Thai banks get green light to form ventures to tackle bad loans
BANGKOK (Jan 27): Thai banks facing an uptick in Covid-19-fuelled bad loans got a reprieve with the central bank allowing them to form joint ventures with asset management companies to handle their non-performing credits and assets. The joint ventures "will help financial institutions manage non-performing assets more efficiently as well as to bring in the experience and expertise of asset management companies", Rung said. "This will provide financial institutions with additional resources to better take care of debtors who are in the recovery period." The ratio of non-performing loans was stable in the fourth quarter of last year due to debt-relief measures, she said. Non-performing loans at Thai banks rose to 3.14% of their total lending at the end of September, up from 3.09% at mid-year, according to central bank data.
Source:The Edge Markets
January 28, 2022 01:05 UTC
PN17 China Automobile ends MoU to buy Master Tec as latter's late financial statements stymie regularisation plan
KUALA LUMPUR (Jan 27): China Automobile Parts Holdings Ltd (CAP) is terminating the Memorandum of Understanding (MoU) to buy Master Tec Wire & Cable Sdn Bhd with immediate effect. The exercise also included a proposed exchange of CAP shares with Newco shares, proposed shares placement by Newco and a proposed transfer of listing status from CAP to Newco. CAP noted, the late issuance of Master Tec’s FY21 AFS may potentially delay the formulation of the proposed regularisation plan and its subsequent announcement and submission of the said plan. According to CAP, the termination of the MoU is not expected to have any financial impact on the company. CAP shares have been suspended from trading since June 8, 2017, after it failed to release its financial reports within the stipulated time.
Source:The Edge Markets
January 27, 2022 20:17 UTC
Covid-19: Adults can walk in for booster jabs starting Jan 27
PETALING JAYA: Those aged 18 and above will be able to walk into any integrated vaccination centre (PPV) in the Klang Valley for their Covid-19 booster dose starting Thursday (Jan 27), says the Health Ministry. In a statement Wednesday (Jan 26), the ministry said walk-ins would now be allowed at the following PPVs - World Trade Centre, Kuala Lumpur; Axiata Arena in Bukit Jalil; Ideal Convention Centre, Shah Alam; and Dewan Soka Gakkai, Klang. The ministry added that this was an effort to increase booster dose intake to ensure as much of the population is protected against more contagious Covid-19 variants such as Omicron. In the Klang Valley alone, 68.2% of the adult population have been inoculated with a booster dose, right behind Sarawak, which recorded the highest booster coverage so far with 69.5%. As of Jan 25, 2022, a total of 11,119,363 or 47.5% of the population in Malaysia have received their booster dose - this includes those 18-years-old and above.
Source:The Star
January 27, 2022 06:11 UTC
Stocks shed gains, Treasuries jump as Fed signals rate hikes could come 'soon'
Wall Street ended the day in mixed territory after spending most of the day up roughly 2%. Stocks shed those gains following an afternoon policy update from the Fed and press conference by Fed Chairman Jerome Powell, which suggested the Fed would push forward with interest rate hikes. The Dow Jones Industrial Average closed down 0.38%, while the S&P 500 fell 0.15% and the Nasdaq Composite gained just 0.02%. Stocks turned negative during his comments, as some investors bet the Fed would prioritize fighting inflation over ensuring robust economic growth. The Fed also said its policy-setting members had agreed on a set of principles for shrinking its balance sheet, set to start sometime after interest hikes begin.
Source:The Edge Markets
January 27, 2022 00:50 UTC
Tennis-Tsitsipas dances into Australian Open semis with Sinner thrashing
MELBOURNE (Reuters) -After a phenomenal performance against Jannik Sinner on Wednesday, Greek Stefanos Tsitsipas feels as though he is in the zone to produce something special at the 2022 Australian Open. Injuries, including the elbow problem that threatened his participation in Melbourne this year, and difficult defeats had taught him the importance of remaining grounded. "You know when you're dancing and when you're doing well, you tend to glorify yourself, as if you are untouchable," he told reporters. Tsitsipas is hoping it will be third time lucky for him in an Australian Open semi-final. After defeating Roger Federer on the way to a semi-final in 2019, he found Rafa Nadal too strong.
Source:The Star
January 27, 2022 00:47 UTC
EPF payout could hit 6%
PETALING JAYA: Economists are predicting a higher dividend payout for Employees Provident Fund (EPF) contributors for the year 2021. “EPF has remained committed and guided by its Strategic Asset Allocation (SAA) that has helped it endure volatile market conditions,” said Mohd Afzanizam. Speaking on the increase of the mandatory retirement age, Malaysian Employers Federation (MEF) president Datuk Dr Syed Hussain Syed Husman, said it was not the right time. Those beyond retirement age should be encouraged to remain in employment depending on their performance and health status, he said. “Rehiring them on a contractual basis is a more efficient method than enforcing a general blanket increase in retirement age,” he said.
Source:The Star
January 26, 2022 23:57 UTC
Boost confident of securing digital banking licence, ready to deepen foothold
KUALA LUMPUR (Jan 26): Financial technology (fintech) firm Boost Holdings Bhd is poised to expand its presence in the financial sector by focusing on banking and lending segments while persistently seeking new markets. Boost chief executive officer Sheyantha Abeykoon said the company is confident of obtaining one of the five digital banking licences offered by BNM because it submitted a fairly strong application and is positive on the consortium's application. "We engaged in a very deep engagement with BNM and the regulator when the digital banking licence application came, and we already know what technology is required, at least from a technological standpoint. Commenting on Boost’s performance last year, Sheyantha said the fintech firm recorded gross total value transactions of US$1.2 billion and over US$900 million loans were disbursed. The fintech business is operated by five different entities — Boost Life, Boost Biz, Boost Credit, Boost Connect and Boost Indonesia, making it one of the few fintech companies to operate a payment, lending, merchant solutions and cross border remittance platform at scale in Malaysia.
Source:The Edge Markets
January 26, 2022 17:19 UTC
Samsung Engineering plans green hydrogen, ammonia project in Sarawak
KUCHING (Jan 26): Samsung Engineering Co Ltd, one of the world’s leading engineering, procurement and construction (EPC) and project management companies, has signed a memorandum of understanding (MoU) to develop a green hydrogen and ammonia project in Sarawak. “The H2biscus project aims to convert hydropower and natural gas to green hydrogen/methanol and blue hydrogen and convert hydrogen to ammonia, with the target to supply hydrogen and ammonia to South Korea and Sarawak,” Samsung Engineering said in a statement made available here on Wednesday (Jan 26). Samsung Engineering president and chief executive officer Sungan Choi said the project would bring an opportunity to produce a wide range of eco-friendly products, such as green hydrogen, green and blue ammonia, green methanol, and carbon capture and utilisation. “The partnerships with Samsung Engineering, Posco and Lotte Chemical will make this a reality which we truly value and appreciate. Samsung Engineering is currently executing the Sarawak PetChem methanol plant project in Bintulu, which is expected to produce 5,000 tonnes per day of methanol.
Source:The Edge Markets
January 26, 2022 15:28 UTC
Retail dip-buyers get whiplashed big time by historic volatility
(Jan 26): Retail investors who netted billions in the legendary pandemic bull market are getting schooled on stock volatility at long last, as the rates-fueled rout resumes. Now the selloff has resumed with the S&P 500 falling as much as 2.8% in the Tuesday session before paring losses. “The current crop of retail investors came into the markets during a period of QE, zero percent interest rates, and there-is-no-alternative,” said Matthew Tuttle, chief executive officer at Tuttle Capital Management LLC. At the same time, JPMorgan Chase & Co. strategists led by Marko Kolanovic continued to urge investors to buy the dip. According to a recent survey of global retail investors from eToro, roughly a quarter of the respondents have been investing for two years or less.
Source:The Edge Markets
January 26, 2022 07:16 UTC
Senheng closes 20% below IPO price on Main Market debut
KUALA LUMPUR (Jan 25): Consumer electrical and electronics retailer Senheng New Retail Bhd faltered on its maiden trading day on Bursa Malaysia’s Main Market on Tuesday (Jan 25). It opened at 90 sen and rose to as high as RM1.01 before closing at 85.5 sen, representing a 21.5 sen or 20.09% discount from its initial public offering (IPO) price of RM1.07. Senheng is the largest consumer electrical and electronics chain retailer in Malaysia with a chain of 105 physical stores — operating under four different store concepts, namely Grand Senheng Elite, Grand Senheng, Senheng and senQ — which are located throughout Malaysia and online platforms, while carrying around 10,000 stock-keeping units from over 280 different brands, according to its prospectus. Meanwhile, TA Securities initiated coverage of Senheng in a research note on Jan 6, with a target price of RM1.21, representing a 13.08% or 14 sen premium to its IPO price of RM1.07. The research house added that the IPO price of RM1.07 would value the consumer electrical and electronics retailer based on a trailing price-earnings ratio of 28.8 times based on its calendar year 2020 earnings.
Source:The Edge Markets
January 26, 2022 03:48 UTC
Grant Thornton Malaysia resigns as XOX Networks’ auditors
KUALA LUMPUR (Jan 25): XOX Networks Bhd, formerly known as Macpie Bhd, said Grant Thornton Malaysia PLT has resigned as the group’s auditors. The group said it has received notice in writing of Grant Thornton Malaysia’s decision to resign, adding that the auditors' term of office will end after 21 days from Monday (Jan 24). XOX Networks is in the midst of identifying new auditors, according to its filing with Bursa Malaysia. “Further announcement will be made by the company in due course once the appointment of the new auditors is finalised,” it said. XOX Networks shares settled at four sen, up half a sen or 14.29%.
Source:The Edge Markets
January 26, 2022 03:09 UTC
Buy the dip? Or pray for Fed put?
(Jan 25): Bears are on the prowl in markets while a different sort menaces Europe's eastern flank. Clearly dip-buyers haven't entirely fled equity markets. The impulse hasn't carried through, with Asia deep in the red and Wall Street futures down almost 2%. In the middle of this market churn, the Fed starts a two-day meeting which may well be the last before a March interest rate liftoff. And after all, they add "the worst-case scenario could see the return of the Fed put".
Source:The Edge Markets
January 25, 2022 08:44 UTC
Covid-19 Watch: 313% increase in clusters involving educational institutions
PETALING JAYA: A 313.3% increase was recorded among Covid-19 clusters at educational institutions in epidemiology week 3. "The increasing number of clusters at educational institutions is very worrying due to the composition of individuals from different backgrounds being together at the same time and place. "The Health Ministry also reminds those experiencing symptoms to undergo Covid-19 screenings before heading to schools or other educational institutions. "The safety and wellbeing of those at educational institutions should be prioritised to reduce and prevent the increase of clusters as well," he said. Perlis, Sarawak and Labuan were the lowest on the chart with a zero infectivity rate recorded.
Source:The Star
January 25, 2022 00:55 UTC
Algae market potentially worth US$320b draws Honda, Eneos
The problem has been to grow and process algae at a scale that would be commercially competitive. The farm initially would use carbon dioxide from a local thermal power plant to feed the algae and produce 140,000 tons of microalgae a year. Honda said it is still at the research stage for possible uses for algae and is also conducting its own investigation into cultivation. Other group members are investigating using the algae in applications as varied as printing, food, cosmetics and medical industries. Fujita predicts that Chitose will be able to produce algae for about 300 yen per kilogram once its expanded site is up and running.
Source:The Edge Markets
January 24, 2022 23:28 UTC
Greatech secures new orders worth RM160m
KUALA LUMPUR (Jan 24): Greatech Technology Bhd said it has secured new orders for production line systems worth RM160 million, mainly from a “customer” from the solar industry. Greatech did not provide details on the identity of the customer. In a statement to Bursa Malaysia, the factory automation solutions provider said the new orders are expected to last the group until the second quarter of 2023. “The group expects this to contribute positively to the group’s revenue for the year ending Dec 31 2022 and 2023,” said Greatech. Greatech shares fell 12 sen or 2.45% to close at RM4.78 on Monday (Jan 24).
Source:The Edge Markets
January 24, 2022 22:58 UTC