Wednesday, April 11th, 2018

 

Stocks in Focus (12-04-2018)

KUALA LUMPUR (April 11): Based on corporate announcements and newsflow today, stocks that could be in focus on Thursday (April 12) may include: Fitters Diversified…


US consumer prices post first drop in 10 months; core inflation firming

WASHINGTON, April 11 —  US consumer prices fell for the first time in 10 months in March, weighed down by a decline in the cost of gasoline, but underlying inflation continued to firm amid rising prices for healthcare and rental accommodation….


BNM to introduce minimum standards for mobile payments

KUALA LUMPUR, April 11 — Bank Negara Malaysia (BNM) will introduce minimum standards for the nascent but growing area of mobile payments in the coming months to enhance consumer protection. Governor Tan Sri Muhammad Ibrahim said mobile payment…


Airbus sees backloaded deliveries in 2018, reaffirms target

NEW YORK, April 11 —  Airbus Chief Executive Tom Enders said today the planemaker expects deliveries of narrowbody jets once again to be backloaded towards the latter part of the year – possibly even more so than before – due to ongoing engine…


Mining industry must improve human rights, environment protection, says index

LONDON, April 11 — The world’s biggest mining companies must improve their human rights record and step up efforts to curb environmental damage, the Responsible Mining Foundation said in its first review of global mining practices. The…


Vietnam calls for tougher measures on cryptocurrency deals amid alleged scam

HANOI, April 11 — Vietnam today urged greater vigilance against cryptocurrency transactions and investments, as officials in its economic hub asked police to investigate what could prove to be the country’s largest cryptocurrency fraud. In a…


Japanese, Chinese banks say rule changes may make their EU lending ‘unsustainable’, says letter

LONDON, April 11 — The Japanese Bankers Association (JBA) and the China Banking Association (CBA) have joined forces to challenge proposed European Union regulations aimed at policing possible market risk posed by foreign lenders doing business…


Temasek considers buying into aviation-related HNA assets, say sources

SINGAPORE,, April 11 — Singapore state investor Temasek Holding is considering buying stakes in aviation infrastructure and logistics businesses of debt-saddled Chinese group HNA, two people familiar with the matter said. HNA, the…


Bursa Malaysia reprimands Harn Len Corp

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Harn Len Corp Bhd for a whopping 264% variance between its unaudited and audited quarterly financial results for the fourth quarter ended Dec 31, 2016.

The stock exchange regulator said that Harn Len reported an unaudited loss attributable to the owners of the company of RM2.29 million in its quarterly results announced on Feb 24, 2017 as compared to an audited loss of RM8.33 million for the financial year ended Dec 31, 2016, which was announced on April 28, 2017.

The difference of RM6.04 million represented a variance of 264%.

Harn Len is required to review and ensure the adequacy and effectiveness of its financial reporting function and carry out a limited review on its quarterly report submissions – which must be performed by the company’s external auditors for four quarterly reports commencing no later from the quarterly report for the financial period ended June 30, 2018.

In addition to that, all of its directors and relevant personnel are required to attend a training programme in relation to compliance with the Main LR pertaining to financial statements.

“While Bursa Malaysia Securities has not found any of Harn Len’s directors to have caused or permitted the breach by the company, Bursa Malaysia Securities wishes to highlight and remind that it is the duty of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main Listing Requirement,” said Bursa Malaysia.


MyHSR to partner with local institutes to train rail professionals

KUALA LUMPUR: MyHSR Corporation Sdn Bhd (MyHSR Corp) is partnering with eight local education institutions to develop talents equipped with rail-related skills to fill high-skilled jobs for the Kuala Lumpur – Singapore High Speed Rail project.

The eight institutions are Universiti Teknologi Malaysia, Universiti Putra Malaysia, Universiti Tun Hussein Onn, Universiti Teknikal Malaysia Melaka, Universiti Malaysia Pahang, Universiti Malaysia Perlis, Universiti Teknologi Mara, Universiti Kuala Lumpur, and partner TVET institutions include Polytechnics and Community Colleges, Institusi Latihan Kemahiran Belia & Sukan under Kementerian Belia & Sukan and Mara.

MyHSR Corp has entered into a memorandum of understanding with the education institutions comprising of local universities and Technical and Vocational Education and Training (TVET), for the MyHSR Academy initiative.

In addition to embedding rail related modules in degree programs in these institutes, the academy will focus on delivering professional training programmes and facilitating the delivery of academic and TVET courses with high speed rail and rail elements to create a pipeline of end-to-end rail talent supply.

“This initial phase of collaboration is crucial to ensure courses are in line with industry needs, warranting industry-ready graduates for the HSR project, at the same time benefiting the rail industry as a whole. Our aspiration is to have HSR-ready graduates by 2019, in line with the estimated start of civil works and Assets Company (AssetsCo) appointment at the end of 2018,” said MyHSR Corp CEO Datuk Mohd Nur Ismal Mohamed Kamal in a statement.