US charges Barclays forex trader Bogucki with fraud

LONDON, Jan 18 — The US Department of Justice (DoJ) on Tuesday charged a Barclays foreign exchange trader based in New York over his alleged role in a scheme to defraud a client of the bank, the DoJ said. Robert Bogucki, the former head of…

Tan Chong Motor making a comeback

Tan Chong Motors

However, Bloomberg data showed that the majority of analysts are still neutral as there are six “hold” calls on the stock versus two “buys” and one “sell” rating. (Edaran Tan Chong Motor (Tengah) Sdn Bhd staff Tanusha Chandran, holding a pamplet of 7 years unlimited warranty at the Nissan showroom at Jalan Kemajuan in Petaling Jaya inconjunction with upcoming CNY celebration. – IZZRAFIQ ALIAS / The Star.) PETALING JAYA: Tan Chong Motor Holdings Bhd, the laggard among auto stocks, is regaining investor interest on the back of a potential turnaround inRead More

Euro soars after ECB hints of possible rate hike

Fundamental outlook     THE euro surged after the European Central Bank (ECB) hinted a possibility of revisiting its interest rate policy. The US inflation slowed down during the end of last year as the dollar weakened. China stayed resilient while its trade surplus soared. US import prices posted its smallest gain in five months by […]

Forex losses dent Atlan Q3 earnings

PETALING JAYA: Property investment, hospitality and auto-components company Atlan Holdings Bhd’s earnings plunged 90.3% to RM1.61 million in the third quarter ended Nov 30, 2017 (Q3FY18), mainly due to lower profit and foreign exchange losses of RM7.3 million.

The company made a net profit of RM16.68 million in the previous year's corresponding quarter.
Its revenue for the quarter increased by 2.4% to RM186 million, compared with RM181.6 million in the same period last year, attributed by higher revenue from automotive and investment holding segments.

The group has declared a third interim single-tier ordinary dividend of 10.0 sen per share in respect of the financial year ending Feb 28, 2018 amounting to RM25.36 million which is payable on March 15, 2018.

For the nine months period, its net profit decreased 46% to RM22.7 million, from RM41.9 million a year ago, while revenue declined 1.7% to RM602.7 million, against RM613 million previously.

On its prospects, Atlan said it expects the industries in which it operates in to remain challenging, with the volatile ringgit against the US dollar and competitive business environment.

Atlan said it will continue its efforts to strengthen its operational efficiencies and control costs in order to remain competitive and profitable in the remaining quarter of the financial year ending Feb 28, 2018.

On Bursa Malaysia today, Atlan closed two sen or 0.47% higher at RM4.28 with 1,000 shares traded.

Report on China slowing US bond purchases may be ‘fake,’ says regulator

BEIJING, Jan 11 — A report that China is considering slowing or halting purchases of US Treasury bonds may be based on erroneous information and could be “fake,” the country’s foreign exchange regulator said today. Bloomberg News reported…

China’s FX reserves climb by US$20b in December

BEIJING, Jan 7 — China’s foreign exchange reserves rose to their highest in more than a year in December, blowing past economists’ estimates, as tight regulations and a strong yuan continued to discourage capital outflows, central bank data…

US payroll falls short of expectations

Fundamental outlook     US payroll fell during the year-end season, likely due to the holiday period. However, US manufacturing stayed on its strong growth track. China’s manufacturing and services sector soared. UK’s manufacturing declined but its services and consumer borrowings strengthened. The US ISM manufacturing index rose to 59.6 in December, the highest in three […]

The week at a glance 31 December 2017

Sabah & Sarawak Hibiscus Petroleum among top most active as group buys stake in North Sabah PSC Malaysia’s first special purpose acquisition company (SPAC), Hibiscus Petroleum Bhd,was among the top most actively traded stocks on Monday following news of its agreement to acquire a 50 per cent stake in North Sabah from Sabah Shell Petroleum […]

2017 recovery year for ringgit, BNM measures place in check

KUALA LUMPUR, Dec 30 — The year 2017 was indeed a recovery year for the ringgit, marking a turnaround in a colourful journey supported by positive domestic developments with Bank Negara Malaysia’s (BNM) prudent measures keeping the local…

‘Speculative forex trading different from orderly management of forex markets’

  KUCHING: Reform efforts by Bank Negara Malaysia (BNM) since 1994 has enabled the Malaysian economy to continue to remain resilient with financial and economic stability remains uncompromised despite volatility of capital flows and the ringgit in the recent period, said Second Finance Minister, Datuk Seri Johari Abdul Ghani. “In fact, our international reserves continues […]