Thursday, January 11th, 2018

 

MAHB records 96.5 million passengers last year

KUALA LUMPUR, Jan 11 — A record 96.5 million passengers passed through airports nationwide in 2017. And last month, passenger frequency at the 39 Malaysia Airports Holdings Bhd (MAHB)-operated airports nationwide recorded 8.99 million people….


US Senate to discuss bitcoin risks with top markets regulators, source says

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(Jan 11): The U.S. Senate will next month hold a hearing with the country’s top markets regulators to discuss the risks posed by cryptocurrencies such as bitcoin, a person with direct knowledge of the matter told Reuters. The Senate Banking Committee will take testimony from Commodity Futures Trading Commission Chairman Christopher Giancarlo and Securities and Exchange Commission Chairman Jay Clayton in early February, the source said. The hearing comes amid heightened concerns over a bubble in the bitcoin market after the currency soared to record highs of more than $19,000Read More


Positive ringgit backed by robust economic growth – Johari

  KUALA LUMPUR: The ringgit’s current upward momentum against major currencies is backed by the country’s robust domestic economy and healthy trade performance, underpinned by the recovery in global oil prices. Second Finance Minister, Datuk Seri Johari Abdul Ghani said the ringgit was also supported by Malaysia’s strong export performance, which increased 20.2 per cent from Jan-Nov 2017, as compared to the same period […]


Positive ringgit backed by robust economic growth, says minister

KUALA LUMPUR, Jan 11 — The ringgit’s current upward momentum against major currencies is backed by the country’s robust domestic economy and healthy trade performance, underpinned by the recovery in global oil prices. Second Finance…


Report on China slowing US bond purchases may be ‘fake,’ says regulator

BEIJING, Jan 11 — A report that China is considering slowing or halting purchases of US Treasury bonds may be based on erroneous information and could be “fake,” the country’s foreign exchange regulator said today. Bloomberg News reported…


Top Glove TP raised at UBS

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KUALA LUMPUR (Jan 11): UBS analyst Nicole Goh downgraded the recommendation on Top Glove Corp Bhd to sell from under review. Goh raised the target price to RM7.80 from RM7.40, implying a 13 percent decrease from the last regular trade. The target is 4.7 percent above the consensus average of RM7.45. Top Glove had 9 buy recommendations, 8 holds and 2 sells previously. In the past six years and 11 months, UBS has rated Top Glove buy three times, sell three times and neutral three times. The shares rose anRead More


RAM survey suggests more jobs on offer as business confidence rises

KUALA LUMPUR, Jan 11 — Malaysian corporations and small-medium enterprises (SMEs) are likely to increase their hiring activity this year, RAM Holdings Bhd Group said today. Its chief executive Datuk Seri Dr K. Govindan noted that businesses…


R&A Telecommunication suing founder, Nexgram

PETALING JAYA: R&A Telecommunication Group Bhd is suing founder Francis Tan Hock Leong, Nexgram Holdings Bhd and five other parties for not withdrawing the notice of EGM dated December 22, 2017, which seeks the removal of three R&A director.

The suit filed at the High Court of Malaya was also against Mazru Mat Yusof, Helmi Faisal Fuad, Lim Siang Chai, Fu Lit Fung and Zaharin Ahmad Zamani.

R&A said the parties have committed contempt of court for not taking steps to withdraw the EGM notice. The case was fixed for hearing on January 29 at the Kuala Lumpur High Court.

Last month, Nexgram and Francis Tan Hock Leong made their second bid to remove R&A directors through an EGM set for January 23. This came after the Kuala Lumpur High Court declared the first EGM notice dated October 16, 2017 invalid.

The EGM notice sent by Nexgram and Tan is to remove Sim Keng Seong, Chua Soo Seong and Lim Tiong Jin. They will be replaced by Rajendra Raja S.Govindaraj, Cheang Soon Siang and Kamal Abdul Aziz.

Tan, who holds a 6.47% stake in R&A, stepped down from his position as executive director last December. Meanwhile, Nexgram owns a 6.83% equity interest in R&A.

On a separate note, R&A investor Soon Seng Hock is also seeking a declaration from the High Court of Malaya that the EGM notice as invalid, null, void and of no effect.

In addition, Soon requested for a declaration that Tan had between 2011 and 2015 carried out R&A affairs and exercised his powers as R&A director in a manner that is is oppressive, prejudicial and/or in disregard of the interests of R&A members.

A court’s ruling is also being sought that the resolutions to be passed issued by Tan and Nexgram is an unfair discrimination and is prejudicial to R&A members.  R&A said the matter has been fixed for hearing next Monday at the Kuala Lumpur High Court.

Nexgram's share price closed unchanged at 4 sen with some three million shares done.


Mexico will leave Nafta talks if Trump triggers process to withdraw

MEXICO CITY, Jan 11 — Mexico will leave the Nafta negotiating table if US President Donald Trump decides to trigger a six-month process to withdraw from the trade pact, three Mexican sources with knowledge of the talks told Reuters yesterday….


The world’s most expensive oil is from Malaysia

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There are a lot of factors that go into the price of any given barrel of oil. Given its quality and location, Malaysian oil is the world’s most expensive at this time. When asked about the most expensive oil grade out there, those working in the oil industry are caught blindsided because there’s no easy way to answer this question. The price of crude oil is determined by its physical characteristics (low-density, low-sulphur grade blends generally cost more, but there are several exceptions to this rule), classic supply-demand conditions, distanceRead More