Konsortium Transnasional clinches RM110m works contract in Perak
KUALA LUMPUR (Sept 22): Konsortium Transnasional Bhd’s (KTB) unit has secured a building work contract worth RM109.61 million for an apartment project in Hulu Kinta, Perak. In a filing to Bursa Malaysia on Thursday (Sept 22), the company said its wholly owned subsidiary Transnational Builder Sdn Bhd won the piling work, earthworks and building work from Maju Teluk Batik Sdn Bhd. The scope of works comprise piling work, earthworks and building work for apartment blocks B and C, and two carparks of a mixed development at Hulu Kinta, Perak. The contract is expected to contribute positively to the earnings per share, net assets per share and gearing of the KTB group for the financial year ending Dec 31, 2023 and onwards, the group said in the filing. Shares of KTB closed unchanged at 20 sen a share, giving it a market capitalisation of RM91.61 million.
Source:The Edge Markets
September 22, 2022 23:16 UTC
Citi Malaysia wins Best International Bank by Asiamoney
KUALA LUMPUR: Citi Malaysia has won the ‘Best International Bank’ at the 2022 Asiamoney Best Bank Awards. This is the second consecutive win for the franchise, since winning the first Best Bank award in 2021, the bank said in a statement. The award win was also attributed to Citi Malaysia’s industry-beating performance. In 2021, Citi Malaysia posted a net profit of RM608.085mil, a notable increase of 14.9% from the previous year. Citi is the financial adviser and transaction bank of choice for some of Malaysia’s largest corporates, including Petronas and Genting.
Source:The Star
September 22, 2022 23:04 UTC
Zahid to know fate of second graft case on Sept 23
SHAH ALAM (Sept 22): After finishing testifying in his defence in the Kuala Lumpur High Court to his 47 criminal breach of trust, money laundering and graft charges last Aug 30, former deputy prime minister Datuk Seri Dr Ahmad Zahid Hamidi will know on Friday (Sept 23) whether he would be called to enter his defence or be acquitted of another 40 graft charges. Should Zahid be ordered to enter his defence, like in his first case, he has three options. Firstly, he can choose to testify on the witness stand, where he could be cross-examined by the prosecution. Zahid is facing 33 counts of allegedly receiving S$13.56 million (RM43.39 million) from UKSB to facilitate the company's one-stop centre and foreign visa system in China. Read also:Court allows prosecution to begin impeachment proceedings against Zahid’s witnessZahid to know on Sept 23 whether defence will be called in second graft case
Source:The Edge Markets
September 22, 2022 13:43 UTC
INTERNATIONALISING THE NATION’S HIGHER EDUCATION
The forging of partnerships – particularly the internationalisation of higher education – is an important endeavour for the country’s HEIs, as the government and MoHE work to position Malaysia as an international higher education hub. MoHE aims to establish Malaysia as an international higher education hubTHE year 2022 has seen much more progress in higher education, compared to the previous years when the pandemic still dictated our physical movements. The answer is this - the government of Malaysia in general and more specifically, the Ministry of Higher Education (MoHE), have been working towards establishing Malaysia as an international higher education hub. Benefits of becoming internationalVarious parties stand to gain from the internationalisation of Malaysia’s higher education. Fourth, is the progressive nature of our higher education system, which supports sustainable and inclusive lifelong learning.
Source:The Star
September 22, 2022 07:41 UTC
My Say: Taming the volatility of the ringgit
Market risk is monitored on a daily basis and all of the investments and instruments will have a marked to market value. We can see how sensitive the financials are against forex movements of the ringgit versus the biggest-use currency in the world. There seems little to worry about the possibility of large forex losses for the central bank currently. Nonetheless, as we had pointed out in our recent paper, “How Low Can the Malaysian Ringgit Go?”, there is a need to tame the volatility of the ringgit, and there are two ways to do that — either through direct intervention or through deepening the ringgit market. The first option, of course, means that forex losses could be visibly large at the central bank.
Source:The Edge Markets
September 21, 2022 22:58 UTC
Govt agrees to recruitment of 10,000 workers from Sri Lanka
KUALA LUMPUR (Sept 21): The Cabinet has agreed to the recruitment of 10,000 workers from Sri Lanka after taking into account the state of the country which is hit by the current economic crisis, said Human Resources Minister Datuk Seri M Saravanan. In a statement here on Wednesday (Sept 21), he said the Sri Lankan government had submitted an official application to supply manpower involving a quota of 10,000 workers. The Cabinet, at its meeting on Sept 14, agreed on the hiring of the foreign workers to help Sri Lanka, which is facing the worst economic crisis, he said and urged the Malaysian industries and employers to support the government’s good intention by employing workers from Sri Lanka to fill job vacancies in sectors that are allowed to hire foreign workers. According to Saravanan, employers who have been given quota approval and have settled the levy payment should seize the opportunity. As of Sept 14, levy payments had been made for 416,634 applications for foreign workers, he said, adding that employers keen to hire foreign workers can contact the ministry’s Migrant Worker Management Division ([email protected]) or the Peninsular Malaysia Labour Department ([email protected]) for more information.
Source:The Edge Markets
September 21, 2022 18:33 UTC
HLIB Research cuts target price for Top Glove to 54 sen
KUALA LUMPUR (Sept 21): Hong Leong Investment Bank (HLIB) Research has maintained its “Sell” rating on Top Glove Corp Bhd at 70.5 sen with a lower target price (TP) of 54 sen (from 83 sen) and said Top Glove’s 4QFY22 core loss after tax and minority interests of RM80.7 million (3QFY22: RM8.6 million, 4QFY21: RM447.4 million) brought full year FY22 core profit after tax and minority interests to RM175.2 million (-98% y-o-y). In a note on Wednesday (Sept 21), the research house said the results came in below both house and consensus estimates, at 63% and 58% respectively. “The negative deviation to our forecast was mainly due to higher-than-expected cost of sales. “We cut our earnings forecast for FY23-24f by 18-52%, as we lower our utilisation rates assumption for FY23f/24f to 55%/75%. “Our TP is lowered to 54 sen (from 83 sen), representing a PE multiple of 17.3x (at mean to its 5-year pre-pandemic average) on its CY23f EPS of 3.1 sen.
Source:The Edge Markets
September 21, 2022 04:40 UTC
Clients to assume SCIB's debt obligation for six projects in Qatar and Oman
SCIB's US$133.42 million debt obligations to the subcontractors are to be taken up by the projects' respective clients, and are to be fulfilled by utilising the US$146.74 million debts the clients owe SCIB and its unit SCIB International (Labuan) Ltd (SCIBL), the group said in a Bursa Malaysia filing. SCIB said it has inked novation agreements with Pavilion Qatar Engineering Co WLL, Revenue International LLC, Interceptor Trading & Contracting WLL and Skyview Trading & Contracting WLL in the two countries to modify their prior settlement agreements to facilitate the debt resolution. "The final claims stated in the settlement agreements are consistent with the provisions that were taken up in the accounts. The contracts included jobs which pertained to the construction of villas, buildings and service centres, and civil works for a fire water project in Qatar and Oman. Shares in SCIB finished unchanged at 14.5 sen on Tuesday (Sept 20), giving the group a market capitalisation of RM87.41 million.
Source:The Edge Markets
September 21, 2022 03:36 UTC
Ringgit falls vs US dollar at the close
KUALA LUMPUR: The ringgit ended lower against the US dollar as oil prices declined, and the pressure was exacerbated by growing anticipations of an aggressive interest rate hike decision by the United States Federal Reserve tomorrow, said an analyst. At 6 pm, the local currency fell to 4.5585/5595 against the greenback from 4.5495/5515 at Monday’s close. At the time of writing, the oil benchmark Brent crude price had dropped 0.16 per cent to US$91.85 per barrel. Meanwhile, the ringgit was traded lower against a basket of major currencies. It depreciated against the British pound to 5.2049/2060 from 5.1678/1700 at yesterday’s close and shrank versus the Singapore dollar to 3.2341/2353 from 3.2261/2278 previously.
Source:The Star
September 20, 2022 23:57 UTC
Rate hikes tilt economies towards global recession
CENTRAL banks are intent on driving the world economy perilously close to a recession. About 90 central banks have raised interest rates this year, and half of them have hiked by at least 75 basis points in one shot. The current quarter will see the biggest rate hikes by major central banks since 1980, according to JPMorgan Chase & Co, and it won’t stop there. “So they need to get rates up more now.”Until recently, it seemed like a no-brainer for the central banks to tighten policy. Central banks all over the world are pushing in the same direction, and that heightens the danger, says Maurice Obstfeld, a former chief economist at the International Monetary Fund.
Source:The Star
September 20, 2022 07:04 UTC
PCCS set to trend north, says RHB Retail Research
KUALA LUMPUR (Sept 20): RHB Retail Research said PCCS Group Bhd is set to trend north as it rebounded strongly from the 21-day average line, surpassing the previous immediate resistance of 67 sen and forming a “higher high” bullish structure. In a trading stocks note on Tuesday (Sept 20), the research house said that the bullish bias above that level may propel it further towards the 71 sen point (Aug 24’s high), followed by the 80 sen threshold. “However, the counter may reverse direction if it falls below the 61 sen support — trading below the average line while forming a 'lower low' bearish structure,” it said.
Source:The Edge Markets
September 20, 2022 05:16 UTC
Yinson marks foray into Indonesian energy market with strategic stake acquisition
KUALA LUMPUR (Sept 19): Yinson Holdings Bhd has marked its foray into the Indonesian energy market after acquiring a majority stake in turnkey solar company PT Ineco Solar Solutions (Inecosolar). In a statement on Monday (Sept 19), Yinson said the stake was acquired via its renewables division Yinson Renewables (YR). The company said Inecosolar is a well-established solar system provider in Indonesia with a track record in delivering residential and commercial rooftop solar systems. Yinson said the acquisition aims to enable Inecosolar to provide all-in-one zero-capital solutions, expand its project portfolio and establish itself as an independent power producer (IPP) in Indonesia and beyond. “With a nascent renewable energy market, Indonesia is poised to be a major hub of the energy transition,” said Brunt.
Source:The Edge Markets
September 20, 2022 00:34 UTC
My Say: Malaysia bruised, battered but unbroken
It was heart-warming and emotional for me to see the Mexican wave of Jalur Gemilangs, and the genuine smiles of Keluarga Malaysia. Between Merdeka and Malaysia Day, many of my friends and family members reflected on the nation’s successful transition from a country on the verge of a public health-economic crisis to one where normalcy has been almost fully restored. Every conscious moment of the day, I looked for ways to sustain the economy and, later, to revitalise it. These achievements demonstrate that with level-headed leadership premised on responsive measures, and responsible, transparent communications/reporting, we can do wonders to steer the economic ship safely back to calmer waters for Keluarga Malaysia. Finally, I feel that Keluarga Malaysia is more than just a slogan; it is an extension of our Founding Fathers’ vision of a peaceful and progressive nation.
Source:The Edge Markets
September 19, 2022 04:16 UTC
My Say: Should I, as the incumbent EIC, end The Edge’s investigative reporting?
Our former editor-in-chief (EIC) Azam Aris, who passed the baton to me about 10 months ago, was charged with criminal defamation under Section 500 of the Penal Code last Tuesday. Being the EIC, it is one of my responsibilities to ensure robust journalism continues to be practised here. DGB Asia Bhd, MNC Wireless Bhd, Trive Property Bhd and Metronic Global Bhd were among these companies. Indeed, there have been very few instances of anyone being charged with criminal defamation — a colonial relic. Still, will what has happened to Azam force us to stop our investigative reporting?
Source:The Edge Markets
September 19, 2022 03:41 UTC
Man expected to be charged with raping daughter in Melaka
MELAKA: A 50-year-old man is expected to be charged at the Sessions Court here on Monday (Sept 19), after he was arrested for allegedly raping his daughter. His second wife made a police report after catching him allegedly having sex with his teenage daughter in a house at Batu Berendam here. The report also stated that the suspect had allegedly made threats to his nine-year-old youngest daughter who was at the house when the second wife confronted him. The suspect's eldest daughter claimed she was sexually abused by her father since she was 12 years old. He is expected to be charged under Section 376(3) of the Penal Code for rape.
Source:The Star
September 19, 2022 00:06 UTC