Sunview bags RM94 mil EPCC contract for LSSPV plant
KUALA LUMPUR (Oct 25): ACE Market-listed Sunview Group Bhd has clinched a RM93.83 million engineering, procurement, construction and commissioning (EPCC) contract for the development of a 26-megawatt large-scale solar photovoltaic (LSSPV) plant in Kuala Langat, Selangor. The contract is its first since its listing on Oct 17. “Works for the LSSPV plant are expected to commence from February 2023 up to November 2023 or such other date determined under the power purchase agreement, being the agreed schedule commercial operation date,” Sunview added. Shares of Sunview closed one sen or 2.06% higher at 49.5 sen, giving the group a market capitalisation of RM229.3 million. The counter has risen 70.69% from its initial public offering price of 29 sen.
Source:The Edge Markets
October 26, 2022 04:48 UTC
My Say: Reject cynicism and political exceptionalism
If it works, the political class will not hesitate to use cynicism as a competitive tool to undermine their opponents, even if it also undermines confidence in the very political institutions in which the political contest is taking place. We thus create titles and protocols and endow privileges on the political class to exhibit this exceptionalism. We have had this political exceptionalism for far too long and it must end. They are the collaborators of the propagators of the exceptionalism of the political class. Reject them as we should also reject the propagators of political exceptionalism themselves.
Source:The Edge Markets
October 26, 2022 03:31 UTC
Strong govt post-GE15 crucial for FBM KLCI
Despite a sharp sell-off in Chinese stocks on the Hong Kong stock exchange this week, the FBM KLCI remained resilient and closed two points lower at 1,444 points yesterday. Market analysts believe investor expectations for a strong government in place at Putrajaya post-GE15 in late November should see the local market move higher despite the heightened risk factors and volatility in global markets. “GE15 is drawing some funds (local and foreign) into the local market on expectations a big win for one of the parties could lead to a more stable leadership and better policy outcomes. As of yesterday, the index was 7.9% lower year-to-date (or 19% lower in ringgit to US dollar terms). Wong said Chinese stocks that support Beijing’s policy of self-sufficiency and domestic policy such as electric vehicle makers, green tech players and consumer-related counters offer good long-term investment opportunities.
Source:The Star
October 26, 2022 03:28 UTC
Ringgit ends marginally higher against US$
KUALA LUMPUR: The ringgit closed marginally higher on Tuesday. At 6 pm, the local note was slightly better versus the greenback at 4.7350/7375 from 4.7380/7395 chalked up last Friday. A dealer said traders have been focusing on the dollar and would continue to do so, capitalising on the rising dollar and rising US treasury yields. Meanwhile, the ringgit weakened against a basket of major currencies from Friday’s closing. It was marginally lower against the Singapore dollar to 3.3233/3253 from 3.3144/3157 previously and versus the Japanese yen, it weakened to 3.1804/1823 from 3.1384/1396 on Friday’s close.
Source:The Star
October 26, 2022 00:31 UTC
Ismail Sabri: Empty talk, making false promises on pretext of debate is not my way
KUALA LUMPUR (Oct 25): Caretaker Prime Minister Datuk Seri Ismail Sabri Yaakob said empty talk and making false promises by using debate as held by Pakatan Harapan (PH) in the 14th general election (GE14) is not his way. Ismail Sabri said it would be better for him to focus on serving the people and devoting more attention to the preparations ahead of the 15th general election (GE15) in terms of people’s safety, rather than engaging in debates. He (Anwar) needs to have compassion for fishermen, farmers, and even young people who have been deceived by the various rhetoric of debates done before,” Ismail Sabri said. Or maybe on the stage of their respective parties, as there, no one will stand in the way because this country practices a democratic system,” Ismail Sabri said. Earlier, when asked about Anwar’s proposal for prime ministerial candidates to debate in conjunction with GE15, Ismail Sabri said it was not the culture in this country.
Source:The Edge Markets
October 25, 2022 17:36 UTC
Rishi Sunak declared next leader of UK Conservative Party, to become next PM
LONDON (Reuters): Rishi Sunak was declared the next leader of Britain's Conservative Party by the head of the 1922 Committee of Conservative lawmakers on Monday, placing him on course to be the country's next prime minister. ALSO READ: Rishi Sunak looks set to become next UK PM after Johnson quits raceThe committee sets the rules for selecting and changing the party's leader.
Source:The Star
October 25, 2022 14:11 UTC
Tech sector outlook remains uncertain
However, the research unit told StarBiz in a emailed response that despite the tech sell-off this year, it believes the sector remains attractive in the mid to long-term horizon. “Also, the strong US dollar could cushion the current downward pressure on our tech stocks, whereby they are mostly the net beneficiaries. The research unit also said any rally in Malaysian tech stocks as a result of cross-market spillover effect from Wall Street would be short term. “We maintain our opinion that the outlook of tech stocks remain uncertain in near term,” said MIDF Research. Wong said the sector may have been oversold and most of the negatives have been priced in.
Source:The Star
October 25, 2022 14:03 UTC
My Say: Malaysia as an aspiring middle power in midst of great power rivalry
For a secure and peaceful Southeast Asia, Malaysia needs to have a robust and independent foreign policy and should see itself as an aspiring middle power in the context of great power rivalry. Malaysia should see itself as an aspiring middle power. There are multiple definitions of what constitutes a middle power and I do not intend to dwell on them. The key is to be strategic and proactive in Malaysia’s conduct of foreign policy and diplomacy. We must realise that Malaysia’s economic fate and our people’s well-being require a robust yet balanced foreign policy.
Source:The Edge Markets
October 25, 2022 03:33 UTC
Proposal to limit foreign ownership of courier companies faces resistance from industry
The proposal, which came from the Malaysian Communications and Multimedia Commission (MCMC) last year, requires courier companies to have 51% local ownership. Under the proposal, there are exceptions for public-listed courier companies. Based on a public consultation paper on the Proposed New Courier Service Licensing Framework, MCMC has proposed a new courier service licensing structure comprising three classes of courier services. The three are National Delivery Service (N-Courier), Urban Delivery Service (U-Courier) and Pick-up Drop Off Points (PUDO), and Intermediary Service (I-Courier). Courier companies that aspire to an N-Courier licence would have to raise their minimum paid-up share capital to RM50 million.
Source:The Edge Markets
October 25, 2022 03:12 UTC
Anwar announced only two DPM positions as PH pledge, says press secretary
Tunku Nashrul clarified that the PKR president said there would be two DPM positions — one each from Peninsular Malaysia, and Sabah and Sarawak. "I request the good graces of media friends to correct the report that had been published," he said in a statement on Monday. On Sunday, the media reported Anwar as saying that PH would maintain the previous proposal of having three DPMs if the coalition is elected to lead the government after GE15 on Nov 19. PH has named Anwar as its prime minister candidate for GE15. Read also:PH maintains three DPMs proposal if voted into power, says Anwar
Source:The Edge Markets
October 24, 2022 08:39 UTC
Bursa Malaysia closed on Oct 24
KUALA LUMPUR (Oct 24): Bursa Malaysia is closed on Monday (Oct 24) for Deepavali holiday. The market is scheduled to resume trading on Tuesday (Oct 25). The FBM KLCI ended up 8.7 points or 0.61% at 1,446.42 on Friday.
Source:The Edge Markets
October 24, 2022 07:44 UTC
Russian oil logistics in chaos with weeks until sanctions bite
The US has been sounding the alarm for months that Europe’s sanctions on Russia could trigger such a shock. To do that, buyers would have to sign up to a controversial oil price cap. Many are older ships and will find their way to the shadow fleet, with Russian shipowner Sovcomflot PJSC supplying some tankers as well. The price cap would make European services and insurance available to companies who pay adhere to a price ceiling for Russian oil. In other words, a trader could theoretically only hire a Greek tanker if that trader paid a capped price for oil.
Source:The Edge Markets
October 23, 2022 23:42 UTC
Back to grander Deepavali celebration this year with worst of Covid behind
KUALA LUMPUR (Oct 23): Deepavali is another major celebration in Malaysia that is not only celebrated here on Monday (Oct 24) but by Hindus from all over the world. The colourful festival celebrated by Hindus worldwide usually falls around late October or early November and this year, the auspicious day falls on Oct 24. Hindus particularly dislike dressing in black on this auspicious day. The open house visits are most certainly an interesting activity on this auspicious day as one will get to taste a wide variety of delicious Indian cuisine and cookies. Deepavali, which is an auspicious day for the Hindus and is celebrated together with other Malaysians of all backgrounds, has become a major festival in Malaysia and will continue to be one.
Source:The Edge Markets
October 23, 2022 20:08 UTC
Chinese ex-president Hu Jintao escorted out of party congress
BEIJING (Oct 22): Former Chinese president Hu Jintao was unexpectedly escorted out of the closing ceremony of a congress of the ruling Communist Party on Saturday (Oct 22). Hu, 79, Xi Jinping's immediate predecessor, was seated to the left of Xi. Video footage published by AFP showed a steward repeatedly trying to lift Hu from his seat, drawing concerned looks from officials seated nearby. Looking distressed, Hu appeared to resist leaving as the stewards escorted him out, turning back to his seat at one point. Hu had appeared slightly unsteady last Sunday when he was assisted onto the same stage for the opening ceremony of the congress.
Source:The Edge Markets
October 22, 2022 18:42 UTC
Palm oil prices seen ticking up as rains slash output and demand strengthens
MUMBAI: Palm oil prices are likely to strengthen further as excessive rain in key producing countries curbs output, while demand increases for its use in food and biofuels, industry officials said. Palm oil prices have climbed by around a fifth this month but are still trading far below an all-time high set in March. "The way demand has been shifting towards palm oil from other edible oils, it's very likely that palm oil (prices) would move higher." The Black Sea region accounts for 76% of world sunflower oil exports and any disruption could result in more palm oil demand, said Sandeep Bajoria, chief executive of broker Sunvin Group. "Indonesian levies would make palm oil more expensive at a time the world is struggling to secure sunflower oil," said a New-Delhi based dealer.
Source:The Star
October 21, 2022 20:24 UTC