Friday, March 16th, 2018

 

Wall Street up as market seeks to move past trade angst

NEW YORK, March 16 — Wall Street stocks were modestly higher in early trading today as investors tried to shrug off worries about US trade policy and upheaval in the White House. About 20 minutes into trading, the Dow Jones Industrial Average…


US opposes taxes on big tech firms

WASHINGTON, March 16 — The United States said today it “firmly opposes” any new tax aimed at big technology firms, in a sharp challenge to a European proposal aimed at American digital titans. US Treasury Secretary Steven Mnuchin issued…


BToto records higher earnings in Q3

PETALING JAYA: Berjaya Sports Toto Bhd (BToto) saw a 23.60% jump in its net profit for the third quarter ended Jan 31, 2018, to RM59.23 million from RM47.94 million a year ago, on the back of improved results registered by Sports Toto Malaysia Sdn Bhd and H.R. Owen Plc.

Revenue for the quarter under review rose 2.72% to RM1.40 billion from RM1.37 billion registered in the previous year's corresponding quarter, mainly attributed to the higher revenue reported by H.R. Owen but partly offset by lower revenue from Sports Toto and Philippine Gaming Management Corporation (PGMC).

The group also declared a third interim dividend of four sen per share for the financial year ending April 30, 2018 which is payable on May 3, 2018.

“With the continued rampant illegal gaming activities and weak consumer sentiments, it is expected that BToto’s core number forecast operation (NFO) business undertaken by Sports Toto would be challenging for the remaining quarter of the financial year ending April 30, 2018,” the group commented on its prospects.

“Notwithstanding these challenges, the directors are confident that the group will continue to maintain its market share in the NFO business for the remaining quarter of the financial year ending April 30, 2018,” it added.

For the cumulative period of nine months, net profit rose 15.67% to RM195.28 million from RM168.83 million a year ago, due to lower prize payout in the period under review as well as higher operating expenses incurred and goods and services tax adjustment made due to different interpretation on the Value of Gaming Supply, in the corresponding period last year.

Revenue at RM4.26 billion was on par with RM4.26 billion recorded last year, on the back of the improved results reported by Sports Toto and H.R. Owen, which was partly offset by lower results reported by PGMC.


Wah Seong bags RM135m contract

PETALING JAYA: Wah Seong Corp Bhd's (WSC) indirect wholly-owned subsidiary Wasco Engineering International Ltd has been awarded a US$34.56 million (RM135.24 million) contract by Iraqi company Basrah Gas Company for the design, packaging and sale of gas compressor packages and associated plant and site facilities.

The scope of work of the contract involves provision of gas compressors and process equipment such as tri-ethylene glycol unit, and others.

The activities undertaken will include engineering, detail design, procurement and packaging of the process equipment. The activity is expected to commence in March 2018 and to be completed by end of 2018.

“The contract is for the provision of engineering, design, supply and fabrication services, which are within the business scope of the engineering division of the WSC group. The WSC group has previously supplied similar packages to the same customer in Iraq,” WSC said in a stock exchange filing.

The contract is expected to contribute positively to the earnings of WSC group over the contract period. The contract is project specific and is not renewable.


Ringgit closes higher as dollar falls

KUALA LUMPUR, March 16 — The ringgit rebounded to close higher against the US dollar today on fresh concerns over the political turmoil in the US, a dealer said. At 6pm, the local note was quoted at 3.9070/9120 against the US dollar compared…


Flipbizz aims to take businesses beyond LinkedIn, Facebook

KUALA LUMPUR, March 16 — Big Centure Sdn Bhd and Styleicon Prestige launched today a business and social networking app to expand networking and to get consumers to buy from brick-and-mortar businesses. The app Flipbizz allows business owners…


Court once again postpones decision on Kinsteel winding-up order

PETALING JAYA: The Kuantan High Court has once again postponed the decision to stay the winding-up order against Kinsteel Bhd and its wholly-owned subsidiary Kin Kee Marketing Sdn Bhd.

Kinsteel said in a Bursa Malaysia filing, the decision has been postponed to April 3, 2018. The court had previously postponed the decision to March 16.

The group said in a stock exchange filing dated February 21, that Duar Tuan Kiat of Messrs Ernst & Young has been appointed as the liquidator of Kinsteel, pursuant to court orders.

The firm is also empowered to take into custody or under control all the properties to which Kinsteel is or appears to be entitled.

The trading of the group’s shares has been suspended since January 5, following its application to Bursa Securities for further extension of time to submit its regularisation plan.

The securities of the company was slated for delisting on Jan 9, 2018.

This has been deferred pending decision of the appeal, along with the submission of a new revamp plan.


Deutsche Bank hikes bonuses to €2.3b after 2017 loss, saving delays

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FRANKFURT (March 16): Deutsche Bank paid bonuses worth €2.3 billion (US$2.83 billion) for 2017, four times higher than the previous year even as the German lender warned on costs for 2018 and reported a bigger 2017 loss than previously disclosed. Germany’s flagship lender said on Friday top managers would forego payouts for 2017 after the bank said it lost €735 million, the third annual loss in a row and more than the €497 million it had initially disclosed in February. The bank, which distributed €546 million in bonuses in 2016,Read More


Bursa ends higher on equities demand

KUALA LUMPUR, March 16 — Bursa Malaysia closed marginally higher today on increased equities demand, after being in the red throughout the day, dealers said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) closed 1.12 points higher at 1,846.39…


MWE shares jump after privatisation offer

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KUALA LUMPUR (March 16): Shares in MWE Holdings Bhd jumped as much as 29.2% — just shy of the 30% limit-up threshold — as news broke of the privatisation offer extended by tycoon Tan Sri Surin Upatkoon for the diversified entity at RM1.75 per share. At 3.18pm, the stock slipped to RM1.62 a share after hitting an intra-day high of RM1.68 — its highest since May last year. The current stock price is up 32 sen or 24.6% from yesterday’s close, which gives it a market capitalisation of RM299.31 million.Read More