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Sundaily (Asia) 10/23/2019 03:52
KUALA LUMPUR : Malaysia has discussed a $2 billion to $3 billion settlement with Goldman Sachs over the U.S. bank’s alleged role in the 1MDB scandal, Bloomberg reported on Wednesday, less than half the sum the Southeast Asian nation had demanded earlier. Investigators in Malaysia and the United States say about $4.5 billion was misappropriated from the now-defunct state investment fund 1Malaysia Development Berhad, set up in 2009 by former Prime Minister Najib Razak who has been slapped with several charges. Last year, Malaysia filed criminal charges against Goldman over its role as underwriter and arranger of three bond sales that raised $6.5 billion for 1MDB.
Sundaily (Asia) 10/23/2019 03:45
BANGALORE : Brent crude oil prices will likely continue trading around current levels in 2020, Goldman Sachs said on Wednesday, with slowing economic growth and geopolitical concerns failing to create large waves in the market. Brent oil prices are expected to continue trading around the investment bank’s $60 per barrel forecast in 2020, it said in a research note dated Tuesday. “Ongoing OPEC cuts and slowing shale activity will offset rising other non-OPEC supply and moderate demand growth next year,“ the note said. However, the bank predicts some upside risk to is year-end Brent forecast of $62 a barrel as headwinds from U.S. producer hedging and higher recent freight rates fade and tighter supply and demand fundamentals and lower stockpi.
Sundaily (Asia) 10/23/2019 02:07
SHAH ALAM: Selangor International Business Summit (SIBS) 2019, which took place from October 10-13, 2019, achieved a transaction value of RM447.3 million, exceeding the RM250 million target set. However, Selangor state executive council member and investment, industry and commerce and SMEs committee chairman Datuk Teng Chang Kim ( pix ) noted that the figure included the RM200 million from the Malaysia-China Entrepreneur Conference that was not organised by SIBS. "On the whole, the event organised by SIBS saw a transaction value of RM247.3 million, which is a little shy of the RM250 million target.
Sundaily (Asia) 10/23/2019 01:52
New negotiations with the European Union could be an alternative to imposing tariffs on automotive imports next month, U.S. Commerce Secretary Wilbur Ross (pix ) has suggested in an interview with the Financial Times published on Wednesday. President Donald Trump declared this year that some imported vehicles and parts posed a national security threat, but delayed a decision until November on whether to impose tariffs, so as to allow for more time for trade talks with the European Union. "One (option) would be to say, ‘I’m just not going to do anything’, the second would be to impose tariffs on some or all (countries) .
Sundaily (Asia) 10/23/2019 01:27
KUALA LUMPUR: Next year’s implementation of B20 biodiesel for the transportation sector is timely at a time when the country’s palm oil industry is facing a tough time, in addition to the ongoing discrimination against the commodity by the European Union, said the Primary Industries Minister Teresa Kok ( pix ). She said cooperation with petroleum companies in the country is crucial, for upgrading works at blending depots throughout the country. “The quicker we implement the programme, the soonest it could help in reducing the country’s stock level (of palm oil),“ she told reporters after attending the Malaysian Rubber Board assembly here today. The implementation of B20 biodiesel is expected to boost the demand for palm oil by 500,000 tonne.
Sundaily (Asia) 10/23/2019 01:02
SYDNEY: Southeast Asia online realty company PropertyGuru is cancelling its initial public offering (IPO) in Australia because of market uncertainty, Chairman Olivier Lim said on Wednesday. On Tuesday, PropertyGuru - owned by Private equity firms KKR and TPG Capital - and its brokers offered shares at the lower end of a A$3.70 to A$4.50 indicated range, expecting to raise up to A$380.2 million. On Wednesday, fund managers were told the IPO would not proceed, the sources said, making it the second cancelled listing of the day and the fourth this month. “Despite strong engagement throughout the process with prospective investors, the Board and existing shareholders have determined not to proceed with the offer,” Oliver said in an emailed stat.
Sundaily (Asia) 10/23/2019 00:14
PETALING JAYA : The Consumer Price Index (CPI) increased 1.1% in September 2019 to 121.8, compared with 120.5 at the same time last year, according to a statement released by the Department of Statistics today. The increase in the overall index was driven by the index of miscellaneous goods & services (2.7%), alcoholic beverages & tobacco (2.4%), food & non-alcoholic beverages (2.2%) and furnishings, household equipment & routine household maintenance (2.1%). Wilayah Persekutuan Kuala Lumpur (1.7%), Selangor & Wilayah Persekutuan Putrajaya (1.5%), Pulau Pinang (1.5%), Johor (1.2%) and Perak (1.2%) surpassed the national CPI rate of 1.1% in September 2019, compared to September 2018. “Out of 552 items covered in CPI, 372 items showed an incr.
Sundaily (Asia) 10/22/2019 23:32
NEW DELHI : The head of Uber said Tuesday that the global ride services firm was counting on India, Africa and the Middle East for future growth amid investor fears about mounting losses and a slump in its share price. Uber has exited several markets -- including China and Southeast Asia -- to pare back losses, and is in fierce competition with rival Ola in India, a market estimated to be worth $7 billion a year. Since its public offering in May, Uber’s share price has tumbled some 30 percent, while the company lost $5.2 billion in the second quarter. "India is a fundamental part of Uber’s growth going forward...
Sundaily (Asia) 10/22/2019 23:22
NEW YORK : Boeing on Tuesday replaced the chief of its commercial plane division, the most significant executive departure since the 737 MAX grounding plunged the company into crisis seven months ago. Kevin McAllister ( pix ), head of Boeing Commercial Airplanes (BCA), will leave the company effective immediately, Boeing said on the eve of a key quarterly earnings announcement. McAllister will be replaced by Stan Deal, who has been chief of Boeing Global Services. The announcement comes as the MAX crisis appears to be deepening following disclosures last week of text messages between two Boeing pilots in 2016 that suggested the company was aware of problems with a flight handling system that has been blamed for both crashes. The top-selling.
Sundaily (Asia) 10/22/2019 09:18
PETALING JAYA:. Malaysia may lose market share to Indonesia in the short term after a call by India’s top vegetable oil trade body to boycott Malaysian palm oil. This, in turn, may see a rise in local palm oil inventories, which will be a negative for the Malaysian palm oil industry. "Assuming that India’s demand falls by 50% per month, this would increase Malaysia’s palm inventories by about 200,000 tonnes.
Sundaily (Asia) 10/22/2019 09:18
PETALING JAYA. :. Petron Malaysia Refining & Marketing Bhd addressed media reports today which claimed a facility in Port Dickson that carries crude oil from the ships to refineries had broken down. In an exchange filing, Petron confirmed that its refinery at Port Dickson was unable to receive crude oil for purposes of producing finished products, due to a technical problem with the single buoy mooring (SBM) facility. "Petron wishes to clarify that its finished products, supplied to the Malaysian market and customers, are made up of imported finished products and that produced by its refinery in Port Dickson. "In this regard, Petron has taken necessary measures to import more finished products to make up for its marketing needs.
Sundaily (Asia) 10/22/2019 09:16
PETALING JAYA. :. Dayang Enterprise Holdings Bhd has established an eight-year sukuk murabahah programme of up to RM682.5 million in nominal value. The first issuance will be made within 60 days of the lodgement date of Oct 22. In a filing with Bursa Malaysia, Dayang said the programme will be unrated and is structured based on the Shariah principle of Murabahah. “Proceeds raised from the issuance of sukuk murabahah under the programme will be utilised to part finance the settlement sum (which will include the principal and profit/interest amount due) for certain specified financing facilities of Dayang Enterprise and its group of companies,” the group said. Maybank IB and UOB Malaysia are the joint principal advisers and joint lead arrangers.
Sundaily (Asia) 10/22/2019 09:15
PETALING JAYA:. TDM Bhd’s subsidiary PT Rafi Kamajaya Abadi (PT RKA) has received and accepted an administrative sanction served by the Governor of Kalimantan Barat as a result of a recent fire. TDM told Bursa Malaysia that PT RKA has to cease its activities in the area of about 900ha affected by the fire for three years. PT RKA also needs to complete its fire prevention facilities and infrastructure within a period of 12 months from the date of the sanction of Oct 4, 2019. "PT RKA must submit a monthly report to the Governor of Kalimantan Barat on the progress and improvement.".
Sundaily (Asia) 10/22/2019 09:14
PETALING JAYA:. Luno has received full approval from the Securities Commission Malaysia (SC) to operate as a recognised market operator (digital asset exchange or DAX) as it has satisfied all the required conditions. With that, the digital exchange operator is able to offer Malaysian the opportunity to safely buy, sell, and store cryptocurrency on its platform.
Sundaily (Asia) 10/22/2019 09:12
PETALING JAYA:. Revenue Group Bhd proposes a bonus issue of up to 230.04 million shares, on the basis of two shares for every existing three shares held. According to the group’s filing with Bursa Malaysia, the theoretical ex-bonus share price is 99.6 sen based on its five-day volume weighted average price of up to Oct 21, 2019 of RM1.6608. Revenue said the proposed bonus issue is a means to reward existing shareholders after due consideration of its financial performance and financial position. It added that the bonus issue will also enhance the marketability and trading liquidity of the group’s shares on Bursa Securities.
Sundaily (Asia) 10/22/2019 09:10
KUALA LUMPUR:. The Malaysian Institute of Accountants (MIA) hopes the government will enforce a brand new Accountants Act next year to meet the current and prospective developments and issues. Its president Huang Shze Jiun said the institute believed the Accountants Act 1967 could no longer inspire confidence and trust as it limited the MIA’s legal jurisdiction. "(Under the current law) We cannot do anything...
Sundaily (Asia) 10/22/2019 05:27
PETALING JAYA : Multi Sports Holding Bhd’s application to delay the issuance of its annual report 2019 to Dec 31, 2019 from the current deadline of Oct 31, 2019 has been rejected by Bursa Malaysia Securities Bhd. The group told the local bourse that it failed to issue the report within the relevant timeframe due to the resignation of its former auditors Messrs RT LLP with their notice of resignation dated Nov 28, 2018 which was received on Dec 31, 2018. Subsequently, Multi Sports had experienced difficulties in finding and appointing a new auditor to take over and RT LLP was disqualified by Securities Commission’s audit oversight board from undertaking any audit work for listed companies in Malaysia. In the event that the group failed to su.
Sundaily (Asia) 10/22/2019 05:06
PETALING JAYA : CIMB Group Holdings Bhd’s 94.83%-owned CIMB Thai Bank PCL recorded a consolidated net profit of 728.1 million baht (RM100.4 million) for the nine-month period ended Sept 30, 2019 (9M2019), an increase of 35.5% year-on-year (yoy), mainly attributed to a 2.3% growth in operating income and a 32.7% decline in provisions. CIMB Thai Bank’s newly appointed president and CEO Adisorn Sermchaiwong said on a yoy basis, operating income rose 2.3% to 10.4 billion baht from a 3.1% increase in net interest income, on the back of loan expansion and higher interest income on investments and a 6.8% increase in net fee and service income arising from higher fees from insurance and underwriting. Other operating income decreased 13.4% mainly at.

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