Hibiscus 1Q earnings jump 9 times with two producing assets

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KUALA LUMPUR (Nov 27): Hibiscus Petroleum Bhd’s net profit shot up to RM100 million in its first quarter ended Sept 30, 2018 (1QFY19), nine times the RM10.78 million it achieved a year ago, as revenue jumped six times on contribution from two producing assets, Anasuria in the UK and North Sabah in Malaysia. In the year-ago quarter, Anasuria was the group’s sole producing asset when it recorded a revenue of RM58.24 million, which has grown to RM359.96 million in 1QFY19, its Bursa Malaysia filing showed. Earnings per share rose toRead More


Genting theme park will still proceed, says HLIB Research

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KUALA LUMPUR (Nov 27): Hong Leong IB Research (HLIB Research) has maintained its “neutral’ rating in on the gaming sector and said the pulling out of Walt Disney Co and Twenty First Century Fox Inc from Genting Malaysia Bhd’s (GenM) Twentieth Century Fox World theme park will deter potential growth. However, the research house said the impact is less severe than the hike in gaming tax as non-gaming revenue (from Resorts World Genting) accounts only 10% to 15% of GenM’s and 4% to 8% of Genting Bhd’s total revenue. InRead More


International stocks will beat US stocks over next decade: Vanguard Group

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KEY POINTS The US stock market has produced annualized returns over 10 percent in recent years. That has resulted in many investors who use traditional asset allocation to be overweight U.S. stocks, and it is a risk if they do not rebalance, according to Vanguard. International stocks will outperform domestic equities in the next decade. As stock market volatility in the United States has increased in the fourth quarter, some Wall Street firms and investors are betting that overseas stocks offer better value. The Vanguard Group says that better valueRead More


Trump warns Apple iPhones could face 10% tariff, shares sink

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Apple seeing the signs of slower iPhone demand FBN’s Kristina Partsinevelos on the state of the markets. Apple shares fell slightly in trading Tuesday after President Trump warned that his administration could slap a 10 percent tariff on the company’s smartphones and computers amid an escalating trade conflict with China. “Maybe. Maybe. Depends on what the rate is,” Trump said in an interview with The Wall Street Journalpublished Monday. “I mean, I can make it 10 percent and people could stand that very easily.” The Trump administration has already placed tariffsRead More


Local durian producer takes a leap to China

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Sweet deal: (seated from left) Leng, Xiang, Ho and Fu at the MoU signing ceremony that will bring Beho Fresh’s durians to China. LOCAL fruit supplier Beho Fresh Group has signed a memorandum of understanding (MoU) with Tmall, China’s largest B2C marketplace, and Alibaba Group’s global aggregated sourcing platform for perishable food, Shanghai Win Chain Supply Management Co Ltd (Win-Chain), to sell export-quality frozen whole Musang King durians to China. Under the strategic cooperation, Beho Fresh will supply Win-Chain with frozen whole Musang King durians for distribution on Tmall andRead More


Amazon exposed customer names and emails in a ‘technical error’

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KEY POINTS Some Amazon customers received an email from the company telling them their names and emails had been exposed due to a “technical error.” Several customers shared the emails on social media Wednesday. Amazon said the problem was resolved, but did not provide clarity on how many users were affected nor for how long. In the email to affected customers, Amazon said it was unnecessary to reset passwords since it was “not a result of anything you have done.” Jeff Bezos Shannon Stapleton | Reuters Amazon exposed some customers’ namesRead More


Hacker lifts $1 million in cryptocurrency using San Francisco man’s phone number, prosecutors say

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KEY POINTS Nicholas Truglia, 21, hacked into the phones of multiple Silicon Valley executives, according to officials. In one case, he was able to get away with $1 million from cryptocurrency accounts the victim says he had been saving to pay for his daughters’ college tuition. The crime is known as “SIM swapping,” where a hacker takes over a phone number by duping wireless carriers, then uses that information to access and drain cryptocurrency accounts. “It’s a whole new wave of crime,” says Erin West, deputy district attorney for SantaRead More


Malaysian palm oil hits over 3-year low on weaker crude prices

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was down 1.3 percent at 1,960 ringgit ($467.00) per tonne in the first-half session of trading. The futures contract hits its lowest since August 2015. In the previous session, palm climbed 0.7 percent after being oversold the week before. KUALA LUMPUR: Malaysian palm oil futures touched their lowest in more than three years on Wednesday, shedding gains from the previous session, as a plunge in crude oil prices dented sentiment. Palm oil prices are influenced by movements in crudeRead More


Trump defends Saudi Arabia ties despite Khashoggi murder

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US President Donald Trump has strongly defended ties with Saudi Arabia despite international condemnation of journalist Jamal Khashoggi’s murder. The kingdom is a “steadfast partner” that has agreed to invest “a record amount of money” in the US, Mr Trump said in a statement. The president acknowledged Crown Prince Mohammed bin Salman “could very well” have known about Khashoggi’s murder. “In any case, our relationship is with the Kingdom of Saudi Arabia,” he added. Mr Khashoggi was murdered on 2 October on a visit to the Saudi consulate in Istanbul.Read More


US says China has ‘not altered’ unfair trade practices

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The Trump administration has accused China of not changing its “unfair” practices, inflaming a trade dispute between the world’s two largest economies. In an update to a March report, the US said China had failed to alter its “unreasonable” practices. The US has, along with other countries, long criticised Beijing over its trade policies. The move raises tensions ahead of a high-stakes leaders meeting this month. US President Donald Trump and Chinese President Xi Jinping are due to meet on the sidelines of the G20 summit in Argentina. Their meetingRead More