MyDebit initiative aimed at reducing use of cheques, cash

ALOR SETAR, Jan 19 — The MyDebit Corporate Card initiative will soon be implemented towards reducing the use of cheques and cash, in line with the shift towards electronic payments (e-payment). Bank Negara Malaysia (BNM) Governor, Tan Sri…

Authorities warn public to beware initial coin offerings

KUALA LUMPUR, Jan 19 — Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM) have advised the public to be wary of any initial coin offering (ICO) schemes. The public are reminded to exercise caution before participating in…

KLK has full MSPO certification for upstream ops

KUALA LUMPUR, Jan 19 — Kuala Lumpur Kepong Bhd (KLK) said all its local upstream operations were certified as compliant with Malaysian Sustainable Palm Oil (MSPO) standards at the end of December 2017. The certification was received a year…

Ringgit returns to 2016 levels as revival against US dollar continues

KUALA LUMPUR, Jan 19 — The Malaysian currency rose by half a per cent versus the US dollar in trading today, reaching a level not seen in nearly two years. In further signs of the ringgit’s recovery, the local note briefly touched 3.935 to the…

Asian currencies firm as US dollar wallows near three-year low

SINGAPORE, Jan 19 — Asian currencies strengthened today as the US dollar languished on fears over a US government shutdown and as China’s strong economic growth figures boosted sentiment in the region. The US dollar index was down 0.165 at…

MRCB-Quill REIT’s Q4 net profit down 80% on deficit in revaluation

PETALING JAYA: MRCB-Quill REIT's (MQREIT) net profit for the fourth quarter ended Dec 31, 2017 plunged 80% on a RM18.2 million deficit in revaluation of its investment properties.

It made a net profit of RM3.3 million for the quarter under review, compared with Rm16.9 million for the same quarter in 2016.

This was on 18.3% higher revenue of RM46.1 million, compared with RM38.9 million for the same quarter in 2016.

The REIT comprises of 10 buildings worth a market value of RM2.2 billion as at Dec 31, 2017.

In 2017, 14% of MQREIT's total net lettable area was due for renewal.

As at Dec 31, 2017, MQREIT successfully renewed approximately 80% of these leases. It is now in active negotiations for the renewal of leases due in 1Q 2018.

In its filing with Bursa Malaysia, MQREIT said the Klang Valley office market is expected to remain challenging and for 2018, they will focus on asset management and leasing strategies that are centred on tenant retention.

For the 12 month period ended Dec 31, 2017, MQREIT registered a 11.4% jump in net profit to RM9.9 million, compared with RM62.8 million for the same period in 2016.

Revenue for the period was 32.8% higher at RM181.5 million, compared with RM136.7 million in 2016.

Its share price gained one sen to RM1.22 today, with 131,200 shares changing hands.

CIMB banks on fintech speed to be a game changer

KUALA LUMPUR, Jan 19 — CIMB Group’s head of consumer banking Samir Gupta said the bank is aiming to use its financial technology (fintech) strategy to reinforce its position as a leading player in the consumer banking sector. The bank became…

RAM Ratings reaffirms Malaysia’s global, Asean and domestic ratings

KUALA LUMPUR, Jan 19 — RAM Ratings has reaffirmed Malaysia’s respective global, Asean and domestic-scale sovereign ratings of gA2/stable/gP1, seaAAA/stable/seaP1 and AAA/stable/P1. The ratings reflect the country’s resilient economic…

CCM shares up on news to reactivate Pasir Gudang plant

PETALING JAYA: Chemical Company of Malaysia Bhd's (CCM) share price rose two sen or 0.93% this morning, after its subsidiary CCM Chemical Sdn Bhd (CCMC) approved the reactivation of its Pasir Gudang Works 1 plant, in a bid to grow its chlor-alkali business.

As at 10.31am, the stock stood at RM2.18 with 63,400 shares changing hands. CCM has a market capitalisation of RM360 million.

Yesterday, the group said the plant reactivation is expected to increase the production capacity for chlor alkali products by about 50% and thereby increasing CCMC's market share in the chlor-alkali products.

The reactivation will cost the group RM68.5 million, which also includes equipment purchase and installation cost.

Report: PNB, EPF buying assets in Battersea phase 2

KUALA LUMPUR, Jan 19 — Permodalan Nasional Bhd (PNB) and the Employees’ Provident Fund (EPF) intends to buy the commercial assets currently being developed within phase two of the Battersea Power Station project in London for £1.61 billion…