Friday, June 7th, 2019


Stocks target best week since April on rate-cut hopes; US jobs data awaits

LONDON, June 7 — European shares climbed today as hopes that central banks would loosen policy offset trade friction and the threat of global recession, putting them on track for their best week in two months. The Euro STOXX 600 was up 0.9 per…

Bursa Securities publicly reprimands CSL, directors, fine RM5.38m

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded China Stationery Limited (CSL) and two of its directors for breaches of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR).

In addition, the two directors of CSL were imposed total fines of RM5.38 million as at to date.

CSL was publicly reprimanded for committing financial reporting breaches, corporate governance breaches, foreign listing requirements breaches, non-compliance with Bursa Malaysia Securities’ directives and disclosure breaches.

CSL executive chairman and CEO Chan Fung @ Kwan Wing Yin was reprimanded and fined RM5.22 million for causing and permitting CSL to commit the breaches; while its former executive director Angus Kwan Chun Jut was reprimanded and fined RM157,500 for permitting CSL’s failure to announce the quarterly results for September 2017 on time and for permitting CSL to commit the non-compliance with Bursa Malaysia Securities’ directives.

The finding of breach and imposition of the penalties on CSL and its directors were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality/impact of the breaches to CSL and shareholders/investors, the roles, responsibilities, knowledge and conduct of the directors and the fact that the company and the two directors had previously committed similar breach in respect of the delay in the issuance of the company’s annual audited accounts and annual report for the financial year ended Dec 31, 2013.

“Bursa Malaysia Securities views the contraventions seriously as the timely and accurate disclosure of material information and submission of financial statements are fundamental obligations of listed companies. These obligations are of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions,” it said.

Ringgit returns to 4.15 versus the dollar after Raya break

KUALA LUMPUR, June 7 — The ringgit returned to the 4.15 territory against the ringgit at today’s close by surging 0.38 per cent, as market participants continued to react positively to the better-than-expected April 2019 exports data released…

Genting gets nod for additional ADRs

PETALING JAYA: Genting Bhd has obtained the approval of the Securities and Exchange Commission (SEC) in the US to register an additional eight million American Depository Receipts (ADRs) under the Sponsored Level 1 ADR programme.

Pursuant to the SEC approval, an additional 40 million shares in Genting representing 1.04% of the total issued share capital of the company (excluding treasury shares) can be traded over-the-counter market under the ADR programme (in the ratio of five Genting shares: one ADR) in the US.

The Bank of New York Mellon is the depository bank, while Malayan Banking Bhd (Maybank) is the sole custodian of Genting shares for the ADR programme.

As at March 31, 2019, there are 11.22 million Genting shares deposited with Maybank under the ADR programme, representing 0.29% of the total issued share capital of the company (excluding treasury shares).

“The ADR programme will enable the company to gain visibility with the financial community in the US and widen Genting’s shareholder base as well as enlarge the market for Genting shares,“ Genting said.

Australia PM: China-US tensions ‘very negative influence’ on global economy

SINGAPORE, June 7 — Trade tensions and high-tech rivalry between the US and China are having a “very negative influence” on the world economy, Australia’s prime minister said today as he urged both powers to resolve their differences. Scott…

Improved sentiment lifts Bursa Malaysia higher

KUALA LUMPUR, June 7 — Bursa Malaysia closed higher across the board today, buoyed by improved market sentiment as well as on hopes of a rate cut by the United States, dealers said. In line with the uptrend in regional bourses, the benchmark FTSE…

China has tools to handle trade war, says central bank chief

BEIJING, June 7 — China’s central bank chief said today the country has plenty of policy tools left to handle the trade war with the United States. There is “tremendous” room to counter the deepening trade war, People’s Bank of China…

Saudi Arabia’s Falih says Opec close to agreement on extending oil deal

ST PETERSBURG, June 7 — Opec is close to agreeing to extend an oil supply-cutting agreement beyond June, Saudi Arabia’s energy minister said today, though the question is how to accommodate participating non-Opec countries. The Organisation of…

Sterling headed for first weekly gain in five

LONDON, June 7 — Sterling was on course for its first weekly gain in five today, helped mostly by a weakening dollar rather than because traders feel more confident that Britain can avoid a no-deal Brexit. Investors have shied away from making big…

Car firms call on Trump to keep emission limits

WASHINGTON, June 7 — More than a dozen car manufacturers, including Ford, General Motors, Toyota, Honda and Volkswagen have officially asked US President Donald Trump not to relax emission limits, to avoid a fragmentation of the car market, US…