Sharp rise in Masteel’s share price sparks takeover speculation
“Just take a look at Masteel’s share price performance since mid-November. He adds that he is unaware of any reason for the recent increase in Masteel’s share price. Sources speculate that the Tai family might be willing to let go of their stake in Masteel for about RM100 million. Today, Masteel is one of the country’s leading steel manufacturers specialising in making high-tensile steel bars, mild steel bars and prime steel billets that are most commonly used for construction and infrastructure development works. The group also operates a factory in Bukit Raja, Klang, producing steel bars and steel billets, which are the feedstock for its rolling mills in Petaling Jaya and Bukit Raja plants.
Source:The Edge Markets
December 12, 2022 21:03 UTC
Interest in O&G companies rises in tandem with earnings
INVESTOR interest in local oil and gas (O&G) service providers is picking up after years of a lull, although there is a softening in global crude oil prices. As earnings improve, analysts expect the upward momentum in the share prices of these players to rise in tandem. “We expect an improved outlook for these O&G service providers. O&G service providers are enjoying higher daily charter rates, albeit gradually, he says, and increasing utilisation of their assets. “This will further anchor the earnings recovery within the local O&G service providers space.
Source:The Edge Markets
December 12, 2022 18:01 UTC
Wet weather increasing costs
Federation of Vegetable Farmers Associations president Lim Ser Kwee said harvests had been dropping due to the wet northeast monsoon season. Kuala Lumpur Vegetable Wholesalers’ Association president Wong Keng Fatt said the prices of vegetables had started increasing recently by between 10% and 20% but would rise if there were floods. Wong said wholesale prices of vegetables had currently gone up, with sawi costing between RM5 and RM5.50 compared with about RM3 normally. “The wholesale price for spinach is now between RM6 and RM6.50 compared with its usual RM2 or RM3,” he added. “Farmers don’t easily get to sell at a higher price, it is the distributors who control the market price.
Source:The Star
December 12, 2022 14:27 UTC
Covid-19 Watch: 1,315 new cases, says Health Ministry
PETALING JAYA: Malaysia recorded 1,315 new Covid-19 infections on Saturday (Dec 10), says the Health Ministry. The Health Ministry said through data released on its KKMNow portal on Sunday (Dec 11 ) that this brings the new total to 4,992,168 cases since the pandemic began. Of the 1,315, there is one imported case and the remaining 1,314 are local. The ministry also said through its KKMNow portal that there were 2,601 recoveries on Saturday, bringing the total number of active cases in Malaysia to 19,177. Of the active cases, 93.1% or 17,860 individuals are undergoing home quarantine, while 6.5% of active cases or 1,244 individuals need to be hospitalised, with 73 warded in intensive care units (ICU) throughout the country.
Source:The Star
December 11, 2022 16:29 UTC
World's top money managers see global stocks recovering in 2023
Last year, a similar survey predicted that aggressive policy tightening by central banks would be the biggest threat to stocks in 2022. Modest gainThose who expect global shares to rise see an average 10% gain for 2023. Investors remain cautious for the start of the year and predict that stock market gains will be skewed to the second half of 2023. The fuelFor fund managers, better news on inflation and growth could be catalysts for a stronger performance. Contrarian viewThe constructive view of money managers is at odds with what Wall Street is predicting.
Source:The Edge Markets
December 11, 2022 13:22 UTC
The worth of good service
It’s not just their monthly salary but the many allowances and claims. The PM’s monthly salary is only about RM22,800, while his deputies get about RM18,170. First off, an MP’s monthly salary is RM16,000. Perhaps they think these Parliament meetings aren’t important or they have more urgent matters to attend to. Even in Britain, the MPs have more Parliament meetings to attend to justify their allowances.
Source:The Star
December 11, 2022 08:25 UTC
Fahmi: Early investigations into AirAsia passenger data leak indicate cyberattack
KUALA LUMPUR (Dec 10): Initial investigations into the data leak involving five million AirAsia passengers and staff found there was a cyberattack on AirAsia's server system on Nov 12 resulting from unauthorised access. Fahmi said the ministry views seriously allegations that the data leak was caused by a hacker group known as "Daixin". "Apart from that, data users should outline a cybersecurity policy, and ensure that the policy is followed as a measure to avoid intrusion by irresponsible parties," he said. Last month, local media reported that personal data of passengers and employees of the low-cost airline was allegedly leaked, after being hacked by the cybercrime group known as Daixin. Read also:AirAsia hit by ransomware attack, five million passenger and employee data compromised
Source:The Edge Markets
December 11, 2022 04:36 UTC
Covid-19 Watch: 1,597 new cases, says Health Ministry
PETALING JAYA: Malaysia recorded 1,597 new Covid-19 cases, says the Health Ministry. According to the ministry's KKMNow portal, 1,592 of the new Covid-19 infections in the country were local transmissions, while there were five imported cases. A total of six deaths were recorded, with one classified as being brought in dead, bringing the total to 36,755.
Source:The Star
December 10, 2022 02:24 UTC
Bursa Malaysia launches first shariah-compliant carbon exchange
KUALA LUMPUR (Dec 9): Bursa Malaysia Bhd on Friday (Dec 9) launched the Bursa Carbon Exchange (BCX), which is a voluntary carbon market (VCM) and the world’s first shariah-compliant carbon exchange. There will be no restrictions imposed on sales of carbon credits generated from Malaysian projects to foreign buyers, said Nik Nazmi. Verra is a widely recognised standard in the voluntary carbon market, and accounts for nearly 70% of voluntary carbon credit issuances globally. Muhamad Umar hopes that the BCX will incentivise buyers and sellers of carbon credits in Malaysia to invest and finance climate-friendly projects. The BCX will provide three modes of carbon trading: auction, spot trading for standardised contracts of carbon credits and spot trading services for off-market transactions.
Source:The Edge Markets
December 10, 2022 00:57 UTC
Oil set for steep weekly loss as slowdown concerns loom large
(Dec 9): Oil headed for a weekly loss of almost 10% after a volatile period of trading as concerns over the economic outlook overshadowed an easing of China’s strict virus curbs and a disruption to US crude flows. The market is also facing a persistent lack of liquidity that has left prices prone to large swings. Prices initially surged after the news before reversing gains to close lower on Thursday, capping a fifth day of declines. Still, for now, Russia sees the price limit having a limited effect on its crude output. The global benchmark was 44 cents a barrel in contango, compared with 2 cents in backwardation a week ago.
Source:The Edge Markets
December 09, 2022 13:58 UTC
Cypark secures biogas projects totalling 2.7 MW capacity from Seda
KUALA LUMPUR (Dec 8): Cypark Resources Bhd said its indirect subsidiaries have been awarded feed-in approval certificates from the government to carry out biogas projects with a total capacity of 2.7 MW in Johor and Terengganu. The feed-in approval certificates were awarded by Sustainable Energy Development Authority (Seda) for a period of 21 years, Cypark said. Tenaga Nasional Bhd will purchase electricity from the project companies at pre-agreed feed-in tariff rates, it added. The first biogas project comprises a 1.2 MW installed capacity biogas plant in Layang-Layang, Johor, which was awarded to Cypark's 51% indirectly owned Reviva BACRE (Ulu Remis) Sdn Bhd. The second is a 1.5 MW plant in Kemaman, Terengganu awarded to BACRE Reviva Biogas (Kemaman) Sdn Bhd, which is 80%-owned by BACRE Reviva Biogas Holdings Sdn Bhd, which in turn is an indirect 51% subsidiary of Cypark.
Source:The Edge Markets
December 09, 2022 10:12 UTC
Manufacturing firm fined RM245,000 for hiring illegals
SEREMBAN: A manufacturing company in Nilai near here has been fined RM245,000 by the Sessions Court for allowing 49 illegals to enter and remain in its premises. The Immigration Department in a statement said a company director pleaded guilty after the charges were read to him before judge Diana Md Razali. The director was also ordered to serve three months in jail in the event he was unable to pay the fine. Offenders can be fined between RM5,000 and RM30,000 or imprisonment not exceeding 12 months or both for each illegal immigrant upon conviction. Immigration officers had detained the illegals while they were working during an operation on Nov 2.
Source:The Star
December 09, 2022 01:54 UTC
Bermaz 2Q net profit more than doubles, declares 3.5 sen dividend
Bermaz declared a second interim single-tier dividend of 3.5 sen per share, to be payable on Jan 6, 2023, bringing the total dividend declared for the cumulative six months ended Oct 31, 2022 (6MFY2023) to 6.5 sen per share (6MFY2022: two sen per share). Earnings per share increased to 5.65 sen in 2QFY2023 from 2.24 sen in 2QFY2022. For 6MFY2023, Bermaz recorded a revenue of RM1.5 billion and a net profit of RM115.83 million, greater than 6MFY2022's revenue of RM804.63 million and net profit of RM36.31 million. "This had compounded the microchip and component shortage situation and resulted in delays in the delivery of vehicles. Bermaz settled unchanged at RM1.99 on Thursday, valuing the group at RM2.32 billion.
Source:The Edge Markets
December 08, 2022 17:46 UTC
Sabah eyeing Indian tourist market, says Bangkuai
Bangkuai hosted a dinner for the India Market Tour Agents of the Malaysian Association of Tour and Travel Agents (MATTA) in Kota Kinabalu on Wednesday (Dec 7). As such, the state will intensify efforts to lure Indian tourists as they represented the fastest-growing outbound market. Bangkuai, who is also Sabah Tourism Board (STB) chairman, assured that the STB was actively pursuing the Indian market. On Wednesday (Dec 7), Bangkuai hosted a dinner for the India Market Tour Agents of the Malaysian Association of Tour and Travel Agents (MATTA). He said that about 700,000 Indian tourists visited Malaysia in 2019, and the fact that a portion of them flew to Sabah demonstrated that Indian tourists were already making plans to experience the country's unique destinations.
Source:The Star
December 08, 2022 17:40 UTC
MoH to re-examine tobacco GEG policy
Getting Started Junior Member108 postsJoined: Jul 2006https://www.nst.com.my/news/nation/2022/12/...-policy-says-drHealth Ministry to re-examine tobacco generational endgame policy, says Dr ZalihaThe tobacco generational endgame (GEG) policy will be re-examined in terms of its implementation through the Control of Tobacco Product and Smoking Bill 2022, which has yet to be approved in Parliament, said Health Minister Dr Zaliha MustafaQUOTE KUALA LUMPUR: The tobacco generational endgame (GEG) policy will be re-examined in terms of its implementation through the Control of Tobacco Product and Smoking Bill 2022, which has yet to be approved in Parliament, said Health Minister Dr Zaliha Mustafa. "Generally, to me, it (GEG policy) has its advantages, but I have to look at its the implementation process once we have reached a decision as it cannot be drastic...," she said when appearing as a guest on Bernama Radio's Bersama Pemimpin programme here today. Dr Zaliha said that in helming the ministry, she was open to receiving advices and suggestions from former health ministers and stakeholders. As Malaysia's first woman health minister, Dr Zaliha said her biggest challenge was to maintain excellence in the ministry and improve the country's healthcare services. The bill was tabled for the first reading by former health minister Khairy Jamaluddin on July 27, but was later referred to the Parliamentary Special Select Committee for fine-tuning.
Source:New Strait Times
December 08, 2022 11:52 UTC