Tuesday, April 2nd, 2019

 

Bitcoin briefly hits US$5,000 after 20pc surge

LONDON, April 2 — Bitcoin briefly touched US$5,000 (RM20,420) today, its highest level since late November, while other cryptocurrencies also surged. On the Luxembourg-based Bitstamp exchange, Bitcoin rose as much as 20 per cent in Asian trading…


Lawyer for ousted Nissan boss Ghosn says hasn’t discussed Oman issue with him

TOKYO, April 2 — The defence lawyer for ousted Nissan Motor Chairman Carlos Ghosn said today he had not discussed with Ghosn a report that Nissan’s alliance partner Renault had alerted French prosecutors about payments to an Omani distributor….


Tokyo shares end flat after recent gains

TOKYO: Tokyo shares gave up early gains to end flat on Tuesday as investors locked in profits following two days of gains.

The Nikkei 225 index inched down 3.72 points, to 21,505.31 while the broader Topix index lost 0.25 percent, or 4.12 points, to 1,611.69.

The market started on a high note following a strong lead from Wall Street as dealers cheered positive US and Chinese manufacturing data, while they were also buoyed by optimism over trade talks between the world’s top two economies.

“But investors cashed in on the recent gains” in late trading, which pushed key indexes into negative territory, Daiwa Securities chief technical analyst Eiji Kinouchi told AFP.

The dollar fetched 111.37 yen, compared with 111.35 yen in New York and 111.13 yen in Tokyo on Monday.

In share trading Uniqlo operator Fast Retailing dropped 1.31% to 51,800 yen and SoftBank Group lost 0.64% to 10,830 yen, with Sony down 1.59% at 4,680 yen.

But Toyota rose 0.64% to 6,689 yen and Nintendo advanced 0.28% to 32,010 yen.

Steelmakers were higher, with Nippon Steel up 0.84% at 2,029.5 yen and JFE climbing 1.13% to 1,965 yen.

China-linked shares were also higher, with construction machine maker Komatsu jumping 1.90% to 2,700 yen and industrial robot maker Fanuc up 4.44% at 20,195 yen. — AFP


Housing Ministry in talks with foreign investors for RTO scheme funding

KUALA LUMPUR: The Housing and Local Government Ministry is in talks with foreign investors to finance its Rent to Own (RTO) scheme.

Minister Zuraida Kamaruddin said the ministry is in talks with potential investors from China, Korea and the Middle East and hopes to secure some financiers by year-end.

“We are thinking Cagamas can be the conduit and these foreign investors can park their money with Cagamas,“ she said during a media briefing after attending the “Constructing & Financing Affordable Housing across Asia” conference here today.

She said the ministry hopes to identify three to four agencies to sign memorandums of understanding with during the Prime Minister’s visit to Beijing at end of April.

Zuraida said the government used to subsidise homes for the B40 under the RTO scheme but it was not sustainable.


Ghosn’s lawyers ask his trial be separate from those of Nissan, ex-director Kelly

TOKYO, April 2 — Lawyers for ousted Nissan Motor boss Carlos Ghosn today asked a Tokyo court that he stand trial for alleged financial wrongdoing separately from his former employer, saying he would not get a fair hearing otherwise. The request…


ACCCIM survey: Chinese biz community prefers GST over SST

KUALA LUMPUR: Slightly more than half of the Chinese business community (54.6%) in a survey indicated that the Goods and Services Tax (GST) is a more preferred tax system than the Sales and Service Tax (SST), according to the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) Business and Economic Conditions Survey Report released today.

This is particularly for the manufacturing sector as exports are zero-rated and eligible to claim input tax. For SST, there is no complete relief for exports. Companies cannot claim input tax under SST, except for manufacturers who deal with exports.

About 41.5% of respondents, mostly in the manufacturing and construction sectors, reported that the SST has adverse impact on their business despite being granted SST exemption to main building materials and construction services. In contrast, 52% indicated that the SST has no impact on the business.

However, by size of companies, with the exception of manufacturing sector and trading companies, which were impacted directly, SMEs in most other sectors rated SST over GST as a preferred taxation system as it imposes tax at only on each level compared to the GST where tax was imposed at every level, from manufacturers to wholesalers, retailers and consumers.


ACCCIM survey: Chinese biz community prefers GST than SST

KUALA LUMPUR: Slightly more than half of the Chinese business community (54.6%) in a survey indicated that the Goods and Services Tax (GST) is a more preferred tax system than the Sales and Service Tax (SST), according to the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) Business and Economic Conditions Survey Report released today.

This is particularly for the manufacturing sector as exports are zero-rated and eligible to claim input tax. For SST, there is no complete relief for exports. Companies cannot claim input tax under SST, except for manufacturers who deal with exports.

About 41.5% of respondents, mostly in the manufacturing and construction sectors, reported that the SST has adverse impact on their business despite being granted SST exemption to main building materials and construction services. In contrast, 52% indicated that the SST has no impact on the business.

However, by size of companies, with the exception of manufacturing sector and trading companies, which were impacted directly, SMEs in most other sectors rated SST over GST as a preferred taxation system as it imposes tax at only on each level compared to the GST where tax was imposed at every level, from manufacturers to wholesalers, retailers and consumers.


Australia’s central bank holds rates, analysts tip future cut

SYDNEY, April 2 — Australia’s central bank today kept interest rates at a record low but said it would monitor developments as the economy stutters, with observers tipping a cut this year. The economy grew just 0.2 per cent in the last three…


KL shares slightly higher at mid-day, tracking regional market

KUALA LUMPUR, April 2 — Shares on Bursa Malaysia were slightly higher tracking the Asian share markets, influenced by China’s upbeat February manufacturing activity, a dealer said. Improved sentiment in the country he said, had helped boost the…


Saujana E&P to buy 51% stake in Globaltec Australian unit

PETALING JAYA: Saujana E&P Sdn Bhd is subscribing 51% stake in Globaltec Formation Bhd’s (GFB) Australian unit NuEnergy Gas Ltd at a placement price of A$0.025 per share for A$38.52 million cash.

Saujana E&P is an investment holding company and formed by a group of highly experienced professionals specialising in multiple aspects of the oil and gas industry, locally and internationally.

NuEnergy is a foreign subsidiary of GFB and listed on the Australia Securities Exchange.

Upon completion of the proposed share placement, the group’s direct and effective interest in NuEnergy will be diluted from 64.7% and 51.7% to 31.7% and 25.4% respectively, GFB said in bursa Malaysia filing today.

This represents a dilution in direct and effective interest of 33.0% and 26.3% respectively, which represents a material dilution of the group’s equity interest in a principal subsidiary under Paragraph 8.21 of the Main Market Listing Requirements of Bursa Malaysia.

Upon completion of the proposed share placement, NuEnergy will no longer be treated as a subsidiary but will be considered as an associated company of the group.

GFB said although the proposed share placement will result in a dilution of more than 25% shareholding in the principal subsidiary, the group is of the opinion that the exercise will enable new funds into the group’s energy segment.

This will also facilitate and expedite the development and commercialisation of the unconventional gas production of the energy segment and thus enabling, realising and expediting future income accretion to the group, it added.

The exercise is expected to result in a loss on dilution of RM2 million upon completion of the proposed share placement (based on the announced consolidated financial statements of NuEnergy as at December 31, 2018).

However, it said the proposed share placement is subject to the approval of the shareholders of the company and the approval from shareholders of NuEnergy.

Barring any unforeseen circumstances, the exercise is expected to be completed by the third quarter of 2019.