Thursday, July 25th, 2019

 

Wall Street falls after mixed earnings; ECB chief disappoints

NEW YORK, July 25 — US stocks fell today after a handful of mixed earnings reports pointed to a slowing global economy, and as the European Central Bank chief’s comments on monetary policy failed to impress investors. European Central Bank…


Aircraft sales soar in June, boosting US durable goods

WASHINGTON, July 25 — US civilian aircraft sales raced higher in June after months of weakness from Boeing’s 737 MAX crisis, a badly-needed boost for the US manufacturing sector, according to government data released today. But the data also…


Barclays eyes up to US$20b chunk of Deutsche Bank prime finance book, say sources

LONDON, July 25 — Barclays is looking to take on a US$20 billion (RM82.3 billion) portion of Deutsche Bank’s prime brokerage business, sources told Reuters, under plans to become Europe’s premier investment bank and compete more strongly with…


ECB’s Draghi: Eurozone industry outlook ‘worse and worse’

FRANKFURT, July 25 — European Central Bank chief Mario Draghi today gave a gloomy outlook for the single currency area, underlining factors such as a hard Brexit and trade conflict as risks for growth. “This outlook is getting worse and worse in…


Genting Malaysia reaches settlement over outdoor theme park development

KUALA LUMPUR, July 25 — Genting Malaysia Bhd has fully resolved its dispute with Fox Entertainment Group Llc, Twentieth Century Fox Film Corporation, Foxnext Llc, Twenty First Century Fox Inc and The Walt Disney Company over the development of an…


ECB opens door to rate cuts, more bond buys

FRANKFURT, July 25 — The European Central Bank opened the door to rate cuts and the restart of bond purchases today, aiming to prop up confidence in a bloc which has struggled with a manufacturing recession that risks unravelling years of…


AirAsia to integrate cargo capacity in Thailand via JV

PETALING JAYA: AirAsia Group Bhd’s indirect wholly owned subsidiary Teleport Everywhere Pte Ltd is establishing a joint venture (JV) with Thailand’s Triple i Logistics Public Co Ltd to integrate cargo capacity in Thailand for AirAsia Thailand (TAA) and AirAsia X (TAX) Thailand.

A memorandum of understanding was signed between the two parties.

According to AirAsia’s filing with the stock exchange, the JV will conduct business as a general cargo sales agent and it will enter into a master general cargo sales agent agreement with TAA and TAX before Jan 1, 2020.

“With our infrastructure, we intend to open this to both individuals and companies, enabling them to transport anything they want both quickly and painlessly,” said Teleport CEO Pete Chareonwongsak. Teleport covers 35 cities in Asia.


Caring Pharmacy posts RM5.23m earnings in fourth quarter

PETALING JAYA: Caring Pharmacy Group Bhd’s net profit for the fourth quarter ended May 31, 2019 fell 10.96% to RM5.23 million from RM5.87 million a year ago due to higher tax expenses.

According to its filing with Bursa Malaysia, the group reported a higher tax expense of RM967,000 during the quarter.

Revenue for the quarter rose 18.39% to RM153.13 million from RM129.35 million a year ago mainly contributed by the sales generated from the establishment of 14 new outlets and higher sales from existing outlets.

During the quarter, the group established additional four complex outlets and three high street outlets while two complex outlets and one high street outlet were closed down. It has a total of 125 community pharmacies as at May 31.

The group declared a final dividend of 6 sen per share amounting to RM13.06 million.

For the full year ended May 31, 2019 (FY19), Caring’s net profit rose 11.68% to RM20.73 million from RM18.56 million a year ago while revenue rose 17.90% to RM599.23 million from RM508.27 million a year ago.


Syarikat Takaful’s Q2 profit jumps 60.5%

PETALING JAYA: Syarikat Takaful Malaysia Keluarga Bhd reported a net profit of RM80.95 million for the second quarter (Q2) ended June 30, 2019, a 60.5% surge from RM50.42 million recorded in the same quarter in 2018, attributed to the increase in net wakalah fee income.

Revenue for the quarter came in at RM672.98 million, 24.1% higher the RM542.43 million previously.

Its family takaful business recorded gross earned contributions of RM464.6 million in Q2 against RM350.2 million in the same period last year, mainly attributable to higher sales from credit-related products.

On the other hand, its general takaful business generated gross earned contributions of RM166.2 million, 4% higher than the RM160.3 million previously, underpinned mainly by fire and motor classes.

For the first half of the year, Takaful Malaysia’s net profit expanded 47.3% to RM177.39 million against RM120.4 million in the same period last year, while revenue grew 23.5% to RM1.59 billion from RM1.29 billion.

Despite business sentiments remaining cautious in 2019, the group said the takaful industry is expected to outperform the conventional insurers in view of the strong demand in the takaful products.


Alliance Bank to strengthen digital products, allocates RM50m capex

KUALA LUMPUR, July 25 — Alliance Bank Bhd will further strengthen its digital product offerings in the financial year ending March 31, 2020 (FY20) through the allocation of RM50 million in capital expenditure (capex). Group chief executive officer…