central bank


Ringgit weakens as 3% UST yield dims EM appeal


KUALA LUMPUR (April 25): Ringgit falls as most emerging Asian currencies come under pressure after the 10-year U.S. Treasury yield breached the key 3 percent level. * USD/MYR gains 0.1% to 3.9100 ** Support 3.8465, 3.8000, 3.7310; resistance 3.9313, 3.9430, 3.9488 * Pair may see further rebound toward 3.92 to 3.95 as the dollar could extend its rise on the back of higher UST yields, Maybank analysts led by Saktiandi Supaat write in note Wednesday ** Still, Maybank maintains view for medium-term MYR strength due to improving domestic factors andRead More

US$7t debt pile looming large over households in China

BEIJING, April 25 — The next front in China’s crackdown on debt is the one closest to home. On the back of a boom in property prices, household borrowing has been climbing for 10 years straight, at a pace that rivals any such run-up in major…

China stocks post best gains in 2 months as Beijing vows to hit economic targets


SHANGHAI (April 24): China stocks posted their strongest gains in two months on Tuesday as the Communist Party declared its determination to achieve this year’s…

Bank Indonesia intervening with ‘sizeable amount’ to defend rupiah, governor says

JAKARTA, April 24 — Indonesia’s central bank has been buying sovereign bonds and selling foreign currency in “quite a sizeable amount” to halt the rupiah’s depreciation since last week and vowed to continue to stabilise the currency, its…

Heat is on emerging-market currencies with Indonesia stepping in


JAKARTA (April 24): From Indonesia to India, central banks in emerging markets face rising pressure to prop currencies battling a surging US dollar. Indonesia’s central bank has intervened in the currency and bond markets by a “sizable” amount, Governor Agus Martowardojo said in a statement overnight. He pledged to take more action to support the rupiah after it slid to a two-year low on Monday. “To maintain the stability of the rupiah exchange rate according to its fundamentals, Bank Indonesia has intervened in both the foreign exchange market” and theRead More

Most Asian currencies pressured as US bond yields rise

SINGAPORE, April 24 — Most emerging Asian currencies weakened today as rising US bond yields boosted the dollar, dampening interest in riskier assets. The US dollar set a three-month high against a basket of currencies, supported by the US 10-year…

Billionaire Teh leaves investors in dark over Public Bank succession

KUALA LUMPUR, April 24 — Public Bank Bhd investors seeking clues on who will succeed billionaire founder Tan Sri Teh Hong Piow as chairman of Malaysia’s most profitable lender were left in the dark at an annual meeting yesterday. Teh, 88,…

US dollar stands tall as 10-year bond yield nears 3pc

SINGAPORE, April 24 — The dollar set a three-month high against a basket of currencies today, having gained a boost as the US 10-year Treasury yield climbed toward the psychologically key 3 per cent level. The US 10-year Treasury yield hit its…

Trade war spurs India to import more oil, drones from US

NEW DELHI, April 24 — India is seeking more oil, drones and aircraft from the US to help narrow its US$28 billion (RM109 billion) trade surplus amid rising concerns of possible collateral damage to its economy from President Donald Trump’s trade…

Public Bank shareholdes pay homage to Teh

KUALA LUMPUR: In the first AGM after the announcement of Public Bank Bhd chairman Tan Sri Dr Teh Hong Piow’s retirement, shareholders took the opportunity to express their gratitude and commend him on his leadership of the group.

The AGM, which was the last AGM for Teh as non-executive chairman, saw a total of 6,030 shareholders in attendance today.

The subject of Teh’s retirement dominated the meeting, with shareholders asking about the group’s succession plan.

Shareholders took the opportunity today to thank him for his leadership and service, and wished him the best while others requested that he reconsider his decision to retire.

“I am 92 years old and you are only 88, you should stay on,” said one of the shareholders, who proceeded to sing a birthday song for Teh, who celebrated his birthday last month.

In July last year, the group announced Teh’s plans to relinquish his position as non-executive chairman of Public Bank on Jan 1, 2019, upon which he will be bestowed the title of chairman emeritus and appointed adviser.

As chairman emeritus and adviser, Teh will provide guidance to support the continued growth of Public Bank and the group.

Teh founded Public Bank on Dec 30, 1965 and has been with the group for 51 years. He retired as chairman of Public Islamic Bank Bhd and Public Investment Bank Bhd on Jan 1, 2018.

Managing director Tan Sri Tay Ah Lek, who thanked shareholders for the sentiments expressed, said Teh, who will continue to provide guidance, advice and mentorship to the group, has built a strong structure with a culture of prudence and discipline within the group over the years.

“These are the very important fundamentals that are already in place and will continue to drive the bank. The culture will stay. We can tell you that we have a very large number of long-serving staff with us. Some 45% of our staff are senior staff and also middle management staff, who have been with us for a long time.”

Tay said the chairmanship and directorship of the group are subject to the approval of the central bank. He said Teh’s successor will be announced at the appropriate time and assured shareholders that the board’s succession is always in place.

Teh was proud to note that if a shareholder of Public Bank had bought 1,000 shares in Public Bank when it was listed in 1967, and subscribed for all rights issues to date and had not sold any of the Public Bank shares, he would have 148,938 Public Bank shares worth RM3.5 million to date and received a total gross dividend of RM1.3 million.

This translates into a total value of RM4.8 million, representing a remarkable compounded annual rate of return of 19% for each of the 50 years since 1967.

“The group is confident that its strong fundamentals will enable it to stay resilient and flexible as well as seize opportunities when they arise.

“Against the backdrop of an increasingly more challenging and complex operating environment, the group’s key priorities are to accelerate business and digital innovation as well as pursue operational efficiency,” Teh said in a statement.

He said the group’s business model building on its organic growth strategy in the retail banking business, coupled with its prudent credit policies as well as strong risk management practices, will remain the group’s key strengths to sustain continued business and profitability growth.

On Bursa Malaysia today, Public Bank rose 0.41% or 10 sen to close at RM24.30 with 1.87 million shares traded.