SINGAPORE: Oil prices recovered on Thursday from a steep drop in the previous session, supported by tight oil supply and peak summer consumption, after a hefty U.S. rate hike sparked fears of slower economic growth and less fuel demand. The dollar index retreated from a 20-year high, easing downward pressure on oil prices. Investors remained focused on tight supplies and robust demand as Western sanctions restricted access to Russian oil. "Tight fundamentals suggest any dips in oil prices are likely to be short-lived, or shallow, or possibly both." Also, optimism that China's oil demand will rebound as it eases COVID-19 restrictions supported the price outlook.

As for Bursa Malaysia’s technology sector, where semiconductor stocks dominate, earnings were largely in line with analysts’ expectations. Greatech Technology Bhd has slid 42% year to date, while Pentamaster Corp Bhd has shed close to 30% over the same period. The sector’s PER currently stands at 25.22 times, compared with 36.73 times in 2021 and 46.61 times in 2020. Recovery plays met expectations in 1Q2022 in terms of revenue, yet some — especially those in the consumer sector — were hit with higher costs, says MIDF’s Imran. Genting Malaysia Bhd (GenM) is a new top pick for CGS-CIMB Research, which sees the leisure group as a recovery play.

(June 16): Microsoft Corp retired its Internet Explorer (IE) on Wednesday (June 15), putting an end to a quarter-century-old app while also sparking a small panic among businesses and government agencies that built internal systems around the unpopular browser. Japan may be the country most affected by the move as a survey in March found that 49% of companies in the Asian nation still use IE. Businesses across the country are now having to move swiftly to ensure they’re still able to run operations that previously relied on apps built atop Microsoft’s long-tenured browser. Microsoft has integrated an IE mode inside Edge, which it will support for an additional period of time. Read also:Microsoft retires iconic Internet Explorer web browser after 27 years

PETALING JAYA: The production of new cars will continue to be delayed if the shortage of microchips and components persists, says the Malaysian Automotive Association (MAA). ALSO READ: Shortage of used cars, too“The shortage is also due to an insufficient number of workers at the manufacturing side. This affects costs, which is why in the long run, it is inevitable that car prices will go up,” she said yesterday. “Due to the global shortage of semiconductors and Covid-19 pandemic, there will be a delay in parts and distributions for new car production. “Three months at least, that is how long one has to wait for all models across the board.

Homestay operators in Malaysia are using income from hosting to help with the rising cost of living, according to a home rental platform. A majority of homestay owners surveyed by Airbnb said the money earned from hosting helps to cover the rising cost of food and other necessities. "As the pandemic saw businesses and livelihoods impacted and costs of living rise across Malaysia, income earned through hosting became an essential part of navigating these challenges. Airbnb said homestay owners are also using their hosting income to pay for their housing needs. Almost half of hosts surveyed said that hosting income has helped them stay in their home.

Supermax shares were traded at between 89.5 sen and 93 sen on Wednesday. Last Friday, Supermax’s share price closed down at 98.5 sen from RM1.01 a day earlier (Thursday June 9). Since the beginning of 2022, Supermax’s share price has fallen to current levels from the stock’s closing price of RM1.43 on January 3, 2022. Supermax, when approached by theedgemarkets.com, did not immediately comment on its share price and the company's outlook. The CBP said it identified 10 of the ILO indicators of forced labour during its investigation on Supermax.

"Will monetary policy action will be able to contain (food inflation)? "It will at best contain the second round implications and arrest the inflation expectations from moving on the higher side." The world's fifth-largest and second-most populous economy has a troubled history with inflation: price surges have created social and political instability in the past that the Modi government will be keen to avoid. Authorities were able to keep wheat and rice prices down, defying a global spike, thanks to a pandemic-era foodgrain distribution scheme. "Indian political history shows that food inflation has an immediate and visceral impact on the political mood and is something the Modi government has to take very seriously.

At 5pm, the 30-stock index was down 22.23 points or 1.5% to 1,459.05, its lowest since November 2020. Sime Darby Plantation , which fell 19 sen to RM4.60, pushed the index lower by 1.9383 points. Press Metal fell 14 sen to RM4.84, nudging the index 1.6990 points lower and Petronas Chemicals eased 13 sen to RM9.53, leading the index 1.5317 points lower. Hartalega fell 19 sen to RM2.98, IHH Healthcare lost 11 sen to RM6.19 and Top Glove declined two sen to RM1.01. Among the banks, Maybank eased five sen to RM8.63, Public Bank lost three sen to RM4.48, CIMB declined three sen to RM4.96, RHB Bank fell seven sen to RM5.76 and Hong Leong Bank climbed four sen to RM20.64.

KUALA LUMPUR: Budget carrier AirAsia X Bhd (AAX) has announced that it will be flying from Kuala Lumpur to London, Dubai and Istanbul this year, as it tries to recapture profitable long-haul routes post-reopening of international travels. It is noteworthy that this is the first time for debt-laden AAX to offer flights to Dubai and Istanbul. ALSO READ: AirAsia X reports whopping RM33.62bil net profit in 3QIn an event today (Wednesday) to “relaunch” AAX, its CEO Benyamin Ismail also said four new medium-haul routes to Japan and Hawaii have been launched, which are all on sale from today. With the new medium-haul routes, the budget carrier offers flights across seven popular routes from Kuala Lumpur to New Delhi, Sydney, Seoul (Incheon), Tokyo (Haneda), Sapporo (Chitose), Osaka (Kansai), and from Osaka (Kansai) to Honolulu. Benyamin pointed out that the resumption of four routes to Japan and Hawaii and the launch of flights to London, Istanbul and Dubai is “just the beginning”.

PETALING JAYA (June 15): The 21st International Architecture, Interior Design & Building Exhibition 2022 (ARCHIDEX 2022) will be held from June 29 until July 2 at the Kuala Lumpur Convention Centre. The exhibition is expected to welcome 37,000 visitors in its hybrid format, and will be held together via its official digital platform ARCHIDEX Online. ARCHIDEX 2022 will feature 400 exhibitors, DATUM:KL Conferences, forums, talks, product launches, and business networking events held concurrently across the four-day exhibition. Throughout the exhibition, other highlights include the Future City Ideas Competition, ARCHITALENT Competition (ASEAN Level), PAM Members’ Night, ARCHIDEX Nite and Business and Exhibitors Receptions. ARCHIDEX will also feature Strategic Partners such as Milwaukee Tool Malaysia, Topmix Resources Sdn Bhd, Ideal Standard & Armitage Shanks and X’traseal.

According to Bursa Malaysia, foreign funds emerged as net buyers in plantations (+RM368 million), utilities (+RM230 million), and industrial (+RM202 million) sectors. "Local institutions added RM140 million, while local retailers added RM71 million in May," it added. On the plantation sector, Bursa said foreign investors further increased their stakes in plantation stocks with inflow of RM368 million (April: RM246 million), but local institutions offloaded RM327 million. The top five selections for local institutions, on the other hand, were Westports Holdings Bhd, RHB Bank Bhd, Malaysia Airports Holdings Bhd, Public Bank Bhd and Genting Bhd. As for local retailers, they preferred Top Glove Corp Bhd, Inari Amertron Bhd, Fraser & Neave Holdings Bhd, Dialog Group Bhd, and RHB Bank.

ALOR SETAR: A retiree lost RM220,500 in a love scam after getting to know a “doctor” through social media. The 60-year-old woman from Pendang said she had befriended a man who introduced himself as “Amran Mohammad Ali” through Facebook in November last year, said Kedah Commercial Crime Investigation Department chief Supt Elias Omar. He added that the woman deposited the money into seven separate accounts via 51 ATM transactions between December 2021 and May this year. She lodged a police report on Sunday at the Pendang district police headquarters, he said, adding that the case was being investigated under Section 420 of the Penal Code. He also advised the public to check bank accounts or suspicious telephone numbers through the website http://ccid.rmp.gov.my/semakmule/.

KUALA LUMPUR (June 14): Bursa Malaysia Derivatives Bhd has completed the first physical delivery under the East Malaysia Crude Palm Oil Futures (FEPO) contract in Sarawak last Friday (June 10). Bintulu Port group chief executive officer (CEO) Datuk Mohammad Medan Abdullah said the first physical delivery marked a new milestone for Biport Bulkers. “As the biggest palm oil terminal in Sarawak, Biport Bulkers handles more than 91% of total palm oil export in Sarawak and 24% of the total Malaysian palm oil export. Meanwhile, Sarawak Oil Palm Plantation Owners Association chairman Eric Kiu Kwong Seng said: “With Bintulu Port's world-class logistical infrastructure, Sarawak producers are now able to sell their crude palm oil on the Bursa Malaysia Derivatives platform, which is accessible electronically and globally. Bursa said it has now completed physical deliveries under the FEPO contract in all three PTIs in East Malaysia, namely Sandakan, Lahad Datu and Bintulu.

"Yu will give the order to my department after the client agreed with the exchange rate given. My department later would execute the foreign exchange order given by Yu, after the customer confirmed the exchange," said the 25th witness. However, Rosliza said Yu did not mention specifically the identity of the customer for the account she was handling as all transactions used code names. Yu who is an important witness in the breach of trust, money laundering and abuse of position involving SRC International Sdn Bhd funds against Najib. Najib, 68, who is facing four charges of using his position to obtain bribes amounting to RM2.3bil 1MDB funds and 21 charges of money laundering for the same amount.

There is an accounting loss, but for the company, it will be good going forward. Will KNM be worth anything after the sale of Borsig? In fact, the issue plaguing the company for the last 10 years has been the high debt level, high interest costs. In two years’ time, it will be a cash-rich engineering company. So basically, you are saying this sale is a good deal for KNM?