Friday, August 10th, 2018


Turkey's Erdogan calls on Turks to buy lira for ‘national battle’

ISTANBUL, Aug 10 ― President Tayyip Erdogan told Turks to exchange gold and hard currency into lira on Friday as part of a “national battle” against economic enemies he said have irreparably ruptured ties with Ankara. The lira has now lost…

US inflation pressures rise in July; Fed on track to lift rates

WASHINGTON, Aug 10 ― US consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures that keeps the Federal Reserve on track to gradually raise interest rates. The Labor…

Wall Steet set to open lower on Turkey turmoil

NEW YORK, Aug 10 ― US stocks were set to open lower today, as a plunging Turkish lira rattled global markets due to concerns over the country's economy and a deepening rift with the United States. The moves in the currency market set a cautious…

Trump doubles tariffs on Turkish steel and aluminum, says relations 'not good'

WASHINGTON, Aug 10 ― US President Donald Trump said today he had authorised higher tariffs on imports from Turkey, imposing a 20 per cent duty on aluminum and 50 per cent one on steel, as tensions mount between the two Nato allies over Ankara's…

US futures drop as Turkey turmoil rattles global markets

NEW YORK, Aug 10 ― US stock index futures fell about half a per cent today, tracking global shares, as the Turkish lira tumbled on concerns over the country's economy and its deepening rift with the United States. The moves in the currency market…

BNM approves CIMB’s Malaysia stockbroking joint venture with China Galaxy

KUALA LUMPUR, Aug 10 ― CIMB Group Holdings Bhd is set to complete its pan-Asian strategic partnership with China Galaxy Securities Co Ltd (CGS) following the receipt of Bank Negara Malaysia's (BNM) approval to form a Malaysia stockbroking joint…

Colin George Harvey is new 7-Eleven CEO

PETALING JAYA: Colin George Harvey has been appointed as the new CEO of 7-Eleven Malaysia Holdings Bhd effective August 10.

Harvey, 48, replaces acting CEO Ho Meng, who is also the executive director of 7-Eleven Malaysia. Former CEO Gary Thomas Brown stepped down in July 2017.

Prior to this appointment, Harvey served as an independent director of the board of Pharmacity Pharmacy JSC, a retail pharmacy leader in Ho Chi Minh City, Vietnam, where his role was to advise and coach the Pharmacity team and the founder CEO.

He graduated from the University of Sterling, UK with a Master of Business Administration (MBA). He obtained the Bachelor of Commerce in Management, Marketing and Human Resource from the University of South Africa.

Euro zone banks punished for Turkish exposure

FRANKFURT, Aug 10 ― Euro zone bank shares tumbled today on concerns about their exposure to Turkey as the lira fell to yet another record low with a defiant government showing few, if any signs, it is ready to take decisive steps to stabilise the…

Utusan Melayu defaults on RM1.18m loan payments, plans private placement to raise up to RM2.1m

PETALING JAYA: Utusan Melayu (Malaysia), which has defaulted on another two loan payments totalling RM1.18 million due to financial constraints, proposes to undertake a private placement to raise up to RM2.1 million for the repayment of bank borrowings.

It told Bursa Malaysia that the loan payments owed to Bank Muamalat Malaysia Bhd and Maybank Islamic Bhd stand at RM530,121 and RM654,750, respectively.

The group said it intends to submit a proposal to restructure the loan facilities with the banks.

“In the meantime, the company is working towards restructuring all its loan facilities in line with its business transformation plan.”

Early this month, Utusan Melayu also announced a loan default of RM2.96 million to Affin Bank, bringing the total amount of default to RM4.14 million.

In a separate filing, Utusan Melayu said its proposed private placement will involve an issuance of up to 11.07 million new shares representing about 10% of its issued shares to third party investors.

Based on an indicative issue price of 19 sen per share, the proposed private placement is expected to raise gross proceeds of up to about RM2.1 million.

Utusan Melayu said it intends to use up to RM2 million to repay bank borrowings, while the remaining will be used for the private placement expenses.

The exercise is expected to be completed by the third quarter of this year.

CIMB-China Galaxy JV to take off on BNM approval

KUALA LUMPUR: CIMB Group Holdings Bhd has received the nod from Bank Negara Malaysia (BNM) to form a joint venture company (JV Co) incorporated in Malaysia with China Galaxy Securities Co Ltd, which will serve as the holding company for its stockbroking business Jupiter Securities Sdn Bhd.

CIMB told the stock exchange that the two parties will be entering into the relevant agreements to formalise the proposed partnership as well as to incorporate the JV Co, which will be equally held by CIMB Group Sdn Bhd and China Galaxy International Financial Holdings Ltd.

“We are pleased to announce that BNM has approved, among others, the proposed acquisition and the proposed sale of CIMB Group's Malaysia cash equities business including the sale of 100% equity interest in CIMB Futures Sdn Bhd to Jupiter Securities in connection with the proposed partnership,” the group said in the filing.

CIMB said Jupiter Securities will be the platform for the proposed partnership's operations in Malaysia.

“We are extremely pleased to have received regulatory approvals to enable us to place the final piece – our Malaysia stockbroking business – in the China Galaxy-CIMB regional securities partnership. We look forward to harnessing the benefits of shared expertise, digital innovation and market access to raise the game for Malaysia's stockbroking industry. Additionally, the Pan-Asian China Galaxy-CIMB partnership will also enable us to scale up and reap even more opportunities, especially digitally, in the stockbroking industry in both Asean and China,” said CIMB group CEO Tengku Zafrul Aziz in a press statement.

“I am confident this partnership will offer better solutions, greater market access and a differentiated value proposition to existing and future clients of the joint venture as well as to both China Galaxy and CIMB,” he added.

The approval from BNM is the second of the two-part joint venture partnership with China Galaxy, with the first being in relation to CIMB's stockbroking business outside Malaysia, which was completed on January 18.

CIMB Group's Malaysian stockbroking business comprises institutional and retail brokerage, share margin financing for broking clients, equity financing services and equities research, as well as exchange listed derivative broking under CIMB Futures Sdn Bhd.

CIMB's share price closed unchanged at RM5.93 with 10.59 million shares done.