US indicts Chinese national for bid to smuggle tiles via Malaysia
KUALA LUMPUR (May 12): A federal grand jury has indicted Mo Shuyi, a citizen of China, for fraud by wire and conspiracy to commit offence to defraud the US. In a statement last week, the US Customs and Border Protection (CBP) said a joint investigation between CBP San Juan Field Operations and Homeland Security Investigations (HSI) San Juan Global Trade Investigations Group (GTIG) revealed an illegal transshipment of merchandise from China through Malaysia imported into the US. San Juan Field Operations director Roberto Vaquero said CBP remains vigilant on products produced in certain countries that are transshipped through third countries to evade detection and elude duties. The fraud scheme involved US-based entities that were importing Chinese ceramic tile transshipped through Malaysia into the US and misclassifying the merchandise to circumvent anti-dumping and countervailing duties (AD/CVD). CBP said Mo was arrested on April 29 by HSI San Juan in coordination with HSI San Francisco prior to his departure to China via the San Francisco International Airport.
Source:The Edge Markets
May 12, 2023 17:44 UTC
China is scaring away foreign investors that its cities want
(May 12): China’s unpredictable policy making is deterring foreign investment that the country’s cash-strapped cities are desperate to entice. Appetite for investment has been further weakened by a clampdown on foreign consultancy firms relied upon by global investors and multinational firms to help understand China. Global investors have lost interest in Chinese equities, with the MSCI China Index dropping about 50% from its 2021 peak. In response, the Politburo — the top decision making body of the Communist Party — last month called on local governments to boost foreign investment amid weak domestic demand and a difficult recovery. Singapore has seen delegations from Chinese cities almost every week this year, according to an official who asked not to be named as they weren’t authorised to speak publicly.
Source:The Edge Markets
May 12, 2023 15:05 UTC
Come forward, cops urge alleged victim in sexual harassment video clip
KUALA LUMPUR: Police have urged the person who was allegedly sexually harassed on the MRT to lodge a report immediately. A 31-second video clip making the rounds on social media shows a man wearing a face mask, cap, collared T-shirt and jeans holding a mobile phone. The accompanying caption alleges that the man in the clip had been recording the victim before she noticed and shouted at him. "The video clip alleges that (the incident took place) on the MRT from Cheras headed to Pusat Bandaraya, near a shopping mall. He advised the individual to come forward and lodge a report so that investigations can begin.
Source:The Star
May 12, 2023 00:57 UTC
KLCI closes marginally lower, down for third consecutive day
Turnover increased to 3.39 billion units valued at RM1.62 billion, from 2.78 billion units valued at RM1.65 billion on Wednesday. Sector-wise, the Industrial Products and Services Index edged down 1.08 points to 168.47, the Energy Index eased 1.50 points to 831.81, and the Financial Services Index weakened 9.73 points to 15,588.22. The Main Market volume went up to 2.13 billion units valued at RM1.36 billion, from 1.87 billion units valued at RM1.44 billion on Wednesday. Warrant turnover strengthened to 313.53 million units worth RM47.96 million, against 278.69 million units worth RM40.22 million a day earlier. The ACE Market volume soared to 955.12 million shares valued at RM215.66 million, versus 638.24 million shares valued at RM166.15 million previously.
Source:The Edge Markets
May 11, 2023 21:36 UTC
Billionaire Adani’s firms weigh raising up to US$5b, sources say
A representative for the Adani Group didn’t to comment on the fundraising details. An analysis by Bloomberg of exchange filings shows Adani Enterprises and Adani Transmission have sought board approval for fundraising every year in April or May since at least 2019. But the current round of fundraising, once finalised, will be the first for Adani companies after the Hindenburg attack and the ensuing market rout. The stock meltdown earlier this year also cooled Adani companies’ heated valuations. Adani Transmission hasn’t announced the March quarter earnings yet.
Source:The Edge Markets
May 11, 2023 18:37 UTC
Finland prime minister divorces husband
HELSINKI (Reuters) - Finland's outgoing Prime Minister Sanna Marin has filed for divorce jointly with her husband of three years Markus Raikkonen, they said on Instagram on Wednesday. Marin and Raikkonen, who until recently worked at a venture capital firm, share a 5-year-old daughter. They married in 2020 while Marin was in office dealing with the impact of the COVID-19 pandemic. Marin and her Social Democratic Party lost Finland's election for parliament last month, trailing the right-wing National Coalition Party as well as the nationalist Finns Party. Marin, 37, the world's youngest prime minister when she took office in 2019, is considered by fans around the globe as a millennial role model for progressive new leaders, even as voters at home opted for a new government.
Source:The Star
May 11, 2023 10:10 UTC
Economists see 1Q GDP growth at 5.2% to 5.7%, moderating on absence of base effect
Hong Leong Investment Bank (HLIB) expects 1Q2023 GDP growth at 5.2%, following the slower industrial production index (IPI) recorded during the quarter under review. In a note on Thursday (May 11), HLIB expects growth to be weighed down by moderation across all sectors. They maintained their 2023 GDP growth forecast at 4% y-o-y. Maybank Investment Bank Bhd also expects y-o-y GDP growth to have eased to 5.7% in 1Q2023, projecting a 4% growth in 2023 against 8.7% last year. The central bank will announce 1Q2023 GDP growth data on Friday.
Source:The Edge Markets
May 11, 2023 10:07 UTC
Bursa remains in negative zone at midday
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 5.15 points to 1,427.48 from Tuesday’s close of 1,432.63. The benchmark index opened 0.48 of-a-point firmer at 1,433.11 and moved between 1,427.03 and 1,433.68 throughout the session. The FBM ACE Index dwindled 30.88 points to 5,023.72 and the FBM 70 index eased 10.69 points to 13,552.77. Sector-wise, the Industrial Products and Services Index inched down 0.64 of-a-point to 169.01 and the Financial Services Index declined 73.86 points to 15,641.71. The Energy Index increased by 0.44 of-a-point to 833.41 and the Plantation Index rose 25.96 points to 6,836.16.
Source:The Edge Markets
May 10, 2023 16:54 UTC
Lucid, Fisker production target cuts worsen EV start-up gloom
The company, which made 2,314 vehicles in the first quarter, burnt through US$835.7 million of cash in the quarter. Lucid now has US$900 million in cash and cash equivalents and plans to produce more than 10,000 vehicles in 2023, compared with an earlier forecast for 10,000 to 14,000 units. Fisker lowered its annual production target to between 32,000 and 36,000 units from 42,400 cars, blaming supply chain issues and an "updated timing" for roadworthiness certification. The company, which started production of its Ocean SUV just in November and has US$652.5 million in cash, also posted a larger-than-expected loss. For Nikola, cash burn came in at US$240 million, as it produced 63 vehicles.
Source:The Edge Markets
May 10, 2023 06:24 UTC
T-bills hit by US debt ceiling worries, stocks slip ahead of CPI
Investors fear a government default as early as June 1 if Congress fails to resolve the deadlock. Our calculation shows she's not incorrect," said Steven Ricchiuto, US chief economist at Mizuho Securities USA LLC in New York. "Treasury yields I would argue came down too much too soon." The two-year Treasury yield, which typically moves in step with interest rate expectations, rose 1.2 basis points to 4.024%. The US dollar edged higher against major currencies, with the dollar index up 0.168%.
Source:The Edge Markets
May 10, 2023 03:38 UTC
Hartalega to decommission Bestari Jaya plant, likely giving rise to RM347m impairment
KUALA LUMPUR (May 8): Hartalega Holdings Bhd is decommissioning its Bestari Jaya production facility, taking off four production plants with 40 production lines from its capacity by year end. “Given the competitive business environment, the company is of the view that it is more strategic and viable in the long term to consolidate operations at the NGC facility,” it said. “Ultimately, this will lay the groundwork to enhance cost optimisation and strengthen operational efficiencies, leveraging the higher line speed and technological advancements at our NGC facility,” he said. "As part of our ongoing improvement efforts, we may make adjustments to our production capacity and workforce as necessary. Read also:Impairment from Bestari Jaya plant decommissioning sees Hartalega closing FY2023 with RM218m net loss
Source:The Edge Markets
May 09, 2023 18:15 UTC
UBS replaces CFO, keeps Credit Suisse's Koerner in top team
Besides Koerner, who spent over a decade at UBS before returning to Credit Suisse in 2021, UBS CEO Sergio Ermotti largely leaned on UBS executives in pulling together his new team. Commenting on Koerner's future role, UBS said Koerner would be responsible for Credit Suisse's operational continuity and client focus, while supporting its integration. Credit Suisse executive board members will report to both their relevant UBS executive board member and Koerner. Reuters reported last week that options under consideration for that business include a sale or an initial public offering of Credit Suisse's domestic unit. “This is a pivotal moment for UBS, Credit Suisse and the entire banking industry," Ermotti said in the statement.
Source:The Edge Markets
May 09, 2023 16:31 UTC
Selling emerges on glove stocks after Hartalega’s move to slash capacity
That news has triggered some selling pressures on glove stocks on Bursa Malaysia. Top Glove Corp Bhd dropped 6.5 sen or 6.44% to 94.5 sen, giving it a market capitalisation of RM7.76 billion. Year-to-date, shares of both glove producers still recorded a gain of 4.4% for Top Glove and 10% for Hartalega due to the rebound in share price in the first quarter. Supermax Corp Bhd lost four sen or 4.44% to 86 sen on Monday, while Kossan Rubber Industries Bhd closed unchanged at RM1.22. Other glove players do practice decommissioning in the previous boom and bust cycle,” he told The Edge.
Source:The Edge Markets
May 09, 2023 08:39 UTC
PE firms approached as potential buyers for My Hero chain of stores
MY Hero Hypermarket Sdn Bhd, the operator of the HeroMarket grocery chain and Hero Save Mart stores, have approached private equity (PE) firms including Navis and Intermediate Capital Group (ICG) with a view to selling the chain for some US$100 million (RM445 million), sources say. My Hero, which operates 25 HeroMarket and six Hero Save Marts, had hired OCBC Advisers (M) Sdn Bhd as the financial adviser to negotiate a deal with potential purchasers and to conduct the sale process. In Malaysia, Navis holds a stake in TFP Retail Sdn Bhd, which operates the Village Grocer and Ben’s Independent Grocer (BIG) premium grocery stores. Francis and his siblings founded the very first Giant store in Kelana Jaya in 1982. He is also the founder of RM2 store Noko, which is operated by Megah Inovatif Sdn Bhd.
Source:The Edge Markets
May 09, 2023 08:21 UTC
Time to tackle rape head-on
SEXUAL assault is a subject that most Malaysians prefer not to delve into, even if this particular topic is a work of fiction for a film production, as many of us find the subject, frankly, disturbing. There is a degree of uneasiness over how such a subject with much social stigma here should be tackled sensitively.
Source:The Star
May 08, 2023 17:30 UTC