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Sundaily (Asia) 05/28/2020 09:55
PETALING JAYA: Lembaga Tabung Angkatan Tentera (LTAT), or the Armed Forces Fund Board, has announced it is considering a proposal to privatise its 59%-owned unit Boustead Holdings Bhd. “The proposal is subject to, amongst others, the finalisation of the structure of the proposal, the requisite funding for the proposal and the required regulatory approval(s),” it said in a statement today. It highlighted that the announcement is not equivalent to a firm intention to undertake the privatisation, but should it move forward, it would do so at an indicative, non-binding price of 80 sen per share. “The final offer price in relation to the proposal (if undertaken) is subject to finalisation by LTAT,” it added. Boustead shares ended the day 4 sen h.
Sundaily (Asia) 05/28/2020 07:23
KUALA LUMPUR : BIMB Holdings Bhd (BHB), the parent company of Bank Islam Malaysia Bhd, reported a 3.3 per cent increase in net profit attributable to shareholders to RM209.2 million for the first quarter (Q1) ended March 31, 2020. It posted a group profit before zakat and taxation (PBZT) of RM321.8 million, up 0.7 per cent or RM2.2 million from the RM319.6 million recorded in the same period last year. In a statement today, BHB said the Bank Islam group achieved a PBZT of RM221.5 million for Q1 2020, an increase of 0.8 per cent year-on-year (y-o-y). “Y-o-y net financing assets grew RM4.4 billion or 9.5 per cent to reach RM50.4 billion as at the end of March 2020,“ it said. However, lower fund-based income was reported due to multiple downwa.
Sundaily (Asia) 05/28/2020 06:51
KUALA LUMPUR: The ringgit ended slightly lower against the US dollar today amidst the decline in global crude oil prices, a dealer said. As at 6pm, the local note was quoted at 4.3540/3600 against the greenback compared with yesterday’s close of 4.3450/3510. Financial services firm AxiCorp chief global market strategist Stephen Innes said crude oil remained one of the weaker links for the local note as Brent crude stood below US$40 per barrel. At press time, Brent crude fell 1.90% to US$34.08 per barrel. “Investors are awaiting new market direction,” he said, adding there were nascent signs that investors were back on the hunt for yield as they expected economies around the world to recover from the Covid-19 pandemic and lockdown. Against a.
Sundaily (Asia) 05/28/2020 06:32
PETALING JAYA: Bursa Malaysia Derivatives (BMD) announced that its FTSE Bursa Malaysia KLCI Futures (FKLI) contract registered an all-time high in daily trading volume of 65,000 contracts, surpassing the previous record of 61,429 contracts registered on Oct 29, 2019. Chairman Datuk Muhamad Umar Swift said he is encouraged to see the growing interest by foreign. institutions which accounted for 80% of the total trading volume. "This is an indication of the consistent growth in confidence of BMD’s products by local and international market participants to manage their price risk exposures amidst the global uncertainties," he said.
Sundaily (Asia) 05/28/2020 06:21
KUALA LUMPUR : Bursa Malaysia closed higher today, with the key index remaining above the 1,400 level, spurred by continued optimism for global economic recovery. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.77 points to end the day at 1,457.5 from 1,451.73 at Wednesday’s close. The barometer index opened 1.8 points better at 1,453.53, and fluctuated between 1,449.25 and 1,458.73 throughout the day. A dealer said Asian stocks staged a mixed performance today as sentiments were clouded by rising concerns over the United States-China tensions, as well as China’s plan to implement the national security law in Hong Kong. This has also caused the FBM KLCI to move in a yo-yo pattern earlier in the day. “Nevertheless, some investors we.
Sundaily (Asia) 05/28/2020 03:16
KUALA LUMPUR : LYC Healthcare Bhd’s wholly-owned subsidiary, LYC Medicare Sdn Bhd, has proposed to acquire a 51 per cent stake in HC Orthopaedic Surgery Pte Ltd (HCOS) from Chan Ying Ho and Beyond Wellness Group Pte Ltd for RM21.29 million. In a filing with Bursa Malaysia, LYC Healthcare said upon completion of the exercise, expected by the fourth quarter of 2020, HCOS would become a 51 per cent-owned subsidiary of LYC Healthcare. HCOS is principally involved in the provision of clinics and other general medical services, as well as specialised medical services, including day surgical centres. HCOS, which leases and operates one medical centre located in Singapore, primarily serves patients requiring various orthopaedic specialist treatment.
Sundaily (Asia) 05/28/2020 03:07
PETALING JAYA: FGV Holdings Bhd posted a net loss of RM142.3 million for the first quarter ended March 31, from a net loss of RM 3.4 million in the previous corresponding quarter due to several factors, most notably a reduced fresh fruit bunch production during the period and lower margins in both the palm oil and sugar sectors. Revenue was also lower at RM2.78 billion, from RM3.28 billion a year before. Group CEO Datuk Haris Fadzilah Hassan said that while 1H’20 has presented several challenges, the second half of the year is expected to improve with both FFB prodcution and overall performance picking up again. “With Indian trade restored, and the easing of Malaysia’s movement control order, sales are expected to pick up in tandem with pro.
Sundaily (Asia) 05/27/2020 23:49
SYDNEY: The Australian arm of Rupert Murdoch's News Corp said on Thursday it will stop printing more than 100 regional newspapers after the coronavirus shutdown gutted advertising revenue, accelerating a downturn in the country's media sector. From next month, the company which dominates Australia's media and political landscape said it would take 76 regional mastheads online only and shut another 36 altogether.
Sundaily (Asia) 05/27/2020 23:40
WASHINGTON : Boeing Co said on Wednesday it was eliminating more than 12,000 U.S. jobs, including 6,770 involuntary layoffs, as the largest American planemaker restructures in the face of the coronavirus pandemic. Boeing also disclosed it plans "several thousand remaining layoffs" in coming months but did not say where those would take place. Boeing is slashing costs as a sharp drop in airplane demand during the pandemic worsened a crisis for the company whose 737 MAX jet was grounded last year after a second fatal crash. Boeing said it restarted 737 MAX production at a "low rate" at its Renton, Washington factory.
Sundaily (Asia) 05/27/2020 23:35
SEOUL : South Korea’s central bank cut its benchmark interest rate to a record low on Thursday in its second easing this year, in an effort to shore up the economy wrecked by the coronavirus pandemic. The Bank of Korea’s board voted to cut the base rate by 25 basis points to 0.50%, the lowest since the bank adopted the current policy system in 1999.
Sundaily (Asia) 05/27/2020 23:31
HONG KONG : Tencent Holdings Ltd has raised $6 billion in debt, the Chinese technology company said on Thursday, in the largest debt deal by an Asian corporate in 2020. The deal was finalised early on Thursday in which Tencent raised $1 billion in five-year debt, $2.25 billion in 10-year, $2 billion in 30-year and $750 million in 40-year debt, a term sheet showed. It was the first time Tencent raised 40-year money in its history. The transaction was the largest by a non-financial company in the Asian region so far this year, data compiled by Refinitiv showed. Before the Tencent deal, the biggest was a $4 billion junk bond by Scenic Journey in January and a $2.9 billion bond by Sinopec on May 7, the data showed. Around $712 billion has been
Sundaily (Asia) 05/27/2020 22:17
WASHINGTON: Business groups are urging U.S. President Donald Trump to go slowly in responding to Bejing's planned imposition of new national security laws on Hong Kong, warning revoking the city's special U.S. privileges will hurt the territory and its people. U.S. Secretary of State Mike Pompeo declared on Wednesday China's actions had voided Hong Kong's autonomy. That cleared the way for White House steps ranging from imposing sanctions on some senior Chinese officials to fully ending the 22-year U.S. practice of treating Hong Kong separately from China on trade, visas, investments and export controls. Hong Kong's special status has helped keep the former British colony of 7.5 million - which hosts operations of 1,300 U.S. companies and s.
Sundaily (Asia) 05/27/2020 11:23
LONDON: Oil prices fell today after US President Donald Trump said he was working on a strong response to China's proposed security law in Hong Kong. A potential deterioration in relations between the world's two biggest economies could ratchet up the pressure on global businesses and oil demand already weakened by the coronavirus pandemic. Brent crude fell 90 cents, or 2.5%, to US$35.27 a barrel by 1342 GMT and US West Texas Intermediate (WTI) crude was down 81 cents, or 2.4%, at US$33.54. "As much as oil fundamentals are improving, there are still several flies in the bullish ointment.
Sundaily (Asia) 05/27/2020 11:16
PETALING JAYA:. IOI Corp Bhd’s net profit for the third quarter ended March 31, 2020 plunged 100% to RM100,000 from RM245.8 million a year go due to foreign currency translation losses on foreign currency denominated borrowings. Its revenue however, jumped 8% to RM2.03 billion from RM1.89 billion in third quarter 2019 (Q3’19). For the nine-month period, the group’s net profit fell 38% to RM362.6 million from RM585.1 million a year ago due to foreign currency translation losses on foreign currency denominated borrowings. Revenue was 2% higher at RM5.76 billion versus RM5.65 billion in the previous year. Looking ahead, the group said in view of the expected significant increase in oil palm fruit production during Q4’20 which will counter the e.
Sundaily (Asia) 05/27/2020 10:52
MSM to consolidate sugar-refining operations. PETALING JAYA:. MSM Malaysia Holdings Bhd will be consolidating its refined sugar production by relocating its factory operations for MSM Perlis Sdn Bhd (MSMP) in Chuping to MSM Sugar Refinery (Johor) Sdn Bhd (MSMJ) in Pasir Gudang and MSM Prai Bhd (MSMPB) in stages from June 20. The consolidation exercise consists of staff mobilisation plans to support MSMPB and MSMJ headcount with the latter’s requirements in implementing its ramp-up plan, new products development and construction of new facilities. Staff who opt not to move to any of the other entities will be compensated according to the law. The relocation is expected to be complete by the fourth quarter of the year. In its Bursa Malaysia dis.
Sundaily (Asia) 05/27/2020 10:51
PETALING JAYA:. Berjaya Land Bhd’s (BLand) 51%-owned subsidiary Berjaya (China) Great Mall Co Limited will receive the outstanding payment balance of RMB974.07 million (RM595.45 million) from Beijing SkyOcean International Holdings Limited, following the disposal of the Berjaya (China) Great Mall Recreation Centre in Sanhe City, Hebei, in 2015. In a Bursa Malaysia filing today, BLand said the sum was part of a favourable arbitration award from the Hong Kong International Arbitration Centre (HKIAC), which gave its decision on May 21. Apart from the outstanding amount, Beijing SkyOcean will also have to pay liquidated damages on the outstanding balance amount calculated at 4.75% per annum from the payment due date of Nov 28, 2017 until the dat.
Sundaily (Asia) 05/27/2020 10:37
PETALING JAYA:. Sunway Bhd posted a net profit of RM78.29 million for the first quarter ended March 31, 42.6% lower than the RM136.41 million in the previous corresponding quarter due to lower contributions from most business segments except property development and quarrying. Revenue was lower at RM971.44 million, from RM1.12 billion previously. In a statement, the group said the movement control order (MCO) and the subsequent conditional MCO caused significant disruptions and financial impact to the group, particularly the hospitality and leisure businesses, which were not allowed to operate during these periods. “Although most of the other businesses of the Group have resumed operations during the conditional MCO, the anticipated business.
Sundaily (Asia) 05/27/2020 08:45
PETALING JAYA: Southern Steel Bhd and Ann Joo Resources Bhd have mutually terminated their partnership after eight months due to uncertain market conditions caused by the Covid-19 pandemic.\. In a Bursa filing, the group said the termination is not expected to have any material effect on the consolidated earnings and net assets per share of the company for the financial year ending June 30. Both parties had inked an agreement in October last year to form a joint venture company to venture into the long steel product business.
Sundaily (Asia) 05/27/2020 08:22
LABUAN: Tencent, a leading provider of Internet value-added services in China, will explore cooperation opportunities with China Construction Bank Corporation Labuan Branch (CCB Labuan) following the signing of a memorandum of understanding (MoU) today. The MoU, inked via Tencent VooV Meeting, is aimed at boosting the digital banking development of CCB Labuan while promoting digitalisation among local enterprises in Malaysia with Tencent Cloud’s secure, reliable and high-performance services. “In line with the collaboration, Tencent will leverage its robust and reliable financial cloud technology and mobile payment capability while CCB Labuan will contribute its extensive business influence and network in the Malaysian financial market,” th.

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