Friday, January 19th, 2018

 

US stocks up despite shutdown angst

NEW YORK, Jan 19 — Wall Street stocks rose early today as markets assessed the risks of a possible US government shutdown that could damage the economy. The early gains suggested investors were still not convinced a shutdown would take place…


EPF, PNB: Putrajaya not involved in decision to acquire Battersea assets

KUALA LUMPUR, Jan 19 — The decision to possibly buy commercial assets in Phase 2 of the Battersea Power Station development was undertaken independently without any government intervention, said the Employees Provident Fund (EPF) and Permodalan…


Stronger ringgit sees palm slide for fourth day

KUALA LUMPUR, Jan 19 — Malaysian palm oil futures fell for a fourth straight day today, weighed down by a stronger ringgit and concerns over slow exports. A stronger ringgit, palm’s currency of trade, makes the edible oil more expensive for…


Freight Management secures incentives for Shah Alam e-commerce fulfilment hub

PETALING JAYA: Freight Management Holdings Bhd‘s wholly owned subsidiary FM Global Logistics (M) Sdn Bhd has received approval for a special incentive package from the Malaysian Investment Development Authority(MIDA) for the development of an E-Commerce Fulfilment Hub in Shah Alam, Selangor.

The group said in a Bursa Malaysia filing that it received the approval from the agency on behalf of the government, via a letter dated Dec 28, 017.

This special incentive package will enable FM Global Logistics to qualify for income tax exemption via Investment Tax Allowance (ITA) of 60% of qualifying capital expenditure within a five year period, which can be utilised to deduct up to 70% of the statutory income for each year of assessment.

“The company will proceed to finalise the plans for the development of the E-Commerce Fulfilment Hub in accordance with the conditions as per the abovementioned letter of approval and the special incentive package is expected to contribute positively to the future earnings of the group,” the group said in a Bursa Malaysia filing.

Freight Management's shares dipped one sen to RM1.27 with 10,000 shares changing hands.


Berjaya Land’s unit files notice of arbitration against Beijing SkyOcean

PETALING JAYA: Berjaya Land Bhd today announced that 51%-owned Berjaya (China) Great Mall Recreation Centre (GMOC) has submitted a Notice of Arbitration to the Hong Kong International Arbitration Centre against Beijing SkyOcean International Holdings Ltd and guarantors, SkyOcean Holdings Group Limited and Zhou Zheng, to seek recovery of the RMB974.07 million (RM599.04 million) due and other reliefs.

The action follows a notice of demand sent to Beijing SkyOcean and the guarantors to pay the outstanding payment and accrued late payment interest in December 2017.


Comintel gets letter of intent for Vietnam solid waste management project

PETALING JAYA: Comintel Corp Bhd’s wholly owned subsidiary Green Waste Management Sdn Bhd has received a letter of intent from Vietnam based Thanh Cong Cooperative, to supply, install and commission a waste to energy system for the Xuan Son Municipal Solid Waste Treatment Plant.

The group said in a Bursa Malaysia filing that it had received the letter of intent on January 17, which serves as “basis of consensus” between the two parties to examine the feasibility of the project until a definitive agreement is forged.

The price of the contract is still under negotiation.

The contract will not have any material impact for the financial year ending Jan 31, 2018 but will contribute positively to the future earnings of the should the deal materialise.

The stock gained 0.63% to close at 80 sen with some 1.22 million shares traded.


Ringgit ends 180 pips higher versus greenback

KUALA LUMPUR: The ringgit advanced 180 pips to an 18-month high today as traders pricing in local interest rate hike probability next week.

At 6pm, the local note finished at 3.9360/9400 against the greenback, the level last seen in July 2016, from 3.9540/9570 on Thursday.

A dealer said players were cautious ahead of the BNM's Monetary Policy Committee (MPC) meeting next week which may decide to raise the Overnight Policy Rate (OPR), which currently stood at 3.00%.

“Market rumours are rife that the central bank may raise the OPR by 25 basis points (bps) to 3.25 per cent after the hawkish shift in the last meeting. Pricing in the hike, that triggered ringgit's purchase since this morning,” she told Bernama.

Meanwhile, the ringgit traded mixed against a basket of major currencies.

The local note strengthened against the Singapore dollar to 2.9820/9869 from Thursday's 2.9887/9912.

The ringgit, however, depreciated against the yen to 3.5572/5617 from Thursday's 3.5522/5553, down against the euro to 4.8322/8387 from 4.8290/8339 and slipped against the British pound to 5.4742/4801 from 5.4731/4777 previously. — Bernama


APFT now a PN17 company

PETALING JAYA: Aviation training provider APFT Bhd has been admitted into the Practice Note 17(PN17) category as its shareholders’ equity fell below the 50% threshold, more than a year after auditors flagged going concern issues in its audited financial statement for the financial year ended July 31, 2016.

The group’s board of directors said in a Bursa Malaysia filing that its shareholders equity interest stood at 34.6%.

“The former external auditors of the company, Messrs. SJ Grant Thornton, had expressed an emphasis of matter on the company's ability to continue as a going concern in the latest audited financial statements of the company for the financial year ended 31 July 2016,” the group said.

The company had changed its financial year end from July 31, 2016 to September 30 and subsequently from September 30 to January 31.

In line with that, the company said it will be announcing its financial statement covering a period of 18 months between August 1, 2016 to Jan 31, 2018.

It is also seeking an additional extension of time from the Companies Commission of Malaysia until July 31, to hold its 2017 AGM, along with its requisite 2018 AGM for the tabling of its Audited Financial Statements for the 18 month period.

Its last AGM was held on December 19, 2016.

The stock slumped 40% to 15 sen with some 170.50 million shares done.


Ringgit ends higher ahead of Bank Negara meet

KUALA LUMPUR, Jan 19 —The ringgit advanced 180 pips to an 18-month high today as traders pricing in local interest rate hike probability next week. At 6pm, the local note finished at 3.9360/9400 against the greenback, the level last seen in…


Bank Negara unveils eCCRIS initiative

ALOR SETAR, Jan 19 — Bank Negara Malaysia (BNM) today introduced a new initiative, eCCRIS, to digitise its financial services and empower society, said its Governor, Tan Sri Muhammad Ibrahim. Muhammad said the bank’s efforts would expand the…