Proton X50 the best-selling vehicle in July
KUALA LUMPUR: The Proton X50 has set a monthly sales record of 4,763 units for July 2022 as the best-selling vehicle in Malaysia, and retaining its pole position in the sports utility vehicle (SUV) segment. In a statement, Proton Holdings Bhd said this is also the first time such a vehicle had led in the overall sales. The national carmaker sold a total of 11,477 units across six models in July, of which Proton X50 was the best-seller, followed by the Proton Saga with 4,521 units. The Proton Saga, Proton X70 and Proton X50 are the leading export models, it added. “Proton was no exception and with our parts supply situation continuing to improve, we were finally able to show the true sales potential of the Proton X50.” — Bernama
Source:The Star
August 04, 2022 18:35 UTC
Cover Story: Debt crunch unlikely
A rising interest rate environment is always perceived as bad news for everyone (except for interest-earning banks, of course) amid concerns about higher borrowing costs. Contrary to perception, an analysis by The Edge found that they are perhaps not as susceptible to the impact of interest rate hikes as perceived despite their high leverage. If [the rate hike is] done gradually, most can adjust to the normalisation of interest rates,” he tells The Edge. Fixed-rate loans typically cover corporate bonds, although some bank loans have fixed interest rate charges too. Be it bonds or fixed-rate bank loans, the new bond issuance or bank loan will come at a higher cost to match the market.
Source:The Edge Markets
August 04, 2022 18:01 UTC
Anti-stalking law: Amendments to Penal Code, CPC tabled for first reading
KUALA LUMPUR: Proposed amendments to the law will make stalking a crime punishable by up to three years in jail and fines. The move to make stalking a crime in Malaysia comes after amendments to the Penal Code and the Criminal Procedure Code (CPC) were tabled for its first reading in Parliament on Thursday (Aug 4). ALSO READ: Anti-stalking Bill to be tabled this year, says Mas ErmieyatiUnder the Penal Code (Amendment) Act 2022, a new Section 507A will be created for the crime of stalking. Both Bills were tabled by Deputy Minister in the Prime Minister's Department in charge of Parliament and Law Datuk Mas Ermieyati Samsudin. In 2019, the government formed an anti stalking committee to look at amendments to the law to make stalking a crime in Malaysia.
Source:The Star
August 04, 2022 08:13 UTC
Bursa ends lower for second straight day
KUALA LUMPUR (Aug 3): Bursa Malaysia closed lower for the second consecutive day on Wednesday (Aug 3) amid mixed performance in regional peers as investors remained in profit-taking mode, said a dealer. Total turnover decreased to 1.91 billion units worth RM1.35 billion from 2.85 billion units worth RM1.59 billion on Tuesday. Main Market volume declined to 1.12 billion shares worth RM1.14 billion against 1.82 billion shares worth RM1.34 billion on Tuesday. Warrants turnover dropped to 282.36 million units valued at RM51.49 million versus 368.32 million units valued at RM58.61 million on Tuesday. ACE Market volume dwindled to 507.42 million shares worth RM162.16 million from 658.3 million shares worth RM192.17 million previously.
Source:The Edge Markets
August 03, 2022 22:09 UTC
Mah Sing’s unit served with winding-up petitions
KUALA LUMPUR (Aug 2): Mah Sing Group Bhd’s wholly-owned unit Capitol Avenue Development Sdn Bhd has been served with winding up petitions for failing to settle RM2.19 million in outstanding amounts. “The Company is not expected to incur any losses from the Petition, as Capitol Avenue is disputing the alleged debt and the Judgement (which forms the basis of the Petition) as mentioned above. Consequently, Capitol Avenue is also disputing the Petition and has sought legal advice on this matter,” the group explained in a local bourse filing on Tuesday (Aug 2). Meanwhile, Mah Sing clarified that the cost of investment and the net tangible asset of Capitol Avenue as at Dec 31, 2021 (FY21) were RM2.50 million and RM2.87 million respectively. Shares in Mah Sing ended one sen or 1.67% lower to 59 sen on Tuesday, giving it a market capitalisation of RM 1.42 billion.
Source:The Edge Markets
August 03, 2022 06:48 UTC
My Say: Sustainability, ESG and stages of economic development
In fact, they may be even more painful in developing countries. Sri Lanka eventually had to import rice at a cost of about US$450 million, more than what it saved from banning synthetic fertiliser imports. But as we’ve seen in California and Sri Lanka, there can be devastating consequences. Rich countries employed (and exploited) development strategies that they now prohibit or strongly discourage developing nations from adopting. We won’t accept this sort of chaos for any branch of our lives, so why should this situation then be reasonable for our ESG transition?
Source:The Edge Markets
August 03, 2022 05:47 UTC
Malaysia must innovate, be open to technology to achieve aims, says PM
KUALA LUMPUR: To achieve its aim of becoming a developed country, Malaysia must transform itself into a digital nation, be innovative and open towards technology, says Datuk Seri Ismail Sabri Yaakob. "As I announced during the presentation of the 12th Malaysia Plan (12MP), Malaysia is aiming to become a developed country by the year 2025. "This means that Malaysia needs to continue to change towards becoming a prosperous digital nation that is resilient. ALSO READ: Putting Malaysia on the digital track towards the future"It must accept the use of technology and innovation to achieve effective economic growth. The summit is jointly organised by the Economic Planning Unit (EPU) and United Nations Development Programme (UNDP) Malaysia.
Source:The Star
August 02, 2022 19:17 UTC
7-Eleven’s potential sale of Caring perceived as positive
COMPETITION in the convenience store industry is getting much stiffer in view of the number of new entrants in the market. Khoo highlights the potential interest savings of RM40 million to RM50 million a year for the group. “I believe management can focus on the convenience store business with the additional capital,” she adds. Despite heated competition, 7-Eleven says new entrants into the market are able to help grow and shape the convenience store sector in a positive manner. As a first mover in the convenience store market, Khoo is of the view that 7-Eleven has an advantage, particularly the gap with its competitors.
Source:The Edge Markets
August 02, 2022 12:17 UTC
The State of the Nation: Why Malaysia is unlikely to go bankrupt like Sri Lanka but cannot afford debt like Singapore
Still, Zafrul rightly added that Malaysia needs to be prudent on finances and rein in debt according to what the country can realistically afford. Sri Lanka’s debt service ratioData on Malaysia’s net debt to GDP is not available on the IMF or World Bank’s public databases. Topping the list is Sri Lanka, which saw 71.4% of its revenue going to interest payments on debt in 2020. Debt service charges were pencilled in at RM43.1 billion in 2022 and could reach RM46 billion in 2023, our back-of-the-envelope calculations show. As debt needs to be repaid, Malaysia must learn to spend within its means and save for a rainy day.
Source:The Edge Markets
August 02, 2022 08:23 UTC
QuickCheck: Has Nasa ever been sued for landing on Mars?
SINCE 1997, a claim has floated online that three Yemeni men tried to sue the National Aeronautics and Space Administration (Nasa) in the United States for landing a probe on Mars. All three claimed in the suit that Nasa had trespassed on their property by sending the Pathfinder probe and Sojourner lander to Mars without their knowledge or permission. "Sojourner and Pathfinder, which are owned by the United States government, landed on Mars and began exploring it without informing us or seeking our approval," the men said. In the suit, all three demanded the immediate suspension of all operations on Mars until a court delivers a verdict. Just because we land on Mars first doesn't mean the United States owns it."
Source:The Star
August 02, 2022 08:07 UTC
Bursa ends higher, KLCI breaches key 1,500 level
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 9.84 points or 0.66% higher to finish at 1,502.07 from Friday’s close of 1,492.23. Total turnover was declined to 2.38 billion units worth RM1.49 billion from 2.79 billion units worth RM1.98 billion last Friday. Sector-wise, the Plantation Index climbed 120.84 points to 7,119.18, the Industrial Products and Services Index ticked up 1.66 points to 186.03, the Energy Index increased 4.77 points to 676.01, while the Financial Services Index edged up 18.42 points to 16,663.81. Main Market volume slipped to 1.60 billion shares worth RM1.24 billion against 1.86 billion shares worth RM1.65 billion last Friday. ACE Market volume slid to 496.33 million shares worth RM199.01 million from 590.81 million shares worth RM263.41 million previously.
Source:The Edge Markets
August 01, 2022 21:54 UTC
Tommy Thomas: Arbitration agreement absence 'should have been end of matter' in Malaysia's US$15b dispute with heirs of late Sulu Sultan
"[As such,] that (no agreement to arbitrate) should have been the end of matter [in Malaysia's dispute with heirs of the late Sultan of Sulu]," Thomas told reporters here on Monday. Thomas had earlier spoken at a forum on the claims by the heirs of the late Sultan of Sulu. It was reported that the arbitration subsequently proceeded in France, which ruled in March 2022 that Malaysia must pay the claimants US$14.9 billion based on the 1878 Grant of Lease. That should have been the end of matter," Thomas said. Read also:Explaining the Sulu claimParis Court allows Malaysia’s bid to temporarily stop Sulu Sultanate’s ‘heirs’ from enforcing US$14.9b arbitration winPetronas’ Luxembourg units seized by Sultan of Sulu 'heirs' — report
Source:The Edge Markets
August 01, 2022 19:52 UTC
Bursa opens higher but retreats thereafter
KUALA LUMPUR (Aug 1): Bursa Malaysia opened marginally higher but retreated thereafter, as profit-taking emerged against selected heavyweights following recent gains, a dealer said. At 9.10am on Monday (Aug 1), the FBM KLCI had fallen 0.52 of a point to 1,491.71 from last Friday’s close at 1,492.23. The benchmark index opened 0.44 of a point firmer at 1,492.67. Of the actives, CSH Alliance Bhd was half a sen higher at 7.5 sen, and Metronic Global Bhd rose 1.5 sen to 15.5 sen, while Serba Dinamik Holdings Bhd fell half a sen to 10 sen, and both Compugates Holdings Bhd and Ta Win Holdings Bhd were flat at one sen and 8.5 sen respectively. Sector-wise, the Plantation Index strengthened 27.93 points to 7,026.27, the Industrial Products and Services Index inched up 0.33 of a point to 184.70, and the Energy Index expanded 6.10 points to 677.34, while the Financial Services Index eased 25.34 points to 16,620.05.
Source:The Edge Markets
August 01, 2022 08:18 UTC
TDM to focus on Malaysian ops after stake sale of Indonesian firms
TDM Executive Director Najman Kamaruddin said the CSPAs involved a cash consideration of RM115 million. “With the significant cost savings and capital generated from the disposal, TDM can focus its resources and attention on the company’s operations in Malaysia. Najman said TDM owned 93.8% of RKA, which was incorporated in 2007; and 95% of SRA, which was incorporated in 2011. He said RKA had suffered losses since its incorporation until financial year ending Dec 31, 2020, while SRA had suffered losses since its inception. “The remaining RM8.5 million will be used for expenses related to the disposal exercise.
Source:The Edge Markets
July 31, 2022 21:49 UTC
PIDM continues financial resilience advocacy with new campaign
In line with this, Perbadanan Insurans Deposit Malaysia (PIDM) launched its second #SediaPayungKewangan financial resilience campaign and its microsite, as well as PIDM’s good financial management icon, Chief BerUang’s Instagram handle @chief.beruang. The public can expect various on-ground and digital activities as the campaign goes hybrid until Sept 30. PIDM executive vice-president Wan Ahmad Ikram Wan Ahmad Lotfi said the impact of the Covid-19 pandemic, amid other economic uncertainties, had highlighted financial literacy as a necessary survival skill in building resilience. “The public can also follow Chief BerUang on his new Instagram account @chief.beruang for financial tips and easy-to-consume financial literacy content,” added Wan Ahmad Ikram. As part of on-ground activities, PIDM will organise roadshows in four areas, starting with the Klang Valley on Aug 6, followed by Negri Sembilan, Melaka and Johor to cover 25 locations over 21 days.
Source:The Star
July 31, 2022 19:28 UTC