Ringgit steady amid potential BNM leadership change


KUALA LUMPUR (June 6): The ringgit is stuck in a holding pattern as traders await developments at Bank Negara Malaysia after Governor Tan Sri Muhammad Ibrahim was said to have offered to resign. * USD/MYR steady at 3.9713 versus 3.9707-3.9727 range ** Support 3.9430, 3.9209, 3.8533; resistance 4.0060, 4.0155, 4.0543 ** NOTE: Muhammad’s offer to quit comes as Finance Minister Lim Guan Eng said the previous government paid some of scandal-hit state company 1MDB’s debt obligations using funds raised from transactions with the central bank * Muhammad’s offer to resignRead More

In a worst-case scenario, AirAsia India’s closure could shave profits by RM300m — Nomura


KUALA LUMPUR (June 1): The ultimate closure of AirAsia India Ltd, which is currently being investigated by anti-graft agency over an alleged bribery and violation of local regulations to obtain an international licence, could shave the profits of Malaysia’s AirAsia by as much as RM300 million, according to Nomura Holdings Inc. “Ultimately, in the event of an outright closure, as much as RM300 million could be impaired on Malaysia’s AirAsia side. This has not taken into account footing the bill of closure costs, which is tough to estimate but possiblyRead More

MISC sets aside US$4 billion capex for next five years

KUALA LUMPUR: MISC Bhd, which is looking to deploy some US$4 billion (RM15.7 billion) in capital expenditure (capex) in the next five years, sees liquefied natural gas (LNG) and offshore as the key divisions to maintain its profit levels this year.

“The profit performance for 2018 will come mainly from the LNG division and offshore business because all our contracts are locked up,” said the group's president and CEO Yee Yang Chien at its AGM here today.

For the financial year ended December 31, 2017, MISC saw its operating profit jump to RM2.73 billion from RM2.23 billion reported in the previous year.

Given the recovery in crude oil prices,Yee also sees good investment opportunities in the floating, production, storage and offloading (FPSO) and shuttle tankers segments, evidenced by more job opportunities in the first quarter of 2018 as well as the whole of 2017.

MISC Bhd is involved in LNG shipping , petroleum and product shipping, marine and heavy engineering and offshore businesses, among others.

Last month, it was reported that MISC came under the radar of the Malaysian Anti-Corruption Commission (MACC) following the RM109 million corruption allegation involving some of its officers.

MISC chairman Datuk Ab Halim Mohyiddin said that the group is unable to comment on the status of the probe as investigations are still going on, but reiterated that the group has co-operated with the anti-graft body with zero tolerance against any forms of bribery and corruption.

At 3.30pm, the stock gained 11 sen or 1.6% to RM7.12 on some 959,500 shares done.

Latvia to explain detention of ECB’S Rimsevics in graft probe

RIGA, Feb 19 — Latvian authorities prepared to explain the detention of ECB Governing Council member Ilmars Rimsevics by the anti-graft bureau in a weekend of activity culminating in the early-Monday imposition of a payment moratorium on the…

Ewein MD remanded by MACC

PETALING JAYA: Ewein Bhd confirmed today that its managing director Datuk Ewe Swee Kheng has been remanded by the Malaysian Anti-Corruption Commission (MACC) to facilitate and assist in an investigation.

Ewein noted that based on newspaper reports, the investigation is being conducted under the MACC Act 2009 for matters relating to the Penang Undersea Tunnel project.

“The board of directors would like to clarify that neither Ewein nor its subsidiaries are involved in the Penang undersea tunnel project.

“We do not expect this to have any operational, management or financial impact on the company as the deputy managing director Chuah Poh Lim will continue to run Ewein group’s business as usual,” Ewein said in a stock exchange filing today.

The company added that it will make announcements on any further material development in the MACC investigation.

Last August, Ewein’s subsidiary Ewein Zenith II Sdn Bhd scrapped its plan to buy a piece of freehold land that the Penang government had given to Consortium Zenith Construction Sdn Bhd (CZ) as payment for CZ’s work on the Penang undersea tunnel project and three related roads.

Ewein’s share price closed down 2 sen or 4.25% to 45 sen today with 2.72 million shares done.

Meanwhile, shares of Vertice Bhd, formerly known as Voir Holdings Bhd, slumped as much as 13.8% today following news of the MACC probe into the Penang undersea tunnel project.

At market close, Vertice’s share price was down by 9 sen or 8.3% to RM1 with some 4.98 million shares done.

Vertice was quick to make a filing with the stock exchange assuring investors that its 13.2%-owned associate Consortium Zenith Construction Sdn Bhd will remain the main contractor for the project as previously planned.

The company added that the MACC investigation will not impact the progress of the project, which is an integral component of the Penang Transport Master Plan.

Vertice highlighted that it is not expecting recent developments to affect its financial performance, saying that the main revenue growth driver will be its wholly-owned subsidiary Vertice Construction Sdn Bhd, which has bagged multiple projects worth more than RM100 million in recent months.

“We expect that this growth momentum will continue in the financial year 2018 and beyond,” it said.

On Tuesday, the anti-graft body conducted a large scale raid on Consortium Zenith and several companies working on the project as well as the Penang state government agencies including the State Secretariat Office, Public Works Department as well as Land and Minerals Department.

Two company directors have been detained and remanded in Putrajaya and Penang magistrate’s courts in connection with the case.

The RM6.3 billion undersea tunnel project linking the island and the mainland was initiated two years ago and a final decision has yet to be made.

South Africa ANC decides central bank must be state-owned

JOHANNESBURG, Dec 12 — South Africa’s ruling party has ratified a proposal for the state rather than private shareholders to own the central bank. Delegates at the African National Congress’s elective conference in Johannesburg decided…

China’s 19th Party Congress: What we learned on Day Two (VIDEO)

BEIJING, Oct 20 — The second day of a twice-a-decade meeting of China’s Communist Party was dominated by news about the economy. Data released yesterday showed China maintaining its growth momentum, while the central bank chief played down…

Petronas confirms arrest of employee by MACC for suspected graft

KUALA LUMPUR (Sept 6): Petroliam Nasional Bhd (Petronas) has confirmed an employee of the company has been arrested by the Malaysian Anti-Corruption Commission (MACC) for…

Bursa Companies in Focus next week (28 Aug 2017)

Bursa companies in focus

KUALA LUMPUR (Aug 25): Based on corporate announcements on Bursa Malaysia and news flow today, companies that will be in focus on Monday (Aug 28)…

Top Malaysia cop exiting before polls ‘to avoid flak’

KUALA LUMPUR (Aug 24): Malaysia’s police chief confirmed yesterday that he will retire next month, after speculation intensified that his appointment could be extended until…