talent outside of the country, it has become vital for organisations to offer more incentives to both attract and retain the best talent. “These can be either monetary or.
Sundaily (Asia) 02/19/2020 02:19
Houston: Washington has the right to block US federal agencies from buying products by Huawei on cybersecurity grounds, a judge ruled Tuesday, dismissing the Chinese telecom giant's legal challenge to a purchase ban. Huawei filed the suit last year and claimed Congress had failed to provide evidence to support a law that stopped government agencies from buying its equipment, services, or working with third parties that are Huawei customers. But the court ruled there was no constitutionally guaranteed right to a contract with the federal government. The ban was justified in the context of a congressional investigation "into a potential threat against the nation's cybersecurity," wrote US District Judge Amos Mazzant. Huawei said in a statemen.
Sundaily (Asia) 02/19/2020 01:32
PETALING JAYA : Malakoff Corp Bhd posted a 24.5% increase in net profit for its fourth quarter ended Dec 31, 2019 to RM106.4 million, from RM85.5 million in the previous corresponding quarter, due to a one-off gain from the disposal of its investment in Malakoff Australia Pty Ltd (MAPL), which was completed on Dec 18 last year. In a Bursa filing, the group noted that the gain was moderated by lower contributions from the Tanjung Bin Power Sdn Bhd coal plant, a higher-than-expected share of losses from Kapar Energy Ventures Sdn Bhd (KEV), and net impairment loss on carrying value of investment in KEV. Revenue for the quarter was lower at RM1.7 billion, from RM1.89 billion previously, primarily due to lower energy payment recorded from Tanjun.
Sundaily (Asia) 02/19/2020 00:58
RIYADH: Saudi Aramco shares have lost most of the gains they made since listing in December in a landmark first offering, as oil prices drop amid alarm over the new coronavirus. China's energy demand has sagged as authorities lock down millions of people to prevent the spread of the disease, with major knock-on effects for a global economy dependent on the Asian powerhouse. The slump, which has slashed main oil contracts by up to 20 percent since the virus panic began, threatens to undercut Gulf economies that have already been battling both low prices and low demand for energy exports. A high-profile casualty is Saudi Aramco -- the world's largest company -- which was listed on the Saudi bourse to much fanfare on December 11 in a record-br.
Sundaily (Asia) 02/19/2020 00:36
KUALA LUMPUR: Malaysia is unlikely to achieve its gross domestic product (GDP) growth target of 4.8% this year but should be able to achieve 3.5-4.0%, said Capital Dynamics managing director Tan Teng Boo. He said Malaysia’s low GDP growth cannot be blamed on the Covid-19 as the country’s economy had been declining before the coronavirus started. He said Malaysia is facing multiple challenges, including the absence of political clarity and major reforms. "The outbreak is peaking out and things will stabilise.
Sundaily (Asia) 02/18/2020 23:16
TOKYO : Asian shares and U.S. stock futures edged cautiously higher on Wednesday, as investors tried to shake off worries about the coronavirus epidemic after a slight decline in the number of new cases. MSCI’s broadest index of Asia-Pacific shares outside Japan eked out a minor 0.03% gain but spent much of the morning session bouncing between gains and losses. Chinese shares erased early declines to trade 0.15% higher.
Sundaily (Asia) 02/18/2020 22:41
TOKYO : Japan’s exports fell 2.6 % in January from a year earlier, Ministry of Finance data showed on Wednesday. The fall compares with a 6.9% drop expected by economists in a Reuters poll. It followed a 6.3% fall in December. Imports fell 3.6% in the year to January, versus the median estimate of a 1.3% decline. The trade balance came to a deficit of 1.3126 trillion yen ($11.94 billion), versus the median estimate of a 1.6949 trillion yen deficit. -Reuters.
Sundaily (Asia) 02/18/2020 22:36
BANGKOK : Thailand’s economy will grow at a much slower pace than previously forecast this year and much further below its potential, the central bank said in minutes of a meeting earlier this month when it cut interest rates to a record low. Risks are increasing due to to the coronavirus outbreak, delayed government spending, and an intensifying drought, according to the minutes of its Feb. 5 meeting, which were released on Wednesday. At the meeting, the monetary policy committee (MPC) unanimously voted to cut the policy rate by 25 basis points to 1.00%, the third reduction in six months. “The committee viewed that a more accommodative monetary policy stance would alleviate the negative impacts,“ the minutes said. The MPC “would stand read.
Sundaily (Asia) 02/18/2020 22:32
NEW YORK : A federal judge in Texas on Tuesday rejected Chinese telecommunications equipment maker Huawei Technologies’ constitutional challenge to a U.S. law that restricted its ability to do business with federal agencies and their contractors. In a 57-page decision, U.S. District Judge Amos Mazzant ruled in favor of the United States, concluding that Congress acted within its powers by including the restriction in the National Defense Authorization Act, which also targeted Chinese company ZTE Corp. A Huawei spokesman said the company was disappointed in the loss. “While we understand the paramount significance of national security, the approach taken by the U.S. Government in the 2019 NDAA provides a false sense of protection while under.
Sundaily (Asia) 02/18/2020 22:15
PETALING JAYA : Destini Bhd has entered into a conditional share sale agreement with Indonesia-based PT Berkah Sadaya Adikarya to acquire 99.9% of its holdings in port services provider PT Muara Badak Perkasa for S$4 million (RM12 million). In a Bursa filing, Destini said the acquisition, through its wholly-owned subsidiary Destini Armada Pte Ltd (DAPL), will allow the group to diversify its revenue stream into the provision of port related services to mining companies. “PT Muara Badak is well positioned to grow with the growth of mining activities in Indonesia. “This would also present other opportunities to DAPL, to offer its fabrication and heat exchanger services for the manufacturing of barges, coal processing plants, piping works and

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