White House denies reports of cancelled trade meeting

WASHINGTON, Jan 23 — The White House yesterday said high-level trade talks with Beijing were proceeding uninterrupted, quickly rebutting media reports that progress toward resolving their trade war had faltered. Chinese Vice Premier Liu He is to…

Davos bankers try to put brave face on gloomy outlook

DAVOS, Jan 23 — The International Monetary Fund has cut its global growth forecasts for the second time in three months. Central banks in the US and Europe are reversing a decade of ultra-loose monetary policy. Trade tensions between Washington…

US to pursue extradition of Huawei CFO from Canada

WASHINGTON, Jan 23 — The US Justice Department said yesterday that it will pursue the extradition of Huawei Technologies Co Ltd’s chief financial officer, arrested in Canada in December on allegations that she participated in a conspiracy to…

Japan firms wary of boosting investment amid intensifying trade war

TOKYO: Over a third of Japanese firms aim to raise capital expenditure in the fiscal year starting April, with many others worried about the impact on spending plans of a trade war between major markets China and the United States, a Reuters survey showed. Tit-for-tat import tariffs and ensuing uncertainty have started to drag on global […]

India likely to target about US$11b from state asset sales in 2019/20 FY, say sources

NEW DELHI, Jan 22 —The Indian government is likely to seek to raise about 800 billion rupees (RM46.4 billion) through the sale of state-owned assets in the next fiscal year, beginning April 1, two government sources with direct knowledge of budget…

Stay or exit by March 1, SC tells digital asset operators

KUALA LUMPUR: Digital asset operators can exit the Malaysian market during the transitional period till March 1 if they think their business is not viable here, said the Securities Commission Malaysia’s (SC) executive director of innovation, digital and strategy, Chin Wei Min.

The SC, which was tasked with regulating digital assets, has prohibited digital asset platforms from accepting new investors during the transitional period until March 1 and no person can conduct any initial coin offering (ICO) activity without prior authorisation.

Chin said this transitional period allows digital asset operators to think about the feasibility of their business in Malaysia, and whether they want to continue or exit.

“They can also wind down their business and if they decide not to continue, they should return the money and assets to their respective investors,“ he told a media briefing here today.

Chin said there are many digital asset exchanges operating in Malaysia and in a week it has identified those exchanges not on the reporting institutions’ (RI) list.

“The RI list has more than 47, this is public information, you can add on a few more.”

“We have more than 50,000 active accounts (in exchanges) in Malaysia. Suffice to say, there are many investors out there,“ he added.

Chin stressed that existing platform operators have until Friday to identify themselves to the SC, beyond which the regulator reserves the right to take action.

He said guidelines for digital assets, including those for ICOs and digital asset exchanges, are expected to be launched by the end of March.

However, Chin disclosed that the ICO guidelines will be geared towards a disclosure regime.

Any person offering an ICO or operating a digital asset exchange without the SC’s approval may be punished, on conviction, with imprisonment not exceeding 10 years and fine not exceeding RM10 million.

Chin said digital assets are prescribed as securities only if they meet or fulfil characteristics of securities.

“It is not blanket ‘everything is securities’. The reality is you need to show that you are using the token as fundraising … and there are several characteristics. The other is, when you buy, sell or exchange, if you expect a return, then it falls under the definition of securities.”

Stocks turn lower as trade worries seep back

LONDON, Jan 22 — Stock markets fell today as profit-takers stepped in following a recent run higher, while a report fuelled worries about the progress of China-US trade talks. While there were few catalysts to drive business and Wall Street was…

Malaysia well-positioned to benefit from US-China trade dispute, says economist

KUALA LUMPUR, Jan 22 — Malaysia is in a good position to benefit from the US-China trade war in 2019, observed Standard Chartered Asean and South Asia chief economist Edward Lee. In a media briefing today, Lee pointed out that Malaysia is the…

Tokyo court denies ex-Nissan chief Ghosn’s bail request

TOKYO, Jan 22 — Carlos Ghosn is likely to remain in Japanese custody for the foreseeable future after a Tokyo court denied him bail today despite a last-ditch personal appeal by the former Nissan boss. The decision was expected as the court had…

Mesiniaga hits limit up after bagging RM1.9b Xiddig job

PETALING JAYA: Mesiniaga Bhd’s share prise rose 29.31% this morning after it accepted a RM1.9 billion contract from Xiddig Cellular Communications Sdn Bhd for the commissioning of the core, metro distribution and access network with related support systems for the EM-IIG project.

At 10.49am, Mesiniaga was trading at RM1.50 with 117,400 shares changing hands.

The contract ends on March 31, 2020.

The contract is expected to contribute positively to the company’s earnings and net assets over the contract period. It is also expected to have a positive effect on the earnings per share and gearing.