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1,373,272 | Brace for thunderstorms and heavy downpour in several states, warns MetMalaysia | PETALING JAYA: Thunderstorms and downpours have been forecasted in several states until 5pm today (June 17), said the Malaysian Meteorological Department (MetMalaysia).
It said the affected areas will include Putrajaya, Labuan, Perlis, the Federal Territories of Kuala Lumpur, Negeri Sembilan, Melaka, and Johor.
"In Kedah, Langkawi, Kubang Pasu, Kota Setar, Pokok Sena, Padang Terap, Sik, Baling, Kulim, and Bandar Baru are expected to be hit.
ALSO READ : Bad weather expected in most parts of country until Sunday, says MetMalaysia
MetMalaysia also issued warnings for Larut, Matang, and Selama, Hulu Perak, Kuala Kangsar, Kinta, Perak Tengah, and Kampar in Perak, as well as Jeli, Tanah Merah, and Kuala Krai in Kelantan.
"In Selangor, Sabak Bernam, Kuala Selangor, Klang, Gombak, Petaling, Kuala Langat, Hulu Langat, and Sepang will be affected," said a statement on Monday (June 17).
It said Betong, Sarikei, Kapit, Bintulu, Miri, and Limbang in Sarawak are also affected.
"Several areas in Sabah, including Sipitang, Tenom, Kuala Penyu, Beaufort, Keningau, Tambunan, Lahad Datu, Sandakan, Kinabatangan, and Kudat are affected.
MetMalaysia said rainfall intensity is expected at 20mm an hour, and the warning is for a period not exceeding six hours.
"The public can refer to www.met.gov.my or download the myCuaca app for the latest information," it added. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | Thunderstorms,Downpour,MetMalaysia,Weather Forecast,Affected States,Rainfall Intensity,20mm an Hour,myCuaca App,Weather Warning | PETALING JAYA: Thunderstorms and downpours have been forecasted in several states until 5pm today (June 17), said the Malaysian Meteorological Department (MetMalaysia). | https://www.thestar.com.my/news/nation/2024/06/17/brace-for-thunderstorms-and-heavy-downpour-in-several-states-warns-metmalaysia | |
1,373,245 | Housing and Local Government Ministry to use online ambassadors to promote its services | IPOH: The Housing and Local Government Ministry will introduce a team of online ambassadors to better promote its services.
Minister Nga Kor Ming said the team would consist of public servants from the ministry or any of its agencies.
"We want civil servants to get involved in social media and information technology during the digitalisation era.
"The team will convey a clear message to the people about programmes, products, and services offered by the ministry and relevant agencies," he said in a statement on Monday (June 17).
"There are many people-friendly initiatives under the ministry that can be promoted, including MyKiosk 2.0 or the National Housing Data Bank System (Teduh) by the National Housing Department.
"The ambassadors can also create educational content, such as how to use a fire extinguisher properly," he said.
"They will have the space to voice their opinions openly and creatively about the services by the Madani Government," he added.
Nga said having its own staff become Key Opinion Leaders (KOL) would not involve any additional costs.
"These KOL will be volunteers who are excited to be part of the team," he said, adding that using external KOL could cost thousands.
"The ministry's corporate and communications unit would provide training for those interested so they can master their own social media accounts," he said.
"This internal initiative can also build a positive image of the government by presenting verified information, which will also combat widespread slander," he added. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | Nga Kor Ming,Online Ambassadors,Local Government Ministry,Social Media,Public Servants,Key Opinion Leaders,Digitalisation Era,Madani Government,Housing Ministry,Educational Content | IPOH: The Housing and Local Government Ministry will introduce a team of online ambassadors to better promote its services. | https://www.thestar.com.my/news/nation/2024/06/17/housing-and-local-government-ministry-to-use-online-ambassadors-to-promote-its-services | |
1,373,243 | Man who went missing while fishing found drowned in Tawau | KOTA KINABALU: A man was found drowned after going missing while fishing in the Kampung Pitas Bombalai River in Tawau on Sunday (June 16) afternoon.
Identified as Arippin Daud, the 49-year-old was reported to have gone fishing at 6am.
However, suspicion grew when villagers found his boat unmanned at 11am.
Tawau Fire and Rescue Services Station chief Jemishin Ujin said they received a distress call about the missing person at 2.06pm.
He stated that five men were deployed to the scene to conduct a search and rescue operation.
“Upon arrival, the team, along with the police, immediately began the operation using the ‘surface water rescue’ technique.
“The victim was found by villagers near his boat at 3.53pm and was confirmed dead by the police,” he said in a statement on Monday (June 17).
Jemishin added that the victim’s body was then handed over to the police and taken to the hospital for postmortem.
“The fire department conducted a final inspection at the scene before concluding the operation at 3.55pm,” he said. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | Sabah,Tawau,Drowning,Victim,Recovery,Body,Search-and-rescue | KOTA KINABALU: A man was found drowned after going missing while fishing in the Kampung Pitas Bombalai River in Tawau on Sunday (June 16) afternoon. | https://www.thestar.com.my/news/nation/2024/06/17/man-who-went-missing-while-fishing-found-drowned-in-tawau | |
1,373,225 | Man stands in traffic after fender-bender, dies after being hit by third car near Lahad Datu | KOTA KINABALU: A man who walked out of his car after it collided with another vehicle died after being hit by an oncoming car along Mile 35 of the Lahad Datu-Sandakan road, just after midnight on Sunday (June 16).
The 38-year-old victim had apparently stood in the middle of the road after the accident when he was hit by a car heading to Sandakan from Lahad Datu at 12.30am.
Lahad Datu district police chief Asst Comm Dzulbaharin Ismail said the victim was driving the car with a 30-year-old passenger, bound for Sandakan from Lahad Datu, when it skidded and veered into the opposite lane.
Their car then collided with another vehicle driven by a 49-year-old man from the opposite direction.
The impact caused the victim’s car to spin towards the Lahad Datu direction before coming to rest in the middle of the road, while the other vehicle skidded to the left side of the road.
“Both the victim and his passenger exited the car.
"Another vehicle, driven by a 47-year-old man, travelling from Lahad Datu towards Sandakan, suddenly hit the victim who was standing in the middle of the road," said Dzulbaharin.
The victim succumbed to his injuries at the scene and was pronounced dead by health officials.
According to him, the deceased has been sent to Lahad Datu district hospital for a post-mortem, adding that others involved in the accident escaped unhurt.
"Blood samples have been taken from the victim, the passenger, and the drivers of the two other vehicles and will be sent to the Lahad Datu Chemistry Department for alcohol and drug testing," he said.
The case is being investigated under Section 41(1) of the Road Transport Act 1987.
Dzulbaharin called on any eyewitnesses to the incident to contact the traffic investigation officer at the Lahad Datu District Police Headquarters, Inspector Humaidi Harun, at 089-881255 or to go directly to the office. | News | Sabah & Sarawak | Complimentary | Short | null | 2024-06-17 00:00:00 | Sabah & Sarawak,Lahad Datu-Sandakan,Road Accident,Collision,Oncoming Car,Fatal Accident,Road Transport Act 1987,Police Investigation,Eyewitnesses,Blood Samples,Post-mortem | KOTA KINABALU: A man who walked out of his car after it collided with another vehicle died after being hit by an oncoming car along Mile 35 of the Lahad Datu-Sandakan road, just after midnight on Sunday (June 16). | https://www.thestar.com.my/news/nation/2024/06/17/man-stands-in-traffic-after-fender-bender-dies-after-being-hit-by-third-car-near-lahad-datu | |
1,373,212 | Telco cable thefts: Govt to consider heavier penalties, Fahmi | KUALA LUMPUR: The government is considering imposing heavier penalties on individuals involved in stealing telecommunication cables, which cause service disruptions.
Communications Minister Fahmi Fadzil said the punishment will be proposed in the amendment to the Communications and Multimedia Act 1998, currently being studied by the Attorney-General's Chambers.
"I will ask the team at the Communications Ministry and the Malaysian Communications and Multimedia Commission (MCMC) to examine and provide comments and recommendations because, at this time, the draft amendment to the act is being reviewed. Several provisions focus on network service quality," he said.
"We made this amendment not only because of incidents of cable theft and vandalism but also due to disruptions in telecommunication service quality. This issue is often raised by users and is being scrutinised before we bring it to Parliament later," he told reporters at Lembah Pantai's Program Korban Perdana on Monday (June 17).
Fahmi, who is also the Member of Parliament for Lembah Pantai, responded to a question about the government's action to stop the theft of telecommunication copper cables, which is becoming more prevalent.
Regarding the move by the Housing and Local Government Ministry to establish a team of 'online ambassadors' to deliver information and ward off slander in cyberspace, Fahmi said his ministry is not against the effort.
"I do not see that the establishment will cause them to enter the jurisdiction of other parties, but coordination in terms of the information to be conveyed must be done.
"God willing, I will look into this matter with the minister (Nga Kor Ming) because I have not had the opportunity to get a full briefing from KPKT regarding the effort," he said.
On Thursday, Nga announced the establishment of a team of 'online ambassadors' consisting of 200 ministry staff to fend off defamation and deliver authentic information and government policies effectively. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | Telecommunication Cable Theft,Heavier Penalties,Communications Minister,Fahmi Fadzil,Communications and Multimedia Act,MCMC,Service Disruption,Online Ambassadors,Housing and Local Government Ministry | KUALA LUMPUR: The government is considering imposing heavier penalties on individuals involved in stealing telecommunication cables, which cause service disruptions. | https://www.thestar.com.my/news/nation/2024/06/17/telco-cable-thefts-govt-to-consider-heavier-penalties-fahmi | |
1,373,199 | Sultan of Selangor and Tengku Permaisuri extend Hari Raya Haji greetings | SHAH ALAM: The Sultan of Selangor, Sultan Sharafuddin Idris Shah, and the Tengku Permaisuri of Selangor, Tengku Permaisuri Norashikin, have extended Hari Raya Aidiladha greetings to Muslims throughout Malaysia.
In a post on the Selangor Royal Office's Facebook page, Their Royal Highnesses also expressed hope that Muslims remain grateful for the blessings bestowed by Allah SWT and perform the sacrificial rites to help the poor while being mindful of the plight of the underprivileged.
Sultan Sharafuddin also called on Muslims to fulfil their duties and responsibilities as devout followers of Islam by strengthening bonds of brotherhood and enhancing relationships.
At the same time, the Sultan of Selangor prayed for Malaysian pilgrims currently performing their pilgrimage in the Holy Land, wishing them a blessed Haj and a safe journey home.
"May the experience of performing the Haj be beneficial, making one more humble and able to strengthen and increase their level of faith," His Royal Highness said in the post. – Bernama | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | Sultan Sharafuddin Idris Shah,Tengku Permaisuri Norashikin,Hari Raya Aidiladha,Selangor Royal Office,Sacrificial Rites,Muslim Brotherhood,Malaysian Pilgrims,Haj,Faith | SHAH ALAM: The Sultan of Selangor, Sultan Sharafuddin Idris Shah, and the Tengku Permaisuri of Selangor, Tengku Permaisuri Norashikin, have extended Hari Raya Aidiladha greetings to Muslims throughout Malaysia. | https://www.thestar.com.my/news/nation/2024/06/17/sultan-of-selangor-and-tengku-permaisuri-extend-hari-raya-haji-greetings | |
1,373,198 | Senior citizen, granddaughter lost near Kuala Kubu Baharu found safe and sound | KUALA LUMPUR: An elderly woman and her 12-year-old granddaughter who were feared lost while heading to a durian orchard in Bukit Buluh Telur, Kuala Kubu Baharu on Sunday (June 16), were found safe and sound at 9.30am on Monday (June 17).
Selangor Fire and Rescue Department assistant director of operations, Ahmad Mukhlis Mokhtar said the victims were found about two hours into the search and rescue operation.
"The operation involved six personnel from the Kuala Kubu Baharu Fire and Rescue Station and included the Malaysian Civil Defense Force, the Royal Malaysia Police, and the public as well.
"The victims’ relatives managed to identify their location through a phone call, and it took the rescue team about an hour to reach the site," he said in a statement on Monday
The elderly woman had managed to contact her daughter at noon, informing her that she was lost before her phone presumably ran out of battery. Her eldest daughter then filed a police report at 3pm on Sunday. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | search and rescue,Bukit Buluh Telur,elderly woman,granddaughter,lost,found | KUALA LUMPUR: An elderly woman and her 12-year-old granddaughter who were feared lost while heading to a durian orchard in Bukit Buluh Telur, Kuala Kubu Baharu on Sunday (June 16), were found safe and sound at 9.30am on Monday (June 17). | https://www.thestar.com.my/news/nation/2024/06/17/senior-citizen-granddaughter-lost-near-kuala-kubu-baharu-found-safe-and-sound | |
1,373,188 | Cameron Highlands needs strict zoning laws, says environmental group | IPOH: The worst of the impact from Cameron Highlands’s overdevelopment must be strictly managed by balancing environmental preservation and development, warns an environmental activist group.
Regional Environmental Awareness Cameron Highlands (Reach) president A. Dilip Martin said the highlands’s overdevelopment could only be solved with strict zoning laws that designate specific areas for conservation, development and agriculture.
Multi-faceted approaches must include strict zoning regulations, sustainable development practices, reforestation and conservation initiatives, community engagement and education, enforcement and adopting innovative technology.
"Sensitive areas should have the highest level of protection," he said.
Dilip Martin was commenting on a viral one-minute video clip earlier this month, which showed water flowing down a road and caused alarm among the local community and netizens.
According to the Cameron Highlands Public Works Department, the incident at KM79 of the high-traffic FT59 route near Kampung Raja was due to clogged sewers since April 3, adding that clean-up work, traffic management and repairs have been done.
Dilip Martin added that land planning must integrate environmental, social and economic goals while promoting ecotourism to minimise environmental impact.
“Encourage and implement green building codes that require using sustainable materials and energy-sufficient designs. The authority should also encourage agricultural practices that reduce soil erosion, use less water and avoid harmful pesticides," he said.
Dilip Martin said the community and tourists should be educated about the importance of environmental conservation and sustainable practices.
"The local community should be involved in decision-making processes and conservation efforts to ensure their needs and knowledge are considered," he said.
"Farmers should be encouraged to use smart farming technologies to increase efficiency and reduce environmental impact.
"Renewable energy sources like solar and wind should also be promoted to reduce reliance on fossil fuel," he said.
"By integrating these strategies, Cameron Highlands can continue to thrive as a hub for tourism, housing, and agriculture while protecting its unique and fragile environment," he added. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | Cameron Highlands,REACH,Dilip Martin,Project,Development,Balance,Environment,Preservation | IPOH: The worst of the impact from Cameron Highlands’s overdevelopment must be strictly managed by balancing environmental preservation and development, warns an environmental activist group. | https://www.thestar.com.my/news/nation/2024/06/17/cameron-highlands-needs-strict-zoning-laws-says-environmental-group | |
1,373,182 | What's new for the MM2H programme? | Disclaimer: by clicking the Submit button, it is deemed that you consent to the rules and terms set forth in the Privacy Policy as well as Terms and Conditions set forth by this site. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | null | PETALING JAYA: Thinking of moving to Malaysia? | https://www.thestar.com.my/news/nation/2024/06/17/what039s-new-for-the-mm2h-programme | |
1,373,140 | Diesel subsidy not abolished, govt still bears RM7bil in subsidies, says PM Anwar | KUALA LUMPUR: The government still bears around RM7bil in subsidies related to diesel in Peninsular Malaysia, says Prime Minister Datuk Seri Anwar Ibrahim.
He explained that subsidies have not been abolished. The diesel subsidy rationalisation aims to ensure more efficient management of subsidies, preventing misuse and ensuring they reach appropriate groups.
"The main goal of the diesel subsidy rationalisation policy is to ensure that subsidy wastage no longer continues while ensuring that the savings are returned to the wider population," he said in a statement on Monday (June 17).
Anwar said savings from the implementation of targeted subsidies would be returned to the people in the form of education, health, public transportation, and other sectors that have the greatest impact on the public.
According to him, the Madani Government would also remain committed to combating diesel smuggling while striving to balance the government's efforts with issues of supply and the cost of living.
The Prime Minister said the Domestic Trade and Cost of Living Ministry launched Ops Tiris on March 1, 2023, to combat the misappropriation of subsidised diesel benefiting parties not eligible for the subsidies.
As of Dec 31, 2023, a total of 6.44 million litres of diesel, estimated to be worth RM14.12mil, has been seized.
Anwar said that due to the positive results and developments of the operation, Ops Tiris 3.0 has been launched with an expanded scope covering other controlled goods, namely refined white sugar (coarse and fine), 1kg polybag cooking oil, RON95 petrol, and liquefied petroleum gas.
"As of June 14, 2024, controlled goods worth RM12.96mil have been seized, with diesel accounting for the bulk of smuggled and misappropriated controlled items," he added.
Additionally, he said the price of pure palm cooking oil in bottled packaging has been maintained at RM6.90 (1kg), RM13.30 (2kg), RM19.60 (3kg), and RM30.90 (5kg) since the Madani government took over leadership, even though world crude palm oil (CPO) prices have exceeded the threshold price of RM3,890 per tonne.
Anwar said, for example, with CPO prices at RM4,215 per tonne in March and RM4,256 per tonne in April, the price of 5kg pure palm cooking oil could have risen to RM33-RM35.
On June 9, Finance Minister II Datuk Seri Amir Hamzah Azizan announced that the price of diesel at all retail stations in the Peninsula would be set at RM3.35 per litre, which is the market price without subsidy, based on the May 2024 average according to the Automatic Pricing Mechanism formula starting June 10.
He said the price float and targeted diesel subsidy implementation could save RM4bil annually while strengthening the country's financial position in the long term.
Amir Hamzah said the diesel price will be announced weekly according to the current practice of the Ministry of Finance, and the government will continue to monitor the situation to avoid price instability.
However, the subsidy rationalisation does not involve consumers in Sabah, Sarawak, and Labuan. – Bernama | News | Nation | Complimentary | Medium | null | 2024-06-17 00:00:00 | Diesel Subsidy,RM7bil Subsidy,Targeted Subsidies,Subsidy Rationalisation,Anwar Ibrahim,MADANI Government,Education,Health,Public Transportation,Diesel Smuggling | KUALA LUMPUR: The government still bears around RM7bil in subsidies related to diesel in Peninsular Malaysia, says Prime Minister Datuk Seri Anwar Ibrahim. | https://www.thestar.com.my/news/nation/2024/06/17/diesel-subsidy-not-abolished-govt-still-bears-rm7bil-in-subsidies-says-pm-anwar | |
1,373,125 | Search and rescue operation resumes for missing woman and granddaughter in Kuala Kubu Baharu | KUALA LUMPUR: The search and rescue operation for an elderly woman and her 12-year-old granddaughter, who were believed to have lost their way while trekking to a durian orchard in Bukit Buluh Telur, Kuala Kubu Baharu, Selangor, on Sunday (June 16), resumed on Monday (June 17) morning.
Selangor Fire and Rescue Department assistant director of operations, Ahmad Mukhlis Mokhtar, said the operation started at 8.30am with eight personnel from the Kuala Kubu Baharu Fire and Rescue Station.
"The search and rescue operation began as early as 8.30am, but the victims have not yet been found," he said when contacted by Bernama on Monday.
On Sunday, Selangor Fire and Rescue Department director Wan Md Razali Wan Ismail said the SAR was halted at 7.20pm due to darkness and rainy weather conditions at the location and would resume this morning.
Earlier, the woman called her son at noon to inform him that she was lost before her cell phone battery was believed to have run out.
Following the call, her eldest son made a police report at 3pm on Sunday. – Bernama | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | SAR Operation,Missing Persons,Kuala Kubu Baharu,Elderly Woman,Granddaughter,Durian Orchard,Fire and Rescue Department,Selangor,Wan Md Razali Wan Ismail,Ahmad Mukhlis Mokhtar | KUALA LUMPUR: The search and rescue operation for an elderly woman and her 12-year-old granddaughter, who were believed to have lost their way while trekking to a durian orchard in Bukit Buluh Telur, Kuala Kubu Baharu, Selangor, on Sunday (June 16), resumed on Monday (June 17) morning. | https://www.thestar.com.my/news/nation/2024/06/17/search-and-rescue-operation-resumes-for-missing-woman-and-granddaughter-in-kuala-kubu-baharu | |
1,373,119 | Lively atmosphere fills the air as Muslims nationwide celebrate Hari Raya Haji with prayers | KUALA LUMPUR: Across the country, Muslims have come together to celebrate Aidiladha, with mosques filled with worshippers, including leaders and heads of state, reciting the takbir, praising the greatness of Allah SWT, and performing the Aidiladha prayers.
Prime Minister Datuk Seri Anwar Ibrahim and his wife, Datuk Seri Dr Wan Azizah Wan Ismail, joined more than 20,000 congregants to perform Aidiladha prayers at Putra Mosque, Putrajaya. They listened to the sermon titled "Aidiladha dan Kepedulian Sosial Kita" delivered by the Grand Imam of the mosque, Salahuddin Ghozali.
In the nation's capital, worshippers, comprising locals and foreigners, performed the Aidiladha prayers at the National Mosque, led by the Grand Imam, Ehsan Mohd Husni.
In Selangor, the Sultan of Selangor, Sultan Sharafuddin Idris Shah, joined more than 3,000 Muslims in performing Aidiladha prayers at 8.12am at the Tengku Ampuan Jemaah Mosque in Bukit Jelutong.
Also in attendance were the Tengku Permaisuri of Selangor, Tengku Permaisuri Norashikin, and the Raja Muda of Selangor, Tengku Amir Shah. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | Aidiladha,Malaysia,Prime Minister Anwar Ibrahim,Putra Mosque,National Mosque,Sultan of Selangor,Aidiladha Prayers,Muslim Unity,Takbir,Grand Imam | KUALA LUMPUR: Across the country, Muslims have come together to celebrate Aidiladha, with mosques filled with worshippers, including leaders and heads of state, reciting the takbir, praising the greatness of Allah SWT, and performing the Aidiladha prayers. | https://www.thestar.com.my/news/nation/2024/06/17/lively-atmosphere-fills-the-air-as-muslims-nationwide-celebrate-hari-raya-haji-with-prayers | |
1,373,120 | Accountant loses RM2.2mil to investment scam | JOHOR BARU: A local accountant has been swindled out of more than RM2.2mil after falling for a fraudulent investment scheme.
Johor police chief Comm M. Kumar reported that the 75-year-old man was misled by a message from an unknown source promising high returns via an investment app.
"On December 19 last year, the victim was told about the scheme and was provided with detailed steps on how to invest using the app to attain significant profits swiftly," he said.
Persuaded by the scammer's promise of high profits, the victim then downloaded the app and followed the provided instructions.
Comm Kumar said that the victim started investing in May and transferred money to various bank accounts as the scammer directed.
Believing he could track his investment on the app, the victim saw a purported increase to RM12.9mil but was unable to withdraw without paying a RM1.6mil commission, which is when he realised the scam.
Comm Kumar added that the victim lodged a report on Sunday (June 16), and the case is being investigated for cheating under Section 420 of the Penal Code, which could result in up to 10 years in jail, fines and whipping. | News | Nation | Complimentary | Short | Venesa Devi | 2024-06-17 00:00:00 | #jangankenascam,Johor Baru,Accountant,Life Savings,Fraud,Investment Scam,Johor Police Chief,Comm M. Kumar,Penal Code,Cheating,Fake Investment App,Financial Scam,Victim. | JOHOR BARU: A local accountant has been swindled out of more than RM2.2mil after falling for a fraudulent investment scheme. | https://www.thestar.com.my/news/nation/2024/06/17/accountant-loses-rm22mil-to-investment-scam | |
1,373,102 | Tenom district sees spike in gastroenteritis cases | KOTA KINABALU: The Tenom district has experienced a surge in acute gastroenteritis (AGE) cases in the past fortnight, predominantly affecting children.
Sabah Health Department Director Datuk Dr Asits Sanna (pic) reported that the outbreak began at around June 4 with an increase in patients presenting with symptoms of diarrhoea, vomiting, and fever, which could lead to dehydration or even death if untreated.
"From June 2 to June 13, the Tenom health office logged a total of 191 AGE cases, with over 70% involving children under the age of 12," he stated on Monday (June 17).
Dr Asits noted that of those affected, 153 were treated as outpatients, while 37 required hospitalisation.
As of Monday, four patients remain in hospital care.
Clinical samples have revealed the presence of rotavirus, leading to suspicions that contaminated water is the likely culprit.
Dr Asits said that investigations are ongoing in collaboration with the Water Department to identify the pollution source.
He outlined the control measures taken, including laboratory testing, epidemiological and environmental investigations, coupled with public awareness campaigns.
Rotavirus can spread through air or contaminated food, faecal-oral contact, hands, toys or surfaces and underscores the importance of maintaining hygiene in daily life, particularly in handling food and water.
Dr Asits concluded by stressing the importance of cooking and storing food and water properly and advised those with symptoms to seek medical treatment promptly. | News | Sabah & Sarawak | Complimentary | Short | null | 2024-06-17 00:00:00 | Sabah & Sarawak,Kota Kinabalu,Tenom District,Acute Gastroenteritis,AGE Cases,Children Affected,Sabah Health Department,Datuk Dr Asits Sanna,Rotavirus Outbreak,Water Pollution,Public Health Alert,Medical Treatment. | KOTA KINABALU: The Tenom district has experienced a surge in acute gastroenteritis (AGE) cases in the past fortnight, predominantly affecting children. | https://www.thestar.com.my/news/nation/2024/06/17/tenom-district-sees-spike-in-gastroenteritis-cases | |
1,373,099 | Egg prices reduced by three sen nationwide | PETALING JAYA: The retail price of Grade A, B, and C eggs across the country has been reduced by three cents starting today (June 17) as part of the government’s new subsidy initiative.
Prime Minister Datuk Seri Anwar Ibrahim said that the new prices for Grade A, B, and C eggs will be set at 42sen, 40sen, and 38sen per egg, respectively.
He noted that the subsidy provision would involve government expenditure of around RM100mil, covering as much as 10sen per egg.
ALSO READ: Stable supply of eggs now
"I want to emphasise that the problems or issues related to the cost of living of the people will continue to be dealt with by the Government in a more proactive and effective manner," he said in a statement on Monday (June 17).
Retail prices for eggs in Sabah, Sarawak, and Labuan will be adjusted according to the respective zones and districts, according to Anwar. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | Egg Price Reduction,Government Subsidy,Cost of Living,Grade A Eggs,Grade B Eggs,Grade C Eggs,Prime Minister Anwar Ibrahim,Retail Prices,Sabah,Sarawak,Labuan | PETALING JAYA: The retail price of Grade A, B, and C eggs across the country has been reduced by three cents starting today (June 17) as part of the government’s new subsidy initiative. | https://www.thestar.com.my/news/nation/2024/06/17/egg-prices-reduced-by-three-sen-nationwide | |
1,373,075 | Prime Minister performs Aidiladha prayers at Putra Mosque | PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim performed Aidiladha prayers with more than 20,000 congregants at Putra Mosque here on Monday (June 17).
The Prime Minister was dressed in light blue baju Melayu and arrived with his wife Datuk Seri Dr Wan Azizah Wan Ismail at 7.52am.
He was received by Deputy Minister in the Prime Minister's Department (Religious Affairs) Dr Zulkifli Hasan.
As early as 7am, the grounds of the Putra Mosque began to be filled with thousands of members of the public including foreign tourists who were present to witness the atmosphere of Aidiladha prayers.
Anwar then recited takbir raya with the congregation before performing the Aidiladha prayers led by the Grand Imam of Putra Mosque Salahuddin Ghozali.
The Prime Minister also attended the Aidiladha sermon titled 'Aidiladha and Our Social Care' delivered by Salahuddin.
The content of the sermon, among other things, touched on the prescribed worship in the celebration of Aidiladha.
"With the sacrificial worship done, part of it will be given to other Muslims and thus it teaches about the attitude of caring for the people and trains the practice of giving charity to people in need.
"We should also enhance our caring attitude, especially for our brothers in Palestine," said Salahuddin.
Before leaving, Anwar spent time mingling with the congregants present. - Bernama | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | Anwar Ibrahim,Aidiladha prayers,congregants,sermon,caring,charity | PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim performed Aidiladha prayers with more than 20,000 congregants at Putra Mosque here on Monday (June 17). | https://www.thestar.com.my/news/nation/2024/06/17/prime-minister-performs-aidiladha-prayers-at-putra-mosque | |
1,373,074 | Immigration Department to boost KLIA autogate service | PUTRAJAYA: The Immigration Department will enhance the autogate service at Malaysia’s primary entry points, including Kuala Lumpur International Airport (KLIA), says Director-General Datuk Ruslin Jusoh.
He said on Sunday (June 16) that the department would examine and streamline the work process to elevate the quality of the service provided.
"This department, in collaboration with the Home Ministry, aims to add more autogates to meet the increasing number of foreign visitors,” he stated.
Ruslin mentioned that Immigration officers at entry points would receive ongoing training to handle the surge of foreign visitors and reminded them to adhere to the established standard procedures.
"The department is always dedicated to delivering the best service and is open to suggestions for continual enhancements to movement at the nation's major entry points.
"This shows our commitment to aid national economic growth while providing adequate facilities for Malaysian citizens,” he explained.
The facility for foreign visitors to use autogates began on June 1, following the government's decision to extend its availability to travellers from 63 countries to handle the surge in arrivals after the Covid-19 pandemic.
Ruslin added that there has been an influx of over 13 million visitors entering Malaysia for various reasons, highlighting the need for a swift yet secure processing system.
He praised the autogate service for its efficiency, reducing processing time to 10 to 15 seconds compared to the 30-minute wait at manual counters.
This system has significantly eased congestion at the KLIA arrival hall, successfully processing 85% of arrivals within 25 minutes. - Bernama | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | Putrajaya,Immigration Department,Autogate Service,Kuala Lumpur International Airport,KLIA,Travel,Foreign Visitors,Datuk Ruslin Jusoh,Home Ministry,National Security,Covid-19 Pandemic,Visitor Influx. | PUTRAJAYA: The Immigration Department will enhance the autogate service at Malaysia’s primary entry points, including Kuala Lumpur International Airport (KLIA), says Director-General Datuk Ruslin Jusoh. | https://www.thestar.com.my/news/nation/2024/06/17/immigration-department-to-boost-klia-autogate-service | |
1,373,073 | Two feared drowned in Belaga longboat sinking | SIBU: Two people are feared to have drowned after their longboat sank in Belaga on Sunday (June 16), while three others survived the incident.
The two missing persons have been identified as Balavishnu Permaloo, 36, and Rhuban Apparoo, 30; both are from Kedah.
The State Fire and Rescue Department reported that at around 4pm, the group of five had rented a longboat from the residents of Rumah Apan Menjawah in Belaga, for a leisure trip.
"The boat encountered strong waves that caused it to capsize. The boat operator was able to rescue three passengers, but unfortunately, two are feared to have drowned," said the Department.
A search and rescue operation is currently underway to locate the missing duo. | News | Sabah & Sarawak | Complimentary | Short | null | 2024-06-17 00:00:00 | Sabah & Sarawak,Sibu,Belaga,Drowning,Longboat Accident,Balavishnu Permaloo,Rhuban Apparoo,Search and Rescue,State Fire and Rescue Department. | SIBU: Two people are feared to have drowned after their longboat sank in Belaga on Sunday (June 16), while three others survived the incident. | https://www.thestar.com.my/news/nation/2024/06/17/two-feared-drowned-in-belaga-longboat-sinking | |
1,373,050 | Selamat Hari Raya Aidiladha | Disclaimer: by clicking the Submit button, it is deemed that you consent to the rules and terms set forth in the Privacy Policy as well as Terms and Conditions set forth by this site. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | The Star,Selamat Hari Raya Aidiladha. | The Star wishes all its readers Selamat Hari Raya Aidiladha. | https://www.thestar.com.my/news/nation/2024/06/17/selamat-hari-raya-aidiladha | |
1,372,941 | Granting citizenship gets priority | NIBONG TEBAL: Granting citizenship to illegitimate and adopted children will be the Home Ministry’s priority for this year, says its minister Datuk Seri Saifuddin Nasution Ismail.
The Home Minister said these two categories made up the highest number of applications, followed by children born abroad to Malaysian women married to foreigners.
He said there were also a few applications for naturalisation.
“The officers involved have been told to expedite the applications. I feel it is not fair to the children to be punished over their parents’ wrongdoing.
“The issue can be resolved using the provisions under Article 15A of the Federal Constitution,” he told reporters after a meet-and-greet session with the Indian community at the Sungai Bakap multi-purpose hall yesterday.
Saifuddin Nasution said last year, the ministry had set a key performance indicator (KPI) of resolving 14,000 cases, which it had achieved.
“This year, the number of cases resolved has reached 15,000.
“We want to keep the momentum going, with thousands of applications still pending,” he added.
In a related development, he said he had received numerous applications for citizenship during the meet-and-greet session, which was also attended by Dr Joohari Ariffin, the unity government’s candidate for the Sungai Bakap by-election.
Saifuddin Nasution believes if Joohari wins the by-election, he will be able to help address various issues, especially those related to personal documents, birth certificates, identification cards (MyKad and MyKid), and citizenship.
He said some 600 police personnel would be deployed to maintain public order during the by-election period.
“The first phase will be from now until nomination day. This phase involves logistical preparations, identifying the necessary number of personnel, and gathering information related to the nomination locations, their premises, and access routes.
“All these aspects are being prepared,” he said.
The second phase is crucial to ensure that throughout the two-week campaign period, voters in Sungai Bakap will not have any safety concerns.
He added that the last phase of the preparation would be on voting day itself, when voters could come out in large numbers at all polling stations.
Among those present during the event were Penang Deputy Chief Minister I Datuk Dr Mohamad Abdul Hamid, state executive councillor Datuk Seri S. Sundarajoo and several state PKR leaders.
The Sungai Bakap state seat fell vacant following the death of PAS’ Nor Zamri Latiff on May 24.
Based on Election Commission records from the last state election, the Sungai Bakap constituency has 38,409 voters.
Malays (59.36%) make up the majority of voters, followed by Chinese (22.54%), Indians (17.39%) and others (0.71%).
Joohari, 60, is expected to face Perikatan Nasional’s Abidin Ismail, 56, in the by-election. Abidin was the special officer to the late Nor Zamri. | News | Nation | Complimentary | Medium | null | 2024-06-17 00:00:00 | citizenship,illegitimate children,adopted children,Home Ministry,Datuk Seri Saifuddin Nasution Ismail, | NIBONG TEBAL: Granting citizenship to illegitimate and adopted children will be the Home Ministry’s priority for this year, says its minister Datuk Seri Saifuddin Nasution Ismail. | https://www.thestar.com.my/news/nation/2024/06/17/granting-citizenship-gets-priority | |
1,372,946 | Ministry: Address complaints within 24 hours | KOTA KINABALU: Every single consumer complaint lodged with the Domestic Trade and Cost of Living Ministry will be investigated, says its Sabah office director Georgie Abas (pic).
He said all complaints regarding prices and controlled goods would be addressed within 24 hours under existing laws.
From Jan 1 to June 15, the Sabah branch received 1,073 complaints through its eAduan system.
Among these, 384 complaints concerned pricing issues such as price hikes, absence of price tags and selling above the ceiling price, he added.
“The second highest category of complaints was related to online transactions. Traders are reminded not to raise the prices of goods at will or by an unreasonable margin without any solid excuse,” Abas said.
He added that an inspection was conducted at the market here to check on the prices of raw goods in preparation for Hari Raya Aidiladha today.
He said this was to ensure traders did not hike their prices indiscriminately, as well as to check if there was sufficient supply of raw items. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | null | KOTA KINABALU: Every single consumer complaint lodged with the Domestic Trade and Cost of Living Ministry will be investigated, says its Sabah office director Georgie Abas. | https://www.thestar.com.my/news/nation/2024/06/17/ministry-address-complaints-within-24-hours | |
1,372,945 | Chinese firms keen to learn about Malaysia’s halal industry | KUALA LUMPUR: More companies from China have expressed their intention to learn about the halal industry in Malaysia, says One Belt One Road Chamber of Commerce (OBORCC) president Datuk Seri Tan Thian Lai.
He said many companies in China’s food and beverage, pharmaceutical and cosmetic industries are beginning to realise the importance of halal certification, and they view halal certification in Malaysia as one of the best in the world.
“They (the Chinese companies) see Malaysia as a country that places great emphasis on each product that it produces.
“To them, it is a good opportunity to learn more about these halal standards for their products,” he told Bernama yesterday.
Tan said several countries are ready to invest in setting up preparation and packing facilities for halal goods in Malaysia.
“The halal market is extensive and not limited to the 1.4 billion people in China alone because, of late, non-Muslim communities have come to understand the importance of halal (certification) on the products they use.
“Because of this, business partners from Guandong, Shanghai and Beijing have expressed their intentions to open their factories in Malaysia so that their halal products can be easily monitored by Jakim (Department of Islamic Development Malaysia),” he said.
In this regard, Tan hopes that the visit by the Prime Minister of China Li Qiang to Malaysia in conjunction with the 50th anniversary of Malaysia-China diplomatic ties beginning tomorrow will benefit both countries in the effort to empower the global halal industry.
Malaysia’s Halal Certification, managed by Jakim, has gained international recognition for maintaining the top rank for 10 consecutive years for the halal food sector among 81 countries, as reported by State of the Global Islamic Economy 2023. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | halal products,malaysia,china, | KUALA LUMPUR: More companies from China have expressed their intention to learn about the halal industry in Malaysia, says One Belt One Road Chamber of Commerce (OBORCC) president Datuk Seri Tan Thian Lai. | https://www.thestar.com.my/news/nation/2024/06/17/chinese-firms-keen-to-learn-about-malaysias-halal-industry | |
1,372,949 | UTM professor receives prestigious Japanese award | PETALING JAYA: A local university professor turned Japanese language “sensei” has been awarded with one of Japan’s most prestigious national awards by the Japanese government.
Universiti Teknologi Malaysia (UTM) Assoc Prof Kumaraguru Ramayah now finds his achievements immortalised after being awarded The Order of the Rising Sun, Gold Rays with Rosette for his efforts in promoting Japanese language education in Malaysia.
Beginning his teaching career as a primary school English teacher, Kumaraguru’s life changed after he was selected to be a Japanese language teacher for a Public Service Department (JPA) scholarship under Malaysia’s Look East Policy (LEP).
Becoming the first Malaysian Indian to receive this scholarship, he then completed his studies at the University of Tsukuba after graduating as an LEP scholar.
Kumaraguru later returned to Japan and earned a Master’s degree in Comparative Linguistics under a Japanese government scholarship before returning to Malaysia to teach Japanese as an elective subject at UTM.
Presenting the award to Kumaraguru was Japanese Ambassador to Malaysia Takahashi Katsuhiko who praised the local professor’s role in transforming UTM into a hub for Japanese language education in Malaysia.
“Through his efforts, Kumaraguru sensei became one of the most prominent Japanese language instructors in Malaysia.
“Although the majors of UTM students were mainly engineering-related, he successfully introduced Japanese language as a free elective subject by developing his own syllabus and teaching method.
“Kumaraguru sensei has engaged in various activities to promote Japanese language education in Malaysia and mutual understanding between our two countries,” he said in an award ceremony held at the ambassador’s official residence on June 13.
In an interview with Bernama, Kumaraguru said he felt on top of the world after having his near-lifelong dedication and passion for promoting Japanese language officially recognised.
“I feel greatly honoured as receiving this honour from the Emperor of Japan is the highest recognition possible.
“This brings recognition not just for me but also for my institution, UTM, and also for my country, Malaysia.
“It is a significant acknowledgment of Japanese language education in Malaysia as a whole,” he said.
Established in 1875, The Order of the Rising Sun is Japan’s oldest award system that is presented to both Japanese and non-Japanese nationals in recognition of their distinguished accomplishments. | News | Nation | Complimentary | Medium | null | 2024-06-17 00:00:00 | Japanese language,sensei,Japanese government, | PETALING JAYA: A local university professor turned Japanese language “sensei” has been awarded with one of Japan’s most prestigious national awards by the Japanese government. | https://www.thestar.com.my/news/nation/2024/06/17/utm-professor-receives-prestigious-japanese-award | |
1,372,929 | No more ‘scammer’ jokes, pleads hacking victim | THE leader of nasyid group Rabbani, Azadan Abdul Aziz, 51, made a plea to the public to understand his situation after he became a hacking victim, asking them not to make fun of him, Harian Metro reported.
He said that during a recent movie screening, people who knew him called him a “scammer,” causing him embarrassment and stress.
“I know they were joking but it still affected me. I was shocked when I entered the cinema and they booed me, calling me a ‘scammer’.
“A friend explained that my WhatsApp had been hacked.
“However, I still felt ashamed and stressed by what happened. Even my family asked me not to go out. Therefore, please do not take this matter lightly.
“I feel pressured because I represent many names, including the seven members of Rabbani, the Rabbani family, my business partners and many more,” he said.
Azadan also requested that media outlets reporting on this issue avoid sensational headlines that might mislead readers.
“My WhatsApp number has been changed.
“I have to recall the dates of performances stored in the old number. Nearly 10 people have already sent money, including a friend in Australia.
“I used that WhatsApp number for management, performances, and other purposes.
“I worry about VIP contacts, organisers and others who might not see my explanation on Facebook,” he added.
Azadan’s WhatsApp was hacked on June 8.
However, he only realised it the next day after receiving numerous calls from friends who received messages from the hacker impersonating him asking to borrow money.
● The above article is compiled from the vernacular newspapers (Bahasa Malaysia, Chinese and Tamil dailies). As such, stories are grouped according to the respective language/medium. Where a paragraph begins with this ' >'sign, it denotes a separate news item. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | Found in Translation,Other News and Views,Malay newspapers. | THE leader of nasyid group Rabbani, Azadan Abdul Aziz, 51, made a plea to the public to understand his situation after he became a hacking victim, asking them not to make fun of him, Harian Metro reported. | https://www.thestar.com.my/news/nation/2024/06/17/no-more-scammer-jokes-pleads-hacking-victim | |
1,372,942 | Bersatu’s new ideology to win over non-Malays | PETALING JAYA: Bersatu is banking on a new document to overcome its biggest hurdle in capturing federal power – convincing non-Malays that it and the Perikatan Nasional coalition it leads can take care of the community’s interests.
The document, tentatively called the “Bersatu ideology”, will contain five principles that would define the party for both members and non-members, said party senior leader Datuk Seri Saifuddin Abdullah.
The first two principles – inclusivity and moderation – are meant to express how even though it is a Malay-bumiputra party, Bersatu does not only look after the interests of that community, said Saifuddin, who is part of the committee drafting the ideology.
“We are a multiracial country and Bersatu cannot be an exclusively Malay-bumi party. This is why we have an associate members’ wing,” he told The Star, referring to a Bersatu section that comprises non-Malay members.
“We believe in peaceful coexistence between all ethnic groups in Malaysia, which is defined in the Federal Constitution.”
Moderation is meant to express Bersatu’s intention to advocate for policies and initiatives that are centrist rather than those that tilt “right” or “left” on the political spectrum, he added.
The other principles are “democratic”, “integrity” and “prihatin”, which means caring in Bahasa Malaysia, and was also the trademark slogan of the Perikatan-led government from March 2020 to August 2021.
“We want to define ourselves as a nationalist party with five principles that members should embrace in totality, and to act and behave accordingly.
“When Bersatu was formed in 2016, it was to replace Umno as a Malay-bumi party and the associate members wing came later, so it is important for Bersatu to define itself,” said Saifuddin, who is a former Umno leader.
“We have to be better than Umno as we are a Malay-bumi party, but we are as inclusive as possible in the way we behave and in how we have an associate wing. This also has to be a Perikatan Nasional thing.”
Bersatu and Perikatan, which includes Islamist party PAS and the multiracial Gerakan, emerged as the second largest coalition after it clinched 74 parliamentary seats in the 15th General Election in 2022, despite only being formed in August 2020.
The coalition’s leaders and analysts attribute Perikatan’s stellar performance to it winning broad Malay support, as shown in how all 74 of those parliamentary seats are constituencies where the community makes up more than 70% of voters.
However, Perikatan leaders and Saifuddin himself have admitted that the coalition has reached the uppermost limit in terms of Malay support.
In order to win more political territory and be able to form the Federal Government, the coalition needs at least a 10% shift in non-Malay votes towards it.
Saifuddin hopes that once the Bersatu ideology is completed, it will nurture a different political outlook among members and allies in Perikatan on how to better manage inter-communal relations so as to win over non-Malays.
Relying on a Malay party to deal with Malay issues or a non-Malay party to solve problems involving their respective communities is no longer viable in today’s Malaysia where voters think in terms of multiracialism, he added.
“That was the old political framework. The new political framework for a Malay party is that they must work side-by-side with non-Malays,” he said.
“Bersatu’s ideology document will likely be unveiled at the party’s annual general assembly in November.” | News | Nation | Complimentary | Medium | null | 2024-06-17 00:00:00 | Sungai Bakap by-election,Perikatan Nasional,Pakatan Harapan,Bersatu,PKR, | PETALING JAYA: Bersatu is banking on a new document to overcome its biggest hurdle in capturing federal power – convincing non-Malays that it and the Perikatan Nasional coalition it leads can take care of the community’s interests. | https://www.thestar.com.my/news/nation/2024/06/17/bersatus-new-ideology-to-win-over-non-malays | |
1,372,932 | Perak Turf Club opts for ‘people-friendly’ makeover | IPOH: The Perak Turf Club will undergo a transformation to change its image as a place for gambling to become a hub for leisure activities.
Part of the building at the turf club will be turned into eateries, which will be open to the public, while sporting facilities will be built there for its members.
Its chairman Datuk John Lim said the turf club was largely underused and plans were afoot to transform it so that there will be more activities daily.
“In its heyday, the turf club could accommodate about 7,000 people coming for the races.
“Now, on an on-course day, we have about 700 people,” the 74-year-old said recently.
“There are several reasons, including the fact that people can now bet at home and are taking up other activities.
“We think that the place is underused during weekends and its resources are being wasted, so we want to transform the turf club (to accommodate) activities daily, from day to night,” he added.
Lim said he hopes that the eateries and sporting facilities can be up and running within a year.
“The plan is to open up spaces for high-end dining, all-day dining, banquets and a sports bar.
“We want to encourage people to come here and look at our racetrack while enjoying their meals,” he said, adding that a cafe operator has agreed to open in one of the bungalows at the turf club grounds.
“As for the sporting facilities, the plan is to build a gym, a swimming pool and courts for badminton, tennis, pickleball and squash for club members.
“These will be built below the grandstand and cost about RM6.5mil. We have the mandate of the members to do it,” he said, adding that the turf club has about 600 members.
“The new facilities will enhance membership value,” he added.
Lim said the transformation plan was hatched in June last year, after he became chairman.
He said the turf club has always been thought of as a place for gambling, and they wanted to soften its image by turning it into a more people-friendly location.
“We have also developed a new motto, which is ‘Perak Turf Club, More than Racing’,” he added.
Lim also said they will not sell the land the turf club is located on, unlike their counterpart in Penang.
“There are still races going on. We are losing money, but we hope to break even by 2025,” he said. | News | Nation | Complimentary | Medium | null | 2024-06-17 00:00:00 | Perak Turf Club,leisure activities, | IPOH: The Perak Turf Club will undergo a transformation to change its image as a place for gambling to become a hub for leisure activities. | https://www.thestar.com.my/news/nation/2024/06/17/perak-turf-club-opts-for-people-friendly-makeover | |
1,372,933 | Teen’s bid to retrieve fishing hook proves fatal | KUANTAN: A student was found drowned after jumping into a disused mining pool while fishing in Sungai Taban in Kuala Lipis early yesterday morning.
Lipis police chief Supt Ismail Man said that the body of Muhammad Adam Harris Mohd Azman, 18, was discovered at 2.50am during a search operation since the night before.
He said the student from Terengganu was fishing at the mine with his cousin at around 7pm on Saturday when his fishing hook got detached.
“The victim jumped into the mine and swam about 12m from the bank to retrieve the hook.
“While returning to shore, he appeared to be struggling and subsequently drowned,” he said yesterday, Bernama reported.
Ismail added that the victim’s body was taken to Hospital Kuala Lipis for a post-mortem. The case has been classified as sudden death.
Meanwhile, in Hulu Selangor, a decomposing body found at the side of the road was discovered to be from a prior road accident.
Following investigations into the discovery in some shrubbery along Jalan Besar Felda on June 15, Hulu Selangor deputy OCPD Dept Supt Mohd Asri Mohd Yunus said that the case has been linked to a missing persons report. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | Sungai Taban,Kuala Lipis, | KUANTAN: A student was found drowned after jumping into a disused mining pool while fishing in Sungai Taban in Kuala Lipis early yesterday morning. | https://www.thestar.com.my/news/nation/2024/06/17/teens-bid-to-retrieve-fishing-hook-proves-fatal | |
1,372,927 | Scalper faces the music after ruse uncovered | A SCAMMER in Taiwan who claimed he had tickets to Jacky Cheung’s concerts is now facing the music after cops shut down his operation, Oriental Daily reported.
The Taiwan Criminal Investigation Bureau received reports from more than 20 victims who paid a total of T$300,000 (RM43,740) to a man on Facebook.
None of the victims received a reply after they transferred funds to the scam scalper.
Police identified a 41-year-old suspect, whose surname is Zhou, and arrested him at his home on June 5. They also confiscated his mobile phone, laptop and hard disk drive as evidence.
He is expected to be charged in court with cheating soon.
The Jacky Cheung 60+ Concert Tour features the Hong Kong superstar performing 168 shows across Asia from last June to this September.
He was scheduled to perform nine shows in Taipei between May 31 and June 16.
> Taiwanese actress Brigitte Lin says she faced imposter syndrome despite being one of the highest-paid actresses in her time, China Press reported.
The 69-year-old, who was receiving an honorary doctorate from Tsinghua University, said her first few acting roles gave her much joy.
However, she admitted to getting famous too soon and that fame became a burden.
“At your age, I was filming from dawn to dusk. I was younger, prettier, famous and commanded a high pay. But it was also a time when my self-esteem was at its lowest,” she said while addressing the graduating cohort at the university recently.
Lin attributed her low self-esteem to being a perfectionist.
This meant she was terrified of trying out new things beyond what she was accustomed to, she added.
However, upon pondering the source of her unhappiness, Lin resolved to try her best at things outside her comfort zone.
This made her accept her own imperfections and helped her realise that many people were willing to accept her as long as she tried her best, she said.
“That is why I want to lend you all of my love and joy. All of you are important to the world and all of you have your own unique missions to be the best versions of yourselves. Help illuminate your own path and the path of others.
“Achieve your dreams and make yourselves happy, and make the world around you more beautiful,” Lin said.
● The above article is compiled from the vernacular newspapers (Bahasa Malaysia, Chinese and Tamil dailies). As such, stories are grouped according to the respective language/medium. Where a paragraph begins with this ' >'sign, it denotes a separate news item. | News | Nation | Complimentary | Medium | null | 2024-06-17 00:00:00 | Found in Translation,Other News and Views,Chinese newspapers. | A SCAMMER in Taiwan who claimed he had tickets to Jacky Cheung’s concerts is now facing the music after cops shut down his operation, Oriental Daily reported. | https://www.thestar.com.my/news/nation/2024/06/17/scalper-faces-the-music-after-ruse-uncovered | |
1,372,930 | Woman bags best food stall award | A WOMAN from Slim River, Perak, won an award from the district council for running the best food stall in Tanjung Malim, Malaysia Nanban reported.
Santhi Nadarajan, who operates a food stall in the area, received the award from Tanjung Malim MP and Science, Technology and Innovation Minister Chang Lih Kang’s special officer Aliff Ashraff.
Santhi received the Best Entrepreneur Award under the Food Shop and Stall Operator category.
The award was handed out during the Madani Community Programme organised by the council.
The event also featured 26 government service counters such as those by UPSI, Rela, JPJ, Socso and JKKP.
There was also a booth for visitors to undergo free health check-ups.
The event was part of the Visit Perak 2024 initiative.
Such programmes, which are beneficial to the community, should be encouraged and held more frequently, Aliff said. | News | Nation | Complimentary | Short | null | 2024-06-17 00:00:00 | Found in Translation,Other News and Views,Tamil newspapers. | A WOMAN from Slim River, Perak, won an award from the district council for running the best food stall in Tanjung Malim, Malaysia Nanban reported. | https://www.thestar.com.my/news/nation/2024/06/17/woman-bags-best-food-stall-award | |
1,375,154 | Malaysia-China works toward a single window trade initiative | PETALING JAYA: Malaysia and China have agreed to increase high-quality investment in the digital and green economies between the two countries.
One of the focuses is to set up a single window system which enables the seamless digital exchange of trade-related information between customs authorities in both countries.
"The single window trade initiative between Malaysia and China is a strategic step towards enhancing Malaysia’s trade facilitation capabilities and is expected to significantly expedite and streamline the movement of goods while reducing the administrative burden for businesses.
"This will not only support bilateral trade growth, but also nurture economic resilience between Malaysia and China,” said Investment, Trade and Industry Ministry (MIti) Tengku Datuk Seri Zafrul Abdul Aziz.
He added that Miti is committed to working closely with the Finance Ministry and China’s General Administration of Customs to ensure the successful implementation of this single window interoperability to foster a more efficient, transparent, secure and resilient trade environment.
The single window initiative is part of two new Memoranda of Understanding (MoU) that were signed on Wednesday (June 19).
Under the MoU on the digital economy, both countries aim to explore cooperation in digital infrastructure, including communication networks, smart infrastructure, and smart cities.
This is enabled by technologies such as artificial intelligence and 5G connectivity in sectors such as manufacturing, transportation, business, finance, education, and healthcare, Zafrul added.
Meanwhile, the MoU on green development seeks to explore cooperation in clean energy, new energy vehicles, green finance, sustainable infrastructure construction and green technology.
This cooperation includes research and development and the establishment of scientific and technological innovation platforms to accelerate both countries’ green transformation.
The two MoUs are among the three signed by Tengku Zafrul and China's Commerce Minister Wang Wentao and exchanged three key documents on Wednesday, witnessed by Prime Minister Datuk Seri Anwar Ibrahim and Chinese Premier Li Qiang.
"Malaysia and China are longstanding partners, bound by a rich shared history of cooperation that has successfully translated into strong trade and investment ties,” said Tengku Zafrul.
He added the commitments by both countries in the areas of economy and trade, digital economy and green economy “underscores our mutual commitment to establish stable, reliable and resilient partnerships for our businesses and economy to grow.” | Business | Business | Complimentary | Medium | null | 2024-06-19 00:00:00 | Malaysia-China,Single Window System,Tengku Zafrul,Digital and Green Economies,Anwar,Li Qiang | PETALING JAYA: Malaysia and China have agreed to increase high-quality investment in the digital and green economies between the two countries. One of the focuses is to set up a single window system which enables the seamless digital exchange of trade-related information between customs authorities in both countries. | https://www.thestar.com.my/business/business-news/2024/06/19/malaysia--china-works-toward-a-single-window-trade-initiative | |
1,375,085 | Stocks bask in Nvidia glow, dollar steady | LONDON: Global stocks hit record highs on Wednesday, driven by a rally in tech shares that has made AI chipmaker Nvidia the world's most valuable company, while the dollar stalled as soft U.S. retail sales data suggested rates could fall this year.
MSCI's All-World index was up 0.2% at 805.13, having traded at an all-time high of 805.43.
A burst higher in U.S. tech stocks on Tuesday allowed Nvidia to dethrone Microsoft, which boosted shares in chipmakers in Asia overnight.
U.S. stock index futures also rose, with those on the tech-heavy Nasdaq 100 up 0.2% and those on the S&P 500 up 0.1%. In Europe, the STOXX 600 eased 0.1%.
The pound rose after data earlier showed British inflation returned to the Bank of England's 2% target in May for the first time since 2021.
The fall in inflation will be welcomed by both Prime Minister Rishi Sunak and the BoE - but likely has come too late either to turn around Sunak's fortunes at next month's election or to prompt a rate cut from the central bank on Thursday.
"With UK inflation at 2% and inflation in the U.S. - if you take PCE - at 2.7%, this is hardly disruptive," Lombard Odier economist Samy Chaar said, referring to the Federal Reserve's preferred inflation measure the Personal Consumption Expenditures index.
"It gives credibility to the idea that the Bank of England act in August at the latest and then that should be followed by the Fed in September," he said.
Sterling, which is down around 0.2% so far this month, last fetched $1.2728, up 0.2%, while the euro inched up 0.1% to $1.0749, but was still down 1% in June.
The single currency has been under pressure since French President Emmanuel Macron called a snap election last week after his ruling centrist party was trounced by the far right in the European Parliament elections.
U.S. markets were closed on Wednesday, which kept overall market volatility subdued.
RATE CUT HOPES
Data on Tuesday showed U.S. retail sales barely rose in May and figures for the prior month were revised considerably lower, suggesting economic activity remained lacklustre in the second quarter.
The numbers led to a small boost in rate cut expectations for September, with traders pricing in a 67% chance of easing compared with a 61% chance a day earlier, CME FedWatch tool showed. Markets are pricing in 48 basis points of cuts this year.
"(The) Fed will need more data to support its case for a rate cut and investors should not overact to one or two data points," said Vasu Menon, managing director of investment strategy at OCBC.
Last week, mild U.S. inflation readings contrasted with an overall hawkish stance by Fed officials, who trimmed their previous median projection for three quarter-point rate cuts this year to one.
"Rate cuts are a stronger story for 2025 but that's fine because there is hope that it will happen in a bigger way over the next two years even if 2024 remains uncertain, and that will keep markets supported," Menon said.
Fed officials are looking for further confirmation that inflation is cooling and for any warning signs from a still-strong labour market as they steer cautiously toward what most expect to be a rate cut or two by the end of this year.
The dollar index, which measures the performance of the U.S. currency against six others, held steady at 105.19.
The Japanese yen drifted, leaving the dollar mostly unchanged at 157.94, near last week's six-week highs.
The yen has lost a third of its value against the dollar in the last 4-1/2 years, mostly due to the wide gap between interest rates in Japan and those in the United States.
Minutes of Bank of Japan's April policy meeting showed policymakers debated the impact a weak yen could have on prices, with some flagging the chance of raising interest rates sooner than expected if inflation overshoots.
In commodities, oil prices held steady, with Brent crude futures at $85.39 a barrel, while U.S. crude futures were at $81.68. - Reuters | Business | Markets | Complimentary | Medium | null | 2024-06-19 00:00:00 | Markets,stocks,equities,trading,currency,dollar | LONDON: Global stocks hit record highs on Wednesday, driven by a rally in tech shares that has made AI chipmaker Nvidia the world's most valuable company, while the dollar stalled as soft U.S. retail sales data suggested rates could fall this year. | https://www.thestar.com.my/business/business-news/2024/06/19/stocks-bask-in-nvidia-glow-dollar-steady | |
1,375,040 | KLK subsidiary ends contract with recruitment agency | KUALA LUMPUR: Kuala Lumpur Kepong Bhd (KLK) announced that its subsidiary, KL-Kepong Rubber Products Sdn Bhd, is no longer in any contractual relationship with Agency Pekerjaan UKHWAH Sdn Bhd with immediate effect.
By extension, any affiliation with SOS Manpower Service (SOS) will cease, it said.
KLK said that an independent third-party assessment provided recommendations to enhance due diligence, standard operating procedures, and grievance management, which KL-Kepong Rubber Products and the group are fully committed to implementing.
"The group remains committed to complying with international standards and labour laws governing worker recruitment, both locally and in source countries, and will continue to enforce a strict no-recruitment fee policy to safeguard the welfare of our guest workers.
"We take all whistleblowing reports seriously and thank all relevant parties who have come forth with
information to assist in the investigation,” KLK said in a statement.
This announcement was made following recent allegations of unethical recruitment practices against SOS Manpower and its sub-agents in Nepal.
KL-Kepong Rubber Products’s agent in Malaysia for foreign workers from Nepal is Agensi Pekerjaan UKHWAH, which in turn has appointed SOS Manpower as an agent in Nepal to assist with recruitment. - Bernama | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,KLK,KL-Kepong Rubber Products,UKHWAH,SOS Manpower | KUALA LUMPUR: Kuala Lumpur Kepong Bhd (KLK) announced that its subsidiary, KL-Kepong Rubber Products Sdn Bhd, is no longer in any contractual relationship with Agency Pekerjaan UKHWAH Sdn Bhd with immediate effect. | https://www.thestar.com.my/business/business-news/2024/06/19/klk-subsidiary-ends-contract-with-recruitment-agency | |
1,375,019 | Eco World International's sales on track | PETALING JAYA: Eco World International Bhd (EWI) achieved RM433mil sales exchanges plus reserves of RM85mil, adding up to a total of RM518mil in the seven months period of its financial year ending Oct 31, 2024 (FY24).
In a statement, the property developer said it recorded a loss before tax of RM13.9mil in the second quarter of its current financial year (2Q24) compared to loss before tax of RM2.1mil in 2Q23.
It said this was mainly due to lower gross profit as stocks in its Australian projects are largely fully sold; impairment loss on amount owing by EcoWorld London as the joint venture continues to invest resources to procure better planning consents for its remaining projects; as well as lower foreign exchange gains from appreciation of the British Pound against the ringgit.
Including net cash balances at joint ventures, EWI said the group has a total cash balance of RM349mil as at April 30, 2024.
Premised on the healthy cash position, the board declared a first interim dividend of six sen per share for FY24, which translates to RM144mil.
According to president and CEO Datuk Teow Leong Seng, the group's sales are on track with the value of unsold completed stocks reduced to about RM400mil, of which its effective share is about RM300mil.
He added that the board is maintaining its target of generating excess cash of up to RM500mil - which will be distributed to shareholders in tranches over 2024 and 2025 - by selling its completed stocks.
"We are monitoring market conditions closely and finding ways to improve the profitability of our remaining projects.
"While the current environment is challenging, the UK real estate market nonetheless presents opportunities in the longer term, judging from the strong rental rates in London."
Teow said the group will proceed with launches when cost pressures stabilise and the expected returns of undertaking such launches can be forecast with greater certainty. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,Eco World International,Teow Leong Seng,real estate | PETALING JAYA: Eco World International Bhd (EWI) achieved RM433mil sales exchanges plus reserves of RM85mil, adding up to a total of RM518mil in the seven months period of its financial year ending Oct 31, 2024 (FY24). | https://www.thestar.com.my/business/business-news/2024/06/19/eco-world-international039s-sales-on-track | |
1,374,972 | Yinson records net profit of RM203mil in 1Q | KUALA LUMPUR: Yinson Holdings Bhd said it expects to transition into a phase of stable growth as its floating production storage and offloading (FPSO) vessels under construction commence their charter periods over the next couple of years.
In a filing with Bursa Malaysia, the group said the start of charters for FPSO Atlanta, FPSO Maria Quiteria and FPSO Agogo will see the group receive steady, contracted income streams for the next few decades.
The energy infrastructure and logistics company added that its strong focus on deliveries will also mean giving big investments a break until the deliverables are met and the cash flows begin.
Looking ahead, the group said it is optimistic over the future of its businesses.
"With our focus on delivery and sustainability, we believe that we can weather the ups and downs of the energy market while delivering sustained value to our stakeholders.
"Supported by our existing portfolio of long-term contracts, we believe we can achieve satisfactory results for the financial year ending 31 January 2025," it said.
In the first quarter of its financial year ended April 30, 2024, Yinson registered a net profit of RM203mil, which was slightly lower than RM208mil in the previous corresponding quarter.
The group's earnings per share was 5.6 sen as compared to 6.1 sen.
Revenue, meanwhile, dropped to RM2.21bil from RM3.02bil in the comparative quarter.
According to Yinson, the lower revenue was mainly due to lower contribution from engineering, procurement construction, installation and commissioning (EPCIC) activities (based on progress of construction) as FPSO Maria Quitéria and FPSO Atlanta are expected to be completed by the end of the current financial year.
The decline in revenue was partially offset by fresh contribution from FPSO Anna Nery’s operations since first oil was achieved on May 7, 2023.
"The actual progress of our projects under construction is in line with the group’s expectations," said the group. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,Yinson,FPSO,oil and gas,offshore,logistics,transport | KUALA LUMPUR: Yinson Holdings Bhd said it expects to transition into a phase of stable growth as its floating production storage and offloading (FPSO) vessels under construction commence their charter periods over the next couple of years. | https://www.thestar.com.my/business/business-news/2024/06/19/yinson-records-net-profit-of-rm203mil-in-1q | |
1,374,937 | Binastra unit bags RM313.7mil building contract | KUALA LUMPUR: Binastra Corp Bhd's wholly-owned subsidiary Binastra Builders Sdn Bhd has secured a contract for building works in Kota Kinabalu valued at RM313.7mil.
In a filing with Bursa Malaysia, the group said the contract covers the external works outside site boundary works, piling works and main building works in respect of two apartment towers.
It said the contract is expected to provide additional income stream to the group over the next four financial years | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,Binastra,property,development | KUALA LUMPUR: Binastra Corp Bhd's wholly-owned subsidiary Binastra Builders Sdn Bhd has secured a contract for building works in Kota Kinabalu valued at RM313.7mil. | https://www.thestar.com.my/business/business-news/2024/06/19/binastra-unit-bags-rm3137mil-building-contract | |
1,374,865 | IIB inks strategic partnership with TM-Nxera | ISKANDAR PUTERI: Iskandar Investment Bhd (IIB), the master developer of Iskandar Puteri, via River Retreat Sdn Bhd, has entered into a strategic partnership with TM-Nxera that will entail an approximate RM9 billion investment by the parties to develop the digital infrastructure for the area.
TM-Nxera is a joint venture of Telekom Malaysia Bhd (TM) and Singapore Telecommunications Ltd (Singtel).
In a statement today, IIB said the strategic partnership with TM-Nxera to establish state-of-the-art sustainable, hyper-connected, and artificial intelligence (AI) ready digital infrastructure in Iskandar Puteri marked a significant milestone towards Johor’s aspiration of becoming the digital and innovation hub.
It said the collaboration aligned with Malaysia’s national agendas, including the MyDIGITAL Blueprint, which emphasises the importance of digital infrastructure in driving a digitally enabled government and economy.
"It also supports the nation’s goal of attracting RM70 billion in investments by 2025 as outlined in the MyDIGITAL Blueprint and National Industrial Master Plan 2030,” it said.
IIB said the new digital infrastructure would create numerous benefits for Iskandar Puteri, unlocking opportunities and creating value in several ways.
"It will increase investment opportunities by attracting new technology companies and stimulating tech-based investments.
"Additionally, it will upskill the workforce by providing opportunities for local talent to develop digital skills,” it said.
IIB said the infrastructure would be built with a focus on sustainability, aligning with IIB’s vision for a Net Zero Carbon central business district (CBD) in Medini.
"This development will enhance the business ecosystem by facilitating the growth of various technology-driven industries within Iskandar Puteri.
"Furthermore, it will increase subsea connectivity between Johor and Singapore, supporting the development of the digital economies in both regions,” it said.
IIB said with a shared commitment to progress and prosperity in the region, the strategic partnership strengthens the dynamic relationship between Johor and Singapore, underscoring initiatives that pave the way for a brighter future driven by innovation and economic growth.
"Both parties are confident in the partnership’s ability to not only bolster Iskandar Puteri’s digital infrastructure but also unlock exciting potential for innovations and opportunities.
"Together, they aim to transform Iskandar Puteri into the preferred gateway to Southeast Asia and a beacon of innovation, sustainability, and economic prosperity,” it added.
Meanwhile, TM group chief executive officer (CEO) Amar Huzaimi Md Deris said the strategic move underscores TM’s commitment to advancing technology and fostering innovation in Malaysia.
"Johor is a key destination for TM’s digital infrastructure expansion, supported by our robust domestic and international connectivity.
"The partnership is a pivotal step in our mission to position Malaysia as a regional digital hub and towards our vision of becoming a Digital Powerhouse by 2030,” he said.
Nxera and Singtel’s Digital InfraCo CEO Bill Chang said the initiative aligned perfectly with the company’s vision to empower digital economies and communities across the region.
"And we are confident that it will unlock immense potential for businesses in Johor and Singapore,” he added. - Bernama | Business | Corporate News | Complimentary | Medium | null | 2024-06-19 00:00:00 | Corporate News,IIB,TM,Singtel,strategic partnership,investment,digital infrastructure,Iskandar Puteri | ISKANDAR PUTERI: Iskandar Investment Bhd (IIB), the master developer of Iskandar Puteri, via River Retreat Sdn Bhd, has entered into a strategic partnership with TM-Nxera that will entail an approximate RM9 billion investment by the parties to develop the digital infrastructure for the area. | https://www.thestar.com.my/business/business-news/2024/06/19/iib-inks-strategic-partnership-with-tm-nxera | |
1,374,864 | Matrix Concepts enters 1,000-acre land JV with NS Corp | KUALA LUMPUR: Matrix Concepts Holdings Bhd via its subsidiary Megah Sedaya Sdn Bhd has inked a land development agreement with NS Corp for 1,000 acres of prime land in the MVV2.0 development corridor.
In a statement, the property developer said NS Corp will grant development rights to Megah Sedaya, a special purpose vehicle that shall act as the master developer of the new land, for a total consideration of RM435.6mil.
Matrix Concepts and NS Corp also signed a strategic joint venture agreement, which gives 85% equity of the project to Matrix and the remaining 15% to NS Corp.
The group said it plans to transform the new land, located in Mukim Labu, Seremban, into a sustainable township that fosters community building and promotes a positive socio-economic environment.
Combined with 1,382 acres of adjacent land that Matrix Concepts purchased in August 2022, the enlarged 2,382-acre development will have a gross development value of RM12bil, featuring a mix of residential, commercial, industrial, institutional, recreational and retail elements.
"Our strong financial health has positioned us to undertake this substantial investment confidently, underscoring our capability to seize the right opportunities and readiness to drive forward in this dynamic market environment.
"We also recognize the transformative potential of the proposed High-Speed Rail project, which, if realized, will significantly enhance the appeal and demand for transit-oriented developments in the area," said Matrix Concepts chairman Datuk Haji Mohamad Haslah Mohamad Amin. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,Matrix Concepts,property,NS Corp,MVV2.0 | KUALA LUMPUR: Matrix Concepts Holdings Bhd via its subsidiary Megah Sedaya Sdn Bhd has inked a land development agreement with NS Corp for 1,000 acres of prime land in the MVV2.0 development corridor. | https://www.thestar.com.my/business/business-news/2024/06/19/matrix-concepts-enters-1000-acre-land-jv-with-ns-corp | |
1,374,707 | UK inflation returns to target for first time since 2021 | LONDON: British inflation returned to its 2% target in May for the first time in nearly three years, official figures showed on Wednesday, as the economic effect of the COVID-19 pandemic and Russia's full-scale invasion of Ukraine faded.
The fall in inflation will be welcomed by both Prime Minister Rishi Sunak and the Bank of England - but likely has come too late either to turn around Sunak's fortunes at next month's election or to prompt a BoE rate cut on Thursday.
The drop in annual consumer price inflation from April's 2.3% reading was in line with economists' median expectation in a Reuters poll and marks a sharp decline from the 41-year high of 11.1% reached in October 2022.
The fall has been sharper than in the euro zone or the United States, where consumer price inflation in May was 2.6% and 3.3% respectively, belying concerns a year ago that British inflation was proving unusually sticky.
Even so, consumer prices are up around 20% over the past three years, squeezing living standards and contributing to the unpopularity of Sunak's Conservatives, who are around 20 points behind the opposition Labour Party in opinion polls.
The BoE has said a return of inflation to its target is not enough on its own for it to start cutting interest rates.
While most economists polled by Reuters think it will start to cut interest rates from its 16-year high of 5.25% in August, financial markets think a first move is more likely in September or October - and see just a 10% chance of a cut this week.
The most recent fall in inflation was driven by a cut in regulated household energy bills in April - the effect of which will fade later in the year, when the BoE forecasts inflation will rise again. - Reuters | Business | Economy | Complimentary | Short | null | 2024-06-19 00:00:00 | Economy,UK,inflation,Bank of England | LONDON: British inflation returned to its 2% target in May for the first time in nearly three years, official figures showed on Wednesday, as the economic effect of the COVID-19 pandemic and Russia's full-scale invasion of Ukraine faded. | https://www.thestar.com.my/business/business-news/2024/06/19/uk-inflation-returns-to-target-for-first-time-since-2021 | |
1,374,693 | Scientex Packaging posts flattish 3Q net earnings of RM10.02mil | KUALA LUMPUR: Scientex Packaging (Ayer Keroh) Bhd said it is committed to delivering a sustainable performance in the current financial year amid a challenging global market outlook.
The packaging producer said in comments accompanying its financial results that ongoing political uncertainties, rising inflationary pressures as well as soft market sentiments,
"Amidst the challenging backdrop, the group is committed to maintain its operational efficiencies and competitiveness through initiatives such as optimisation of machine utilisation, wastage control and increase workforce productivity
"The group strives to focus on innovation and developing customer-centric packaging products so to meet the increasing portfolio of fully recyclable packaging solutions," it added.
In the third quarter ended April 30, 2024, the group registered net profit of RM10.02mil, which was slightly lower than RM10.14mil in the previous-year quarter.
The group's earnings per share was 2.86 sen as compared to 2.89 sen. Revenue, however, was higher at RM182.85mil as compared to RM177.49mil.
Over the three quarters, the group had a cumulative net profit of RM25.74mil, down from RM35.79mil while revenue dropped to RM531.67mil from RM589.47mil.
The board of directors declared an interim dividend of 2.5 sen per share, going ex on July 4, 2024, and payable on July 17, 2024. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,Scientex,plastic,packaging | KUALA LUMPUR: Scientex Packaging (Ayer Keroh) Bhd said it is committed to delivering a sustainable performance in the current financial year amid a challenging global market outlook. | https://www.thestar.com.my/business/business-news/2024/06/19/scientex-packaging-posts-flattish-3q-net-earnings-of-rm1002mil | |
1,374,680 | Top Glove returns to the black in 3Q | KUALA LUMPUR: Top Glove Corp Bhd returned to the black in the third quarter of its financial year (3QFY24) as the glove industry continues its recovery from a demand/supply imbalance.
In the quarter under review, the world's largest glove maker recorded a net profit of RM50.67mil, compared to a net loss of RM130.59mil in the year-ago quarter.
It registered an earnings per share of 0.63 sen as compared to a loss per share of 1.63 sen. Revenue during the quarter was RM636.88mil, up from RM530.62mil.
For the cumulative nine months period, the group registered a net loss of RM58.24mil on revenue of RM1.68bil as compared to a net loss of RM463.49mil on revenue of RM1.78bil.
According to Top Glove, its more robust performance was driven primarily by stronger glove demand as customers replenished their glove inventories having cleared excess stocks.
"The resultant higher utilisation coupled with ongoing quality and cost optimisation measures also positively impacted the bottom line," it said in its results announcement.
It noted that raw material costs increased in 3QFY24 but the higher production cost was reduced with multiple improvement initiatives, as well as cost-sharing with customers through higher average selling prices (ASP).
The group also sold excess land to strengthen the its profit and cash flow position, in line with a key objective of the Top Glove Turnaround Plan (T6), it said.
“Top Glove has successfully navigated a highly challenging business environment to deliver considerably diminished operational losses in 3QFY2024.
"Our efforts resulted in a stronger foundation and more refined operational strategies. We have emerged stronger, leaner and more efficient; and are well placed to reclaim our market share and regain our leadership position," said managing director Lim Cheong Guan.
Moving forward, Top Glove is optimistic the upward momentum will accelerate for Malaysian glove manufacturers.
It said this is underlined by the high number of foreign manufacturers' gloves being included on the US Food and Drug Administration (FDA)’s import alert list.
"Top Glove also anticipates amplified business opportunities in the US market following the US government’s impending imposition of steeply increased tariffs on medical gloves from China, making it unfeasible for Chinese glove manufacturers to continue exporting to the US.
"Customers from the US are expected to start moving away from outsourcing orders to China ahead of year 2026 when tariffs take effect, and Top Glove as a major glove exporter to the US is optimally positioned to capture more market share from the potential trade diversion," it added. | Business | Corporate News | Complimentary | Medium | null | 2024-06-19 00:00:00 | Corporate News,Top Glove,gloves,latex,profit | KUALA LUMPUR: Top Glove Corp Bhd returned to the black in the third quarter of its financial year (3QFY24) as the glove industry continues its recovery from a demand/supply imbalance. | https://www.thestar.com.my/business/business-news/2024/06/19/top-glove-returns-to-the-black-in-3q | |
1,374,641 | TA Securities sets 55 sen fair value for Go Hub Capital | KUALA LUMPUR: TA Securities Holdings Bhd has assigned a fair value of 55 sen to Go Hub Capital, which is set to list on the ACE Market on 3 July.
This valuation represents a 57.1 per cent increase from its initial public offering (IPO) price of 35 sen.
In a note, TA Securities expressed optimism about Go Hub’s growth prospects, citing the government's ongoing efforts to advance digitalisation, which are expected to enhance Malaysia’s public transportation infrastructure and systems.
The research firm highlighted that Malaysia's enterprise information technology (IT) services industry is projected to grow from RM23.5 billion in 2024 to RM29.5 billion in 2028, with a compound annual growth rate of 5.7 per cent, driven primarily by digital transformation across various sectors.
"We estimate Go Hub will achieve earnings growth of 19.3 per cent, 33.3 per cent, and 21.7 per cent, reaching RM9.7 million, RM12.9 million, and RM15.7 million for the financial years 2024 (FY24), FY25 and FY26, respectively, supported by its unbilled order book of RM35.4 million as of May 10, 2024.
"A better outlook for the public transportation sector is also expected, with the domestic market remaining the primary revenue generator," TA Securities said.
Go Hub specialises in providing enterprise IT services, particularly transportation solutions.
These include customised software development and the integration of hardware and software systems for the bus and rail segments.
Go Hub's core profit for FY23 rose 26.1 per cent year-on-year to RM8.1 million, driven by higher revenue.
Its revenue increased 65.5 per cent year-on-year to RM43.9 million, primarily due to higher income from centralised ticketing and automated fare collection systems, as well as an increased utilisation rate of the terminal operating system at several bus terminals under its coverage. - Bernama | Business | Analyst Reports | Complimentary | Short | null | 2024-06-19 00:00:00 | Analyst Reports,TA Securities,Go Hub Capital,outlook,order book,transportation,rail,earnings | KUALA LUMPUR: TA Securities Holdings Bhd has assigned a fair value of 55 sen to Go Hub Capital, which is set to list on the ACE Market on 3 July. | https://www.thestar.com.my/business/business-news/2024/06/19/ta-securities-sets-55-sen-fair-value-for-go-hub-capital | |
1,374,564 | KTI Landmark opens unchanged at IPO price of 30 sen | KUALA LUMPUR: Shares in KTI Landmark Bhd were unchanged as the Sabah-based integrated property developer made its trading debut on the ACE Market of Bursa Malaysia.
After 90 minutes of trading, the company's stock valuation remained flat against the initial public offering (IPO) price of 30 sen a share with 19.47 million shares traded.
The tepid response from investors comes after KTI had successfully raised RM48mil from its IPO exercise to partly fund its acquisition of development land for RM18mil.
The group had said a further RM20.7mil will be allocated from the proceeds as working capital while RM300,000 will be utlised for upgrading software and systems.
Of the remaining funds, RM2.2mil will be used to upgrade and expand its existing casting yard or IBS facility, followed by RM3mil for the repayment of bank borrowings and RM3.8mil to offset the estimated listing expenses.
Following its market debut, the group announced plans to launch two residential projects with a combined gross development value (GDV) of RM599.6mil by 2028.
In a statement, group managing director and CEO Gordon Loke said the upcoming launches encompass a diverse range of offerings including three phases of affordable landed homes in Sandakan, and a mixed development - Ayuria Place, Alamesra in Kota Kinabalu.
He said the Sandakan project, which will comprise 310 units of double-storey terrace houses and has an estimated GDV of RM107.9mil, is a design-and-build construction project with Sabah state agency Lembaga Pembangunan Perumahan dan Bandar (LPPB).
"Our group has received the development order, but has resubmitted the amended development plans for approval and is pending the approval for building place to commence construction works," he added.
Meanwhile, the Ayuria Place development with a RM491.7mil GDV will feature three blocks of 39-storey of 1,269 apartment units between 650 and 1,000 sq ft.
According to Loke, the development is poised to be one of the landmark projects in Kota Kinabalu as it is strategically located in the city centre and within proximity of various educational institutions, as well as features convenient access to major highways.
In the financial year ended Dec 31, 2023, KTI recorded sales of about RM132.9mil while unbilled sales hit a record high of RM711.3mil.
During the same period, KTI’s net profit rose 31.9% to RM13.8mil from RM10.5mil a year earlier on higher gross profit, while FY23 revenue increased 6.5% to RM120.2mil from RM112.9mil in the previous year. | Business | Stock on the Move | Complimentary | Medium | null | 2024-06-19 00:00:00 | Stock on the Move,KTI Landmark,IPO,listing,ACE Market,Bursa Malaysia,property | KUALA LUMPUR: Shares in KTI Landmark Bhd were unchanged as the Sabah-based integrated property developer made its trading debut on the ACE Market of Bursa Malaysia. | https://www.thestar.com.my/business/business-news/2024/06/19/kti-landmark-opens-unchanged-at-ipo-price-of-30-sen | |
1,374,494 | Trading ideas: TM, MAHB, Bursa Malaysia, UEM Sunrise, MUI, Nestcon, BM Greentech, Sunview, Berjaya, Plytec, BWYS, LBS, IOI, Matrix, Poh Kong | KUALA LUMPUR: Here is a summary of the announcements that are making headlines in Corporate Malaysia.
Telekom Malaysia Bhd is setting up a joint venture with Singtel's regional data centre platform Nxera MY Pte Ltd to develop a data centre in Johor, Malaysia with an initial investment cost of RM1.2bn.
The Aerotrain Replacement Project at Kuala Lumpur International Airport is slated to be completed by Jan 31, 2025, two months ahead of the project’s original planned completion date, said Malaysia Airports Holdings Bhd .
Bursa Malaysia Bhd has confirmed that discussions with Mulia Property Development Sdn Bhd about relocating to Tun Razak Exchange are ongoing, with details yet to be finalised.
UEM Sunrise Bhd 's subsidiary UEM Land Bhd, plans to exit a joint venture company with KL Kepong Bhd, which has the rights to develop 2,500 acres of land in Kulai, Johor for RM386.2mn and will sell its 40.0% equity stake to KLK Land Sdn Bhd.
Malayan United Industries Bhd has secured a term loan facility of up to £152.5mn from CF Hyde Park LP to refinance its existing term loan facility of its Corus Hyde Park Hotel in London, UK.
Nestcon Bhd has bagged two high-rise building projects in the Klang Valley worth a total of RM165.6mn.
BM Greentech Bhd has signed a term sheet with the shareholders of solar firm Plus Xnergy Holding Sdn Bhd to acquire the company for RM110.0mn, to be paid with new shares in BMG.
Sunview Group Bhd has secured a RM79.5mn engineering, procurement, construction and commissioning contract from Bulgaria-based OKOP Solar EOOD.
Berjaya Corporation Bhd has inked two memoranda of strategic collaboration in the fields of smart technologies and new energy vehicles respectively in an effort to expand across these vital sectors in Malaysia and the broader Asean region.
Plytec Holding Bhd has secured a RM26.3mn contract from Setiakon Builders Sdn Bhd.
BWYS Group Bhd has set its initial public offering price at 22.0sen/share.
LBS Bina Group Bhd said trading in its shares will be suspended on today at the company’s request, pending a material announcement. The suspension will take effect from 9am to 5pm.
IOI Corporation Bhd has appointed Tan Kean Hua as its new deputy chief executive officer effective July 1.
Matrix Concepts Holdings Bhd announced that Datuk Hon Choon Kim has resigned as its independent and non-executive director, effective immediately.
Poh Kong Holdings Bhd 's net profit jumped 51.6% YoY to RM47.6mn in 3QFY24, from RM31.4mn a year ago, driven by higher revenue and an overall uptrend in gold prices. | Business | Corporate News | Complimentary | Medium | null | 2024-06-19 00:00:00 | Corporate News,Trading ideas,TM,MAHB,Bursa Malaysia,UEM Sunrise,MUI,Nestcon,BM Greentech,Sunview,Berjaya,Plytec,BWYS,LBS Bina,IOI,Matrix,Poh Kong | KUALA LUMPUR: Here is a summary of the announcements that are making headlines in Corporate Malaysia. | https://www.thestar.com.my/business/business-news/2024/06/19/trading-ideas-tm-mahb-bursa-malaysia-uem-sunrise-mui-nestcon-bm-greentech-sunview-berjaya-plytec-bwys-lbs-ioi-matrix-poh-kong | |
1,374,486 | S&P 500, Nasdaq hit record highs on AI momentum | NEW YORK: The S&P 500 and Nasdaq closed at record highs on Tuesday, buoyed by Nvidia's continued surge to new peaks, while the Dow ended barely higher in subdued pre-holiday trading following softer-than-expected US retail sales data.
Nvidia overtook Microsoft to become the world's most valuable company, ending the day with a market capitalisation of US$3.22 trillion.
Other chip stocks also extended their recent rallies, boosting the Philadelphia SE Semiconductor index to a record high.
Qualcomm, Arm Holdings and Micron advanced between 2.1% and 8.7%, with Micron hitting a record high.
"It's really the AI story," said Ty Draper, financial advisor at Beacon Capital Management in Franklin, Tennessee.
The Nasdaq notched a seventh record closing high in a row, as gains in many chip stocks offset losses in Alphabet , Amazon and Meta Platforms.
Retail sales rose 0.1% in May, versus the 0.3% growth forecast by economists polled by Reuters, while another report showed surprisingly strong May industrial production and manufacturing output.
Following the news, markets slightly increased bets on two Federal Reserve interest rate cuts this year, LSEG's FedWatch showed, despite US central bankers' most recent projections for just one easing.
Financial and technology led advances among the 11 S&P 500 sectors, up 0.64% and 0.61% respectively, while communication services and consumer discretionary were the biggest losers.
Fed officials' comments on Tuesday offered nothing compelling to trade on. New York Fed President John Williams said rates will gradually come down, while Richmond Fed's Thomas Barkin said he required more months of economic data before supporting a rate cut.
Some market observers noted nothing surprising emerged. "That's why the markets stay unchanged today," said Jim Awad, senior managing director at Clearstead Advisors LLC in New York.
US markets will be closed on Wednesday for the Juneteenth holiday.
Hopes for multiple rate cuts this year, excitement for AI-related companies and robust earnings from other tech firms have bolstered equities in recent months, with gains concentrated in a few heavily weighted stocks.
Citigroup raised the year-end target for the S&P 500 to 5,600 points from 5,100.
The Dow Jones Industrial Average rose 56.76 points, or 0.15%, to 38,834.86. The S&P 500 climbed 13.80 points, or 0.25%, to 5,487.03 and the Nasdaq Composite gained 5.21 points, or 0.03%, at 17,862.23.
Shares of education technology provider Chegg rose 3.45% after announcing job cuts in a restructuring.
Homebuilder Lennar fell 4.98% after forecasting lower-than-expected third-quarter home deliveries.
Advancing issues outnumbered decliners by a 1.79-to-1 ratio on the NYSE, which had 259 new highs and 93 new lows.
Volume on US exchanges was 10.96 billion shares, compared with the 11.79 billion average for the full session over the last 20 trading days. — Reuters | Business | Markets | Complimentary | Medium | null | 2024-06-19 00:00:00 | Markets,RecordHighs,NvidiaSurge,Nasdaq,SP500,DowJones,AIStocks,ChipStocks,TechRally | The S&P 500 and Nasdaq closed at record highs on Tuesday, buoyed by Nvidia's continued surge to new peaks, while the Dow ended barely higher in subdued pre-holiday trading following softer-than-expected US retail sales data. | https://www.thestar.com.my/business/2024/06/19/sp-500-nasdaq-hit-record-highs-on-ai-momentum | |
1,374,485 | Oil settles higher on mounting tension in Europe, Mideast | HOUSTON: Oil settled more than 1% higher on Tuesday due to escalating geopolitical risk in Europe and the Middle East, where wars continue to threaten global supply.
Brent crude futures settled up US$1.08, or 1.3%, at US$85.33 per barrel. US West Texas Intermediate crude futures ended US$1.24, or 1.5%, higher at US$81.57 a barrel.
Global benchmark Brent has clambered back from an early-June close of US$77.52, yet remains off its US$90 peaks from mid-April.
Prices rose after a Ukrainian drone strike caused a large fire in a fuel tank at an oil terminal in Russia's southern port of Azov, according to Russian officials and a Ukrainian intelligence source.
The port of Azov has two oil product terminals, which handled a total of about 220,000 tonnes of fuel for export during the period from January to May.
The ongoing attacks on Russia's oil refining complex pose a threat to physical global supply, as well as boosting the risk premium priced into crude futures.
"The Ukrainian attack reminds the market that Russian energy infrastructure is very much in the crosshairs, the global market needs those barrels of crude and refined products to keep prices in check,” said John Kilduff, partner at Again Capital.
Meanwhile, Israeli Foreign Minister Israel Katz warned that a decision on an all-out war with Hezbollah was coming soon even as the U.S. tries to avert a greater war between Israel and Lebanon's Hezbollah movement.
Special envoy Amos Hochstein to US President Joe Biden, said he had been dispatched to Lebanon immediately following a brief trip to Israel because the situation was "serious."
"Everywhere you look the geopolitical risk factor is very high," Price Futures Group's Phil Flynn said.
"We have not seen a major impact on supply but that could change really quickly," he added.
Prices also climbed after New York Federal Reserve President John Williams said interest rates will come down gradually but gave no precise timetable.
Later, oil came under pressure when Boston Federal Reserve President Susan Collins cautioned that it was "too soon to determine whether inflation is durably on a path back to the 2% target."
The market is also watching US stockpile data due this week for hints on the oil demand outlook during summer driving season.
US crude oil inventories posted a surprise build last week while gasoline stocks fell, market sources said, citing American Petroleum Institute figures.
The API figures showed crude stocks rose by 2.264 million barrels in the week ended June 14, the sources said on condition of anonymity, compared with an
expected draw of 2.2 million barrels. Gasoline inventories fell by 1.077 million barrels, and distillates rose by 538,000 barrels.
Official inventory data from the US Energy Information Administration will be released at 11:00 a.m. EDT on Thursday, delayed a day due to the Juneteenth holiday. — Reuters | Business | Commodities | Complimentary | Medium | null | 2024-06-19 00:00:00 | Commodities,OilPrices,GeopoliticalRisk,BrentCrude,WTICrude,GlobalSupply,UkrainianConflict,MiddleEastTensions | Oil settled more than 1% higher on Tuesday due to escalating geopolitical risk in Europe and the Middle East, where wars continue to threaten global supply. | https://www.thestar.com.my/business/2024/06/19/oil-settles-higher-on-mounting-tension-in-europe-mideast | |
1,374,294 | Potential for UK to beat oil output forecast by 30% | LONDON: The United Kingdom could be pumping almost 30% more oil and gas than currently projected at the end of the decade if about £20bil of new investment can be secured, according to an industry group.
“Improved recovery rates and slower decline are both achievable but only if investment can be secured,” said Offshore Energies UK (OEUK).
“Government decisions following next month’s election offer the opportunity to focus on a homegrown energy transition, which could secure the livelihoods of hundreds of thousands of highly skilled people.”
The country’s current daily production of about 1.2 million barrels of oil equivalent is projected to drop to 700,000 barrels in 2030 by industry regulator, the North Sea Transition Authority.
“Getting things right” and moving forward, all investment opportunities currently under consideration by companies would temper that decline, meaning output in 2030 would be 900,000 barrels of oil equivalent a day, OEUK said in its Economy and People report yesterday.
On the other hand, if investments dry up, the nation might be pumping just 600,000 barrels equivalent a day at the end of the decade.
The warning from the industry comes less than three weeks before the UK’s general election, with a series of opinion polls suggesting Keir Starmer’s Labour Party is heading for victory over Rishi Sunak’s Conservatives.
Labour plans to stop issuing new oil and gas exploration licenses, arguing that they won’t reduce household energy bills and will contribute to worsening the climate crisis.
The party also aims to raise the windfall tax on oil and gas by three percentage points.
If the UK’s remaining oil and gas reserves are to be developed, OEUK asked for the removal of windfall tax before 2029, as well as ongoing licencing subject to climate compatibility checkpoints.
“About 60% of the resources yet to be approved could be produced in the next 10 years,” OEUK said. “Around half of the remaining resources are in fields that are already producing, with the others in new fields.”
There is potential in the oil and gas industry to spend £144bil through to 2040, including on decommissioning existing fields, but “conditions need to be right to unlock activity”, according to the OEUK report.
Oil and gas provides around 120,000 jobs, or almost 80% of jobs directly or indirectly supported by UK offshore energy, which includes fossil fuels, offshore wind, carbon capture and storage and hydrogen, according to estimates from Aberdeen’s Robert Gordon University. — Bloomberg | Business | Commodities | Complimentary | Medium | Ganeshwaran Kana | 2024-06-19 00:00:00 | Commodities,UKOilGas,EnergyInvestment,OEUK,NorthSeaOil,EnergyTransition,WindfallTax,FossilFuels,OilGasIndustry | The United Kingdom could be pumping almost 30% more oil and gas than currently projected at the end of the decade if about £20bil of new investment can be secured, according to an industry group. | https://www.thestar.com.my/business/business-news/2024/06/19/potential-for-uk-to-beat-oil-output-forecast-by-30 | |
1,374,314 | Economy is set for steady rebound in 2Q | BEIJING: China’s economy is set to rebound steadily in the second quarter, given steady demand recovery, resilient exports and a low comparison base in the previous year, analysts say.
They noted the country is heading in the right direction with regards to dealing with structural issues like property woes, and said more efforts should be made to overcome housing troubles and boost effective domestic demand.
Their comments came after the National Bureau of Statistics (NBS) released data on Monday that showed that China’s economy exhibited signs of stabilisation in May, with improvements in some key indicators and new growth drivers gaining momentum.
Liu Aihua, an NBS spokeswoman, said May’s steady economic rebound was led by strong policy stimulus, an improvement in external demand and the positive impact of the May Day holiday on consumption.
NBS data showed China’s retail sales, a key measurement of consumer spending, rose 3.7% year-on-year in May versus the 2.3% rise in April.
China’s value-added industrial output grew by 5.6% in May, while fixed-asset investment increased by 4% in the January to May period.
“Looking ahead, China’s economy will likely continue the recovery trend with innovations gaining further momentum, ongoing industrial upgrading, a gradual recovery in domestic demand and strong policy stimulus,” Liu told a news conference held in Beijing.
Meanwhile, she cautioned that the correction in China’s property sector is still ongoing.
For the January to May period, China’s property investment fell 10.1% year-on-year, while the sales area of new properties slumped 20.3%, compared with 9.8% and 20.2% falls in the first four months, respectively, said the NBS.
Liu said the implementation of a series of recently eased housing policy measures will gradually stabilise the property sector.
Zhou Maohua, a researcher at China Everbright Bank, said the latest data suggested that the recovery in domestic consumption and demand is steadily gathering steam, pointing to a more balanced recovery in the world’s second-largest economy.
“Given the steady demand recovery, the resilient exports and the low base effect, China’s economic growth will likely accelerate in the second quarter, laying a solid base for achieving an annual growth target of around 5% this year,” he said.
While the potential improvement in consumption and a factory boom may help offset the housing slump in the second half of the year, Zhou called for stronger policy efforts to deal with the persistently low prices and further housing easing policies.
“More forceful property easing measures, rather than the slow-drip of incremental measures seen last year, are now necessary and likely if authorities were to successfully engineer a desired shallow house price correction path,” said Louise Loo, lead economist at British think tank Oxford Economics. — China Daily/ANN | Business | Economy | Complimentary | Medium | null | 2024-06-19 00:00:00 | Economy,ChinaRebound,ConsumerSpendingUp,ExportStrength,EconomicRecovery,InnovationGrowth,PolicyStimulus,PropertyCorrection,BalancedGrowth | China’s economy is set to rebound steadily in the second quarter, given steady demand recovery, resilient exports and a low comparison base in the previous year, analysts say. | https://www.thestar.com.my/business/business-news/2024/06/19/economy-is-set-for-steady-rebound-in-2q | |
1,374,296 | Brookfield group buys into GEMS Education | DUBAI: A consortium led by Brookfield Asset Management Ltd is investing in GEMS Education, a Dubai-based family business founded by Indian immigrants who turned a single school into one of the world’s largest private education providers.
Financial details weren’t disclosed, but Bloomberg News has previously reported that the Canadian firm was looking to invest about US$2bil.
That would make the transaction one of the largest private equity deals in a closely-held business in the Gulf.
The move will allow CVC Capital Partners to substantially exit its GEMS stake, five years after it bought into the firm in a deal that marked its first private equity foray in the Gulf.
It remains “fully committed to investing further in this attractive region”, said Ozgur Onder, head of CVC Middle East.
Besides Brookfield, other investors include Dubai-based Gulf Islamic Investments, Marathon Asset Management and the State Oil Fund of the Republic of Azerbaijan, according to a statement.
The deal is expected to close in the third quarter, subject to conditions.
For Brookfield, the transaction marks the latest investment in a region where it has increasingly become active.
It recently bought a stake in GII’s logistics unit and sold part of Dubai’s largest office tower to investors from Saudi Arabia and Abu Dhabi.
Separately, GEMS secured funds from a group of Emirati banks to finance the transaction, including for the repayment of the firms’ existing arrangements.
The group’s roots date back to 1959 when founder Sunny Varkey’s parents moved to Dubai from Kerala in southern India.
Today, more than 135,000 students are enrolled at over 40 GEMS schools in the United Arab Emirates.
Its expansion over the years has mirrored Dubai’s own growth into a major financial hub. Parents in the city, which has a large expat population that boomed in the aftermath of the pandemic, spend large amounts on private education – sometimes upwards of US$20,000 a year.
The transaction brings to an end a sale process that began in 2022.
Before that, Varkey tried to sell part of his stake in 2020, but failed to draw buyers as the pandemic spread. The firm also pursued a London initial public offering but those plans didn’t materialise.
“The investment in GEMS marks a milestone for Brookfield and our private equity business in the Middle East, underscoring our commitment to investing in this high-growth region and the strength of our local partnerships,” said Jad Ellawn, managing partner and regional head of Brookfield in the Middle East.
GEMS Education was advised by deNovo Partners, a Dubai-based boutique founded by former Morgan Stanley banker May Nasrallah, and Goldman Sachs Group Inc. — Bloomberg | Business | Corporate News | Complimentary | Medium | Ganeshwaran Kana | 2024-06-19 00:00:00 | Corporate News,GEMSEducation,BrookfieldInvestment,PrivateEquity,GulfRegion,DubaiBusiness,EducationSector,CVCExit | A consortium led by Brookfield Asset Management Ltd is investing in GEMS Education, a Dubai-based family business founded by Indian immigrants who turned a single school into one of the world’s largest private education providers. | https://www.thestar.com.my/business/business-news/2024/06/19/brookfield-group-buys-into-gems-education | |
1,374,297 | Island nations to boost funding access | SAINT JOHN’S: A group of wealthy Caribbean nations is trying to shake up global finance in a way that would cut dependence on China and boost their access to funding.
Antigua and Barbuda Prime Minister Gaston Browne is leading a campaign for the United Nations to adopt a metric that measures economic fragility, which would potentially open the door to new funding.
Countries like Antigua and Barbuda are often too small to tap global bond markets but too rich to qualify for much international aid, so they have long turned to China to finance critical infrastructure.
Barbados, Jamaica and the Bahamas are among the nations backing the change, which is also being supported by Norway’s former Prime Minister Erna Solberg. — Bloomberg | Business | Economy | Complimentary | Short | Ganeshwaran Kana | 2024-06-19 00:00:00 | Economy,CaribbeanFinance,EconomicFragility,UNCampaign,GastonBrowne,FundingAccess,ChinaDependency,InternationalAid | A group of wealthy Caribbean nations is trying to shake up global finance in a way that would cut dependence on China and boost their access to funding. | https://www.thestar.com.my/business/business-news/2024/06/19/island-nations-to-boost-funding-access | |
1,374,298 | Peru zinc miner Volcan eyes US$200mil in further asset sales | LIMA: Volcan Cia Minera, the Peruvian zinc miner that was recently acquired by Argentine group Integra Capital, says it is pushing ahead with plans to sell non-core assets as it talks with creditors to refinance a pile of debt coming due in the coming years.
The company, in which Glencore Plc sold a controlling stake last month, is looking to divest its holding in a Chilean cement maker as well as real estate near the new Peruvian port of Chancay on the Pacific coast, said chief executive officer (CEO) Luis Fernando Herrera.
It has already sold two hydroelectric plants for more than US$78mil.
Between the Chilean asset and the project near Chancay, Volcan expects to raise more than US$200mil, Herrera said in an interview on the sidelines of the FII Institute conference in Rio de Janeiro last week.
The port lands for commercial and logistics projects has a lot of value for a developer, but “Volcan isn’t that developer”, he said.
“We need to strengthen the capital structure of the firm since there are a lot of maturities coming due in the next three years that require immediate attention,” Herrera said.
“We’re negotiating with our group of syndicate banks and bondholders which is advancing well. We hope to provide updates soon to the market. We’re very optimistic.”
The idea is to extend maturities without imposing losses through a haircut, with the main negotiation around the interest rate, he said.
The company is hoping to secure support from at least 90% of bondholders and will need all of the banks to back the plan.
“Possibly before the end of the summer we’ll be able to communicate developments to the market,” Herrera said.
Investors have welcomed the sales amid growing confidence Volcan will be able to meet its upcoming debt maturities.
Lucror Analytics is now recommending that clients buy bonds of Volcan maturing in 2026.
“We believe that the bonds will recover further after the planned debt payments in June and August are made,” Lucror credit analyst Josseline Jenssen wrote in a note Monday, raising her recommendation to “buy” from “hold”.
Jenssen said that she expected the refinancing process to take place “soon without imposing losses on creditors”.
The bonds due 2026 gained 3.5 US cents to trade at 75.5 US cents on the US dollar on Monday, the highest level since July of 2023, according to Trace data.
That’s up from as low as US 61 cents right after the deal was announced. They have been aided by Integra’s pledge to honour obligations.
Integra, run by Jose Luis Manzano, an Argentine with interests in oil and gas, mining and media, bought control of Volcan from Glencore for US$20mil, assuming its debt load in the process.
Net debt stood at US$711mil at the end of the first quarter.
Herrera previously worked at Glencore in Switzerland and oversaw the divestment of zinc projects in South America including Colombia, Bolivia and Argentina.
The last project to be sold was the Peruvian asset.
Herrera had also been Volcan CEO since November and left the global commodity trader last month after the deal was completed.
Beyond the asset sales, Volcan, which Herrera said produces some 250,000 tonnes of zinc per year, is planning to put a renewed focus on its core portfolio of transition metals to boost output and efficiency, he said. — Bloomberg | Business | Corporate News | Complimentary | Medium | Ganeshwaran Kana | 2024-06-19 00:00:00 | Corporate News,VolcanCiaMinera,AssetSales,DebtRefinancing,ZincMining,IntegraCapital,PeruvianMining | Volcan Cia Minera, the Peruvian zinc miner that was recently acquired by Argentine group Integra Capital, says it is pushing ahead with plans to sell non-core assets as it talks with creditors to refinance a pile of debt coming due in the coming years. | https://www.thestar.com.my/business/business-news/2024/06/19/peru-zinc-miner-volcan-eyes-us200mil-in-further-asset-sales | |
1,374,299 | Apple shutting down Pay Later, its Affirm rival, after one year | NEW YORK: Apple Inc is shutting down its Pay Later programme, which let customers make purchases on an installment plan, marking a retreat from efforts to offer more financial services in-house.
The company said on Monday that it’s no longer offering loans for Apple Pay Later, which allowed users to pay off purchases of as much as US$1,000 over four installments.
The iPhone maker took the step after announcing that third-party services, such as ones from Affirm Holdings Inc and Citigroup Inc, would be integrated into its upcoming iOS 18 software.
“Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay,” a spokesperson said in a statement.
“With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the United States.”
Apple launched its Pay Later programme in the United States last year using an in-house platform. For the first time, Apple itself issued the loans to customers via a new subsidiary.
But it still relied on Goldman Sachs Group Inc and MasterCard Inc to help handle the process.
The new services in iOS 18 will be available globally through the company’s Apple Pay platform.
And users with open loans will continue to be able to manage them within the Wallet app, Apple said.
“Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay,” the company said.
Apple added that “this solution will enable us to bring flexible payments to more users, in more places across the globe.
The spokesperson said the a statement that this would be achieved in collaboration “with Apple Pay enabled banks and lenders”.
The news was previously reported by 9to5Mac. — Bloomberg | Business | Corporate News | Complimentary | Short | Ganeshwaran Kana | 2024-06-19 00:00:00 | Corporate News,ApplePayLater,InstallmentPlans,iOS18,FinancialServices,ApplePay,FlexiblePayments,GlobalExpansion | Apple Inc is shutting down its Pay Later programme, which let customers make purchases on an installment plan, marking a retreat from efforts to offer more financial services in-house. | https://www.thestar.com.my/business/business-news/2024/06/19/apple-shutting-down-pay-later-its-affirm-rival-after-one-year | |
1,374,300 | MM2H revision a boon for property sector | PETALING JAYA: The property sector has likely entered a new upcycle supported by the revised guidelines for the Malaysia My Second Home (MM2H) programme, which could boost demand for homes in the country.
According to Hong Leong Investment Bank (HLIB) Research, the revised MM2H conditions are expected to renew interest in MM2H and this could positively impact the property sector, especially on the high-end segment.
“We understand that developers and foreign property purchasers alike have been adopting a wait-and-see approach pending the announcement from government on the new MM2H conditions.
“With better clarity on the relaxed conditions, developers now have a better picture and visibility of the market and we could potentially see more launches in the high-end residential segment,” the brokerage explained in its report yesterday.
“Similarly, on the demand end, there is also likely some latent demand as these prospective buyers were waiting for the new MM2H conditions to be announced. We think this development is an overall positive for most developers,” it said.
HLIB Research upgraded its outlook for the property sector to “overweight” from “neutral”, citing the sector had entered a new cycle.
The Tourism, Arts and Culture Ministry last weekend announced the revised guidelines for MM2H guidelines, which were more relaxed than the 2021 version, had been approved by the Cabinet. The relaxed guidelines included lower requirements for fixed deposits, offshore income and liquid assets.
The revised programme included a new requirement for house purchase for MM2H holders, whereby they are required to buy and own a house with minimum purchase value of RM600,000 under the silver category, RM1mil under gold and RM2mil for platinum.
The effective date of the new MM2H programme is yet to be announced.
Under the revised guidelines, MM2H would be divided into three categories – silver, gold and platinum. There would also be a new category for MM2H application to special economic zone (SEZ) and special financial zone (SFZ).
HLIB Research noted that the conditions under the SEZ-SFZ category, which restricted MM2H holders to purchase property only from the primary market, would be positive for the Forest City development, a designated SFZ area, in Johor.
In the Klang Valley, most developers with exposure in this area were expected to benefit as many properties were priced above RM600,000, HLIB Research said.
The companies include Mah Sing Group Bhd , Sunway Bhd , OSK Holdings Bhd , UEM Sunrise Bhd , S P Setia Bhd, IOI Properties Group Bhd (IOIProp), and Eastern & Oriental Bhd .
“Given expected renewed demand in higher-end products, developers may also start launching products in high-end range,” HLIB Research said.
In Johor, the research house pointed out that the lowering overhang of serviced apartments from the Forest City project was an overall positive for the residential market in Johor especially for surrounding developments such as those by Sunway and UEM.
“Developers where landbanks are in locations to be designated as SEZ should also benefit. Note that the government has yet to designate the locations of SEZ,” it said. Developers with significant Johor land bank exposure included UEM, Sunway, IOIProp, S P Setia, Mah Sing, Crescendo Corp Bhd , Keck Seng (M) Bhd , and KSL Holdings Bhd . | Business | Property | Complimentary | Medium | null | 2024-06-19 00:00:00 | Property,PropertyUpcycle,MM2H,RealEstateBoost,HighEndResidential,PropertyDemand,DevelopersBenefit,JohorLandbank,MalaysiaHousing | The property sector has likely entered a new upcycle supported by the revised guidelines for the Malaysia My Second Home (MM2H) programme, which could boost demand for homes in the country. | https://www.thestar.com.my/business/business-news/2024/06/19/mm2h-revision-a-boon-for-property-sector | |
1,374,313 | Revolut raises account limits on growing demand | SINGAPORE: Users of financial technology (fintech) company Revolut Ltd are allowed to hold more funds in their eWallets and spend more in a year, as the firm responds to increased demand from travellers and customers who are investing through the app.
Users can hold up to S$20,000 in their eWallets at any point, an increase from S$5,000. They can spend a maximum of S$100,000 in a year, up from S$30,000 previously, said the company on June 18.
It had sent emails to customers notifying them of the changes earlier in the month.
Revolut Singapore chief executive Raymond Ng told The Straits Times that customer sign-ups have increased by about two times each year compared with the previous year since the firm launched here in 2019.
Asked how many users were hitting the previous caps, Ng said he could not disclose exact numbers, but noted that a significant number of users had hit both the daily limit cap and yearly spending cap. They include travellers who shop for luxury items overseas and customers paying for their children’s tuition fees abroad.
“With the cap increases, we expect payment volumes in-app to increase by at least two to three times.”
In line with the raised limits, the fintech firm has also introduced additional security controls. These include a 12-hour cooling off period when a login to a new device is detected before users can perform high-risk activities such as adding a new payee or increasing the default transaction limit.
There is also additional confirmation and a risk warning before high-risk activities are performed, as well as a limit of one saved card and one linked bank account for top-ups, among other measures.
The changes come after the Monetary Authority of Singapore raised the caps on eWallets in December 2023, with rival fintech player YouTrip increasing its limits the following month.
Wise Asia-Pacific Pte Ltd (Wise), which also operates a multi-currency eWallet, said previously that it is “working on implementing the changes”.
London-based Revolut has seen a growing number of sophisticated investors using its app in Singapore.
Ng said: “Our app is a one-stop shop. If you have to go into different apps for different things, it’s not very efficient for the sophisticated user. This is one segment that’s growing very fast because they are using us in that way.”
Revolut allows users to trade stocks and exchange-traded funds – users can buy fractional shares starting at US$1 – as well as commodities and crypto.
On May 29, the company launched Flexible Accounts, its first interest-bearing product in Singapore. Top-ups are invested in US dollar-denominated money market funds managed by global asset manager Fidelity International. The product, which has already seen US$1.7mil in account balances, gives investors up to 5.21% in annual percentage yield.
Customers will soon also be able to access a robo-advisory solution, which is in the pipeline, added Ng.
“As a financial super app, our aspiration is to provide many financial services. Whatever you see in the market that is relevant, we will provide to customers,” he said.
Besides investments, Revolut offers payments and remittance services. Its products include a flagship multi-currency account, a debit card and single-use virtual cards.
It has also launched services in a new currency, the Indonesian rupiah, bringing the total number of currencies users can exchange and store in the app to 34.
Asked about the timing of raising Revolut’s limits, he said: “We wanted to ensure that we are comprehensive and thorough in meeting regulatory requirements as well as customer needs, given that we have several different products.
“We also wanted to time it together with the launch of our latest product, Flexible Accounts, and the June holidays, which see higher travel demand.”
Citing customer feedback that the previous caps were limiting their transactions, Ng said: “The cap increase solves a big part of their challenge because now, they can do much more.”
Besides serving individuals, Revolut also plans to launch Revolut Business in the next few months. It will start by catering to small and medium enterprises – including foreign companies that are using the city as a base for regional expansion – and then larger companies too.
Ng said: “We want to be their go-to app for all their daily usage, just like for our retail business, in Singapore and also for their overseas needs when they expand into South-East Asia or Asia-Pacific.” — The Straits Times/ANN | Business | Corporate News | Complimentary | Medium | null | 2024-06-19 00:00:00 | Corporate News,RevolutSingapore,HigherEwalletLimits,InvestmentApp,FinancialSuperApp,TravelConvenience,RoboAdvisory,MultiCurrency,BusinessAccounts | Users of financial technology (fintech) company Revolut Ltd are allowed to hold more funds in their eWallets and spend more in a year, as the firm responds to increased demand from travellers and customers who are investing through the app. | https://www.thestar.com.my/business/business-news/2024/06/19/revolut-raises-account-limits-on-growing-demand | |
1,374,301 | Malaysian REITs expanding their asset portfolio | PETALING JAYA: With their first-quarter 2024 (1Q24) earnings in line with expectations, Malaysian real estate investment trusts (REITs) are expanding their asset portfolio as prospects for the real estate sector improves.
MIDF Research continues to see a positive outlook for REITs, led by retail and industrial sub-segments.
“Axis-REIT acquired three industrial assets in Bukit Raja in February and April 2024 to strengthen its presence in Bukit Raja which is a growing industrial area with accessibility to major highways. It also announced the acquisition of two automobile service centres from Cycle & Carriage Bintang Bhd,” it said in a report.
The research house said REITs have also been actively acquiring retail assets.
It said Sunway-REIT announced acquisition of 163 Retail Park in Mont Kiara for RM215mil early this year. Similarly, KLCCP Stapled Group is acquiring the remaining 40% equity stake in Suria KLCC for RM1.95bil, while KIP-REIT recently announced the acquisition of DPulze Shopping Centre in Cyberjaya for RM320mil.Commenting on the 1Q24 results, MIDF said all six REITs under its coverage reported earnings that fell within expectations.
“The REIT with highest growth was Axis-REIT which reported 25.8% year-on-year (y-o-y) earnings growth, buoyed by its Bukit Raja Distribution Centre 2, lower property operating expenditure and lower provision for doubtful debts.
“Meanwhile, Pavilion-REIT recorded double-digit earnings growth of 18.7% y-o-y in that period due to contribution from Pavilion Bukit Jalil and higher rental income from Pavilion KL Mall.”
As for KLCCP Stapled Group and IGB-REIT, earnings growth was stable at 4% due to organic growth of positive rental reversion.
The research house noted that rental income from Mid Valley Megamall, The Gardens Mall and Suria KLCC remained stable due to high occupancy rate, footfall and growth in ssales.
The two REITs that reported lower earnings in 1Q24 were Al-Aqar Healthcare-REIT and Sunway-REIT.
In the case of Al-Aqar, it was due to lower rental income from its Australia division, which had offset the higher income from healthcare assets in Malaysia.
“We expect earnings growth of Al-Aqar to be driven mainly by organic growth of lease renewals.” | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,REITs,RealEstate,InvestmentPortfolio,RetailAssets,IndustrialAssets,EarningsGrowth,MalaysiaRealEstate,REITOutlook | With their first-quarter 2024 (1Q24) earnings in line with expectations, Malaysian real estate investment trusts (REITs) are expanding their asset portfolio as prospects for the real estate sector improves. | https://www.thestar.com.my/business/business-news/2024/06/19/malaysian-reits-expanding-their-asset-portfolio | |
1,374,303 | Li’s tour to boost regional cooperation | Premier Li Qiang’s visits to New Zealand, Australia and Malaysia are significant for many reasons. For instance, his visit to New Zealand coincided with the 10th anniversary of the establishment of a comprehensive strategic partnership between China and New Zealand.
Li’s visit to Australia has gained added importance because it is the first by a Chinese premier since 2017.
And his visit to Malaysia coincides with the 50th anniversary of the establishment of diplomatic relations between Beijing and Kuala Lumpur, and marks the Year of China-Malaysia Friendship.
Li’s visits to the three countries will not only strengthen bilateral relations but also boost regional cooperation.
Regular exchanges between Beijing and Wellington, including New Zealand Prime Minister Christopher Luxon’s visit to China last year and Chinese Foreign Minister Wang Yi’s visit to New Zealand in March this year show why the two complementary economies have boosted trade cooperation.
China is New Zealand’s top trading partner and has been its largest export market for the past 10 years, and while New Zealand’s foreign direct investment (FDI) in China increased by 104.7% year-on-year in 2023, China’s FDI in New Zealand grew by 16.7%.
The two countries have strengthened their comprehensive strategic partnership by deepening high-quality trade cooperation. The two sides have made great achievements in the traditional fields of infrastructure, and the dairy and insurance sectors, while exploring opportunities in areas such as the digital economy, electric vehicles and renewable energy.
Li’s visit to New Zealand in the 10th year of the establishment of the China-New Zealand comprehensive strategic partnership surely injects new impetus into bilateral trade and deepens bilateral cooperation.
For Australia, on the other hand, China is the largest trading partner and important market. And despite their highly complementary economies and close trade relations, the Covid-19 pandemic and geopolitics dealt a heavy blow to bilateral ties and trade cooperation in the recent past.
But fortunately, the two countries resumed constructive cooperation after Australian Prime Minister Anthony Albanese assumed office in 2022 and changed the country’s policy toward China.
Thanks to the two sides’ joint efforts, Sino-Australian ties are improving and bilateral trade is regaining its vitality after the removal of obstacles that hindered the development of bilateral relations.
Li’s visit to Australia, hopefully, will prompt the two countries to resume normal high-level exchanges and dialogue. And China will include Australia in the list of unilateral visa-free countries.
In fact, the two sides are planning to expand the China-Australia free-trade agreement and unleash the full potential of cooperation under the framework of the Regional Comprehensive Economic Partnership agreement.
While deepening cooperation in traditional areas including energy, agriculture, tourism and education, the two sides are looking for new economic growth points in fields such as the green economy, digital finance, smart manufacturing and climate change.
Since Australia is an ally of the United States as well as an important trading partner of China, it needs to learn from its experiences to ensure geopolitics doesn’t influence its relations with China.
During his visit to China last year, Albanese said it is natural for Australia and China to have differences, but they should not let those differences define their relationship. That signalled a new beginning for the two sides on multiple fronts.
China and Australia are following the correct direction by preferring dialogue over argument, managing differences over confrontations, and promoting trust through deepened cooperation.
As for China’s relationship with Malaysia, it is friendly and mutually beneficial. To be sure, Sino-Malaysian ties are a model of friendly cooperation. Apart from deepening strategic mutual trust, the two sides have achieved fruitful results in projects under the Belt and Road Initiative.
And last year, they announced their plan to jointly build a China-Malaysia community with a shared future.
During his visit to Malaysia, Li will attend the celebrations of the 50th anniversary of the establishment of diplomatic relations between the two sides, and discuss with the country’s leaders how to deepen Sino-Malaysian cooperation.
First, during his visit to the three countries, Li will impress upon their leaderships that China attaches great importance to its relationships with the three countries, and assure them that China will not only intensify its high-quality opening-up but also pursue win-win cooperation.
Li will also hold in-depth exchanges with the leaders in the three countries on bilateral, regional and global issues.
Li’s visits to the Asia-Pacific countries also highlight that China remains committed to promoting cooperation with countries across the world and is willing to work with any country that pursues win-win cooperation and common development.
Second, the improvement of Sino-Australian ties shows that even countries with different ideologies, security policies and political systems can engage in mutually beneficial trade so long as they respect each other and appropriately handle their differences.
As a matter of fact, China is willing to establish close and mutually beneficial relations with Western countries on the basis of equality and mutual respect.
Third, China’s healthy and high-quality growth has created favourable conditions for it to deepen cooperation with countries in the region and beyond based on openness, inclusiveness, mutual respect, mutual benefit and peaceful coexistence.
And fourth, countries in the Asia-Pacific region should work together to achieve common development despite the unstable global landscape, oppose hegemonism, unilateralism, protectionism, and the building of “small yards with high fences”, and desist from inciting bloc confrontation, because they run counter to beneficial cooperation and common development. — China Daily/ANN
Jia Duqiang is an associate researcher at the Chinese Academy of Social Sciences’ National Institute of International Strategy. The views expressed here are the writer’s own. | Business | Insight | Complimentary | Long | null | 2024-06-19 00:00:00 | Commentary,LiQiangVisit,ChinaNewZealand,ChinaAustralia,ChinaMalaysia,BilateralRelations,EconomicCooperation,AsiaPacific,RegionalDevelopment | Premier Li Qiang’s visits to New Zealand, Australia and Malaysia are significant for many reasons. For instance, his visit to New Zealand coincided with the 10th anniversary of the establishment of a comprehensive strategic partnership between China and New Zealand. | https://www.thestar.com.my/business/insight/2024/06/19/lis-tour-to-boost-regional-cooperation | |
1,374,304 | S’pore’s non-oil domestic exports dip 0.1% in May | SINGAPORE: Singapore’s non-oil domestic exports (Nodx) performed better than expected in May, dipping 0.1% after shrinking a revised 9.6% in April.
This marks the fourth straight month of contraction, but it was still the mildest decline in 20 months, trade agency Enterprise Singapore (EnterpriseSG) said on June 18.
It also beat the 1% drop forecast by analysts in a Reuters poll.
Electronic exports posted the first double-digit growth in 22 months. They grew 21.9% year-on-year (y-o-y) in May, extending the 3.3% increase in April.
The growth in electronic Nodx was driven by integrated circuits (ICs), also referred to as chips or semiconductors.
Year on year, ICs expanded by 35.8% to S$1.9bil.
ICs – which make up about half of electronics exports – are a vital component of various electronic devices.
Shipments of disk media products and personal computers (PCs) also contributed to the growth in electronic Nodx.
Exports of disk media products jumped 92% from a year ago to S$571.5mil, while PCs grew 27.2% to $286.9mil.
The pace of decline eased for non-electronics, which shrank 6% in May from the previous year.
This follows a 12.6% contraction in April.
The decline in non-electronic Nodx was driven by non-monetary gold, which contracted by 47.2% from a high base a year ago.
Pharmaceutical shipments fell by 37.5% while electrical circuit apparatus declined by 21.8%.
On a month-on-month seasonally adjusted basis, which removes the effects of seasonal variations in the numbers, Nodx declined 0.1% in May, after a revised 7.3% increase in April.
In value terms, May Nodx came to S$13.9bil, similar to the previous month’s S$13.9bil but lower than the year-ago level of S$14bil and 2023’s average of S$14.5bil.
Year on year, total trade expanded 14.2% in May to S$108.3bil, following the 15.6% growth in April.
EnterpriseSG said in May that Singapore now expects growth in key exports to come in at the lower end of the range of 4% to 6% growth forecast in 2024.
This followed a disappointing start to the year, when Nodx fell 3.4% to around S$42bil in the first quarter of 2024. — The Straits Times/ANN | Business | Economy | Complimentary | Short | null | 2024-06-19 00:00:00 | Economy,SingaporeExports,NonOilExports,ElectronicsGrowth,ICBoom,TechDemand,NonElectronicsDecline,TradeGrowth | Singapore’s non-oil domestic exports (Nodx) performed better than expected in May, dipping 0.1% after shrinking a revised 9.6% in April. | https://www.thestar.com.my/business/business-news/2024/06/19/spores-non-oil-domestic-exports-dip-01-in-may | |
1,374,305 | Sunak and Biden are making the same mistake on housing | British Prime Minister Rishi Sunak and US President Joseph Biden are both promoting the same kind of mistake: giving people money when they should instead be working harder to expand supply.
In both cases, the mistake is being made in the housing market, a longstanding venue for counterproductive policy ideas.
Last week’s Conservative Party manifesto does have one good idea for housing, namely a pledge to build 1.6 million additional units over the next five years.
That would lower rents and home prices, and enable British businesses to expand with greater ease, since potential employees could more easily cope with high housing costs.
At the same time, it’s worth remembering that the party made a comparable pledge in 2019 and failed to deliver.
Unfortunately, the proposals do not stop there, and it is more likely – on the off chance the Tories retain power – that they would succeed with their next idea: £1bil to first-time home buyers for home purchases of less than £400,000, with the intent of enabling them to buy the homes with deposits of only 5%, a low sum for the British market.
This is reminiscent of the “Help to Buy” programme from earlier in Sunak’s term.
This policy violates the basic laws of economics. If you give people cash or credit subsidies to buy homes, the demand for housing will go up, and so will the price.
Housing will not in general become more affordable, although anyone who receives disproportionate subsidies will gain.
Society as a whole will not.
Housing policy often faces a tension between two constituencies: people who are trying to buy a home and those who already own one.
The way to help the first is to make housing more affordable by expanding supply.
The way to help the second, who are often older voters, is to make housing more valuable. If you try to satisfy both groups, you will end up with failure on both fronts.
Politically speaking, it is easier to give out money to voters than to create incentives to build more housing.
So all too often supply is restricted and demand is subsidised. The result is high prices and the stifling of any market incentives to build more housing.
Over time, even if the subsidy buys some votes early on, its value is reaped by existing homeowners.
It is not surprising that both of these ideas are being pushed before an election.
Unfortunately, the United States already was setting a bad example for the British.
Recent plans from the Biden administration called for a broadly similar approach to housing policy, namely subsidising demand.
Earlier this year, Biden called for US$10,000 tax credits for Americans buying starter homes and for those selling them.
That too will boost the demand for housing and raise prices, and thus much of the value of the subsidy will be captured by current homeowners.
The Biden plan could increase home prices further yet.
If Americans come to expect that the government will act repeatedly to prop up home prices, housing will appear to be a safer investment. Thus there will be yet another reason for demand to rise.
Like Sunak’s, Biden’s plan also calls for more construction, namely two million new or renovated affordable homes.
The problem is that in the United States, most of the obstacles to new construction come at the city, county and state levels.
The Biden plan mentions tax credits for cheaper homes, and there are efforts to jawbone local governments to allow more building.
But again, the federal government is better at handing out cash than inducing America’s decentralised political system to deregulate construction.
So if this plan were to move forward, the likely outcome – as in Britain – would be subsidised demand and stifled supply, leading to higher home prices.
Nonetheless, in the short run, these subsidies still could prove political winners.
If a politician sends voters money, they tend to like that politician, as not many people consider the fine points of inelastic supply, subsidy incidence and long-run secondary consequences when they cast their ballot. — Bloomberg
Tyler Cowen is a Bloomberg Opinion columnist and a professor of economics at George Mason University. The views expressed here are the writer’s own. | Business | Insight | Complimentary | Medium | null | 2024-06-19 00:00:00 | Commentary,HousingCrisis,DemandSideFix,SupplySideSolution,SubsidyTrap,InelasticSupply,BrokenPolicy,ElectionEconomics,BuildingMoreHomes | British Prime Minister Rishi Sunak and US President Joseph Biden are both promoting the same kind of mistake: giving people money when they should instead be working harder to expand supply. | https://www.thestar.com.my/business/insight/2024/06/19/sunak-and-biden-are-making-the-same-mistake-on-housing | |
1,374,306 | Jakarta rushes to finish new airport for Nusantara | JAKARTA: The Indonesian government is rushing to finish a new airport for the Nusantara Capital City (IKN) ahead of the city’s inauguration, but experts warn the breakneck pace could compromise safety and quality.
Nusantara Airport, initially designated to serve only important guests of the state, is slated for completion by Aug 1 with a trial run in July, according to Transportation Minister Budi Karya Sumadi, just in time for an inauguration that will coincide with Independence Day on Aug 17.
However, the operational certification is still pending.
“This is indeed a rush job,” Indonesian Transportation Society (MTI) deputy chairman Djoko Setijowarno told The Jakarta Post last Friday.
“But quality control should not be violated, even though the construction process is racing against time and high rainfall.”
Technical requirements, particularly with regard to runway paving, require time for proper settling, he explained. Rushing these stages could lead to future issues and costly repairs, similar to highway projects that deteriorated shortly after being inaugurated.
“If the airport’s construction cannot be expedited, I suggest to just say so. The president’s activities in the IKN are not so frequent that we need to force this and risk problems later,” said Djoko, who has visited the airport site several times.
Nusantara Airport, construction of which began in November last year, sits on a 347ha plot and features a 7,350sq m terminal. While the originally planned 3,000m runway could accommodated large commercial aircraft, the current focus is on completing a shorter, 2,200m runway by July to meet the August deadline, according to Danis Hidayat Sumadilaga, who heads the IKN infrastructure development task force.
The completed airport will have the capacity to accommodate three large commercial aircraft, one small aircraft and three helicopters.
“It is promised that work on the runway will reach 2,200m by July 2024, and that the work will be 100% complete by the end of December 2024,” Danis was quoted as saying by news agency Antara on April 21.
The project, estimated to cost 4.3 trillion rupiah, is funded entirely from the 2023 state budget.
Aviation expert Gerry Soejatman considers the timely completion and certification “very possible”, given the airport’s limited scope.
Since it is not being designed for commercial use, only essential public facilities need to be operational initially. This focus on a smaller, non-commercial airport allows for faster construction than what would be required for a full-fledged commercial facility.
“The airport is not designed for commercial flights, and investors saw no guaranteed return on investment,” Soejatman told the Post last Thursday. However, this might not necessarily spell the end for the airport’s commercial viability.
“There’s no firm stance from the government that the airport will be VVIP only,” he added. “We know the IKN needs private investment for its development.”
Public Works and Housing Minister Basuki Hadimuljono previously noted the possibility of Nusantara Airport becoming a commercial facility in the future, as reported by Detik.
Experts say uncertainty regarding the new capital’s role, specifically whether it will serve solely as an administrative centre or also as an economic hub, has created doubts about the airport’s viability for commercial flights.
Setijowarno of MTI advised against using Nusantara Airport for commercial purposes, emphasising its initial purpose to serve guests and the fact that it only has one runway, akin to Halim Perdanakusuma International Airport in Jakarta.
Aviation expert Alvin Lie stressed that Nusantara Airport was not designed to handle intensive public traffic and logistics, making its operational and maintenance costs unfeasible for commercial use.
“It was built to accommodate a limited number of high-ranking officials with low utilisation rates,” Lie said last Thursday.
“Nusantara’s design as an administrative hub does not support commercial viability.” — The Jakarta Post/ANN | Business | Aviation | Complimentary | Medium | null | 2024-06-19 00:00:00 | Aviation,NusantaraAirport,IKN,Indonesia,NewCapital,SafetyConcernsm,CommercialFlights | The Indonesian government is rushing to finish a new airport for the Nusantara Capital City (IKN) ahead of the city’s inauguration, but experts warn the breakneck pace could compromise safety and quality. | https://www.thestar.com.my/business/business-news/2024/06/19/jakarta-rushes-to-finish-new-airport-for-nusantara | |
1,374,307 | M’sia, China to ink five-year economic programme | SHAH ALAM: The Five-Year Programme for Economic and Trade Cooperation between China and Malaysia is expected to be signed soon during the inaugural visit of Chinese Premier Li Qiang to Malaysia, says Investment, Trade and Industry (Miti) Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said both countries have agreed to implement the second cycle of the Malaysia-China Five-Year Programme for Economic and Trade Cooperation that would further deepen linkages between industries in priority sectors like high-level manufacturing and digital economy.
Tengku Zafrul noted that the programme would also deepen cooperations in robotics, entrepreneur development, innovation and startup, as well as research and development in agriculture and primary industries.
In addition to the economic and trade cooperation, he said two government-to-government memoranda of understanding (MoUs) were expected to be signed during the visit, including a MoU on strengthening investment cooperation in the digital economy as well as a MoU on promoting investment cooperation in green development.
“These MoUs will set forth the direction for companies from Malaysia and China on investment and business opportunities in various sectors,” he said during the launch of Chery Malaysia assembly plant here yesterday.
Li Qiang will embark on a three-day official visit to Malaysia starting yesterday, marking his first visit to the country as premier, in conjunction with the 50th anniversary of diplomatic relations between Malaysia and China.
“For Malaysia, the 50th anniversary is not just a celebration of a milestone but a pivotal point to chart the future of our economic cooperation that focuses on national and regional development,” he said.
Under the economic pillar, he pointed out that around 60 programmes will be held either in Malaysia or China, led by various government agencies, the business community and think tanks.
Programmes organised by Miti include Invest Malaysia in September 2024 and the Malaysia-China Summit 2024 to be held in December 2024.
He also said trade and investment relations between both countries have deepened since 2009 and Malaysia’s trade with China made up 17.1% of Malaysia’s global trade, valued at US$98.8bil or RM450.84bil.
From 1980 to 2023, 497 manufacturing projects with participation from China valued at US$18.5bil (RM74.2bil) have been implemented, creating more than 82,000 job opportunities for Malaysians, he said.
On Chery Malaysia, he said the Chinese automobile manufacturer has pledged an investment of RM1bil last year, which supports Malaysia’s New Industrial Master Plan 2030 and underscores Chery’s confidence in the country’s policies and fostering growth within the automotive sector. — Bernama | Business | Economy | Complimentary | Medium | Ganeshwaran Kana | 2024-06-19 00:00:00 | Economy,EconomicCooperation,TradeAgreement,MalaysiaChina,InvestmentOpportunities,DigitalEconomy,GreenDevelopment,ManufacturingGrowth | The Five-Year Programme for Economic and Trade Cooperation between China and Malaysia is expected to be signed soon during the inaugural visit of Chinese Premier Li Qiang to Malaysia, says Investment, Trade and Industry (Miti) Minister Tengku Datuk Seri Zafrul Abdul Aziz. | https://www.thestar.com.my/business/business-news/2024/06/19/msia-china-to-ink-five-year-economic-programme | |
1,374,308 | Applied Materials to double S’pore manufacturing and headcount | SINGAPORE: Applied Materials (AM) Inc, one of the world’s top suppliers of machines that make semiconductors, plans to double its Singapore manufacturing capacity, headcount and research activities in the coming years.
The US company will soon announce the expansion of one of its innovation centres here that focuses on advanced packaging of semiconductors – the integration of a multitude of components into a single package to enhance performance and power efficiency without a significant increase in the size and cost of the product.
AM is one of the largest employers and contributors in the output of Singapore’s semiconductor equipment industry, which has a global market share of 20%. Singapore is also its South-East Asian headquarters.Earlier this year, the company’s new S$600mil plant in Tampines Industrial Crescent started operations. The new plant will employ 1,000 workers once it is fully functional.
“We have a significant manufacturing, supply chain and research and development footprint here in Singapore,” said Gary Dickerson, president and chief executive of the Santa Clara, California-based company.
“We have over 2,500 employees in Singapore and I believe there is a great opportunity for us to more than double the size of Applied Materials and create many great jobs here,” he told The Straits Times at the company’s office in Changi North Industrial Estate.
The Advanced Packaging Development Centre was established in 2011 as a joint lab partnership with the Institute of Microelectronics (IME), a research institute of Singapore’s Agency for Science, Technology and Research (A*Star).
Since then, AM and IME together have invested about US$500mil in upgrading and expanding the lab at Science Park II.
According to A*Star, the lab created over 100 high-value jobs for researchers, scientists and engineers between 2011 and 2021.
“Advanced packaging is an incredibly important innovation for energy-efficient computing,” said Dickerson, who on June 11 received the Public Service Star (Distinguished Friends of Singapore) award from Singapore President Tharman Shanmugaratnam at the Istana.
“So, whether it is in edge computing or in high-performance computing for an artificial intelligence (AI) data centre, energy consumption is going higher and higher, and those data centres are becoming hotter and hotter.”
Hence, packaging technologies will see significant innovation, he said.
Dickerson said while AM has the broadest portfolio of packaging technologies, the company will have to collaborate with more partners to speed up innovation in this area. Singapore, with an established innovation platform and diverse ecosystem, is the perfect place to co-innovate.
Experts believe advanced multi-chip packaging will be an imperative for key applications such as mobile devices, automotive computing and generative AI.
Boston Consulting Group in a May 2024 research note said value creation is migrating towards companies that can design and integrate complex, system-level chip solutions using concepts like advanced packaging.“Merely making individual components will rapidly lose lustre, replaced by collaborative efforts that bring together the best in design, packaging and system integration to meet the demands of the market,” it said. — The Straits Times/ANN | Business | Corporate News | Complimentary | Medium | null | 2024-06-19 00:00:00 | Corporate News,SingaporeExpansion,AMSemiconductor,AdvancedPackaging,ChipInnovation,SustainableComputing,AISingapore,TechJobs,CoInnovation | Applied Materials (AM) Inc, one of the world’s top suppliers of machines that make semiconductors, plans to double its Singapore manufacturing capacity, headcount and research activities in the coming years. | https://www.thestar.com.my/business/business-news/2024/06/19/applied-materials-to-double-spore-manufacturing-and-headcount | |
1,374,309 | Four political cases affecting Thailand’s economy | BANGKOK: This week is seeing the developments of four political cases in Thailand.
First, the Constitutional Court is set to review the case of 40 senators petitioning to remove Prime Minister Srettha Thavisin.
Second, the Constitutional Court is scheduled to consider the dissolution of the Move Forward Party.
Third, the prosecutor is summoning former prime minister Thaksin Shinawatra to court to face the charge of lese majeste for an interview he gave to a South Korean media outlet in 2015.
And finally, the Constitutional Court is to decide on the petition on whether the Organic Act on the acquisition of senators violates the Constitution.
These four political cases are major issues, shaking the confidence of investors, the public, and the nation, leading to the very real risk of an already troubled economy worsening further.
No matter the outcomes of these four cases, they will all impact the investment climate and the country’s economic progress in the near future. On Monday, the Thai stock market showed negative signs with a drop in stocks, falling below 1,300 points – a significant decline not seen in many years.
Meanwhile, recent political uncertainty has led to 17 consecutive days of foreign capital outflows, amounting to more than 32 billion baht, a strong negative signal indicating that the Thai economy is severely affected by internal political factors.
Foreign investors typically avoid investing in countries with political instability and an unfavourable investment environment. It is no surprise that since the beginning of the year, major global investments have overlooked Thailand.
Although Prime Minister Srettha Thavisin has been actively promoting the country’s ideas abroad, neighbouring countries have already taken a significant lead.
When the domestic atmosphere is unfavourable, it extends to the economy, exacerbating already weak consumer spending.
Additionally, the market is being encroached upon by Chinese capital, bringing in products at extremely low prices, leaving Thai entrepreneurs and the government at a loss, scrambling to find short-term solutions. This does not even consider the broader structural economic issues in Thailand, which continue to deteriorate. — The Nation/ANN | Business | Economy | Complimentary | Short | null | 2024-06-19 00:00:00 | Economy,ThaiPolitics,ConstitutionalCourt,PoliticalInstability,EconomicImpact,ForeignInvestment,InvestorConfidence,SretthaThavisin,ThailandEconomy | This week is seeing the developments of four political cases in Thailand. | https://www.thestar.com.my/business/business-news/2024/06/19/four-political-cases-affecting-thailands-economy | |
1,374,310 | Techbond in the spotlight | PETALING JAYA: Adhesive maker Techbond Group Bhd , which saw the emergence of PPB Group Bhd as its substantial shareholder last Friday, rallied by as much as 30% to 56.5 sen in the morning trading session yesterday.
At 56.5 sen, the counter was trading at its highest since March 2021 with more than 17 million shares changing hands after the conglomerate bought a 15% stake in Techbond.
It closed at 52 sen yesterday after profit-taking activities.
On June 14, PPB, which is controlled by Malaysia’s richest tycoon, Robert Kuok, said it acquired a 15% stake in Techbond.
It bought over 82.9 million shares and over 34 million unexercised warrants in Techbond from Sonicbond Sdn Bhd via a direct business transaction for RM37.67mil.
The shareholding will remain the same, PPB said, if it exercises all its warrants and assuming all other warrants are also exercised, but its total consideration for the acquisition will increase to RM48.9mil.
The shareholding of Sonicbond, which is the private vehicle of Techbond managing director Lee Seng Thye, will reduce to 54.39% after the disposal of the shares to PPB.
Kenanga Research is positive on the deal as PPB is getting a good deal because it is earnings accretive and the 15% stake is acquired at below its target price per share of 50 sen for Techbond.
“While Techbond is much smaller than benchmarked peers, we believe the price earnings ratio valuation is justified given the specialised nature of its business and exposure to niche markets that have less competition.
“On the other hand, Techbond is getting a strong strategic partner with extensive regional operations including strong presence in China and India as well as a global network.
“PPB could easily fund the acquisition with its net cash of RM734mil. We see the deal as more of a vote of confidence from PPB to Techbond,” the research house added.
Kenanga Research pointed out that Techbond’s acquisition of MAC has expanded its wood-based coverage from furniture-maker to timber panels such as chipboards.
It added that 70% of Techbond’s revenue is derived from exports to over 30 countries in Asia-Pacific, Europe, and Africa.
“While it started off serving the wood-based sector, it is now increasingly supplying to players in the fast-moving consumer goods space such as water-resistant sticky labels for beverage bottles, adhesives for cigarettes boxes as well as carton packaging solution to replace plastic straps.”
The research house said Techbond’s strength lies in its focus as an industrial adhesives and sealants solution provider. | Business | Corporate News | Complimentary | Medium | null | 2024-06-19 00:00:00 | Corporate News,Techbond,PPB,Acquisition,StrategicPartnership,NicheMarket,Export,Growth | Adhesive maker Techbond Group Bhd, which saw the emergence of PPB Group Bhd as its substantial shareholder last Friday, rallied by as much as 30% to 56.5 sen in the morning trading session yesterday. | https://www.thestar.com.my/business/business-news/2024/06/19/techbond-in-the-spotlight | |
1,374,311 | Companies in building material sector deliver improved earnings | PETALING JAYA: Companies operating in the building material sector reported a significant improvement in earnings in the recently concluded first quarter 2024 (1Q24) reporting season, according to Kenanga Research.
The research house pointed out that stocks under its coverage had either beat or met forecasts.
“Press Metal Aluminium Holdings Bhd beat our forecast driven by higher-than expected average selling price and stronger-than-expected performance from associate PT Bintan, while Engtex Group Bhd and United U-Li Corp Bhd met our expectations as they shook off margin suppression from high-cost inventories.”
Kenanga Research expects aluminium prices to stay firm on supply constraints following the closure of fossil fuel-powered smelters due to rising environmental awareness and Western sanctions against Russian aluminium producers.
“Aluminium prices have been on an uptrend since the beginning of the year on surprisingly strong consumption in China, while outside of China, the demand has been spurred by renewable energy projects and the electric vehicle production.
“Sustainable demand in China will depend on a revival of infrastructure and property projects of which the outlook is still uncertain.”
As for steel, it said prices have remained stable. This will translate to stable steel product prices, reducing earnings volatility of product producers.
Meanwhile, it said water pipe makers are poised for exciting times ahead on the revival of water projects. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,BuildingMaterialEarnings,AluminiumPriceUp,SupplyConstraints,SteelStablePrices,EVDemandBoost,WaterPipeUpswing | Companies operating in the building material sector reported a significant improvement in earnings in the recently concluded first quarter 2024 (1Q24) reporting season, according to Kenanga Research. | https://www.thestar.com.my/business/business-news/2024/06/19/companies-in-building-material-sector-deliver-improved-earnings | |
1,374,312 | Real estate in Phuket continues to be highly sought | PHUKET: Sopon Pornchokchai of the Thai Real Estate Research and Valuation Centre, Agency for Real Estate Affairs Co Ltd ( AREA), lamented that it is becoming increasingly difficult to find land in Phuket due to the ever-rising cost of land.
Pornchokchai was speaking at a seminar titled “Investment Opportunities in Phuket Real Estate – Latest Market Trends” held on June 14 at a hotel on the resort island.
“Based on a survey of market land prices from 2004 to 2024, we see that land prices have increased on average by 7.47 times, or 10.7% annually, which is quite high compared with other areas in Thailand,” he said.
The highest price increase was in Rawai Beach, where prices rose by 14 times, followed by Bang Tao Beach with an increase of 10.67 times and Mai Khao Beach with an increase of nine times.
Areas with slower increases include Sapam Bay, Karon Beach, and Sirey Island.
Currently, the highest market price is on Patong Beach, with AREA estimating this year’s price at 350 million baht per rai (1,600sq m or 17,222sq ft).
Other high-priced areas include Bang Tao Beach, Surin Beach, and Karon Beach, with prices estimated at 80 million baht per rai.
Market prices are significantly higher than government appraisals.
Going on to speak of new project launches in the first quarter of 2024, he said some 25 projects had come onto the market, totalling 4,000 units with a combined value of 54 billion baht, averaging 13 million baht per unit.
Most of the new launches, valued at 45 billion baht or 83% of the total, were for vacation condominiums, nearly all of which were in Thalang District.
Over the past year, about 10,000 real estate units have been sold in Phuket, totalling 90 billion baht or an average of nine million baht per unit, with most sales again occurring in Thalang District.
Vacation condominiums and villas sold very quickly, while properties for Thai residents went more slowly.
In the first quarter of 2024, there were around 500 real estate projects for sale in Phuket, comprising approximately 72,000 units with a development value of 460 billion baht. Of these, 62,000 units have been sold, leaving about 10,000 units available.
Overall, Phuket’s gross provincial product is 110.65 billion baht, with real estate activities valued at 6.28 billion baht or 5.7%.
However, in reality, the value of real estate development in Phuket is much higher, close to the case of Florida in the United States, where the real estate accounts for 24% of gross state product.
In 2023, Phuket attracted 8.38 million tourists, an increase of 152.29% from the previous year.
Russian nationals were the No. 1 source of tourists to the island this year, according to the Phuket Tourist Association.
The influx of tourists has also led to a surge in demand for holiday homes, especially Russians.
The Tourism Ministry said 767,210 Russians arrived in Thailand in the first four months of this year, and last year, 1.61 million Russians visited.
Compared with Bali, which had 5.27 million tourists, an increase of 144.61%, and the Maldives with only 1.8 million tourists, Phuket is the most popular tourist destination in the region and one of the leading tourist destinations in the world. — The Nation/ANN | Business | Property | Complimentary | Medium | null | 2024-06-19 00:00:00 | Property,PhuketRealEstate,LandPriceSurge,InvestmentOpportunity,VacationCondos,RussianTourists,HolidayHomeDemand,TourismBoom | Sopon Pornchokchai of the Thai Real Estate Research and Valuation Centre, Agency for Real Estate Affairs Co Ltd ( AREA), lamented that it is becoming increasingly difficult to find land in Phuket due to the ever-rising cost of land. | https://www.thestar.com.my/business/business-news/2024/06/19/real-estate-in-phuket-continues-to-be-highly-sought | |
1,374,302 | Trump plans to exempt tips from taxation | NEW YORK: Donald Trump’s new proposal to exempt tips from taxation would add between US$150bil to US$250bil to the federal budget deficit over 10 years, a budget watchdog group forecasts.
The cost estimate from the nonpartisan Committee for a Responsible Federal Budget (CRFB) suggests that the plan’s deficit impact would be comparable and potentially much larger than the US$172bil projected revenue loss from extending the 2017 tax cuts for small businesses and other so-called pass-through companies due to expire next year.
The tax exemption for tips is Trump’s latest effort to court younger voters.
He announced it at a campaign rally in Nevada, a crucial presidential battleground which has the highest proportion of food service and accommodation workers in the country, industries where employees have historically relied on tips.
“We need to spread the word so that every time you leave a tip for the next five months, you put on the receipt, ‘vote for Trump because there’s no tax on tips’,” the former president said at an event in Florida last Friday that celebrated his 78th birthday.
The CRFB warned the cost could be much higher if employers and employees responded to the tax exemption by shifting more overall compensation from wages to tips.
The group estimated that with a 10% shift towards tips the cost could rise to US$275bil and with a doubling of tips offset by lower wages, the lost revenue to the federal government could soar to US$500bil.
The price tag creates a financial obstacle to enactment of Trump’s proposal.
The presumptive Republican presidential nominee is already proposing extending individual and estate tax cuts enacted in 2017, which the Congressional Budget Office (CBO) projects would cost US$4.6 trillion over 10 years.
Brian Hughes, a spokesman for the Trump campaign, defended the proposal in a written statement and said: “Tip earners work for every dollar and shouldn’t be expected to fund Washington’s bloated spending for illegal migrant social programmes or out of control bureaucracy.”
Trump last Thursday floated to top business executives the idea of lowering the 21% corporate tax rate to 20%.
He told House Republicans the same day he would like to offset revenue losses from tax cuts by raising tariffs on imported goods.
Republicans are divided on whether such tax cuts should be offset by spending cuts or other sources of revenue.
The 2017 tax cuts were not paid fully paid for and the CBO estimates they added US$1.5 trillion to budget deficits.
House Speaker Mike Johnson and other key Republicans are advocating making large cuts to federal spending early on in a new Trump administration to put a priority of slowing the growth of the US national debt.
“There is going to be a rigorous debate next year,” said House Budget Committee chairman Jodey Arrington, a Texas Republican.
“With the size of the debt and the level of interest rates, we are in a much different environment than 2017.” — Bloomberg | Business | Economy | Complimentary | Medium | Ganeshwaran Kana | 2024-06-19 00:00:00 | Economy,TrumpTaxProposal,TipExemption,FederalDeficit,TaxPolicy,CampaignPromise,EconomicImpact,FederalBudget | Donald Trump’s new proposal to exempt tips from taxation would add between US$150bil to US$250bil to the federal budget deficit over 10 years, a budget watchdog group forecasts. | https://www.thestar.com.my/business/business-news/2024/06/19/trump-plans-to-exempt-tips-from-taxation | |
1,374,295 | Judge dismisses Exxon case against activist group Arjuna | HOUSTON: A United States judge dismissed a lawsuit Exxon Mobil had filed against activist group Arjuna Capital after the group had agreed not to pursue future proxy filings at the company’s annual meetings.
The lawsuit by the largest US oil company had raised alarm among activists and public pension investors who argued it would muzzle debate among shareholders and public companies.
US District Court Judge Mark Pittman ruled Exxon’s claim was no longer valid after Arjuna “unconditionally and irrevocably” agreed not to submit a future proposal regarding Exxon’s greenhouse gas emissions.
“The court cannot advise Exxon of its rights without a live case or controversy to trigger jurisdiction” and Arjuna’s pledge not to file a similar resolution in the future “has eliminated any case or controversy”, Pittman wrote.
Pittman’s dismissal was without prejudice, meaning Exxon could refile its case in the future.
An Exxon spokesperson declined immediate comment. Arjuna did not respond to requests for comment.
Arjuna and Follow This, a Netherlands-based environmental group, had proposed a resolution calling on stockholders to request the oil major set new targets for reducing some of its greenhouse gas emissions.
Exxon sued the pair in January and refused to drop the case after they agreed not to bring the petition forward, citing “the likelihood” the two could file similar resolutions in the future. Pittman last month had dropped Follow This from the case as the group was outside his court’s jurisdiction.
“Unfortunately, we expect the company to continue this aggressive agenda rather than returning to their past practice of constructive dialogue with their owners,” said Tim Smith, a senior policy adviser for the Interfaith Centre on Corporate Responsibility, whose members include Arjuna.
While investors likely will be relieved by the dismissal, Exxon “used the proxy and the shareholder meeting to denigrate any proponents presenting resolutions as well as challenging the authority of the Securities and Exchange Commission in the proxy process,” Smith said, reiterating concerns raised by the shareholder advocacy group earlier this year. — Reuters | Business | Corporate News | Complimentary | Short | Ganeshwaran Kana | 2024-06-19 00:00:00 | Corporate News,ExxonMobil,ArjunaCapital,LawsuitDismissal,ShareholderRights,EnvironmentalActivism | A United States judge dismissed a lawsuit Exxon Mobil had filed against activist group Arjuna Capital after the group had agreed not to pursue future proxy filings at the company’s annual meetings. | https://www.thestar.com.my/business/business-news/2024/06/19/judge-dismisses-exxon-case-against-activist-group-arjuna | |
1,374,318 | BWYS to build new sheet metal factory in Penang | GEORGE TOWN: ACE Market-bound BWYS Group Bhd will use the bulk of its initial public offering (IPO) proceeds to set up a new factory in Penang and expand its sheet metal business.
Group managing director Kang Beng Hai said the new plant, currently under construction near the existing facility in Sungai Bakap, would overcome Penang’s space limitation and accommodate an additional production line.
“Upon completion, our warehouse capacity will increase by more than 11-fold from 13,183 sq ft to 150,231 sq ft, allowing us to store more raw materials and finished goods.
“We will add new machinery and equipment, including a new automated powder coating line, as well as roll forming machines and related equipment to improve our manufacturing capabilities for roof trusses and industrial racking systems,” Kang said.
He said that to capture new growth opportunities in the roofing market, the group would expand its product range to include polyurethane foam sandwich panels, offering insulation from heat and noise.
According to Kang, BWYS will also implement information and communications technology systems to digitalise its production and inventory management processes and improve its production workflow.
BWYS has market access to the United States and other countries, including Singapore, Indonesia, Australia, Bangladesh, the Philippines, the United Arab Emirates, Brunei and Kuwait.
The group plans to expand its geographical reach to South-East Asia, the Middle East and South America.
“Looking ahead, BWYS is poised to capitalise on Malaysia’s economic growth, notably in the construction sector, which will lead to increased demand for roofing sheets, trusses, welded pipes and scaffoldings.
“Furthermore, anticipated growth in other key industries, such as manufacturing and wholesale and retail trade, strengthens this positive outlook.
“The New Industrial Master Plan 2030, supporting manufacturing and related service sectors, including the metal sector, will further drive demand for sheet metal products, aligning well with BWYS’s strategic growth initiatives,” Kang said.
Backed by a 25-year track record in the sheet metal products industry, BWYS has a strong market presence across Malaysia through its eight manufacturing facilities in Penang, Selangor, Johor, Kelantan, Sarawak and Sabah.
BWYS aims to raise RM56.4mil upon listing on the ACE Market on July 22.
The IPO involves issuing 256.3 million new ordinary shares, representing 25% of its enlarged share capital, and an offer to sell 100 million existing shares, or 9.8% of its enlarged share capital, through a private placement to selected investors.
From the 256.3 million shares, 51.3 million will be made available to the public, 61.5 million shares to its eligible directors, employees and persons who have contributed to BWYS’s success, and 128.2 million through private placement to approved bumiputra investors.
The remaining 15.4 million shares are reserved for private placement to selected investors. Based on 22 sen per share and its enlarged share base of 1,025.2 million shares, BWYS’ market capitalisation upon listing is approximately RM225.5mil.
On BWYS’s financial performance, the group’s revenue grew from RM130.9mil in the financial year ended Dec 31, 2020 (FY20) to RM246.1mil in FY23, representing a three-year 23.4% compound annual growth rate (CAGR).
Meanwhile, profit after tax also grew from RM3.4mil in FY20 to RM17.6mil in FY23, translating into a three-year 73% CAGR. In FY23, the sheet metal products segment contributed 73% to the group’s revenue, followed by the revenue from the scaffolding segment at 24.9% and the group’s steel product business at 2.1%. | Business | Corporate News | Complimentary | Medium | null | 2024-06-19 00:00:00 | Corporate News,BWYSIPO,PenangFactory,SheetMetal,RoofingProducts,DigitalManufacturing,BWYSGrowth | ACE Market-bound BWYS Group Bhd will use the bulk of its initial public offering (IPO) proceeds to set up a new factory in Penang and expand its sheet metal business. | https://www.thestar.com.my/business/business-news/2024/06/19/bwys-to-build-new-sheet-metal-factory-in-penang | |
1,374,325 | Favourable upstream prospects on Brent prices | PETALING JAYA: The outlook for the Malaysian upstream oil and gas (O&G) segment is expected to be favourable, with Brent crude oil prices likely to hover around US$80 per barrel in the near term.
However, overcapacity globally and slow recovery in global demand continues to result in a tepid outlook for the downstream segment. Further improvement in downstream product prices will hinge on the outlook for major economies particularly China and Europe, according to Kenanga Research.
“Year-to-date, Brent crude prices have averaged at US$84.2 per barrel, with a slight weakness shown recently due to concerns on global demand growth.
“However, we maintain our financial year 2024 (FY24) to FY25 Brent average target of US$84 to US$79 per barrel, respectively.
“We expect the Organisation of the Petroleum Exporting Countries and its allies (Opec+) to maintain production cuts in the near term before slowly unwinding the cuts in the later part of 2024,” the research house said in a report yesterday.
Sunway University professor of economics Dr Yeah Kim Leng said the near and short-term outlook of both upstream and downstream is positive, given rising global energy demand to support industrial and consumption growth amid occasional supply disruptions.
“Despite the oil and gas demand forecast to peak around 2030, its share of total energy supply remains high relative to past output and renewables,” he told StarBiz.
The green transition is expected to be gradual and the economics of renewable energy will be a key factor shaping the long term prospects of the O&G sector.
“Opec’s decision to cut production will moderate any sharp or prolonged decline in fossil fuel prices, thereby helping to stabilise prices at the current level,” he said.
For 2025, Kenanga Research expects an easier crude oil market in terms of supply. Nevertheless, it added that the Brent crude price level would still be conducive for oil and gas producers to ramp up their capital expenditure (capex) budget.
“That aside, another reason for the anticipated increase in upstream capex is also due to the underspending by oil producers in the last decade which resulted in aging infrastructure and tight market in the upstream service provider space,” the research house said.
Citi Research said quarter-on-quarter Brent crude oil prices are expected to move sustainably into the US$70 range in the second half of 2024 (2H24), and to US$60 in 2025.
The research firm is maintaining its base case that Opec+ will likely hold production cuts through 2024 and 1H25, before unwinding in 2H25.
“Overall, we maintain our base case that Opec+ likely ends up holding full production cuts through 1H25 in response to soft market conditions, but also note that this supports our view that the group is facing increasing pressure going into 2025 to exit the production cuts,” it said in a recent report.
Kenanga Research said the share of Petroliam Nasional Bhd’s (PETRONAS) domestic capex in 1H24 increased by 20% year-on-year (y-o-y), which indicates the group’s growing focus on the local upstream market. Overall, PETRONAS’ capex was up slightly by 2% y-o-y in that quarter.
“We expect PETRONAS to meet its RM60bil capex budget in 2024, with a greater emphasis on upstream investments, particularly in the local market, to address the urgent need for mitigating natural production declines,” said the research house. | Business | Economy | Complimentary | Medium | null | 2024-06-19 00:00:00 | Economy,MYOGMarket,BrentCrude,OpecCuts,UpstreamOutlook,DownstreamTepid,RenewableTransition,PETRONASCapex | The outlook for the Malaysian upstream oil and gas (O&G) segment is expected to be favourable, with Brent crude oil prices likely to hover around US$80 per barrel in the near term. | https://www.thestar.com.my/business/business-news/2024/06/19/favourable-upstream-prospects-on-brent-prices | |
1,374,317 | Lower quarterly loss anticipated for Top Glove | PETALING JAYA: Top Glove Corp Bhd is anticipated to reduce its losses in the third quarter of financial year 2024 (3Q24) on improving investor sentiment from favourable operating dynamics.
RHB Research pointed out that the glove maker could deliver a core loss of RM40mil to RM45mil in 3Q24 from a core loss of RM66mil in 2Q24, underpinned by a few factors.
They include improving operating efficiency on expectations of a higher plant utilisation rate, and recovery in the average selling price (ASP).
The catalysts could be offset by the recent 5% to 6% uptick in natural gas tariff and escalation of raw material prices including the 12% hike in natural latex price and 3.6% rise in acrylonitrile price, the research house said.
Top Glove is scheduled to report its 3Q24 results today.
The research house, which upgrading the stock to a “buy” from “neutral”, said the industry operating dynamics had turned favourable for glove manufacturers as customers are more receptive to the ASP increase in the coming months.
“On the other hand, we understand that Chinese glove makers have also raised their ASPs to between US$17 and US$18 from US$15 and US$16 according to our channel checks,” it added. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,TopGloveRecovery,GloveMakerLosses,ASPRecovery,NaturalGasCost,RawMaterialPrices | Top Glove Corp Bhd is anticipated to reduce its losses in the third quarter of financial year 2024 (3Q24) on improving investor sentiment from favourable operating dynamics. | https://www.thestar.com.my/business/business-news/2024/06/19/lower-quarterly-loss-anticipated-for-top-glove | |
1,374,315 | Tokyo seeks to expand semiconductor production | TOKYO: In a bid to strengthen supply chains and economic security in the wake of the global shortage of semiconductors caused by the Covid-19 pandemic, the Japanese government is encouraging businesses and other organisations to expand domestic production of semiconductors.
Plans to build factories for semiconductor-related industries have been mapped out across the country.
A wide range of businesses support the semiconductor industry, and local governments are expecting positive ripple effects from these initiatives.
A plot of land on the east side of New Chitose Airport, a gateway to Hokkaido, was recently crowded with cranes.
A factory for Tokyo-based chipmaker Rapidus Corp is being built there at a rapid pace.
Rapidus was established in 2022 and is funded by major Japanese companies. It also receives financial support from the central government.
In February last year, Rapidus announced it would build a plant in Chitose, Hokkaido, to mass produce next-generation chips with a circuit line width of two nanometers.
The company plans to start the operation of a prototype production line at the plant in April next year, to prepare for full-scale operations to begin in 2027.
About 1,000 employees are expected to live in Chitose when operations start at the plant, so condominiums are being built in the centre of the city.
In the financial year 2023, about 40 construction permits for apartment buildings were issued in the city, more than double the number the previous year.
“We decided to enter the Hokkaido market after seeing the construction boom in Kumamoto Prefecture that took place after Taiwan Semiconductor Manufacturing Co moved into the area,” said Masahiro Otsuka, president of Well Holdings Co.
Well Holdings is a real estate development company in Fukuoka City that is constructing a rental apartment building in Chitose.
Construction of the plant has also created cleaning, security and other jobs.
The Chitose Chamber of Commerce and Industry, which serves as a contact point for relevant business and other activities, has received a number of inquiries related to Rapidus.
The number of special members of the chamber – business operators based outside the city – increased to 46 at the end of March 2024 from 26 at the end of March 2023.
Land prices also soared. According to official values as of March released by the Land, Infrastructure, Transport and Tourism Ministry, four of the 10 locations nationwide that saw the greatest rise in residential land prices were in Chitose.
Three of the 10 commercial plots that saw the highest increase in land prices also were in the city.
“Due partly to high materials costs, it’s becoming difficult for the general public to buy real estate in the city,” a property company president said.
Chitose Mayor Ryuichi Yokota said in May the city wants to continuously supply residential land space as needed so there will no shortage of plots.
Leading Taiwan semiconductor contract manufacturer Powerchip Semiconductor Manufacturing Corp (PSMC), in partnership with Tokyo-based major securities house SBI Holdings Inc, plans to start operations at a new plant in 2027 in Ohira, Miyagi Prefecture.
The village of Ohira is home to Toyota Motor East Japan Inc, and the surrounding area hosts many automobile-related companies.
Since the automotive and semiconductor industries share common ground, local governments in surrounding areas are establishing new departments or positions to support the semiconductor industry to take advantage of the opportunity. — The Japan News/ANN | Business | Corporate News | Complimentary | Medium | null | 2024-06-19 00:00:00 | Corporate News,JapanChipProduction,RapidusFactory,HokkaidoSemiconductorBoom,ChipSupplyChain,RealEstateImpact,LandPriceSurge | In a bid to strengthen supply chains and economic security in the wake of the global shortage of semiconductors caused by the Covid-19 pandemic, the Japanese government is encouraging businesses and other organisations to expand domestic production of semiconductors. | https://www.thestar.com.my/business/business-news/2024/06/19/tokyo-seeks-to-expand-semiconductor-production | |
1,374,319 | Potential for SD Guthrie to ramp up its RE business | PETALING JAYA: SD Guthrie Bhd is in a favourable position to ramp up its future renewable energy (RE) business, partly thanks to the recently launched Kerian Integrated Green Industrial Park (Kigip) master plan in Perak.
Maybank Investment Bank Research said besides Kigip, Penang could also be a potential buyer of RE from SD Guthrie’s solar farm at Kigip to offset carbon dioxide generated at its Silicon Island project.
“While the master plan has been launched, it is still unclear what SD Guthrie’s final equity structure in Kigip will be. What we know is Kigip will provide SD Guthrie with land disposal gains (when it opens up in stages) while its solar farm (likely 100% owned) will provide future recurring income.
“The project could house 157MW to 178MW of solar capacity, and form part of the company’s ambition to grow its RE capacity to 1,000MW in the next three to five years,” the research house added.
Kigip borders the states of Penang and Kedah. The master plan would be developed through the collaboration of the federal government, Perak state government, SD Guthrie, and Permodalan Nasional Bhd.
Solar will be Kigip’s main source of power, and the project aims to attracting high quality investments especially in sectors such as electrical and electronics.
This 1,000-acre Kigip site, to be developed in stages, would be supported by SD Guthrie’s 660 acre solar farm that would be built adjacent to the site.
Besides Kigip, there are other opportunities and potential projects in line with federal and state governments’ initiatives.
The brokerage said its earnings forecasts have yet to incorporate contributions from Kigip or large scale solar farms, noting that it is maintaining its “buy” call on the stock with a target price of RM4.96 per share. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,SDGuthrieRE,KerianGreenPark,RenewableEnergy,SolarFarm,PenangSiliconIsland | SD Guthrie Bhd is in a favourable position to ramp up its future renewable energy (RE) business, partly thanks to the recently launched Kerian Integrated Green Industrial Park (Kigip) master plan in Perak. | https://www.thestar.com.my/business/business-news/2024/06/19/potential-for-sd-guthrie-to-ramp-up-its-re-business | |
1,374,320 | Hibiscus reserve profile likely to increase | PETALING JAYA: Hibiscus Petroleum Bhd ’s proposed acquisition of Brunei’s TotalEnergies EP may help boost the group’s earnings profile in the second half of financial year 2025 (2H25) and beyond.
The deal would also increase its gas portfolio mix as a new asset – the latter’s block B Maharajalela Jamalulalam is 84% a gas field.
Maybank Investment Bank Research said post-acquisition, the production and reserve profile of Hibiscus is expected to increase substantially by over 35%.
It added that the acquisition price for TotalEnergies, for a cash consideration of US$259.4mil is fair.
This is based on the realised long term price assumptions of indepedent broker RPS Energy.
The research house maintained its earnings estimates and has a “hold” call on Hibiscus pending deal completion.
Its target price of RM2.31 a share is unchanged, based on the discounted cash flow model.
On June 13, Hibiscus announced a proposed acquisition of the entire equity interest in TotalEnergies for cash US$259.4mil.
The acquisition implied an enterprise value over proven and probable reserves valuation of US$10 per barrel of oil equivalent (boe) based on Jan 1, 2024 reserves of 21.7 million boe.
The EV worked out to US$217.1mil – the purchase price of US$245mil less net cash of US$44.9mil plus balance payment of US$17mil – which the research house said is fair, referring to an earlier Repsol deal in June 2021 which was done at a valuation of US$6.2 per boe.
This latest acquisition will be funded via internal funds and/or debt, according to the research house.
Assuming a natural field production decline of 4% annually starting FY28 and other factors, the incremental net present value of US$195.7mil will be overshadowed by an increase in the group’s net debt position to RM1.1bil from a net cash position of RM98.6mil as at end-FY25, which will be captured in its valuation matrix. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,HibiscusPetroleum,BruneiAcquisition,GasPortfolioBoost,EarningsGrowth | Hibiscus Petroleum Bhd’s proposed acquisition of Brunei’s TotalEnergies EP may help boost the group’s earnings profile in the second half of financial year 2025 (2H25) and beyond. | https://www.thestar.com.my/business/business-news/2024/06/19/hibiscus-reserve-profile-likely-to-increase | |
1,374,321 | 89 M’sian firms on inaugural Fortune SEA 500 list | PETALING JAYA: A total of 89 Malaysian companies, led by Malayan Banking Bhd (Maybank), have made it into Fortune’s inaugural list of Top 500 South-East Asian companies by revenue.
Notably, Maybank was the only Malaysian company to make it into the top- 20 list, at No 17 with US$14.15bil in revenue, Fortune said in a statement yesterday.
The global multi-platform media group noted that on the Top 20 companies by profitability, Maybank was joined by two other Malaysian banks, namely, CIMB Group Holdings Bhd and Public Bank Bhd .
Under this category, Maybank took the 11th spot, while CIMB was ranked 17th and Public Bank 19th.
Fortune said the inaugural rankings included companies from seven nations in the region – Indonesia, Thailand, Malaysia, Singapore, Vietnam, Cambodia and the Philippines. The minimum revenue threshold to be included on the list was US$460.8mil.
“The Fortune South-East Asia 500 reflects a dynamic and fast-changing region – one whose core economies are growing notably faster than those of Europe or the United States.
“This is partly due to South-East Asia taking on far greater significance in the global economy,” Fortune executive editor for Asia, Clay Chandler, said.
Overall, Indonesia dominated the Top 500 list, with 110 companies.
This was followed by Thailand with 107 companies and Malaysia with 89 companies on the list, edging out Singapore with 84. Vietnam was home to 70 companies on the list, the Philippines to 38 and Cambodia to two.
Fortune revealed that in revenue terms, Singapore-based commodities trader Trafigura was No 1 on the list, dominating the rankings with sales of US$244bil. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,MYTopCompanies,Maybank,Fortune500SEA,SEAEconomy,MalaysianBanks | A total of 89 Malaysian companies, led by Malayan Banking Bhd (Maybank), have made it into Fortune’s inaugural list of Top 500 South-East Asian companies by revenue. | https://www.thestar.com.my/business/business-news/2024/06/19/89-msian-firms-on-inaugural-fortune-sea-500-list | |
1,374,322 | BCorp explores NEV venture with China’s Skywell | KUALA LUMPUR: Berjaya Corp Bhd (BCorp) is mulling a venture into the new energy vehicle (NEV) market, following a strategic partnership with China’s Skywell New Energy Automobile Group Co Ltd.
Skywell is known for its production of low carbon emission vehicles, including electric buses, vans and trucks.
Separately, BCorp has also forged a partnership with Skyworth Group Co Ltd, another leading Chinese enterprise specialising in smart home appliances and technology. Both Skyworth and Skywell were founded and majority controlled by Stephen Wong.
BCorp founder and adviser Tan Sri Vincent Tan Chee Yioun said the dual collaboration marked a significant step towards revolutionising both the smart living and new energy sectors in Malaysia and South-East Asia.
“Skyworth brings unparalleled leadership in smart home appliances to the partnership.
“Skywell, on the other hand, will provide the technological capacity needed for new energy automobile manufacturing, establishing a steady foundation for entering the Malaysian market,” he said during his welcome speech at the memorandum of strategic cooperation signing ceremony yesterday.
He added that BCorp will leverage its extensive marketing network and robust presence across key industries in Malaysia.
The partnership with Skywell aims to establish Skywell as a prominent NEV brand in Malaysia and Asean, catalysing NEV growth across the region.
This endeavour includes exploring strategic partnerships to advance essential NEV technologies and bolster the NEV ecosystem in the country, thus enhancing the entire NEV landscape in Malaysia.
Regarding the partnership with Skyworth, Tan said BCorp will integrate Skyworth’s smart technology into its real estate developments seamlessly, elevating the living experience to new heights.
Meanwhile, Skyworth and Skywell controlling shareholder Wong believes that the joint efforts and cooperation of both parties will achieve mutual benefits and win-win objectives.
He said that the collaboration would leverage each company’s strengths to jointly promote the application of NEVs in Malaysia and explore the South-East Asian markets.
“Malaysia, a rich and resourceful land, not only has unique natural resources, but also shows strong vitality and potential in economic development and international cooperation,” he said.
“As a well-known enterprise in Malaysia, Berjaya Group has been committed to promoting its economic development and industrial upgrading. We are well aware that in today’s global economic integration, only by strengthening international cooperation can we achieve mutual benefit, win-win results and common development,” he added.
Founded in 1988, Skyworth is a wholly-owned subsidiary of Skyworth Group Ltd, which is listed on the Hong Kong Stock Exchange. Skyworth Group also owns Skyworth Digital Co Ltd, listed on the Shenzhen Stock Exchange, along with several high-tech enterprises and a national industrial design centre.
Meanwhile, Skywell is a unicorn enterprise integrating research and development, production, sales and service of NEVs and core components, with production bases in Shenzhen, Wuhan, Xuzhou, Hohhot and Weinan. | Business | Corporate News | Complimentary | Medium | null | 2024-06-19 00:00:00 | Corporate News,BCorp,Skywell,MalaysiaNEV,ASEANEV,SmartHomeMY,SkyworthMY,BerjayaPartnership,TechCollaboration | Berjaya Corp Bhd (BCorp) is mulling a venture into the new energy vehicle (NEV) market, following a strategic partnership with China’s Skywell New Energy Automobile Group Co Ltd. | https://www.thestar.com.my/business/business-news/2024/06/19/bcorp-explores-nev-venture-with-chinas-skywell | |
1,374,323 | Local healthcare spending among fastest in Asean | PETALING JAYA: Malaysia’s medium-term health expenditure growth will be among the fastest in Asean but it will face tough competition from Thailand and Singapore in attracting medical tourists, says BMI in a report.
“We continue to have a positive outlook for Malaysia’s health expenditure growth, with our view supported by double-digit increases in the government’s healthcare budget in 2023 and 2024 alongside continued advancements in the private sector,” BMI, a unit of Fitch Solutions, said.
The research house forecast that Malaysia’s health expenditure will grow by a 2023-2028 compound annual growth rate of 8.3%, with public expenditure growing by 8.5% and private expenditure by 8.1%.
“The ageing population, growing burden of chronic diseases and efforts to enhance public health infrastructure and improve access for underserved communities will drive public sector growth.
“Private healthcare providers will continue to attract patients with higher incomes including medical tourists and domestic patients looking to avoid long waiting times amid Malaysia’s shortage of physicians and nurses,” BMI said.
It added that Malaysia’s high single-digit expenditure growth will see it outpace regional peers such as Singapore, Thailand, the Philippines and Indonesia over the medium term.
In addition, BMI expected Malaysia’s annual per capita health expenditure to remain above global and emerging market averages, indicating strong capacity for spending on advanced medical products.
It anticipates partnerships to remain a feature of Malaysia’s efforts to enhance its medical tourism industry as it seeks to remain competitive amid strong regional competition.
BMI said medical tourists from developed and emerging markets visit Singapore for a range of health services including health screenings and cardiology services.
However, it believes Singapore may increasingly struggle to compete with Malaysia and Thailand in terms of offering affordable costs for certain procedures and could target patients seeking more complicated procedures, or those from developed markets with higher incomes.
Meanwhile, Thailand recently signed a memorandum of understanding with Saudi Arabia to attract medical tourists, and also relaxed medical visas last year to make healthcare more accessible for international patients, reducing the cost of visas and increasing the amount of time patients can remain in the country for.
In Malaysia, there were partnerships formed recently to enhance the healthcare services provided here. | Business | Business | Complimentary | Medium | null | 2024-06-19 00:00:00 | Healthcare,HealthcareGrowth,MedicalTourism,MalaysiaHealthcare,ASEANHealth,ChronicDisease,MedicalTravel,PublicHealthMY,MedicalPartnerships | Malaysia’s medium-term health expenditure growth will be among the fastest in Asean but it will face tough competition from Thailand and Singapore in attracting medical tourists, says BMI in a report. | https://www.thestar.com.my/business/business-news/2024/06/19/local-healthcare-spending-among-fastest-in-asean | |
1,374,316 | South Korean conglomerates to meet to navigate uncertainties | SEOUL: Top conglomerates in South Korea are set to hold strategic meetings this month to navigate the ongoing economic slowdown and geopolitical uncertainties according to industry sources.
Samsung Electronics Co Ltd, the country’s top conglomerate in terms of assets, will kick off its series of strategic meetings from yesterday, thorugh tomorrow.
Top executives are expected to convene to discuss the company’s global strategies in key technology sectors, including artificial intelligence (AI), which touches all of its businesses, from smartphones to home appliances to chips.
The company’s smartphone and home appliance business divisions will present their mid to long-term goals and strategies.
Its chip business division will hold its meeting on June 25, the first meeting after vice-chairman Jun Young-hyun took office as the head of the division in May.
Keen attention is also being paid to the upcoming meetings as they are held after Samsung Electronics chairman Lee Jae-yong’s two-week business trip to the United States.
Lee held some 30 meetings with tech chief executives officers, including those of Meta Platforms Inc, Amazon.com Inc and Qualcomm Inc.
SK Group, the country’s second-largest conglomerate, will hold its top executive meeting on Friday and Saturday, to review business plans across affiliates.
This year, the theme is known to be “going back to the basics”, the management philosophy established during the tenure of late chairman Chey Jong-hyun in the 1970s.
At the meeting, chairman Chey Tae-won, son of the late chairman, and other members of the founding family, including SK Innovation vice-chairman Chey Jae-won and SK Supex Council chairman Chey Chang-won, are expected to attend, along with other heads of SK companies.
Following chairman Chey’s recent divorce settlement ruling worth US$1bil, the meeting is also likely to discuss risk management measures.
Hyundai Motor Group, third in line in terms of assets, will convene a global strategy meeting later this month, with executive chairman Chung Euisun in attendance.
After years of aggressive expansion in the all-important US market, especially in the burgeoning electric vehicles (EVs) sector, its executives are expected to discuss strategies to navigate the Inflation Reduction Act and the post measures to the November presidential election.
Last year, Hyundai Motor and Kia hit the one million milestone in US exports, largely driven by upbeat sales of EVs and hybrids.
The executives are also expected to discuss growth plans in India and South-East Asia, the two strategic markets for the carmaker to de-risk with regards to Russia and China.
Hyundai Motor India recently filed for an initial public offering (IPO) on the Indian stock market, reportedly aiming to raise up to US$3bil, the largest in India’s IPO history.
LG Group, the No. 4, conducted strategic meetings for two weeks last month, with key affiliates, including LG Electronics and LG Innotek reporting their performances and sharing their business operation plans for the next half of this year.
According to news reports, chairman Koo Kwang-mo is off to the United States this week to meet with business partners, especially those in batteries, AI and biopharmaceuticals. — The Korea Herald/ANN | Business | Corporate News | Complimentary | Medium | null | 2024-06-19 00:00:00 | Corporate News,SouthKoreaConglomerates,EconomicSlowdown,SamsungStrategy,ChipMarket,SKBackToBasics,EVMarket,HyundaiIPO,LGPartnerships | Top conglomerates in South Korea are set to hold strategic meetings this month to navigate the ongoing economic slowdown and geopolitical uncertainties according to industry sources. | https://www.thestar.com.my/business/business-news/2024/06/19/south-korean-conglomerates-to-meet-to-navigate-uncertainties | |
1,374,324 | Slower retail sector likely in second quarter | PETALING JAYA: As more Malaysians feel the pinch of inflation and the rising cost of living, many have been forced to re-evaluate spending habits and practise belt-tightening where possible.
Surprisingly, the first quarter of this year (1Q24) fared well, according to the Malaysia Retail Industry Report 2024, with the consumer sector registering a 7.8% growth compared to the same period of last year.
This was driven by the Chinese New Year festivities and the month-long school holidays from February to March.
The distribution of Sumbangan Tunai Rahmah Phase 1 to 8.2 million Malaysians early in the year as well as incoming tourists from visa-free nations and the weaker ringgit also led to higher consumption.
However, not all in the industry are upbeat – department store operators, for example, are expecting their businesses to decline by 16.4% in the second quarter of 2024.
“Similarly, the supermarket and hypermarket operators are not optimistic of sales in 2Q24, expecting it to grow by only 1.4% for the quarter,” the report said.
As such, the Retail Group Malaysia has revised its growth expectations to 3.6% from 4%, on the premise of a likely more subdued second quarter.
Tradeview Capital Sdn Bhd chief executive officer Ng Zhu Hann told StarBiz inflationary pressures have been eroding the purchasing power of consumers.
On top of that, he said with the lack of increase in wage growth, most people’s disposable income took a hit.
“Festive spending in the first quarter led to higher outflow, so for the second quarter, people will be more thrifty to rebuild their savings,” he said.
On the lower expectations of department stores, Ng said they have been facing secular downtrend over the years because of eCommerce.
“So with the need to be more selective in spending, often consumers would compare prices online and look for the best deals.
“Department stores would face challenges in competing with online vendors, which may have promotions and direct-to-consumer sales that provide more value for money,” he added.
He pointed out that the boycott movement picked up pace in the second quarter, resulting in outlet closures and retrenchments, while impacting the top line for those affected.
Will the rest of the year continue to be on a downward trend?
Ng said there are a few factors that might push consumer spending up, like the civil servant salary hike and the option to withdraw from Employees Provident Fund’s (EPF) Account 3.
“We will see some improvement in 3Q24 and 4Q24, especially with the flexible withdrawal scheme under EPF Account 3, which provides for one-off movement of funds from Account 2 to Account 3 between May and August.
“The economy may witness a sudden inflow of capital into consumption spending, investment and others. Civil servants’ hike is also a catalyst to the spending due to the percentage increase in salary hike.
“All in all, it will contribute towards the consumer sector as a whole,” Ng said.
He added that an improvement towards the end of the year is likely due to the holidays and festivities.
“If the ringgit strengthens towards year-end, as indicated by Bank Negara, it is likely to provide some relief to our local spending and price adjustment for imported goods.”
HSBC head of Asia equity strategy Herald van der Linde said local consumer stocks benefitted from lower inflation, a trend seen globally.
“But we also see incoming investments in the technology industries and this creates employment. That too will support Malaysian consumer spending,” he told StarBiz. Meanwhile, Kenanga Investment Bank Research said it will maintain a “neutral” call on the consumer sector as it foresees ups and downs in the coming months.
It said sustained elevated inflation and consumer anxiety over the impending RON95 subsidy rationalisation will most likely keep the sector subdued.
According to the research firm, the retail department store segment may be worse off due to the lack of festivals after Hari Raya Aidilfitri in April.
“Consumer discretionary players like Padini Holdings Bhd and Aeon Co (M) Bhd will continue to face challenging times and may need to sacrifice margins to hold up sales,” it noted.
Contrary to Ng, Kenanga Research said the option to withdraw money from EPF Account 3 may not boost spending as much as it was expected to do.
At the moment, the EPF has approved 3.04 million applications for withdrawals, amounting to RM5.52bil.
It has also received 2.86 million applications during the period to transfer funds from Account 2 to Account 3, involving RM8.78bil.
The research house said that over time, the number of applications are likely to taper down, given the latest application number is close to an average 5.9 million applications received over the past four withdrawal schemes.
“Due to the smaller withdrawal amounts involved, the boost to consumer spending is expected to be milder than previous schemes,” it opined.
On the flip side, it said the 13% salary hike for civil servants may partially restore spending power, albeit much later in the year. | Business | Economy | Complimentary | Long | null | 2024-06-19 00:00:00 | Economy,MalaysiaRetail,Inflation,ConsumerSpending,RetailOutlook,EPFWithdrawal,CivilServantSalary,Ecommerce | As more Malaysians feel the pinch of inflation and the rising cost of living, many have been forced to re-evaluate spending habits and practise belt-tightening where possible. | https://www.thestar.com.my/business/business-news/2024/06/19/slower-retail-sector-likely-in-second-quarter | |
1,374,326 | Strong energy storage rates a boon for Dialog | PETALING JAYA: Analysts see an earnings recovery for Dialog Group Bhd in its financial year ending June 30, 2025 (FY25) driven by strong energy storage rates and a pick-up in business at its Jubail Supply Base in Saudi Arabia.
UOB Kay Hian (UOBKH) Research noted although storage costs are at peak levels at S$6 to S$7 per cubic m, most of Dialog’s independent terminal’s capacity at Pengerang Independent Terminals and Langsat Terminals had been renewed at the high rates, while about 50% capacity may see the next renewal only from December this year, which coincides with the second half of Dialog’s FY25.
The research house believes there is also room for Dialog to improve on its ancillary services income at its storage facilities which now stands at below 10% of storage income. Dialog’s Jubail Supply Base is set for a rebound in activity, UOBKH Research added.
“Dialog guided that its operational expenditure for the midstream business is under control. However, observing an established case where Fujairah storage rates reached US$12 per cubic m during the onset of the Russian-Ukraine crisis, we do not discount a possibility for a ‘premium’ on top of base rates, akin to the geopolitical risk premium on crude oil price”, UOBKH Research stated in a report on Dialog.
It added that since the Russia-Ukraine crisis broke out, the risks are still increasing, driven by energy security against geopolitical/shipping delay risks alongside emerging new demand for alternative/clean fuel storage.
Jubail Supply Base’s contribution to Dialog’s third quarter (3Q24) earnings fell quarter-on-quarter to RM19mil in pre-tax profit due to the Ramadhan period, but work scope is set to pick up in the midstream space in the coming months.
Meanwhile Hong Leong Investment Bank (HLIB) Research’s report on Dialog noted 24,000 cubic m of renewable fuel tanks at Langsat phase three is slated for completion by end 2024 and will be running at full capacity next year.
Another 200,000 cubic m additional capacity to be developed in Langsat is still in the feasibility studies stage and will likely reach final investment decision (FID) in 2025 in its view.
Dialog’s upstream production assets will continue to face production challenges and may require fresh investments. Its ongoing feasibility studies for Baram Junior Cluster is progressing well and will likely reach FID by end of 2024, the research houses noted
Earnings could also get some support from Dialog’s downstream segment after the company’s move to focus on executing internal engineering, procurement, construction and commissioning (EPCC) jobs for its Morimatsu-Dialog JV module production facility and malic acid plant, which are slated for completion in 1Q25 and 2Q26, respectively.
“Dialog will likely earmark most of its EPCC resources to internal jobs in the coming years, as it embarks on terminal expansion in Langsat and Pengerang,” HLIB Research said.
UOBKH Research added that if connectivity and infrastructure improvement was in the Special Economic Zone (SEZ) masterplan, then EPCC opportunities will be an immediate benefit for Dialog to pursue as well.
“It is also possible that long-term storage demand can be boosted by the SEZ and other related events, including the entry of RongSheng into Pengerang and Aramco’s rumoured acquisition of Shell’s retail stations in Malaysia,” it forecast.
It noted Dialog’s malic acid plant will be the first of its kind in South-East Asia and with access to Kuantan Port, over 60% of its 12,000 tonnes per annum production capacity is planned for exports upon completion in 2Q26.
Both the research houses maintained their “buy” calls on Dialog with UOBKH Research putting a target price (TP) of RM3.10 a share on the counter and HLIB Research a TP of RM3.
UOBKH Research’s TP is pegged to its FY25 valuations and at 29 times price earnings multiple while HLIB Research’s TP was based on a sum-of-part derived valuation method. | Business | Corporate News | Complimentary | Medium | null | 2024-06-19 00:00:00 | Corporate News,DialogGroup,EarningsRecovery,EnergyStorage,JubailSupplyBase,RenewableFuels,MalyicAcidPlant,SEZEconomy | Analysts see an earnings recovery for Dialog Group Bhd in its financial year ending June 30, 2025 (FY25) driven by strong energy storage rates and a pick-up in business at its Jubail Supply Base in Saudi Arabia. | https://www.thestar.com.my/business/business-news/2024/06/19/strong-energy-storage-rates-a-boon-for-dialog | |
1,374,327 | Gamuda among top three companies in Asia | PETALING JAYA: Gamuda Bhd is one of the top three best Asian companies in the industrial, including infrastructure, sector, making it the only Malaysian company on the list.
The ranking by Institutional Investor Research (II Research) was based on votes from 2,493 portfolio managers and buy-side analysts, and 492 sell-side analysts.
The company was also recognised as one of the “most honoured companies”.
II Research noted that 1,078 companies in Asia received votes in this year’s Asia Pacific (ex-Japan) executive team – rest of Asia survey. Of the companies, 136 received a first, second, or third place ranking in one or more of the categories like “Best CEO”, “CFO”, “IR professional”, “IR programme”, “ESG” and “Company board”.
A total of 45 companies were distinguished as “most honoured” for having the most cumulative success in the rankings, and Gamuda was one of them.
The group was ranked second for the “Best CEO” and “ESG” categories, first for “best investor relations professional” (Clarence Boudville), and third for “overall best investor relations”. Gamuda’s chief executive officer is Datuk Lin Yun Ling.
In a statement, Gamuda said the achievement solidifies its regional strategic growth across the Asia-Pacific market, underscored by the prestige of II Research, a global independent performance and qualitative market intelligence.
“The recognition further highlights Gamuda’s strong financial performance, exceptional management and proactive investor relations approach that have driven consecutive project victories in Australia, Taiwan, Vietnam, Singapore, the United Kingdom and Malaysia.
“The group will continue its nearly five decades of winning trajectory on innovation, strategic acumen, human capital and resilience,” the company said yesterday.
In the second quarter ended Jan 31, 2024, Gamuda’s net profit rose by 7% year-on-year (y-o-y) to RM208.8mil or earnings per share of 7.65 sen, while revenue surged by 131% y-o-y to RM3.3bil.
In a filing with Bursa Malaysia, Gamuda said this was on the back of higher contribution from overseas projects which stepped up to fill the gap left by the decline in domestic revenue and earnings as the mass rapid transit two project was completed last year.
Quarterly revenue from overseas projects surged to contribute 77% of overall revenue (previously 42%) while quarterly overseas net profit surged to contribute 58% of overall net profit (previously 50%).Going forward, Gamuda’s outlook is supported by a large construction order book of RM24bil and unbilled property sales of RM6.7bil.
The group said this year’s performance would be driven by overseas construction activities as projects in Australia and Taiwan continue to pick up pace. | Business | Corporate News | Complimentary | Medium | null | 2024-06-19 00:00:00 | Corporate News,Gamuda,TopAsianCompany,Infrastructure,InvestorRelations,BestCEO,ESG,ProjectWins,ConstructionOrderBook | Gamuda Bhd is one of the top three best Asian companies in the industrial, including infrastructure, sector, making it the only Malaysian company on the list. | https://www.thestar.com.my/business/business-news/2024/06/19/gamuda-among-top-three-companies-in-asia | |
1,374,328 | Nestcon unit wins RM104mil job | PETALING JAYA: Nestcon Builders Sdn Bhd, a subsidiary of Nestcon Bhd , has secured a mixed commercial development contract from Sunrise Charm Sdn Bhd.
Valued at RM103.5mil, the project will be a 45-storey development comprising 172 units of strata offices, 98 units of serviced apartments, car parks and other relevant facilities at Jalan Mayang, Kuala Lumpur.
The overall completion for the job is within 44 months from the date of commencement, which was not disclosed in Nestcon’s filing with Bursa Malaysia yesterday.
The project, which is not subject to shareholders’ approval, is expected to contribute positively to the net assets per share, earnings per share and gearing of Nestcon throughout the duration of the contract.
On its part, Nestcon does not foresee any exceptional risk other than the normal operational risks associated with the contract. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,Nestcon,ConstructionContract,MixedDevelopment,Kuala Lumpur | Nestcon Builders Sdn Bhd, a subsidiary of Nestcon Bhd, has secured a mixed commercial development contract from Sunrise Charm Sdn Bhd. | https://www.thestar.com.my/business/business-news/2024/06/19/nestcon-unit-wins-rm104mil-job | |
1,374,329 | Competitive ranking slips | PETALING JAYA: Malaysia’s 34th position in the 2024 World Competitiveness Ranking marks its poorest performance in years, as neighbouring Singapore regained its first rank while Thailand and Indonesia overtook Malaysia.
The drop from the 27th position in 2023 was largely due to the decline in business and government efficiency.
Thailand was ranked 25th in 2024, while Indonesia ranked 27th.
The ranking by Switzerland-based International Institute for Management Development (IMD) comprises four “factors”, namely, business efficiency, government efficiency, economic performance and infrastructure.
There were 67 countries in the 2024 World Competitiveness Ranking.
Malaysia’s worst performance was in the factor of business efficiency, where it ranked 40th as compared to 32nd in 2023, with a score of 41.5.
In particular, within the sub-factor of productivity and efficiency, Malaysia fell 17 spots to the 53rd rank, while the sub-factor of management practices declined 11 places to 42nd position.
Notably, Malaysia suffered a decline in all five sub-factors within business and government efficiency.
In the factor of government efficiency, the sub-factors of business legislation fell five places to the 50th rank, societal framework fell three places to 42nd and public finance dropped two spots to 35th.
Malaysia scored 50.4 in the government efficiency factor, with a rank of 33rd as compared to 29th in 2023.
Meanwhile, in the factor of infrastructure, the country retained its 35th rank amid a score of 49.7.
In the factor of economic performance, a score of 62.5 placed Malaysia at the eighth rank, only a spot lower than 2023.
However, despite the strong showing, the sub-factor of domestic economy fell by 19 spots to the 35th position.
Interestingly, the sub-factors of international investment and employment rose by one and three spots to the 28th and 18th ranks, respectively.
The report listed five challenges for Malaysia, namely increasing investment in research and development to boost business resilience, optimising the labour market to maximise workforce productivity, updating policies and regulations to improve global competitiveness, leveraging advanced technologies to accelerate productivity growth, and mitigating increasing costs through strategic productivity enhancements.
Malaysia’s data was provided by the Malaysia Productivity Corp.
The top five positions in the 2024 World Competitiveness Ranking were grabbed by Singapore, followed by Switzerland, Denmark, Ireland and Hong Kong.
“Singapore’s performance marks a return to form; last occupying first place in 2020, it then fell to fifth, third, and finally fourth in the following years, while Denmark and Switzerland performed a tussle for power over the top spot.
“The data shows a particularly robust performance for the island nation across the areas of government efficiency (the extent to which government policies are conducive to competitiveness) and business efficiency (how well enterprises are performing in an innovative, profitable, and responsible manner),” stated IMD in a statement.
IMD World Competitiveness Center director Arturo Bris said the ranking provides a timely performance indicator.
“It serves as a benchmark for these countries to measure their progress and identify areas for improvement, offering a clear path towards their economic development but also supporting global goals such as the sustainable development goals.” | Business | Economy | Complimentary | Medium | null | 2024-06-19 00:00:00 | Economy,MalaysiaRanking,CompetitivenessDrop,BusinessEfficiency,GovernmentEfficiency,IMDRanking | Malaysia’s 34th position in the 2024 World Competitiveness Ranking marks its poorest performance in years, as neighbouring Singapore regained its first rank while Thailand and Indonesia overtook Malaysia. | https://www.thestar.com.my/business/business-news/2024/06/19/competitive-ranking-slips | |
1,374,330 | MAA: Car sales may sustain in June | PETALING JAYA: Local car sales in June are expected to remain at the same level as in May, says the Malaysian Automotive Association (MAA).
Overall, the total industry volume (TIV) for May was 18% higher than April (57,991 units) due to the longer working month and stronger performances of national carmakers in May.
The TIV for the January-May 2024 period was also 8% higher than the similar corresponding period in 2023.
New vehicle sales rose by 9% year-on-year (y-o-y) in May to 68,665 units from 63,158 units previously. For the first five months of the year (5M24), car sales were up by 8% y-o-y to 328,901 units.
Sales of passenger vehicles registered an 11% increase for both May this year and 5M24, reaching 62,862 units and 301,109 units, respectively.
Meanwhile, sales of commercial vehicles saw a contraction of 14% and 15% in May and 5M24 to 5,803 units and 27,792 units, respectively. | Business | Auto | Complimentary | Short | null | 2024-06-19 00:00:00 | Auto,MalaysiaCarSales,NationalCarmakers,PassengerVehicles,CommercialVehicles,TIV,MAA | Local car sales in June are expected to remain at the same level as in May, says the Malaysian Automotive Association (MAA). | https://www.thestar.com.my/business/business-news/2024/06/19/maa-car-sales-may-sustain-in-june | |
1,374,331 | Bursa Malaysia may relocate to TRX | KUALA LUMPUR: Bursa Malaysia has confirmed that discussions with Mulia Property Development Sdn Bhd are still ongoing regarding the relocation of its headquarters to the Tun Razak Exchange (TRX).
The stock exchange operator currently occupies a 16-storey office building located in Bukit Kewangan, Kuala Lumpur, known as the Exchange Square.
“In this respect, Bursa Malaysia confirms that discussions with Mulia Property Development are still ongoing and the details have yet to be finalised.
“Further announcements will only be made by the company when there is a material development on the matter,” it said in a filing with Bursa Malaysia. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,BursaMalaysia,Relocation,TRX,MuliaProperty | Bursa Malaysia has confirmed that discussions with Mulia Property Development Sdn Bhd are still ongoing regarding the relocation of its headquarters to the Tun Razak Exchange (TRX | https://www.thestar.com.my/business/business-news/2024/06/19/bursa-malaysia-may-relocate-to-trx | |
1,374,332 | Sunview bags RM79mil Bulgarian job | PETALING JAYA: Sunview Group Bhd has bagged a RM79.46mil contract to construct a solar power plant in Bulgaria, marking its first engineering, procurement, construction and commissioning (EPCC) venture in Europe.
Its indirect wholly-owned unit, Sunway Builders Pte Ltd, secured the contract for a 20MWac solar power plant from OKOP Solar EOOD.
Bulgaria-based OKOP is involved in the generation and sale of electricity from renewable sources.
Both Sunview Builders and OKOP entered into a form of agreement yesterday for the EPCC contract.
Sunview Group group executive director and group chief executive officer H.P. Ong said that the new contract marked a giant leap forward as part of the group’s global market expansion plan, especially in Europe.
“Europe’s renewable energy market offers vast opportunities, and Sunview is well-positioned to seize them,” stated Ong in a statement. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,SunviewGroup,SolarPower,Bulgaria,EPCC,RenewableEnergy,EuropeMarket,GlobalExpansion | Sunview Group Bhd has bagged a RM79.46mil contract to construct a solar power plant in Bulgaria, marking its first engineering, procurement, construction and commissioning (EPCC) venture in Europe. | https://www.thestar.com.my/business/business-news/2024/06/19/sunview-bags-rm79mil-bulgarian-job | |
1,374,333 | Poh Kong 3Q profit up 52% | PETALING JAYA: Poh Kong Holdings Bhd , Malaysia’s largest jewellery retail chain owner, has painted an optimistic operating outlook ahead, although it says it will continue to take cognisance of “market corrections and global uncertainties”.
For the third quarter ended April 30, 2024 (3Q24), the jeweller’s net profit rose by 52% year-on-year (y-o-y) to RM47.6mil, underpinned by the increase in revenue and overall uptrend in gold prices.
Poh Kong’s revenue also increased by 36% to RM519.6mil, mainly due to the increase in demand for gold jewellery and gold investment products.
The improved bottomline translated to a higher earnings per share of 11.61 sen. It did not declare a dividend for the third quarter under review.
For the nine months ended April 30, 2024, Poh Kong posted a 30% y-o-y increase in net profit to RM94.9mil while its revenue grew by 13% y-o-y to RM1.3bil. In a filing with Bursa Malaysia, the group said the economy is expected to strengthen in 2024, growing amid expansion in all sectors. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,PohKong,JewelleryRetail,GoldMarket,ProfitGrowth,RevenueUp,BullishOutlook | Poh Kong Holdings Bhd, Malaysia’s largest jewellery retail chain owner, has painted an optimistic operating outlook ahead, although it says it will continue to take cognisance of “market corrections and global uncertainties”. | https://www.thestar.com.my/business/business-news/2024/06/19/poh-kong-3q-profit-up-52 | |
1,374,334 | Plytec secures RM26mil contract | PETALING JAYA: Plytec Holding Bhd ’s wholly-owned subsidiary, Plytec Formwork System Industries Sdn Bhd, has bagged a RM26.3mil contract from Setiakon Builders Sdn Bhd.
Plytec said in a filing with Bursa Malaysia the contract is for the design, supply, delivery, fabrication, installation and rental of temporary works equipment for the proposed three blocks of serviced apartments comprising 1,546 units.
The contract period for the entire project is 27 months commencing June 2024 and shall be completed in August 2026, although it was not mentioned in the statement where the project is.
Plytec said the contract is expected to contribute positively towards its earnings for the duration of the contract. | Business | Corporate News | Complimentary | Short | null | 2024-06-19 00:00:00 | Corporate News,Plytec,ConstructionContract,ServicedApartments | Plytec Holding Bhd’s wholly-owned subsidiary, Plytec Formwork System Industries Sdn Bhd, has bagged a RM26.3mil contract from Setiakon Builders Sdn Bhd. | https://www.thestar.com.my/business/business-news/2024/06/19/plytec-secures-rm26mil-contract | |
1,374,335 | TM, Singtel in data centre tie-up | KUALA LUMPUR: The two oldest telecommunication giants of Malaysia and Singapore, Telekom Malaysia Bhd (TM) and Singapore Telecommunications Ltd (Singtel), have joined hands to develop data centres with an initial funding of over RM1bil.
The 51:49 joint venture (JV) will be established between TM’s unit TM DC Educity Sdn Bhd and Nxera, the regional data centre arm of Singtel’s Digital InfraCo unit. TM will own the majority stake.
The JV company (JV-co), currently known as ST Dynamo DC Sdn Bhd, will soon change its name to TM Nxera Sdn Bhd, TM said in a filing with Bursa Malaysia.
It will first develop a sustainable, hyper-connected artificial intelligence (AI)-ready data centre campus in Johor that will be the largest to date for both TM and Nxera, the companies said in a joint statement yesterday.
The initial phase of the data centre is planned for 64 megawatts (MW) and can be scaled up to 200MW in response to market demand, it said.
The JV’s total committed equity funding amounts to approximately RM1.152bil, which will see TM injecting about RM588mil via TM DC Educity based on its initial 51% stake.
The companies said the total committed equity funding amount is subject to change, depending on the approved business plan of the JV-co at any point in time.
TM said it will fund its portion with internally generated funds.
“Establishing a hyper-connected AI-ready data centre marks the next phase in our long-standing partnership with Singtel, leveraging our strengths and commitment to elevate Asean as the preferred digital hub destination.
“TM brings the largest domestic network infrastructure, extensive international subsea cable systems and the largest interconnected DC in Malaysia, a solid backbone for this project,” TM group chief executive officer Amar Huzaimi Md Deris said.
“This will serve as a catalyst for high performance computing and lay a solid foundation for the future advancement of cloud and AI applications.
“This collaboration of two main telecommunication companies (telcos) in the region is unique and has a positive impact on the development of a digital ecosystem that not only benefit the businesses but also nurturing future talent,” he added.
The companies said the JV is a unique proposition, boosted by the extensive subsea cable networks of TM and Singtel’s Digital InfraCo which provide global connectivity and enhanced network performance with lower latency and improved reliability.
The strategic partnership aims to serve the needs of hyperscalers, next-generation AI application providers and enterprises pursuing accelerated digitalisation and cloud in the region, it said.
The announcement of this partnership also saw the JV-co entering into a conditional sales and purchase agreement with River Retreat Sdn Bhd to acquire a 16.9ha freehold land in Pulai, Johor.
River Retreat is a unit of Iskandar Coast Sdn Bhd, which in turn is an 80%-owned subsidiary of Iskandar Investment Bhd, it said. | Business | Corporate News | Complimentary | Medium | null | 2024-06-19 00:00:00 | Corporate News,TM,Singtel,DataCentre,JointVenture,AI,Cloud,DigitalHub | The two oldest telecommunication giants of Malaysia and Singapore, Telekom Malaysia Bhd (TM) and Singapore Telecommunications Ltd (Singtel), have joined hands to develop data centres with an initial funding of over RM1bil. | https://www.thestar.com.my/business/business-news/2024/06/19/tm-singtel-in-data-centre-tie-up | |
1,374,231 | Notion VTec gets UMA query on sharp rise in share price | KUALA LUMPUR: Notion VTEC Bhd has received an unusual market activity (UMA) query from Bursa Malaysia Securities today due to the sharp rise in its share price.
The company’s shares rose by 8.29 per cent or 15 sen to RM1.96 at the close today.
In a filing with Bursa Malaysia in response to the UMA, the company attributed the recent spike in its share price to its strong performance recovery and the industry's turnaround, highlighting its positive returns in the first and second quarters of financial year 2024 (1Q and 2Q 2024).
"Our financial results have shown consistent improvement, demonstrating our resilience and effective strategic initiatives.
"Investors, both retail and institutional, have responded positively to our performance, reflecting their confidence in our ongoing business prospects," it said.
Notion VTec also pointed out that being a technology stock, it has benefited from a significant turnaround in the Hard Disk Drive and Electronics Manufacturing Services sectors, mirroring the growth of technology stocks on the NASDAQ stock market
"This increase in sales was highlighted in the commentaries of unaudited quarterly financial report for 2Q 2024 where we mentioned that the second half of FY2024 may outpace the first half of FY2024," it said.
Additionally, it said that an article in a local publication published on May 27, 2024, may have also heightened investors’ interest. - Bernama | Business | Markets | Complimentary | Short | null | 2024-06-18 00:00:00 | Markets,Notion VTec,UMA,Unusual Market Activity,Bursa Malaysia | KUALA LUMPUR: Notion VTec Bhd has received an unusual market activity (UMA) query from Bursa Malaysia Securities today due to the sharp rise in its share price. | https://www.thestar.com.my/business/business-news/2024/06/18/notion-vtec-gets-uma-query-on-sharp-rise-in-share-price | |
1,374,217 | Sunview bags RM79mil solar EPCC contract in Bulgaria | KUALA LUMPUR: Sunview Group Bhd ’s indirect wholly-owned subsidiary, Sunview Builders Pte Ltd has secured a RM79.46mil (€15.6mil) engineering, procurement, construction and commissioning (EPCC) contract from Bulgaria-based OKOP Solar EOOD.
The renewable energy (RE) player said under the agreement, Sunview will be an EPCC provider of a 20MW(ac) solar photovoltaic power plant (PVPP) in Bulgaria.
Group executive director & group chief executive officer HP Ong said Europe’s RE market offers vast opportunities, and Sunview is well-positioned to seize them.
“With our proven track record, we are confident in delivering this project and establishing ourselves as a key player in Europe’s RE landscape.
“This project is Sunview’s first EPCC venture in Europe and a starting point as we actively pursue additional projects in other countries to achieve sustainable growth. Additionally, there is another promising 30MW(ac) solar PVPP opportunity in the pipeline that we are tendering for, which will further strengthen our presence in the Europe market,” Ong said. | Business | Corporate News | Complimentary | Short | null | 2024-06-18 00:00:00 | Corporate News,Sunview,Bulgaria,EPCC,RE,OKOP Solar EOOD | KUALA LUMPUR: Sunview Group Bhd’s indirect wholly-owned subsidiary, Sunview Builders Pte Ltd has secured a RM79.46mil (€15.6mil) engineering, procurement, construction and commissioning (EPCC) contract from Bulgaria-based OKOP Solar EOOD. | https://www.thestar.com.my/business/business-news/2024/06/18/sunview-bags-rm79mil-solar-epcc-contract-in-bulgaria | |
1,374,189 | Bursa Malaysia in talks with Mulia Property for TRX relocation | KUALA LUMPUR: Bursa Malaysia Bhd has confirmed that discussions with Mulia Property Development Sdn Bhd are still ongoing regarding its relocation to Tun Razak Exchange (TRX).
The stock exchange operator currently occupies a 16-storey office building located in Bukit Kewangan, Kuala Lumpur, known as the Exchange Square.
“In this respect, Bursa Malaysia confirms that discussions with Mulia Property Development are still ongoing and the details have yet to be finalised.
“Further announcement will only be made by the company when there is a material development on the matter,” Bursa Malaysia said in a filing with Bursa Malaysia. | Business | Markets | Complimentary | Short | null | 2024-06-18 00:00:00 | Markets,Corporate News,Bursa Malaysia,TRX, | KUALA LUMPUR: Bursa Malaysia Bhd has confirmed that discussions with Mulia Property Development Sdn Bhd are still ongoing regarding its relocation to Tun Razak Exchange (TRX). | https://www.thestar.com.my/business/business-news/2024/06/18/bursa-malaysia-in-talks-with-mulia-property-for-trx-relocation | |
1,374,168 | Plytec wins RM26.3mil contact from Setiakon Builders | KUALA LUMPUR: Plytec Holding Bhd ’s wholly-owned subsidiary, Plytec Formwork System Industries Sdn Bhd has secured a RM26.3mil contract from Setiakon Builders Sdn Bhd.
Plytec, in a filing with Bursa Malaysia, said the contract is for the design, supply, delivery, fabrication, installation, and rental of temporary works equipment for the proposed three blocks of serviced apartments comprising 1,546 units.
The contract period for the entire project is 27 months commencing from June 2024 and shall be completed in August 2026.
Plytec said the contract is expected to contribute positively towards its future earnings for the duration of the contract. | Business | Corporate News | Complimentary | Short | null | 2024-06-18 00:00:00 | Corporate News,Plytec,Setiakon Builders | KUALA LUMPUR: Plytec Holding Bhd’s wholly-owned subsidiary, Plytec Formwork System Industries Sdn Bhd has secured a RM26.3mil contract from Setiakon Builders Sdn Bhd. | https://www.thestar.com.my/business/business-news/2024/06/18/plytec-wins-rm263mil-contact-from-setiakon-builders | |
1,374,142 | Poh Kong’s 3Q net profit jumps 51.6% to RM47.6mil | KUALA LUMPUR: Poh Kong Holdings Bhd will monitor the impact of current uncertainties on operations, maintain financial obligations, and assess performance continuously.
“Barring unforeseen circumstances, the board of directors is confident that the group has put in place adequate measures to meet the challenges ahead for financial year ending July 31, 2024,” the jeweller said in a Bursa filing.
In the third quarter ended April 30, Poh Kong’s net profit jumped 51.6% to RM47.6mil against RM31.4mil in the same corresponding quarter last year.
It noted that the increase in revenue and overall uptrend in gold prices had improved the operating profits in the current quarter under review.
Revenue for the quarter rose 36.5% to RM519.6mil from RM380.7mil a year ago while earnings per share climbed to 11.61 sen compared with 7.66 sen last year.
Poh Kong said the higher revenue was mainly due to the increase in demand for gold jewellery and gold investment products.
For the first nine months, the jeweller posted a net profit of RM94.9mil, up 30.4% from RM72.7mil last year while revenue grew 12.5% to RM1.3bil from RM1.15bil a year prior. | Business | Corporate News | Complimentary | Short | null | 2024-06-18 00:00:00 | Corporate News,Poh Kong,gold,jewellery | KUALA LUMPUR: Poh Kong Holdings Bhd will monitor the impact of current uncertainties on operations, maintain financial obligations, and assess performance continuously. | https://www.thestar.com.my/business/business-news/2024/06/18/poh-kongs-3q-net-profit-jumps-516-to-rm476mil | |
1,374,125 | Nestcon bags two contracts worth RM165mil | KUALA LUMPUR: Nestcon Bhd ’s wholly-owned subsidiary Nestcon Builders Sdn Bhd has secured two construction contracts worth a total of RM165.56mil.
Taipanika Development Sdn Bhd awarded the first contract, valued at RM62.06mil while the second contract is from Sunrise Charm Sdn Bhd worth RM103.5mil.
In a filing with Bursa Malaysia, Nestcon said the contract from Taipanika is for the development of a block of 12-storey apartments (288 units) and other relevant facilities at Pangsapuri Nadayu in Shah Alam, Selangor.
The commencement date is set for July 8, 2024, with the contract works scheduled to be completed within 20 months, by March 7, 2026 or within such extended time as provided by the conditions of contract.
Nestcon expects the contract to contribute positively to its net assets per share, earnings per share, and gearing throughout the contract.
It said the contract from Sunrise Charm is for the construction and completion of a 45-storey mixed commercial development comprising of strata office (172 units), serviced apartments (98 units), carparks and other relevant facilities in Kuala Lumpur.
The contract works are to be completed within 44 months from the commencement date or any extended time allowed by the contract conditions. | Business | Corporate News | Complimentary | Short | null | 2024-06-18 00:00:00 | Corporate News,Nestcon,Pangsapuri Nadayu,Taipanika Development,Sunrise Charm | KUALA LUMPUR: Nestcon Bhd’s wholly-owned subsidiary Nestcon Builders Sdn Bhd has secured two construction contracts worth a total of RM165.56mil. | https://www.thestar.com.my/business/business-news/2024/06/18/nestcon-bags-two-contracts-worth-rm165mil | |
1,374,039 | Most Asian shares rise on Wall Street boost, currencies mixed | MOST emerging Asian stocks rose on Tuesday after Wall Street rallied overnight, with the benchmark index in Taiwan hitting a record closing high, while Thai equities rose after a crucial court decision to grant bail to a former prime minister.
Asian currencies struggled for direction against a slightly firmer greenback. Shares in Taipei rose 1.3% to an all-time closing high, while those in Seoul gained 0.7%.
Equities in Singapore, Kuala Lumpur and Beijing rose between 0.1% and 0.3%.
Global investors are looking to a slew of speakers from the Federal Reserve and a key U.S. retail sales report for more clues on the Fed's rate-cutting trajectory, following its decision last week to hold rates and push the beginning of its rate-cut cycle to December.
This could mean Asian central banks will have to exercise discretion while easing their own policy stances.
Futures now point to roughly 45 basis points of Fed cuts for the rest of 2024. At 0655 GMT, the dollar index, which measures the strength of the greenback against six major rivals, rose a tad to 105.37.
Among emerging Asian currencies, the South Korean won and the Taiwan dollar were largely unmoved, while the Malaysian ringgit and Philippines peso inched slightly higher.
Meanwhile, in Thailand, the baht edged higher and stocks rose, after a criminal court granted bail to former prime minister Thaksin Shinawatra.
Separately, a Constitutional Court set aside hearing dates for two cases involving the opposition Move Forward party and the incumbent prime minister Srettha Thavisin. Thailand's deputy finance minister said that the government will continue to introducing stimulus measures to boost the economy and investor confidence should return going forward.
Political turbulence in the Southeast Asian country has pressured financial markets in the recent past.
"These political developments and uncertainty have weighed on THB (baht) in the near-term, and (are) leading to continued weakness in Thai risk assets and equity markets," analysts from MUFG said in a note.
Markets in Indonesia were closed for a public holiday. The country's central bank is set to meet later this week to decide on its interest rates, in the wake of a depreciating rupiah.
HIGHLIGHTS:
** South Korea c.bank chief has eyes on easing FX volatility
** Shell to acquire Singaporean LNG firm Pavilion Energy from Temasek
** Malaysia, China to renew 5-year economic cooperation agreement - Reuters | Business | Forex | Complimentary | Medium | null | 2024-06-18 00:00:00 | Forex,Asian,currencies | MOST emerging Asian stocks rose on Tuesday after Wall Street rallied overnight, with the benchmark index in Taiwan hitting a record closing high, while Thai equities rose after a crucial court decision to grant bail to a former prime minister. | https://www.thestar.com.my/business/business-news/2024/06/18/most-asian-shares-rise-on-wall-street-boost-currencies-mixed | |
1,374,024 | EV startup Fisker files for bankruptcy | U.S. electric vehicle (EV) maker Fisker filed for bankruptcy protection late on Monday as deal talks with a big automaker collapsed, exposing the startup to the fallout of a rapid cash burn to deliver its Ocean SUV in the United States and Europe.
The company's unit, Fisker Group Inc, filed for Chapter 11 bankruptcy in Delaware, listing estimated assets of $500 million to $1 billion and liabilities between $100 million and $500 million. Fisker's estimated number of creditors are 200-999, according to the court filing.
The termination of talks in March with a large automaker led Fisker to search for strategic options, including in- or out-of-court restructurings and capital markets transactions.
While Fisker has not named the company, Reuters had reported that Japanese automaker Nissan was in advanced talks to invest in the startup.
The U.S. company, founded by automotive designer Henrik Fisker, flagged doubts about its ability to remain in business in February and had paused investments in future projects until it secured an auto partnership.
Fisker also said it would cut its workforce by about 15% amid struggles to sell its Ocean EVs. It manufactured over 10,000 vehicles in 2023 - less than a quarter of its initial forecast - and delivered only about 4,700.
Last month, the U.S. auto safety regulator opened a preliminary probe into some Ocean EVs made by Fisker in 2023, adding to the firm's woes as the cars were already under investigation by the National Highway Traffic Safety Administration (NHTSA) for three prior incidents.
Tight access to capital in a high interest rate economy, costs associated with marketing and distributing its vehicles and slower-than-expected EV demand dragged the company's cash reserves lower.
Depleting cash reserves, fundraising hurdles and challenges in ramping up production caused by global supply chain issues led to companies such as Proterra, Lordstown and Electric Last Mile Solutions declaring bankruptcy. - Reuters | Business | Auto | Complimentary | Short | null | 2024-06-18 00:00:00 | Auto,Automotive,electric vehicle,EV,Fisker,bankrupt,Chapter 11 | U.S. electric vehicle (EV) maker Fisker filed for bankruptcy protection late on Monday as deal talks with a big automaker collapsed, exposing the startup to the fallout of a rapid cash burn to deliver its Ocean SUV in the United States and Europe. | https://www.thestar.com.my/business/business-news/2024/06/18/ev-startup-fisker-files-for-bankruptcy | |
1,373,998 | Maybank Asset Management launches MAMG Premium Brands Fund | KUALA LUMPUR: Maybank Asset Management Sdn Bhd (MAM) in collaboration with Pictet Asset Management (Europe) SA has launched the MAMG Premium Brands Fund.
The fund is a qualified Sustainable and Responsible Investment (SRI) fund under the Securities Commission Malaysia’s Guidelines on Sustainable and Responsible Investment Funds.
In a statement, MAM said the fund is a feeder fund that aims to achieve capital growth by investing in the Pictet Premium Brands (the target fund).
The target fund is designed for those seeking to benefit from prestigious, high-performance products and services that shape consumer trends and enjoy strong market recognition. It makes strategic investments in leading companies behind iconic brands across the various consumer segments such as luxury, leisure, travel, sport, food, and cosmetics worldwide.
“This fund is a great addition as we expand our suite of products to offer investors greater diversity. With significant demand resurgence from China, global travel resuming and the buying power of Gen Y, Z and Alpha in emerging markets set to dominate global luxury purchases, it is a timely chance for investors to enhance their wealth in step with the growing demand for premium brands,” MAM chief executive officer Hisham Hamzah said.
“As the global luxury goods market grows at 22% year-on-year and this spending trend set to continue, this niche portfolio fund with its high barriers to entry will sustain its exclusive and best-in-class repertoire.
“Investors will also have peace of mind as the premium brands the Fund covers have strong pricing power and are able to maintain strong profits through inflationary periods,” he added.
The base currency of the fund is in US dollar and is offered in five currency classes, namely USD Class, MYR Class, MYR (Hedged) Class, AUD (Hedged) Class and SGD (Hedged) Class.
The minimum investment amount is US$1,000 for USD Class, RM1,000 for MYR and MYR (Hedged) Class, A$1,000 for AUD (Hedged) Class and S$1,000 for SGD (Hedged) Class. | Business | Investment | Complimentary | Short | null | 2024-06-18 00:00:00 | Investment,Maybank Asset Management,MAMG Premium Brands Fund | KUALA LUMPUR: Maybank Asset Management Sdn Bhd (MAM) in collaboration with Pictet Asset Management (Europe) SA has launched the MAMG Premium Brands Fund. | https://www.thestar.com.my/business/business-news/2024/06/18/maybank-asset-management-launches-mamg-premium-brands-fund | |
1,373,988 | Oil edges down amid cautious demand outlook | OIL prices edged down in Asian trade on Tuesday, after posting gains in the previous session, as markets remained cautious about global demand growth prospects amid expectations of stronger supplies.
Global benchmark Brent crude futures slipped 12 cents, or 0.14%, to $84.13 per barrel at 0615 GMT. U.S. West Texas Intermediate crude futures fell 14 cents, or 0.17%, to $80.19 a barrel.
Both benchmarks gained around 2% on Monday, closing at their highest since April.
"The oil market shifted its focus back to fundamentals, which have been soft for some time," said BoFA commodity and derivatives strategist Francisco Blanch in a client note, adding that global crude oil inventories and refined product storage in the United States and Singapore, among other places, was higher.
Meanwhile, global oil demand growth decelerated to 890,000 barrels per day year-on-year in the first quarter, and data suggests consumption growth likely slowed further in the second quarter, he said in the note.
China's oil refinery output slipped 1.8% from year-ago levels in May, statistics bureau data showed on Monday, as refiners undertook planned maintenance overhauls and processing margins were pressured by rising crude costs.
Markets were also looking out for further clues on interest rates, and how the U.S. demand situation would pan out, as several U.S. Federal Reserve representatives will be speaking later on Tuesday.
Some analysts remained bullish on the price impact of an extension by the OPEC+ group of supply cuts in the near-term.
"The latest guidance provided by OPEC+, as well as their unchanged 2.25 million barrels per day demand growth outlook, signals a stagnation in oil supply growth for 2024 and an apparent downside risk to production in 2025," said Patricio Valdivieso, Rystad Energy vice president and global lead of crude trading analysis.
"Under these conditions - and the disconnect between the OPEC+ demand outlook and all other agencies - it is hard to remain fully bearish when global oil supply growth appears decimated," he added.
Recent rebounds in complex refining margins, particularly in Europe and Asia, were also supportive to markets, said Sparta Commodities analyst Neil Crosby.
Refining margins at a typical complex refinery in Singapore averaged at $3.60 a barrel for June so far, compared with $2.66 a barrel in May. - Reuters | Business | Energy | Complimentary | Medium | null | 2024-06-18 00:00:00 | Energy,Brent,WTI,OPEC, | OIL prices edged down in Asian trade on Tuesday, after posting gains in the previous session, as markets remained cautious about global demand growth prospects amid expectations of stronger supplies. | https://www.thestar.com.my/business/business-news/2024/06/18/oil-edges-down-amid-cautious-demand-outlook | |
1,373,979 | Shell to acquire Singaporean LNG firm Pavilion Energy from Temasek | SINGAPORE: Shell has agreed to buy Singaporean liquefied natural gas (LNG) company Pavilion Energy from global investment company Temasek in a move the oil major said will strengthen its leadership position in LNG, according to statements on Tuesday.
The announcement confirmed a Reuters' report last Thursday saying Singapore's Temasek was finalising the Pavilion Energy sale to Shell in the coming days in a deal worth hundreds of millions of U.S. dollars.
Shell and Temasek did not disclose financial details of the sale in their statements.
Shell said the acquisition will be absorbed within its cash capital expenditure guidance, which remains unchanged.
"The deal is in excess of the internal rate of return hurdle rate for Shell's integrated gas business, delivering on its 15-25% growth ambition for purchased volumes, relative to 2022," Shell said in its statement.
Shell planned to expand its LNG business by 20% to 30% by 2030, compared with 2022, and this deal is expected to help deliver these targets, it added.
Shell expects global demand for LNG to rise by more than 50% by 2040 as coal-to-gas switching gathers pace in China, South Asian and Southeast Asian countries.
"We believe Shell is well positioned to grow Pavilion Energy's business and strengthen its global LNG hub in Singapore," Juliet Teo, Temasek's head of portfolio development group and head of Singapore market, said in its statement.
The deal will provide Shell, already the world's top LNG trader, with access to gas markets in Europe and Singapore as it aggressively expands its LNG footprint after raking in billions of profits last year.
Zoë Yujnovich, Shell's integrated gas and upstream director, said that the purchase will bring material volumes and additional flexibility to its global portfolio.
The deal came just over a decade after Temasek established Pavilion Energy to address the growing demand for energy in Asia and support the energy transition.
Since 2013, Pavilion Energy has expanded from Singapore to Europe and built a portfolio including some 6.5 million tonnes per year or mtpa of LNG supply contracts from suppliers like Chevron, BP and QatarEnergy.
It also has offtake contracts from leading U.S. liquefaction facilities at Corpus Christi Liquefaction, Freeport LNG and Cameron LNG.
Temasek will retain its wholly owned unit Gas Supply Pte Ltd (GSPL), which imports piped natural gas from South Sumatra in Indonesia, Temasek's statement showed.
Pavilion Energy's pipeline gas contracts with customers in the power sector are also not part of the transaction and will be novated to GSPL, prior to completion, according to both statements.
Moreover, Pavilion Energy's 20% interest in Blocks 1 and 4 in Tanzania will not be included in the deal.
The transaction is expected to complete by first quarter of next year, subject to regulatory approvals, according to both statements.
Pavilion will continue to operate as a separate and independent business until the transaction is completed, according to a Temasek spokesperson. - Reuters | Business | Energy | Complimentary | Medium | null | 2024-06-18 00:00:00 | Energy,Corporate News,Shell,Temasek,LNG,Pavilion Energy | SINGAPORE: Shell has agreed to buy Singaporean liquefied natural gas (LNG) company Pavilion Energy from global investment company Temasek in a move the oil major said will strengthen its leadership position in LNG, according to statements on Tuesday. | https://www.thestar.com.my/business/business-news/2024/06/18/shell-to-acquire-singaporean-lng-firm-pavilion-energy-from-temasek | |
1,373,971 | China's economy is set for steady rebound in Q2 | China's economy is set to rebound steadily in the second quarter given steady demand recovery, resilient exports and a low comparison base in the previous year, analysts said.
They noted the country is heading in the right direction with regard to dealing with structural issues like property woes, saying more efforts should be made to overcome housing troubles and boost effective domestic demand.
Their comments came after data from the National Bureau of Statistics showed on Monday that China's economy is showing signs of stabilization in May with improvement in some key indicators and new growth drivers gaining momentum.
Liu Aihua, an NBS spokeswoman, said May's steady economic rebound was led by strong policy stimulus, improvement in external demand and the positive impact of the May Day holiday on consumption.
NBS data showed China's retail sales, a key measurement of consumer spending, rose 3.7 percent year-on-year in May versus the 2.3 percent rise in April.
China's value-added industrial output grew by 5.6 percent in May, while fixed-asset investment increased by 4 percent in the January-May period.
"Looking ahead, China's economy will likely continue the recovery trend with China's innovations gaining further momentum, ongoing industrial upgrading, gradual recovery in domestic demand and strong policy stimulus," Liu told a news conference held in Beijing on Monday.
Meanwhile, she cautioned that the correction in China's property sector is still ongoing.
For the January-May period, China's property investment fell 10.1 percent year-on-year while sales area of new properties slumped 20.3 percent, compared with 9.8 percent and 20.2 percent falls in the first four months, respectively, said the NBS.
Liu said the implementation of a series of recently eased housing policy measures will gradually stabilize the property sector.
Zhou Maohua, a researcher at China Everbright Bank, said the latest data suggest that the recovery in domestic consumption and demand is steadily gathering steam, pointing to a more balanced recovery in the world's second-largest economy.
"Given the steady demand recovery, the resilient exports and the low base effect, China's economic growth will likely accelerate in the second quarter, laying a solid base for achieving an annual growth target of around 5 percent this year," he said.
While the potential improvement in consumption and a factory boom may help offset the housing slump in the second half of the year, Zhou called for stronger policy efforts to deal with the persistently low prices and further housing easing policies.
"More forceful property easing measures, rather than the slow-drip of incremental measures seen last year, are now necessary and likely if authorities were to successfully engineer a desired shallow house price correction path," said Louise Loo, lead economist at British think tank Oxford Economics.
On the monetary policy front, May's weak credit and money data continue to point to the eroding effectiveness of traditional monetary tools like outright rate cuts, Loo said.
Given the weakness in currency and the delay in Fed rate cuts to the end of the third quarter, she said her team has pushed out the People's Bank of China rate cut calls to the fourth quarter, versus a previous expectation of a cumulative 20-basis-point cut in the second quarter and the third quarter.
"Still-squeezed bank net interest margins, capital outflow concerns and persistently poor credit demand have been the reasons we think monetary easing will act only as a very modest, secondary stimulus tool this year," she said. - China Daily/ANN | Business | Economy | Complimentary | Medium | null | 2024-06-18 00:00:00 | Economy,China,GDP,property,monetary policy | CHINA's economy is set to rebound steadily in the second quarter given steady demand recovery, resilient exports and a low comparison base in the previous year, analysts said. | https://www.thestar.com.my/business/business-news/2024/06/18/china039s-economy-is-set-for-steady-rebound-in-q2 | |
1,373,942 | Asia shares push higher; RBA stands pat on rates | SINGAPORE: Asian stocks tracked Wall Street higher on Tuesday ahead of a chorus of Federal Reserve officials due to speak later in the day, while the Australian dollar held steady after its central bank offered few surprises in its policy decision.
The Reserve Bank of Australia (RBA) kept rates at a 12-year high of 4.35% on Tuesday, as expected, but warned there were still reasons to be vigilant against inflation risks.
Traders pared back on bets of a rate cut this year in the wake of the RBA decision, though the Aussie dollar was little changed as the statement contained few surprises. It last bought $0.6612.
"The outcome of today's RBA Board meeting was neutral in line with expectations," said Tony Sycamore, a market analyst at IG.
"The RBA will remain on hold until it gets a clearer reading that inflation is on track to return to target, or the economy has hit a pothole - whichever comes first."
Ebbing worries over political turmoil in Europe added to the buoyant market mood on Tuesday and sent EUROSTOXX 50 futures 0.35% higher, reversing some of its steep losses from last week. FTSE futures similarly rose 0.25%.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.64%, helped by an overnight rally on Wall Street.
"Optimism over a resilient economy, improving corporate earnings and the potential start of rate cuts has supported equities, defying concerns that the rally has been concentrated in just a few mega-cap tech stocks," said Jameson Coombs, an economist at Westpac.
Nasdaq futures were last 0.07% lower, while S&P 500 futures eased 0.02%.
Japan's Nikkei advanced 0.76%, alongside Chinese blue-chips which ticked up 0.15%.
Central banks in Norway, the UK and Switzerland are also due to meet this week, where bets are for the former two to hold steady on rates and for the Swiss National Bank to deliver another 25 basis points (bps) of easing.
Over in the United States, no fewer than six Fed speakers are on the docket on Tuesday, and they could provide further clues on the U.S. interest rate outlook following last week's policy decision.
Futures now point to roughly 45 bps worth of Fed cuts priced in for the rest of 2024.
In currencies, the dollar edged higher ahead of data on U.S. retail sales due later in the day, pushing the euro 0.13% lower to $1.0720.
Sterling similarly fell 0.07% to $1.2696, while the yen last stood at 157.73 per dollar.
China's onshore yuan languished near a seven-month trough at 7.2556 per dollar, weighed down in part by mixed economic data on Monday that pointed to further support needed from Beijing to shore up the country's economy.
"China's May economic data suggest that policymakers have a lot to do to sustain the fragile recovery," said analysts at Societe Generale. "The supply side and external demand remained more robust than domestic demand, despite the moderation in industrial production growth."
Elsewhere, oil prices eased, with Brent crude futures down 0.17% at $84.11 per barrel, while U.S. West Texas Intermediate crude futures slipped 0.17% to $80.19 a barrel.
Spot gold gained 0.08% to $2,320.69 an ounce. - Reuters | Business | Markets | Complimentary | Medium | null | 2024-06-18 00:00:00 | Markets,Asian,MSCI,Federal Reserve,Reserve Bank of Australia, | SINGAPORE: Asian stocks tracked Wall Street higher on Tuesday ahead of a chorus of Federal Reserve officials due to speak later in the day, while the Australian dollar held steady after its central bank offered few surprises in its policy decision. | https://www.thestar.com.my/business/business-news/2024/06/18/asia-shares-push-higher-rba-stands-pat-on-rates |