Genetec 1Q earnings more than double on stronger sales
Quarterly revenue rose 81.6% to RM73.2 million in 1QFY23 from RM40.3 million a year earlier, mainly attributed to stronger sales in the e-mobility, electric vehicle (EV) and energy storage, as well as hard disk drive (HDD) segments, the group's filing with Bursa Malaysia showed. On prospects, Genetec said the momentum in EV and energy storage continues to grow, driven by consumer demand and supportive policies as the world pivots towards renewables in the race to combat climate change. “Global sales of EV have doubled in 2021. We will continue to improve on our offerings through research and development whilst deepening our share of the market in the e-mobility, energy storage and HDD segments,” Genetec said. Shares of Genetec closed 5% or 13 sen lower at RM2.51 on Monday (Aug 29), giving it a market capitalisation of RM1.71 billion.
Source:The Edge Markets
August 30, 2022 00:35 UTC
India's status as world's fastest growing major economy to be short-lived
The median expectation for 2022 growth was 7.2%, according to an Aug 22-26 Reuters poll, but economists said that the solid growth rate masks how rapidly the economy was expected to slow in coming months. "By supporting growth through investment, the government has only fired on one engine while forgetting about the impetus which domestic consumption provides. This is why India's growth is still below its pre-pandemic trend." The economy has not grown fast enough to accommodate some 12 million people joining the labour force each year. That follows three interest rate rises this year totalling 140 basis points, and would take the repo rate to 6.00% by end-1Q 2023.
Source:The Edge Markets
August 29, 2022 04:59 UTC
Govt set to approve allocation, redistribution of RE quota of 1,200MW for solar resources, PM says
KUALA LUMPUR (Aug 29): Prime Minister Datuk Seri Ismail Sabri Yaakob said the Government is approving the allocation and redistribution of a renewable energy (RE) quota of 1,200MW for solar resources as an initial step to boost the country's commitment in the energy transition. He added that it will also be distributed to exploration of new RE programme implementation methods such as solar park development, electricity supply for the purpose of new data centers as well as green hydrogen generation. Ismail Sabri was speaking at the opening ceremony of the fifth International Sustainable Energy Summit (ISES) with the theme "Empowering Energy Transition". The summit was organised by the Energy and Natural Resources Ministry and Sustainable Energy Development Authority (SEDA) Malaysia. Read also:EV infrastructure development guidelines to be enforced in 4Q22, says PMElectricity users on Pulau Redang, Pulau Perhentian to get 24-hour low-carbon electricity supply by 2025
Source:The Edge Markets
August 29, 2022 04:39 UTC
Hyatt Place Kuala Lumpur, Bukit Jalil to open by mid-2023
KUALA LUMPUR (Aug 29): Hyatt Place Kuala Lumpur in Bukit Jalil was structurally completed on Monday (Aug 29). Hyatt Place Kuala Lumpur, Bukit Jalil is the first international branded hotel in Malton’s 50-acre (20.23-hectare) Bukit Jalil City integrated development, which also comprises three-storey shop offices, the 1.8 million sq ft Pavilion Bukit Jalil shopping mall, and residential components, such as The Park Sky Residence and The Park 2. With the Hyatt Place Kuala Lumpur, Bukit Jalil opening next year, it will also provide a boost to properties in Bukit Jalil City, and property values within the development are anticipated to appreciate in the next three to five years,” said Lye. Hyatt Place Kuala Lumpur, Bukit Jalil is near SJK(C) Lai Meng, the Calvary Convention Centre, Asian Football Confederation, International Medical University, Bukit Jalil Golf & Country Resort as well as the 80-acre Bukit Jalil Recreational Park. It enjoys easy access via the Bukit Jalil Highway, Kuala Lumpur-Seremban Expressway and Shah Alam Expressway.
Source:The Edge Markets
August 29, 2022 04:39 UTC
Malaysia ranks world's third most competitive GBS location, behind India and China
KUALA LUMPUR (Aug 28): Malaysia has been ranked as the world's third most competitive Global Business Services (GBS) location, behind India and China, according to an index by global consulting firm Kearney. The firm's 2021 Global Services Location Index (GSLI) showed that Asian economies continued to take seven spots in the top 10, with India in first place with a score of 7.09, followed by China (6.80) and Malaysia (6.22). She noted that among the MNCs that have established GBS centres in Malaysia are Shell, AstraZeneca, British American Tobacco and Bash. GS, which comprises principal hubs, GBS and headquarters operations, is the main contributor of foreign direct investments (FDI) in the services sector. Approved investments in GS by multinational companies were recorded at RM46.1 billion, constituting 51.7% of total FDI in the services sector from 2016 to 2020.
Source:The Edge Markets
August 28, 2022 22:56 UTC
Micro-credentials the way forward for workers to improve and remain relevant
With micro-credential courses taking barely five days to upskill participants, the industry looks forward to more and more professionals taking the initiative to improve themselves. Micro-credentials specifically address the areas urgently in need of upskilling, so it is the perfect and immediate solution to bite-sized learning. Elaborating on its advantages, he said such courses also do not cost as much as professional certifications, and with finances being ever so hard to earn these days, micro-credentials are the perfect way to move forward. It is important to ensure that the most relevant and suitable programmes are offered for immediate relief. “Micro-credentials are helping to address immediate demands in Malaysia, but it has yet to be fully endorsed among local talents."
Source:The Edge Markets
August 28, 2022 22:11 UTC
Muhyiddin proposes one-stop agency to collect data on aid recipients
SERDANG (Aug 27): National Recovery Council (MPN) chairman Tan Sri Muhyiddin Yassin has proposed that a one-stop agency be created to collect data on individuals and households that are truly in need of assistance. He said the agency, which also aims to coordinate all forms of assistance, could emulate the Centrelink model implemented in Australia in managing the distribution of aid to eligible recipients. He also said that an efficient, fast and uniform system of eligibility review and aid distribution is needed to ensure there is no duplication of recipients. In the meantime, Muhyiddin suggested that the country immediately switches to high-tech industries with higher added value and more lucrative salary offers. He said the Government also needs to improve the competitiveness of micro, small and medium enterprises (MSMEs), especially in increasing added value, including through the dominance of automation and digitisation, thus creating more high-income jobs for the people.
Source:The Edge Markets
August 27, 2022 21:48 UTC
APEC: Need to develop new international instrument for future pandemic prevention, responses
BANGKOK (Aug 27): The Asia-Pacific Economic Cooperation (APEC) member economies recognised the need to develop a new international instrument on pandemic prevention, preparedness and response to strengthen the International Health Regulations (2005). “HLM12 reaffirmed the importance of immunisation programmes as the most cost-effective public health measures, which have direct impacts on economic benefits and growth in our region,” it said. Thailand’s Deputy Prime Minister and Public Health Minister Anutin Charnvirakul chaired the two-day HLM12 meeting that concluded on Friday. The statement said APEC member economies are committed to improve health and well-being, aiming to promote trade, inclusive growth and development in the APEC region and to increase their investment in health security and health system. The APEC economies also reaffirmed their commitment to better prepare for future pandemics and other health threats and to achieve and maintain universal health coverage.
Source:The Edge Markets
August 27, 2022 11:47 UTC
Greatech’s 2Q net profit sinks 34.4% due to effects of supply chain constraints
KUALA LUMPUR (Aug 26): Greatech Technology Bhd’s net profit for the second quarter ended June 30, 2022 (2QFY22) dropped 34.43% to RM25.17 million from RM38.38 million a year ago, due to the effects of prolonged supply chain constraints and cost escalation. Earnings per share (EPS) declined to 2.01 sen from 3.07 sen, as a result. According to Greatech, the current financial quarter’s margin was negatively impacted by the timing to turn production line systems (PLS) order bookings into revenue, due to extended supply chain constraints. For the first half ended June 30, 2022 (1HFY22), the group’s net profit lost 36.39% to RM54.1 million from RM85 million a year earlier, while its revenue diminished 4.86% to RM220.25 million from RM231.5 million. As of Aug 18, Greatech said its order book stood at RM506.67 million, which is expected to last until the 2HFY23.
Source:The Edge Markets
August 26, 2022 23:44 UTC
Axiata to restructure part of RM9.6b short-term debts to ease 'stretched' balance sheet
KUALA LUMPUR (Aug 26): Axiata Group Bhd is planning to extend the tenure of some short-term debts, which are set to mature in two years, to maturities of three to 10 years. The move is part of its bid to ease a balance sheet that has been been “stretched” after the group increased its borrowings to acquire telecommunication towers in the Philippines and a broadband-cum-cable TV services provider in Indonesia. Celcom-DiGi merger 'progressing well'Vivek also updated that the merger between Celcom Axiata Bhd and DiGi.Com Bhd is “progressing well”, and that Axiata is submitting its draft circular for that deal to Bursa Malaysia for approval. “I don’t think the requirement of funding for equity in DNB is anything significant, compared to our overall balance sheet. Having said that, we have plans in place of how to de-leverage the balance sheet as well as how to improve the cash flow for us,” he added.
Source:The Edge Markets
August 26, 2022 23:00 UTC
Dr M claims Najib's lengthy SRC trial, appeal may have led to delays in other cases
PETALING JAYA: The delay in Datuk Seri Najib Razak's trial involving the embezzlement of RM42mil in funds belonging to SRC International Sdn Bhd may have caused other cases to be delayed, says Tun Dr Mahathir Mohamad (pic). "Because Najib's SRC case took a very long time (four years), many cases of theft, abuse of power, and corruption involving political figures were delayed and not brought to court. "The delay is made worse by the behaviour of Najib and his lawyers who use various excuses to delay the trial. "It is true as the English saying goes that justice delayed is justice denied," he said. A five-member bench led by Chief Justice Tengku Maimun Tuan Mat dismissed Najib’s appeal to set aside the conviction and sentence imposed by the Kuala Lumpur High Court on July 28, 2020.
Source:The Star
August 26, 2022 00:23 UTC
Petron posts record breaking net profit in 2QFY22 as strong oil prices widen margin
On the back of this, its quarterly earnings per share ballooned to 68 sen from 15.60 sen, according to the bourse filing. However, the group did not declare a dividend for the quarter under review, despite the strong set of earnings. Petron, however, pointed out that its earnings were affected by mark-to-market loss provision on outstanding commodity hedges. Quarterly revenue more than doubled to RM5.6 billion from RM2.03 billion, due to strong crude oil prices. Petron’s share price gained 24 sen or 4.32% to close at RM5.80 on Thursday (Aug 25), giving it a market capitalisation of RM1.57 billion.
Source:The Edge Markets
August 25, 2022 23:16 UTC
Hilton announces six landmark signings including Malaysia's first Waldorf Astoria
PETALING JAYA (Aug 23): Global hospitality company Hilton has announced six landmark signings in Asia-Pacific (Apac) across its portfolio of luxury brands, namely Waldorf Astoria Xi'an, Waldorf Astoria Shanghai Qiantan, Waldorf Astoria Kuala Lumpur, Waldorf Astoria Sydney, Conrad Nagoya and an LXR Hotels & Resorts property in Bali, according to a press statement. The signing of Waldorf Astoria Kuala Lumpur marks the entry of the Waldorf Astoria brand into Malaysia. The upcoming hotels include Conrad Chongqing, Conrad Shenzhen, Waldorf Astoria Jakarta, Waldorf Astoria Osaka and Waldorf Astoria Tokyo Nihonbashi. Hilton Apac vice president of luxury Nils-Arne Schroeder said: "The strength and recognition of our luxury brands are key drivers of growth for our luxury portfolio in Apac. The future of luxury travel in this region is brighter than ever, as our portfolio of luxury brands continues to enter exciting new markets and elevate the benchmark of luxury hospitality to new heights."
Source:The Edge Markets
August 23, 2022 07:05 UTC
Covid incubation gets shorter with each new variant, study shows
Among Covid-19’s pernicious features, its incubation period is longer than many other respiratory viral infections, including influenza, respiratory syncytial virus and rhinovirus. Scientists from Peking University and Tsinghua University in Beijing analyzed data from more than 140 studies to estimate the incubation period of Covid caused by different strains of SARS-CoV-2. The researchers also noted variable incubation periods across different age groups and severity of disease. “The findings of this study suggest that SARS-CoV-2 has evolved and mutated continuously throughout the Covid-19 pandemic, producing variants with different enhanced transmission and virulence,” Wannian Liang and colleagues said. Everyone who is infected and all foreign travellers are expected to isolate throughout the potential incubation period to prevent transmission to others.
Source:The Edge Markets
August 23, 2022 04:52 UTC
Number of Johor Bahru flash flood evacuees up to 86 as of Sunday morning
JOHOR BAHRU (Aug 21): The number of evacuees due to the flash floods in Johor Bahru increased to 86 people, involving 29 families, as of Sunday (Aug 21) morning, from 43 people (12 families) on Saturday (Aug 20) night, with the opening of another relief centre (PPS). The Secretariat of the Johor Bahru District Disaster Management Committee, in a statement, said the PPS at Sekolah Kebangsaan Mutiara was opened to accommodate 43 people from 17 families, who were evacuated from Kampung Pasir, Kampung Kangkar Tebrau, and Kampung Kenangan. "Yesterday it rained heavily for more than two hours and caused several houses [in this district] to be flooded at about 3pm," it said. On Saturday night, a total of 43 residents from Kampung Laut Batu 10 were evacuated to the PPS at Dewan Raya Kampung Melayu Batu 10 after their houses were flooded.
Source:The Edge Markets
August 21, 2022 08:53 UTC