Maybank IB foresees speculative car bookings, cancellations over the next nine months
KUALA LUMPUR (June 22): Maybank Investment Bank Bhd (Maybank IB) foresees unnecessary issues over the next nine months in the automotive sector with a rise in speculative bookings until end-June 2022 followed by cancellations until end-March 2023. In a research note on Wednesday, analyst Liaw Thong Jung said the bank also foresees the situation to give rise to issues involving salesmen and dealers over the next nine months. He said the speculative bookings will rise over the next 10 days. This would result in a weaker 2H22 for the sector and a strong first quarter for 2023, the report said. Without the waiver, collections from excise and import duties would likely be lower due to lower car sales.
Source:The Edge Markets
June 22, 2022 20:18 UTC
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Photography 101: Luck, intuition can be key ingredients to great photos
We were at a water hole in the central Serengeti National Park watching hippos bask in mud. My travelling mates, becoming a bit bored, and I were hoping the hippos at least yawned or squirmed or otherwise interacted. We ended up at another nearby water hole where, low and behold, a pride of lions milled about, including several active cubs. We decided this was a great scene that deserved patience (Photo 1). We hung out at this water hole for about half an hour or more until the pride moved on.
Source:The Star
June 22, 2022 15:19 UTC
Mestron secures RM17.5 mil worth of jobs from telecom infrastructure companies
KUALA LUMPUR (June 22): Mestron Holdings Bhd has secured a total of RM17.5 million worth of orders from telecommunication infrastructure companies since the start of the year, in line with the accelerated implementation of the National Digital Network (JENDELA). In a statement, it said these works were awarded by various companies, including Smartgen Technology Sdn Bhd, Hydro Vista Sdn Bhd and OCK Setia Engineering Sdn Bhd. "It has been a busy year for us as we have won three contracts from three different telecom infrastructure players. He added that the group is aiming to secure another RM20 million worth of contracts over the next six months, which will be supported by the 5G network roll-out. Mestron was up 0.5 sen or 1.49% to 34 sen at the noon market break, which translates into a market capitalisation of RM316.4 million.
Source:The Edge Markets
June 22, 2022 12:51 UTC
Ringgit opens lower as investors seek out safe havens
KUALA LUMPUR: The ringgit retracted from yesterday's gains to open lower against the US dollar this morning, as investors continue to seek shelter in the safe-haven currency, a dealer said. At 9.20 am, the local currency fell to 4.3970/4005 against the greenback from Tuesday's close of 4.3945/3980. Nonetheless, the ringgit was traded higher against a basket of major currencies. The local note appreciated against the British pound to 5.3894/3937 from Tuesday's close of 5.4035/4078, and rose versus the Singapore dollar to 3.1706/1734 from 3.1738/1768 yesterday. The ringgit also went up against the euro to 4.6217/6254 from 4.6441/6478 and strengthened vis-a-vis the Japanese yen to 3.2281/2309 from 3.2448/2477 previously.
Source:The Star
June 22, 2022 11:55 UTC
My Say: New rhythms for meeting climate challenges
Amid the recent heat wave, flash floods and catastrophic torrents that swept several states at the end of 2021 and early 2022, we experienced the acute impact of climate change. Mitigating the effects of climate change is a very complex exercise involving many instruments of scientific knowledge and information technology, and yet one must harmonise this with sociological understanding and moral reasons. Beyond the planet’s sustainability, the World Economic Forum in 2020 suggested that a country’s response to megatrends, such as tech breakthroughs and the risks of climate change, can dictate its long-term success. Then we corralled electrical engineers to design the sensor system and we piped in the physicists to design the optic system. The concept of “intergenerational justice” was first said to have been deliberated at the Paris Agreement in the United Nations Framework Convention on Climate Change (UNFCCC) in 2016.
Source:The Edge Markets
June 22, 2022 07:19 UTC
After falling 36% from recent peak, is Hengyuan worth a second look?
Market sentiment aside, judging by the current landscape of the oil refining industry, Hengyuan's earnings prospects are likely to be rosy in the coming quarters, if not longer. Singapore Dubai FCC Refinery Margin (Singapore crude oil refining margin data) surged to US$33.38 per barrel as at June 20, up nearly six-fold from US$5.81 on Dec 31, 2021. The margin spread hit an all-time high of US$35.18 early this month. Brent crude oil price stood at US$115.63 per barrel, while US West Texas Intermediate (WTI) crude stood at US$111.85 a barrel as at press time. Year-to-date, Brent crude oil has gained US$37.85 or 49% from US$77.78 a barrel at end-2021, while WTI crude oil has rallied US$39.07 or 54% from US$72.78 a barrel.
Source:The Edge Markets
June 22, 2022 03:37 UTC
Economists expect lower EPF dividend rate for 2022 on weaker investment income
KUALA LUMPUR: Economists expect the Employees Provident Fund (EPF) to distribute a lower dividend rate for 2022 following a weaker total investment income recorded in the first quarter ended March 31, 2022 (Q1 2022). The pension fund announced today that its total investment income had slipped to RM15.85 billion in Q1 2022, down from RM19.29 billion in Q1 2021, due to a significant decline in worldwide markets. ALSO READ: EPF records lower gross investment income of RM15.85bil for Q1 2022"EPF’s dividend rate is expected to fall in tandem with lower investment income,” Sunway University economics professor Yeah Kim Leng told Bernama when contacted. Last year, the overall EPF dividend performance was supported by a strong rebound in the equity markets, he said. "But 2022 growth is already being downgraded across the world, so investment returns are likely to be lower,” Williams said.
Source:The Star
June 22, 2022 01:49 UTC
Tackling low reading proficiency among school-going children
TAYLOR’S University officially launched its volunteer-based reading programme Projek BacaBaca which is sponsored by Mah Sing Foundation to address the learning poverty gap among B40 communities. “Our research has shown that children who are not reading at grade level are more likely to drop out of school as low proficiency in reading means children are unable to use their reading skills to excel in other subjects. “So, our academics and students in the ‘Education for All’ impact lab worked with communities, businesses and nonprofits to address low reading proficiency among B40 students. How you can participateAnybody who wants to join the bid to elevate reading proficiency among Malaysian students can sign up as reading coaches. For those who are interested in becoming a reading coach with Projek BacaBaca, register at https://tinyurl.com/2b27s35r.
Source:The Star
June 22, 2022 00:12 UTC
Tackling floods, carbon deals part of MyCAC plan to fight climate change, says PM
“This is because the high humidity levels and the (surface conditions) of the Earth have led to this phenomenon (climate change),” he said in a statement. Ismail Sabri also encouraged state governments to use the Climate Change Adaptation Index to increase responses to the impact of climate change. On a related matter, Ismail Sabri said a proposal to use electric vehicles (EV) in big events was also discussed. “This initiative is expected to drive the EV ecosystem in this country besides effectively reducing greenhouse gas (GHG) emissions,” Ismail Sabri said. Ismail Sabri will be leading the Malaysian delegation to the United Nations Climate Change Conference in Egypt from Nov 6 to 18.
Source:The Star
June 21, 2022 21:17 UTC
Cypark: Concerns arose from misunderstanding of business model
There have been concerns over the company’s cash flow and high gearing. The negative cash flow is expected from the business model of concessionaire-based projects like solar farms and WTE (waste-to-energy), which require intensive capital expenditure (capex) upfront. (For a more detailed explanation, please refer to the explanation in our Cash Flow Statement of 1Q2022.) The stable cash flow track record of the completed solar farms over many years has given a lot of comfort to lenders as certainty and reliability of cash flow is high. The recognition and reporting of the WTE project cost and revenue require compliance with the prevailing accounting standards.
Source:The Edge Markets
June 21, 2022 18:24 UTC
Bursa stays higher at lunch break
At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 8.02 points to 1,449.26 from Monday's close of 1,441.24. The benchmark index, which opened 2.06 points higher at 1,443.3, moved between 1,443.26 and 1,450.73 throughout the session. On the broader market, gainers outpaced losers 508 to 296, while 350 counters were unchanged, 1,121 untraded, and 19 others suspended. According to Malacca Securities Sdn Bhd, technology stocks are set to rebound with the Wall Street futures turning green at this juncture. The brokerage also noted that stocks on the local bourse were oversold and could be due for bargain-hunting opportunities.
Source:The Edge Markets
June 21, 2022 16:16 UTC
Cover Story: Building an entertainment ecosystem in Genting Highlands
Tropicana WindCity, which was first introduced in the Nov 29, 2021 issue of City & Country, will cover 596 acres in Genting Highlands, making Tropicana Corp the second-largest landowner there. Building an integrated township is always our go-to move, but Genting Highlands is a popular tourist hotspot. The first phase of Tropicana Paradise will also be launched on June 16, in conjunction with the Tropicana WindCity master plan. Tropicana Paradise is our catalyst and serves as the heart of Tropicana WindCity.”Tropicana Paradise will be developed in three phases. As Tropicana Paradise’s entertainment hub is located on the main thoroughfare to the peak of Genting Highlands, it will have good visibility.
Source:The Edge Markets
June 21, 2022 14:10 UTC
Covid-19: Daily cases rise to 2,093, three deaths reported
PETALING JAYA: Malaysia recorded 2,093 new Covid-19 cases on Monday (June 20), bringing the total number of infections in the country to 4,542,705 since the pandemic began. The Health Ministry's CovidNow portal reported that there was one imported Covid-19 case on Monday, while the remaining 2,092 infections were locally transmitted. The portal also reported that 2,082 individuals recovered from Covid-19 on Monday, bringing the total number of recoveries in the country to 4,481,018 since the pandemic began. The CovidNow portal also reported that Malaysia's overall ICU utilisation rate stood at 61.1% with Covid-19 patients accounting for 5.3% of Monday's ICU utilisation rate. The data repository reported that one Covid-19 death each was reported in Selangor, Penang and Kedah on Monday.
Source:The Star
June 21, 2022 12:27 UTC
My Say: Three big changes in the risk environment for Asia
Understanding all these changes is necessary to appreciate fully what it all means for us in Asia. Countries such as those in Southeast Asia, which are being wooed by both the big powers, will benefit disproportionately. With workers in short supply, economic growth will be curtailed unless productivity growth can speed up. • Conscious choice of quality over quantity in economic development: China’s phenomenal growth came at the expense of massive environmental degradation. In short, there will be a step-down in Chinese economic growth and the rest of the world will have to get used to that.
Source:The Edge Markets
June 21, 2022 04:24 UTC
QuickCheck: Was a man attacked at a Cheras restaurant with a metal bar recently?
LAST week, it was claimed that a fight broke out at a Cheras restaurant, with one man being attacked with an iron bar. VERDICT:TickTRUEIn a statement on Sunday (June 19), Kajang Deputy OCPD Supt Mohd Nasir Drahman said that the incident occurred on Friday (June 17). He said that the fight at a restaurant in Bandar Mahkota Cheras led to a man suffering injuries to his head, requiring 12 stitches. "However, during the meeting, the suspect lost his temper and attacked the victim. "He then used a metal pipe and plastic chair to hit the victim and his friend," he said.
Source:The Star
June 21, 2022 01:08 UTC