Ferrero Rocher chocolates box is seen in this picture illustration taken October 22, 2017. — Reuters pic MILAN, Jan 18 — For almost 70 years, family-owned chocolate group Ferrero shunned acquisitions, relying completely on its ability to grow on its own and dream up new products. Those days are gone. With Giovanni Ferrero at the helm of the Nutella maker, the traditionally Europe-focused business has swallowed up six companies in the last three years – half of them in the United States. The latest acquisition, of Nestle’s US confectionery business,Read More
MILAN, Jan 18 — For almost 70 years, family-owned chocolate group Ferrero shunned acquisitions, relying completely on its ability to grow on its own and dream up new products. Those days are gone. With Giovanni Ferrero at the helm of the…
LONDON, Jan 17 — Swiss food group Nestle has agreed to sell its US confectionery business to Italy’s Ferrero for US$2.8 billion (RM11 billion), it said yesterday, marking CEO Mark Schneider’s first big sale and a small step on its path towards…
KUCHING: Global investors continue to increase their holdings in stocks on Bursa Malaysia Bhd (Bursa Malaysia) for the third week continuously. According to the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research) in a fund flow report yesterday, preliminary data from Bursa which excluded off market deals, international investors acquired RM772.2 million net […]
KOTA KINABALU: Kim Teck Cheong Consolidated Bhd (KTC), a Consumer Packaged Goods distributor for third party brands as well as its own brands of products, is pleased to announce that its wholly-owned subsidiarieswere appointed as distributor for five agencies. They are Nestle Products Sdn Bhd (Nestle Products), Heineken Marketing Malaysia Sdn Bhd (Heineken Marketing), L’Oreal […]
KTC says the distributorships are estimated to contribute combined monthly internal target revenue of RM14.7 million, translating to RM71.6 million for the financial year ending June 30, 2018 for the Group. (Logo taken from KTC’s website) KUALA LUMPUR: Three subsidiary companies of Kim Teck Cheong Consolidated Bhd’s (KTC) have been appointed as distributor for Nestle Products Sdn Bhd, Heineken Marketing Malaysia Sdn Bhd, L’Oreal Malaysia Sdn Bhd, Oriental Food Industries Sdn Bhd and Sincere Match & Tobacco Factory Sdn Bhd. KTC said the subsidiaries are Kim Teck Cheong (Sarawak) SdnRead More
PETALING JAYA: The ringgit had a good start today after it appreciated to an intraday high of 4.0175 against US dollar, the strongest level since July 2016.
However, profit taking activity sent the local stock market 14.11 points or 0.79% lower to close at 1,782.70 points after a 2.08% jump last Friday. It slumped as much as 24.81 points or 1.4% in early trade.
In line with better economic growth, rising oil prices and a possible rate hike of 25 basis points by Bank Negara this month, the local currency continued with its strength on the first day of 2018 and is just 0.44% shy from the 4.0 psychological level. The first Monetary Policy Committee meeting for the year is scheduled on Jan 25.
Most economists expect the ringgit to reach 3.90 against the greenback at the end of 2018. It appreciated 10.9% in 2017, the biggest gain since 2010.
As at 5pm today, the ringgit strengthened 0.68% to 4.02 to US dollar.
Pacific Mutual Fund Bhd CEO and executive director Teh Chi-cheun said on a broader picture basis, economic growth will remain robust, with growing consumer confidence on the back of rising wages and stable employment.
“Global economic growth projections have been revised upwards in 2017. As at October 2017, the IMF has forecasted global GDP growth in 2017 to be 3.6% compared to their forecast in the beginning of the year of 3.4%.
“2018’s growth is now expected to be 3.7% and in Pacific Mutual’s view, will likely be revised upwards. The world economy today is a bipolar one with the two largest economies in the world, the US and China that are driving growth in their respective regions which results in positive momentum throughout the world.”
Malaysia’s economy grew 5.9% in first nine months of 2017, but is expected to moderate in 2018 due to the high base effect and the moderating external demand.
Meanwhile, political uncertainty remains a big headwind for Malaysian stocks as foreign funds closely monitor the development of the upcoming 14th general election, expected to take place between March and April. Foreign buyers bought RM10.33 billion worth of stocks last year.
The FBM KLCI saw its biggest weekly gain last week since January 2016 at 2.08% closing near 1,800 points, bringing its yearly gain in 2017 to 9.4%.
MIDF Research said although the FBM KLCI lagged its regional peers mainly due to the pre-election effect, the local bourse has a high potential to track gains in its peers as fundamentals of the Malaysian market remains intact. It expects the stock market to hit 1,900 points by year end.
Hengyuan Refining Co Bhd and Petron Malaysia Refining & Marketing Bhd, which were among the top gainers last year, continued to soar today following a slight correction last Friday. Both stocks ended the day 10.18% and 2.66% higher at RM17.96 and RM13.90 respectively.
Meanwhile, the top losers were led by Nestle (Malaysia) Bhd, British American Tobacco (Malaysia) Bhd and Dutch Lady Milk Industries Bhd, which declined 2.04%, 5.15% and 1.94% to RM101.10, RM37.94 and 60.80 respectively.
SHANGHAI, Dec 27 — Li Mingjie is a pet industry investor’s dream. The 23-year-old e-commerce worker spares little expense to make his pooch happy. “I’ll happily splash out on my dog,” Li told Reuters as he walked his brown poodle Coco…