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Sundaily (Asia) 08/11/2020 01:04
SINGAPORE: Crude oil gained more ground on Tuesday, with prices underpinned by expectations of U.S. stimulus and a rebound in Asian demand as economies reopen. Brent crude added 22 cents, or 0.5%, to $45.21 a barrel, as of 0441 GMT. West Texas Intermediate U.S. crude rose 32 cents, or 0.8%, to $42.26 a barrel. "Crude oil gained amid signs of further stimulus measures," ANZ said in a note. "U.S. lawmakers continued negotiations on the massive virus relief economic package with Treasury Secretary Steven Mnuchin saying there are areas where compromise is possible and a fair deal could be agreed upon. Sentiment was also boosted by comments from Saudi Aramco that demand is improving.". Prices found support after U.S. President Donald Trump tweete.
Sundaily (Asia) 08/10/2020 12:21
PETALING JAYA: JAKS Resources Bhd has obtained a stay of execution relating to the High Court’s decision to partly allow the Star Media Group Bhd’s application in an on-going legal dispute with the company related to the balance purchase price of RM134.5 million for the sale of a piece of land from SMG to JAKS. “In respect of the application, the Court awarded late payment interest to be calculated at the rate of 8% per annum on the balance purchase price of RM134.5 million in respect of a property in Section 13, Petaling Jaya from Oct 25, 2015 to July 6 2020, being the date of vacant possession of the said property,” the group said in its Bursa Malaysia filing. JAKS said the computation of the late payment interest is to be determined by b.
Sundaily (Asia) 08/10/2020 11:41
PETALING JAYA : Supermax Corp Bhd and Kossan Rubber Industries Bhd could potentially qualify for inclusion in the FTSE Bursa Malaysia KLCI (FBM KLCI) if they maintain their current market capitalisation positions come end-November, and there could be four glove makers among the benchmark index’s constituent stocks for the first time in history. The FBM KLCI comprises the Main Market’s largest 30 companies by full market capitalisation that meet eligibility requirements stated in the FTSE Bursa Malaysia Ground Rules. The next FBM KLCI review is due to take place in December using data from the close of business on Nov 23, based on the ground rules.
Sundaily (Asia) 08/10/2020 11:17
LONDON: Premiums for directors' and officers' liability insurance surged in the second quarter, broker Marsh said today, as insurance underwriters fear the coronavirus pandemic will lead to hefty litigation claims. Premiums for directors' liability insurance, known as D&O, in Britain rose by more than 100%, while in the United States, rates for public companies were up by 59%, Marsh said in a quarterly commercial insurance survey. D&O insurance protects company directors and executives against litigation costs. Jonathan Turner, CEO for speciality insurance at broker Gallagher, said D&O rates for public companies seen as particularly exposed to Covid-19 legal claims had risen by as much as 2,000%. Risk modelling company Praedicat said that b.
Sundaily (Asia) 08/10/2020 10:46
JAKS obtains stay of execution, says will appeal against High Court’s ruling in dispute with Star Media. PETALING JAYA: JAKS Resources Bhd has obtained a stay of execution relating to the High Court’s decision to partly allow the Star Media Group Bhd’s application in an on-going legal dispute with the company related to the balance purchase price of RM134.5 million for the sale of a piece of land from SMG to JAKS. “In respect of the application, the Court awarded late payment interest to be calculated at the rate of 8% per annum on the balance purchase price of RM134.5 million in respect of a property in Section 13, Petaling Jaya from Oct 25, 2015 to July 6 2020, being the date of vacant possession of the said property,” the group said in it.
Sundaily (Asia) 08/10/2020 08:50
PETALING JAYA: Supermax Corp Bhd’s net profit for its fourth quarter ended June 30 surged more than 26-fold to RM399.62 million from RM15.06 million a year ago, its best-ever quarterly financial performance since its incorporation, mainly due to an exponential rise in demand for medical gloves and other personal protective equipment (PPE) on the back of the Covid-19 pandemic. Its revenue surged 147.1% or more than doubled to RM929.12 million compared with RM375.96 million in the corresponding quarter a year ago. For the full year, Supermax’s net profit quadrupled to RM525.59 million from RM123.11 million, while revenue jumped 39% to RM2.13 billion from RM1.54 billion. Supermax said due the heightened demand for gloves as the world fights th.
Sundaily (Asia) 08/10/2020 07:59
KUALA LUMPUR: The services sector’s revenue recorded negative growth of 24.0% in the second quarter of 2020 to RM335.6 billion compared with the same quarter of the previous year, said the Department of Statistics Malaysia. Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said the Wholesale & Retail Trade, Food & Beverages and Accommodation segment decreased 23.7% to RM266.5 billion, registering the largest decline on record since 2013. “This was followed by the Information and Communications, and Transportation and Storage segment which contracted 21.3% to RM51.9 billion while the Health, Education and Arts, Entertainment and Recreation segment declined 41.7% to RM9.6 billion. “In addition, the Professional and Real Estate Agent.
Sundaily (Asia) 08/10/2020 07:13
PETALING JAYA: Hartalega Holdings Bhd is set to reimburse up to RM40 million in recruitment fees previously paid by migrant workers to employment agents during its recruitment process. Its CEO, Kuan Mun Leong, stressed that the group is committed towards enhancing its social compliance policies in line with international benchmarks and the fee reimbursement is part of that commitment. “This follows our previous zero recruitment cost policy instituted in April 2019, to protect the welfare of migrant workers and ensure that they are free from any recruitment costs,” he said in a statement. Kuan acknowledged the recruitment fee paid to third parties by migrant workers is a complex global issue, which requires multi-stakeholder involvement to r.
Sundaily (Asia) 08/10/2020 06:59
PETALING JAYA: Cashless payment solutions provider Revenue Group Bhd is acquiring a 40% stake in artificial intelligence (AI) company Wannatalk Malaysia Sdn Bhd for RM5 million cash, which will give it an opportunity to enhance its electronic payment (e-payment) solutions and technologies for banks, financial institutions, merchants and card issuers. Wannatalk is principally engaged in the provision and development of facial recognition-centered products and services (Facecard), AI-powered smart content repository (Firebox), AI-powered big data mining and fraud detection software (Grayfox) and AI-powered chatbot and messaging platform (Wannatalk chatbot). To formalise the deal, Revenue’s wholly owned subsidiary, Revenue Harvest Sdn Bhd, tod.
Sundaily (Asia) 08/10/2020 02:09
PETALING JAYA: AirAsia X Bhd (AAX) posted a passenger load factor (PLF) of 38% in the second quarter of 2020 (Q2’20), carrying 2,291 passengers on the back of flights ferrying cargo with minimal passenger take-up during the month of April 2020. The company’s available seat kilometres reduced to 31 million from 8.44 billion during the quarter under review. "The company had announced the temporary hibernation of its fleet towards the end of the first quarter of 2020.
Sundaily (Asia) 08/10/2020 00:06
MELBOURNE: Oil prices climbed on Monday, supported by Saudi optimism on Asian demand and an Iraqi pledge to deepen supply cuts, although uncertainty over a deal to shore up the U.S. economic recovery capped gains. U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 1.2%, to $41.72 a barrel at 0301 GMT, while Brent crude futures were up 40 cents, or 0.9%, at $44.80 a barrel. Both benchmark contracts fell on Friday, hurt by demand concerns, but Brent still ended the week up 2.5%, with WTI up 2.4%. "Comments from the weekend from Aramco are the driver at the moment," said Michael McCarthy, market strategist at CMC Markets and Stockbroking. Saudi Arabian Aramco's Chief Executive Amin Nasser said on Sunday he sees oil demand rebou.
Sundaily (Asia) 08/09/2020 23:19
SYDNEY: Asian stocks held tight ranges on Monday as worries over flaring tensions between the United States and China weighed on sentiment although signs of a recovery in industrial activity in the world's second-largest economy capped losses. MSCI's broadest index of Asia-Pacific shares outside Japan see-sawed between red and green but held in small ranges to stay below a 6-1/2 month peak touched last week. Trading was expected to be light with Japanese and Singaporean markets closed for public holidays. Chinese shares started lower with the blue-chip CSI300 down a shade and Hong Kong's Hang Seng index falling 0.2%. While deteriorating Sino-U.S. relations hung heavy on sentiment, data showing a slowing in China's factory deflation boosted
Sundaily (Asia) 08/09/2020 23:06
SEOUL: Hyundai Motor Co stock jumped as much as 10.2% on Monday to its highest price since May 2018, after the automaker said it would create a family of Ioniq-brand electric vehicles (EVs) as it aims to become the third-largest EV maker by 2025. In an announcement earlier on Monday, Hyundai said the elevation of Ioniq from individual vehicle nameplate to a brand will support its goal of capturing 10% of global EV sales within five years. Hyundai shares reached as much as to 162,000 won ($136.47) in a broader KOSPI market that was up 0.4% at 0122 GMT. Other auto shares also rose, with affiliate automaker Kia Motors Corp up 5.6% and parts suppliers Hyundai Mobis Co Ltd and Mando Corp climbing as much as 7.4% and 5.3% respectively. "With the
Sundaily (Asia) 08/09/2020 22:32
SYDNEY: The U.S. dollar was trying to keep a rare rally together on Monday as its longest losing streak in a decade left much of the market structurally short of the currency and vulnerable to a squeeze on any upbeat news. Bears were caught out by a better payrolls report on Friday, which pushed Treasury yields higher into this week's massive $112 billion debt sale.
Sundaily (Asia) 08/09/2020 09:29
HOUSTON: The world's five largest oil companies collectively cut the value of their assets by nearly US$50 billion (RM209.5 billion) in the second quarter, and slashed production rates as the coronavirus pandemic caused a drastic fall in fuel prices and demand. The dramatic reductions in asset valuations and decline in output show the depth of the pain in the second quarter.
Sundaily (Asia) 08/09/2020 09:15
NEW YORK: Berkshire Hathaway Inc on Saturday announced a US$9.8 billion (RM41 billion) writedown and 10,000 job losses at its Precision Castparts aircraft parts unit, as the coronavirus pandemic caused widespread pain at Warren Buffett's conglomerate. Despite the writedown, Berkshire said second-quarter net income surged 87% because of gains in stock investments such as Apple Inc as markets rebounded. Operating profit fell 10%, cushioned by a temporary bump at the Geico auto insurer, as the pandemic caused "relatively minor to severe" damage to most of Berkshire's more than 90 operating businesses. "The writedown was prudent," said Cathy Seifert, an equity analyst at CFRA Research.
Sundaily (Asia) 08/09/2020 08:47
THE. National House Buyers Association (HBA) refers to media reports whereby Housing and Local Government Minister Zuraida Kamaruddin proposed a law in the form of a Residential Tenancy Act (RTA) vis-a-vis "law against racist landlords", which is to be tabled in Parliament next year. RTA to combat racism? HBA dissents that the primary aim of the proposed RTA, if to be legislated, is to combat racism.

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