Friday, May 25th, 2018

 

Wall Street slips as oil slump drags energy stocks

NEW YORK, May 25 — The S&P 500 index and the Dow Jones Industrial Average were slightly lower today as a steep drop in oil prices pressured energy stocks. Crude oil prices declined more than 2.5 per cent, or about US$2 (RM8) per barrel, after…


Gold futures ends higher

KUALA LUMPUR: Gold futures contract on Bursa Malaysia Derivatives closed higher today as investors turned to the precious metal after US President Donald Trump cancelled a planned meeting with North Korea leader Kim Jong-Un, said a dealer.

Phillip Futures Sdn Bhd Dealer Kiang Jia Ling said the decision taken by Trump triggered safe-haven buying.

Gold is deemed as a safe-haven investment during political and financial uncertainties.

May 2018 rose seven ticks to RM167.05 a gramme while June 2018, July 2018 and August 2018 all increased two ticks each to RM167.65, RM168.05 and RM168.15 a gramme, respectively.

Turnover rose five lots, worth RM83,645, compared with Thursday's one lot, valued at RM16,755, while open interest was higher at 49 contracts from 45 contracts on Thursday.

At 5pm, the price of physical gold was 99 sen higher at RM161.52 a gramme. — Bernama


S. African trader AWOL in US$80m bitcoin ‘scam’

JOHANNESBURG, May 25 — An alleged bitcoin currency scam in South Africa has left speculators with losses of more than US$80 million (RM318.4 million) as an investment company admitted today its senior trader had disappeared without trace. “This…


MyEG rubbishes MACC probe claims

PETALING JAYA: MyEG Services Bhd has denied rumours that it is being investigated by the Malaysian Anti Corruption Agency (MACC).

“The board reiterates that the company is not the subject of any investigation whatsoever, past or present, being carried out by MACC on it or on any of its directors,” it said in a filing with the stock exchange.

Citing the allegations are completely baseless and fictitious, MyEG stressed that the board takes a serious view of the spreading of erroneous rumours and accordingly, appropriate action has been taken against the irresponsible acts, including the lodging of a report with the Royal Malaysian Police.

“Any material developments pertaining to the company or its board have been and will continue to be disclosed in a timely manner through official proper channels.

“In this respect, the public is advised to disregard any information about the company or its board that are unverified and not released through the proper channels.” 

MyEG's share price closed 3 sen or 3.77% lower at 76.5 sen on some 106.39 million shares traded, being the second most actively traded stock.


Ringgit closes flat on lack of buying interest

KUALA LUMPUR, May 25 — The ringgit closed a little changed against the US dollar today on lack of fresh buying interest, said a dealer. At 6pm, the local unit was quoted at 3.9790/9830 against Thursday's close of 3.9790/9820. The dealer said…


EU removes Bahamas, St Kitts from tax haven blacklist

BRUSSELS, May 25 — European Union finance ministers agreed today to remove the Caribbean island countries of the Bahamas and Saint Kitts and Nevis from an EU list of tax havens. The two countries had been included on the blacklist in March as…


Sime Darby’s net profit falls 80.49% in Q3 on lower interest income

PETALING JAYA: Sime Darby Bhd's net profit plunged 80.49% to RM135 million in the third quarter ended March 31, 2018, from the RM692 million reported a year ago, due to additional interest income in the earlier period.

Revenue for the period grew 5.43% to RM8.29 billion from RM7.87 billion in the same quarter last year.

Amid a backdrop of uncertainty in the global economy, Sime Darby expects the group's performance for the financial year ending June 30, 2018 to be satisfactory.

“We remain focused on our core sectors and shall continue to explore opportunities to accelerate growth and drive our businesses forward. On 3 May, we officiated the opening of the new BMW engines assembly facility in Kulim, Kedah. It is a testament to our capabilities and the strength of our relationship with BMW. The assembly of BMW engines in Kulim will increase the local content of our cars, making them more cost competitive,' said group CEO Jeffri Salim Davidson in a statement.

For the first three quarters of the year, Sime Darby's net profit fell 5.95% to RM1.76 billion from RM1.87 billion, while revenue increased 10.34% to RM25.25 billion from RM22.89 billion.

Sime Darby's share price rose 3% to close at RM2.76 with 20.57 million shares done.


Sime Darby Q3 net profit drops to RM135m

KUALA LUMPUR, May 25 — Sime Darby Bhd’s net profit for the third quarter ended March 31 2018 (3Q18) fell to RM135 million from RM692 million in the corresponding period last year. Revenue, however, rose to RM8.29 billion from RM7.87…


TNB posts RM2.1b Q1 net profit

KUALA LUMPUR, May 25 — Tenaga Nasional Bhd (TNB) recorded a net profit of RM2.11 billion for the first quarter (Q1) ended March 31, 2018 on the back of RM12.27 billion in revenue. Due to the change in the financial year, the performance…


E&O notches higher earnings, revenue

KUALA LUMPUR, May 25 — Lifestyle property developer Eastern & Oriental Bhd’s (E&O) net profit rose to RM116.26 million in the financial year ended March 31, 2018 from RM90.92 million a year earlier. The group also achieved a pre-tax…