FBM KLCI drops 10pts after 5-day winning streak
At 12.30pm, the benchmark FBM KLCI had fallen 10.3 points to 1,488.53 while the number of decliners on the broader market dwarfed gainers 611 to 280. Trading volume on the market, however, remained healthy with 3.02 billion shares done for RM1.37bil. PETRONAS Chemicals lost eight sen to RM7.02 while Tenaga Nasional fell six sen to RM10.50. Of actives, Hong Seng was flat at 2.5 sen, TWL gained 0.5 sen to five sen and Fintec was down 0.5 sen to one sen. South Korea's Kospi dropped 0.7% to 2,543 while China's composite index shed 0.2% to 2,887 and Hong Kong's Hang Seng fell 0.4% to 16,122.
Source:The Star
January 10, 2024 22:17 UTC
Iskandar Malaysia sets new investment target
JOHOR BARU: Iskandar Malaysia has set a new cumulative investment target of RM636bil for 2030 after hitting its initial target almost three years ahead of time. “The success of Iskandar Malaysia in achieving its investment target three years in advance shows that the region and Malaysia in general offer various competitive advantages that continue to attract investors’ interest and trust. “A new target has been set to achieve RM636bil in cumulative investments in the next seven years. Badrul Hisham added that domestic investments contributed 55% of the cumulative investments recorded so far, while the rest were foreign investments. “We will play a more significant role in facilitating investment, especially through the Iskandar Malaysia Investment Service Centre.
Source:The Star
January 10, 2024 07:06 UTC
Outperforming the FBM KLCI wager
“The two major themes for the year include acceleration of foreign visitations and tourism consumption recovery following the conclusion of the pandemic. It said the casino sub-sector would be the direct beneficiary of higher inbound patronage, benefiting GenM and Genting. “The sector’s lush dividend yield of 5% to 10% also remains appealing,” the research house explained. It maintained a “buy” recommendation on GenM and Genting with target prices of RM3.50 and RM5.78 respectively. The research house said its top pick for the sector is Genting as it is strategically positioned to capitalise on the recovery momentum of Genting Singapore and GenM.
Source:The Star
January 08, 2024 21:46 UTC
Pangkor Island seafood restaurant gets anti-profiteering notice for overcharging
IPOH: A seafood restaurant in Teluk Nipah on Pangkor Island has been slapped with anti-profiteering notices for allegedly over-charging its customers. Perak Domestic Trade and Cost of Living Ministry director Datuk Kamalludin Ismail said after two days of investigations at the restaurant and several other premises in Teluk Nipah, the eatery was found to have not put price tags on its seafood. "The restaurant also did not use any weighing machine and had only put out the price tags when our uniformed officers came to check on Sunday (Jan 7). "The department is always committed and will work with other enforcement agencies to ensure traders adhere to the rules. "Consumers are also urged to be the eyes and ears for the department and to inform us of any wrongdoings by the traders.
Source:The Star
January 08, 2024 05:48 UTC
Education Ministry probing viral video of pupil being bullied
KUALA LUMPUR: The Education Ministry is conducting an investigation into a viral video that shows a school pupil being bullied to ensure that action is taken and the matter is resolved immediately. "The school is also requested to ensure that disciplinary action is taken against the guilty pupil(s) and recorded. The ministry will not tolerate bullying in educational institutions," according to the statement. The video shows a teenager sitting on another as they wrestle in some bushes. The cooperation of the whole community is also requested to not normalise the misconduct of bullying," according to the ministry.
Source:The Star
January 06, 2024 21:04 UTC
Govt blacklists company that brought in 171 Bangladeshi workers
PETALING JAYA: The government has blacklisted a company that brought in 171 Bangladeshi nationals into the country with promises of jobs in Johor but failed to find them employment. He also said the company's conditional approval letter was hereby revoked with no refunds on levies paid, and its remaining quota of foreign workers cancelled. "Actions are being taken to ensure that employers fulfill their responsibilities towards foreign workers," read the statement on Saturday (Jan 6). He added that both ministries would monitor and inspect employers who bring in foreign workers through the Foreign Worker Employment Flexibility Plan. Saifuddin said a special meeting was also scheduled between the two ministers on Jan 16 to discuss a Cabinet proposal to freeze foreign worker employment quota applications and other measures to improve the governance of foreign worker employment in the country.
Source:The Star
January 06, 2024 20:58 UTC
Evergreen Max Cash Capital adds two pawnshops to network
KUALA LUMPUR: Evergreen Max Cash Capital Bhd (EMCC) has acquired two additional pawnshops, which serve to expand its network of "pajaking" pawnshops. Including the two recent acquisitions, the group now has a network of 24 pawnshops. "By acquiring established and profitable pawnshops, this strategy aligns with our growth objectives and grants us the advantage of integrating fully operational pawnshops into our network. The group reported revenue of RM74.8mil in the nine months ended Sept 30, 2023, up 63.8% from the year-ago period, while profit after tax climbed 35.7% to RM10.2mil. Low said the group is confident of delivering a stronger financial performance in the financial year ended Dec 31, 2024, with the contributions from the two new pawnshops.
Source:The Star
January 06, 2024 03:19 UTC
Pharmaniaga inks 7-year deal with Health Ministry
PETALING JAYA: Pharmaniaga Bhd has entered into a concession agreement (CA) with the Health Ministry (MoH) to undertake the procurement, storage, supply and delivery of medical products to MoH-operated offices and facilities. In a filing with Bursa Malaysia, Pharmaniaga said the CA will take effect retrospectively from July 1, 2023 and remain in force for a period of seven years until June 30, 2030, subject to earlier termination. “The CA will provide the company with another income stream, which will contribute to the profitability of the company,” it said.
Source:The Star
January 05, 2024 06:18 UTC
Standard Chartered sees ringgit outperforming 'on relative basis' in 2024
KUALA LUMPUR: The Malaysian ringgit and Indonesia’s rupiah are expected to be outperformers in the region in 2024 "on a relative basis,” benefitting most from monetary policy divergence, said Standard Chartered (StanChart). First, based on our projections, US policy rates could remain historically high versus Asean economies by the end of 2024. In particular, Malaysian foreign currency deposits rose even amid the country’s shrinking trade surplus,” it noted. The bank sees the ringgit gaining in the event commodity prices rise in 2024 and from a recovery in electronics demand. October prices indicate some improvement in natural gas and palm oil export prices, as per Malaysian trade data,” it said.
Source:The Star
January 04, 2024 20:11 UTC
Badminton: Sindhu: Paris challenge akin to climbing Mt Everest
Sindhu had captured silver and bronze medals in the 2016 Rio de Janeiro and 2020 Tokyo Olympics respectively. Sindhu believes winning a medal in Paris will be the toughest challenge in her career so far. “The Paris Games will be my ultimate challenge,” said Sindhu via social media. “It’s akin to climbing Mount Everest but with the added intensity of conquering it in winter. “In the golden era of women’s badminton, pursuing a third Olympic medal is truthfully, my greatest challenge yet.
Source:The Star
January 04, 2024 04:05 UTC
Oil prices rise on sustained Red Sea shipping tensions
OIL prices rose slightly in early Asian trade on Wednesday amid continued concerns around shipping disruptions in the Red Sea and escalating tension in the Middle East. Oil prices had climbed around $2 earlier in the week following attacks on vessels in the Red Sea by Houthi rebels over the weekend and the reported arrival of an Iranian warship on Monday. On Sunday, U.S. helicopters repelled an attack by Iran-backed Houthi forces on a container vessel operated by Danish shipper Maersk in the Red Sea. On Monday, an Iranian warship had entered the Red Sea, according to the semi-official Tasnim news agency. Maersk and German rival Hapag-Lloyd said their container ships would keep avoiding the Red Sea route that gives access to the Suez Canal.
Source:The Star
January 04, 2024 00:32 UTC
Former minister warns ‘anyone with your IC and postcode’ can register your Padu account without your knowledge
PETALING JAYA: Former deputy international trade and industry minister Ong Kian Ming has urged Malaysians to register their Padu account immediately due to cybersecurity concerns. “Please register your PADU account at http://padu.gov.my immediately. If not, anyone with your IC and postcode of your IC address can register your IC on your behalf since registration is b4 the eKYC approval which takes 3 days. It will be a hassle to get back your account!”, Ong claimed in a post on X (formerly Twitter). To register for a Padu account, members of the public need to provide their full name along with an NRIC number and matching postcode.
Source:The Star
January 02, 2024 20:35 UTC
Mardi issues guide to optimise rice field management
PETALING JAYA: The latest edition of “Rice Check”, a comprehensive guide aimed at optimising rice field management in Malaysia, has been issued by the Malaysian Agricultural Research and Development Institute (Mardi). Mardi has introduced 58 rice varieties, with MR 297 being a standout choice due to its ability to yield up to eight tonnes per hectare, among other attributes. He said this variety dominates nearly 50% of the agricultural area in Peninsular Malaysia, especially in the Muda Agricultural Development Authority (Mada) and the Integrated Development Agricultural Area (Lada) Penang. In tackling the issue of weedy rice, Mardi had introduced the WRFree® SOP, significantly reducing weed infestation during wet-seeding rice systems. Dr Mohd Syaifudin said that Mardi’s ongoing efforts included setting up showcase plots utilising seven of its rice crop-related innovations.
Source:The Star
January 02, 2024 02:11 UTC
Making sure they’re covered
PETALING JAYA: With the floods dominating recent headlines, Malaysians are taking it upon themselves to ensure their financial security by getting special perils insurance coverage for their valuables. Copywriter Astrid Lye, 40, said she has continued to renew her car’s special perils coverage since 2015 after she was transferred to the Klang Valley. The Federation of Malaysian Consumers Association (Fomca) had a similar view, with its chief executive officer Saravanan Thambirajah saying that special perils insurance was becoming increasingly more important as more extreme climate events were predicted to occur. “With climate change making weather events more unpredictable and stronger, special perils insurance is basically a necessity now as we have seen areas that have never flooded before suddenly become flooded. “However, the price for special perils insurance can be up to RM1,000 a year depending on the vehicle characteristics, which could be too much for low-income groups to afford.
Source:The Star
December 29, 2023 11:16 UTC
Oil prices expected to remain flat in 2024
A day after the EIA’s cut, J.P Morgan Research said Brent oil prices will remain “largely flat” in 2024 at US$83 per barrel, adding that it could edge down a further 10% in 2025. In a note yesterday, the brokerage trimmed its 2024 Brent crude price assumption to US$84 per barrel, down from US$86 per barrel. Hence, the upside to crude oil prices remains capped. Russia, on the other hand, requires high oil prices to continue, funding its war efforts in Ukraine. Nevertheless, Kenanga Research’s Lim expects the crude oil market’s surplus to narrow in 2024 to 0.3 million bpd, compared to 0.5 million bpd in 2023.
Source:The Star
December 28, 2023 06:14 UTC