Friday, April 5th, 2019

 

Stocks headed for longest winning streak in over a year

NEW YORK, April 5 — Hopes for progress in US-Sino trade talks helped emerging-market stocks edge higher for a seventh straight session, its longest winning streak since January last year. MSCI’s index of emerging market stocks rose 0.1 per cent….


PRK Rantau: Streram nafi eksploitasi kanak-kanak untuk kempen

SEREMBAN, 5 April — Calon Pakatan Harapan (PH), Dr S. Streram menafikan PH mempergunakan kanak-kanak dalam satu daripada program kempen Pilihan Raya Kecil (PRK) Dewan Undangan Negeri (DUN) Rantau. Beliau menjelaskan program tersebut adalah…


BNM international reserves up 0.4%

PETALING JAYA: Bank Negara Malaysia’s international reserves amounted to US$103 billion (RM420.8 billion) as at March 29, 0.4% higher than US$102.6 billion (RM419.15 billion) as at March 15.

The reserves position is sufficient to finance 7.5 months of retained imports and is 1.0 time total short-term external debt, BNM said in a statement today.

The central bank noted that the reserves level has taken into account the quarterly adjustment for foreign exchange revaluation changes.


Trade hopes help world shares gain before US jobs data

LONDON, April 5 — Cautious optimism over Sino-US trade talks underpinned global stocks today, benchmark bond yields ground higher and the dollar reached a three-week high against the yen before US job data. US President Donald Trump said yesterday…


France sticks to digital tax despite US anger

BUCHAREST, April 5 — Finance Minister Bruno Le Maire said today that France would stick to plans for a tax on digital giants such as Facebook and Apple, despite displeasure in Washington. “We are determined to implement a tax on the largest…


Icon Offshore unit bags RM8m work order from Petronas Carigali

PETALING JAYA: Icon Offshore Bhd’s wholly-owned subsidiary Icon Offshore Group Sdn Bhd (IOGSB) has been awarded a work order worth RM8 million by Petronas Carigali Sdn Bhd for the provision of straight supply vessel.

In a filing with Bursa Malaysia today, the group said its unit had on April 2, 2019 received the approval to release the announcement regarding the work order award.

The work order is for a period of 180 days from the commencement date, with an extension option of 180 days. The commencement date in respect of vessel, Tanjung Pinang 2 is March 7, 2019.

In a separate filing, the group said IOGSB has been awarded five contracts from three Petroleum Arrangement Contractors (PACs) for the provision of offshore support vessels for the PACs’ production operations.

The contracts are on a call out basis, and are valid for a period of three years with an extension option of one year plus one year.

Icon said the commencement date of the vessels shall be the vessel’s on-hire dates, of which the vessels were on hired between September 2018 and December 2018 by the PACs.

The extension options shall be exercised subject to approval obtained from the PACs respectively.

The work order award and contracts are expected to contribute positively to the group’s earnings, order book and net assets for the financial year ending Dec 31, 2019 and beyond, it added.


BNM, SEA central banks to promote local currency settlement

PETALING JAYA: Bank Negara Malaysia (BNM), Bank Indonesia, Bangko Sentral ng Pilipinas and Bank of Thailand today signed three pairs of bilateral Letters of Intent (LOIs) on local currency settlement framework.

The three LOIs represent the mutual interests in the potential establishment of local currency settlement frameworks between the respective countries of the four central banks, the banks said in a joint statement today.

Bank Indonesia and Bank of Thailand have likewise agreed to start exploring the possibility of expanding the scope of their existing local currency settlement framework.

The use of local currencies in settlement of trade and other areas intends to reduce transaction costs and foreign exchange risks particularly amidst the current volatility faced by currencies in advanced economies.

Moreover, the wider use of local currencies in the Asean Economic Community enhances economic and financial integration, as well as spurs further development of the foreign exchange and financial markets, within the region.

“The progress towards greater financial integration in the region is a welcome development as we witness the expansion of similar arrangements that were launched in 2017 namely, the Memoranda of Understanding (MoUs) concluded between Bank Indonesia and BNM, and between Bank Indonesia and Bank of Thailand,” it added.


BNM, Bank Indonesia, Bangko Sentral ng Pilipinas and Bank of Thailand to promote local currency settlement

PETALING JAYA: Bank Negara Malaysia (BNM), Bank Indonesia, Bangko Sentral ng Pilipinas and Bank of Thailand today signed three pairs of bilateral Letters of Intent (LOIs) on local currency settlement framework.

The three LOIs represent the mutual interests in the potential establishment of local currency settlement frameworks between the respective countries of the four central banks, the banks said in a joint statement today.

Bank Indonesia and Bank of Thailand have likewise agreed to start exploring the possibility of expanding the scope of their existing local currency settlement framework.

The use of local currencies in settlement of trade and other areas intends to reduce transaction costs and foreign exchange risks particularly amidst the current volatility faced by currencies in advanced economies.

Moreover, the wider use of local currencies in the Asean Economic Community enhances economic and financial integration, as well as spurs further development of the foreign exchange and financial markets, within the region.

“The progress towards greater financial integration in the region is a welcome development as we witness the expansion of similar arrangements that were launched in 2017 namely, the Memoranda of Understanding (MoUs) concluded between Bank Indonesia and BNM, and between Bank Indonesia and Bank of Thailand,” it added.


Scomi shares jump 76.9% after settlement with Prasarana

PETALING JAYA: Scomi Group Bhd’s share price jumped 76.92% or 5 sen in the early session today, following the group’s settlement agreement with Prasarana Malaysia Bhd.

At 12.30pm, the stock, which was the most active counter, stood at 11.5 sen with 189.26 million shares changing hands.

Scomi told the stock exchange yesterday that its indirect wholly owned subsidiary Scomi Transit Projects Sdn Bhd (STP) and Prasarana entered into the SA with the intention of amicably determining legal proceedings between the two parties while concurrently moving forward with the completion of the project.

Under the agreement, Prasarana will pay RM181 million to enable STP to undertake remedial works necessary to put five four-car monorail trains into revenue service and to make payments to STP’s lenders, employees and creditors.

The two parties will also withdraw their respective claims and counterclaims against each other.


Japan court extends Ghosn detention until April 14

TOKYO, April 5 — Former Nissan boss Carlos Ghosn will remain in custody until at least April 14, a Japanese court ruled today, as prosecutors quiz him over fresh allegations of financial misconduct. The Tokyo District Court said in a statement it…