Cautious start to the week as Public Bank, Petronas Gas dip - Business News
KUALA LUMPUR: Public Bank and Petronas Gas dipped early Monday, dragging the FBM KLCI into the red as Bursa Malaysia tracked the cautious key Asian markets.At 9.27am, the KLCI was down 3.87 points or 0.22% to 1,750.80. Turnover was 446.91 million shares valued at RM210.36mil. There were 176 gainers, 224 losers and 260 counters unchanged.The US dollar fell against major currencies to its lowest in more than two weeks after U.S. President Donald Trump criticised the Federal Reserve's tightening policy, while stocks slipped on fears of further trade protectionist measures, Reuters reported.Meanwhile, Japan's Nikkei stumbled 0.9%. MSCI's broadest index of Asia-Pacific shares outside Japan was up a touch.As for Bursa, Kenanga Research said technically, the index outlook is positive-bias as evidenced by positive stance on MACD and RSI indicators.“From here, we expect a short breather before continuation towards next resistance at 1,790 (R1) and 1830 (R2) further up. Meanwhile, support levels can be identified at 1,720 (S1) and 1,700 (S2),” it said.At Bursa, among the KLCI stocks, Public Bank fell 10 sen to RM23.84, Petronas Gas eight sen to RM18.28 and IOI Corp lost five sen to RM4.47.UMW shed 10 sen to RN6.09, Freight eight sen to RM1.03 and Hengyuan seven sen lower at RM6.55.MY EG Services rose five sen to RM1.29 and it was the most active with 38.6 million shares.CIMB Equities Research said the company has been working on a Sales and Service Tax (SST) system which the new government could use to reduce leakages when the SST is launched in September and also a new module for foreign workers.F&N was the top gainer, up 64 sen to RM37.96, BAT added 58 sen to RM34.28, Heineken 56 sen to RM23.40 and Nestle 40 sen higher at RM148.40.Latitude Tree extended its gains, up 26 sen to RM3.90 as analysts expected it to benefit from the US-China trade war.
Source:The Star
July 23, 2018 01:41 UTC
AmInvest Research cuts Ann Joo net profit outlook, retains hold - Business News
KUALA LUMPUR: AmInvestment Bank Research has cut its FY18-20F net profit forecasts by 11%, 13% and 31% respectively and reduce its fair value (FV) by 20% to RM2.17 from RM2.70, but maintain its hold call.It said on Monday its new FV was based on eight times revised FY20F fully diluted earnings per share (EPS) of 27.1 sen.“We use FY20F (instead of FY19F) as our valuation base year to reflect the potential earnings downturn in FY20F with the completion of major mega infrastructure projects in about two years from now,” it said.AmInvest Research said the downgrade in its FY18F earnings forecast was to reflect an expected soft 2QFY18 (April–June) as contractors held back from steel purchases on the heels of the surprise 14th general election outcome that threw various public infrastructure projects into limbo.It also lowered its outlook for sales volumes and prices in FY19-20F. It now assumes FY18-20F sales volume growth of 0% to 2.5% per annum (from 3% previously) and average steel selling prices of RM2,465-2,565/tonne (from RM2,500-2,700/tonne previously).“The key takeaway from our recent visit to the company is that Ann Joo ’s earnings will not fall off the cliff. This is because key public infrastructure projects that are spared the axe will still require a substantial amount of steel input.“More so when mega projects like the MRT2 and LRT3 are still in relatively early stages of implementation with completion of only 20%-30% and 10% respectively. These will still consume a fair bit of steel over the next 24 months at the least,” it said.AmInvest Research said also, Ann Joo sees opportunities in the export markets such as Thailand and Indonesia.It said despite the intense competition (against Russian, Chinese and Iranian players, etc), exporters like Ann Joo often times can lock in good prices for certain products (for instance, billet at US$550/tonne at present) due to short-term mismatches of demand and supply.Export sales made up 15% of Ann Joo’s total sales volume in FY17.“The fortunes of Ann Joo, a long steel player, are inevitably tied to the construction sector, of which prospects have weakened following the cutbacks on public infrastructure project on grounds of fiscal prudence.“However, Ann Joo will sustain its earnings, underpinned by ongoing construction projects and export sales. It is less vulnerable to a higher electricity tariff thanks to its investment in the hybrid blast furnace electric arc furnace (BF-EAF) technology,” it said.
Source:The Star
July 23, 2018 00:56 UTC
Woman of the moment - SMEBiz
She was, after all, there at the birth of the company and has seen it through every difficult moment as much as her husband. Safe to say, without Choh, Proguard would not have been where it is today – a fact Lee acknowledges. Because business was stagnant, admits LeeA womans touch: Choh has been in the drivers seat at Proguard for the last 16 years. Pushing her to take the lead turned out to be a good thing for Proguard, notes Lee. But as much as they continue to drive growth at Proguard, Choh emphasises that family comes before the company.
Source:The Star
July 23, 2018 00:45 UTC
MyEG working on new domestic projects - Business News
“We understand MyEG is also looking to launch e-government services in Bangladesh,” it said. Meanwhile, the proposed remittance services for foreign workers could be an exciting revenue contributor for the company in the near future. If it includes the 750,000 illegal foreign workers who got registered during the rehiring programme in 2017, there are currently around 2.5 million legal foreign workers in the country. “The premium is to reflect the potential new services MyEG could secure over the next few months. Rerating catalysts include securing the SST contract and new module for foreign workers.
Source:The Star
July 23, 2018 00:40 UTC
US$ dips, stocks slip on Trump remarks - Business News
The Reuters report also added to the yen's strength , which was last up 0.3 percent at 111.07 per dollar. "The market took the news as a possible sign the anchor at the long end may allow for some natural drift higher," ANZ said in a note to clients.Investors are now looking ahead to an important meeting on trade between Trump and European Commission President Jean-Claude Juncker at the White House. A breakdown in talks could hit risk sentiment, hurting global equities, analysts said.The euro climbed for a third straight day to a two-week top of $1.1746.In commodities, oil prices were caught between a weakening dollar which supported the market and concerns about U.S.-China trade tensions and supply increases which undermined sentiment.U.S. crude was last off 3 cents at $68.24 a barrel after posting its third straight weekly loss. Brent settled at $73.18, up 11 cents.
Source:The Star
July 23, 2018 00:33 UTC
EXCLUSIVE: Nurul Izzah speaks to R.AGE about reforming Malaysia - Nation
Despite not being part of the new cabinet line-up, Nurul Izzah has continued to be vocal on many issues. “Reforms must be the basis on which we perform our work and fulfil our responsibilities,” she said during an exclusive interview with R.AGE. I always say we have a problem because in Malaysia, the Prime Minister’s Office (PMO) is like a leviathan of sorts. What do you think about political participation among the youth in Malaysia? Malaysia needs a very vibrant media, vibrant journalism, as sufficient reminder to politicians to always toe the Malaysian line.
Source:The Star
July 23, 2018 00:22 UTC
805 toppers take centre stage - Metro News
On his right is Zurich Life Insurance Malaysia Bhd chief executive officer Philip Smith while looking on are Narayanasamy‘s family and agency members. Some 344 Zurich Life Insurance sales advisors were honoured, while 461 Zurich Takaful Malaysia Bhd consultants were feted at Night of the Takaful Stars. NOTS’ highest award, Top of the Table, went to Group Agency Manager K. Narayanasamy, who has won the title five years in a row. “2017 was a very strong year for us as the Zurich Life Insurance agency grew by 15%, although the agency market went down by 5% across Malaysia last year,” said Zurich Life Insurance chief executive officer Philip Smith. “We have about 1,400 agents for Zurich Life Insurance’s event and 1,600 for Zurich Takaful’s, to be held two days later.
Source:The Star
July 23, 2018 00:11 UTC
High coal prices putting pressure on Malaysia power sector - Business News
PETALING JAYA: Global coal prices, which have been on a steady rise, hit a six-year high early this month, increasingly putting pressure on the power generation industry in the country. Australian thermal coal prices have broken through US$120 per tonne for the first time since 2012, driven by strong consumptions in Asia. The IBR provides a mechanism called ICPT which allows adjustment of fuel prices for electricity sector every six months. Changes in prices of fuel for electricity generation are reflected as a varying rate of a rebate or surcharge. The usage of this fund is to partly offset higher global coal prices and the impact of exchange rate volatility which have amplified the increase of coal prices for the energy sector.
Source:The Star
July 22, 2018 23:48 UTC
Investigation on tour agency already ongoing, says ministry - Nation
PETALING JAYA: The Tourism, Arts and Culture Ministry is probing the tour and travel agency for allegedly duping consumers by inducing them to buy fake packages at a cheap price. Deputy Minister Muhammad Bakhtiar Wan Chik in an interview with The Star said that the ministry was compiling evidence. On LinkedIn, the company involved – Dulcet Travel & Tours Sdn Bhd – indicated that it was established in December 2013. The company also noted that it is a registered company under the ministry and has obtained licences for inbound tour, outbound tour and ticketing from Tourism Malaysia. Malaysian Association of Tour and Travel Agents (MATTA) president Datuk Tay Kok Liang said Dulcet Travel & Tours had not renewed its MATTA membership.
Source:The Star
July 22, 2018 23:48 UTC
It’s a big CHEER for primary school pupils - Nation
KUALA LUMPUR: Primary school pupils stand a chance to join CHEER 2018, Malaysia’s leading cheerleading competition. Event organiser Star Media Group has decided to add in a new category for primary school students that will enable them to show off their acrobatic skills. The Primary School Level 1 category will see junior stunt lovers showing off basic routines, said Star Media Group’s assistant general manager (events) Corinne Chieng. “We are calling all aspiring cheerleading teams to join us. Their mother Hartini Abdul Rashid, 39, said Zarra had joined her school cheerleading team.
Source:The Star
July 22, 2018 23:48 UTC
30-hour fasting event raises RM2.2mil - Nation
SHAH ALAM: The grand efforts of some 30,000 people who gathered here and at various other locations in the country for a 30-hour charity fasting event proved not to be in vain. In all, they managed to raise RM2.2mil in aid of impoverished children and communities all over the world. World Vision Malaysia’s 30-Hour Famine Countdown began on Saturday. World Vision Malaysia CEO Daniel Boey said he was encouraged and humbled by the support given by Malaysians, especially the younger generation, towards the effort. Those who wish to donate to the cause can still do so by logging on to www.30hourfamine.my or by calling World Vision Malaysia at (603) 7880 6414.
Source:The Star
July 22, 2018 23:37 UTC
Tour company takes flight after collecting deposits from customers - Nation
The 11-day, nine-night tour with the company – known as Dulcet Travel & Tours – only cost about RM12,000 for five people. The company went underground after they paid the deposit for the holiday next month. One victim, who wanted to be known as Michael, said he booked a trip to Turkey with his wife for RM12,000. “When we contacted the company on July 9 to make full payment, none of them could be reached. “However, I was lucky that the company cancelled the trip and I was only charged RM300 per person.
Source:The Star
July 22, 2018 23:37 UTC
‘Influenza dangerous but preventable’ - Nation
MSIDC cautioned that influenza was considered more dangerous as it could lead to hospitalisation and even death for those in the high-risk groups. “Given that the virus mutates constantly, an annual influenza vaccination is recommended by the World Health Organisation for those at high risk,” it said. To raise awareness of the impact of influenza, MSIDC held a dialogue session on Friday to discuss the prevalence of the disease in the country. Dr Zamberi said Malaysians, even those in the high-risk groups, generally did not take influenza seriously. At the event, MSIDC launched the Malaysian Influenza Working Group to address pertinent issues relating to influenza locally and internationally.
Source:The Star
July 22, 2018 23:37 UTC
Always connected, always stressed - Tech News
Loh says that he cannot help but compare himself to others on the social media platforms, wondering why his life is boring in comparison. But too many heated arguments or negative comments on these platforms could trigger mental health issues, he says. Many friendships have also been ruined as a consequence of social media wars, for example, during the recent election season. According to the report, those that quit social media for a week became more satisfied with their life. “For instance, have ground rules on not using social media during social gatherings.
Source:The Star
July 22, 2018 23:26 UTC
More complaints after zero-rated GST - Nation
PETALING JAYA: The number of complaints on price hikes reported to the Government tripled after the zero-rating of Goods and Services Tax (GST). Domestic Trade and Consumer Affairs Minister Datuk Saifuddin Nasution Ismail said there were 1,400 complaints in May and with zero-rated GST from June 1, 4,500 complaints had been lodged by the end of June. “Half the complaints were on price hikes on food and drinks at restaurants,” he said after attending the Malaysia Retail Chain Association (MRCA) Council Installation Night 2018 event at a hotel here. At the event, MRCA president Datuk Seri Garry Chua was re-elected for a second term based on his achievements and contributions to the retail and franchise industry. Saifuddin witnessed the swearing-in of Chua and his council members for the new 2018-2020 term.
Source:The Star
July 22, 2018 23:26 UTC