Carlyle-backed Yes Bank now on stressed asset hunt
YES Bank Ltd, the Indian bank that almost collapsed two years ago from bad loans, is now on a hunt to buy stressed assets from other lenders. A new partnership with US private-equity firm JC Flowers & Co LLC allows it to buy soured loans of other banks, Prashant Kumar, chief executive officer of the Mumbai-based lender, said in an interview.
Source:The Star
October 08, 2022 11:18 UTC
Budget 2023: Encourage more exports, FDI to boost ringgit's attractiveness, says economist
KUALA LUMPUR: Budget 2023, which is expected to be tabled later today, is being awaited with great anticipation by Malaysians from all walks of life as it will chart the nation’s vision in the coming year. He emphasised that Budget 2023 needs to be expansive but, at the same time, able to generate a new source of income to ensure that the nation will not fall deeper in debt. He said the budget should ensure the current focus of keeping the inflation rate low is maintained. He cautioned that another round of unchecked fiscal stimulus might pressure the inflation rate to rise further. Ahmed Razman added that with rumours of the 15th general election being around the corner, political conditions would also probably affect the ringgit's performance.
Source:The Star
October 07, 2022 17:33 UTC
Malaysia’s economic growth expected to ease to 4%-5% in 2023
KUALA LUMPUR (Oct 7): Malaysia’s economic growth in 2022 could land higher than initial estimates at 6.5%-7%, before slowing to 4%-5% in 2023, said the Ministry of Finance in its 2023 Economic Outlook report. The slower growth seen for 2023 is against the backdrop of softening world economic growth and trade activities due to inflationary pressure, tightening of financial conditions, supply strains and geopolitical fragmentation, the report said. However, it should be noted that the forecast is on the back of the International Monetary Fund's (IMF) 2023 global growth forecast of 2.9%. Higher private, public spending seenIn 2023, domestic demand growth is expected to slow to 5.1%, from an estimated 6.3% growth in 2022, as private consumption growth moderates to 6.3%, compared with 8.7% during the same period. Read more stories from the Economic Report 2022/2023 here.
Source:The Edge Markets
October 07, 2022 08:39 UTC
My Say: Temporal justice and climate-focused growth
In the field of economic history, one common proxy measure for economic output growth is population growth, especially in cities. The second gathered communities of engineering practice to supercharge economic growth. But as Delong rightly points out, such economic growth was not evenly distributed over space and over time. And when it comes to the future of economic growth, these differing contexts are of immense importance. Yet, as we also know from history, different countries achieved sustained economic growth in different ways across space and time.
Source:The Edge Markets
October 07, 2022 03:37 UTC
QuickCheck: Is the Malaysian stock exchange promoting investment schemes on Telegram?
RECENTLY, channels have been created on the messenger app Telegram to promote schemes using the Bursa Malaysia name and logo. Are these schemes legitimately from Bursa Malaysia? It said that these scammers then promote get-rich-quick schemes in the form of investments, and lure participants to deposit funds. “Bursa Malaysia does not authorise or endorse this unlicensed activity. Bursa Malaysia then added that any potential investors should check a scheme with the Securities Commission Malaysia Investor Alert List (http://sc.com.my/investor-alert) before investing.
Source:The Star
October 06, 2022 20:28 UTC
AIM signs franchise agreement to run retail pharmaceutical business
KUALA LUMPUR (Oct 6): Business process outsourcing solutions provider Advance Information Marketing Bhd (AIM) plans to diversify into the franchise retailing business of pharmaceutical products and services. AIM said its wholly owned subsidiary Advance Medipharm Solutions Sdn Bhd has entered into a five-year franchise agreement with Mediconstant Holding Sdn Bhd to obtain the right to operate Constant Pharmacy outlets. The initial franchise fee is RM50,000 while another RM300,000 is required for initial product purchase for every outlet, AIM said in a filing with Bursa Malaysia. The group said it will fund the franchise fee and initial startup costs via internally generated funds and bank borrowings. Shares of AIM closed unchanged at seven sen apiece on Thursday, giving it a market capitalisation of RM18.62 million.
Source:The Edge Markets
October 06, 2022 20:09 UTC
My Say: Put more money into public healthcare
Evidently, there is a need for healthcare system reform and greatly increased investment in healthcare in order to build a nation where “health is for all” and the people enjoy “universal healthcare”. VHI would also expose the population to greater public health risks, and families to greater financial risk due to catastrophic medical expenses. By contrast, public health spending — especially programmes emphasising prevention — came to a meagre 6.8%. KRI has previously advocated for the country to focus beyond curative care services to emphasise long-term prevention and invest more in public health services. Reforming the country’s healthcare system is also a shared responsibility, with “whole-of-government” and “all-of-society” approaches needed to enhance healthcare inclusion and MoH accountability.
Source:The Edge Markets
October 06, 2022 15:30 UTC
Four, including three in a family, charged with money laundering involving over RM300 mil
GEORGE TOWN (Oct 5): Four people, including three in a family, pleaded not guilty in two separate Sessions Court here to 150 counts of money laundering involving more than RM300 million from 2018 to 2020. Abdul Wahab S Mohd Mydin, 53, Mohd Nasri Abdul Rahman, 36, Nur Hafeezah Abdul Wahab, 26, and Resool Bivi Yusof Gini, 50, claimed trial to all the charges before judges Mohammad Khalid Ab Karim and Mazdi Abdul Hamid. All were charged under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, punishable under Section 4(1) of the same Act. Bail for Mohd Nasri was set at RM500,000 with one surety; Abdul Wahab RM110,000 (one surety); Nur Hafeezah RM25,000 (one surety) and Resool Bivi RM10,000 (one surety). Deputy public prosecutor Harris Ong Mohd Jeffery Ong prosecuted while Abdul Wahab, Resool Bivi, and Nur Hafeezah were represented by Mashitah Jamaluddin and Nasri by S Raveentharan.
Source:The Edge Markets
October 06, 2022 00:37 UTC
Gas crisis set to worsen after Europe burns through winter stocks
Gas prices, which surged in the months after the invasion in February, have retreated. But that could be short-lived as countries compete to buy liquefied natural gas (LNG) and other alternatives to Russian pipeline deliveries. To help tackle the pain, the European Union is considering a gas price cap, an issue that has divided the 27-nation bloc as some countries worry it could make securing supplies harder. "This winter is difficult but next winter may also be very difficult," Birol told journalists in Finland. She was speaking in the European Parliament ahead of a meeting of leaders of the 27 EU countries on Friday in Prague when they will debate the EU price cap plan.
Source:The Edge Markets
October 05, 2022 23:25 UTC
Ringgit strengthens against US dollar at the close
KUALA LUMPUR: The ringgit continued to appreciate against the US dollar today ahead of the Budget 2023 tabling on Friday (Oct 7), said an analyst. At 6 pm, the local currency rose to 4.6290/6315 against the greenback from Tuesday’s close of 4.6420/6450. "Locals most likely want to validate a directional move before selling the US dollar and buying the local unit. "There seems to be a bit of a long dollar position squeeze across the broader currency markets,” he told Bernama. The local note edged up against the British pound to 5.2706/2734 from 5.2752/2786 at yesterday’s close and inched up against the Japanese yen to 3.2037/2056 from 3.2067/2090 previously.
Source:The Star
October 05, 2022 21:54 UTC
Covid-19 Watch: 1,483 new cases, nationwide ICU bed usage at 63.4pc
PETALING JAYA: Malaysia recorded 1,483 new Covid-19 cases on Tuesday (Oct 4), bringing the total number of cases in the country to 4,846,592 infections since the pandemic began. The Health Ministry's CovidNow portal reported that 1,479 of Tuesday's new Covid-19 cases were local transmissions while four imported infections were logged. The number of Covid-19 patients warded at intensive care units (ICU) throughout the country stands at 42, with 23 of these patients requiring ventilation support. The ICU utilisation rate nationwide stood at 63.4%, with eight states or localities recording ICU usage rates of more than 60%. Johor had the highest ICU utilisation rate at 77.7%, followed by Kedah (76.9%), Selangor (74.8%), Kelantan (67.7%), Kuala Lumpur (67.4%), Perak (63.7%), Negri Sembilan (63.3%) and Pahang (60.2%).
Source:The Star
October 05, 2022 08:36 UTC
Ringgit opens flat on expectation of more US rate hikes
KUALA LUMPUR: The ringgit opened barely changed against the US dollar on the expectation that the US Federal Reserve (Fed) will continue its tight monetary policy going forward. At 9 am, the local currency rose marginally to 4.6460/6495 against the greenback from Monday’s close of 4.6470/6500, which was a fresh 24-year low against the US dollar. The current rate is at 3.25 per cent. SPI Asset Management managing partner Stephen Innes said the higher oil price will cap any ringgit weakness, especially against regional peers who are oil importers. It depreciated against the Japanese yen at 3.2108/2136 from 3.2015/2040 and slid vis-a-vis the euro to 4.5652/5686 from 4.5355/5384 on Monday.
Source:The Star
October 04, 2022 19:41 UTC
Petronas’ US$400 mil drilling fluids tender likely to be out soon
SEVERAL oil and gas companies specialising in the provision of drilling fluids are waiting in anticipation of a relatively large tender that is likely to be announced soon by Petroliam Nasional Bhd (Petronas). We (drilling fluid suppliers) have been waiting for a few months now for it,” he said early last week. In short, drilling fluids are used to reduce friction during exploration works. Petronas’ Activity Outlook 2022-2024 indicates that the existing drilling fluid contracts will expire in the middle of next year, which makes it likely that tenders will be called soon. If things are maintained, there will be a lot of activity, but if oil prices plunge again, exploration will halt and there will be little use for drilling fluid.
Source:The Edge Markets
October 04, 2022 18:59 UTC
Procurement to supply tablets under PerantiSiswa Keluarga Malaysia cost RM385 mil
KUALA LUMPUR (Oct 4): The total cost for the procurement of the PerantiSiswa Keluarga Malaysia initiative amounts to RM385.31 million for the supply of 350,000 units of tablets, said Communications and Multimedia Minister Tan Sri Annuar Musa. In August, four companies won contracts worth RM335.22 million in total from the federal government to supply tablets for students from B40 households, under the PerantiSiswa Keluarga Malaysia initiative. The government allocated RM450 million under the PerantiSiswa Keluarga Malaysia initiative, which was announced under Budget 2022. The distribution of the PerantiSiswa tablets, which was initially scheduled for June 2022, had been postponed due to technical factors in the procurement process. Read also:Four companies win govt contracts worth RM335 mil to supply tablets to B40 students in Peninsular Malaysia
Source:The Edge Markets
October 04, 2022 17:51 UTC