Monday, April 15th, 2019
FRANKFURT, April 15 — Prosecutors in the German city of Braunschweig said today they were pressing criminal charges against former Volkswagen Chief Executive Martin Winterkorn in connection with the carmaker’s manipulation of diesel emissions…
KUALA LUMPUR: Financial technology and business solutions provider, Orion IXL Bhd is embarking on the first overseas roll-out of its financial technology (Fintech) solutions for Indonesia’s market, in a partnership with PT Kirana Investima Nusantara.
Group CEO Mohamad Shaharul Mohamad Shariff said a memorandum of understanding (MoU) between both parties had been signed to set up the framework for the collaborations.
“The collaboration is to provide our technology for loans management system as well as credit scoring and also analytical together with artificial intelligence to process micro-financing for 75,000 provinces in Indonesia.
“They will be using micro-financing to develop all these provinces and the loans are to be disbursed through cooperatives,“ he told reporters after the group’s extraordinary general meeting today.
He said a discussion on the contract and business structure will be held next month.
“We have already started talks on the technicals because we will be doing technical customisation due to the different language and regulatory.
“So we will be doing technology development in the next couple of months and discuss phases of jobs and timeline based on their requirement,“ he added.
Mohamad Shaharul said the Indonesian market will be tapped in stages.
“I foresee that in a couple of years, the Indonesian market will further expand and overtake Malaysia in terms of market capitalisation.“
He said the group is also looking at securing recurring-based revenue through long term contracts, either in the local or foreign market such as its 15-year agreement with MyAngkasa Holdings Sdn Bhd.
The agreement was inked by its affiliate company Sukaniaga Sdn Bhd to develop MyAzZahra system.
The company also hopes to secure a 10-year deal with SME Bank, following their recent MoU to provide fintech solutions by creating a framework for traditional and alternative credit scores for the bank’s customers.
About RM10 million of the proceeds would be used to acquire 10% equity in Sukaniaga, RM16 million to develop MyAzzahra system while the remaining RM950,000 would be utilised to fund the exercise.
KUALA LUMPUR: Foreign selling on Bursa Malaysia narrowed to RM289.3 million last week from RM416.7 million in the preceding week, MIDF Research said in its weekly fund report.
This comes after the announce-ment of the revised East Coast Rail Link (ECRL) project which helped stem foreign fund outflows.
Foreign selling for the week started modestly on Monday with RM12 million of stocks being sold, the lowest in 11 trading days.
“The level of foreign net selling jumped by more than four times on Tuesday to reach RM53.1 million as Bursa’s Telecommunication Index led decliners amongst the sectoral indices.”
On Wednesday, investors shrugged off the cut in the Inter-national Monetary Fund’s global economic growth outlook for 2019 from 3.5% to 3.3%. Offshore in-vestors returned to Malaysia acquiring equities amounting to RM67.7 million.
Foreign net selling resumed at a higher pace on Bursa on Thursday at RM164.5 million, due to reports of Khazanah Nasional Bhd offering the sale of Tenaga Nasional Bhd shares under a share placement to raise RM1.05 billion, causing the utility stock to drop by 4.1%. The FBM KLCI closed at the 1,624 points, the lowest since late December 2016.
On Friday, the foreign net selling level declined to RM126.4 million as the revised ECRL project will see its cost reduced by about a third.
The local bourse reacted positively to the announcement by gaining for the first time in three days to settle at 1,630 points on Friday.
Year-to-date, international funds have been net sellers in Malaysia for nine out of 15 weeks with a net selling of RM2.05 billion.
“Amongst the four Asean markets we monitor, Malaysia retains its position as the nation with the largest foreign net outflow amongst the four Asean markets we monitor.
“Meanwhile, amongst the seven Asian markets we track, India is the nation with the largest foreign net inflow worth more than US$8.5 billion or RM30 billion as the general election held in phases had began in the republic,” MIDF Research added in its report.
KUALA LUMPUR, April 15 — Bursa Malaysia closed mixed today in line with the regional market sentiment, as mild profit-taking in selected consumer and plantation counters limited gains, a dealer said. The benchmark FTSE Bursa…
LONDON, April 15 — Britain’s main index lost ground today as miners and oil majors fell, more than offsetting gains in bank stocks. The FTSE 100 was 0.2 per cent lower, lagging its European and Asian counterparts, while the FTSE 250 added 0.2…
BRUSSELS, April 15 — European Union countries gave final clearance today to start formal trade talks with the United States after months of delay due to French resistance. In the end, the EU governments voted by a clear majority to approve the…
DUBAI, April 15 — Qatar Petroleum has invited three groups to bid for engineering procurement and construction packages on liquefied natural gas (LNG) mega-trains as it expands production at its North Field reservoir, the company said in a…
Petronas ventures into global renewable energy market through Singapore’s Amplus Energy Solutions buy
PETALING JAYA: Petroliam Nasional Bhd (Petronas) is venturing into international renewable energy market with the acquisition of a 100% stake in Singapore-based Amplus Energy Solutions Pte Ltd (M+).
The state-owned oil major said in a statement that it has inked an agreement with infrastructure investor I Squared Capital for the acquisition.
The acquisition is expected to be completed later this month.
Established in 2013, M+ is specialised in end-to-end solutions for rooftop and ground-mounted solar power project, for commercial and industrial customers. It currently serves over 150 commercial and industrial customers in over 200 locations across India, the Middle East and Southeast Asia, with a cumulative capacity in the excess of 500 MW.
“This acquisition reflects Petronas’ strategic intent to grow in the renewable energy space as part of our strategy to step out beyond oil and gas into the new energy business,” said Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin.
He stated that this also represents the group’s first international solar venture and it looks forward to providing energy solutions to customers in the high growth energy markets.
Meanwhile, I Squared Capital founding partner Gautam Bhandari noted that M+ grew over 400% annually to become a world-class, end-to-end company serving the corporates in Asia to reduce their greenhouse gases and combat climate change.
“We believe that M+ will continue to play a leading role in building a greener future thanks to an outstanding management team and wish them and Petronas the best in their future endeavours.”
At home, Petronas earlier announced a collaboration with UiTM Holdings Sdn Bhd, the investment arm of Universiti Teknologi Mara, to jointly develop large scale solar photovoltaic power plants and on-campus energy optimisation and solar rooftop projects.
HONG KONG, April 15 — Hong Kong stocks ended today with losses as optimism over the corporate earnings season and China-US trade talks was overshadowed by a late sell-off. The Hang Seng Index slipped 0.33 per cent, or 99.04 points, to close at…