Monday, June 3rd, 2019


China to create company blacklist as US trade war escalates

BEIJING, June 3 — China on Friday said it would release a blacklist of “unreliable” foreign companies and individuals, hitting back after the United States targeted telecom giant Huawei in their escalating trade war. The announcement was made…

Wall St opens slightly lower as trade fears, tech regulatory risks weigh

NEW YORK, June 3 — US stocks opened slightly lower today as weakness from the previous month due to trade disputes spilled over while fears of regulatory scrutiny on high-profile companies Alphabet and Amazon also weighed on sentiment. The Dow…

Striking French workers block world’s biggest Nutella plant

ROUEN (France), June 3 — A plant in northern France that makes a quarter of the world’s Nutella has been blockaded for a week by workers striking for more pay, unions said today, in troubling news for consumers of the cocoa and hazelnut spread….

China’s Huawei to sell stake in undersea-cable unit

SHANGHAI, June 3 — Huawei will sell its majority share in a submarine cable unit, the stake’s buyer announced today, amid a US-led drive to isolate the Chinese telecom giant from global information networks over spying fears. US President Donald…

Metronic lodges police report over alleged unauthorised transfer of property ownership

PETALING JAYA: Metronic Global Bhd has lodged a police report on investigation against former advisor Tan Ew Chew and former director Tan Kian Hong over the alleged unauthorised transfer of property ownership, which led to the company suffering a loss of more than RM15.7 million.

Metronic had in 2003 via its wholly owned subsidiary Metronic Microsystem (Beijing) Co Ltd acquired a unit of office in Beijing, China for RM4 million. The current valuation price of the property is at RM15.7 million.

Metronic alleged that during the controlling time under Ew Chew and Kian Hong in July 2016, the ownership of the office unit had been transferred to a third party without consent and/or board resolution from the company.

“Once the above made aware to the new board of directors in 2017, the board of directors requested lawyer in China to investigate on the above and found that the said office has been transferred to third party with the name of Shouguang Yaoweiping in China. Subsequently in October 2018, the Court from China via documents issued, confirmed the said transfer of property to Shouguang.”

Ew Chew served as Metronic advisor from January 1, 2013 to May 16, 2017, while Kian Hong was Metronic director from February 8, 2013 to April 10, 2017.

Kian Hong is the son of Ew Chew.

Metronic said the company is seeking legal advice and further announcement will be made accordingly.

SC approves Kenanga’s acquisition of Libra Invest

PETALING JAYA: The Securities Commission Malaysia (SC) has approved ECM Libra Financial Group Bhd’s proposed disposal of its fund management arm Libra Invest Bhd to Kenanga Investors Bhd (KIB).

The approval is subject to the condition that the proposed change of shareholder will not adversely affect the soundness of Libra Invest’s business and the interest of Libra Invest’s clients.

KIB, the asset management subsidiary of Kenanga Investment Bank Bhd (Kenanga IB), is acquiring 100% equity stake in Libra Invest for a provisional purchase consideration of RM50.1 million.

The final purchase consideration will be based on the net asset value of Libra Invest on the last day of the month preceding completion date and a premium of RM35 million.

Last week, Bank Negara Malaysia approved the proposed acquisition.

Datasonic secures RM28.79m contract from Home Ministry

PETALING JAYA: Datasonic Group Bhd’s wholly owned subsidiary Datasonic Technologies Sdn Bhd (DTSB) has accepted a letter of award from the Home Ministry for the maintenance services of card personalisation centres at the National Registration Department for a total sum of RM28.78 million.

The contract is for a period of two years commencing from June 1, 2019 to May 31, 2021 with an option to extend the duration for another year.

Under the contract agreement, DTSB has to furnish a performance bond of RM719,642.16 to the Home ministry with a validity period of three years from the commencement date.

The contract is expected to contribute positively to the future earnings and net assets per share of Datasonic for the financial year ending March 31, 2020 and the subsequent financial for the duration of the contract.

Glencore’s head of oil, Alex Beard, retires amid US probes

LONDON, June 3 — Glencore’s head of oil, Alex Beard, who helped make the firm one of the world’s top three oil trading houses, will retire this month, the company said today in yet another management shake-up amid US probes into its…

Glencore’s head of oil, Alex Beard, retires amid US probes

LONDON, June 3 — Glencore’s head of oil, Alex Beard, who helped make the firm one of the world’s top three oil trading houses, will retire this month, the company said today in yet another management shake-up amid US probes into its…

Ringgit jumps 0.21% on surprise exports rebound

KUALA LUMPUR: The ringgit closed 0.21% higher against the US dollar today, boosted by data showing a surprise exports growth in April 2019.

At 6pm, the ringgit was quoted at 4.1800/1840 against the greenback compared with 4.1890/1920 at last Friday’s close.

The Ministry of International Trade and Industry (MITI) said in a statement today that April’s exports rose 1.1% year-on-year (y-o-y) to RM85.2 billion, ending two successive months of y-o-y decline.

According to the ministry, it was also the highest export value ever recorded for the month of April.

The rebound led to investors regaining confidence and lifted the ringgit’s performance, a dealer said.

FXTM market analyst Han Tan believed the better-than-expected exports data showed the diversified nature of Malaysia’s exports and its overall economy.

“That could be called upon to help buffer the ringgit’s performance,“ he said in a statement today.

However, the ringgit traded mostly lower against a basket of major currencies.

It went down against the Singapore dollar to 3.0489/0522 from Friday’s 3.0399/0432, depreciated against the yen to 3.8575/8623 from 3.8512/8544 and weakened versus the pound to 5.2839/2907 from 5.2693/2748.

Vis-a-vis the euro, the local unit was flat at 4.6703/6752 against 4.6703/6741 last Friday. – Bernama