Thursday, December 7th, 2017

 

ML Global clinches RM78.05 million construction contract

PETALING JAYA: ML Global Bhd's wholly owned subsidiary MITC Engineering Sdn Bhd (MITCE) has bagged a RM78.05 million contract from LCB Management Sdn Bhd for the proposed development of a 24-storey apartment building in Bandar Sunway, Petaling Jaya.

The group said in a Bursa Malaysia filing that the developer Wonderful Insights Sdn Bhd had instructed LCB Management, which is the managing contractor, to appoint MITCE as the works contractor for the project.

The project comprises 359 apartment units, with one level of podium facilities, four levels of podium car park and one level of semi-basement car park.

The contract is slated to go on for 24 months and is scheduled to commence in December 2017 and completed in December 2019.

“The contract will increase and enhance the existing order book of the company and its group of companies . With the contract in hand, the group's current outstanding order book is of approximately RM2.38 billion.”

ML Global's shares closed 2.38% higher at RM1.72 with some 505,500 shares done.


Bitcoin surges past US$15,000 as concerns mount

LONDON, Dec 7 ― Bitcoin ploughed past US$15,000 (RM61,246) to a fresh record today, triggering a warning the cryptocurrency was “like a charging train with no brakes” and prompting fresh concern about its looming launch on mainstream…


Bitcoin flirts with US$16,000, alarm bells ring louder

LONDON, Dec 8 — Bitcoin rocketed to a lifetime high just shy of US$16,000 (RM65,117) yesterday after climbing some 60 per cent over one week, intensifying the debate about whether the cryptocurrency is in a bubble about to burst. The…


Bitcoin surges above US$15,000 after climbing US$2,000 in 12 hours

LONDON, Dec 7 ― Bitcoin rocketed above US$15,000  for the first time today, after adding more than US$2,000 to its price in fewer than 12 hours. Bitcoin, the world’s biggest and best-known cryptocurrency, has seen a more than fifteen-fold…


Ringgit extends losses to close lower against US dollar

KUALA LUMPUR: The ringgit extended yesterday's losses to close lower against the US dollar today on subdued demand after its recent gains.

The ringgit touched an intra-day high of 4.0470 against the US dollar on Tuesday, a level last seen on Aug 29, 2016.

At 6pm, the local unit was quoted at 4.0860/0890 against the US dollar from 4.0730/0780 on Wednesday.

Oanda Corp Head of Trading for Asia Pacific Stephen Innes told Bernama that the greenback's rally followed optimism that the US Senate would pass the tax reform bill which led to the upheaval of regional currencies, including the ringgit.

“The fall in the overnight crude oil prices was also marginally weighing on the ringgit,” he said.

Innes, however, said that the exchange rate between the two countries remained relatively stable despite market uncertainties.

Against a basket of major currencies, the ringgit was traded mostly lower, except against the Japanese yen.

It eased against the Singapore dollar to 3.0255/0298 from 3.0213/0261 on Wednesday, fell against the pound to 5.4667/4719 from 5.4513/4584 and weakened against the euro to 4.8170/8209 from 4.8155/8218.

The local note, however, was traded higher against the yen at 3.6265/6301 from 3.6311/6365 yesterday. — Bernama


SCGM’s net profit dips slightly in Q2

PETALING JAYA: Plastic packaging manufacturer SCGM Bhd saw a slight decrease of 3.12% in its net profit to RM5.26 million for the second quarter ended Oct 31, 2017 against the RM5.43 million recorded a year ago, due to change in sales mix and higher raw material cost.

The group's revenue for the quarter under review improved by 24.02% to RM52.11 million from RM42.02 million in the same quarter last year due to significant increase in sales turnover which was mainly spurred by higher sales demand for plastic packaging products.

It has proposed to declare an interim dividend of 1.5 sen per share.

SCGM said in a Bursa Malaysia filing that with the larger scale of operation and gain from economies of scale, the group will continue to formulate new marketing strategy and expand its product ranges to drive its financial performance to greater heights.

“Barring any unforeseen circumstances, the group foresees the new Kulai factory targeted to be completed in the fourth quarter of current financial year ending April 30, 2018 will contribute positively to its future revenue and net profit following the expansion of its production capacity and installation of new production lines.”

SCGM's net profit for the cumulative period of six months, dipped slightly by 0.81% to RM10.85 million from the RM10.94 million recorded last year. Revenue, however, rose 32.4% to RM105.77 million from RM79.89 million.

Its shares gained 1.1% to close at RM2.72 with some 136,300 shares traded.


Ringgit extends losses on subdued demand

KUALA LUMPUR, Dec 7 ― The ringgit extended yesterday’s losses to close lower against the US dollar today on subdued demand after its recent gains. The ringgit touched an intra-day high of 4.0470 against the US dollar on Tuesday, a level last…


TaPay – Malaysia’s first collective-driven e-wallet – to be launched soon

CYBERJAYA: Local fintech solutions provider Fullrich Malaysia Sdn Bhd, in partnership with Cyberview Sdn Bhd and Affin Bank Bhd, is planning to launch Malaysia’s first collective-driven e-wallet called “TaPay”.

TaPay is a mobile application that allows users to store loyalty cards within it, thereby reducing the need of having cash, credit cards, membership/rewards programme cards and receipts.

Speaking at a press conference today, Fullrich CEO Hudhaifa Ahmad said the service is at the pilot testing stage and will be launched after getting Bank Negara Malaysia’s (BNM) approval.

Hudhaifa said initially the beta version of TaPay will only be made available to selected merchants and users within Cyberjaya.

“We are working very closely with BNM to ensure our e-wallet app is robust and in compliance with rules and regulation of the industry,” he added.

Hudhaifa said the service involves six merchants, including local fashion e-commerce Picksum, halal e-commerce marketplace AladdinStreet, local moving and storage business myrelo, Padi House and Old Town White Coffee.

Treasury Secretary General Tan Sri Dr Mohd Irwan Serigar Abdullah, who is also the chairman of Cyberview, said following its success in Cyberjaya, the service will then be launched in the Klang Valley, across the country and the Asean region.

Apart from its e-wallet, Fullrich Malaysia provides white label mobile apps that can be customised to suit any entity and holistic technology solutions across industries such as education, hospitality, medical, oil and gas as well as retail.


Malaysia’s first collective-driven e-wallet to be launched soon

CYBERJAYA: Local fintech solutions provider Fullrich Malaysia Sdn Bhd, in partnership with Cyberview Sdn Bhd and Affin Bank Bhd, is planning to launch Malaysia's first collective-driven e-wallet called “TaPay”.

TaPay is a mobile application that allows users to store loyalty cards within it, thereby reducing the need of having to carry cash, credit cards, membership/rewards program cards and receipts.

Fullrich CEO Hudhaifa Ahmad said the service is currently at the pilot testing stage and will be launched to the public after getting Bank Negara Malaysia's approval.

Hudhaifa said during the initial stage, the beta version of TaPay will only be made available to selected merchants and users within Cyberjaya.

“We are currently working very closely with Bank Negara Malaysia to ensure our e-wallet app is robust and in compliance to rules and regulation of the industry,” he added.


HIP2 and PlaTCOM’s support to innovative Malaysian SMEs (Part 2)

KUALA LUMPUR, Dec 7 ― Today, we are sharing information on the rest of the innovations that our SMEs have taken to market with PlaTCOM’s support via High Impact Programme 2 (HIP2). MestraeSdnBhd “PlaTCOM provided constant and consistent…