KUALA LUMPUR: The ringgit opened slightly lower against the US dollar this morning on concerns over slowing global growth and weaker oil prices.At 9.02am, the local note stood at 4.1080/1130 against the US dollar from 4.1070/1100 at yesterday’s close.At the time of writing, Brent crude fell 0.21 per cent to US$66.34 per barrel.A dealer said oil prices slipped after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world’s largest crude oil importer.Meanwhile, the greenback traded higher in thin trading as investors prepared for a possible Federal Reserve’s cut in the interest rate at its policy meeting next week. "The market also will be waiting on the upcoming US retail sales and industrial production data, as well as the Fed’s key Beige Book on US economic conditions, publish within this week,” he added.At the opening, the ringgit traded higher against other major currencies.It rose against the Singapore dollar to 3.0282/0336 from 3.0285/0319 on Tuesday and was higher against the yen at 3.8055/8112 from 3.8074/8112.It improved against the pound to 5.1399/1478 from 5.1580/1634 and appreciated against the euro at 4.6244/6312 from 4.6319/6365. - BernamaBarring a significant sell-off in oil prices, the ringgit may be targeting 4.10 and lower to the US dollar given the support of a dovish US Federal Reserve and European Central Bank.Head of Vanguard Markets research Stephen Innes said the local currency should benefit from the Fed's pro-cyclical rate cut even more if its rate cut is revealed to be deeper at 50bps. "I believe there is still a strong chance this could happen given the Fed has regimen shifted to global based monetary policy outlook," he said in a note.He added that even a lower rate cut of 25bps would be good for the emerging markets Asia carry and support a liquidity induced risk-on environment.
July 16, 2019 02:03 UTC
KUALA LUMPUR: Shares in George Kent M) Bhd rose 2.5% in early trade Tuesday after the company secure a license by Honeywell International Inc to manufacture water meter components.The engineering specialist company advanced 2.52%, or three sen to RM1.22 with 1.23 million shares traded. It is currently trading at a PE ratio of 8.36 times. In the past one year, the counter has fallen some 10.49%.George Kent has been granted a licence by Honeywell to manufacture high-precision water meter measuring components for the V100 and V110 C-Class volumetric water meters. It also includes the transfer of associated machinery and tools.Currently, it imports Honeywell precision measuring components and registers which are then assembled with the brass housings manufactured by the group.The agreement allows George Kent to exclusively sell the products under its GKM trademark and George Kent brand name to 26 territories, including 15 new territories in the Asia region, allowing further opportunities for growth.George Kent said the agreement is not expected to have a material effect on the group's earnings for the current financial year ending Jan 31, 2020, but is expected to contribute positively to the group's earnings in the years to follow.
July 16, 2019 01:52 UTC
KUANTAN (Bernama): The Malaysian Islamic Development Department (Jakim) is monitoring the alleged "standing zikir" ritual in a village in Jerantut near here last week. Deputy Minister in the Prime Minister's Department Fuziah Salleh said the matter was also in the investigation of the Pahang Islamic Religious Department (JAIP) which was understood to have called the individuals involved. She said efforts were being made to track down a man known as Tok Ki @ Tok Ayah from Terengganu who was said to have brought the 'faith' to the village. She urged those with information pertaining to the teaching or the individual to report to the authorities to curb the spread of the teaching. On Saturday, three video footage lasting between 15 seconds to a minute showed a group of male and female congregation performing several body movements and unclear chanting.
KUALA LUMPUR: The FBM KLCI started the morning on a flattish note, tracking Wall Street's performance overnight as its corporate earnings season kicked off.At 9.05am, the local benchmark index was down 0.1 points to 1,672.27. Trading volume was 154.4 million shares valued at RM66.78mil. There were 138 gainers versus 80 decliners and 189 counters unchanged.Citibank was the first of the US's major banks to reports its earnings for the second quarter, beating expectations ahead of a slew of corporate earnings that is yet to come.Investors are taking a more cautious approach however with the major US indices remaining little changed and Asian stocks opening to mixed sentiment.Chinese GDP data announced yesterday, which showed a slowing but expected result, also lent mixed feelings over the state of the global economy.Japan's Nikkei Index was down 0.4% and South Korea's Kospi Index was flat, while Australia's ASX200 Index rose 0.1%.On the FBM KLCI, the technical indicators continue to show weakness amid a period of consolidation. "From here, resistances can be found at 1,700 (R1). A break above should see the index trend higher towards 1,730 (R2).
KUALA LUMPUR (Bernama): The Dewan Rakyat will on Tuesday (July 16) decide on the proposed amendments to the Federal Constitution to allow youths in the country to vote at the age of 18. According to the Dewan Rakyat order papers, the Constitution (Amendment) Bill 2019 is expected to be tabled for the second reading by Prime Minister Tun Dr Mahathir Mohamad after the oral question-and-answer session before it is open for debate by the MPs. Dr Mahathir had previously expressed his confidence that the constitutional amendments would have the support of two-thirds majority of the Dewan Rakyat, with the Opposition having expressed commitment to support the amendments. In addition to lowering the voting age from 21 to 18, the amendments also seeks to lower the eligible age of electoral candidates to 18, and automatic voter registration by the Election Commission. However, it failed to get two-thirds majority support at the Dewan Rakyat as required.
LOS ANGELES (Bloomberg): A vintage French "King Kong" poster, a Jean-Michel Basquiat drawing, and several luxury watches are among the latest haul of returned treasures that were allegedly bought with money stolen from the Malaysian 1MDB state fund. Red Granite last year paid $60mil (RM246.6mil) to settle claims it financed the 2013 film "Wolf of Wall Street", directed by Martin Scorsese and starring Leonardo DiCaprio, with stolen Malaysian money. He also gave a number of them to McFarland, DiCaprio and Scorcese, according to the Justice Department. Among the other posters McFarland agreed to return are Fritz Lang's 1931 German film "M," the 1956 science fiction classic "Forbidden Planet," and "Cool Hand Luke" from 1967. - BloombergRelated stories:1MDB scandal: Notice to third parties to be gazetted within two monthsDeutsche Bank faces US Department of Justice probe over 1MDBRM925mil of 1MDB funds recovered, says Lim
July 16, 2019 01:07 UTC
KUALA LUMPUR: Affin Hwang Capital research reiterated its buy call on LPI Capital Bhd with an unchanged target price of RM18.90 as its 1H19 net profit came in line with expectations.The research house said the insurer's six-month net profit of RM147.9mil, which was up 7% year-on-year (y-o-y) accounted for 43% of its 2019E forecast but came within its estimates as it expects a stronger second half. "Results for 1H19 was driven by net earned premium growth of 10.4% yoy (fire +5.4% yoy;motor +14.7% yoy; marine/aviation/transportation +6.5 yoy; miscellaneous +14.3% yoy)," said Affin Hwang in a note. "Investment income for 1H19 grew by 17.4% yoy, though on a qoq basis, 2Q19 saw a decline of 39% arising from weak market performances. "During the period under review, LPI saw higher net claims incurred (1H19 +16% yoy), and higher net commission expense (+40% yoy), of which were also being reflected as higher ratios of 46.1% in 1H19 for net claims (1H18: 44%) and 6.2% in 1H19 for net commission (1H18: 4.9%). The fire segment accounted for about 68.3% of 1H19 underwriting surplus.
July 16, 2019 00:45 UTC
SELANGOR is anticipating a reduced amount of RM10bil in direct investments this year. “Our figure may be a bit conservative (for this year) if you compare it to last year but we are not just looking at numbers now, we want quality investments too,” he said at the launch of the Selangor International Business Summit (SIBS) 2019 in Petaling Jaya. The summit, which will be a gathering of business experts and industry leaders, is offering four key features this year: the Selangor International Expo 2019, Selangor-Asean Business Conference 2019, Selangor Smart City and Digital Economy Convention, and the inaugural Selangor R&D and Innovation Expo. Organised by Invest Selangor, state investment, industry and trade, small and medium industries committee chairman Datuk Teng Chang Khim said the conference is expected to feature 850 booths and attract some 30,000 visitors. SIBS 2019 is endorsed by the Malaysia External Trade Development Corp (Matrade) as an international trade event.
July 16, 2019 00:33 UTC
A housewife, who only wanted to be known as Ada, said their nightmare started two months ago, when their neighbour moved into the unit next door in Circuit Road. Even the sound of lights turning on can lead to violent pounding on the wall, claimed the 31-year-old. Ada is now so afraid of her neighbour’s actions that she now chooses to go to the toilet in the dark. > A Vietnamese influencer is being blackmailed for 300 million dong (RM53,300) after her nude photos were found on her stolen handphone, China Press reported. The phone was stolen seven months ago and contains nude photos and several sex videos of Ngan98 and her boyfriend.
July 16, 2019 00:33 UTC
KUALA LUMPUR: RHB research is more confident over Power Root Bhd 's earnings prospects as its earnings recovery appears to be on track owing to new management initiatives to improve operations.It raised its FY20F-22F net profit by 4-6%, which is broadly in line with guidance from Power Root's management. "We like the stock for its earnings recovery momentum, generous dividend payout, and sturdy balance sheet. "It is unjustifiably trading at 16.5x 2020F P/E, below sector average even after >30% YTD share price gain," said the research firm.RHB reiterated a buy call on the counter with a new target price of RM2.06, which offers 21% upside plus 5% yield.For FY20, RHB reported that Power Root's management is targeting 10% topline growth with contributions from both local and export sales driven by new product launches and continued restructuring in distribution and deal networks.It added that the company is banking on a more effective tracking system to improve the efficiency of the orderings system and inventory management.It also expects margin expansion underpinned by the favourable movement of key material prices while management remains prudent in advertising and promotion investment.
July 16, 2019 00:18 UTC
KUALA LUMPUR: Thirty-four ministries, departments and federal statutory bodies have attained excellent level in financial management for 2018, says the 2018 Auditor-General’s Report Series 1. The Audit Department in a media statement, also said that from the 54 bodies audited, 14 ministries, departments and statutory bodies were graded good, followed by satisfactory (five) and unsatisfactory (one). At state level, 83 ministries, departments and agencies achieved excellent level, followed by good (69), satisfactory (26), less satisfactory (13) and unsatisfactory (two).
July 16, 2019 00:16 UTC
His name had been misspelt on his Singapore work permit and, consequently, on the police gazette issued for his arrest, the court heard. He was 28 years old in 1986 when he was hired to do odd jobs by the victim, Muthiah Kutha Lingam, 43, also a Malaysian. When Muthiah was lying on his back, Arumugam picked up a hammer lying nearby and repeatedly struck him on the head and chest with the tool. She argued that instead of helping the victim, Arumugam fled the country. Siraj Shaik sought eight years in jail, arguing his client had cooperated with the police after his arrest.
July 16, 2019 00:00 UTC
KUALA LUMPUR: There are plenty of infrastructure projects in the pipeline that will be introduced by the government in the near future, says Tony Pua (pic), the political secretary to the Finance Minister. “There will be plenty more infrastructure projects that the government is looking at currently,” Pua said during a panel discussion at the RAM-SIDC Bond Conference here yesterday. “My understanding is that there are a lot of projects being analysed at this point in time,” Pua said. “One good example would be the MRT project. Pua said the government would continue to leverage on private capital to help in financing infrastructure projects.
AB InBev shares fell as much as 2.8% early yesterday in Brussels. Shortly after AB InBev requested proposals last Christmas, one adviser pitched a valuation of US$70bil to US$80bil, according to sources. AB InBev then guided investors that it could price the sale at the low end of the marketed range of HK$40 to HK$47 a share. While AB InBev commands 43% of the premium market in China, that’s down from 47% in 2014, according to Euromonitor. She ranks Budweiser behind Heineken and beer from China’s Tsingtao Brewery Co Ltd. “Budweiser is the bitterest of the three,” she said.
GEORGE TOWN: PLUS Malaysia Bhd is looking at spending between RM100mil and RM200mil to modernise the highways in Malaysia. Managing director Datuk Azman Ismail (pic) told StarBiz that PLUS was looking at completing the modernisation of highways in three to four years, which was a reasonable timeframe. Azman said what the people did not realise was that the highways had a huge impact on gross domestic product (GDP). “From Thailand to Singapore, the highways connect the airports and seaports to the factories, which allow goods to be distributed, impacting positively on the country’s GDP. “One of the major frustrations expressed by them is that they get stuck in traffic as soon as they entered a tolled highway,” Baru added.