Monday, May 21st, 2018

 

Toys ‘R’ Us Australia put in administration after US stores fold

SYDNEY, May 21 — The Australian operations of American chain Toys ‘R’ Us was placed under administration today, months after the closure of its US and British stores as the retail sector battles the online shopping boom. The business went into…


Short selling for Cahya Mata Sarawak suspended, MyEG up on bargain hunting

PETALING JAYA: The proprietary day trading and intraday short selling for Cahya Mata Sarawak Bhd has been suspended after its shares dropped more than 15 sen or 15% from the reference price.

Cahya Mata Sarawak 's share price hit limit-down again today, falling as much as 74 sen or 29.8% to RM1.74 before closing 56 sen or 22.6% lower at RM1.92. A total of 28.93 million shares were traded. Since the general election on May 9, the stock has declined 53.5%.

Meanwhile, MyEG Services Bhd saw its shares jump on bargain huntingy, closing at an intraday high of 98 sen, up 5.5 sen or 5.9% on 144.52 million shares traded, making it the most heavily traded stock of the day.

MyEG took a beating last week after the election, having lost 62% in market capitalisation so far.


Cagamas concludes issuance of RM1.8b debt notes

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KUALA LUMPUR (May 21): Cagamas Bhd has concluded the issuance of two debt notes totaling RM1.805 billion to fund the purchase of Islamic financing from the financial system. “Despite immense volatility within global markets evidenced by the spike in 10-year US Treasury yields surpassing 3.1% at the high alongside heavy local market uncertainty post the most recent 14th General Election, both the RM1.5 billion Islamic Medium Term Notes (IMTN) and three-month Islamic Commercial Papers (ICP) of RM305 million were successfully concluded at competitive pricing,” said Cagamas president and chief executiveRead More


EPF mulls sale of Axiata Tower in Kuala Lumpur Sentral

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PETALING JAYA (May 19): The Employees Provident Fund (EPF) is studying the sale of the Axiata Tower in Kuala Lumpur Sentral, with the Grade A office tower likely to fetch as much as RM530 million, reported The Edge weekly. The fund had already asked local and foreign property consultants to send out a request for proposal (RFP) for the building’s sale, sources told the publication. When contacted, EPF did not deny that it was mulling the sale of the building, but hinted that plans to dispose of the property are still inRead More


Grab teams up with Maybank to drive cashless payments

KUALA LUMPUR, May 21 — On-demand transportation and financial technology platform, Grab, has partnered Malayan Banking (Maybank), South-east Asia’s fourth largest bank by assets, to drive the acceptance and usage of Grab’s new cashless payment…


Bursa ends mixed amid selling in heavyweights

KUALA LUMPUR, May 21 — Bursa Malaysia ended trading on a mixed note today amid mild selling in selected heavyweights despite the positive sentiment on regional bourses, dealers said. At the close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI)…


Singapore’s MICE sector draws more investors, amid tough regional rat race

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SINGAPORE (May 21): After weeks of speculation, Singapore had been confirmed as the venue for the historic meeting between US President Donald Trump and North Korea leader Kim Jong-un. They traded threats earlier this year, but were set to meet on June 12. Chinese President Xi Jinping was potentially going to be part of proceedings as well. The meeting might not take place now, but Singapore was picked because of its high internal and external security. It is close enough to North Korea that Kim’s fleet of Soviet-era planes willRead More


Thai 1Q GDP grows at best pace in 5 yrs, govt raises 2018 forecast

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BANGKOK (May 21): Thailand produced its fastest economic growth in five years in the first quarter, boosted by strong exports and tourism plus a slight firming in long-weak private consumption. With the robust January-March performance, the national planning agency raised its 2018 growth forecast to 4.2-4.7% from 3.6-4.6% seen three months ago. The agency said on Monday it didn’t lift its forecast much as annual growth “is likely to slow because of a high base effect” for coming periods. Thammarat Kittisiripat, economist of KT Zmico Securities, said the new outlookRead More


Dollar hits fresh 4-month high vs yen as U.S.-China trade war fears recede

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SINGAPORE/TOKYO (May 21): The dollar advanced against the yen on Monday, after U.S. Treasury Secretary Steven Mnuchin said the U.S. trade war with China is “on hold”, boosting risk sentiment amid hopes for an easing of trade tensions between the world’s two biggest economies. The dollar rose 0.5 percent to 111.245 yen, hitting a fresh four-month high in Asian trade. The easing of U.S.-China trade tensions is likely to underpin riskier assets such as equities and bodes well for the dollar against the safe-haven yen, said Stephen Innes, head ofRead More


Indonesia to step up intervention as currency, bonds slide

JAKARTA, May 21 — Indonesia’s central bank pledged to continue its intervention in the currency and bonds market to ease volatility, and said it will boost forex liquidity as the rupiah slumped to a fresh 31-month low. Bank Indonesia will hold…