KUALA LUMPUR (Bernama): The sixth accused in the murder trial of Datuk Anthony Kevin Morais told the High Court here that he and five other accused were threatened to admit to the Deputy Public Prosecutor's murder at the trial. “On April 10, after I returned from attending the trial, three prison officials had asked me to pass motion. "While in the toilet, one of them approached me and said that he had met with S. Ravi Chandran (the seventh accused) on several occasions to ask Ravi Chandaran to admit to the case. The fifth defence witness said that he later lodged a police report on the matter on April 17 after Ravi Chandaran, who is his uncle, asked him to do so. At the proceedings today, five accused, Dinishwaran, 26, Thinesh Kumar, 25, Vishwanath; 28, Nimalan and Ravi Chandaran, 47, were represented by counsel Rajehgopal while Dr Kunaseegaran, 55, was represented by counsel Datuk N. Sivananthan.
July 23, 2018 09:34 UTC
KUALA LUMPUR: Malaysia's economy is currently in a good position so the government should focus on growth and not austerity, said AirAsia Group Chief Executive Officer Tan Sri Tony Fernandes.He said the government must focus on increasing its efficiency and productivity in order to grow jobs and be a driving force in ASEAN.“Focus on those industries that can bring income quick, and technology and ideas that can bring big growth (for the country),” he added in his latest post on Twitter.Fernandes said having economic growth would enable the government to handle its debt.He also believes the ringgit will strengthen to about 3.80 against the US dollar soon.Bank Negara Malaysia had announced that the Federal government debt totalled RM686.8 billion as at end-2017, equivalent to 50.8 per cent of the gross domestic product.Subsequently, Finance Minister Lim Guan Eng said the Federal government debt and liabilities amounted to RM1.08 trillion as at Dec 31, 2017.This included the RM686.8 billion in Federal government debt and RM199.1 billion of government guarantees to pay on behalf of entities, which were unable to service their debt, he said.He said the government was also committed to RM201.4 billion in lease payments for rental, maintenance and other charges for public-private partnership projects such as the construction of schools, hostels, roads, police stations and hospitals.Earlier in the Dewan Rakyat, Prime Minister Tun Dr Mahathir Mohamad said the government was considering securing a loan facility from Japan to reduce the 'high cost of money' as the interest rate on debt taken by the previous administration was too high at six per cent.He said the value of the Japanese yen was cheaper than the ringgit with one yen equalling 1 US cent, while RM1 was worth 25 US cents, and repaying Malaysia's debt in the Japanese yen meant the country would not be burdened with a high interest rate of more than six per cent.
July 23, 2018 09:11 UTC
KUALA LUMPUR: The Malaysian Retail Association (MRA) is urging the government to make a firm decision over the black shoe ruling for schools nationwide. Loke proposed for the government to implement a grace period of 12- 18 months in making the switch from white to black shoes, if the black shoe ruling is implemented. At present, Loke pointed out that 70-80% of school shoes in the market are white. “We believe many white shoes are already made or at various stages of productions. “What will happen to all the white shoes in the market which are already in the millions?"
July 23, 2018 08:37 UTC
PETALING JAYA: PKR vice-president Tian Chua welcomes Datuk Seri Anwar Ibrahim’s decision to contest the party’s president post. He said if Anwar is elected to the post, it will quash all uncertainties and instil confidence among party members and the public. I call upon all party members to put aside differences and personal ambition. He was far-sighted in anticipating the need for a political party that embraces diversity to reflect our multi-ethnic pluralistic society,” Chua said. We shall be mindful that the perception towards our party leadership has great implication to the public confidence in the ruling coalition,” he said.
July 23, 2018 08:26 UTC
KUALA LUMPUR: Datin Seri Rosmah Mansor will be making an application to the court to strike out the RM60mil lawsuit against her by Lebanese jewellery firm, Global Royalty Trading SAL. The lawyers of the former prime minister’s wife have filed her defence in the suit earlier on Monday (July 23). “The said suit filed by Global Royalty contravenes the provisions of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. “Accordingly, the suit filed by Global Royalty against our client is clearly unlawful, frivolous, vexatious and/or an abuse of the court process. On June 26, Global Royalty filed the legal suit against Rosmah at the Kuala Lumpur High Court over a consignment of “missing” jewellery.
July 23, 2018 08:03 UTC
SHAH ALAM: Developer Sime Darby Property Bhd is optimistic about the prospects of its Malaysian Vision Valley (MVV) development despite the fact that the Kuala Lumpur High-Speed Rail (HSR) project has been scrapped.Sime Darby Property township COO Datuk Wan Hashimi Albakri said the developer has engaged the new government about MVV, who are also optimistic.“The project will be a game-changer and is set to be a boost to Negeri Sembilan and the Malaysian economy,” he said earlier today following a signing ceremony with the United Nations Children’s Fund (UNICEF).The HSR has been scrapped by the new Pakatan Harapan government as it was deemed to not be financially viable.Under the proposed project, the Seremban and Muar HSR stations were supposed to be located within the MVV.Hashimi said Sime Darby is in talks with developers to participate in MVV.The development will span 379,000 acres, and is focused on a variety of industries, including healthcare, education and tourism. It is located in Negri Sembilan, bordering Selangor.Meanwhile, Sime Darby Property has signed a memorandum of understanding (MoU) with UNICEF to build Malaysia’s first inclusive playground at the developer’s City of Elmina project.Sime Darby Property has set aside an initial budget of RM1mil to build the inclusive playground.Scheduled for completion in the first half of 2018, the inclusive playground in City of Elmina will enable children with and without disabilities to play together as equals, creating opportunities for inter-generational interaction within families and social cohesion of the wider community.Sime Darby Property is Malaysia’s largest property developer in terms of landbank with 20,743 acres of remaining developable land as at Dec 31, 2017.
July 23, 2018 08:03 UTC
KUALA LUMPUR: Former prime minister Datuk Seri Najib Tun Razak denied signing off any cheques to Umno using money from 1Malaysia Development Berhad (1MDB). "It's not from 1MDB funds. It was previously reported that Barisan Nasional had received RM300mil from 1MDB for the 2013 general election, and that Umno received about RM145mil of these funds from Najib's AmBank account. The Pekan MP was given a slate grey, three-tier vanilla cake, which featured a caricature of him, as well as the words "Thank You Sir Dato' Sri Najib Razak" written on the cake. He was also gifted a commemorative video of his tenure as prime minister and his contribution to the nation, as well as to Umno and Barisan Nasional.
July 23, 2018 07:52 UTC
That is down almost 25 percent from an all-time high of 19.38 euros last August.The results come after EasyJet, Europe's second-biggest low-cost airline, raised its profit guidance, forecasting earnings could soar by as much as 45 percent this year. Fast-growing budget airline Norwegian Air Shuttle earlier in July also beat expectations with a second-quarter net profit. "UNREASONABLE DEMANDS"Ryanair, which flies in 37 countries and carried 130 million passengers last year, averted widespread strikes before Christmas by deciding to recognise trade unions for the first time in its 32-year history. But it has since struggled to reach agreement on terms with several of them.It cited strikes as one of the reasons why average fares would be lower than expected this summer, with high competition and a heatwave in Northern Europe also weighing.Average fares are expected to grow by 1 percent in the three months to September 30, down from an earlier forecast of 5 percent growth, O'Leary said. "While we continue to actively engage with pilot and cabin crew unions across Europe, we expect further strikes over the peak summer period as we are not prepared to concede to unreasonable demands that will compromise either our low fares or our highly efficient model," O'Leary said.
July 23, 2018 07:41 UTC
(Reuters) - Chelsea's players must quickly adapt to new manager Maurizio Sarri's demands as the Italian looks to reshape the team for the new Premier League season, midfielder Cesc Fabregas said. The 59-year-old Sarri replaced sacked compatriot Antonio Conte at the helm this month and is known to favour an attacking approach as seen at his former club Napoli. "He is bringing a different style, a different formation and we just need to grow into it," Fabregas told the club's. "He likes to play football, likes to press high, to try to have control of the ball and control of the game," Spaniard Alonso said. Chelsea begin their campaign in the Community Shield against champions Manchester City on Aug. 5.
July 23, 2018 07:18 UTC
KUALA LUMPUR: The ringgit was higher against the US dollar early Monday as accusations of currency manipulation by China and the European Union by President Donald Trump set it at a disadvantage. At 9 am (0100 gmt), the local note was quoted at 4.0490/0540 versus the greenback from Friday's close of 4.0600/0630. Public Investment Bank Bhd said further support for the ringgit was the internal feuding between the Federal Reserve and US President Donald Trump who criticised the Fed's monetary policy. It depreciated against the Singapore dollar to 2.9748/9796 from Friday's 2.9687/9718 and eased against the euro at 4.7551/7614 from 4.7315/7366. The ringgit declined against the British pound to 5.3216/3298 versus 5.2861/2904 and fell against the yen to 3.6500/6549 from 3.6108/6138 registered previously.
July 23, 2018 02:03 UTC
KUALA LUMPUR: Public Bank and Petronas Gas dipped early Monday, dragging the FBM KLCI into the red as Bursa Malaysia tracked the cautious key Asian markets.At 9.27am, the KLCI was down 3.87 points or 0.22% to 1,750.80. Turnover was 446.91 million shares valued at RM210.36mil. There were 176 gainers, 224 losers and 260 counters unchanged.The US dollar fell against major currencies to its lowest in more than two weeks after U.S. President Donald Trump criticised the Federal Reserve's tightening policy, while stocks slipped on fears of further trade protectionist measures, Reuters reported.Meanwhile, Japan's Nikkei stumbled 0.9%. MSCI's broadest index of Asia-Pacific shares outside Japan was up a touch.As for Bursa, Kenanga Research said technically, the index outlook is positive-bias as evidenced by positive stance on MACD and RSI indicators.“From here, we expect a short breather before continuation towards next resistance at 1,790 (R1) and 1830 (R2) further up. Meanwhile, support levels can be identified at 1,720 (S1) and 1,700 (S2),” it said.At Bursa, among the KLCI stocks, Public Bank fell 10 sen to RM23.84, Petronas Gas eight sen to RM18.28 and IOI Corp lost five sen to RM4.47.UMW shed 10 sen to RN6.09, Freight eight sen to RM1.03 and Hengyuan seven sen lower at RM6.55.MY EG Services rose five sen to RM1.29 and it was the most active with 38.6 million shares.CIMB Equities Research said the company has been working on a Sales and Service Tax (SST) system which the new government could use to reduce leakages when the SST is launched in September and also a new module for foreign workers.F&N was the top gainer, up 64 sen to RM37.96, BAT added 58 sen to RM34.28, Heineken 56 sen to RM23.40 and Nestle 40 sen higher at RM148.40.Latitude Tree extended its gains, up 26 sen to RM3.90 as analysts expected it to benefit from the US-China trade war.
July 23, 2018 01:41 UTC
KUALA LUMPUR: AmInvestment Bank Research has cut its FY18-20F net profit forecasts by 11%, 13% and 31% respectively and reduce its fair value (FV) by 20% to RM2.17 from RM2.70, but maintain its hold call.It said on Monday its new FV was based on eight times revised FY20F fully diluted earnings per share (EPS) of 27.1 sen.“We use FY20F (instead of FY19F) as our valuation base year to reflect the potential earnings downturn in FY20F with the completion of major mega infrastructure projects in about two years from now,” it said.AmInvest Research said the downgrade in its FY18F earnings forecast was to reflect an expected soft 2QFY18 (April–June) as contractors held back from steel purchases on the heels of the surprise 14th general election outcome that threw various public infrastructure projects into limbo.It also lowered its outlook for sales volumes and prices in FY19-20F. It now assumes FY18-20F sales volume growth of 0% to 2.5% per annum (from 3% previously) and average steel selling prices of RM2,465-2,565/tonne (from RM2,500-2,700/tonne previously).“The key takeaway from our recent visit to the company is that Ann Joo ’s earnings will not fall off the cliff. This is because key public infrastructure projects that are spared the axe will still require a substantial amount of steel input.“More so when mega projects like the MRT2 and LRT3 are still in relatively early stages of implementation with completion of only 20%-30% and 10% respectively. These will still consume a fair bit of steel over the next 24 months at the least,” it said.AmInvest Research said also, Ann Joo sees opportunities in the export markets such as Thailand and Indonesia.It said despite the intense competition (against Russian, Chinese and Iranian players, etc), exporters like Ann Joo often times can lock in good prices for certain products (for instance, billet at US$550/tonne at present) due to short-term mismatches of demand and supply.Export sales made up 15% of Ann Joo’s total sales volume in FY17.“The fortunes of Ann Joo, a long steel player, are inevitably tied to the construction sector, of which prospects have weakened following the cutbacks on public infrastructure project on grounds of fiscal prudence.“However, Ann Joo will sustain its earnings, underpinned by ongoing construction projects and export sales. It is less vulnerable to a higher electricity tariff thanks to its investment in the hybrid blast furnace electric arc furnace (BF-EAF) technology,” it said.
July 23, 2018 00:56 UTC
She was, after all, there at the birth of the company and has seen it through every difficult moment as much as her husband. Safe to say, without Choh, Proguard would not have been where it is today – a fact Lee acknowledges. Because business was stagnant, admits LeeA womans touch: Choh has been in the drivers seat at Proguard for the last 16 years. Pushing her to take the lead turned out to be a good thing for Proguard, notes Lee. But as much as they continue to drive growth at Proguard, Choh emphasises that family comes before the company.
July 23, 2018 00:45 UTC
“We understand MyEG is also looking to launch e-government services in Bangladesh,” it said. Meanwhile, the proposed remittance services for foreign workers could be an exciting revenue contributor for the company in the near future. If it includes the 750,000 illegal foreign workers who got registered during the rehiring programme in 2017, there are currently around 2.5 million legal foreign workers in the country. “The premium is to reflect the potential new services MyEG could secure over the next few months. Rerating catalysts include securing the SST contract and new module for foreign workers.
July 23, 2018 00:40 UTC
The Reuters report also added to the yen's strength , which was last up 0.3 percent at 111.07 per dollar. "The market took the news as a possible sign the anchor at the long end may allow for some natural drift higher," ANZ said in a note to clients.Investors are now looking ahead to an important meeting on trade between Trump and European Commission President Jean-Claude Juncker at the White House. A breakdown in talks could hit risk sentiment, hurting global equities, analysts said.The euro climbed for a third straight day to a two-week top of $1.1746.In commodities, oil prices were caught between a weakening dollar which supported the market and concerns about U.S.-China trade tensions and supply increases which undermined sentiment.U.S. crude was last off 3 cents at $68.24 a barrel after posting its third straight weekly loss. Brent settled at $73.18, up 11 cents.
July 23, 2018 00:33 UTC